UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.     )

Filed by the Registrant  ☑                             Filed by a party other than the Registrant  ☐

Check the appropriate box:

ARTISAN PARTNERS ASSET MANAGEMENT INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than The Registrant)

Payment of Filing Fee (Check the appropriate box):

Artisan Partners Asset Management Inc.

875 East Wisconsin Avenue, Suite 800

Milwaukee, WI 53202

NOTICE OF 20192021 ANNUAL MEETING OF STOCKHOLDERS

NOTICE IS HEREBY GIVEN that the 20192021 Annual Meeting of Stockholders of Artisan Partners Asset Management Inc. will be held at Le Méridien hotel, 333 Battery Street, San Francisco, CA 94111virtually on Tuesday, May 21, 2019,Wednesday, June 2, 2021, at 9:3000 a.m., local time Pacific Time, to consider and vote upon:

Stockholders who owned shares of our stock as of the close of business on March 27, 2019,April 8, 2021, are entitled to attend and vote at the Annual Meeting and any adjournments thereof. Please note that you will be able to attend the meeting only by means of remote communication. We have chosen to hold a virtual rather than an in-person meeting due to the continuing public health concerns related to the COVID-19 pandemic.

We encourage you to read this proxy statement and submit your proxy or voting instructions as soon as possible. You may vote your shares by Internet or, if you received printed proxy materials, by mailing the completed proxy card. Please refer to the section “How do I vote?” for detailed voting instructions.

By Order of the Board of Directors,

Sarah A. Johnson Corporate Secretary

Milwaukee, Wisconsin

April 4, 201916, 2021

Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to be held virtually on Tuesday, May 21, 2019,Wednesday, June 2, 2021, at 9:3000 a.m., local time. Pacific Time. Our proxy statement and 20182020 Annual Report on Form10-K are available atwww.astproxyportal.com/ast/18158.18158.

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Table of Contents

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Artisan Partners Asset Management Inc.

875 E. Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

Proxy Statement

GENERAL INFORMATION

We are providing you this proxy statement in connection with the solicitation of proxies by our Board of Directors to be voted at the 20192021 Annual Meeting of Stockholders (the “Annual Meeting”) and at any adjournments.adjournments thereof. The Annual Meeting will be held at Le Méridien hotel, 333 Battery Street, San Francisco, CA 94111virtually on Tuesday, May 21, 2019,Wednesday, June 2, 2021, at 9:3000 a.m., local time. Pacific Time. Please note that you will be able to attend the meeting only by means of remote communication. We have chosen to hold a virtual rather than an in-person meeting due to the continuing public health concerns related to the COVID-19 pandemic.

Representatives from our Board of Directors, certain of our executive officers, and representatives from our independent registered public accounting firm will be available at the Annual Meeting to respond to questions from stockholders.

We provide our stockholders with access to proxy materials on the Internet instead of mailing a printed copy of the materials to each stockholder. On or about April 4, 2019,16, 2021, we will mail to our stockholders a Notice of Internet Availability of Proxy Materials containing instructions on how to access online this proxy statement and our 20182020 Annual Report on Form10-K.10-K online. The notice also provides instructions on how to vote online and how to request a printed set of proxy materials.

As used in this proxy statement, “Company” refers to Artisan Partners Asset Management Inc. and, unless the context otherwise requires, its consolidated subsidiaries.

Matters to be voted on at the Annual Meeting

QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND ANNUAL MEETING

Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a printed set of materials?

We have decided to provide access to our proxy materials over the Internet under the Securities and Exchange Commission’s “notice and access” rules. Information about how to access and review our proxy materials is included in the notice you received in the mail. The notice also explains how you may submit your vote over the Internet. You will not receive printed copies of our proxy materials unless you request them by following the instructions on the notice.

If you own shares of stock in more than one account—for example, in a joint account with your spouse and in your individual brokerage account—you may receive more than one notice. To vote all of your shares, please follow the instructions provided on each notice you receive.

What information does the notice contain?

The notice provides information about:

What proposals will be voted on at the Annual Meeting?

There are threetwo proposals to be considered and voted on at the Annual Meeting.

Our Board is not aware of any other matters to come before the Annual Meeting. If any other matter should be properly presented for consideration at the Annual Meeting, the persons named as proxies will vote the shares represented by all valid proxy cards in accordance with their best judgment.

How does the Board recommend I vote?

Our Board recommends that you vote:

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What shares can be voted at the Annual Meeting?

All holders of our common stock at the close of business on March 27, 2019,April 8, 2021, are entitled to vote in connection with the Annual Meeting. On that day, we had the following numbers of shares outstanding:

Each share of Class A, Class B and Class C common stock entitles its holder to one vote. The holders of our common stock will vote together as a single class on all matters presented to the stockholders.

How many votes must be present to transact business at the Annual Meeting?

To conduct business at the Annual Meeting, a majority of the votes entitled to be cast must be present in person or represented by proxy.proxy at the virtual meeting. This is called a quorum. Abstentions will be counted as present and entitled to vote for purposes of establishing a quorum.

If I submit a proxy by Internet or mail, how will my shares be voted?

If you properly submit your proxy by Internet or mail and do not subsequently revoke your proxy, your shares will be voted in accordance with your instructions.

If you sign, date and return a proxy card but do not give voting instructions, your shares will be voted:

If I am the beneficial owner of shares held in street name and do not provide voting instructions, can my broker still vote my shares?

If you hold shares in street name and do not provide specific voting instructions, your broker may vote your shares with respect to the ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm. However, your broker may not vote your shares in connection with the election of directors or the advisory vote to approve named executive officer compensation without receiving voting instructions from you.

When your broker submits its proxy on routine matters, but does not vote on other matters, a brokernon-vote occurs with respect to those matters not voted upon.

What is the vote required for each proposal?

With respect to the election of directors, a plurality of the votes cast by the holders of the shares present in personvirtually or represented by proxy and entitled to vote on the matter is required for the election of each of the seven nominees. This means that the seven nominees receiving the highest number of votes will be elected regardless of whether the number of votes received by any such nominee constitutes a majority of the number of votes cast. Brokernon-votes will not be counted as shares entitled to vote with respect to the election of directors and so they will have no effect on the voting results.

The advisory vote to approve named executive officer compensation and the ratification of the appointment of PricewaterhouseCoopers LLP requirerequires the affirmative vote of the holders of a majority of the shares present in person or represented by proxy at the virtual meeting and entitled to vote on the matter.

With respect to each matter. Abstentionsproposal, abstentions will be counted as shares entitled to vote on such matter and therefore will have the effect of negative votes with respect to the proposal. Broker non-votes will not be counted as shares entitled to vote with respect to each proposal.proposal and so they will have no effect on the voting results.

How can I attend and vote my shares in person at the virtual Annual Meeting?

If you are a stockholder of record and plan toon April 8, 2021, you can attend as well as vote at the virtual Annual Meeting in person, you will need to bring government-issued photo identification.by visiting https://web.lumiagm.com/223044778 and entering the meeting password and the control number listed on your Notice Regarding the Availability of Proxy Materials.

If you are the beneficial owner of shares held in street name and would like to attend and vote in person at the virtual Annual Meeting, you will need to bring government-issued photo identification and an account statement, voting instruction form, ormust register in advance. To register, you must obtain a legal proxy as proof of your ownership of shares as of the close of business on March 27, 2019. An account statement, voting instruction form, or legal proxy can be obtained by contactingfrom the institution through which you holdholding your shares. You must then submit a request for registration to American Stock Transfer & Trust Company by: (1) email to proxy@astfinancial.com; (2) by facsimile to 718.765.8730, or (3) by

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mail to American Stock Transfer & Trust Company, LLC, Attn: Proxy Tabulation Department, 6201 15th Avenue, Brooklyn, NY 11219. Requests for registration must be labeled as “Legal Proxy” and received by American Stock Transfer & Trust Company no later than 5:00 p.m. Eastern time on May 26, 2021. Please contact your broker for more information.

How can I change my vote or revoke a proxy?

If you are a stockholder of record you may change your vote or revoke a proxy at any time prior to the Annual Meeting by submitting a written notice of revocation or a proxy bearing a later date to the attention of the Company’s Corporate Secretary at 875 East Wisconsin Avenue, Suite 800, Milwaukee, WI 53202, no later than the deadline specified on the notice or proxy card, or by voting in person at the virtual Annual Meeting.

If you are the beneficial owner of shares held in street name you may change your vote or revoke a proxy in accordance with the instructions provided by the institution through which you hold your shares.

Will I be able to ask questions during the virtual Annual Meeting?

Stockholders will be able to transmit questions through the virtual meeting website. The Company may answer appropriate questions during the meeting or by following up with a stockholder if the stockholder provides contact information when transmitting the question through the virtual meeting website.

How can I obtain technical support during the virtual Annual Meeting?

Help and technical support will be available on the day of the meeting at https://go.lumiglobal.com/faq.

Where and when will the voting results be available?

We will file the official voting results on a Form8-K no later than May 28, 2019.within four business days following the Annual Meeting. If the final results are not available at that time, we will provide preliminary voting results in the Form8-K and will provide the final results in an amendment to the Form8-K when they become available.

Who pays for the expenses of this proxy solicitation?

We will pay all expenses incurred in connection with the solicitation of proxies.

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PROPOSAL 1: ELECTION OF DIRECTORS

Under our amended and restated bylaws, our Board sets the number of directors who may serve on the Board. The size of our Board is currently set at seven directors and presently consists of seven directors. On the recommendation of the Nominating and Corporate Governance Committee, each of our seven current directors is nominated forre-election for aone-year term expiring at our 20202022 annual meeting of stockholders. Each director will hold office until his or her successor is duly elected and qualified or until the director’s earlier resignation or removal. In

Proxies cannot be voted for a greater number of individuals than the eventseven nominees named in this Proxy Statement. Holders of proxies solicited by this Proxy Statement will vote the proxies received by them as directed or, if no direction is made, for the election of the Board’s seven nominees. If any nominee is unable or declines to serve as a director at the time of the Annual Meeting, the proxies voted in favor of such director’s election will instead be votedproxy holders may vote for anya nominee proposed by the Nominating and Corporate Governance Committee and designated by the Board to fill the vacancy. OurThe Board has no reasonmay also determine to believe that any nominee will be unable to serve.leave the vacancy temporarily unfilled or reduce the size of the Board in accordance with our amended and restated bylaws.

Under the terms of our stockholders agreement, our stockholders’stockholders committee is required to vote the shares subject to the agreement FORfor the election of each of Mr. Barger and Mr. Colson. Under the agreement, we are required to use our best efforts to elect Mr. Barger and Mr. Colson, which efforts must include soliciting proxies for, and recommending that our stockholders vote in favor of, the election of each.

Recommendation of the Board

The Board recommends that you vote FOR the election of each of the nominees.

Director Nominees

The names of our directors and their ages, positions and biographies are set forth below. To our knowledge, there are no family relationships among any of our directors or executive officers.

Matthew R.Ms. Barbetta has served on our Board and on the Nominating and Corporate Governance Committee since October 2020. She is currently a senior managing director and chief operating officer at Starwood Capital Group. Prior to joining Starwood in 2019, she was a partner and managing director at Goldman Sachs. Ms. Barbetta spent more than 24 years at Goldman Sachs where she served in a variety of leadership roles within Goldman Sachs Asset Management. She currently serves on the board of directors of Queen’s Gambit Growth Capital, on the Dean’s Advisory Council for the Villanova School of Business and the Emeritus Board of the Point Foundation.

With over 24 years of experience serving in a number of roles at Goldman Sachs, Ms. Barbetta has amassed substantial experience in the investment management industry. Ms. Barbetta brings strong leadership skills as well as deep knowledge of operational and strategic matters to the Board.

Mr. Bargerhas served on our Board since February of 2013. Mr. Barger is the chairpersonchair of the Board’s Nominating and Corporate Governance Committee and also serves on the Board’s Audit Committee. He is currently the managing member of MRB Capital, LLC, and he has been a senior advisor at Hellman & Friedman LLC (“H&F”)

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since 2007. Prior to 2007, he served in a number of roles at H&F, including managing general partner and chairman of the investment committee. Mr. Barger was a member of the advisory committee of Artisan Partners Holdings from January 1995 to the completion of our initial public offering in March 2013. Prior to joining H&F, Mr. Barger was an associate in the corporate finance department of Lehman Brothers Kuhn Loeb. Mr. Barger graduated from Yale University in 1979 and received an MBA from the Stanford Graduate School of Business in 1983. He has been a director of Hall Capital Partners LLC since August 2007.2007 and has served on the advisory board of Stonyrock Partners LP since 2019.

Mr. Barger’s expertise in the investment management industry and his broad experience in public and private directorships, finance, corporate strategy and business development provide valuable insight to ourthe Board.

Jeffrey A.Mr. Joerreshas served on our Board since February of 2013. He is currently chairschair of the Compensation Committee and serves as a member of the Audit Committee. Mr. Joerres was executive chairman and chairman of the board of directors of ManpowerGroup until his retirement in December 2015. From April 1999 until May 2014, he served as chief executive officer of ManpowerGroup. Prior to becoming chief executive officer, he served as vice president of marketing, senior vice president of European operations and senior vice president of global account management. Mr. Joerres currently serves on the boards of directors of ConocoPhilipsConocoPhillips and Western Union, and is a member of the Committee for Economic Development. He is also past chairman and director of the Federal Reserve Bank of Chicago, a former director of Johnson Controls International plc, and a former trustee of the U.S. Council for International Business.

Our Board values Mr. Joerres holds a bachelor’s degree from Marquette University’s College of Business Administration.

Mr. Joerres’s global operating and leadership experience as an officer and director of ManpowerGroup and his innovative approach to optimizing human capitalcapital. In addition, his substantial experience on public company boards enables him to provide theguidance to our Board with insight intorespect to the management and operations of a public company.

Andrew A.Mr. Zieglerhas served on our Board since March 2011 and is currently its Lead Independent Director.lead independent director. Mr. Ziegler served as Chairmanchairman of the Board from March 2011 to August 2015 and was our Executive Chairmanexecutive chairman from March 2011 to March 2014. Mr. Ziegler also served on the board of directors of Artisan Partners Funds, Inc. from January 1995 to November 2013. Mr. Ziegler was a managing director and the chief executive officer of Artisan Partners Holdings from its founding in 1994 through January 2010. Prior to founding Artisan Partners, Mr. Ziegler was president and chief operating officer of Strong Capital Management, Inc. and president of the Strong Capital Management, Inc. group of mutual funds. Mr. Ziegler holds a BS from the University of Wisconsin-Madison and a JD from the University of Wisconsin Law School.

Our Board values Mr. Ziegler’s operating and leadership experience as our founder and past executive chairman and hischairman. His extensive knowledge of our business and the investment management industry in general provide theour Board with insight into the Company and valuable continuity of leadership.

We believe that our directors collectively have the skills and experience to oversee and guide our business. Each director has the integrity, business judgment and collegiality that are among the essential characteristics for membership on our Board. Additionally, each director is a committed and engaged member of the Board. Our directors bring highly developed skills and substantial knowledge in, among other areas, finance, business operations, corporate strategy and business development. In addition, members of our Board have had a great diversity of experiences and bring to our Board a wide variety of perspectives that enhance their ability to provide direction to the Company. They have had wide-ranging leadership experience and extensive involvement across a range of industries and in the investment management and financial services industries in particular.

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BOARD COMPOSITION AND STRUCTURE

Director Independence

Our Corporate Governance Guidelines provide that a majority of our directors must satisfy the criteria for independence under the NYSE listing standards and not have any material relationship with the Company.

Six of our seven directors currently holding office are independent directors. Our Board has determined that each of Jennifer A. Barbetta, Matthew R. Barger, Seth W. Brennan, Tench Coxe, Stephanie G. DiMarco, Jeffrey A. Joerres and Andrew A. Ziegler isare independent in accordance with the NYSE listing standards and our Corporate Governance Guidelines, and does not have any relationship that would interfere with exercising independent judgment in carrying outGuidelines. In addition, Seth W. Brennan, who was a director until his or her responsibilities as a director.resignation on January 27, 2020, had previously been determined by the Board to be independent. The Board presently consists of seven directors, six of whom are independent.

Board Leadership Structure

Our Board believes that there is no single, generally accepted approach to providing board leadership and that given the dynamic and competitive environment in which we operate, the right board leadership structure may change over time as circumstances warrant. To this end, our Board does not mandate the combination or separation of the roles of Chairman of the Board and Chief Executive Officer. The Board will discuss and consider the matter from time to time as circumstances change and, subject to our amended and restated bylaws, has the flexibility to modify our Board leadership structure as it deems appropriate.

Mr. Colson currently serves as President, Chief Executive Officer and Chairman of the Board and Mr. Ziegler serves as our Lead Independent Director. The Board believes that the current leadership structure is appropriate at this time because the combined role of Chief Executive Officer and Chairman of the Board provides a single point of leadership and facilitates consistent and effective communication with stockholders, clients and employees.

Committees of the Board

The Board conducts its business through meetings of the Board and its committees. The Board has three standing committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. Each committee operates in accordance with a written charter, which is approved by the Board. The charters are available on our website atwww.apam.com. www.apam.com.

The current members and chairpersonschairs of the committees are:

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Audit Committee

The Audit Committee is a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. It is comprised solely of directors who meet the independence requirements under the NYSE listing standards and the Exchange Act, and who are “financially literate” under the NYSE rules. The Board has determined that each member of the Audit Committee has “accounting or related financial management expertise” and qualifies as an “audit committee financial expert”. The Audit Committee assists the Board in fulfilling its oversight responsibilities with respect to:

Nominating and Corporate Governance Committee

The Nominating and Corporate Governance Committee is comprised solely of directors who meet the independence requirements under the NYSE independence requirements.listing standards. The responsibilities of the Nominating and Corporate Governance Committee include:

Compensation Committee

Each member of the Compensation Committee is independent under the NYSE listing standards. TheAmong other things, the Compensation Committee:

Board and Committee Meetings

During 2018,2020, our Board held foursix meetings, the Audit Committee held eight meetings, the Compensation Committee held fivesix meetings and the Nominating and Corporate Governance Committee held four meetings. As a matter of policy, it is expected that all directors should make every effort to attend meetings of the Board and meetings of the committees of which they are members. During 2018,2020, each director attended at least 75% of the aggregate number of meetings of the Board and meetings of the committees of which he or she iswas a member.

Executive sessions of our independent directors are generally held in connection with each regularly scheduled Board meeting. Our lead independent director presides over the executive sessions of independent directors.

We encourage all of our directors to attend our annual meetings of stockholders. Six of our seven directors attended the Company’s 20182020 annual meeting of stockholders.stockholders, which was held virtually.

Executive sessions of our independent directors are generally held in connection with each regularly scheduled Board of Directors meeting. Our lead independent director presides over the executive sessions.

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Compensation Committee Interlocks and Insider Participation

TheThrough January 27, 2020, the Compensation Committee consistsconsisted of Jeffrey A. Joerres (chairperson), Seth W. Brennan, and Tench Coxe eachand Jeffrey A. Joerres. On January 27, 2020, Mr. Brennan resigned from the Board and Stephanie G. DiMarco was subsequently appointed to the Compensation Committee in his place. Each member of whomthe Compensation Committee is an independent director under the rules of the NYSE and our Corporate Governance Guidelines. None of the members of the Compensation Committee have been an officer or employee of the Company. None of our executive officers serveserves on the board of directors or compensation committee of a company that has an executive officer that serves on our Board.

In connection with our initial public offering, we entered into agreements with the limited partners of Artisan Partners Holdings, including with entities associated with Tench Coxe. Information about the agreements, and transactions thereunder, are more fully discussed in “Relationships and Related Party Transactions”.

DIRECTOR COMPENSATION

OurThe Compensation Committee is responsible for periodically reviewing non-employee director compensation and recommending changes, if appropriate, to the full Board. In connection with this review, the Compensation Committee considers information provided by our compensation consultant, including data regarding the total compensation paid to directors at peer companies, as well as information on the individual components of that compensation.

The objective of our director compensation program is designedto compensate our highly qualified non-employee directors for their time, efforts and contributions, and to attract and retain highly qualifiednon-employee directors.director candidates for potential future service on the Board. For fiscal year 2018,2020, the director compensation program entitlednon-employee directors to a cash component, designed to compensate directors for their service on the Board, and an equity component, designed to align the interests of the directors with those of the Company’s stockholders.

For 2018,2020, the standard equity component of the Company’s director compensation program consisted of $100,000 of restricted stock units for each of thenon-employee directors awarded under the Artisan Partners Asset Management Inc. 2013Non-Employee Director Compensation Plan. Each outstanding restricted stock unit entitles the holder to dividend equivalent rights on one outstanding share of Class A common stock. The shares of Class A common stock underlying the restricted stock units will be delivered on the earlier to occur of (i) a change in control of the Company and (ii) the termination of the director’s service on the Board.

During 2018,2020, eachnon-employee director of Mr. Barger, Mr. Coxe, Ms. DiMarco, Mr. Joerres and Mr. Ziegler was entitled to receive a cash payment of $50,000, paid in four quarterly installments. TheOur lead independent director and chairpersonthe chair of our Audit Committee were each entitled to receive an additional cash paymentretainer of $50,000, and the chairpersonschairs of each of the Compensation Committee and Nominating and Corporate Governance Committee were entitled to receive an additional cash paymentretainer of $40,000. Each of ournon-employee directorsMr. Barger, Mr. Coxe, Ms. DiMarco, Mr. Joerres and Mr. Ziegler elected to receive the value of this cash compensation in the form of additional restricted stock units. As a result, eachnon-employee director received an additional number of restricted stock units were granted to each of them in January of 2018,2020, the value of which equaled the amount of cash compensation to which each director was entitled to receive during 2018.entitled. One-quarter of the units awarded to each director in lieu of cash compensation vested in each quarter of 2018.2020.

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Seth W. Brennan resigned from the Board on January 27, 2020 and, as a result, did not receive any director compensation with respect to 2020. However, upon his resignation, his 23,633 outstanding restricted stock units were canceled and the Class A common shares underlying the restricted stock units were delivered to him.

Ms. Barbetta was appointed to the Board effective October 1, 2020. For her service during 2020, Ms. Barbetta received a cash payment of $12,500, which represented payment of the 2020 cash component of the director compensation program, prorated for her period of service on the Board.

All directors are reimbursed for reasonableout-of-pocket expenses incurred by them in connection with attending Board, committee and stockholder meetings, including those for travel, meals and lodging. These reimbursements are not reflected in the table below.

Mr. Colson does not receive any additional compensation for serving on the Board.

CORPORATE GOVERNANCE AND SUSTAINABILITY

Corporate Governance Guidelines

We have adopted Corporate Governance Guidelines that guide the Board on matters of corporate governance, including:

A copy of theThe Corporate Governance Guidelines isare available on our website atwww.apam.com. We will provide a printed copy of the guidelines to stockholders upon request. www.apam.com.

Board Effectiveness

On an annual basis, the Board, through the Nominating and Corporate Governance Committee, conducts a self-evaluation to assess the effectiveness of the Board and its committees. The evaluation solicits director feedback on a variety of substantive and procedural topics including, among others, the composition and structure of the Board and each committee. The results of the evaluation are then discussed by the full Board.

Code of Business Conduct

Our Board has adopted a Code of Business Conduct applicable to all directors, officers and employees of the Company to provide a framework for the highest standards of professional conduct and foster a culture of honesty and accountability. The code satisfies applicable SEC requirements and NYSE listing standards. The code is available on our website atwww.apam.com. We will provide a printed copy of the code to stockholders upon request. www.apam.com.

Board Oversight of Risk Management

Our Board is responsible for overseeing management in the execution of its responsibilities and for assessing our general approach to risk management. In addition, an overall review of risk is inherent in the Board’s consideration of our business, long-term strategies and other matters presented to our Board. Our Board exercises its risk oversight responsibilities periodically as part of its meetings and also through its standing committees, each of which is responsible for overseeing various components of enterprise risk as summarized on the following page.

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Senior management is responsible for assessing and managing risk, including strategic, operational, cybersecurity, regulatory, investment and execution risks on aday-to-day basis. The Board periodically reviews information presented by senior management regarding the assessment and management of the Company’s risks and provides oversight in connection with management’s efforts. We believe this division of risk management responsibilities provides a consistent and effective approach for identifying, managing and mitigating risks throughout the Company.

Nomination of Directors

Our Corporate Governance Guidelines provide that the Nominating and Corporate Governance Committee is responsible for identifying and selecting, or recommending for the Board’s selection, the nominees to stand for election to the Board and for recommending to the Board individuals to fill vacancies occurring between annual meetings of stockholders. The Nominating and Corporate Governance Committee must determine that new nominees for the position of independent director satisfy the independence requirements under the NYSE listing standards and, in accordance with our Corporate Governance Guidelines, meet the following criteria:

The Nominating and Corporate Governance Committee seeks to create a board of directors that consists of a diverse group of qualified individuals that function effectively as a group. Qualified candidates are those who, in the judgment of the committee,Nominating and Corporate Governance Committee, possess strong personal attributes and relevant business experience to assure effective service on our Board. Personal attributes include effective leadership qualities, a high standard of integrity and ethics, professional and sound judgment, strong interpersonal skills, and a collaborative attitude. Experience and qualifications include professional experience with corporate boards, financial acumen, industry knowledge, diversity of viewpoints, and special business experience and expertise in an area relevant to the Company. When the committeeNominating and Corporate Governance Committee reviews a potential new candidate, the committeeit will look specifically at the candidate’s qualifications in light of the needs of our Board and the Company at that time given the then currentmake-up of our Board.

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In the event of a vacancy on the Board, the Nominating and Corporate Governance Committee will seek to identify director candidates based on input received from a variety of sources, which may include the Board, management, search firms, and other third parties. During 2020, the Company used the services of a search firm to assist in the identification and evaluation of director candidates. The Nominating and Corporate Governance Committee will also consider the Company’s obligations under the stockholders agreement to which the Company is a party when identifying, selecting or recommending nominees for the Board.

We believe that the Company benefits from having directors with a diversity of viewpoints, backgrounds, experiences and other demographics, including gender, age, race and ethnicity. One ofFor that reason, when conducting a search to fill a vacancy, the factors that the committee will consider in identifying and evaluating a potential nominee is the extent to which the nominee would add to the diversity of our Board. Candidates will be selected on the basis of qualifications and experience without discriminating on the basis of gender, age, race or ethnicity.

The Nominating and Corporate Governance Committee periodically assesseswill ensure that the appropriate sizepool of the Board and any committee thereof. In the event that vacancies are anticipated or otherwise arise, the committee will seek to identify director candidates based on input provided byfrom which a numbernominee is chosen consists of sources. The committee also has the authority to consult with or retain advisors or search firms to assist in the identification and evaluationa diverse group of qualified director candidates. In additioncandidates, including candidates who would bring gender, racial or ethnic diversity to the above considerations, the committee will consider the Company’s obligations under the stockholders agreement to which the Company is a party when identifying, selecting or recommending nominees for the Board.

Once director candidates have been identified, the Nominating and Corporate Governance Committee will evaluate each candidate in light of his or her qualifications and credentials, the extent to which the candidate would add to the diversity of our Board, and any additional factors that the committeeit deems necessary or appropriate, including those set forth above. The committee will evaluate whetherappropriate. When a prospective candidate is qualified to serve as a directorhas been selected, the Nominating and if so qualified,Corporate Governance Committee will seek the approval of the full Board for the nomination of the candidate or the election of such candidate to fill a vacancy on the Board.

All of the nominees recommended for election at the Annual Meeting are current members of the Board. Based on the Nominating and Corporate Governance Committee’s evaluation of each nominee’s satisfaction of the qualifications described above and their past performance as directors, the committeeNominating and Corporate Governance Committee has recommended the nominees forre-election and the Board has approved such recommendation.

Our amended and restated bylaws establish procedures by which stockholders may recommend nominees to our Board. The Nominating and Corporate Governance Committee will consider nominees recommended by stockholders and evaluate such candidates in the same manner as any other candidate. The committeeCompany did not receive any director nominees from stockholders for the Annual Meeting. Nominations for consideration at the Company’s 20202022 annual meeting of stockholders must be submitted to the Company in writing with the information required by our amended and restated bylaws, in accordance with the procedures described below.

Stockholder Proposals and Director Nominations for the 20202022 Annual Meeting of Stockholders

Stockholders who, in accordance with the SEC’sRule 14a-8, wish to submit a proposal for consideration at our 20202022 annual meeting of stockholders and include that proposal in our 20202022 proxy materials should submit their proposal by certified mail, return receipt requested, to Artisan Partners Asset Management Inc., c/o Corporate Secretary, 875 East Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. Proposals must be received no later than December 6, 201917, 2021 and satisfy the requirements under applicable SEC Rules (including SEC Rule14a-8) to be included in the proxy materials for the 20202022 annual meeting.

Our amended and restated bylaws also establish an advance notice procedure for stockholders who wish to present a proposal, including any proposal for the nomination of a director for election, before an annual meeting of stockholders but do not intend for the proposal to be included in our proxy materials. For such a proposal to be properly brought before the 20202022 annual meeting of stockholders, written notice of the proposal must be received by the Corporate Secretary no earlier than January 22, 2020February 2, 2022 and no later than February 21, 2020.March 4, 2022. Any such stockholder notice must contain the information required by and be provided in the manner set forth in our amended and restated bylaws. A copy of ourOur amended and restated bylaws isare available on our website atwww.apam.com.

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Communications with the Board

Stockholders or other interested parties wishing to contact the Board, the independent directors or any individual director may send correspondence to the address provided below.

Artisan Partners Asset Management Inc.

c/o Corporate Secretary

875 East Wisconsin Avenue, Suite 800

Milwaukee, WI 53202

Communications are distributed to the Board or to any individual director as appropriate.

Sustainability

Artisan Partners’ purpose is to generate and compound wealth over the long-term for our clients. The wealth we generate improves retirement outcomes, pays for education, funds charitable purposes and in general improves people’s lives. We believe in and striveare proud of our track record for the following:people we serve and are dedicated to continuing to improve it.

We believe that attention to ESG considerations are important tomodel. The report can be found on our success in achieving these outcomes for all of our stakeholders. The following summary highlights certain of our policies, practices and initiatives in these areas.website at www.apam.com.

Gregory K. Ramirez was appointed Executive Vice Presidentexecutive vice president of Artisan Partners Asset Management in February 2016. From October 2013 to February 2016, he served as Senior Vice Presidentsenior vice president and from April 2013 to October 2013 as Assistant Treasurer. He has been a managing director of Artisan Partners since April 2003.assistant treasurer. Mr. Ramirez is currently has responsibility for overseeinghead of vehicle administration and facilitiesfor Artisan Partners and serves as chairpersonchair of the Artisan Risk and Integrity Committee. He has served as chief financial officer, vice president and treasurer of Artisan Partners Funds, Inc. since February 2011,Mr. Ramirez was named a managing director of Artisan Partners Global Funds PLC since June 2010, and as a director of certain private funds sponsored by Artisan Partners since 2017. His prior roles with Artisan Partners include controller, chief accounting officer and director of client accounting and administration. Mr. Ramirez holds a bachelor’s of business administration from the University of Iowa and an MBA from Marquette University. He is a Certified Public Accountant and holds a Series 27 license.in April 2003.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Exchange Act and regulations of the SEC require our directors, executive officers and, with certain exceptions, persons who own more than 10% of a registered class of our equity securities, as well as certain affiliates of such persons, to file with the SEC reports of ownership of, and transactions in, our equity securities. These reporting persons are further required to provide us with copies of these reports.

Based solely on our review of such reports and written representations by the reporting persons, we believe that during the fiscal year ended December 31, 2018, our directors, officers and owners of more than 10% of a registered class of our equity securities complied with all applicable filing requirements.18

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information regarding the beneficial ownership of our common stock as of March 21, 2019,April 1, 2021, for:

Because we have disclosed the ownership of shares of our Class B common stock and Class C common stock (which correspond to partnership units that are exchangeable for Class A common stock), the shares of Class A common stock underlying partnership units are not separately reflected in the table below.

Applicable percentage ownership is based on 55,923,95264,821,842 shares of Class A common stock (including 297,891218,183 restricted stock units that are currently outstanding), 7,974,4563,783,601 shares of Class B common stock and 14,216,43510,557,209 shares of Class C common stock outstanding at March 21, 2019.April 1, 2021. The aggregate percentage of combined voting power represents voting power with respect to all shares of our common stock voting together as a single class and is based on 77,816,95279,162,652 total votes attributed to 77,816,95279,162,652 total shares of outstanding common stock, as each share of our common stock entitles its holder to one vote per share.

Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to such securities. Except as otherwise indicated, all persons listed below have sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable community property laws.

Except as otherwise indicated, in the footnotes below, the address for each stockholder listed below is c/o Artisan Partners Asset Management Inc., 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

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The number of shares of Class A and Class B common stock in this row includes all shares of Class A common stock and Class B common stock that we have granted to current employees and that have not yet been sold by those employees. As members of the stockholders committee, Mr. Colson, Mr. Daley and Mr. Ramirez share voting power over all of these shares. Other than as shown in the row applicable to each of them individually, none of Mr. Colson, Mr. Daley or Mr. Ramirez has investment power with respect to any of the shares subject to the stockholders agreement, and each disclaims beneficial ownership of such shares.

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COMPENSATION DISCUSSION AND ANALYSIS

Summary

The core elements of our named executive officers’ compensation are base salary, a performance based cash bonus and performance based equity awards with long-term vesting provisions. At least 80% of eachFor 2020, 93% of our Chief Executive Officer’s compensation was performance based. For our other named executive officers’officers, performance based compensation is performance based.ranged from 85% to 94% of 2020’s total compensation.

The following table shows the elements of compensation paid to our Chief Executive Officer, (CEO), Chief Financial Officer (CFO) and the three other most highly compensated officers (collectively, the named executive officers) with respect to 2018, 20172020, 2019 and 2016.2018. The amounts in this table vary from the data and reporting conventions required by SEC rules in the Summary Compensation Table below.

20182020 business highlights include:

Pursuant to the equity ownership guidelines adopted in February 2018, executive officers are expected to own shares of the Company’s common stock or Class B common units of Artisan Partners Holdings equal in value to eight times base salary for the Chief Executive Officer and three times base salary for all other executive officers. Current executive officers have a period of five years from the time the guidelines were adopted in February 2018 to comply with the ownership requirements. In addition, in the future, any individual becoming an executive officer will have a period of five years from the time of his or her designation as an executive officer to comply with the guidelines. As of December 31, 2018, each of our named executive officers held equity in excess of the amount specified in the equity ownership guidelines.

The clawback policy adopted in February 2018 provides that in the event of a material restatement of the Company’s financial results within three years of the original reporting, the Board will review the facts and circumstances that led to the restatement and, if the Board determines that an executive officer engaged in fraud or willful misconduct leading to material noncompliance with any financial reporting requirements and the restatement, the Board may choose to recover incentive compensation paid to an executive officer in an amount that the Board determines is the difference between the amount of incentive compensation paid or granted to the executive officer and the amount of incentive compensation that would have been paid or granted to the executive officer based upon the restated financial results. Incentive compensation subject to this policy includes both cash bonuses and equity awards.

Prior to 2018, the base salary for all of the firm’s managing directors, including the named executive officers, was $250,000. After reviewing industry and peer practices, the Compensation Committee determined to increase the base salary to $300,000 for all managing directors and to $500,000 for our Chief Executive Officer. The increases for the named executive officers were intended to increase the competitiveness of the base salaries by bringing them closer to the median level of the peer group salary information presented by the Committee’s compensation consultant, McLagan. The base salary increase represented the first ever base salary increase at Artisan for Mr. Colson, Mr. Daley, Mr. Gottlieb and Mr. Gottlieb.Krein. No changes were made to the named executive officers’ base salaries during 2019 or 2020.

Performance Based Cash Bonus and Equity Awards

Annual cash bonuses and equity awards are determined at or after the end of each year and are based on the Compensation Committee’s assessment of individual and company-wide performance measured over both annual and long-term periods.

Career shares and standard restricted shares will also vest upon a termination of employment due to death or disability. In addition, after the fifth anniversary of the grant date, if the Company terminates a recipient without cause (as defined in the award agreement), career shares will fully vest. And aftervest, provided that the recipient has at least 10 years of service with the Company at the time of termination. After a change of control, if the Company terminates a named executive officer without cause or he or she resigns for good reason, in either case, within two years of the change in control, the shares will fully vest.

Performance Share Units (PSUs). Beginning with the equity awarded in 2020, Mr. Colson and Mr. Gottlieb received PSUs in lieu of restricted stock awards. In 2021, Mr. Krein received PSUs in addition to Mr. Colson and Mr. Gottlieb. The PSUs have a three-year performance period, after which achievement of the performance conditions will be assessed by the Compensation Committee.

PSUs will be eligible to vest if performance conditions are met, as determined by the Compensation Committee after completion of the performance period, as follows:

For purposes of the PSU awards, “adjusted operating margin” represents adjusted (non-GAAP) operating margin, if reported by the company. If adjusted operating margin is not reported, GAAP margin is used. If no operating margin is reported, consolidated revenues and consolidated expenses are used to calculate an operating margin. Additional adjustments may be made to the calculation of operating margin by the Compensation Committee at its discretion to improve the comparability amongst Artisan and the peer group. The peer group for purposes of the 2020 PSU awards includes the following publicly traded asset management firms: AllianceBernstein; Affiliated Managers Group; BlackRock; Eaton Vance; Federated Hermes; Franklin Resources; GAMCO Investors; Invesco; Janus Henderson Investors; Lazard; Legg Mason; BrightSphere; T. Rowe Price Group; Virtus Investment Partners; and Waddell & Reed Financial. The peer group for purposes of the 2021 PSU award was modified and includes the following publicly traded asset management firms: AllianceBernstein; Affiliated Managers Group; BlackRock; Federated Hermes; Franklin Resources; Invesco; Janus Henderson Investors; Lazard; BrightSphere; T. Rowe Price Group; and Virtus Investment Partners.

Once the Compensation Committee has determined the number of PSUs that are eligible to vest with respect to the performance period, one-half of the total PSUs eligible to vest will vest and the underlying shares will be delivered. The other half of PSUs eligible to vest will be further subject to career vesting conditions that, with certain exceptions, means the PSUs will vest and the underlying shares will be delivered only if and when the recipient retires from the Company in accordance with qualifying retirement conditions.

All outstanding PSUs will also vest upon a termination of employment due to death or disability. In addition, after the fifth anniversary of the grant date, if the Company terminates a recipient without cause (as defined in the award agreement), all PSUs previously determined to be eligible to vest but not having vested will vest, provided that the recipient has at least 10 years of service with the Company at the time of termination. After a change of control, if the Company terminates a named executive officer without cause or he or she resigns for good reason, in either case, within two years of the change in control, all outstanding PSUs will fully vest.

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We intend to continue to grant annual equity-based awards to our named executive officers under the Omnibus Plan, which provides for a wide variety of equity awards. The size and structure of the equity awards granted with respect to 2018 may not be indicative of future awards. Future equity awards may be granted in a mix of restricted shares (both standard and career) and optionsperformance share units, and subject to both time- and performance-based vesting.vesting conditions. We generally intendexpect at least half of the equity awards to continue to grant our named executive officers to include career vesting terms, after a50-50 ratio minimum amount of career shares and standard restricted shares.equity has been granted.

Retirement Benefits

We believe that providing a cost-effective retirement benefit for the Company’s employees is an important recruitment and retention tool. Accordingly, the Company maintains, and each of the named executive officers participates in, a contributory defined contribution retirement plan for all U.S.-based employees, and matches 100% of each employee’s contributions (other thancatch-up contributions by employees age 50 and older) up to the 20182020 limit of $18,500.$19,500. We also maintain retirement plans or make retirement plan contributions (or equivalent cash payments) for our employees based outside the U.S. The opportunity to participate in a retiree health plan, at the sole expense of the retiree, is available to employee-partners and career share recipients who have at least 10 years of service with us at the time of retirement.

Peer Group Compensation Review. Our Compensation Committee considers the individual and aggregate pay levels, compensation structure, and financial and operational performance of other asset management companies in connection with its compensation decision-making process. We do not seek to benchmark our executive compensation to that of our peers. Instead, the Compensation Committee reviews the information to stay informed of competitive pay levels, compensation structure, and compensation trends in the asset management industry.

Tax and Accounting Considerations.When it reviews compensation matters, our Compensation Committee considers the anticipated tax and accounting treatment of various payments and benefits to the Company and, when relevant, to its named executive officers, although these considerations are not dispositive.

Results of Advisory VotesVote on Executive Compensation. The Compensation Committee considers the results of the Company’s advisory votesvote on compensation when determining the amount and type of compensation paid to the named executive officers and the structure of the executive compensation program generally. The Company’s firstCompany did not have an advisory votesvote on executive compensation and frequency of advisory votes on executive compensation took place in connection with the Company’s 2016at its 2020 annual meeting of stockholders. At the 2019 annual meeting of stockholders, the advisory vote on executive compensation received stockholder support with approximately 64% of the votes cast in favor of our executives’ compensation. The advisory votes resulted inCompensation Committee values the approvalinput of our stockholders and is mindful of the level of support received. Over the course of the Company’s named executive officer compensation and a frequency ofhistory, the Company’s executive compensation advisory votesprogram has worked well to attract and retain highly talented individuals, reward the achievement of every three years.

Based on these achievements and our financial and business performance, the Compensation Committee determined to pay 20182020 cash incentive awards as follows: $5,000,000$5,225,000 for Mr. Colson; $1,950,000 for Mr. Daley; $2,700,000 for Mr. Gottlieb; $1,150,000 for Ms. Johnson; $1,100,000and $1,500,000 for Mr. Ramirez; and $2,600,000 for Mr. Gottlieb.Krein. The Compensation Committee also recommended, and our Board subsequently approved, equity grants in respect of 20182020 to our named executive officers. The aggregate equity award constituted a total of approximately 1.0 million shares,740,249 restricted stock awards, 1,306 restricted stock units and 75,230 PSUs, of which a total of 72,44318,808 restricted shares and all 75,230 PSUs (or 8%12% of the total grant) were awarded to our named executive officers as follows: 9,72214,106 standard PSUs and 14,105 career PSUs for Mr. Colson; 4,702 standard restricted shares and 9,721 career shares for Mr. Colson; 2,500 standard restricted shares and 2,5004,702 career shares for Mr. Daley; 2,50014,106 standard PSUs and 14,105 career PSUs for Mr. Gottlieb; 4,702 standard restricted shares and 2,5004,702 career shares for Ms. Johnson; 1,50011,769 standard restricted sharesPSUs and 1,5007,039 career sharesPSUs for Mr. Ramirez;Krein.

Other Compensation Policies and 20,000 standard restrictedPractices

Equity Ownership Guidelines. Executive officers are expected to own shares of the Company’s common stock and/or Class B common units of Artisan Partners Holdings equal in value to eight times base salary for the Chief Executive Officer and 20,000 career sharesthree times base salary for all other executive officers. Current executive officers have a period of five years from the time the guidelines were adopted in February 2018 to comply with the ownership requirements. In addition, in the future, any individual becoming an executive officer

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will have a period of five years from the time of his or her designation as an executive officer to comply with the guidelines. As of December 31, 2020, each of our named executive officers held equity in excess of their base salary as follows: 66 times base salary for Mr. Gottlieb.

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Summary Compensation Table⁽¹⁾

The following table provides information regarding the compensation earned during the years ended December 31, 2016, 20172018, 2019 and 20182020 by each of our named executive officers.

The applicable SEC rules require that for purposes of the Summary Compensation Table, the value of an equity award be attributed toreported in the year in which the award was made (notof grant rather than the year with respect to which the award was made) for purposes of the Summary Compensation Table below.made. Accordingly, the stock awards reported for 2016, 2017,2018, 2019, and 20182020 reflect the awards made in January 2016, January 2017, and February 2018, January 2019, and January 2020, respectively. Because we consider the value of the equity awards we make in January or February of each year to be a part of each named executive officer’s compensation for the prior year, we have included those values in the row for the prior year in the table at the beginning of this Item 11,the Compensation Discussion and Analysis, as well as in the first footnote below.table immediately following the Summary Compensation Table.