Artisan Partners Asset Management (APAM) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019	Dec. 31, 2018
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-35826
Entity Registrant Name	Artisan Partners Asset Management Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0969585
Entity Address, Address Line One	875 E. Wisconsin Avenue, Suite 800
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	414
Local Phone Number	390-6100
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	APAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001517302
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Entity Common Stock, Shares Outstanding		56,260,602
Common stock, par value per share (in dollars per share)	0.01		0.01
Class B Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	0.01		0.01
Entity Common Stock, Shares Outstanding		7,853,364
Common stock, par value per share (in dollars per share)	0.01		0.01
Class C Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	0.01		0.01
Entity Common Stock, Shares Outstanding		13,687,888
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 169,558	$ 160,463
Accounts receivable	91,313	67,691
Investment securities	22,438	18,109
Property and equipment, net	40,963	29,138
Deferred tax assets	441,494	429,128
Restricted cash	629	629
Prepaid expenses and other assets	12,165	13,674
Operating lease assets	88,849	0
Cash and cash equivalents of consolidated investment products	3,739	14,443
Accounts receivable and other	1,512	5,566
Investment assets, at fair value	93,293	66,173
Total assets	965,953	805,014
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	20,058	27,221
Accrued incentive compensation	80,589	12,689
Borrowings	199,057	199,296
Total operating lease liabilities	102,846	0
Amounts payable under tax receivable agreements	373,725	369,355
Accounts payable, accrued expenses, and other	22,503	4,712
Investment liabilities, at fair value	5,496	16,905
Total liabilities	804,274	630,178
Commitments and contingencies
Redeemable noncontrolling interests	39,033	34,349
Additional paid-in capital	83,552	97,553
Retained earnings (deficit)	36,752	38,617
Accumulated other comprehensive income (loss)	(2,429)	(1,895)
Total Artisan Partners Asset Management Inc. stockholders’ equity	118,653	135,044
Noncontrolling interests - Artisan Partners Holdings	3,993	5,443
Total stockholders’ equity	122,646	140,487
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity	965,953	805,014
Class A Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	563	541
Class B Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	78	86
Class C Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	$ 137	$ 142

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Common stock, shares, outstanding	77,802,278	76,942,872
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, outstanding	56,261,026
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, outstanding	7,853,364	8,645,249
Class C Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, outstanding	13,687,888	14,226,435

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total revenues	$ 202,961	$ 212,788	$ 590,650	$ 637,092
Operating Expenses
Compensation and benefits	99,847	102,741	300,615	314,709
Distribution, servicing and marketing	5,929	6,566	17,168	20,422
Occupancy	5,214	5,337	18,122	13,564
Communication and technology	9,788	9,556	29,485	27,182
General and administrative	6,635	6,751	21,122	20,515
Total operating expenses	127,413	130,951	386,512	396,392
Total operating income	75,548	81,837	204,138	240,700
Non-operating income (expense)
Interest expense	(2,760)	(2,823)	(8,362)	(8,445)
Net investment gain (loss) of consolidated investment products	619	238	5,008	9,464
Other investment gain (loss)	1,007	1,386	4,347	2,500
Net gain (loss) on the tax receivable agreements	(19,557)	251	(19,557)	251
Total non-operating income (expense)	(20,691)	(948)	(18,564)	3,770
Income before income taxes	54,857	80,889	185,574	244,470
Provision for income taxes	(7,355)	14,172	13,571	38,444
Net income before noncontrolling interests	62,212	66,717	172,003	206,026
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings	20,556	24,021	57,660	73,380
Less: Net income attributable to noncontrolling interests - consolidated investment products	400	178	2,360	6,848
Net income attributable to Artisan Partners Asset Management Inc.	$ 41,256	$ 42,518	$ 111,983	$ 125,798
Basic and diluted earnings per share (in dollars per share)	$ 0.71	$ 0.77	$ 1.87	$ 2.27
Basic and diluted weighted average number of common share outstanding (in shares)	51,448,938	49,399,553	50,950,618	48,607,837
Dividends declared per Class A common share (in dollars per share)	$ 0.60	$ 0.60	$ 2.74	$ 2.59
Management fees
Total revenues	$ 202,806	$ 212,738	$ 586,070	$ 634,733
Performance fees
Total revenues	$ 155	$ 50	$ 4,580	$ 2,359

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income before noncontrolling interests	$ 62,212	$ 66,717	$ 172,003	$ 206,026
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)	(580)	(208)	(662)	(618)
Total other comprehensive income (loss)	(580)	(208)	(662)	(618)
Comprehensive income	61,632	66,509	171,341	205,408
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings	20,400	23,961	57,532	73,254
Comprehensive income attributable to noncontrolling interests - consolidated investment products	400	178	2,360	6,848
Comprehensive income attributable to Artisan Partners Asset Management Inc.	$ 40,832	$ 42,370	$ 111,449	$ 125,306

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	Common StockClass C Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Non-controlling interests - Artisan Partners Holdings
Balance at beginning of period at Dec. 31, 2017	$ 108,065	$ 505	$ 119	$ 132	$ 147,910	$ (37,870)	$ (873)	$ (1,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	206,026					125,798		73,380
Net income	199,178
Other comprehensive income - foreign currency translation	(618)						(447)	(171)
Other comprehensive income - available for sale investments, net of tax	98					358	(260)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	0				(3,758)		(44)	3,802
Amortization of equity-based compensation	42,326				29,701			12,625
Deferred tax assets, net of amounts payable under tax receivable agreements	4,199				4,199
Issuance of Class A common stock, net of issuance costs	21,290	6			21,284
Forfeitures and employee/partner terminations	0	5	(20)	15
Issuance of restricted stock awards	0	15			(15)
Employee net share settlement	(2,564)	2			(1,742)			(820)
Exchange of subsidiary equity	0	11	(6)	(5)
Purchase of equity and subsidiary equity	(21,478)		(6)		(21,472)
Distributions	(78,418)							(78,418)
Dividends	(135,190)				(85,498)	(49,608)		(84)
Balance at end of period at Sep. 30, 2018	136,888	540	87	142	90,609	38,678	(1,624)	8,456
Beginning balance at Dec. 31, 2017	62,581
Redeemable non-controlling interest
Net income	(6,848)
Capital contributions, net	40,883							700
Impact of deconsolidation of CIPs	(79,631)
Ending balance at Sep. 30, 2018	30,681
Redeemable non-controlling interest
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent	0				3,758		44	(3,802)
Balance at beginning of period at Jun. 30, 2018	113,757	540	88	142	82,791	28,694	(1,477)	2,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	66,717					42,518		24,021
Net income	66,539
Other comprehensive income - foreign currency translation	(208)						(145)	(63)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	0				(667)		(2)	669
Amortization of equity-based compensation	12,757				8,988			3,769
Deferred tax assets, net of amounts payable under tax receivable agreements	30				30
Issuance of Class A common stock, net of issuance costs	(1)				(1)
Forfeitures and employee/partner terminations	0
Employee net share settlement	(759)	(1)			(532)			(226)
Exchange of subsidiary equity	0	1	(1)
Distributions	(22,674)							(22,674)
Dividends	(32,553)					(32,534)		(19)
Balance at end of period at Sep. 30, 2018	136,888	540	87	142	90,609	38,678	(1,624)	8,456
Beginning balance at Jun. 30, 2018	96,474
Redeemable non-controlling interest
Net income	(178)
Capital contributions, net	13,660
Impact of deconsolidation of CIPs	(79,631)
Ending balance at Sep. 30, 2018	30,681
Redeemable non-controlling interest
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent	0				667		2	(669)
Balance at beginning of period at Dec. 31, 2018	140,487	541	86	142	97,553	38,617	(1,895)	5,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	172,003					111,983		57,660
Net income	169,643
Other comprehensive income - foreign currency translation	(662)						(488)	(174)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	0				(2,455)		(46)	2,501
Amortization of equity-based compensation	34,399				24,968			9,431
Deferred tax assets, net of amounts payable under tax receivable agreements	2,338				2,338
Issuance of Class A common stock, net of issuance costs	(19)				(19)
Forfeitures and employee/partner terminations	0
Issuance of restricted stock awards	0	10			(10)
Employee net share settlement	(2,078)	(1)			(1,470)			(607)
Exchange of subsidiary equity	0	13	(8)	(5)
Distributions	(70,152)							(70,152)
Dividends	(151,310)				(37,353)	(113,848)		(109)
Balance at end of period at Sep. 30, 2019	122,646	563	78	137	83,552	36,752	(2,429)	3,993
Beginning balance at Dec. 31, 2018	34,349
Redeemable non-controlling interest
Net income	(2,360)
Capital contributions, net	2,324							600
Ending balance at Sep. 30, 2019	39,033
Redeemable non-controlling interest
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent	0				2,455		46	(2,501)
Balance at beginning of period at Jun. 30, 2019	107,253	561	79	138	76,944	29,365	(2,006)	2,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	62,212					41,256		20,556
Net income	61,812
Other comprehensive income - foreign currency translation	(580)						(418)	(162)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	0				(627)		(5)	632
Amortization of equity-based compensation	9,977				7,239			2,738
Deferred tax assets, net of amounts payable under tax receivable agreements	180				180
Issuance of Class A common stock, net of issuance costs	(1)				(1)
Employee net share settlement	(254)				(183)			(71)
Exchange of subsidiary equity	0	2	(1)	(1)
Distributions	(21,828)							(21,828)
Dividends	(33,913)					(33,869)		(44)
Balance at end of period at Sep. 30, 2019	122,646	$ 563	$ 78	$ 137	83,552	$ 36,752	(2,429)	3,993
Beginning balance at Jun. 30, 2019	38,304
Redeemable non-controlling interest
Net income	(400)
Capital contributions, net	329
Ending balance at Sep. 30, 2019	39,033
Redeemable non-controlling interest
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent	$ 0				$ 627		$ 5	$ (632)

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income before noncontrolling interests	$ 172,003	$ 206,026
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,567	4,257
Deferred income taxes	(218)	19,468
Asset impairment	2,107	0
Noncash lease expense	1,668	1,522
Net (gain) loss on unconsolidated seed investment securities	(3,374)	(1,592)
Net (gain) loss on the tax receivable agreements	19,557	(251)
Loss on disposal of property and equipment	131	11
Amortization of debt issuance costs	345	343
Share-based compensation	34,399	42,326
Net investment (gain) loss of consolidated investment products	(5,008)	(9,464)
Purchase of investments by consolidated investment products	(94,252)	(602,736)
Proceeds from sale of investments by consolidated investment products	53,186	579,599
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable	(23,623)	(126)
Prepaid expenses and other assets	(5)	(883)
Accounts payable and accrued expenses	70,708	78,506
Net change in operating assets and liabilities of consolidated investment products	29,392	11,241
Net cash provided by operating activities	261,583	328,247
Cash flows from investing activities
Acquisition of property and equipment	(2,958)	(1,598)
Leasehold improvements	(13,702)	(7,267)
Purchase of investment securities	(10)	(250)
Net cash used in investing activities	(16,670)	(9,115)
Cash flows from financing activities
Partnership distributions	(70,152)	(78,418)
Dividends paid	(151,310)	(135,190)
Payment of debt issuance costs	(308)	0
Proceeds from issuance of notes payable	50,000	0
Principal payments on notes payable	(50,000)	0
Payment under the tax receivable agreements	(24,998)	(36,111)
Net proceeds from issuance of common stock	0	21,478
Payment of costs directly associated with the issuance of Class A common stock	0	(166)
Purchase of equity and subsidiary equity	0	(21,478)
Taxes paid related to employee net share settlement	(2,078)	(2,564)
Capital contributions to consolidated investment products, net	2,324	40,883
Net cash used in financing activities	(246,522)	(211,566)
Net increase (decrease) in cash and cash equivalents	(1,609)	107,566
Cash Divested from Deconsolidation	0	(39,759)
Cash, cash equivalents and restricted cash
Beginning of period	175,535	159,796
End of period	173,926	227,603
Cash, cash equivalents and restricted cash as of the end of the period
Cash, cash equivalents and restricted cash	175,535	159,796
Noncash activity:
Establishment of deferred tax assets	34,022	24,123
2019 Holdings Common Unit Exchanges	29,368	19,683
Operating lease assets obtained in exchange for operating lease liabilities	$ 3,606	$ 0

Stockholders' Equity - Share Ac

Stockholders' Equity - Share Activity by Class of Stock - shares	Total	Class A Common Stock	Class B Common Stock	Class C Common Stock	Common Stock	Common StockHoldings GP Units	Common StockClass B Common Stock	Common StockClass C Common Stock	Restricted Stock	Restricted StockClass A Common Stock	Restricted StockClass B Common Stock	Restricted StockClass C Common Stock	Restricted Stock Units RSUs	Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Common StockClass C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)													246,581
Beginning balance (in shares) at Dec. 31, 2018	76,942,872		8,645,249	14,226,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings Common Unit Exchanges (in shares)					0	(1,330,432)	(791,885)	(538,547)
Shares issued (in shares)									959,000	959,000	0	0
Restricted share award net share settlement (in shares)	(82,729)	(82,729)	0	0
Employee/Partner Terminations (in shares)														(16,865)	(16,865)	0	0
Ending balance (in shares) at Sep. 30, 2019	77,802,278	56,261,026	7,853,364	13,687,888
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)													297,891

Nature of Business and Organiza

Nature of Business and Organization	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Note 1. Nature of Business and Organization Nature of Business Artisan Partners Asset Management Inc. (“APAM”), through its subsidiaries, is an investment management firm focused on providing high-value added, active investment strategies to sophisticated clients globally. APAM and its subsidiaries are hereafter referred to collectively as “Artisan” or the “Company”. Artisan’s autonomous investment teams manage a broad range of U.S., non-U.S. and global investment strategies that are diversified by asset class, market cap and investment style. Strategies are offered through multiple investment vehicles to accommodate a broad range of client mandates. Artisan offers its investment management services primarily to institutions and through intermediaries that operate with institutional-like decision-making processes and have long-term investment horizons. Organization On March 12, 2013, APAM completed its initial public offering (the “IPO”). APAM was formed for the purpose of becoming the general partner of Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”) in connection with the IPO. Holdings is a holding company for the investment management business conducted under the name “Artisan Partners”. The reorganization (“IPO Reorganization”) established the necessary corporate structure to complete the IPO while at the same time preserving the ability of the firm to conduct operations through Holdings and its subsidiaries. As the sole general partner, APAM controls the business and affairs of Holdings. As a result, APAM consolidates Holdings’ financial statements and records a noncontrolling interest for the equity interests in Holdings held by the limited partners of Holdings. At September 30, 2019, APAM held approximately 72% of the equity ownership interest in Holdings. Holdings, together with its wholly owned subsidiary, Artisan Investments GP LLC, controls a 100% interest in Artisan Partners Limited Partnership (“APLP”), a multi-product investment management firm that is the principal operating subsidiary of Artisan Partners Holdings. APLP is registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. APLP provides investment advisory services to traditional separate accounts and pooled investment vehicles, including Artisan Partners Funds, Inc. (“Artisan Funds”), Artisan Partners Global Funds plc (“Artisan Global Funds”), and Artisan sponsored private funds (“Artisan Private Funds”). Artisan Funds are a series of open-end, diversified mutual funds registered under the Investment Company Act of 1940, as amended. Artisan Global Funds is a family of Ireland-domiciled UCITS.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation The accompanying financial statements are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of such consolidated financial statements have been included. Such interim results are not necessarily indicative of full year results. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and accordingly they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. As a result, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in APAM’s latest annual report on Form 10-K. The accompanying financial statements were prepared in accordance with U.S. GAAP and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions. Principles of consolidation Artisan’s policy is to consolidate all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting interests. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the right to receive potentially significant benefits or the obligation to absorb potentially significant losses. Artisan generally consolidates VIEs in which it meets the power criteria and holds an equity ownership interest of greater than 10%. The consolidated financial statements include the accounts of APAM and all subsidiaries or other entities in which APAM has a direct or indirect controlling financial interest. All material intercompany balances have been eliminated in consolidation. Artisan serves as the investment adviser to Artisan Funds, Artisan Global Funds and Artisan Private Funds. Artisan Funds and Artisan Global Funds are corporate entities the business and affairs of which are managed by their respective boards of directors. The shareholders of the funds retain voting rights, including rights to elect and reelect members of their respective boards of directors. Each series of Artisan Funds is a VOE and is separately evaluated for consolidation under the VOE model. The shareholders of Artisan Global Funds lack simple majority liquidation rights, and as a result, each sub-fund of Artisan Global Funds is evaluated for consolidation under the VIE model. Artisan Private Funds are also evaluated for consolidation under the VIE model because third-party equity holders of the funds generally lack the ability to divest Artisan of its control of the funds. From time to time, the Company makes investments in Artisan Funds, Artisan Global Funds, and Artisan Private Funds. If the investment results in a controlling financial interest, APAM consolidates the fund, and the underlying activity of the entire fund is included in Artisan’s Unaudited Consolidated Financial Statements. As of September 30, 2019, Artisan had a controlling financial interest in three sub-funds of Artisan Global Funds and one Artisan Private Fund and, as a result, these funds are included in Artisan’s Unaudited Consolidated Financial Statements. Because these consolidated investment products meet the definition of investment companies under U.S. GAAP, Artisan has retained the specialized industry accounting principles for investment companies in the consolidated financial statements. See Note 6, “Variable Interest Entities and Consolidated Investment Products” for additional details. Recent accounting pronouncements Accounting standards adopted as of January 1, 2019 In February 2016, the FASB issued ASU 2016-02, Leases, which introduced a lessee model that brings most leases on the balance sheet. The Company adopted the new standard on January 1, 2019, using the modified retrospective transition method that does not adjust comparative periods. The adoption had no impact on previously reported results, and did not result in a cumulative-effect adjustment to the opening balance of retained earnings. In accordance with the adoption of the new lease standard, the Company recorded operating lease assets and operating lease liabilities in the Unaudited Condensed Consolidated Statements of Financial Condition. The adoption of ASU 2016-02 had no impact on the Unaudited Consolidated Statements of Operations for the nine months ended September 30, 2019, and did not impact operating, financing or investing cash flows in the Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2019. Artisan elected to adopt the short-term lease exemption, which allows companies to exclude contracts that have an initial term of 12 months or less. Artisan also elected the package of practical expedients available for existing contracts which allowed the Company to carry forward historical assessments of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. Additionally, Artisan elected the practical expedient to account for lease and non-lease components as a single component. See Note 14, “Leases” for additional information. Accounting standards not yet adopted In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs will be expensed over the term of the hosting arrangement. The Company currently expenses implementation costs in hosting arrangements as the costs are incurred. The new guidance will be effective on January 1, 2020. The Company is currently evaluating the impact of adoption on the consolidated financial statements, but expects certain types of costs will be capitalized that would have previously been expensed as incurred.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 3. Investment Securities The disclosures below include details of Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 6, “Variable Interest Entities and Consolidated Investment Products”. As of September 30, 2019 As of December 31, 2018 Investments in equity securities $ 7,268 $ 5,857 Investments in equity securities accounted for under the equity method 15,170 12,252 Total investment securities $ 22,438 $ 18,109 Artisan’s investments in equity securities consist of investments in shares of Artisan Funds, Artisan Global Funds and Artisan Private Funds. The table below presents the net investment income activity related to these investment securities: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net gains (losses) recognized on investment securities $ 651 $ 967 $ 3,374 $ 1,592 Less: Net realized gains (losses) recognized on investment securities sold during the period $ — $ — $ — $ — Unrealized gains (losses) recognized on investment securities held as of the end of the period $ 651 $ 967 $ 3,374 $ 1,592

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The table below presents information about Artisan’s assets and liabilities that are measured at fair value and the valuation techniques Artisan utilized to determine such fair value. The financial instruments held by consolidated investment products are excluded from the table below and are presented in Note 6, “Variable Interest Entities and Consolidated Investment Products”. In accordance with ASC 820, fair value is defined as the price that Artisan would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value: • Level 1 – Observable inputs such as quoted (unadjusted) market prices in active markets for identical securities. • Level 2 – Other significant observable inputs (including but not limited to quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, etc.). • Level 3 – Significant unobservable inputs (including Artisan’s own assumptions in determining fair value). The following provides the hierarchy of inputs used to derive fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2019 and December 31, 2018: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 September 30, 2019 Assets Money market funds $ 64,601 $ — $ 64,601 $ — $ — Equity securities 22,438 13,991 8,447 — — December 31, 2018 Assets Money market funds $ 57,790 $ — $ 57,790 $ — $ — Equity securities 18,109 12,252 5,857 — — Fair values determined based on Level 1 inputs utilize quoted market prices for identical assets. Level 1 assets generally consist of money market funds, open-end mutual funds and UCITS funds. Equity securities without a fair value level consist of the Company’s investments in Artisan Private Funds, which are measured at the underlying fund’s net asset value (“NAV”), using the ASC 820 practical expedient. The NAV is provided by the fund and is derived from the fair values of the underlying investments as of the reporting date. Cash maintained in demand deposit accounts is excluded from the table above.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Borrowings	Note 5. Borrowings Artisan’s borrowings consist of the following as of September 30, 2019 and December 31, 2018: Maturity As of September 30, 2019 As of December 31, 2018 Interest Rate Per Annum Revolving credit agreement August 2022 $ — $ — NA Senior notes Series B August 2019 — 50,000 5.32 % Series C August 2022 90,000 90,000 5.82 % Series D August 2025 60,000 60,000 4.29 % Series E August 2027 50,000 — 4.53 % Total borrowings $ 200,000 $ 200,000 The fair value of borrowings was approximately $203.2 million as of September 30, 2019. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 4, “Fair Value Measurements”. On August 16, 2019, Holdings issued $50 million of 4.53% Series E senior notes and used the proceeds to repay the $50 million of 5.32% Series B senior notes that matured on August 16, 2019. Interest expense incurred on the unsecured notes and revolving credit agreement was $2.6 million and $2.7 million for the three months ended September 30, 2019 and 2018, respectively, and $7.9 million and $8.0 million for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, the aggregate maturities of debt obligations, based on their contractual terms, are as follows: 2019 $ — 2020 — 2021 — 2022 90,000 2023 — Thereafter 110,000 Total $ 200,000

Variable Interest Entities and

Variable Interest Entities and Consolidated Investment Products	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity, Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable Interest Entities and Consolidated Investment Products	Note 6. Variable Interest Entities and Consolidated Investment Products Artisan serves as the investment adviser for various types of investment products, consisting of both VIEs and VOEs. Artisan consolidates an investment product if it has a controlling financial interest in the entity. Any such entities are collectively referred to herein as consolidated investment products or CIPs. As of September 30, 2019, Artisan is considered to have a controlling financial interest in three sub-funds of Artisan Global Funds and one Artisan Private Fund. As of September 30, 2019, the aggregate amount of Artisan’s direct equity investment in the consolidated investment products was $31.5 million. Artisan’s maximum exposure to loss in connection with the assets and liabilities of CIPs is limited to its direct equity investment, while the potential benefit is limited to the management fee and incentive allocation received and the return on its equity investment. With the exception of Artisan’s direct equity investment, the assets of CIPs are not available to Artisan’s creditors, nor are they available to Artisan for general corporate purposes. In addition, third-party investors in the CIPs have no recourse to the general credit of the Company. Management fees and incentive allocations earned from CIPs are eliminated from revenue upon consolidation. See Note 15, “Related Party Transactions” for additional information on management fees and incentive allocations earned from CIPs. Third-party investors’ ownership interest in CIPs is presented as redeemable noncontrolling interest in the Unaudited Condensed Consolidated Statements of Financial Condition as third-party investors have the right to withdraw their capital, subject to certain conditions. Net income attributable to third-party investors is reported as net income attributable to noncontrolling interests - consolidated investment products in the Unaudited Consolidated Statements of Operations. During the nine months ended September 30, 2019, the Company determined that it no longer had a controlling financial interest in one sub-fund of Artisan Global Funds as a result of third party capital contributions. Upon loss of control, the VIE was deconsolidated and the related assets, liabilities, and equity of the fund were derecognized from the Company’s Unaudited Condensed Consolidated Statements of Financial Condition. There was no net impact to the Unaudited Consolidated Statements of Operations for the nine months ended September 30, 2019. Artisan generally does not recognize a gain or loss upon deconsolidation of investment products because the assets and liabilities of CIPs are carried at fair value. Artisan’s $0.9 million direct equity investment was reclassified from investment assets of consolidated investment products to investment securities in the Company’s Unaudited Condensed Consolidated Statements of Financial Condition. As of September 30, 2019, Artisan held direct equity investments of $15.2 million in VIEs for which the Company does not hold a controlling financial interest. These direct equity investments consisted of seed investments in sub-funds of Artisan Global Funds and Artisan Private Funds, both of which are accounted for under the equity method of accounting because Artisan has significant influence over the funds. Fair Value Measurements - Consolidated Investment Products The carrying value of CIPs’ investments is also their fair value. Short and long positions on equity securities are valued based upon closing prices of the security on the exchange or market designated by the accounting agent or pricing vendor as the principal exchange. The closing price may represent last sale price, official closing price, a closing auction or other information depending on market convention. Short and long positions on fixed income instruments are valued at market value. Market values are generally evaluations based on the judgment of pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable. The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2019 and December 31, 2018: Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 September 30, 2019 Assets Money market funds $ 2,844 $ 2,844 $ — $ — Equity securities - long position 7,281 7,281 — — Fixed income instruments - long position 85,883 — 85,883 — Derivative assets 129 35 94 — Liabilities Fixed income instruments - short position 5,476 — 5,476 — Derivative liabilities 20 — 20 — Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 December 31, 2018 Assets Money market funds $ 13,141 $ 13,141 $ — $ — Equity securities - long position 7,817 7,196 — 621 Fixed income instruments - long position 57,621 — 57,621 — Derivative assets 735 — 735 — Liabilities Fixed income instruments - short position 16,567 — 16,567 — Derivative liabilities 338 — 338 — CIP balances included in the Company’s Unaudited Condensed Consolidated Statements of Financial Condition were as follows: As of September 30, 2019 As of December 31, 2018 Net CIP assets included in the table above $ 90,641 $ 62,409 Net CIP assets/(liabilities) not included in the table above (20,096) 2,156 Total Net CIP assets 70,545 64,565 Less: redeemable noncontrolling interest 39,033 34,349 Artisan’s direct equity investment in CIPs $ 31,512 $ 30,216

Noncontrolling interest - Holdi

Noncontrolling interest - Holdings	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Noncontrolling interest - Holdings	Note 7. Noncontrolling interests - Holdings Net income attributable to noncontrolling interests - Artisan Partners Holdings in the Unaudited Consolidated Statements of Operations represents the portion of earnings or loss attributable to the equity ownership interests in Holdings held by the limited partners of Holdings. As of September 30, 2019, APAM held approximately 72% of the equity ownership interests in Holdings. Limited partners of Artisan Partners Holdings are entitled to exchange partnership units (along with a corresponding number of shares of Class B or C common stock of APAM) for shares of Class A common stock from time to time (the “Holdings Common Unit Exchanges”). The Holdings Common Unit Exchanges increase APAM’s equity ownership interest in Holdings and result in an increase to deferred tax assets and amounts payable under the tax receivable agreements. See Note 11, “Income Taxes and Related Payments”. In order to maintain the one-to-one correspondence of the number of Holdings partnership units and APAM common shares, Holdings will issue one general partner (“GP”) unit to APAM for each share of Class A common stock issued by APAM. For the nine months ended September 30, 2019, APAM’s equity ownership interest in Holdings has increased as a result of the following transactions: Holdings GP Units Limited Partnership Units Total APAM Ownership % Balance at December 31, 2018 54,071,188 22,871,684 76,942,872 70 % Holdings Common Unit Exchanges 1,330,432 (1,330,432) — 1 % Issuance of APAM Restricted Shares 959,000 — 959,000 1 % Restricted Share Award Net Share Settlement (1) (82,729) — (82,729) — % Forfeitures of Holdings GP Units from Employee Terminations (1) (16,865) — (16,865) — % Balance at September 30, 2019 56,261,026 21,541,252 77,802,278 72 % (1) The impact of the transaction on APAM’s ownership percentage was less than 1%. Changes in ownership of Holdings are accounted for as equity transactions because APAM continues to have a controlling interest in Holdings. Additional paid-in capital and noncontrolling interests - Artisan Partners Holdings in the Unaudited Condensed Consolidated Statements of Financial Condition are adjusted to reallocate Holdings’ historical equity to reflect the change in APAM’s ownership of Holdings. The reallocation of equity had the following impact on the Unaudited Condensed Consolidated Statements of Financial Condition: Statement of Financial Condition For the Nine Months Ended September 30, 2019 2018 Additional paid-in capital $ (2,455) $ (3,758) Noncontrolling interests - Artisan Partners Holdings 2,501 3,802 Accumulated other comprehensive income (loss) (46) (44) Net impact to financial condition — — In addition to the reallocation of historical equity, the change in ownership resulted in an increase to deferred tax assets and additional paid-in capital of $0.6 million and $0.7 million for the nine months ended September 30, 2019 and 2018, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity APAM - Stockholders’ Equity APAM had the following authorized and outstanding equity as of September 30, 2019 and December 31, 2018, respectively: Outstanding Authorized As of September 30, 2019 As of December 31, 2018 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 56,261,026 54,071,188 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 7,853,364 8,645,249 1 vote per share None Class C, par value $0.01 per share 400,000,000 13,687,888 14,226,435 1 vote per share None (1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of September 30, 2019, Artisan’s employees held 4,899,524 restricted shares of Class A common stock and all 7,853,364 outstanding shares of Class B common stock, all of which were subject to the agreement. APAM is dependent on cash generated by Holdings to fund any dividends. Generally, Holdings will make distributions to all of its partners, including APAM, based on the proportionate ownership each holds in Holdings. APAM will fund dividends to its stockholders from its proportionate share of those distributions after provision for its taxes and other obligations. APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2019 and 2018: Type of Dividend Class of Stock For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Quarterly Class A Common $ 0.60 $ 0.60 $ 1.71 $ 1.80 Special Annual Class A Common $ — $ — $ 1.03 $ 0.79 The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2019: Total Stock Outstanding Class A Common Stock (1) Class B Common Stock Class C Common Stock Balance at December 31, 2018 76,942,872 54,071,188 8,645,249 14,226,435 Holdings Common Unit Exchanges — 1,330,432 (791,885) (538,547) Restricted Share Award Grants 959,000 959,000 — — Restricted Share Award Net Share Settlement (82,729) (82,729) — — Employee-Partner Terminations (16,865) (16,865) — — Balance at September 30, 2019 77,802,278 56,261,026 7,853,364 13,687,888 (1) There were 297,891 and 246,581 restricted stock units outstanding at September 30, 2019 and December 31, 2018, respectively. Restricted stock units are not reflected in the table because they are not considered outstanding or issued stock. Each Class A, Class B, Class D and Class E common unit of Holdings (together with the corresponding share of Class B or Class C common stock) is exchangeable for one share of Class A common stock. The corresponding shares of Class B and Class C common stock are immediately canceled upon any such exchange. Upon termination of employment with Artisan, an employee-partner’s Class B common units are exchanged for Class E common units and the corresponding shares of Class B common stock are canceled. APAM issues the former employee-partner a number of shares of Class C common stock equal to the former employee-partner’s number of Class E common units. Class E common units are exchangeable for Class A common stock subject to the same restrictions and limitations on exchange applicable to the other common units of Holdings. Artisan Partners Holdings - Partners’ Equity Holdings makes distributions of its net income to the holders of its partnership units for income taxes as required under the terms of the partnership agreement and also makes additional distributions under the terms of the partnership agreement. The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the three and nine months ended September 30, 2019 and 2018, were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Holdings Partnership Distributions to Limited Partners $ 21,828 $ 22,674 $ 70,152 $ 78,418 Holdings Partnership Distributions to APAM 53,423 49,839 166,307 162,748 Total Holdings Partnership Distributions $ 75,251 $ 72,513 $ 236,459 $ 241,166 The distributions are recorded as a reduction to consolidated stockholders’ equity, with the exception of distributions made to APAM, which are eliminated upon consolidation.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue From Contracts with Customers	Note 9. Revenue From Contracts with Customers Disaggregated Revenue The following table presents a disaggregation of revenue by type and vehicle for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Management fees Artisan Funds $ 115,926 $ 125,392 $ 334,131 $ 375,730 Artisan Global Funds 8,062 9,090 24,234 26,554 Separate accounts (1) 78,818 78,256 227,705 232,449 Performance fees Separate accounts (1) 155 50 4,580 2,359 Total revenues (2) $ 202,961 $ 212,788 $ 590,650 $ 637,092 (1) Separate account revenue consists of fees from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and funds (both public and private) that Artisan advises, including Artisan Private Funds. (2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. Performance fees are subject to the uncertainty of market volatility, and as a result, the entire amount of the variable consideration related to performance fees is constrained until the end of each measurement period. At the end of the quarterly or annual measurement period, revenue is recorded for the actual amount of performance fees earned during that period because the uncertainty has been resolved. For performance fees with annual measurement periods, revenue recognized in the current quarter relates to performance obligations that were partially satisfied in prior periods. The following table presents the balances of receivables related to contracts with customers: As of September 30, 2019 As of December 31, 2018 Customer Artisan Funds $ 6,280 $ 5,418 Artisan Global Funds 3,143 417 Separate accounts 70,595 59,787 Total receivables from contracts with customers $ 80,018 $ 65,622 Non-customer receivables 11,295 2,069 Accounts receivable $ 91,313 $ 67,691 Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate account clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing. Artisan had no other contract assets or liabilities from contracts with customers as of September 30, 2019 or December 31, 2018.

Compensation and Benefits

Compensation and Benefits	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Compensation and Benefits	Note 10. Compensation and Benefits Total compensation and benefits consists of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Salaries, incentive compensation and benefits (1) $ 89,969 $ 90,097 $ 267,198 $ 273,057 Restricted share-based award compensation expense 9,878 12,644 33,417 41,652 Total compensation and benefits $ 99,847 $ 102,741 $ 300,615 $ 314,709 (1) Excluding restricted share-based award compensation expense Incentive compensation Cash incentive compensation paid to members of Artisan’s investment teams and members of its distribution teams is generally based on formulas that are tied directly to revenues. These payments are made in the quarter following the quarter in which the incentive was earned with the exception of fourth quarter payments which are paid in the fourth quarter of the year. Cash incentive compensation paid to most other employees is discretionary and subjectively determined based on individual performance and Artisan’s overall results during the applicable year and is generally paid on an annual basis. Restricted share-based awards Artisan has registered 14,000,000 shares of Class A common stock for issuance under the 2013 Omnibus Incentive Compensation Plan (the “Plan”). Pursuant to the Plan, APAM has granted a combination of restricted stock awards and restricted stock units (collectively referred to as “restricted share-based awards”) of Class A common stock to employees. Restricted share-based awards have a pro-rata five year vesting requirement. Certain restricted share-based awards will vest or become eligible to vest only upon a combination of both (1) pro-rata annual time vesting and (2) a qualifying retirement (as defined in the award agreements). A portion of the restricted share-based awards granted to portfolio managers contain a Franchise Protection Clause, which provides that the number of awards that ultimately vest depends on achieving performance goals related to client cash flows. If such goals are not met, compensation cost will be reversed for any awards that do not vest. The fair value, requisite service period and expense recognition for these awards are determined in the same manner as the other restricted share-based awards. Unvested awards are subject to forfeiture. Grantees receiving the awards are entitled to dividends on unvested and vested shares and units. 5,600,864 shares of Class A common stock were reserved and available for issuance under the Plan as of September 30, 2019. During the nine months ended September 30, 2019, Artisan granted 959,000 restricted stock awards and 4,000 restricted stock units of Class A common stock to employees of the Company. Total compensation expense associated with the 2019 grant is expected to be approximately $22.1 million. Compensation expense related to the restricted share-based awards is recognized based on the estimated grant date fair value on a straight-line basis over the requisite service period of the award. The initial requisite service period is generally five years for restricted share-based awards. The Company’s accounting policy is to record the impact of forfeitures when they occur. The following table summarizes the restricted share-based award activity for the nine months ended September 30, 2019: Weighted-Average Grant Date Fair Value Number of Awards Unvested at January 1, 2019 $ 38.04 4,678,457 Granted 22.92 963,000 Forfeited 34.86 (16,865) Vested 39.21 (617,943) Unvested at September 30, 2019 $ 35.00 5,006,649 The unrecognized compensation expense for the unvested awards as of September 30, 2019 was $90.7 million with a weighted average recognition period of 3.3 years remaining.

Income Taxes and Related Paymen

Income Taxes and Related Payments	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes and Related Payments	Note 11. Income Taxes and Related Payments APAM is subject to U.S. federal, state and local income taxation on APAM’s allocable portion of Holdings’ income as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate was lower than the U.S. federal statutory rate of 21% primarily due to a rate benefit attributable to the fact that, for the nine months ended September 30, 2019, approximately 31% of Artisan Partners Holdings’ full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes. The effective tax rate was also lower than the statutory rate due to dividends paid on unvested share-based awards, net of higher tax expense related to the vesting of restricted share-based awards. The effective tax rate was also reduced in the three and nine months ended September 30, 2019, due to the remeasurement of existing deferred tax assets resulting from an increase in Artisan’s U.S. state deferred income tax rates. The effective rate was also impacted by unrecognized tax benefits recorded during the three and nine months ended September 30, 2019. APAM’s effective tax rate was 7.3% and 15.7% for the nine months ended September 30, 2019 and 2018, respectively. Components of the provision for income taxes consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Current: Federal $ 4,401 $ 6,823 $ 8,787 $ 15,561 State and local 3,348 1,453 4,663 3,048 Foreign 111 135 339 367 Total 7,860 8,411 13,789 18,976 Deferred: Federal 2,315 5,148 15,717 17,397 State and local (17,530) 613 (15,935) 2,071 Total (15,215) 5,761 (218) 19,468 Income tax expense (benefit) $ (7,355) $ 14,172 $ 13,571 $ 38,444 In connection with the IPO, APAM entered into two tax receivable agreements (“TRAs”). The first TRA generally provides for the payment by APAM to a private equity fund (the “Pre-H&F Corp Merger Shareholder”) or its assignees of 85% of the applicable cash savings, if any, of U.S. federal, state and local income taxes that APAM actually realizes (or is deemed to realize in certain circumstances) as a result of (i) the tax attributes of the preferred units APAM acquired in the merger of a wholly-owned subsidiary of the Pre-H&F Corp Merger Shareholder into APAM in March 2013, (ii) net operating losses available as a result of the merger and (iii) tax benefits related to imputed interest. The second TRA generally provides for the payment by APAM to current or former limited partners of Holdings or their assignees of 85% of the applicable cash savings, if any, of U.S. federal, state and local income taxes that APAM actually realizes (or is deemed to realize in certain circumstances) as a result of (i) certain tax attributes of their partnership units sold to APAM or exchanged (for shares of Class A common stock, convertible preferred stock or other consideration) and that are created as a result of such sales or exchanges and payments under the TRAs and (ii) tax benefits related to imputed interest. Under both agreements, APAM generally will retain the benefit of the remaining 15% of the applicable tax savings. For purposes of the TRAs, cash savings of income taxes are calculated by comparing APAM’s actual income tax liability to the amount it would have been required to pay had it not been able to utilize any of the tax benefits subject to the TRAs, unless certain assumptions apply. The TRAs will continue in effect until all such tax benefits have been utilized or expired, unless APAM exercises its right to terminate the agreements or payments under the agreements are accelerated in the event that APAM materially breaches any of its material obligations under the agreements. The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, will vary depending upon a number of factors, including the timing of sales or exchanges by the holders of limited partnership units, the price of the Class A common stock at the time of such sales or exchanges, whether such sales or exchanges are taxable, the amount and timing of the taxable income APAM generates in the future and the tax rate then applicable and the portion of APAM’s payments under the TRAs constituting imputed interest or depreciable basis or amortizable basis. Payments under the TRAs, if any, will be made pro rata among all TRA counterparties entitled to payments on an annual basis to the extent APAM has sufficient taxable income to utilize the increased depreciation and amortization charges and imputed interest deductions. Artisan expects to make one or more payments under the TRAs, to the extent they are required, prior to or within 125 days after APAM’s U.S. federal income tax return is filed for each fiscal year. Interest on the TRA payments will accrue at a rate equal to one-year LIBOR plus 100 basis points from the due date (without extension) of such tax return until such payments are made. Amounts payable under tax receivable agreements are estimates which may be impacted by factors, including but not limited to, expected tax rates, projected taxable income, and projected ownership levels and are subject to change. Changes in the estimates of amounts payable under tax receivable agreements are recorded as non-operating income (loss) in the Unaudited Consolidated Statements of Operations. The change in the Company’s deferred tax assets related to the tax benefits described above and the change in corresponding amounts payable under the TRAs for the nine months ended September 30, 2019 is summarized as follows: Deferred Tax Asset - Amortizable basis Amounts payable under tax receivable agreements December 31, 2018 $ 404,715 $ 369,355 2019 Holdings Common Unit Exchanges 11,542 9,811 Amortization (23,856) — Payments under TRA — (24,998) Change in estimate 21,873 19,557 September 30, 2019 $ 414,274 $ 373,725 Net deferred tax assets comprise the following: As of September 30, 2019 As of December 31, 2018 Deferred tax assets: Amortizable basis (1) $ 414,274 $ 404,715 Other (2) 27,220 24,413 Total deferred tax assets 441,494 429,128 Less: valuation allowance (3) — — Net deferred tax assets $ 441,494 $ 429,128 (1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements. (2) Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements. (3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required. Accounting standards establish a minimum threshold for recognizing, and a process for measuring, the benefits of income tax return positions in financial statements. As of September 30, 2019, Artisan recorded a liability of $2.0 million for gross unrecognized tax benefits. If recognized, $1.6 million of the benefits would impact the effective tax rate, net of federal tax benefits. The total amount of unrecognized tax benefits is not expected to significantly increase or decrease within the next twelve months. The Company had no unrecognized tax benefits as of December 31, 2018. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. As of September 30, 2019, Artisan had $0.3 million accrued for interest and penalties as part of the unrecognized tax benefit within accounts payable, accrued expenses, and other in the Company’s Unaudited Condensed Consolidated Statements of Financial Condition. In the normal course of business, Artisan is subject to examination by federal and certain state, local and foreign tax regulators. As of September 30, 2019, U.S. federal income tax returns filed for the years 2016 through 2018 are open and therefore subject to examination. State, local, and foreign tax returns filed are generally subject to examination from 2015 to 2018.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 12. Earnings Per Share Basic earnings per share is computed under the two-class method by dividing income available to Class A common stockholders by the weighted average number of Class A common shares outstanding during the period. Unvested restricted share-based awards are excluded from the number of Class A common shares outstanding for the basic earnings per share calculation because the shares have not yet been earned by employees. Income available to Class A common stockholders is computed by reducing net income attributable to APAM by earnings (both distributed and undistributed) allocated to participating securities, according to their respective rights to participate in those earnings. Unvested share-based awards are participating securities because the awards include non-forfeitable dividend rights during the vesting period. Class B and Class C common shares do not share in profits of APAM and therefore are not reflected in the calculations. The computation of basic and diluted earnings per share under the two-class method for the three and nine months ended September 30, 2019 and 2018 were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Basic and Diluted Earnings Per Share 2019 2018 2019 2018 Numerator: Net income attributable to APAM $ 41,256 $ 42,518 $ 111,983 $ 125,798 Less: Allocation to participating securities 4,494 4,628 16,521 15,475 Net income available to common stockholders $ 36,762 $ 37,890 $ 95,462 $ 110,323 Denominator: Weighted average shares outstanding 51,448,938 49,399,553 50,950,618 48,607,837 Earnings per share $ 0.71 $ 0.77 $ 1.87 $ 2.27 Allocation to participating securities in the table above primarily represents dividends paid to holders of unvested restricted share-based awards, which reduces net income available to common stockholders. There were no dilutive securities outstanding during the three and nine months ended September 30, 2019 and 2018. The Holdings limited partnership units are anti-dilutive primarily due to the impact of public company expenses. Unvested restricted share-based awards are considered participating securities and are therefore anti-dilutive. The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, Anti-Dilutive Weighted Average Shares Outstanding 2019 2018 2019 2018 Holdings limited partnership units 21,594,086 22,951,357 21,958,470 23,505,920 Unvested restricted share-based awards 5,060,127 4,847,786 5,033,331 4,859,526 Total 26,654,213 27,799,143 26,991,801 28,365,446

Indemnifications

Indemnifications	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Indemnifications	Note 13. Indemnifications In the normal course of business, APAM enters into agreements that include indemnities in favor of third parties. Holdings has also agreed to indemnify APAM as its general partner, Artisan Investment Corporation (“AIC”) as its former general partner, the directors and officers of APAM, the directors and officers of AIC as its former general partner, the members of its former Advisory Committee, and its partners, directors, officers, employees and agents. Holdings’ subsidiaries may also have similar agreements to indemnify their respective general partner(s), directors, officers, directors and officers of their general partner(s), partners, members, employees, and agents. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against us that have not yet occurred. APAM maintains insurance policies that may provide coverage against certain claims under these indemnities.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 14. Leases Artisan has lease commitments for office space, parking structures, and equipment, which are all accounted for as operating leases. Artisan records expense for operating leases on a straight-line basis over the lease term. Any lease incentives received by Artisan are also amortized on a straight-line basis over the lease term. Artisan assesses its contractual arrangements for the existence of a lease at inception. Operating leases with an initial term greater than 12 months are recorded as operating lease assets and operating lease liabilities in the Unaudited Condensed Consolidated Statements of Financial Condition. Lease components (e.g. fixed rental payments) and non-lease components (e.g. fixed common-area maintenance costs) are generally accounted for as a single component. Operating lease assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Artisan’s lease agreements generally do not provide an implicit interest rate, and therefore the present value calculation uses Artisan’s estimated incremental borrowing rate. A market-based approach was used to estimate the incremental borrowing rate for each individual lease using observable market interest rates and Artisan specific inputs. The lease terms include periods covered by options to extend or exclude periods covered by options to terminate the lease when it is reasonably certain that Artisan will exercise that option. Operating lease expense was as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Compensation and benefits $ 128 $ 117 $ 388 $ 350 Occupancy (1) 3,736 3,739 12,801 9,793 Communication and technology 82 89 234 251 Sublease income (143) — (143) — Total operating lease expense $ 3,803 $ 3,945 $ 13,280 $ 10,394 (1) Occupancy includes a $1.5 million charge related to the abandonment of a leased office space during the nine months ended September 30, 2019, as discussed below. During the nine months ended September 30, 2019, the Company recognized an asset impairment loss of $2.1 million related to the abandonment of a leased office location. The loss is recorded in occupancy expense based on the present value of expected future cash flows and consists of a $1.5 million lease asset impairment and a $0.6 million property impairment. The table below presents the maturity of operating lease liabilities: As of September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 3,955 2020 16,167 2021 16,294 2022 14,802 2023 13,245 Thereafter 60,495 Total undiscounted lease payments $ 124,958 Adjustment to discount to present value (22,112) Total operating lease liabilities $ 102,846 As of September 30, 2019, there were not any leases that were signed but not yet commenced, and none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows: For the Nine Months Ended September 30, 2019 Weighted average discount rate 4.7 % Weighted average remaining lease term 8.3 years Operating cash flows for operating leases $ 10,423 At December 31, 2018, the aggregate future minimum payments for leases for each of the following five years and thereafter are as follows: As of December 31, 2018 2019 $ 14,123 2020 15,340 2021 15,215 2022 13,748 2023 12,378 Thereafter 57,185 Total undiscounted lease payments $ 127,989

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 15. Related Party Transactions Several of the current executive officers and directors of APAM or entities associated with those individuals, are limited partners of Holdings. As a result, certain transactions (such as TRA payments) between Artisan and the limited partners of Holdings are considered to be related party transactions with respect to these persons. Affiliate transactions—Artisan Funds Artisan has an agreement to serve as the investment adviser to Artisan Funds, with which certain Artisan employees are affiliated. Under the terms of the agreement, which generally is reviewed and continued by the board of directors of Artisan Funds annually, a fee is paid to Artisan based on an annual percentage of the average daily net assets of each Artisan Fund ranging from 0.625% to 1.05%. Artisan has contractually agreed to waive its management fees or reimburse for expenses incurred to the extent necessary to limit annualized ordinary operating expenses incurred by certain of the Artisan Funds to not more than a fixed percentage (ranging from 0.88% to 1.50%) of a fund’s average daily net assets. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Funds for other expenses. The officers and a director of Artisan Funds who are affiliated with Artisan receive no compensation from the funds. Fees for managing Artisan Funds and amounts waived or reimbursed by Artisan for fees and expenses (including management fees) are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Artisan Funds 2019 2018 2019 2018 Investment management fees (Gross of fee waivers/expense reimbursements) $ 116,040 $ 125,486 $ 334,445 $ 376,066 Fee waivers / expense reimbursements $ 114 $ 94 $ 314 $ 336 Affiliate transactions—Artisan Global Funds Artisan has an agreement to serve as the investment manager to Artisan Global Funds, with which certain Artisan employees are affiliated. Under the terms of these agreements, a fee is paid based on an annual percentage of the average daily net assets of each fund ranging from 0.75% to 1.85%. Artisan reimburses each sub-fund of Artisan Global Funds to the extent that sub-fund’s annual expenses, not including Artisan’s fee, exceed certain levels, which range from 0.10% to 0.20%. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Global Funds for other expenses. The directors of Artisan Global Funds who are also employees of Artisan receive no compensation from the funds. Fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Artisan Global Funds 2019 2018 2019 2018 Investment management fees (Gross of fee waivers/expense reimbursements) $ 8,148 $ 9,109 $ 24,416 $ 26,600 Elimination of management fees from consolidated investment products (1) (17) (19) (49) (45) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) 8,131 9,090 24,367 26,555 Fee waivers / expense reimbursements $ 162 $ 146 $ 330 $ 287 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (93) (146) (197) (286) Consolidated fee waivers / expense reimbursements 69 — 133 1 (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation. Affiliate transactions—Artisan Private Funds Pursuant to written agreements, Artisan serves as the investment manager, and acts as the general partner, for certain Artisan Private Funds. Under the terms of these agreements, Artisan earns a management fee and for certain funds is entitled to receive either an allocation of profits or a performance-based fee. In addition, for a period of time following the formation of each private fund, Artisan has agreed to reimburse the fund to the extent that expenses, excluding Artisan’s management fee, incentive fee and transaction related costs, exceed certain levels, which range from 0.10% to 1.00% per annum of the net assets of the fund. Artisan may also voluntarily waive fees or reimburse the funds for other expenses. Artisan and certain related parties, including employees, officers and members of the Company’s board have invested in one or more of the funds and currently do not pay a management fee, incentive fee or incentive allocation. Fees for managing the privately offered funds and amounts reimbursed to the privately offered funds by Artisan are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Artisan Private Funds 2019 2018 2019 2018 Investment management fees (Gross of fee waivers/expense reimbursements) $ 775 $ 210 $ 2,044 $ 441 Elimination of management fees from consolidated investment products (1) (42) (18) (124) (249) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) 733 192 1,920 192 Fee waivers / expense reimbursements $ 42 $ 74 $ 124 $ 148 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (14) (74) (96) (148) Consolidated fee waivers / expense reimbursements 28 — 28 — (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events Distributions and dividends APAM, acting as the general partner of Artisan Partners Holdings, declared, effective October 29, 2019, a distribution by Artisan Partners Holdings of $25.5 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective October 29, 2019, a quarterly dividend of $0.65 per share of Class A common stock. The APAM dividend is payable on November 29, 2019, to shareholders of record as of November 15, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of such consolidated financial statements have been included. Such interim results are not necessarily indicative of full year results. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and accordingly they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. As a result, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in APAM’s latest annual report on Form 10-K. The accompanying financial statements were prepared in accordance with U.S. GAAP and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions.
Principles of consolidation	Principles of consolidation Artisan’s policy is to consolidate all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting interests. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the right to receive potentially significant benefits or the obligation to absorb potentially significant losses. Artisan generally consolidates VIEs in which it meets the power criteria and holds an equity ownership interest of greater than 10%. The consolidated financial statements include the accounts of APAM and all subsidiaries or other entities in which APAM has a direct or indirect controlling financial interest. All material intercompany balances have been eliminated in consolidation. Artisan serves as the investment adviser to Artisan Funds, Artisan Global Funds and Artisan Private Funds. Artisan Funds and Artisan Global Funds are corporate entities the business and affairs of which are managed by their respective boards of directors. The shareholders of the funds retain voting rights, including rights to elect and reelect members of their respective boards of directors. Each series of Artisan Funds is a VOE and is separately evaluated for consolidation under the VOE model. The shareholders of Artisan Global Funds lack simple majority liquidation rights, and as a result, each sub-fund of Artisan Global Funds is evaluated for consolidation under the VIE model. Artisan Private Funds are also evaluated for consolidation under the VIE model because third-party equity holders of the funds generally lack the ability to divest Artisan of its control of the funds.
Recent accounting pronouncements	Recent accounting pronouncements Accounting standards adopted as of January 1, 2019 In February 2016, the FASB issued ASU 2016-02, Leases, which introduced a lessee model that brings most leases on the balance sheet. The Company adopted the new standard on January 1, 2019, using the modified retrospective transition method that does not adjust comparative periods. The adoption had no impact on previously reported results, and did not result in a cumulative-effect adjustment to the opening balance of retained earnings. In accordance with the adoption of the new lease standard, the Company recorded operating lease assets and operating lease liabilities in the Unaudited Condensed Consolidated Statements of Financial Condition. The adoption of ASU 2016-02 had no impact on the Unaudited Consolidated Statements of Operations for the nine months ended September 30, 2019, and did not impact operating, financing or investing cash flows in the Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2019. Artisan elected to adopt the short-term lease exemption, which allows companies to exclude contracts that have an initial term of 12 months or less. Artisan also elected the package of practical expedients available for existing contracts which allowed the Company to carry forward historical assessments of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. Additionally, Artisan elected the practical expedient to account for lease and non-lease components as a single component. See Note 14, “Leases” for additional information. Accounting standards not yet adopted In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs will be expensed over the term of the hosting arrangement. The Company currently expenses implementation costs in hosting arrangements as the costs are incurred. The new guidance will be effective on January 1, 2020. The Company is currently evaluating the impact of adoption on the consolidated financial statements, but expects certain types of costs will be capitalized that would have previously been expensed as incurred.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	The disclosures below include details of Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 6, “Variable Interest Entities and Consolidated Investment Products”. As of September 30, 2019 As of December 31, 2018 Investments in equity securities $ 7,268 $ 5,857 Investments in equity securities accounted for under the equity method 15,170 12,252 Total investment securities $ 22,438 $ 18,109
Gain (Loss) on Investments	The table below presents the net investment income activity related to these investment securities: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net gains (losses) recognized on investment securities $ 651 $ 967 $ 3,374 $ 1,592 Less: Net realized gains (losses) recognized on investment securities sold during the period $ — $ — $ — $ — Unrealized gains (losses) recognized on investment securities held as of the end of the period $ 651 $ 967 $ 3,374 $ 1,592

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair value hierarchy of assets and liabilities	The following provides the hierarchy of inputs used to derive fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2019 and December 31, 2018: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 September 30, 2019 Assets Money market funds $ 64,601 $ — $ 64,601 $ — $ — Equity securities 22,438 13,991 8,447 — — December 31, 2018 Assets Money market funds $ 57,790 $ — $ 57,790 $ — $ — Equity securities 18,109 12,252 5,857 — —

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of borrowings	Artisan’s borrowings consist of the following as of September 30, 2019 and December 31, 2018: Maturity As of September 30, 2019 As of December 31, 2018 Interest Rate Per Annum Revolving credit agreement August 2022 $ — $ — NA Senior notes Series B August 2019 — 50,000 5.32 % Series C August 2022 90,000 90,000 5.82 % Series D August 2025 60,000 60,000 4.29 % Series E August 2027 50,000 — 4.53 % Total borrowings $ 200,000 $ 200,000
Aggregate maturities of debt obligations	As of September 30, 2019, the aggregate maturities of debt obligations, based on their contractual terms, are as follows: 2019 $ — 2020 — 2021 — 2022 90,000 2023 — Thereafter 110,000 Total $ 200,000

Variable Interest Entities an_2

Variable Interest Entities and Consolidated Investment Products (Tables)	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity, Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable Interest Entities and Consolidated Investment Products	The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2019 and December 31, 2018: Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 September 30, 2019 Assets Money market funds $ 2,844 $ 2,844 $ — $ — Equity securities - long position 7,281 7,281 — — Fixed income instruments - long position 85,883 — 85,883 — Derivative assets 129 35 94 — Liabilities Fixed income instruments - short position 5,476 — 5,476 — Derivative liabilities 20 — 20 — Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 December 31, 2018 Assets Money market funds $ 13,141 $ 13,141 $ — $ — Equity securities - long position 7,817 7,196 — 621 Fixed income instruments - long position 57,621 — 57,621 — Derivative assets 735 — 735 — Liabilities Fixed income instruments - short position 16,567 — 16,567 — Derivative liabilities 338 — 338 — CIP balances included in the Company’s Unaudited Condensed Consolidated Statements of Financial Condition were as follows: As of September 30, 2019 As of December 31, 2018 Net CIP assets included in the table above $ 90,641 $ 62,409 Net CIP assets/(liabilities) not included in the table above (20,096) 2,156 Total Net CIP assets 70,545 64,565 Less: redeemable noncontrolling interest 39,033 34,349 Artisan’s direct equity investment in CIPs $ 31,512 $ 30,216

Noncontrolling interest - Hol_2

Noncontrolling interest - Holdings (Tables)	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Schedule of Equity ownership Interests in Holdings	For the nine months ended September 30, 2019, APAM’s equity ownership interest in Holdings has increased as a result of the following transactions: Holdings GP Units Limited Partnership Units Total APAM Ownership % Balance at December 31, 2018 54,071,188 22,871,684 76,942,872 70 % Holdings Common Unit Exchanges 1,330,432 (1,330,432) — 1 % Issuance of APAM Restricted Shares 959,000 — 959,000 1 % Restricted Share Award Net Share Settlement (1) (82,729) — (82,729) — % Forfeitures of Holdings GP Units from Employee Terminations (1) (16,865) — (16,865) — % Balance at September 30, 2019 56,261,026 21,541,252 77,802,278 72 % (1) The impact of the transaction on APAM’s ownership percentage was less than 1%.
Change in ownership	The reallocation of equity had the following impact on the Unaudited Condensed Consolidated Statements of Financial Condition: Statement of Financial Condition For the Nine Months Ended September 30, 2019 2018 Additional paid-in capital $ (2,455) $ (3,758) Noncontrolling interests - Artisan Partners Holdings 2,501 3,802 Accumulated other comprehensive income (loss) (46) (44) Net impact to financial condition — —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Authorized and outstanding equity	APAM had the following authorized and outstanding equity as of September 30, 2019 and December 31, 2018, respectively: Outstanding Authorized As of September 30, 2019 As of December 31, 2018 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 56,261,026 54,071,188 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 7,853,364 8,645,249 1 vote per share None Class C, par value $0.01 per share 400,000,000 13,687,888 14,226,435 1 vote per share None (1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of September 30, 2019, Artisan’s employees held 4,899,524 restricted shares of Class A common stock and all 7,853,364 outstanding shares of Class B common stock, all of which were subject to the agreement.
Dividends Declared	APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2019 and 2018: Type of Dividend Class of Stock For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Quarterly Class A Common $ 0.60 $ 0.60 $ 1.71 $ 1.80 Special Annual Class A Common $ — $ — $ 1.03 $ 0.79
Issuance (Cancellation) of Shares Disclosure	The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2019: Total Stock Outstanding Class A Common Stock (1) Class B Common Stock Class C Common Stock Balance at December 31, 2018 76,942,872 54,071,188 8,645,249 14,226,435 Holdings Common Unit Exchanges — 1,330,432 (791,885) (538,547) Restricted Share Award Grants 959,000 959,000 — — Restricted Share Award Net Share Settlement (82,729) (82,729) — — Employee-Partner Terminations (16,865) (16,865) — — Balance at September 30, 2019 77,802,278 56,261,026 7,853,364 13,687,888 (1) There were 297,891 and 246,581 restricted stock units outstanding at September 30, 2019 and December 31, 2018, respectively. Restricted stock units are not reflected in the table because they are not considered outstanding or issued stock.
Distributions Made to Limited Partner, by Distribution	Holdings’ partnership distributions for the three and nine months ended September 30, 2019 and 2018, were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Holdings Partnership Distributions to Limited Partners $ 21,828 $ 22,674 $ 70,152 $ 78,418 Holdings Partnership Distributions to APAM 53,423 49,839 166,307 162,748 Total Holdings Partnership Distributions $ 75,251 $ 72,513 $ 236,459 $ 241,166

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregated Revenue The following table presents a disaggregation of revenue by type and vehicle for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Management fees Artisan Funds $ 115,926 $ 125,392 $ 334,131 $ 375,730 Artisan Global Funds 8,062 9,090 24,234 26,554 Separate accounts (1) 78,818 78,256 227,705 232,449 Performance fees Separate accounts (1) 155 50 4,580 2,359 Total revenues (2) $ 202,961 $ 212,788 $ 590,650 $ 637,092 (1) Separate account revenue consists of fees from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and funds (both public and private) that Artisan advises, including Artisan Private Funds. (2) All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table.
Contract with Customer, Asset and Liability	The following table presents the balances of receivables related to contracts with customers: As of September 30, 2019 As of December 31, 2018 Customer Artisan Funds $ 6,280 $ 5,418 Artisan Global Funds 3,143 417 Separate accounts 70,595 59,787 Total receivables from contracts with customers $ 80,018 $ 65,622 Non-customer receivables 11,295 2,069 Accounts receivable $ 91,313 $ 67,691

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Components of Compensation Expense	Total compensation and benefits consists of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Salaries, incentive compensation and benefits (1) $ 89,969 $ 90,097 $ 267,198 $ 273,057 Restricted share-based award compensation expense 9,878 12,644 33,417 41,652 Total compensation and benefits $ 99,847 $ 102,741 $ 300,615 $ 314,709 (1) Excluding restricted share-based award compensation expense
Restricted Share-Based Award Activity	The following table summarizes the restricted share-based award activity for the nine months ended September 30, 2019: Weighted-Average Grant Date Fair Value Number of Awards Unvested at January 1, 2019 $ 38.04 4,678,457 Granted 22.92 963,000 Forfeited 34.86 (16,865) Vested 39.21 (617,943) Unvested at September 30, 2019 $ 35.00 5,006,649

Income Taxes and Related Paym_2

Income Taxes and Related Payments (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Components of the provision for income taxes	Components of the provision for income taxes consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Current: Federal $ 4,401 $ 6,823 $ 8,787 $ 15,561 State and local 3,348 1,453 4,663 3,048 Foreign 111 135 339 367 Total 7,860 8,411 13,789 18,976 Deferred: Federal 2,315 5,148 15,717 17,397 State and local (17,530) 613 (15,935) 2,071 Total (15,215) 5,761 (218) 19,468 Income tax expense (benefit) $ (7,355) $ 14,172 $ 13,571 $ 38,444
Schedule of Other Assets and Other Liabilities	The change in the Company’s deferred tax assets related to the tax benefits described above and the change in corresponding amounts payable under the TRAs for the nine months ended September 30, 2019 is summarized as follows: Deferred Tax Asset - Amortizable basis Amounts payable under tax receivable agreements December 31, 2018 $ 404,715 $ 369,355 2019 Holdings Common Unit Exchanges 11,542 9,811 Amortization (23,856) — Payments under TRA — (24,998) Change in estimate 21,873 19,557 September 30, 2019 $ 414,274 $ 373,725
Components of deferred tax assets	Net deferred tax assets comprise the following: As of September 30, 2019 As of December 31, 2018 Deferred tax assets: Amortizable basis (1) $ 414,274 $ 404,715 Other (2) 27,220 24,413 Total deferred tax assets 441,494 429,128 Less: valuation allowance (3) — — Net deferred tax assets $ 441,494 $ 429,128 (1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements. (2) Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements. (3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	The computation of basic and diluted earnings per share under the two-class method for the three and nine months ended September 30, 2019 and 2018 were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Basic and Diluted Earnings Per Share 2019 2018 2019 2018 Numerator: Net income attributable to APAM $ 41,256 $ 42,518 $ 111,983 $ 125,798 Less: Allocation to participating securities 4,494 4,628 16,521 15,475 Net income available to common stockholders $ 36,762 $ 37,890 $ 95,462 $ 110,323 Denominator: Weighted average shares outstanding 51,448,938 49,399,553 50,950,618 48,607,837 Earnings per share $ 0.71 $ 0.77 $ 1.87 $ 2.27
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, Anti-Dilutive Weighted Average Shares Outstanding 2019 2018 2019 2018 Holdings limited partnership units 21,594,086 22,951,357 21,958,470 23,505,920 Unvested restricted share-based awards 5,060,127 4,847,786 5,033,331 4,859,526 Total 26,654,213 27,799,143 26,991,801 28,365,446

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	Operating lease expense was as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Compensation and benefits $ 128 $ 117 $ 388 $ 350 Occupancy (1) 3,736 3,739 12,801 9,793 Communication and technology 82 89 234 251 Sublease income (143) — (143) — Total operating lease expense $ 3,803 $ 3,945 $ 13,280 $ 10,394 (1) Occupancy includes a $1.5 million charge related to the abandonment of a leased office space during the nine months ended September 30, 2019, as discussed below.
Lessee, Operating Lease, Liability, Maturity	The table below presents the maturity of operating lease liabilities: As of September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 3,955 2020 16,167 2021 16,294 2022 14,802 2023 13,245 Thereafter 60,495 Total undiscounted lease payments $ 124,958 Adjustment to discount to present value (22,112) Total operating lease liabilities $ 102,846
Lessee, Operating Lease, Disclosure	Other information related to leases was as follows: For the Nine Months Ended September 30, 2019 Weighted average discount rate 4.7 % Weighted average remaining lease term 8.3 years Operating cash flows for operating leases $ 10,423
Schedule of Future Minimum Rental Payments for Operating Leases	At December 31, 2018, the aggregate future minimum payments for leases for each of the following five years and thereafter are as follows: As of December 31, 2018 2019 $ 14,123 2020 15,340 2021 15,215 2022 13,748 2023 12,378 Thereafter 57,185 Total undiscounted lease payments $ 127,989

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Artisan Funds
Related Party Transaction [Line Items]
Schedule of related party transactions	Fees for managing Artisan Funds and amounts waived or reimbursed by Artisan for fees and expenses (including management fees) are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Artisan Funds 2019 2018 2019 2018 Investment management fees (Gross of fee waivers/expense reimbursements) $ 116,040 $ 125,486 $ 334,445 $ 376,066 Fee waivers / expense reimbursements $ 114 $ 94 $ 314 $ 336
Artisan Global Funds
Related Party Transaction [Line Items]
Schedule of related party transactions	Fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Artisan Global Funds 2019 2018 2019 2018 Investment management fees (Gross of fee waivers/expense reimbursements) $ 8,148 $ 9,109 $ 24,416 $ 26,600 Elimination of management fees from consolidated investment products (1) (17) (19) (49) (45) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) 8,131 9,090 24,367 26,555 Fee waivers / expense reimbursements $ 162 $ 146 $ 330 $ 287 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (93) (146) (197) (286) Consolidated fee waivers / expense reimbursements 69 — 133 1 (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation.
Artisan Private Funds
Related Party Transaction [Line Items]
Schedule of related party transactions	Fees for managing the privately offered funds and amounts reimbursed to the privately offered funds by Artisan are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Artisan Private Funds 2019 2018 2019 2018 Investment management fees (Gross of fee waivers/expense reimbursements) $ 775 $ 210 $ 2,044 $ 441 Elimination of management fees from consolidated investment products (1) (42) (18) (124) (249) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) 733 192 1,920 192 Fee waivers / expense reimbursements $ 42 $ 74 $ 124 $ 148 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (14) (74) (96) (148) Consolidated fee waivers / expense reimbursements 28 — 28 — (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation.

Nature of Business and Organi_2

Nature of Business and Organization (Details)	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
APAM economic interest in Artisan Partners Holdings LP (as a percent)	72.00%
Ownership interest	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Other Information (Details)	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable Interest Entity Consolidation Threshold	10.00%
Artisan Global Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of Consolidated Variable Interest Entities	3
Artisan Private Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of Consolidated Variable Interest Entities	1

Investment Securities - Investm

Investment Securities - Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments in equity securities	$ 7,268	$ 5,857
Investments in equity securities accounted for under the equity method	15,170	12,252
Total investment securities	$ 22,438	$ 18,109

Investment Securities - Other I

Investment Securities - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on investment securities	$ 651	$ 967	$ 3,374	$ 1,592
Less: Net realized gains (losses) recognized on investment securities sold during the period	0	0	0	0
Unrealized gains (losses) recognized on investment securities held as of the end of the period	$ 651	$ 967	$ 3,374	$ 1,592

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy of assets and liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 64,601	$ 57,790
Equity securities	22,438	18,109
NAV Practical Expedient (No Fair Value Level)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	13,991	12,252
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	64,601	57,790
Equity securities	8,447	5,857
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	$ 0	$ 0

Borrowings - Components of Borr

Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 200,000	$ 200,000
Interest Rate Per Annum		4.29%
Senior notes | Series B
Debt Instrument [Line Items]
Debt and capital lease obligations	0	$ 50,000
Interest Rate Per Annum		5.32%
Senior notes | Series C
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 90,000	$ 90,000
Interest Rate Per Annum	5.82%	5.82%
Senior notes | Series D
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 60,000	$ 60,000
Interest Rate Per Annum	4.29%
Senior notes | Series E
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 50,000	0
Interest Rate Per Annum	4.53%
Revolving credit agreement
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 0	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 200,000		$ 200,000		$ 200,000
Interest Rate Per Annum					4.29%
Interest expense	2,600	$ 2,700	7,900	$ 8,000
Level 2
Debt Instrument [Line Items]
Borrowings fair value	203,200		203,200
Series B | Senior notes
Debt Instrument [Line Items]
Debt and capital lease obligations	0		0		$ 50,000
Interest Rate Per Annum					5.32%
Series E | Senior notes
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 50,000		$ 50,000		$ 0
Interest Rate Per Annum	4.53%		4.53%

Borrowings - Aggregate Maturiti

Borrowings - Aggregate Maturities of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019	$ 0
2020	0
2021	0
2022	90,000
2023	0
Thereafter	110,000
Total	$ 200,000	$ 200,000

Variable Interest Entities an_3

Variable Interest Entities and Consolidated Investment Products (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deconsolidation, Gain (Loss), Amount	$ 0
Net CIP assets included in the table above	90,641		$ 62,409
Net CIP assets/(liabilities) not included in the table above	(20,096)		2,156
Total Net CIP assets	70,545		64,565
Less: redeemable noncontrolling interest	39,033		34,349
Artisan’s direct equity investment in CIPs	31,512		30,216
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	2,844		13,141
Equity securities - long position	7,281		7,817
Fixed income instruments - long position	85,883		57,621
Derivative assets	129		735
Fixed income instruments - short position	5,476		16,567
Derivative liabilities	20		338
Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	2,844		13,141
Equity securities - long position	7,281		7,196
Fixed income instruments - long position	0		0
Derivative assets	35		0
Fixed income instruments - short position	0		0
Derivative liabilities	0		0
Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0		0
Equity securities - long position	0		0
Fixed income instruments - long position	85,883		57,621
Derivative assets	94		735
Fixed income instruments - short position	5,476		16,567
Derivative liabilities	20		338
Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0		0
Equity securities - long position	0		621
Fixed income instruments - long position	0		0
Derivative assets	0		0
Fixed income instruments - short position	0		0
Derivative liabilities	$ 0		$ 0
Variable Interest Entity, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified to investment securities upon deconsolidation		$ 900

Noncontrolling interest - Hol_3

Noncontrolling interest - Holdings Share Issuances & Cancellations (Details)	9 Months Ended
	Sep. 30, 2019shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted share award net share settlement (in shares)	(82,729)
Ending balance	72.00%
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted share award net share settlement (in shares)	(82,729)
Holdings GP Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	54,071,188
Ending balance (in shares)	56,261,026
Limited Partnership Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	22,871,684
Holdings common unit exchanges (in shares)	(1,330,432)
Restricted share award net share settlement (in shares)	0
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	0
Ending balance (in shares)	21,541,252
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	76,942,872
Beginning balance	70.00%
Holdings common unit exchanges (in shares)	0
Holdings of common unit exchanges, APAM ownership percentage	1.00%
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Restricted share award net share settlement (in shares)	(82,729)
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(16,865)
Ending balance	72.00%
Ending balance (in shares)	77,802,278
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	959,000
Restricted Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	959,000
Restricted Stock | Limited Partnership Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock | Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	959,000
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	1.00%
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%

Noncontrolling interest - Hol_4

Noncontrolling interest - Holdings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	$ 0	$ 0	$ 0	$ 0
Net impact to financial condition			0	0
Additional paid-in capital
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	(627)	(667)	(2,455)	(3,758)
Non-controlling interests - Artisan Partners Holdings
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	632	669	2,501	3,802
Accumulated other comprehensive income (loss)
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	$ (5)	$ (2)	$ (46)	$ (44)
Common Stock
Noncontrolling Interest [Line Items]
Stock Repurchased and Retired During Period, Shares			0
Holdings GP Units | Common Stock
Noncontrolling Interest [Line Items]
Stock Repurchased and Retired During Period, Shares			1,330,432

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Sep. 30, 2019vote$ / sharesshares	Dec. 31, 2018$ / sharesshares
Class of Stock [Line Items]
Common stock, shares, outstanding	77,802,278	76,942,872
Unvested - Number of awards (in shares)	5,006,649	4,678,457
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, outstanding	56,261,026
Common stock votes per share | vote	1
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, outstanding	7,853,364	8,645,249
Common stock votes per share | vote	1
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, outstanding	13,687,888	14,226,435
Common stock votes per share | vote	1
Restricted Stock | Holdings GP Units
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	4,899,524

Stockholders' Equity Dividends

Stockholders' Equity Dividends Declared (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	$ 0.60	$ 0.60	$ 2.74	$ 2.59
Quarterly
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	0.60	0.60	1.71	1.80
Special Annual
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	$ 0	$ 0	$ 1.03	$ 0.79

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - Artisan Partners Holdings LP - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Distribution Made to Limited Partner [Line Items]
Holdings Partnership Distributions to Limited Partners	$ 21,828	$ 22,674	$ 70,152	$ 78,418
Holdings Partnership Distributions to APAM	53,423	49,839	166,307	162,748
Total Holdings Partnership Distributions	$ (75,251)	$ (72,513)	$ (236,459)	$ (241,166)

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 202,961	$ 212,788	$ 590,650	$ 637,092
Total receivables from contracts with customers	80,018		80,018		$ 65,622
Non-customer receivables	11,295		11,295		2,069
Accounts receivable	91,313		91,313		67,691
Contract with customer, liability	0		0		0
Artisan Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	6,280		6,280		5,418
Artisan Global Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	3,143		3,143		417
Separate Accounts
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	70,595		70,595		$ 59,787
Management fees
Disaggregation of Revenue [Line Items]
Total revenues	202,806	212,738	586,070	634,733
Management fees | Artisan Funds
Disaggregation of Revenue [Line Items]
Total revenues	115,926	125,392	334,131	375,730
Management fees | Artisan Global Funds
Disaggregation of Revenue [Line Items]
Total revenues	8,062	9,090	24,234	26,554
Management fees | Separate Accounts
Disaggregation of Revenue [Line Items]
Total revenues	78,818	78,256	227,705	232,449
Performance fees
Disaggregation of Revenue [Line Items]
Total revenues	155	50	4,580	2,359
Performance fees | Separate Accounts
Disaggregation of Revenue [Line Items]
Total revenues	$ 155	$ 50	$ 4,580	$ 2,359

Compensation and Benefits - Com

Compensation and Benefits - Components of expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries, incentive compensation and benefits	$ 89,969	$ 90,097	$ 267,198	$ 273,057
Compensation and benefits	99,847	102,741	300,615	314,709
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share-based award compensation expense	$ 9,878	$ 12,644	$ 33,417	$ 41,652

Compensation and Benefits - Add

Compensation and Benefits - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	14,000,000
Number of shares available for grant (in shares)	5,600,864
Granted - Number of awards (in shares)	963,000
Shares paid for tax withholding for share based compensation (in shares)	82,729
Taxes paid related to employee net share settlement	$ (2,078)	$ (2,564)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	959,000
Unrecognized compensation expense	$ 90,700		$ 22,100
Requisite service period	5 years
Recognition period	3 years 3 months 18 days
Restricted Stock Units RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	4,000

Compensation and Benefits - Res

Compensation and Benefits - Restricted Share Activity (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Awards
Beginning balance (in shares)	4,678,457
Granted (in shares)	963,000
Forfeited (in shares)	(16,865)
Vested (in shares)	(617,943)
Ending balance (in shares)	5,006,649
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 38.04
Granted (in dollars per share) | $ / shares	22.92
Forfeited (in dollars per share) | $ / shares	34.86
Vested (in dollars per share) | $ / shares	39.21
Ending balance (in dollars per share) | $ / shares	$ 35
Restricted Stock
Number of Awards
Granted (in shares)	959,000
Restricted Stock Units RSUs
Number of Awards
Granted (in shares)	4,000

Income Taxes and Related Paym_3

Income Taxes and Related Payments - Additional information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)TRA	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Approximate percentage of earnings not subject to income taxes			31.00%
Effective tax rate			7.30%	15.70%
Number of tax receivable agreements (TRAs) | TRA			2
TRA percent of savings to be paid to shareholders			85.00%
Tax receivable agreement percentage to be retained by entity			15.00%
Tax receivable agreement payment period			125 days
Unrecognized tax benefits	$ 2,000		$ 2,000		$ 0
Deferred Tax Asset - Amortizable basis
Deferred tax assets, beginning			404,715
2019 Holdings Common Unit Exchanges			11,542
Amortization			(23,856)
Change in estimate			21,873
Deferred tax assets, ending	414,274		414,274
Amounts payable under tax receivable agreements
Amounts payable under tax receivable, beginning agreements			369,355
2019 Holdings Common Unit Exchanges			29,368	$ 19,683
Payments under TRA			(24,998)	(36,111)
Change in estimate	19,557	$ (251)	19,557	$ (251)
Amounts payable under tax receivable, ending agreements	373,725		373,725
Unrecognized tax benefits that would impact effective tax rate	1,600		1,600
Unrecognized tax benefits, income tax penalties accrued	300		300
Unrecognized tax benefits	$ 2,000		$ 2,000		$ 0
Statutory tax rate			21.00%
Capital Unit
Amounts payable under tax receivable agreements
2019 Holdings Common Unit Exchanges			$ 9,811
LIBOR
Tax receivable, basis point spread on variable rate (as a percent)			100

Income Taxes and Related Paym_4

Income Taxes and Related Payments - Components of provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Current:
Federal	$ 4,401	$ 6,823	$ 8,787	$ 15,561
State and local	3,348	1,453	4,663	3,048
Foreign	111	135	339	367
Total	7,860	8,411	13,789	18,976
Deferred:
Federal	2,315	5,148	15,717	17,397
State and local	(17,530)	613	(15,935)	2,071
Total	(15,215)	5,761	(218)	19,468
Income tax expense (benefit)	$ (7,355)	$ 14,172	$ 13,571	$ 38,444

Income Taxes and Related Paym_5

Income Taxes and Related Payments - Components of deferred tax assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred tax assets:
Amortizable basis	$ 414,274	$ 404,715
Other	27,220	24,413
Total deferred tax assets	441,494	429,128
Less: valuation allowance	0	0
Deferred tax assets	$ 441,494	$ 429,128

Earnings Per Share - Computatio

Earnings Per Share - Computation of basic and diluted net income per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to APAM	$ 41,256	$ 42,518	$ 111,983	$ 125,798
Less: Allocation to participating securities	4,494	4,628	16,521	15,475
Net income available to common stockholders	$ 36,762	$ 37,890	$ 95,462	$ 110,323
Basic and diluted weighted average number of common share outstanding (in shares)	51,448,938	49,399,553	50,950,618	48,607,837
Earnings per share (in dollars per share)	$ 0.71	$ 0.77	$ 1.87	$ 2.27
Dilutive securities outstanding (in shares)	0	0	0	0

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive securities excluded from the computation of net income per share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	26,654,213	27,799,143	26,991,801	28,365,446
Holdings limited partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	21,594,086	22,951,357	21,958,470	23,505,920
Unvested restricted share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	5,060,127	4,847,786	5,033,331	4,859,526

Leases - Operating Lease Costs

Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Lease Cost
Operating lease expense	$ 3,803	$ 3,945	$ 13,280	$ 10,394
Sublease Income	143	0	143	0
Compensation and benefits
Operating Lease Cost
Operating lease expense	128	117	388	350
Occupancy
Operating Lease Cost
Operating lease expense	3,736	3,739	12,801	9,793
Communication and technology
Operating Lease Cost
Operating lease expense	$ 82	$ 89	234	$ 251
Abandonment of leased office space | Occupancy
Operating Lease Cost
Operating lease expense			$ 1,500

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Lessee, Lease, Description [Line Items]
Asset impairment	$ 2,107	$ 0
Payments related to options to extend lease terms	0
Abandonment of leased office space | Occupancy
Lessee, Lease, Description [Line Items]
Asset impairment	2,100
Impairment of long-lived assets held-for-use	1,500
Impairment of long-lived assets to be disposed of	$ 600

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due (Topic 842)
2019 (excluding the nine months ended September 30, 2019)	$ 3,955
2020	16,167
2021	16,294
2022	14,802
2023	13,245
Thereafter	60,495
Total undiscounted lease payments	124,958
Adjustment to discount to present value	(22,112)
Total operating lease liabilities	$ 102,846	$ 0
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity (Topic 840)
2019		14,123
2020		15,340
2021		15,215
2022		13,748
2023		12,378
Thereafter		57,185
Total undiscounted lease payments		$ 127,989

Leases - Other Lease Informatio

Leases - Other Lease Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Weighted average discount rate	4.70%
Weighted average remaining lease term	8 years 3 months 18 days
Operating cash flows for operating leases	$ 10,423

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Artisan Funds
Related Party Transaction [Line Items]
Investment management fees	$ 116,040	$ 125,486	$ 334,445	$ 376,066
Fee waiver / expense reimbursement	114	94	$ 314	336
Artisan Funds | Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			0.625%
Annualized operating expenses maximum percentage of average daily net assets			0.88%
Artisan Funds | Maximum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			1.05%
Annualized operating expenses maximum percentage of average daily net assets			1.50%
Artisan Global Funds
Related Party Transaction [Line Items]
Investment management fees	8,131	9,090	$ 24,367	26,555
Fee waiver / expense reimbursement	69	0	$ 133	1
Artisan Global Funds | Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			0.75%
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Artisan Global Funds | Maximum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			1.85%
Management fee threshold for reimbursement, percentage average daily net assets			0.20%
Management fee threshold for reimbursement, percentage average daily net assets			0.20%
Artisan Private Funds
Related Party Transaction [Line Items]
Investment management fees	733	192	$ 1,920	192
Fee waiver / expense reimbursement	28	0	$ 28	0
Artisan Private Funds | Minimum
Related Party Transaction [Line Items]
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Artisan Private Funds | Maximum
Related Party Transaction [Line Items]
Management fee threshold for reimbursement, percentage average daily net assets			1.00%
Management fee threshold for reimbursement, percentage average daily net assets			1.00%
Consolidation, Eliminations | Artisan Global Funds
Related Party Transaction [Line Items]
Investment management fees	(17)	(19)	$ (49)	(45)
Fee waiver / expense reimbursement	(93)	(146)	(197)	(286)
Consolidation, Eliminations | Artisan Private Funds
Related Party Transaction [Line Items]
Investment management fees	(42)	(18)	(124)	(249)
Fee waiver / expense reimbursement	(14)	(74)	(96)	(148)
Subsidiaries | Artisan Global Funds
Related Party Transaction [Line Items]
Investment management fees	8,148	9,109	24,416	26,600
Fee waiver / expense reimbursement	162	146	330	287
Subsidiaries | Artisan Private Funds
Related Party Transaction [Line Items]
Investment management fees	775	210	2,044	441
Fee waiver / expense reimbursement	$ 42	$ 74	$ 124	$ 148

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions	Oct. 29, 2019USD ($)$ / shares
Subsequent Event [Line Items]
Distribution made to limited partner, Cash distributions declared | $	$ 25.5
Quarterly | Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares	$ 0.65