Artisan Partners Asset Management Inc

Switzerland

APAM

Artisan Partners Urges UBS to Leave Switzerland Over Capital Rules

Artisan Partners' Global Value Team and International Value Group sent a letter to the board of UBS Group AG urging the bank to relocate outside Switzerland over proposed capital requirements. The two teams, which initiated their UBS positions in 2015, said accounts they manage collectively own more than 60 million UBS shares. The letter states that current rules require UBS to hold USD 56 billion of core equity tier one capital, while the proposal likely to become law would raise that to USD 72 billion, leaving USD 16 billion of shareholder capital earning zero return. Artisan argues that in a jurisdiction with rules closer to current Swiss rules, that USD 16 billion could generate a 15% return, or USD 2.4 billion of additional net income, and at a 15X multiple that equals USD 36 billion of foregone market capitalization, roughly 23% of UBS' current value. The letter, signed by portfolio managers Daniel O'Keefe, Michael McKinnon and Ian McGonigle, calls the cost excessive, punitive and unnecessary and urges the board to part ways with Switzerland.

UBSG.SW ▼APAM

UBSG.SW · Regulation · Negative Proposed Swiss capital rules would raise UBS's required core equity tier one capital from USD 56 billion to USD 72 billion, leaving USD 16 billion earning zero return and potentially USD 36 billion of foregone market cap.

APAM · Capital · Neutral Artisan Partners' value teams sent the letter urging UBS to relocate, but the news is about UBS's capital rules, not Artisan's own financials.

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United States

APAM▼

Artisan Partners Reports $183.5B in August Assets Under Management

Artisan Partners Asset Management said Thursday its preliminary assets under management totaled $183.5B as of Aug. 31. Of that total, $94.5B was held in Artisan Funds and Artisan Global Funds, while separate accounts and other assets accounted for $89B. The company also said it expects about $6B to be rebalanced from its Global Value strategy in September after a client moved to a multi-manager structure.

APAM ▼

APAM · Capital · Negative Artisan Partners expects about $6B to be rebalanced out of its Global Value strategy in September after a client moved to a multi-manager structure, signaling AUM outflow.

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Switzerland

United States

Biotech & Genomic Medicineimpact 4

Novartis Rebounds as Artisan Partners Seeks Tougher Board Oversight After $30 Billion Wipeout

Novartis shares rebounded 0.8% to $138.545 Thursday as Artisan Partners' David Samra pushed the Swiss pharmaceutical group to strengthen its acquisition review process and establish a dedicated board committee to challenge major transactions before billions of dollars are committed. The pressure followed two clinical disappointments that helped trigger a record one-day stock plunge of more than 10%, wiping out nearly $30 billion in market value. Del-desiran, obtained through the $12 billion Avidity acquisition, missed its late-stage trial goal, and Samra also questioned compensation measures that exclude writedowns, though he praised CEO Vas Narasimhan's handling of the underlying business. Novartis stood by its guidance, pipeline and approach to capital allocation. The $12 billion Avidity purchase equals roughly 2.2 times Novartis's latest quarterly free cash flow and about 83% of quarterly revenue, while the $138.545 share price sits 5.81% above the $130.94 GF Value estimate.

NOVN.SW ▲APAM

Biotech & Genomic Medicine ▼

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NOVN.SW · Capital · Positive Novartis shares rebounded 0.8% as it stood by guidance and capital allocation after the $30B wipeout tied to the Avidity deal and del-desiran trial miss.

APAM · · Neutral Artisan Partners is the activist pushing Novartis on board oversight, but the article reports no impact on its own business.

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United States

APAM▲

Asset Management Stocks Q2 Results: Benchmarking Ares

Asset management stocks delivered a very strong second quarter, with the five companies tracked by this analysis beating revenue consensus estimates by 8.4% on average. Ares reported revenues of $1.28 billion, up 25.6% year on year, in line with analyst expectations but with a narrow beat on AUM estimates, and its stock is up 15.6% since reporting to $143.45. Carlyle posted revenues of $1.11 billion, up 13% year on year, beating analyst expectations by 20.7%, though its stock is down 2.6% since reporting to $49.35. Artisan Partners reported revenues of $307.9 million, up 8.9% year on year, exceeding expectations by 2.3%, with the stock up 3.6% to $42.35. Blackstone reported revenues of $3.83 billion, up 23.8% year on year, beating expectations by 10.9%, and its stock is up 17.5% to $144.36. TPG reported revenues of $610.4 million, up 24.7% year on year, topping expectations by 7.8%, with the stock up 9.3% to $53.54.

ARES ▲BX ▲APAM ▲CG ▲TPG ▲

ARES · Capital · Positive Ares reported revenues up 25.6% year on year, in line with expectations but with a narrow beat on AUM estimates, and its stock is up 15.6%.

BX · Capital · Positive Blackstone reported revenues up 23.8% year on year, beating expectations by 10.9%, and its stock is up 17.5%.

APAM · Capital · Positive Artisan Partners reported revenues up 8.9% year on year, exceeding expectations by 2.3%, and its stock is up 3.6%.

CG · Capital · Positive Carlyle posted revenues up 13% year on year, beating analyst expectations by 20.7%, though its stock is down 2.6%.

TPG · Capital · Positive TPG reported revenues up 24.7% year on year, topping expectations by 7.8%, and its stock is up 9.3%.

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APAM▼

Artisan Partners expects $0.03 per share Q3 impact from U.S. Value wind-down

Artisan Partners Asset Management expects the wind-down of its U.S. Value team to negatively impact third-quarter earnings by approximately $0.03 per share compared to the second quarter, with the process largely completed by the end of the third quarter. The wind-down follows the loss of two large sub-advisory mandates in the U.S. Value business and contributed to total net client outflows of $10.5 billion during the second quarter, of which $6.4 billion came from U.S. Value and $2.8 billion from Growth strategies. Despite these headwinds, the firm reported record quarter-end assets under management of $183 billion, a 6% increase from the prior quarter, and raised its quarterly dividend by 4% to $0.80 per share. Credit strategies generated nearly $700 million of net inflows, marking the 16th consecutive quarter of positive organic growth, while alternative strategies gathered approximately $300 million of net inflows. Adjusted earnings per share rose to $0.94, and the firm retained over $180 million of excess capital after funding the dividend to support growth initiatives or potential shareholder returns.

APAM ▼

APAM · Capital · Negative Wind-down of U.S. Value team and loss of sub-advisory mandates causing $0.03 EPS impact and $10.5B outflows

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APAM▼2

Artisan Partners reports June 2026 AUM of $183.4 billion

Artisan Partners Asset Management reported preliminary assets under management of $183.4 billion as of June 30, 2026. Artisan Funds and Artisan Global Funds accounted for $93.5 billion of the total, while separate accounts and other AUM made up the remaining $89.9 billion. The firm noted that the termination of a U.S. sub-advisory mandate resulted in approximately $5.7 billion of net outflows from the Value Equity strategy, and it has begun an orderly wind-down of the U.S. Value team's strategies expected to continue through the third quarter.

APAM ▼

APAM · Capital · Negative Termination of a U.S. sub-advisory mandate caused $5.7B net outflows and wind-down of Value Equity strategies.

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APAM▼

Asset Management Stocks Q1 Results: Artisan Partners Revenue Up 9.3%, TPG Leads with 20.7% Growth

Artisan Partners reported first-quarter revenues of $303 million, a 9.3% year-on-year increase that met analyst expectations, though earnings per share significantly missed estimates. Among the five asset management stocks tracked, TPG was the best performer with revenues of $570 million, up 20.7% and beating estimates by 5.2%, while Carlyle was the weakest with revenues of $750.9 million, down 28% and missing estimates by 13%. Ares posted the fastest revenue growth at 26.2% to $1.27 billion, and Blackstone reported revenues of $3.46 billion, up 24.2% and beating estimates by 1.4%. As a group, revenues missed consensus estimates by 1.8%, and share prices have fallen an average of 8.9% since the earnings releases.

APAM ▼ARES ▲BX ▲CG ▼TPG ▲

APAM · Capital · Negative Earnings per share significantly missed estimates, despite revenue meeting expectations.

ARES · Capital · Positive Revenue grew 26.2% to $1.27 billion, the fastest growth among peers.

BX · Capital · Positive Revenue of $3.46 billion up 24.2%, beating estimates by 1.4%.

CG · Capital · Negative Revenue down 28% to $750.9 million, missing estimates by 13%.

TPG · Capital · Positive Revenue up 20.7% to $570 million, beating estimates by 5.2%.

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