10-Q 1 apam-20210930.htm 10-Q apam-20210930
0001517302--12-312021Q3false00015173022021-01-012021-09-30iso4217:USDxbrli:shares0001517302us-gaap:CommonClassAMember2021-09-300001517302us-gaap:CommonClassBMember2021-09-300001517302us-gaap:CommonClassCMember2021-09-30xbrli:shares0001517302us-gaap:CommonClassAMember2021-10-220001517302us-gaap:CommonClassBMember2021-10-220001517302us-gaap:CommonClassCMember2021-10-22iso4217:USD0001517302us-gaap:ConsolidatedEntityExcludingVieMember2021-09-300001517302us-gaap:ConsolidatedEntityExcludingVieMember2020-12-3100015173022021-09-3000015173022020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001517302us-gaap:CommonClassAMember2020-12-310001517302us-gaap:CommonClassBMember2020-12-310001517302us-gaap:CommonClassCMember2020-12-310001517302us-gaap:AssetManagement1Member2021-07-012021-09-300001517302us-gaap:AssetManagement1Member2020-07-012020-09-300001517302us-gaap:AssetManagement1Member2021-01-012021-09-300001517302us-gaap:AssetManagement1Member2020-01-012020-09-300001517302us-gaap:InvestmentPerformanceMember2021-07-012021-09-300001517302us-gaap:InvestmentPerformanceMember2020-07-012020-09-300001517302us-gaap:InvestmentPerformanceMember2021-01-012021-09-300001517302us-gaap:InvestmentPerformanceMember2020-01-012020-09-3000015173022021-07-012021-09-3000015173022020-07-012020-09-3000015173022020-01-012020-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-07-012021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001517302us-gaap:ConsolidatedEntityExcludingVieMember2021-07-012021-09-300001517302us-gaap:ConsolidatedEntityExcludingVieMember2020-07-012020-09-300001517302us-gaap:ConsolidatedEntityExcludingVieMember2021-01-012021-09-300001517302us-gaap:ConsolidatedEntityExcludingVieMember2020-01-012020-09-300001517302apam:ArtisanPartnersHoldingsLPMember2021-07-012021-09-300001517302apam:ArtisanPartnersHoldingsLPMember2020-07-012020-09-300001517302apam:ArtisanPartnersHoldingsLPMember2021-01-012021-09-300001517302apam:ArtisanPartnersHoldingsLPMember2020-01-012020-09-300001517302apam:ConsolidatedInvestmentProductsMember2021-07-012021-09-300001517302apam:ConsolidatedInvestmentProductsMember2020-07-012020-09-300001517302apam:ConsolidatedInvestmentProductsMember2021-01-012021-09-300001517302apam:ConsolidatedInvestmentProductsMember2020-01-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-06-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-06-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-06-300001517302us-gaap:AdditionalPaidInCapitalMember2021-06-300001517302us-gaap:RetainedEarningsMember2021-06-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001517302us-gaap:NoncontrollingInterestMember2021-06-3000015173022021-06-300001517302us-gaap:RetainedEarningsMember2021-07-012021-09-300001517302us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001517302us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-07-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-07-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-07-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-09-300001517302us-gaap:AdditionalPaidInCapitalMember2021-09-300001517302us-gaap:RetainedEarningsMember2021-09-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001517302us-gaap:NoncontrollingInterestMember2021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-06-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-06-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2020-06-300001517302us-gaap:AdditionalPaidInCapitalMember2020-06-300001517302us-gaap:RetainedEarningsMember2020-06-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001517302us-gaap:NoncontrollingInterestMember2020-06-3000015173022020-06-300001517302us-gaap:RetainedEarningsMember2020-07-012020-09-300001517302us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001517302us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-07-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-07-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2020-07-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2020-09-300001517302us-gaap:AdditionalPaidInCapitalMember2020-09-300001517302us-gaap:RetainedEarningsMember2020-09-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001517302us-gaap:NoncontrollingInterestMember2020-09-3000015173022020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-12-310001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-12-310001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2020-12-310001517302us-gaap:AdditionalPaidInCapitalMember2020-12-310001517302us-gaap:RetainedEarningsMember2020-12-310001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001517302us-gaap:NoncontrollingInterestMember2020-12-310001517302us-gaap:RetainedEarningsMember2021-01-012021-09-300001517302us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001517302us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-01-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-01-012021-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-12-310001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-12-310001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2019-12-310001517302us-gaap:AdditionalPaidInCapitalMember2019-12-310001517302us-gaap:RetainedEarningsMember2019-12-310001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001517302us-gaap:NoncontrollingInterestMember2019-12-3100015173022019-12-310001517302us-gaap:RetainedEarningsMember2020-01-012020-09-300001517302us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001517302us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001517302us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-01-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-01-012020-09-300001517302us-gaap:CommonStockMemberus-gaap:CommonClassCMember2020-01-012020-09-300001517302srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2021-01-012021-09-300001517302srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2020-01-012020-09-300001517302us-gaap:ConsolidatedEntityExcludingVieMember2020-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-09-30xbrli:pure0001517302apam:ArtisanPartnersHoldingsLPMember2021-09-300001517302apam:ArtisanPartnersLimitedPartnershipMember2021-09-30apam:numberOfProducts0001517302apam:ArtisanGlobalFundsMember2021-09-300001517302apam:ArtisanPrivateFundsMember2021-09-300001517302apam:LongTermCashAwardsMember2021-09-300001517302us-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001517302us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001517302us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:RevolvingCreditFacilityMember2021-09-300001517302us-gaap:RevolvingCreditFacilityMember2020-12-310001517302us-gaap:SeniorNotesMemberapam:SeriesCSeniorNotesMember2020-12-310001517302us-gaap:SeniorNotesMemberapam:SeriesCSeniorNotesMember2021-09-300001517302apam:SeriesDSeniorNotesMemberus-gaap:SeniorNotesMember2020-12-310001517302apam:SeriesDSeniorNotesMemberus-gaap:SeniorNotesMember2021-09-300001517302us-gaap:SeniorNotesMemberapam:SeriesESeniorNotesMember2021-09-300001517302us-gaap:SeniorNotesMemberapam:SeriesESeniorNotesMember2020-12-310001517302us-gaap:FairValueInputsLevel2Member2021-09-300001517302us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-01-010001517302us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-09-300001517302us-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001517302us-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001517302us-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001517302us-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001517302us-gaap:MoneyMarketFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001517302us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302us-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001517302us-gaap:DerivativeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001517302apam:LimitedPartnershipUnitsMember2020-12-310001517302us-gaap:CapitalUnitsMember2020-12-310001517302apam:ArtisanPartnersHoldingsLPMemberus-gaap:CapitalUnitsMember2020-12-310001517302apam:FollowOnOfferingMemberus-gaap:CommonClassAMember2021-01-012021-09-300001517302apam:FollowOnOfferingMemberapam:LimitedPartnershipUnitsMember2021-01-012021-09-300001517302us-gaap:CommonClassAMember2021-01-012021-09-300001517302apam:LimitedPartnershipUnitsMember2021-01-012021-09-300001517302us-gaap:CapitalUnitsMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMemberapam:LimitedPartnershipUnitsMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMemberus-gaap:CapitalUnitsMember2021-01-012021-09-300001517302us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2021-01-012021-09-300001517302us-gaap:RestrictedStockUnitsRSUMemberapam:LimitedPartnershipUnitsMember2021-01-012021-09-300001517302us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001517302us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CapitalUnitsMember2021-01-012021-09-300001517302us-gaap:CapitalUnitsMember2021-01-012021-09-300001517302apam:LimitedPartnershipUnitsMember2021-09-300001517302us-gaap:CapitalUnitsMember2021-09-300001517302apam:ArtisanPartnersHoldingsLPMemberus-gaap:CapitalUnitsMember2021-09-300001517302us-gaap:NoncontrollingInterestMemberapam:DeferredTaxAssetsMember2021-01-012021-09-300001517302us-gaap:NoncontrollingInterestMemberapam:DeferredTaxAssetsMember2020-01-012020-09-30apam:vote0001517302apam:GeneralPartnershipUnitsMemberus-gaap:RestrictedStockMember2021-09-300001517302apam:QuarterlyCashDividendMember2021-07-012021-09-300001517302apam:QuarterlyCashDividendMember2020-07-012020-09-300001517302apam:QuarterlyCashDividendMember2021-01-012021-09-300001517302apam:QuarterlyCashDividendMember2020-01-012020-09-300001517302apam:SpecialAnnualDividendMember2021-07-012021-09-300001517302apam:SpecialAnnualDividendMember2020-07-012020-09-300001517302apam:SpecialAnnualDividendMember2021-01-012021-09-300001517302apam:SpecialAnnualDividendMember2020-01-012020-09-300001517302apam:FollowOnOfferingMember2021-01-012021-09-300001517302apam:FollowOnOfferingMemberus-gaap:CommonClassBMember2021-01-012021-09-300001517302apam:FollowOnOfferingMemberus-gaap:CommonClassCMember2021-01-012021-09-300001517302us-gaap:CommonStockMember2021-01-012021-09-300001517302us-gaap:CommonClassBMember2021-01-012021-09-300001517302us-gaap:CommonClassCMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMemberus-gaap:CommonClassBMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMemberus-gaap:CommonClassCMember2021-01-012021-09-300001517302us-gaap:RestrictedStockUnitsRSUMember2021-09-300001517302us-gaap:RestrictedStockUnitsRSUMember2020-12-310001517302us-gaap:PerformanceSharesMember2021-01-012021-09-300001517302us-gaap:PerformanceSharesMembersrt:ProFormaMember2021-09-300001517302apam:ArtisanPartnersHoldingsLPMember2021-07-012021-09-300001517302apam:ArtisanPartnersHoldingsLPMember2020-07-012020-09-300001517302apam:ArtisanPartnersHoldingsLPMember2021-01-012021-09-300001517302apam:ArtisanPartnersHoldingsLPMember2020-01-012020-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanFundsMember2021-07-012021-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanFundsMember2020-07-012020-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanFundsMember2021-01-012021-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanFundsMember2020-01-012020-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanGlobalFundsMember2021-07-012021-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanGlobalFundsMember2020-07-012020-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302us-gaap:AssetManagement1Memberapam:ArtisanGlobalFundsMember2020-01-012020-09-300001517302us-gaap:AssetManagement1Memberapam:SeparateAccountsMember2021-07-012021-09-300001517302us-gaap:AssetManagement1Memberapam:SeparateAccountsMember2020-07-012020-09-300001517302us-gaap:AssetManagement1Memberapam:SeparateAccountsMember2021-01-012021-09-300001517302us-gaap:AssetManagement1Memberapam:SeparateAccountsMember2020-01-012020-09-300001517302apam:ArtisanGlobalFundsMemberus-gaap:InvestmentPerformanceMember2021-07-012021-09-300001517302apam:ArtisanGlobalFundsMemberus-gaap:InvestmentPerformanceMember2020-07-012020-09-300001517302apam:ArtisanGlobalFundsMemberus-gaap:InvestmentPerformanceMember2021-01-012021-09-300001517302apam:ArtisanGlobalFundsMemberus-gaap:InvestmentPerformanceMember2020-01-012020-09-300001517302apam:SeparateAccountsMemberus-gaap:InvestmentPerformanceMember2021-07-012021-09-300001517302apam:SeparateAccountsMemberus-gaap:InvestmentPerformanceMember2020-07-012020-09-300001517302apam:SeparateAccountsMemberus-gaap:InvestmentPerformanceMember2021-01-012021-09-300001517302apam:SeparateAccountsMemberus-gaap:InvestmentPerformanceMember2020-01-012020-09-300001517302apam:ArtisanFundsMember2021-09-300001517302apam:ArtisanFundsMember2020-12-310001517302apam:ArtisanGlobalFundsMember2020-12-310001517302apam:SeparateAccountsMember2021-09-300001517302apam:SeparateAccountsMember2020-12-310001517302us-gaap:DeferredBonusMember2021-07-012021-09-300001517302us-gaap:DeferredBonusMember2020-07-012020-09-300001517302us-gaap:DeferredBonusMember2021-01-012021-09-300001517302us-gaap:DeferredBonusMember2020-01-012020-09-300001517302us-gaap:StockCompensationPlanMember2021-01-012021-09-300001517302apam:A2021GrantMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMember2020-12-310001517302us-gaap:RestrictedStockMember2021-09-300001517302us-gaap:PerformanceSharesMember2020-12-310001517302us-gaap:PerformanceSharesMember2021-09-300001517302apam:LongTermCashAwardsMemberus-gaap:DeferredBonusMember2021-09-300001517302apam:LongTermCashAwardsMemberus-gaap:OperatingExpenseMember2021-07-012021-09-300001517302apam:LongTermCashAwardsMemberus-gaap:OperatingExpenseMember2020-07-012020-09-300001517302apam:LongTermCashAwardsMemberus-gaap:OperatingExpenseMember2021-01-012021-09-300001517302apam:LongTermCashAwardsMemberus-gaap:OperatingExpenseMember2020-01-012020-09-300001517302apam:LongTermCashAwardsMemberus-gaap:NonoperatingIncomeExpenseMember2021-07-012021-09-300001517302apam:LongTermCashAwardsMemberus-gaap:NonoperatingIncomeExpenseMember2020-07-012020-09-300001517302apam:LongTermCashAwardsMemberus-gaap:NonoperatingIncomeExpenseMember2021-01-012021-09-300001517302apam:LongTermCashAwardsMemberus-gaap:NonoperatingIncomeExpenseMember2020-01-012020-09-30apam:TRA0001517302us-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001517302apam:CapitalUnitMember2021-01-012021-09-300001517302us-gaap:CapitalUnitsMember2021-07-012021-09-300001517302us-gaap:CapitalUnitsMember2020-07-012020-09-300001517302us-gaap:CapitalUnitsMember2020-01-012020-09-300001517302us-gaap:RestrictedStockMember2021-07-012021-09-300001517302us-gaap:RestrictedStockMember2020-07-012020-09-300001517302us-gaap:RestrictedStockMember2021-01-012021-09-300001517302us-gaap:RestrictedStockMember2020-01-012020-09-300001517302apam:CompensationandBenefitsMember2021-07-012021-09-300001517302apam:CompensationandBenefitsMember2020-07-012020-09-300001517302apam:CompensationandBenefitsMember2021-01-012021-09-300001517302apam:CompensationandBenefitsMember2020-01-012020-09-300001517302us-gaap:OccupancyMember2021-07-012021-09-300001517302us-gaap:OccupancyMember2020-07-012020-09-300001517302us-gaap:OccupancyMember2021-01-012021-09-300001517302us-gaap:OccupancyMember2020-01-012020-09-300001517302apam:CommunicationAndTechnologyMember2021-07-012021-09-300001517302apam:CommunicationAndTechnologyMember2020-07-012020-09-300001517302apam:CommunicationAndTechnologyMember2021-01-012021-09-300001517302apam:CommunicationAndTechnologyMember2020-01-012020-09-300001517302us-gaap:OccupancyMemberus-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsAbandonmentMember2020-07-012020-09-300001517302srt:MinimumMemberapam:ArtisanFundsMember2021-01-012021-09-300001517302srt:MaximumMemberapam:ArtisanFundsMember2021-01-012021-09-300001517302apam:ArtisanFundsMember2021-01-012021-09-300001517302apam:ArtisanFundsMember2021-07-012021-09-300001517302apam:ArtisanFundsMember2020-07-012020-09-300001517302apam:ArtisanFundsMember2020-01-012020-09-300001517302srt:MinimumMemberapam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302srt:MaximumMemberapam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302apam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanGlobalFundsMember2021-07-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanGlobalFundsMember2020-07-012020-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanGlobalFundsMember2020-01-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2021-07-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2020-07-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2020-01-012020-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2021-07-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2020-07-012020-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2021-01-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanGlobalFundsMember2020-01-012020-09-300001517302srt:SubsidiariesMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2021-07-012021-09-300001517302srt:SubsidiariesMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2020-07-012020-09-300001517302srt:SubsidiariesMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2021-01-012021-09-300001517302srt:SubsidiariesMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2020-01-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2021-07-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2020-07-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2021-01-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2020-01-012020-09-300001517302apam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2021-07-012021-09-300001517302apam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2020-07-012020-09-300001517302apam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2021-01-012021-09-300001517302apam:ArtisanGlobalFundsMemberapam:ExpenseReimbursementMember2020-01-012020-09-300001517302srt:MinimumMemberapam:ArtisanPrivateFundsMember2021-01-012021-09-300001517302srt:MaximumMemberapam:ArtisanPrivateFundsMember2021-01-012021-09-300001517302apam:PrivatelyOfferedFundsMember2021-01-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanPrivateFundsMember2021-07-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanPrivateFundsMember2020-07-012020-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanPrivateFundsMember2021-01-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMembersrt:SubsidiariesMemberapam:ArtisanPrivateFundsMember2020-01-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2021-07-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2020-07-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2021-01-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2020-01-012020-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2021-07-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2020-07-012020-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2021-01-012021-09-300001517302apam:ManagementFeesBeforeReimbursementRevenueMemberapam:ArtisanPrivateFundsMember2020-01-012020-09-300001517302srt:SubsidiariesMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2021-07-012021-09-300001517302srt:SubsidiariesMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2020-07-012020-09-300001517302srt:SubsidiariesMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2021-01-012021-09-300001517302srt:SubsidiariesMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2020-01-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2021-07-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2020-07-012020-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2021-01-012021-09-300001517302srt:ConsolidationEliminationsMemberapam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2020-01-012020-09-300001517302apam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2021-07-012021-09-300001517302apam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2020-07-012020-09-300001517302apam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2021-01-012021-09-300001517302apam:ArtisanPrivateFundsMemberapam:ExpenseReimbursementMember2020-01-012020-09-300001517302us-gaap:SubsequentEventMember2021-10-262021-10-260001517302apam:QuarterlyCashDividendMemberus-gaap:SubsequentEventMemberus-gaap:CommonClassAMember2021-10-262021-10-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO



Commission file number: 001-35826
Artisan Partners Asset Management Inc.
(Exact name of registrant as specified in its charter)
Delaware45-0969585
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
875 E. Wisconsin Avenue, Suite 800
Milwaukee,WI53202
(Address of principal executive offices)(Zip Code)
(414390-6100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $0.01 per shareAPAMNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, Class B common stock, par value $0.01 per share, and Class C common stock, par value $0.01 per share, as of October 22, 2021 were 65,215,891, 3,632,687 and 10,191,061, respectively.


TABLE OF CONTENTS
Page
Part IFinancial Information
Item 1.Unaudited Consolidated Financial Statements
Item 2.
Item 3.
Item 4.
Part IIOther Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Except where the context requires otherwise, in this report, references to the “Company”, “Artisan”, “we”, “us” or “our” refer to Artisan Partners Asset Management Inc. (“APAM”) and its direct and indirect subsidiaries, including Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”). On March 12, 2013, APAM closed its initial public offering and related corporate reorganization. Prior to that date, APAM was a subsidiary of Artisan Partners Holdings.
Forward-Looking Statements
This report contains, and from time to time our management may make, forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue”, the negative of these terms and other comparable terminology. Forward-looking statements are only predictions based on current expectations and projections about future events. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other damage to our reputation, the long-term impact of the COVID-19 pandemic and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 23, 2021, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this report, except as required by law.
i

Forward-looking statements include, but are not limited to, statements about:
our anticipated future results of operations;
our potential operating performance and efficiency, including our ability to operate under different and unique circumstances;
our expectations with respect to the performance of our investment strategies;
our expectations with respect to future levels of assets under management, including the capacity of our strategies and client cash inflows and outflows;
our expectations with respect to industry trends and how those trends may impact our business;
our financing plans, cash needs and liquidity position;
our intention to pay dividends and our expectations about the amount of those dividends;
our expected levels of compensation of our employees, including equity- and cash-based long-term incentive compensation;
our expectations with respect to future expenses and the level of future expenses;
our expected tax rate, and our expectations with respect to deferred tax assets; and
our estimates of future amounts payable pursuant to our tax receivable agreements.
ii


Part I — Financial Information
Item 1. Unaudited Consolidated Financial Statements

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Condensed Consolidated Statements of Financial Condition
(U.S. dollars in thousands, except per share amounts)
September 30,
2021
December 31,
2020
ASSETS
Cash and cash equivalents$273,253 $154,987 
Accounts receivable122,148 99,888 
Investment securities47,792 3,656 
Property and equipment, net36,094 35,874 
Deferred tax assets482,208 482,061 
Restricted cash629 629 
Prepaid expenses and other assets21,143 17,762 
Operating lease assets73,091 79,304 
Assets of consolidated investment products
Cash and cash equivalents16,582 43,834 
Accounts receivable and other10,151 3,587 
Investment assets, at fair value175,918 230,380 
Total assets$1,259,009 $1,151,962 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other$27,270 $24,727 
Accrued incentive compensation123,435 12,924 
Borrowings199,421 199,284 
Operating lease liabilities85,375 92,671 
Amounts payable under tax receivable agreements404,424 412,468 
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other37,577 109,362 
Investment liabilities, at fair value13,163 15,731 
Total liabilities890,665 867,167 
Commitments and contingencies
Redeemable noncontrolling interests97,391 93,753 
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 65,215,891 and 63,131,007 shares outstanding at September 30, 2021 and December 31, 2020, respectively)
652 631 
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 3,632,687 and 4,457,958 shares outstanding at September 30, 2021 and December 31, 2020, respectively)
36 45 
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 10,191,061 and 10,983,145 shares outstanding at September 30, 2021 and December 31, 2020, respectively)
102 110 
Additional paid-in capital128,621 107,738 
Retained earnings121,497 72,944 
Accumulated other comprehensive income (loss)(1,313)(991)
Total Artisan Partners Asset Management Inc. stockholders’ equity249,595 180,477 
Noncontrolling interests - Artisan Partners Holdings21,358 10,565 
Total stockholders’ equity$270,953 $191,042 
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity$1,259,009 $1,151,962 

The accompanying notes are an integral part of the consolidated financial statements.
1


ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Operations
(U.S. dollars in thousands, except per share amounts)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2021202020212020
Revenues
Management fees$316,176 $232,474 $901,011 $627,305 
Performance fees398 279 11,189 11,226 
Total revenues$316,574 $232,753 $912,200 $638,531 
Operating Expenses
Compensation and benefits142,235 108,657 419,713 315,578 
Distribution, servicing and marketing8,131 6,252 23,707 17,155 
Occupancy5,560 6,338 16,260 16,740 
Communication and technology10,873 9,672 31,150 28,559 
General and administrative6,717 4,589 18,700 15,667 
Total operating expenses173,516 135,508 509,530 393,699 
Total operating income143,058 97,245 402,670 244,832 
Non-operating income (expense)
Interest expense(2,711)(2,718)(8,116)(8,118)
Net gain (loss) on the tax receivable agreements358 238 358 238 
Net investment gain (loss) of consolidated investment products2,824 7,798 18,068 7,751 
Other net investment gain (loss)(2,109)578 2,022 (505)
Total non-operating income (expense)(1,638)5,896 12,332 (634)
Income before income taxes141,420 103,141 415,002 244,198 
Provision for income taxes28,054 18,448 78,137 44,155 
Net income before noncontrolling interests113,366 84,693 336,865 200,043 
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings24,796 21,547 74,064 55,791 
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products2,157 4,619 10,903 4,749 
Net income attributable to Artisan Partners Asset Management Inc.$86,413 $58,527 $251,898 $139,503 
Basic earnings per share$1.30 $0.93 $3.84 $2.22 
Diluted earnings per share$1.30 $0.93 $3.84 $2.22 
Basic weighted average number of common shares outstanding59,965,54956,402,50359,519,63455,188,563
Diluted weighted average number of common shares outstanding59,982,77456,408,27259,535,89455,190,486
Dividends declared per Class A common share$1.00 $0.67 $3.16 $2.56 

The accompanying notes are an integral part of the consolidated financial statements.
2


ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Comprehensive Income
(U.S. dollars in thousands)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2021202020212020
Net income before noncontrolling interests$113,366 $84,693 $336,865 $200,043 
Other comprehensive income (loss)
Foreign currency translation gain (loss)(595)794 (358)(492)
Total other comprehensive income (loss)(595)794 (358)(492)
Comprehensive income112,771 85,487 336,507 199,551 
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings
24,697 21,723 74,028 55,795 
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products
2,157 4,619 10,903 4,749 
Comprehensive income attributable to Artisan Partners Asset Management Inc.$85,917 $59,145 $251,576 $139,007 

The accompanying notes are an integral part of the consolidated financial statements.
3

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
Three months ended September 30, 2021Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interests
Balance at July 1, 2021
$648 $36 $106 $119,855 $100,429 $(817)$20,207 $240,464 $90,458 
Net income— — — — 86,413 — 24,795 111,208 2,157 
Other comprehensive income - foreign currency translation— — — — — (489)(106)(595)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (412)— (7)419  — 
Amortization of equity-based compensation— — — 8,029 — — 1,716 9,745 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 1,154 — — — 1,154 — 
Issuance of Class A common stock, net of issuance costs — — (5)— — — (5)— 
Forfeitures and employee/partner terminations — —  — — —  — 
Exchange of subsidiary equity4  (4)— — — —  — 
Capital contributions, net— — — — — — — — 4,776 
Distributions— — — — — — (25,629)(25,629)— 
Dividends— — —  (65,345)— (44)(65,389)— 
Balance at September 30, 2021
$652 $36 $102 $128,621 $121,497 $(1,313)$21,358 $270,953 $97,391 
Three months ended September 30, 2020Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interests
Balance at July 1, 2020
$614 $56 $116 $88,098 $34,562 $(2,539)$4,899 $125,806 $46,027 
Net income— — — — 58,527 — 21,547 80,074 4,619 
Other comprehensive income - foreign currency translation— — — — — 620 174 794 — 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (740)— (2)742  — 
Amortization of equity-based compensation— — — 7,249 — — 1,998 9,247 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 139 — — — 139 — 
Issuance of Class A common stock, net of issuance costs — — (1)— — — (1)— 
Forfeitures and employee/partner terminations— — — — — — —  — 
Exchange of subsidiary equity (1) — — — — (1)— 
Capital contributions, net— — — — — — — — 9,540 
Distributions— — — — — — (20,923)(20,923)— 
Dividends— — —  (41,374)— (25)(41,399)— 
Balance at September 30, 2020
$614 $55 $116 $94,745 $51,715 $(1,921)$8,412 $153,736 $60,186 
The accompanying notes are an integral part of the consolidated financial statements.




4

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
Nine months ended September 30, 2021Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interests
Balance at January 1, 2021
$631 $45 $110 $107,738 $72,944 $(991)$10,565 $191,042 $93,753 
Net income— — — — 251,898 — 74,064 325,962 10,903 
Other comprehensive income - foreign currency translation— — — — — (301)(57)(358)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (1,256)— (21)1,277  — 
Amortization of equity-based compensation— — — 24,798 — — 5,301 30,099 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 4,994 — — — 4,994 — 
Issuance of Class A common stock, net of issuance costs10 — — 46,651 — — — 46,661 — 
Forfeitures and employee/partner terminations(1)— — 1 — — —  — 
Issuance of restricted stock awards7 — — (7)— — —  — 
Employee net share settlement(2)— — (7,380)— — (1,777)(9,159)— 
Exchange of subsidiary equity7 (2)(5)— — — —  — 
Purchase of equity and subsidiary equity— (7)(3)(46,918)— — — (46,928)— 
Capital contributions, net— — — — — — — — 59,818 
Impact of deconsolidation of CIPs— — — — — — — — (67,083)
Distributions— — — — — — (67,889)(67,889)— 
Dividends— — —  (203,345)— (126)(203,471)— 
Balance at September 30, 2021
$652 $36 $102 $128,621 $121,497 $(1,313)$21,358 $270,953 $97,391 
Nine months ended September 30, 2020Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interests
Balance at January 1, 2020
$564 $78 $136 $89,149 $44,455 $(1,425)$5,544 $138,501 $43,110 
Net income— — — — 139,503 — 55,791 195,294 4,749 
Other comprehensive income - foreign currency translation— — — — — (346)(146)(492)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (2,308)— (150)2,458  — 
Amortization of equity-based compensation— — — 21,628 — — 6,302 27,930 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 8,658 — — — 8,658 — 
Issuance of Class A common stock, net of issuance costs17 — — 62,721 — — — 62,738 — 
Issuance of restricted stock awards9 — — (9)— — —  — 
Employee net share settlement(1)— — (3,314)— — (1,215)(4,530)— 
Exchange of subsidiary equity25 (5)(20)— — — —  — 
Purchase of equity and subsidiary equity— (18)— (63,009)— — — (63,027)— 
Capital contributions, net— — — — — — — — 14,768 
Impact of deconsolidation of CIPs— — — — — — —  (2,441)
Distributions— — — — — — (60,245)(60,245)— 
Dividends— — — (18,771)(132,243)— (77)(151,091)— 
Balance at September 30, 2020
$614 $55 $116 $94,745 $51,715 $(1,921)$8,412 $153,736 $60,186 
The accompanying notes are an integral part of the consolidated financial statements.
5

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Cash Flows
(U.S. dollars in thousands)
 For the Nine Months Ended September 30,
20212020
Cash flows from operating activities
Net income before noncontrolling interests$336,865 $200,043 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization5,081 4,967 
Deferred income taxes28,411 23,698 
Asset impairment 871 
Noncash lease expense(1,272)(1,275)
Net investment (gain) loss on nonconsolidated investment securities(2,230)642 
Net (gain) loss on the tax receivable agreements(358)(238)
(Gain) loss on disposal of property and equipment1 (4)
Amortization of debt issuance costs304 304 
Share-based compensation30,099 27,931 
Net investment (gain) loss of consolidated investment products(18,068)(7,751)
Purchase of investments by consolidated investment products(190,614)(130,486)
Proceeds from sale of investments by consolidated investment products127,863 108,887 
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable(22,260)(16,555)
Prepaid expenses and other assets(4,214)(4,496)
Accounts payable and accrued expenses113,355 78,770 
Net change in operating assets and liabilities of consolidated investment products1,205 13,413 
Net cash provided by operating activities404,168 298,721 
Cash flows from investing activities
Acquisition of property and equipment(1,791)(1,372)
Leasehold improvements(3,338)(370)
Proceeds from sale of investment securities12,813 20,118 
Purchase of investment securities(33,820)(2,149)
Net cash provided by (used in) investing activities(26,136)16,227 
Cash flows from financing activities
Partnership distributions(67,889)(60,245)
Dividends paid(203,471)(151,091)
Payment under the tax receivable agreements(31,250)(26,943)
Net proceeds from issuance of common stock46,928 63,027 
Payment of costs directly associated with the issuance of Class A common stock(244)(220)
Purchase of equity and subsidiary equity(46,928)(63,027)
Taxes paid related to employee net share settlement(9,159)(4,530)
Capital contributions to consolidated investment products, net59,818 14,768 
Net cash used in financing activities(252,195)(228,261)
Net increase (decrease) in cash, cash equivalents, and restricted cash125,837 86,687 
Net cash impact of deconsolidation of CIPs(34,823) 
Cash, cash equivalents and restricted cash
Beginning of period199,450 144,255 
End of period$290,464 $230,942 
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents$273,253 $200,433 
Restricted cash629 629 
Cash and cash equivalents of consolidated investment products16,582 29,880 
Cash, cash equivalents and restricted cash$290,464 $230,942 
Supplementary information
Noncash activity:
Establishment of deferred tax assets$28,548 $46,437 
Establishment of amounts payable under tax receivable agreements23,206 37,602 
Increase in investment securities due to deconsolidation of CIPs20,900 1,469 
Operating lease assets obtained in exchange for operating lease liabilities