Artisan Partners Asset Management Inc. (APAM) reported significant financial growth for the third quarter and the first nine months of 2024, reflecting a robust performance in its investment management operations. For the three months ended September 30, 2024, total revenues reached $279.6 million, marking a 12% increase from $248.7 million in the same period of 2023. For the nine months, revenues totaled $814.8 million, up 12% from $726.1 million year-over-year. This revenue growth was primarily driven by a 14% increase in average assets under management (AUM), which rose to $162.8 billion from $142.2 billion in the prior year.
Operating income for the third quarter was $93.2 million, a 13% increase from $82.2 million in Q3 2023. For the nine months, operating income was $257.5 million, compared to $227.2 million in the previous year. The company’s income before income taxes also saw a substantial rise, reaching $128.7 million for the third quarter, up 46% from $88.0 million in 2023, and $327.4 million for the nine months, an increase of 21% from $270.7 million.
Net income attributable to Artisan Partners for the third quarter was $72.9 million, compared to $53.1 million in the same quarter of 2023, while for the nine months, it increased to $190.0 million from $157.5 million. Basic earnings per share rose to $1.03 for the third quarter and $2.68 for the nine months, compared to $0.76 and $2.27, respectively, in the prior year.
As of September 30, 2024, total assets under management stood at $167.8 billion, a significant increase from $136.5 billion a year earlier. This growth was attributed to $9.9 billion in market appreciation, despite net client cash outflows of $0.8 billion. The company managed to improve its cash position, with cash and cash equivalents rising to $253.9 million from $141.0 million at the end of 2023.
Operating expenses increased by $19.9 million in Q3 2024, primarily due to higher compensation and benefits, which accounted for 53% of revenues. The company’s non-operating income also surged, totaling $35.5 million for the third quarter, a significant increase from $5.8 million in the same period last year.
Artisan Partners continues to focus on strategic growth, with a controlling interest in various investment funds and a commitment to enhancing shareholder value through dividends, including a declared quarterly dividend of $0.82 per share for Q3 2024. The company remains well-positioned in the investment management sector, with a strong balance sheet and a focus on high-value active investment strategies.
About Artisan Partners Asset Management Inc.
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