Q4 2024 Artisan Partners Asset Management Inc Earnings Call Transcript
Key Points
- Artisan Partners Asset Management Inc (APAM) celebrated its 30th anniversary, highlighting its long-term commitment to a high-value investment approach.
- The company has expanded its investment platform significantly, now managing 25 strategies across various asset classes, including equities, fixed income, and alternatives.
- In 2024, 13 out of 25 investment strategies achieved net inflows, with 10 strategies exceeding $100 million in net inflows.
- The Denver-based credit team and the Boston-based MSCIs Capital Group collectively raised $3.6 billion in 2024, showcasing strong growth in their credit-oriented franchises.
- The company reported a 6% increase in revenues and a 12% rise in adjusted operating income for the fourth quarter, reflecting a robust financial performance.
- Assets under management decreased by 4% from the previous quarter, ending at $161 billion.
- Net client cash outflows during the December quarter were approximately $800 million, including a significant outflow from a client rebalance.
- The weighted average recurring fee rate decreased to 68 basis points, reflecting a growing portion of assets in lower-fee fixed income strategies.
- Adjusted operating expenses increased by 11% compared to the same quarter last year, driven by higher incentive compensation expenses.
- The company anticipates a mid to low single-digit increase in fixed expenses for 2025, primarily due to merit increases and the full impact of new hires.
Good day, everyone and welcome to the Artisan Partners Fourth Quarter, 2024 Earnings Conference Call.(Operator instructions)
I'd like to turn the floor over to Brendan Hughes, Head of Investor relations.
Welcome to the artisan partners, asset management, business update and earnings call. Today's call will include remarks from Eric Colson, CEO, Jason Gottlieb, President; and C.J. Daley, CFO. Following these remarks, we will open the line for questions. Our latest results and investor presentation are available on the investor relations section of our website.
Before we begin today, I would like to remind you that comments made during today's call including responses to questions may include forward-looking statements. These are subject to known and unknown risks and uncertainties including but not limited to the factors set forth in our earnings release and detailed in our SCC filings. These risks and uncertainties may cause actual results to differ materially from those disclosed in
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