Artisan Partners Asset Management Inc. Reports 1Q13 Results

  Artisan Partners Asset Management Inc. Reports 1Q13 Results

Business Wire

MILWAUKEE -- April 30, 2013

Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan
Partners”) today reported its results for the quarter ended March31, 2013,
including net income and earnings per share for the period from March 12, 2013
(the closing date of its initial public offering) through March31, 2013.

Eric Colson, President and CEO, commented, “We have focused on providing high
value-added investment management to sophisticated clients since Artisan
Partners was founded in 1994. We believe that offering active investment
management requires a commitment to attracting and retaining experienced
investment talent. As a result, we design and manage our business model to
create an investment culture in which our talent can thrive. The firm's IPO
was one of several strategies we have executed over the years to allow us to
manage our business according to those foundational principles over multiple
generations. As a public company, our communications with shareholders will
reflect this deliberate, long-term focus.”

Business Update

Mr. Colson added, “We want to see our investment teams consistently executing
their unique investment processes while generating attractive absolute, peer
relative and index relative results over a full market cycle. Performance data
for short time periods often reflect noise and market preference. Given the
active, differentiated nature of our investment strategies, we think data for
long periods tend to be a better indication of the value our teams deliver. As
of March 31, 2013, 11 of our 12 investment strategies had added value relative
to their broad performance benchmarks over the trailing 5-year and 10-year
periods and since each strategy's inception.

“As we grow our business, we seek to partner with clients that have time
horizons matching those of our investment teams, while managing an appropriate
level of diversification of the assets invested in each strategy by client
type and client domicile. If we are achieving our full cycle performance
objectives, we believe that asset compounding will occur over the long term.
However, as an active, equity manager our assets under management will be
subject to volatility. At the end of the first quarter, our assets under
management exceeded $80 billion due to a strong combination of organic growth
and market appreciation. Importantly, we had positive net client cash flows in
10 of our 12 strategies and 4 of 5 distribution channels, generated by clients
domiciled in the U.S. and abroad.

“Our first quarter adjusted results reflect positive progress against our
primary metrics. Although we are reporting several items that are specifically
related to our transition from private to public ownership, the core view of
our business results are consistent with our goals. We believe our balance
sheet is conservatively positioned, cash flows are solid and supportive of an
attractive dividend, our fee levels reflect high value-added investment
offerings, we are seeing positive improvements in margins as our business
scales and our organic growth rates are above average relative to our peers.

“The strategy we employ for finding new investment talent and developing
internal talent emphasizes increasing degrees of investment freedom and
personal development. We do not have any specific news to report about new
investment talent. But we continue to search for new investors with
characteristics that fit our business model and culture and a history of
managing assets in strategies that are viable options for our client base.
Internally, we promoted Charles Hamker and Andrew Euretig to portfolio
managers of our Global Equity strategy. The promotions reflect the value
creation of both individuals and create great long-term continuity in decision
making on that team.”

First Quarter 2013 Highlights

  *Assets under management (“AUM”) of $83.2 billion at March31, 2013
  *Net client cash inflows of $2.2 billion
  *Operating loss of $421.3 million and operating margin of (284.3)%
  *Net income of $3.0 million or $0.19 per basic and diluted share^1
  *Adjusted^2 operating income of $54.9 million and adjusted operating margin
    of 37.0%
  *Adjusted ^ net income of $33.2 million or $0.47 per adjusted share

The table below presents AUM and a comparison of certain GAAP and non-GAAP
(“adjusted”) financial measures.

                             For the Three Months Ended
                              March 31,           December 31,   March 31,
                              2013                 2012            2012
                              (unaudited, in millions except per share amounts

                              or as otherwise noted)
Assets Under Management                                          
(amounts in billions)
Ending                            $  83.2             $  74.3        $ 66.5
Average                           79.2                71.3           62.9
                                                                             
Consolidated Financial
Results
Revenues                          $  148.2            $  137.1       $ 119.7
Operating income (loss)           (421.3    )         39.4           4.5
Operating margin                  (284.3    )%        28.7     %     3.8     %
Net income attributable to
Artisan Partners Asset            3.0                 —              —
Management Inc.^3
Basic and diluted earnings        0.19                N/A            N/A
per share^1
                                                                             
Adjusted^2 Financial
Results
Adjusted operating income         $  54.9             $  55.4        $ 47.4
Adjusted operating margin         37.0      %         40.4     %     39.6    %
Adjusted EBITDA^4                 $  55.6             $  57.0        $ 47.6
Adjusted net income               33.2                34.0           28.5
Adjusted earnings per             0.47                N/A            N/A
adjusted share^1

^______________________________________

^1 Per share measures are based on the number of shares of Class A common
stock and convertible preferred stock outstanding for the period from March
12, 2013 (the closing date of the initial public offering) through March 31,
2013.

^2 Adjusted measures are non-GAAP measures and are explained and reconciled to
the comparable GAAP measures in Exhibit 2.

^3 The Company become the general partner of Artisan Partners Holdings on
March 12, 2013. Prior to that time none of the net income of Artisan Partners
Holdings was allocated to the Company.

^4 EBITDA represents earnings before interest, tax, depreciation and
amortization expense.

Assets Under Management Increased to $83.2 billion

Our AUM increased to $83.2 billion at March31, 2013, an increase of $8.8
billion or 11.9%, compared to $74.3 billion at December31, 2012 as a result
of $6.7 billion in market appreciation and $2.2 billion of net client cash
inflows. Compared to March31, 2012, AUM increased $16.7 billion, or 25.1%,
due to $10.1 billion in market appreciation and $6.6 billion of net client
cash inflows.

Average AUM during the quarter ended March31, 2013 was $79.2 billion, an
increase of 11.1% compared to average AUM during the quarter ended
December31, 2012 of $71.3 billion and a 25.8% increase from the quarter ended
March31, 2012 of $62.9 billion.

First Quarter of 2013 Compared to Fourth Quarter of 2012

Net income was $3.0 million, or $0.19 per diluted share. Adjusted net income
was $33.2 million, or $0.47 per adjusted share, compared to adjusted net
income of $34.0 million in the fourth quarter of 2012. The current quarter
includes severance and cash retention expenses of $9.3 million which reduced
adjusted net income by $4.1 million or $0.06 per adjusted share when compared
to the fourth quarter of 2012.

  *Revenues of $148.2 million increased 8.1% from $137.1 million in the
    fourth quarter of 2012 primarily due to higher average AUM as a result of
    market appreciation and net client cash inflows.
  *Operating expenses of $569.5 million increased 482.9% from $97.7 million
    in the fourth quarter of 2012 driven primarily by share-based and other
    pre-offering related compensation expense. Included in compensation and
    benefits expense for the first quarter of 2013 was $9.3 million of
    severance and cash retention expenses.
  *Operating margin was (284.3)% compared to 28.7% in the fourth quarter of
    2012. The decline was primarily due to share-based and other pre-offering
    related compensation expense incurred in the first quarter of 2013.
  *Adjusted operating margin was 37.0% compared to 40.4% in the fourth
    quarter of 2012. Severance and cash retention expenses during the first
    quarter of 2013 reduced adjusted operating margin by 420 basis points when
    compared to the fourth quarter of 2012.

First Quarter of 2013 Compared to First Quarter of 2012

Net income was $3.0 million, or $0.19 per diluted share. Adjusted net income
was $33.2 million, or $0.47 per adjusted share, compared to adjusted net
income of $28.5 million in the first quarter of 2012. The current quarter
includes severance and cash retention expenses of $9.3 million which reduced
adjusted net income by $4.4 million or $0.06 per adjusted share when compared
to the first quarter of 2012.

  *Revenues of $148.2 million increased 23.8% from $119.7 million in the
    first quarter of 2012 primarily due to higher average AUM as a result of
    market appreciation and net client cash inflows.
  *Operating expenses of $569.5 million increased 394.4% from $115.2 million
    in the first quarter of 2012 driven primarily by share-based and other
    pre-offering related compensation expense. Included in compensation and
    benefits expense for the first quarter of 2013 was $9.3 million of
    severance and cash retention expenses.
  *Operating margin was (284.3)% compared to 3.8% in the first quarter of
    2012. The decline was primarily due to share-based and other pre-offering
    related compensation expense incurred in the first quarter of 2013.
  *Adjusted operating margin was 37.0%, compared to 39.6% in the first
    quarter of 2012. Severance and cash retention expenses during the first
    quarter of 2013 reduced adjusted operating margin by 420 basis points when
    compared to the first quarter 2012.

Capital Management

Cash and cash equivalents were $199.1 million at March31, 2013, compared to
$141.2 million at December31, 2012. The Company had total borrowings of
$200.0 million at March31, 2013 and $290.0 million at December31, 2012. The
Company received net proceeds from its initial public offering of $353.4
million. In connection with the initial public offering, the Company used a
portion of the proceeds to distribute $105.3 million of pre-IPO retained
profits to its partners, repaid $90.0 million of the outstanding principal
amountof loans under our revolving credit agreement, and
purchasedapproximately 2.7 million Class A units from certain investors for
approximately $76.3 million. Also, in connection with the initial public
offering, the Company used cash on hand to make cash incentive payments
aggregating $56.8 million to certain of its portfolio managers. The Company’s
debt leverage ratio, calculated in accordance with its loan agreements, was
0.9X at March31, 2013.

As a result of our reorganization and offering, total stockholders’ equity was
$5.8 million at March31, 2013, compared to a deficit of $36.7 million at
December31, 2012. The Company had 12.7 million shares of Class A common stock
outstanding and 2.6 million shares of convertible preferred shares outstanding
at March31, 2013.

CONFERENCE CALL

The Company will host a conference call on April30, 2013, at 5:00 p.m.
(Eastern Time) to discuss these results. Hosting the call will be Eric Colson,
Chief Executive Officer, and C.J. Daley, Chief Financial Officer. The call
will be webcast and can be accessed via the investor relations section of
artisanpartners.com. Listeners may also access the call by dialing
888.680.0890 or 617.213.4857 for international callers; the conference ID is
63381620. A replay of the call will be available until May 7, 2013, by dialing
888.286.8010 or 617.801.6888 for international callers; the replay conference
ID is 45568553. In addition, the webcast will be available on the Company’s
website.

FORWARD-LOOKING STATEMENTS

Certain statements in this release, and other written or oral statements made
by or on behalf of the Company, are “forward-looking statements” within the
meaning of the federal securities laws. Statements regarding future events and
developments 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. These
forward-looking statements are only predictions based on current expectations
and projections about future events. These 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 or
achievements to differ materially from the results, level of activity,
performance or achievements expressed or implied by the forward-looking
statements. Among the important factors that could cause actual results, level
of activity, performance or achievements to differ materially from those
indicated by such forward-looking statements are: fluctuations in quarterly
and annual results, incurrence of net losses, adverse effects of management
focusing on implementation of a growth strategy, failure to develop and
maintain the Artisan Partners brand 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 the Company’s
registration statement on Form S-1 (File No. 333-184686). The Company
undertakes no obligation to update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of this release.

ABOUT ARTISAN PARTNERS

Artisan Partners is an independent investment management firm focused on
providing high value-added, active investment strategies to sophisticated
clients globally. Since 1994, the firm has been committed to attracting
experienced, disciplined investment professionals to manage client assets.
Artisan Partners has five autonomous investment teams that oversee twelve
distinct U.S., non-U.S. and global investment strategies. Each strategy is
offered through multiple investment vehicles to accommodate a broad range of
client mandates.

The firm's principal offices are located in Milwaukee, San Francisco, Atlanta,
New York and London.

Exhibit 1
Artisan Partners Asset Management Inc.
Consolidated Statements of Operations
(unaudited; in millions, except per share amounts or as noted)
                                        
                                          For the Three Months Ended
                                          March 31,  December 31,  March 31,
                                          2013        2012           2012
Revenues
Management fees
Artisan Funds & Artisan Global Funds      $  99.5     $   90.5       $  79.5
Separate accounts                         48.7        45.3           39.9
Performance fees                          —          1.3           0.3     
Total revenues                            148.2      137.1         119.7   
                                                                             
Operating expenses
Compensation and benefits                 72.7        61.6           55.7
Pre-offering related compensation -       333.2       15.8           34.8
share-based awards
Pre-offering related compensation -       143.0      0.2           8.1     
other
Total Compensation and benefits           548.9       77.6           98.6
Distribution and marketing                8.2         7.6            7.1
Occupancy                                 2.6         2.4            2.3
Communication and technology              3.3         3.4            2.9
General and administrative                6.5        6.7           4.3     
Total operating expenses                  569.5      97.7          115.2   
Operating income (loss)                   (421.3  )   39.4           4.5
Interest expense                          (3.2    )   (3.3      )    (2.7    )
Net gain on the valuation of contingent   24.8        —              —
value rights
Net gain of consolidated investment       4.8         0.3            2.5
products
Other non-operating income (loss)         —          0.8           (0.3    )
Total non-operating income (loss)         26.4       (2.2      )    (0.5    )
Income (loss) before income taxes         (394.9  )   37.2           4.0
Provision for income taxes                4.4        0.2           0.3     
Net income (loss) before noncontrolling   (399.3  )   37.0           3.7
interests
Less: Net income (loss) attributable to
noncontrolling interests - Artisan        (407.1  )   36.7           1.2
Partners Holdings LP
Less: Net income attributable to
noncontrolling interests - consolidated   4.8        0.3           2.5     
investment products
Net income attributable to Artisan        $  3.0     $   —         $  —    
Partners Asset Management Inc.
                                                                             
Basic and diluted earnings per share -    $  0.19     N/A            N/A
Class A common shares
                                                                             
Average shares outstanding
Class A common shares                     12.7        N/A            N/A
Convertible preferred shares              2.6        N/A           N/A     
Total average shares outstanding          15.3        N/A            N/A

Exhibit 2
Artisan Partners Asset Management Inc.
Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures
(unaudited; in millions, except per share amounts or as noted)
                                       
                                         For the Three Months Ended
                                         March 31,   December 31,  March 31,
                                         2013         2012           2012
                                                                             
Net income attributable to Artisan       $ 3.0        $   —          $  —
Partners Asset Management Inc. (GAAP)
Add back: Net income (loss)
attributable to noncontrolling           (407.1   )   36.7           1.2
interests - Artisan Partners Holdings
LP
Add back: Provision for income taxes     4.4          0.2            0.3
Add back: Pre-offering related           333.2        15.8           34.8
compensation - share-based awards
Add back: Pre-offering related           143.0        0.2            8.1
compensation - other
Less: Net gain on the valuation of       24.8         —              —
contingent value rights
Adjusted provision for income taxes      18.5        18.9          15.9    
Adjusted net income (Non-GAAP)           $ 33.2       $   34.0       $  28.5
                                                                             
Average shares outstanding
Class A common shares                    12.7         —              —
Assumed conversion or exchange of:
Convertible preferred shares             2.6          —              —
outstanding
Artisan Partners Holdings LP units       54.7        —             —       
outstanding (non-controlling interest)
Adjusted shares                          70.0         N/A            N/A
                                                                             
Adjusted net income per adjusted share   $ 0.47       N/A            N/A
(Non-GAAP)
                                                                             
Operating income (loss) (GAAP)           $ (421.3 )   $   39.4       $  4.5
Add back: Pre-offering related           333.2        15.8           34.8
compensation - share-based awards
Add back: Pre-offering related           143.0       0.2           8.1     
compensation - other
Adjusted operating income (Non-GAAP)     $ 54.9       $   55.4       $  47.4
                                                                             
Adjusted operating margin (Non-GAAP)     37.0     %   40.4      %    39.6    %
                                                                             
Net income attributable to Artisan       $ 3.0        $   —          $  —
Partners Asset Management Inc. (GAAP)
Add back: Net income (loss)
attributable to noncontrolling           (407.1   )   36.7           1.2
interests - Artisan Partners Holdings
LP
Add back: Pre-offering related           333.2        15.8           34.8
compensation - share-based awards
Add back: Pre-offering related           143.0        0.2            8.1
compensation - other
Less: Net gain on the valuation of       24.8         —              —
contingent value rights
Add back: Interest expense               3.2          3.3            2.7
Add back: Provision for income taxes     4.4          0.2            0.3
Add back: Depreciation and               0.7         0.8           0.5     
amortization
Adjusted EBITDA (Non-GAAP)               $ 55.6       $   57.0       $  47.6

The Company’s management uses non-GAAP measures (referred to as “adjusted”) of
net income and operating income to evaluate the profitability and efficiency
of the underlying operations of the business and as a factor when considering
net income available for distributions and dividends. These adjusted measures
remove the impact of (1) pre-offering related compensation (as described
below), (2) the net gain (loss) on the valuation of contingent value rights,
and (3) adjustments to remove the non-operational complexities of the
Company’s structure by adding back non-controlling interests and assuming all
income of Artisan Partners Holdings is allocated to the Company. Management
believes these non-GAAP measures provide more meaningful information to
analyze the Company’s profitability and efficiency between periods and over
time. The Company has included these non-GAAP measures to provide investors
with the same financial metrics used by management to manage the Company.

Investors should consider the non-GAAP measures in addition to, and not as a
substitute for, financial measures prepared in accordance with GAAP. The
Company’s non-GAAP measures may differ from similar measures used by other
companies, even if similar terms are used to identify such measures. The
Company’s non-GAAP measures are as follows:

  *Adjusted net income represents net income excluding the impact of (1)
    pre-offering related compensation, as defined below and (2) net gain
    (loss) on the valuation of contingent value rights, and reflects income
    taxes as if all outstanding units of Artisan Partners Holdings and
    convertible preferred shares of the Company were exchanged for or
    converted into Class A common stock of the Company on a one-for-one basis.
    Assuming the full exchange and conversion, all income of Artisan Partners
    Holdings is treated as if it were allocated to the Company, and the
    adjusted provision for income taxes represents an estimate of income tax
    expense at an effective rate of 35.8% (as of March31, 2013) reflecting
    assumed federal, state, and local income taxes.
  *Adjusted net income per adjusted share is calculated by dividing adjusted
    net income (loss) by adjusted shares. The number of adjusted shares is
    derived by assuming the exchange of all outstanding units of Artisan
    Partners Holdings and the conversion of all outstanding convertible
    preferred shares for or into Class A common stock of the Company on a
    one-for-one basis.
  *Adjusted operating income represents the operating income (loss) of the
    consolidated company excluding pre-offering related compensation, as
    defined below.
  *Adjusted operating margin is calculated by dividing adjusted operating
    income (loss) by total revenues.
  *Adjusted EBITDA represents income (loss) before income taxes, interest
    expense and depreciation and amortization, adjusted to exclude the impact
    of net income (loss) attributable to non-controlling interests,
    pre-offering related compensation, as defined below, and the net gain
    (loss) on the valuation of contingent value rights.
  *For the three months ended March31, 2013, "pre-offering related
    compensation" includes (in addition to the items referred to in the next
    sentence) (1) compensation expense triggered by the Company's initial
    public offering , which closed on March 12, 2013, (2) expense related to
    Class B common units of Artisan Partners Holdings that were modified as a
    result of the initial public offering and (3) the amortization of unvested
    Class B common units of Artisan Partners Holdings that were granted before
    the initial public offering. For the three months ended March31, 2013,
    December31, 2012, and March31, 2012, pre-offering related compensation
    also includes (1) distributions to the Class B partners of Artisan
    Partners Holdings, (2) redemptions of Class B common units and (3) changes
    in the value of Class B liability awards, in each case occurring during
    the respective period.

Exhibit 3
Artisan Partners Asset Management Inc.
Condensed Consolidated Statements of Financial Condition
(unaudited; in millions)

                                                 As of
                                                  March 31,  December 31,
                                                  2013        2012
Assets
Cash and cash equivalents                         $ 199.1     $    141.2
Accounts receivable                               51.5        46.0
Investment securities                             19.1        15.2
Deferred tax assets                               68.8        —
Assets of consolidated investment products        70.2        67.0
Other                                             17.8       18.2
Total assets                                      $ 426.5    $    287.6
                                                              
Liabilities and equity (deficit)
Accounts payable, accrued expenses, and other     $ 110.9     $    57.6
Borrowings                                        200.0       290.0
Class B liability awards                          —           225.2
Contingent value rights                           30.6        —
Amounts payable under tax receivable agreements   53.5        —
Liabilities of consolidated investment products   25.7       30.3
Total liabilities                                 420.7       603.1
                                                              
Redeemable preferred units                        —           357.2
                                                              
Total equity (deficit)                            5.8        36.7
Total liabilities and equity (deficit)            $ 426.5    $    997.0

Exhibit 4
Artisan Partners Asset Management Inc.
Assets Under Management
(unaudited; in millions)
                                                        
                  For the Three Months Ended               % Change from
                  March 31,   December 31,  March 31,    December  March
                                                           31,        31,
                  2013         2012           2012         2012       2012
                                                                      
Beginning
assets under      $ 74,334     $  69,835      $ 57,104     6.4    %   30.2  %
management
Gross client      6,324        4,957          4,410        27.6   %   43.4  %
cash inflows
Gross client      (4,138   )   (3,414     )   (3,013   )   21.2   %   37.3  %
cash outflows
Net client cash   2,186        1,543          1,397        41.7   %   56.5  %
flows
Market
appreciation      6,658       2,956         7,992       125.2  %   (16.7 )%
(depreciation)
Ending assets
under             $ 83,178    $  74,334     $ 66,493    11.9   %   25.1  %
management
Average assets
under             $ 79,152    $  71,262     $ 62,925    11.1   %   25.8  %
management

Exhibit 5
Artisan Partners Asset Management Inc.
Assets Under Management by Investment Team and Vehicle
(unaudited; in millions)

Three Months    By Investment Team                                                          By Vehicle
Ended
                                                                                              Artisan
                 Global       U.S.                      Global       Emerging                 Funds        Separate
                 Equity      Value       Growth      Value       Markets    Total        & Artisan   Accounts    Total
                                                                                              Global
                                                                                              Funds
March 31, 2013                                                                                                  
Beginning
assets under     $ 20,092     $ 16,722     $ 14,692     $ 19,886     $ 2,942     $ 74,334     $ 39,603     $ 34,731     $ 74,334
management
Gross client     1,540        1,116        1,410        1,994        264         6,324        4,570        1,754        6,324
cash inflows
Gross client     (908     )  (924     )  (569     )  (343     )  (1,394  )  (4,138   )   (2,222   )  (1,916   )  (4,138   )
cash outflows
Net client       632          192          841          1,651        (1,130  )   2,186        2,348        (162     )   2,186
cash flows
Market
appreciation     1,358        2,334        1,336        1,677        (47     )   6,658        3,733        2,925        6,658
(depreciation)
Transfers        —          —          —          —          —         —           —          —          —        
Ending assets
under            $ 22,082   $ 19,248   $ 16,869   $ 23,214   $ 1,765   $ 83,178    $ 45,684   $ 37,494   $ 83,178 
management
Average assets
under            $ 21,270   $ 18,157   $ 16,144   $ 21,720   $ 1,861   $ 79,152    $ 43,205   $ 35,947   $ 79,152 
management
                                                                                                                        
December 31,
2012
Beginning
assets under     $ 18,989     $ 16,415     $ 14,149     $ 17,432     $ 2,850     $ 69,835     $ 37,730     $ 32,105     $ 69,835
management
Gross client     904          1,021        1,120        1,902        10          4,957        2,845        2,112        4,957
cash inflows
Gross client     (790     )  (1,292   )  (781     )  (496     )  (55     )  (3,414   )   (2,557   )  (857     )  (3,414   )
cash outflows
Net client       114          (271     )   339          1,406        (45     )   1,543        288          1,255        1,543
cash flows
Market
appreciation     989          578          204          1,048        137         2,956        1,585        1,371        2,956
(depreciation)
Transfers        —          —          —          —          —         —           —          —          —        
Ending assets
under            $ 20,092   $ 16,722   $ 14,692   $ 19,886   $ 2,942   $ 74,334    $ 39,603   $ 34,731   $ 74,334 
management
Average assets
under            $ 19,357   $ 16,503   $ 14,020   $ 18,549   $ 2,833   $ 71,262    $ 38,333   $ 32,929   $ 71,262 
management
                                                                                                                        
March 31, 2012
Beginning
assets under     $ 16,107     $ 15,059     $ 10,892     $ 12,547     $ 2,499     $ 57,104     $ 30,843     $ 26,261     $ 57,104
management
Gross client     879          1,168        1,224        1,010        129         4,410        2,952        1,458        4,410
cash inflows
Gross client     (1,005   )  (763     )  (752     )  (273     )  (220    )  (3,013   )   (1,968   )  (1,045   )  (3,013   )
cash outflows
Net client       (126     )   405          472          737          (91     )   1,397        984          413          1,397
cash flows
Market
appreciation     2,518        1,476        2,251        1,364        383         7,992        4,291        3,701        7,992
(depreciation)
Transfers        —          —          —          —          —         —           (54      )  54         —        
Ending assets
under            $ 18,499   $ 16,940   $ 13,615   $ 14,648   $ 2,791   $ 66,493    $ 36,064   $ 30,429   $ 66,493 
management
Average assets
under            $ 17,700   $ 16,303   $ 12,559   $ 13,631   $ 2,732   $ 62,925    $ 34,060   $ 28,865   $ 62,925 
management

Exhibit 6
Artisan Partners Asset Management Inc.
Investment Strategy AUM and Gross Composite Performance
As of March 31, 2013
(unaudited)

               Inception  Strategy  Value-Added^1 (bps)
                            AUM
Investment                                                       10
Team and       Date       (in $MM)   1 YR     3 YR   5 YR   YR   Inception
Strategy
Global Equity                                                     
Team
Non-U.S.
Growth          1/1/1996    $20,635    527       653     397     321   683
Strategy
Non-U.S.
Small-Cap       1/1/2002    $1,368     1,021     549     319     553   563
Growth
Strategy
Global Equity   4/1/2010    $80        1,579     815     N/A     N/A   815
Strategy
                                                                       
U.S. Value
Team
U.S. Mid-Cap
Value           4/1/1999    $12,895    250       192     335     331   627
Strategy
U.S.
Small-Cap       6/1/1997    $4,183     (1,045)   (471)   14      187   532
Value
Strategy
Value Equity    7/1/2005    $2,169     —         48      78      N/A   137
Strategy
                                                                       
Growth Team
U.S. Mid-Cap
Growth          4/1/1997    $13,444    (844)     312     302     135   609
Strategy
U.S.
Small-Cap       4/1/1995    $1,708     (219)     622     325     128   97
Growth
Strategy
Global
Opportunities   2/1/2007    $1,683     428       991     849     N/A   687
Strategy
                                                                       
Global Value
Team
Non-U.S.
Value           7/1/2002    $13,347    861       814     970     738   740
Strategy
Global Value    7/1/2007    $9,867     977       717     854     N/A   655
Strategy
                                                                       
Emerging
Markets Team
Emerging
Markets         7/1/2006    $1,765     (338)     (418)   (248)   N/A   (117)
Strategy
                            
Total Assets
Under                       $83,178
Management^2

^______________________________________

^1 Value-added is the amount in basis points by which the average annual gross
composite return of each of our strategies has outperformed the market index
most commonly used by our clients to compare the performance of the relevant
strategy for the periods presented and since its inception date. The market
indices used to compute the value added since inception date for each of our
strategies are as follows: Non-U.S. Growth strategy—MSCI EAFE^® Index;
Non-U.S. Small-Cap Growth strategy—MSCI EAFE^® Small Cap Index; Global Equity
strategy—MSCI ACWI^® Index; U.S. Small-Cap Value strategy—Russell 2000^®
Index; U.S. Mid-Cap Value strategy—Russell Midcap^® Index; Value Equity
strategy—Russell 1000^® Index; U.S. Mid-Cap Growth strategy—Russell Midcap^®
Index; Global Opportunities strategy—MSCI ACWI^® Index; U.S. Small-Cap Growth
strategy—Russell 2000^® Index; Non-U.S. Value strategy—MSCI EAFE^® Index;
Global Value strategy—MSCI ACWI^® Index; Emerging Markets strategy—MSCI
Emerging Markets Index^SM.

^2 Includes an additional $34.4 million in assets managed in a portfolio not
currently made available to investors other than our employees to evaluate its
potential viability as a strategy to be offered to clients.

Contact:

Artisan Partners Asset Management Inc.
Investor Relations Inquiries
Makela Taphorn, 866.632.1770 or 414.908.2176
ir@artisanpartners.com
or
Press Inquiries
Bob Batchelor, 866.642.1770
pr@artisanpartners.com
 
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