Artisan Partners Asset Management (APAM) 1 Feb 232022 Q4 Earnings call transcript

Hello, and thank you for standing by. My name is Drew, and I will be your conference operator today. At this time, all participants are in a listen-only mode. After the prepared remarks, management will conduct a question-and-answer session, and conference participants will be given instructions at that time.

As a reminder, this conference call is being recorded. Instructions] [Operator

I call time, Partners to turn Management. Asset will this over the Artisan At

Artisan Management Partners Earnings the to Welcome Asset Call. Business and Update

C.J. Today's Colson, remarks include Daley, and call CFO. from will CEO; Eric

will open Following these remarks, the for questions. line we

are Our on Relations the website. available latest our investor of Investor and results presentation section

presented These to uncertainties begin, responses deal may to like that the are to made and remind in statements. risks subject we are and Before our would on release comments and questions, filings. with you SEC I details today's including earnings forward-looking call, in

revise We of are not required to statements update call. or the any following these

some of addition, references will include to non-GAAP In remarks measures. our financial today

You those comparable to can measures most reconciliations the measures of release. in find GAAP the earnings

the over turn Colson. call Eric to I will now

or transcript. the all you joining for Thank reading the call

in difficult. were XXXX Outcomes

For than declined the to net outflows investment strategies and a XX% $XXX billion billion teams. Of quarter, majority $XXX of experienced $X outflows, fourth occurred billion, billion of year, our the we $X.X AUM drop. more across from our net in

inflows single flow. our making, dominating. the regulation especially clients in prior assets. our rebalanced with risk reasons was rate with decision array average. outflow Uncertainty, There away war, no For inflation, line XX-year a gross that net was Lower broad gross drove paused year, the of theme China, allocations to

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we investment in year, built out leadership three technology, and strategies between recruited launched layered March team, and Last the XXXX. July the business new

from year, particular, institutional expect growth We willing to capture diligence early-stage of do experience three this in deep strategies allocators adoption. and benefits to the all early

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per of the million Cumulatively, XXX high-yield has period averaging funds team's team as at billion, High high-yield the Artisan's Income the since healthy class XXXX. Of mutual The of $XXX third during in most developed has business for the asset pace a raised $X approximately has a generated muted Morningstar category, whole. year. a flows flows Fund net the

right Credit Slide over Based net is first the line multi-strategy our on in schedule, foundational primarily credit of experiencing of places experience, due Credit growth. in franchise delta Artisan cumulative and broader returns. X other The between team's team its historical equity terms the AUM historical lags franchise are context. Credit credit to those characteristics multi-generational, years with nine on business developing flows franchises. both in the and

of generations Two Value $XX strategy. respectively, manage and translate $XX have subsequent billion teams, diversify examples compounding billion, strategies business Growth decision-making investment phase reputations we and to of growth. growth into Historically, of are total a at existing across same International leveraging compound with Investment leadership. additional a time, foundational which six resources, and extend the capital and teams our seen returns launch today duration, multiple

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with across continued Credit growth the diversification strategies near-term, we For team, in expect and institutional clients. the and

the credit There franchise. offer their opportunities. to an leads high additional to Bryan capabilities we clients leverage They Over already potential. the value-added networks their early still additional powerful investment investment is in team and tremendous long-term, are expect journey.

is attractive has X% prevailed yield creating X% much about the Slide entry attractive the investors. opportunity worst currently point range widened, last summarizes much in allocators return have of that to and Rates more for credit. absolute the spreads for X to decade. and near-term potential for X%, high-yield an Index than

fees. XXXX of When XX January XXXX XX.X% XXXX, a generated and High the generated gross Credit in spiked a months, next Income between spikes return XX.X% XX.X% a XXXX, return, both return Income Opportunities When gross the of February and in yield yields over Strategy fees. generated High of

only Credit is expected in the opportunities, of entry convex yield Not picking returns increases point a to greater price better dispersion the from generate excess opportunities yields. credit for perspective, more team

alignment What favorable characteristics excited. investment the us Credit has is of foundational team's combination a a franchise growth near very more we with that see the and in term environment,

I our our indices. XX on Partners equity history Growth AUM Yockey's Of and outside equity global value against my has companies Approximately to X, of back slide, long Strategy, On Global equity XX or domiciled XX% adding the focus U.S. Slide is strategies, in international the a want Dating AUM last non-U.S. back markets. the to total Artisan or XXXX non-U.S., XX% invested of non-U.S. of of come benchmarked emerging other Mark launch EAFE, is to environment. in with investing markets. our equity

by of inception points strategies five beaten Our eight their after EM indexes basis year average track more or fees. years non-U.S., since global XXX or records of have an per with

non-U.S. performance, historical of standards S&P non-U.S. returns quarter, valued the As equity with I billion the generated remain relative by investment fourth we the XXX. more than fourth equities modestly earlier, in in Even and the $XX driving significantly quarter mentioned to the quarter. outperformed, strong

We market, markets. we equities are out reversion are in pointing of not nearly that attractively or and mean long a predicting these calling history the valued, non-U.S. alpha have generating

financial what sophisticated excited are difficult After brand on; income; our investment year attract about our equities C.J. of our outcomes, we and in which to we a lineup, will and economic and reputation clients. talent model, investment both can and fixed proven elaborate control,

in current active We to healthy management, risk-taking the and volatility security our after ability of decision-making; business level potential. and about especially drawdown; broaden for the greater person for uncertainty; and diligence clarity development optimistic due are a meet for dispersion

I it will now to over turn C.J.

Eric. Thanks,

ever record global on the XXXX markets business which we reflects XXXX follows to successful and made of heels and hand, the year of sharp impact most future revenue XXXX, on in the growth. achieved in earnings. decline support fiscal other the results, investments our

billion AUM decrease with in the to XX%. AUM $XXX line from billion. average down the declined During were $XXX year, in and Revenues declined

often was to built absorb during declines calls, result expenses our XXXX, we down these global a continuing of model mention in despite And our to were on long-term as growth markets. X% financial volatile As in model. our invest

has end XXXX. X%. is grown the $XXX AUM compounded has Growth billion linear. operating and not by compounded start by to adjusted $XX billion from X% XXXX annually rising of at income Revenue X% to annually,

private and strategies time, managing the this to During diversified teams, investment asset teams classes. both XX public in equities, five alternative and includes fixed managing from a long-only XX assets equity business XX platform income and strategies, that now we investment

our to this including financial period cash since excess $XX return dividends share us Our in over to declaration. the of our shareholders recent results IPO, enabled have per

AUM under fourth at partially quarter $XX.X contributed the and from to that ended billion of XXXX not by Average $XXX XX% to and sequentially for and December reinvested. quarter. million the was X% increase down the Assets September in of up offset AUM Artisan the management Investment Funds annual down quarter $X.X X% XXXX $XXX.X returns client the down compared December XX% were in billion, distributions net billion prior cash year-end. the from quarter the quarter, outflows

client $XX.X billion outflows of investment year-over-year. decrease negative AUM cash billion. AUM AUM by year, full net lowered Average weighted ended the for contributed the impacted or markets For and $X.X and were no returns XX% down vehicle. XXXX the in cash generations, or by outflows. average declining material mix Across generation AUM was AUM changes management fee all There global client by net in

presented and XX. are Slides on results XX Financial

adjusted in and presented earnings our release. GAAP complete Our are results

December Quarterly to XX% to quarter previous revenues compared lower the quarter and AUM. X% average the on declined compared XXXX

average were full lower XXXX fees Performance in XXXX year, revenues negligible lower to on million down XXXX. performance compared the were in and AUM from XX% fees. For $XX.X

quarter for a to in sequentially result million lease, we part a made one-time expense Adjusted expenses increased result a abandonment decline of the lower the an as in charge office $X.X a incentive Occupancy the X% expense of decision revenues. taken of quarter trim due to in costs. compensation the decreased as on operating

continue to work efficiently ways adjust more the use a evolution hybrid look we environment. of footprint for to office will to We our as

increases and XXXX in expenses adjusted compensation The year, compared launch the partially year to A travel three million of for in the and offset headcount and XXXX, was $XX base team. operating resulted significant by the investment newest our for from in the X% increase decline salaries strategies expenses fixed prior incentive of For portion additions expense XXXX. benefits. from primarily cost decreased

declined declined XX% the per compared income net and compared year the adjusted Adjusted the share to and for XX% operating X% income the Likewise, quarter for compared quarter compared adjusted the third declined XXXX. X% for year declined for XXXX. the third quarter to to to quarter

to Slide XX. Turning

balance and continues remains Our capital needs to strong support dividend management policy. our sheet cash and

revolving million facility unused. $XXX credit remains Our

basis We share a with continue on Board dividend consistent dividend to year-end December per a to Consistent generated of of with in a capital to XXXX and predictable return our which our cash represents declared payments policy, $X.XX the cash quarter, through quarterly special the approximately dividend the Directors and respect quarterly dividend. of shareholders XX% quarter.

annual a of Our special per dividend Board share. also $X.XX declared

vehicles. last year, future strategies and of we generated fund and in portion to primarily XXXX seed retained initiatives, capital growth Similar cash investments to a new

income Our $XXX investments represent fixed year from growth, future a and investments were in alternative $XX of up the million in and year capital primarily ago, space. the the seed end at million,

dividend $X.XX of also dividends our Since cash XX-month been XX%. respect cash will payout XXXX trailing paid of to of approximately declaration, approximately period, X%. on this a share yield represents the yield a a IPO, Calculated with per generation, be annual has Including X%. approximately average this

year, We of estimate be the award forward $XX approved of XX% Looking long-term Directors over grant approximately million, of Board years XX of quarter or will our current a million a the approximately year, restricted first awards. capital the incentive and XXXX, after incentive of consisting $XX vests In awards of approve $XX to million five and the each after million. of the award vests the rata remaining expense amortization approximately Board franchise cash-based qualified XXXX pro Generally, award long-term stock $XX months on awards. XX% retirement. of an

investments expense Fixed year a in and to approximately expected compensation an digits, in expected hired be of employees. X% of existing XXXX support reflecting employees and increase are additions will full-time increases, The absorption strategies. to merit mid-single rise new costs roles full in the for XXXX distribution primarily

operating long-term We expenses XXXX. in are other Occupancy, also expect compared expenses technology spend, incentive increases in in in X% fixed be increase a travel of relatively approximately resulting and and XXXX. expected compensation fixed flat operating projected to to

August million XXXX $X.X And benefits first savings quarter expense compensation provides annual our the and of are seasonal The a interest fourth compared $X.X expenses be as note reduce $X generally each higher of the XXXX first XXXX. expenses, in and which we by in interest XXXX. will year million refinancing reminder, quarter closed estimate approximately that to to in the due million XXXX of will quarter of compared to in higher

and in we've are made that commented remarks, outcomes the years we lead investments his prepared Eric business past shareholders. for As in optimistic our to several the our clients over will successful

these will take time lumpy. will and be However, outcomes

the That I back concludes call remarks. prepared operator. to will my the turn

Alex the begin with We comes will Please Instructions] ahead. question go from Goldman first Blostein [Operator Sachs. now question-and-answer session. The

some Eric, are opportunities question. a Obviously, market sales gross of around the could good Hi, including with from question maybe to non-U.S. seeing a off emerging good Thanks we equities, equities. morning, the a perspective start guys markets are year. the start this you for guys. for

if increase in the searches an seeing in curious market. of active So, RFPs you're kind part actual and that of

you strategies, but really excess of terms And in in number pretty challenging 'XX. against and the XXXX performance guys in -- a had strong a 'XX of that, XXXX those and a

worse roll of kind set mandates? kind like people five-year off, of basis, to which track impact the that likely win the as a as how So, and of think these opportunity get to longer-term about vintages is prime the of some does some record three-

emerging China and of non-U.S., some highlighted we Yes. on difference noted indexes AUM, and had in the some uplift between The performance fourth nice a the domestic as quarter markets, we call. Thanks, really Alex.

seen past to see has trend get do to of client out years, We to direction I getting mixed again of in with intermediary backdrop activity the and the couple on research, traveling and think diligence. marketplace past credit consultant diligence the research, asset hard been the the regards we've extrapolate due looking it's over we years flow couple some We've in forward, bag. than and and looked of to more that due conducting more line. and research,

for and during most you of into you've trusted the about if broader a I would diligence, of XXXX lockdown half picked and second that, phase. partner, list But of due due trend opening we equities. to now, diligence. just have we've More their strong up, partner non-U.S. the right a just think and line, had meetings allocated people is And recently, that were 'XX, strong than we say,

are at each Some at looking clients are allocating growth are to has non-U.S. Other and Others It's that looking different. on client's still off been active/passive. clients risk value. risk

better really a market. mean, bit especially was go can for And I much or year and what to there that need that and I any hard given volatility. just risk than -- in risk define year, us versus (ph) the understand so, so to manage. when is it differently you uncertainties clients they volatility last [freezes] where uncertainty in extrapolate

non-U.S. get And -- direction call So, about asset the flows, hesitant some pleased to where you to make at. to there we're respond but is hope We're that the pleased focus. strategies. market about and I'm that's is from major that a our

guidance, again a be XXXX, your I like margins into margins under actually, it some XXX guess, down All full it. little are maybe around, XX% XXXX. I taking a from you on just guys points look going follow-up the think, were for revenue time. still right, to And year thanks for is margins you C.J., a basis firm's back expenses. the Got that. that and maybe pressure in for that feels at almost step at where When base you the a you are but take bit above on expense

expense us that of getting you the help think leverage? path of against remarks. your about levels So, fairly in And prepared it dynamic maybe variable structure kind the to higher as back described operating of what's

layoffs model the of the strength benefit in of was Yes. million Through Well, the from That of revenues you cetera. to back pulled X%. $XX in which down saw still Alex. us revenues expenses high seeded No. with expenses and into of our pulled were build declining yet as almost you of income announcing our our team, really XXXX, $XX heavily the XXXX, cuts, we our fixed strategies. which out four our we levels know, Thanks, onboarded, model, infrastructure million, bonus invested variable or out as course, without time, business. The et that products continue to privates support EMsights our

made So, in pretty fair to opportunities. growth to And capitalize we to we're growth. and those much able systems investment look last two a the people amount now on over to be of have future and situated the years

as likely on filling we've executing finishing And we our on look so, which to we're on what looking started greater getting these into really ever now forward capacity the than in and and And much some XXXX, is we've history. just help from that just the it's markets. opportunities growth focusing seen about firm's

All right. it. Got Thanks.

Bill question Please Katz next comes with Credit ahead. Suisse. from The go

very Okay. of Maybe to just Thank the to an opportunity well to the taking back as of sales. come gross much question. sort discussion of you for pickup

question. Just to Alex's follow-up a

credit is little book the but bit performance a that year Thank where bigger of good could dynamics? relative Which flows, equity years. lags of And discussion? to because a on the be five-plus driver get you whether robust speak strong very as given be of you it is or as (ph) retail rolling side, worse, the at side on but a your look As gatekeepers, more the you -- records, institutional you [which affluent you have sort brand, one, getting] sort the you. with interplay pretty the three-year of that XXXX sort just

is Yes, focus gross year. our this Bill. sales Hi,

rate think and our been our call, and it mix. in is model hovering at our our gross appropriately, about the client XX product mix noted the outflow I for service years, same client has we As matches

year, prepared We in are have distribution the a capacity opportunities had sales have outflow. go-forward lower in And a years, we cycle, rate, and which looked the so at you a it and management, strategies. allowing past sales we look C.J.'s sales and as remarks at last look more and a but heard clearly because taken the sales on in the spend we expense and from higher-than-expected we back some the around created

market advantage We Capital We'll EMsights and with be see. stages of and strong emerging to take team. by category, marketplace the team we asset Credit team assets. is see interest to into diversify a to base. Group into the for of the the debt looking institutional leaning strong to given the those institutional could opportunities new sales more in dominated its sales resources tends early And team I think see be market, very apply the opportunities institutional be clearly The leaning certainly

U.S., value, the On on of the the year-over-year exchange We lost kicks got easy we flip growth active/passive. I exchanges the non-U.S., don't that's think term. in side, in of XXXX. predict as hit short to

be occur, markets, emerging in kicks focus lineup how on those global trend line interested we we and see our non-U.S., to but as exchange like So, equity the with performance. and we'll highlighted, the

income. predict, in the optimistic we're hard as Bill, in are fixed equity much of just So, as we but to mix

Got you.

of -- a sort has And follow-up, little Okay. just a institutional sort incrementally business. to your the been of geared more as business

your the in how be the of the of are about a that democratization and lot Or assets sort is Thank bit your most of little landscape bucket. opportunity, some you. you certainly on I into all? about incremental at the still think investors, after get sort if look the side? Can to growth going penetrating retail they of talk to plans institutional to retail of go to excited sort as of a opportunity

felt honestly, bottom. the that the amount it enormous gets people Yes. the as And down of custom we that environment accounts, expense, indexes, opportunity is look individual, races customization difficult how The fee quite we've at asset back-office set, duration, retail empower and democratization to separate coupled in look do be the that an you to seen an of instead expense, interesting investment to that and high by to expense, results and differentiate assets you And of we're those better the organization short mutual world. investment with the clients of suited duration at consumer a retail manager.

of with and to built can we democratization intermediary and partners. So, investment efforts outside to our the we've over strategies be And that will know the will to the and focus strategies talent, business we're those U.S. our how a in and and in deliver that those to organizations strategies with investment growth strong we've, deliver that the mindset to And partners. in partner have how bring years, firm. our those package focus we focus to very can democratization clients U.S. more And with that Many fits so our on strong seen these learning investment partner more how partners, those. these well, sales as our retail an be channel. participate

Thank you.

question next The with comes Jefferies. Please go from Daniel ahead. Fannon

Thanks.

they've coming in the Just in about you interest. these have on teams the in come that kind about talked existing this to maybe terms longer? with here when opportunity, know it's important board their more the think legacy. ground I strategies what Is what ramp? predict, the given in dollar you've and track the of seen following on different amounts institutional would The record, as think And Credit more, or you not of been strategies up opportunity than is other in in, XXXX you hard is of but EMsights

strategy in the still point track it history and there individual of broker that is quicker is back success complex and Having little than vehicle team well-known person the been, to. to nature. teams more our very some adviser, more bit pooled come an space. probably important. can more a The or institutional a important financial be really the Yes. dealer, went Hi, fit The assets where that a difference's or into intermediary tends you record that in to The is other the of look Daniel. very well to record always if strategy proven in something

the is longer. And sales and so, cycle foremost, first institutional

that that You you up marry have consultants, and with to then have you committee meetings to through gatekeepers, investment cycle. quarterly go have

onboarding more than longer So, take strategies EMsights. assets recent seen of some of with the the what behind we've

Secondly, broader strategies the take custodians up takes Unconstrained the array and to Global also open and time. emerging with countries that regards offer account setup of advantage Emerging and Debt for markets the setup to to the Market

have we that while sophisticated open So, agreements. long there's clients the and through finish management the these gone have to cycle, some up up period setup of investment accounts a with still

the So, prospects, setup, we the real to is diligence and with strong around hopefully due down coupled the complications we account what beyond. us their in position the difference with and see, growth the numerous institutional XXXX a and to some marketplace. in provide the very with can doing From moving are team tracks clients

Got expenses. that a just just that's containment cutting The you measures And not you it. said just guess, are incorporated and Thank then, you of other on think you for And it quarter. the the contemplating or guidance follow-up cost as cost that onetime year-over-year, C.J., charge? within helpful. this be I or you. I gave in then, that year? think flat the about of kind inclusive That's fourth was might what

Thanks, Yes. Dan.

majority going And as of We're few absorbing costs. distributions. prior mentioned, the include the in expense past. in drive impact compensation that as about is obviously, to it to we're additional a have the given overall foremost, which to and our our still fixed the would hires million The full really in expense change skewed year. it on structure, But the revenues towards charge. come is the side, X% we has in guiding in $X increase over and first Eric investments then, So, variable going fixed XXXX, XXXX, guidance, roles expenses of the

is in have cost we income what And to to spend systems, continues kick in. and up those be of added go primarily expect going we the to expected that levels, of to COVID back XXXX. Tech mid-single return systems fixed some would sort to related then, pre-COVID fully prior digits. We've to which to T&E in now probably XXXX, full

will then So, overall, about fixed revenue you've mid-single-digit variable be and expected be increase they'd got X% costs in on based what levels. costs

Thank you.

question KBW. Brown comes Michael with from The ahead. next go Please

Okay. Great.

some seed relative expect change little that you to was for approach And talked about focal XXXX, XXXX? point your bit in similar key guys of the a capital XXXX. other growth in in level Should of You we guys a to and investments a XXXX. allocation any

C.J. Mike, questions. Yes, it's Good

as on, the XXXX, earlier, look we're I mentioned we capacity As filling have. really forward, focused we in

As we seed sit that planned. here we today, capital major have no are requirements

But million. really I sitting to as we're held would requests. We of forward the quo seed continue back that planned. sort dividend status So, say, the we at build little continued and there's on a did on today, bit it's a seed. mention here $XX to future we That's looking as to of look growth chest XXXX, nothing material

there market the new bring how on the to opportunities talent? potential the what of point opportunities kind of guys some in at team. ensuring to Is really out moment lot success the And how infrastructure At new and you teams? to in start does building bring consider is of -- on are interest would the a good you certainly Great. And focused Okay. other here? EMsights

always quite Eric. a see marketplace, teams Mike, few Yes, it's There's and the we opportunity a in year.

just you what we're you're resources it's that to really, of would the own and matter there. four I apply -- thinking now their think if at right that alignment time for just economic of we're Artisan, that it someone that's here. right walls out right the them that works and be really before talent a align no-brainer is looking And

always we're in So, the marketplace looking for no-brainers.

become teams. going take the and opportunity of so, these individuals you to what to, on But have. there, out if a course, think deliver no-brainer, see something meet for about to destination And a need we're you we really and to

the You on deliver need to resources.

deliver around You need on person. to that the talent

the the place early assets in need vehicles get to put and to that bring moving. to in need You they

and sales launched just the our quite breadth don't in years the get now, to had, focused out if on calls focus And spot? marketplace you we that. and marketing teams to of We're remain opportunities. more right this Because of we've and given react to years, strategies we then last on is in And And couple ability this and we've deliver than to due market. the react the past in diligence to deliver, have service and want question and a in those. no-brainer uncertain strategies right few is, is over really the the more

career? investment it I what talent hands becomes call. call, that I deliver Where a if be do think, of to become And to that firms and want put make I whose in sure put where first to do can successful. group have say, first I I you small that available have. to my that a they become you on We do --

my for Thanks great. questions. Okay, taking

This question-and-answer Thank for Business Earnings and and Call. session Partners today's Update today's concludes you presentation. attending our Artisan

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