Artisan Partners Asset Management (APAM) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020	Dec. 31, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	2020
Document Fiscal Period Focus	Q2
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		61,354,644
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		5,589,292
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		11,631,164
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	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Accounts receivable	$ 94,106	$ 81,868
Investment securities	5,297	23,878
Property and equipment, net	37,564	39,495
Deferred tax assets	465,648	435,897
Restricted cash	629	629
Prepaid expenses and other assets	11,028	12,688
Operating lease assets	81,783	87,155
Total assets	1,001,903	933,619
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	28,672	19,926
Accrued incentive compensation	79,260	16,159
Borrowings	199,194	199,103
Operating lease liabilities	94,944	101,154
Amounts payable under tax receivable agreements	392,116	375,324
Total liabilities	830,070	752,008
Commitments and contingencies
Redeemable noncontrolling interests	46,027	43,110
Additional paid-in capital	88,098	89,149
Retained earnings	34,562	44,455
Accumulated other comprehensive income (loss)	(2,539)	(1,425)
Total Artisan Partners Asset Management Inc. stockholders’ equity	120,907	132,957
Noncontrolling interests - Artisan Partners Holdings	4,899	5,544
Total stockholders’ equity	125,806	138,501
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity	1,001,903	933,619
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	4,800	9,005
Investment securities	107,396	106,736
Accounts receivable and other	2,797	1,647
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	23,208	34,156
Investment liabilities, at fair value	12,676	6,186
Consolidated Entity, Excluding VIE [Member]
ASSETS
Cash and cash equivalents	190,855	134,621
Investment securities	5,297	23,878
Class A Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	614	564
Class B Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	56	78
Class C Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	$ 116	$ 136

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Common stock, shares, outstanding	78,575,100	77,801,854
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	61,354,644	56,429,825
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	5,589,292	7,803,364
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	11,631,164	13,568,665

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer	$ 202,942	$ 200,727	$ 405,778	$ 387,689
Total revenues	202,942	200,727	405,778	387,689
Operating Expenses
Compensation and benefits	102,204	101,486	206,921	200,768
Distribution, servicing and marketing	5,355	5,836	10,903	11,239
Occupancy	5,213	5,341	10,402	12,908
Communication and technology	9,682	10,269	18,887	19,697
General and administrative	3,861	6,937	11,078	14,487
Total operating expenses	126,315	129,869	258,191	259,099
Total operating income	76,627	70,858	147,587	128,590
Non-operating income (expense)
Interest expense	(2,715)	(2,827)	(5,400)	(5,602)
Other net investment gain (loss)	1,174	1,383	(1,083)	3,340
Total non-operating income (expense)	11,336	599	(6,530)	2,127
Income before income taxes	87,963	71,457	141,057	130,717
Provision for income taxes	16,256	11,484	25,707	20,926
Net income before noncontrolling interests	71,707	59,973	115,350	109,791
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings	18,132	19,795	34,244	37,104
Less: Net income attributable to noncontrolling interests - consolidated investment products	7,424	990	130	1,960
Net income attributable to Artisan Partners Asset Management Inc.	$ 46,151	$ 39,188	$ 80,976	$ 70,727
Basic and diluted earnings per share (in dollars per share)	$ 0.72	$ 0.66	$ 1.26	$ 1.15
Basic and diluted weighted average number of common share outstanding (in shares)	55,884,366	51,242,911	54,574,923	50,697,329
Dividends declared per Class A common share (in dollars per share)	$ 0.61	$ 0.55	$ 1.89	$ 2.14
Variable Interest Entity, Primary Beneficiary [Member]
Non-operating income (expense)
Gain (Loss) on Investments	$ 12,877	$ 2,043	$ (47)	$ 4,389
Management fees
Revenue from Contract with Customer	194,927	196,400	394,831	383,264
Performance fees
Revenue from Contract with Customer	$ 8,015	$ 4,327	$ 10,947	$ 4,425

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income before noncontrolling interests	$ 71,707	$ 59,973	$ 115,350	$ 109,791
Foreign currency translation gain (loss)	(44)	(460)	(1,286)	(82)
Total other comprehensive income (loss)	(44)	(460)	(1,286)	(82)
Comprehensive income	71,663	59,513	114,064	109,709
Comprehensive income attributable to Artisan Partners Asset Management Inc.	46,087	38,840	79,862	70,617
Artisan Partners Holdings LP
Comprehensive income attributable to noncontrolling interests	18,152	19,683	34,072	37,132
Consolidated Investment Products
Comprehensive income attributable to noncontrolling interests	$ 7,424	$ 990	$ 130	$ 1,960

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, 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	109,791					70,727		37,104
Net income	107,831
Other comprehensive income - foreign currency translation	(82)						(70)	(12)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax					(1,828)		(41)	1,869
Amortization of equity-based compensation	24,422				17,729			6,693
Deferred tax assets, net of amounts payable under tax receivable agreements	2,158				2,158
Issuance of Class A common stock, net of issuance costs	(18)				(18)
Forfeitures and employee/partner terminations		0	0	0
Issuance of restricted stock awards		10			(10)
Employee net share settlement	(1,824)	(1)			(1,287)			(536)
Exchange of subsidiary equity		11	(7)	(4)
Distributions	(48,324)							(48,324)
Dividends	(117,397)				(37,353)	(79,979)		(65)
Balance at end of period at Jun. 30, 2019	107,253	561	79	138	76,944	29,365	(2,006)	2,172
Beginning balance at Dec. 31, 2018	34,349
Redeemable non-controlling interest
Comprehensive income attributable to noncontrolling interests - consolidated investment products	1,960
Capital contributions, net	1,995
Impact of deconsolidation of CIPs	0
Ending balance at Jun. 30, 2019	38,304
Balance at beginning of period at Mar. 31, 2019	92,950	556	80	142	69,471	21,191	(1,658)	3,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	59,973					39,188		19,795
Net income	58,983
Other comprehensive income - foreign currency translation	(460)						(332)	(128)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	0				(1,737)		(16)	1,753
Amortization of equity-based compensation	12,073				8,739			3,334
Deferred tax assets, net of amounts payable under tax receivable agreements	479				479
Issuance of Class A common stock, net of issuance costs	(8)				(8)
Forfeitures and employee/partner terminations	0
Exchange of subsidiary equity	0	5	(1)	(4)
Distributions	(25,733)							(25,733)
Dividends	(31,031)				0	(31,014)		(17)
Balance at end of period at Jun. 30, 2019	107,253	561	79	138	76,944	29,365	(2,006)	2,172
Beginning balance at Mar. 31, 2019	36,547
Redeemable non-controlling interest
Comprehensive income attributable to noncontrolling interests - consolidated investment products	990
Capital contributions, net	767
Ending balance at Jun. 30, 2019	38,304
Balance at beginning of period at Dec. 31, 2019	138,501	564	78	136	89,149	44,455	(1,425)	5,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	115,350					80,976		34,244
Net income	115,220
Other comprehensive income - foreign currency translation	(1,286)						(965)	(321)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax					(1,568)		(149)	1,717
Amortization of equity-based compensation	18,684				14,380			4,304
Deferred tax assets, net of amounts payable under tax receivable agreements	8,519				8,519
Issuance of Class A common stock, net of issuance costs	62,739	18			62,721
Issuance of restricted stock awards		9			(9)
Employee net share settlement	(4,530)	(1)			(3,314)			(1,215)
Exchange of subsidiary equity		24	(4)	(20)
Purchase of equity and subsidiary equity	(63,027)		(18)		(63,009)
Distributions	(39,322)							(39,322)
Dividends	(109,692)				(18,771)	(90,869)		(52)
Balance at end of period at Jun. 30, 2020	125,806	614	56	116	88,098	34,562	(2,539)	4,899
Beginning balance at Dec. 31, 2019	43,110
Redeemable non-controlling interest
Comprehensive income attributable to noncontrolling interests - consolidated investment products	130
Capital contributions, net	5,228
Impact of deconsolidation of CIPs	(2,441)
Ending balance at Jun. 30, 2020	46,027
Balance at beginning of period at Mar. 31, 2020	110,748	606	60	120	86,224	21,294	(2,475)	4,919
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	71,707					46,151		18,132
Net income	64,283
Other comprehensive income - foreign currency translation	(44)						(35)	(9)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax					(2,089)		(29)	2,118
Amortization of equity-based compensation	8,989				6,989			2,000
Deferred tax assets, net of amounts payable under tax receivable agreements	1,415				1,415
Issuance of Class A common stock, net of issuance costs	(86)				(86)
Exchange of subsidiary equity		8	(4)	(4)
Distributions	(22,246)							(22,246)
Dividends	(37,253)				(4,355)	(32,883)		(15)
Balance at end of period at Jun. 30, 2020	125,806	$ 614	$ 56	$ 116	$ 88,098	$ 34,562	$ (2,539)	$ 4,899
Beginning balance at Mar. 31, 2020	37,223
Redeemable non-controlling interest
Comprehensive income attributable to noncontrolling interests - consolidated investment products	7,424
Capital contributions, net	1,380
Ending balance at Jun. 30, 2020	$ 46,027

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income before noncontrolling interests	$ 115,350	$ 109,791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,262	2,967
Deferred income taxes	15,878	14,997
Asset impairment	0	2,107
Noncash lease expense	(885)	1,170
(Gain) loss on disposal of property and equipment	(4)	128
Amortization of debt issuance costs	236	229
Share-based compensation	18,684	24,422
Net investment (gain) loss of consolidated investment products	47	(4,389)
Purchase of investments by consolidated investment products	(67,156)	(71,089)
Proceeds from sale of investments by consolidated investment products	72,073	42,364
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable	(12,238)	(19,518)
Prepaid expenses and other assets	(754)	(637)
Accounts payable and accrued expenses	71,902	63,170
Net change in operating assets and liabilities of consolidated investment products	(13,672)	19,648
Net cash provided by operating activities	203,938	182,637
Cash flows from investing activities
Acquisition of property and equipment	(942)	(2,372)
Payments For Leasehold Improvements	(218)	(11,894)
Proceeds from sale of investment securities	19,365	0
Purchase of investment securities	(1,260)	0
Net cash provided by (used in) investing activities	16,945	(14,266)
Cash flows from financing activities
Partnership distributions	(39,322)	(48,324)
Dividends paid	(109,692)	(117,397)
Payment under the tax receivable agreements	(20,318)	(19,009)
Net proceeds from issuance of common stock	63,027	0
Payment of costs directly associated with the issuance of Class A common stock	(220)	0
Payments for Repurchase of Other Equity	(63,027)	0
Taxes paid related to employee net share settlement	(4,530)	(1,824)
Capital contributions to consolidated investment products, net	5,228	1,995
Net cash used in financing activities	(168,854)	(184,559)
Net increase (decrease) in cash, cash equivalents, and restricted cash	52,029	(16,188)
Cash, cash equivalents and restricted cash
Beginning of period	144,255	175,535
End of period	196,284	159,347
Cash, cash equivalents and restricted cash as of the end of the period
Cash, cash equivalents and restricted cash	196,284	159,347
Noncash activity:
Establishment of deferred tax assets	45,629	11,054
Establishment of amounts payable under tax receivable agreements	37,110	8,894
Increase in investment securities due to deconsolidation of CIPs	1,469	0
Operating lease assets obtained in exchange for operating lease liabilities	0	3,606
Consolidated Entity, Excluding VIE [Member]
Net investment (gain) loss on nonconsolidated seed investment securities	$ 1,215	$ (2,723)

Nature of Business and Organiza

Nature of Business and Organization	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, APAM held approximately 78% 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	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, 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, 2020 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 adopted the new guidance on January 1, 2020. The Company capitalized $593 thousand of software implementation costs and recorded $11 thousand of related amortization expense during the six months ended June 30, 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires entities to measure credit losses on financial assets based on expected losses rather than incurred losses. The guidance was effective on January 1, 2020 and requires a modified retrospective approach to adoption. The adoption of this guidance did not have an impact on the consolidated financial statements.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 As of December 31, 2019 Investments in equity securities $ 3,575 $ 7,543 Investments in equity securities accounted for under the equity method 1,722 16,335 Total investment securities $ 5,297 $ 23,878 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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Net gains (losses) recognized on investment securities $ 1,164 $ 1,108 $ (1,215) $ 2,723 Less: Net realized gains (losses) recognized on investment securities sold during the period 119 — 4,996 — Unrealized gains (losses) recognized on investment securities held as of the end of the period $ 1,045 $ 1,108 $ (6,211) $ 2,723

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 June 30, 2020 Assets Money market funds $ 70,846 $ — $ 70,846 $ — $ — Equity securities 5,297 69 5,228 — — December 31, 2019 Assets Money market funds $ 30,673 $ — $ 30,673 $ — $ — Equity securities 23,878 15,068 8,810 — — 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	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Borrowings	Note 5. Borrowings Artisan’s borrowings consist of the following as of June 30, 2020 and December 31, 2019: Maturity Outstanding Balance Interest Rate Per Annum Revolving credit agreement August 2022 $ — NA Senior notes Series C August 2022 90,000 5.82 % Series D August 2025 60,000 4.29 % Series E August 2027 50,000 4.53 % Total borrowings $ 200,000 The fair value of borrowings was approximately $205.0 million as of June 30, 2020. 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”. Interest expense incurred on the unsecured notes and revolving credit agreement was $2.5 million and $2.6 million for the three months ended June 30, 2020 and 2019, respectively, and $5.1 million and $5.3 million for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the aggregate maturities of debt obligations, based on their contractual terms, are as follows: 2020 $ — 2021 — 2022 90,000 2023 — 2024 — Thereafter 110,000 Total $ 200,000

Variable Interest Entities and

Variable Interest Entities and Consolidated Investment Products	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, Artisan is considered to have a controlling financial interest in three sub-funds of Artisan Global Funds and one Artisan Private Fund, with an aggregate direct equity investment in the consolidated investment products of $33.1 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 14, “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 six months ended June 30, 2020, 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 six months ended June 30, 2020. 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. Upon deconsolidation, Artisan’s $1.5 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 June 30, 2020, Artisan held direct equity investments of $1.7 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 June 30, 2020 and December 31, 2019: Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 June 30, 2020 Assets Money market funds $ 4,700 $ 4,700 $ — $ — Equity securities - long position 6,211 6,211 — — Fixed income instruments - long position 101,185 — 101,185 — Liabilities Fixed income instruments - short position $ 12,662 $ — $ 12,662 $ — Derivative liabilities 14 14 — — Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 December 31, 2019 Assets Money market funds $ 5,005 $ 5,005 $ — $ — Equity securities - long position 9,933 9,933 — — Fixed income instruments - long position 96,681 — 96,681 — Derivative assets 122 22 100 — Liabilities Fixed income instruments - short position $ 6,005 $ — $ 6,005 $ — Derivative liabilities 181 — 181 — CIP balances included in the Company’s Unaudited Condensed Consolidated Statements of Financial Condition were as follows: As of June 30, 2020 As of December 31, 2019 Net CIP assets included in the table above $ 99,420 $ 105,555 Net CIP assets/(liabilities) not included in the table above (20,311) (28,509) Total Net CIP assets 79,109 77,046 Less: redeemable noncontrolling interest 46,027 43,110 Artisan’s direct equity investment in CIPs $ 33,082 $ 33,936

Noncontrolling interest - Holdi

Noncontrolling interest - Holdings	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, APAM held approximately 78% 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 six months ended June 30, 2020, APAM’s equity ownership interest in Holdings increased as a result of the following transactions: Holdings GP Units Limited Partnership Units Total APAM Ownership % Balance at December 31, 2019 56,429,825 21,372,029 77,801,854 73 % 2020 Follow-On Offering 1,802,326 (1,802,326) — 2 % Holdings Common Unit Exchanges 2,349,247 (2,349,247) — 3 % Issuance of APAM Restricted Shares (1) 916,085 — 916,085 — % Delivery of Shares Underlying RSUs (1) 24,233 — 24,233 — % Restricted Share Award Net Share Settlement (1) (126,971) — (126,971) — % Forfeitures of Holdings GP Units from Employee Terminations (1) (40,101) — (40,101) — % Balance at June 30, 2020 61,354,644 17,220,456 78,575,100 78 % (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 Six Months Ended June 30, 2020 2019 Additional paid-in capital $ (2,089) $ (1,828) Noncontrolling interests - Artisan Partners Holdings 2,118 1,869 Accumulated other comprehensive income (loss) (29) (41) 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 $2.0 million and $0.6 million for the six months ended June 30, 2020 and 2019, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity APAM - Stockholders’ Equity APAM had the following authorized and outstanding equity as of June 30, 2020 and December 31, 2019, respectively: Outstanding Authorized As of June 30, 2020 As of December 31, 2019 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 61,354,644 56,429,825 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 5,589,292 7,803,364 1 vote per share None Class C, par value $0.01 per share 400,000,000 11,631,164 13,568,665 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 June 30, 2020, Artisan’s employees held 5,186,737 restricted shares of Class A common stock and all 5,589,292 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 six months ended June 30, 2020 and 2019: Type of Dividend Class of Stock For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Quarterly Class A Common $ 0.61 $ 0.55 $ 1.29 $ 1.11 Special Annual Class A Common $ — $ — $ 0.60 $ 1.03 The following table summarizes APAM’s stock transactions for the six months ended June 30, 2020: Total Stock Outstanding Class A Common Stock (1) Class B Common Stock Class C Common Stock Balance at December 31, 2019 77,801,854 56,429,825 7,803,364 13,568,665 2020 Follow-On Offering — 1,802,326 (1,777,326) (25,000) Holdings Common Unit Exchanges — 2,349,247 (403,941) (1,945,306) Restricted Share Award Grants 916,085 916,085 — — Restricted Share Award Net Share Settlement (126,971) (126,971) — — Delivery of Shares Underlying RSUs 24,233 24,233 — — Employee/Partner Terminations (40,101) (40,101) (32,805) 32,805 Balance at June 30, 2020 78,575,100 61,354,644 5,589,292 11,631,164 (1) There were 304,570 and 297,891 restricted stock units outstanding at June 30, 2020 and December 31, 2019, respectively. In addition, there were 60,000 performance share units outstanding at June 30, 2020. Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share 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 six months ended June 30, 2020 and 2019, were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Holdings Partnership Distributions to Limited Partners $ 22,246 $ 25,733 $ 39,322 $ 48,324 Holdings Partnership Distributions to APAM 66,251 59,483 111,355 112,884 Total Holdings Partnership Distributions $ 88,497 $ 85,216 $ 150,677 $ 161,208 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	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Management fees Artisan Funds $ 109,697 $ 112,025 $ 224,376 $ 218,205 Artisan Global Funds 7,313 8,037 15,429 16,172 Separate accounts (1) 77,917 76,338 155,026 148,887 Performance fees Separate accounts (1) 8,015 4,327 10,947 4,425 Total revenues (2) $ 202,942 $ 200,727 $ 405,778 $ 387,689 (1) Separate account revenue consists of management fees and performance fees earned 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 June 30, 2020 As of December 31, 2019 Customer Artisan Funds $ 6,592 $ 6,703 Artisan Global Funds 3,226 3,588 Separate accounts 78,171 69,413 Total receivables from contracts with customers $ 87,989 $ 79,704 Non-customer receivables 6,117 2,164 Accounts receivable $ 94,106 $ 81,868 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 June 30, 2020 or December 31, 2019.

Compensation and Benefits

Compensation and Benefits	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Salaries, incentive compensation and benefits (1) $ 93,139 $ 89,521 $ 188,669 $ 177,229 Restricted share-based award compensation expense 9,065 11,965 18,252 23,539 Total compensation and benefits $ 102,204 $ 101,486 $ 206,921 $ 200,768 (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, restricted stock units, and performance share units (collectively referred to as “restricted share-based awards” or "awards") of Class A common stock to employees. Standard Restricted Shares. Standard restricted shares are generally subject to a pro rata five-year service vesting condition. Career Shares. Career shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement (as defined in the award agreement). Franchise Shares. Like career shares, franchise shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement condition. In addition, franchise shares, which are only granted to investment team members, are subject to a Franchise Protection Clause, which provides that the number of shares that ultimately vest depends on whether certain conditions relating to client cash flows are met. If such conditions are not met, compensation cost will be reversed for any shares that do not vest. Performance Share Units (PSUs) . PSUs are generally subject to (i) a three-year service vesting condition, (ii) certain performance conditions related to the Company's operating margin and total shareholder return compared to a peer group during a three-year performance period, and (iii) for one-half of the PSUs eligible to vest at the end of the performance period, a qualifying retirement condition. The number of shares of Class A common stock that are ultimately issued in connection with each PSU award will depend upon the outcome of the performance, market and qualified retirement conditions. For the portion of a PSU award with a "performance condition" under ASC 718, expense is recognized over the service period if it is probable that the performance condition will be achieved. Compensation expense 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 stock awards and restricted stock units, and three years for performance share units. The fair value of each award is equal to the market price of the Company's common stock on the grant date, except for performance share units with a "market condition" performance metric under ASC 718, which have a grant-date fair value based on a Monte Carlo valuation model. Unvested restricted share-based awards are subject to forfeiture. The Company’s accounting policy is to record the impact of forfeitures when they occur. Grantees are generally entitled to dividends or dividend equivalents on unvested and vested awards. 4,631,934 shares of Class A common stock were reserved and available for issuance under the Plan as of June 30, 2020. During the six months ended June 30, 2020, Artisan granted 916,085 restricted stock awards, 3,370 restricted stock units, and 60,000 performance share units of Class A common stock to employees of the Company. Total compensation expense associated with the 2020 grant is expected to be approximately $34.1 million. The following tables summarize the restricted share-based award activity for the six months ended June 30, 2020: Weighted-Average Grant Date Fair Value Restricted Stock Awards and Restricted Stock Units Unvested at January 1, 2020 $ 35.00 5,005,422 Granted 33.80 919,455 Forfeited 30.71 (40,101) Vested 32.59 (588,144) Unvested at June 30, 2020 $ 35.09 5,296,632 Weighted-Average Grant Date Fair Value Performance Share Units Unvested at January 1, 2020 $ — — Granted 52.45 60,000 Forfeited — — Vested — — Unvested at June 30, 2020 $ 52.45 60,000 Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 shares of Class A common stock if all other vesting conditions were met. The unrecognized compensation expense for all unvested awards as of June 30, 2020 was $97.1 million with a weighted average recognition period of 3.4 years remaining. During the six months ended June 30, 2020, the Company withheld a total of 126,971 restricted shares and paid $4.5 million as a result of net share settlements to satisfy employee tax withholding obligations. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the number of shares outstanding.

Income Taxes and Related Paymen

Income Taxes and Related Payments	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020, approximately 25% 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. APAM’s effective tax rate was 18.3% and 16.0% for the six months ended June 30, 2020 and 2019, respectively. Components of the provision for income taxes consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Current: Federal $ 5,553 $ 3,073 $ 7,146 $ 4,386 State and local 1,651 800 2,519 1,315 Foreign 55 107 164 228 Total 7,259 3,980 9,829 5,929 Deferred: Federal 7,712 6,706 13,610 13,402 State and local 1,285 798 2,268 1,595 Total 8,997 7,504 15,878 14,997 Income tax expense $ 16,256 $ 11,484 $ 25,707 $ 20,926 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 six months ended June 30, 2020 is summarized as follows: Deferred Tax Asset - Amortizable basis Amounts payable under tax receivable agreements December 31, 2019 $ 408,140 $ 375,324 2020 Follow-On Offering 21,424 18,211 2020 Holdings Common Unit Exchanges 22,235 18,899 Amortization (17,586) — Payments under TRA — (20,318) June 30, 2020 $ 434,213 $ 392,116 Net deferred tax assets comprise the following: As of June 30, 2020 As of December 31, 2019 Deferred tax assets: Amortizable basis (1) $ 434,213 $ 408,140 Other (2) 31,435 27,757 Total deferred tax assets 465,648 435,897 Less: valuation allowance (3) — — Net deferred tax assets $ 465,648 $ 435,897 (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. The Company's gross liability for unrecognized tax benefits was $1.5 million and $2.0 million as of June 30, 2020 and December 31, 2019, respectively. The total amount of unrecognized tax benefits is not expected to significantly increase or decrease within the next twelve months. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. Accrued interest on uncertain tax positions was $0.3 million as of June 30, 2020 and December 31, 2019. The gross unrecognized tax benefit is recorded 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 June 30, 2020, U.S. federal income tax returns filed for the years 2016 through 2018 are open and therefore subject to examination. State, local, and foreign income tax returns filed are generally subject to examination from 2015 to 2018.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, Basic and Diluted Earnings Per Share 2020 2019 2020 2019 Numerator: Net income attributable to APAM $ 46,151 $ 39,188 $ 80,976 $ 70,727 Less: Allocation to participating securities 6,001 5,340 12,155 12,524 Net income available to common stockholders $ 40,150 $ 33,848 $ 68,821 $ 58,203 Denominator: Weighted average shares outstanding 55,884,366 51,242,911 54,574,923 50,697,329 Earnings per share $ 0.72 $ 0.66 $ 1.26 $ 1.15 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 six months ended June 30, 2020 and 2019. 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 June 30, For the Six Months Ended June 30, Anti-Dilutive Weighted Average Shares Outstanding 2020 2019 2020 2019 Holdings limited partnership units 17,692,268 21,707,968 18,880,709 22,143,682 Unvested restricted share-based awards 5,402,581 5,162,101 5,290,103 5,019,710 Total 23,094,849 26,870,069 24,170,812 27,163,392

Indemnifications

Indemnifications	6 Months Ended
	Jun. 30, 2020
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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 14. 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 directors 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 June 30, For the Six Months Ended June 30, Artisan Funds 2020 2019 2020 2019 Investment management fees (Gross of fee waivers/expense reimbursements) $ 109,863 $ 112,124 $ 224,630 $ 218,405 Fee waivers / expense reimbursements $ 166 $ 99 $ 254 $ 200 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 June 30, For the Six Months Ended June 30, Artisan Global Funds 2020 2019 2020 2019 Investment management fees (Gross of fee waivers/expense reimbursements) $ 7,367 $ 8,096 $ 15,543 $ 16,268 Elimination of management fees from consolidated investment products (1) (13) (16) (26) (32) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) $ 7,354 $ 8,080 $ 15,517 $ 16,236 Fee waivers / expense reimbursements $ 115 $ 44 $ 210 $ 168 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (74) (1) (122) (104) Consolidated fee waivers / expense reimbursements $ 41 $ 43 $ 88 $ 64 (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, performance 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, performance fee or incentive allocation. Fees for managing the Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, Artisan Private Funds 2020 2019 2020 2019 Investment management fees (Gross of fee waivers/expense reimbursements) $ 1,535 $ 665 $ 2,815 $ 1,269 Elimination of management fees from consolidated investment products (1) (55) (42) (106) (82) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) $ 1,480 $ 623 $ 2,709 $ 1,187 Fee waivers / expense reimbursements $ 59 $ 29 $ 104 $ 82 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (17) (29) (30) (82) Consolidated fee waivers / expense reimbursements $ 42 $ — $ 74 $ — (1) Investment management fees and expense waivers related to consolidated investment products were eliminated from revenue upon consolidation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Distributions and dividends APAM, acting as the general partner of Artisan Partners Holdings, declared, effective July 28, 2020, a distribution by Artisan Partners Holdings of $37.0 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective July 28, 2020, a quarterly dividend of $0.67 per share of Class A common stock. The APAM dividend is payable on August 31, 2020, to shareholders of record as of August 17, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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, 2020 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 adopted the new guidance on January 1, 2020. The Company capitalized $593 thousand of software implementation costs and recorded $11 thousand of related amortization expense during the six months ended June 30, 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires entities to measure credit losses on financial assets based on expected losses rather than incurred losses. The guidance was effective on January 1, 2020 and requires a modified retrospective approach to adoption. The adoption of this guidance did not have an impact on the consolidated financial statements.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 As of December 31, 2019 Investments in equity securities $ 3,575 $ 7,543 Investments in equity securities accounted for under the equity method 1,722 16,335 Total investment securities $ 5,297 $ 23,878
Gain (Loss) on Investments	The table below presents the net investment income activity related to these investment securities: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Net gains (losses) recognized on investment securities $ 1,164 $ 1,108 $ (1,215) $ 2,723 Less: Net realized gains (losses) recognized on investment securities sold during the period 119 — 4,996 — Unrealized gains (losses) recognized on investment securities held as of the end of the period $ 1,045 $ 1,108 $ (6,211) $ 2,723

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 June 30, 2020 Assets Money market funds $ 70,846 $ — $ 70,846 $ — $ — Equity securities 5,297 69 5,228 — — December 31, 2019 Assets Money market funds $ 30,673 $ — $ 30,673 $ — $ — Equity securities 23,878 15,068 8,810 — —

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of borrowings	Artisan’s borrowings consist of the following as of June 30, 2020 and December 31, 2019: Maturity Outstanding Balance Interest Rate Per Annum Revolving credit agreement August 2022 $ — NA Senior notes Series C August 2022 90,000 5.82 % Series D August 2025 60,000 4.29 % Series E August 2027 50,000 4.53 % Total borrowings $ 200,000
Aggregate maturities of debt obligations	As of June 30, 2020, the aggregate maturities of debt obligations, based on their contractual terms, are as follows: 2020 $ — 2021 — 2022 90,000 2023 — 2024 — Thereafter 110,000 Total $ 200,000

Variable Interest Entities an_2

Variable Interest Entities and Consolidated Investment Products (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 June 30, 2020 Assets Money market funds $ 4,700 $ 4,700 $ — $ — Equity securities - long position 6,211 6,211 — — Fixed income instruments - long position 101,185 — 101,185 — Liabilities Fixed income instruments - short position $ 12,662 $ — $ 12,662 $ — Derivative liabilities 14 14 — — Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 December 31, 2019 Assets Money market funds $ 5,005 $ 5,005 $ — $ — Equity securities - long position 9,933 9,933 — — Fixed income instruments - long position 96,681 — 96,681 — Derivative assets 122 22 100 — Liabilities Fixed income instruments - short position $ 6,005 $ — $ 6,005 $ — Derivative liabilities 181 — 181 — CIP balances included in the Company’s Unaudited Condensed Consolidated Statements of Financial Condition were as follows: As of June 30, 2020 As of December 31, 2019 Net CIP assets included in the table above $ 99,420 $ 105,555 Net CIP assets/(liabilities) not included in the table above (20,311) (28,509) Total Net CIP assets 79,109 77,046 Less: redeemable noncontrolling interest 46,027 43,110 Artisan’s direct equity investment in CIPs $ 33,082 $ 33,936

Noncontrolling interest - Hol_2

Noncontrolling interest - Holdings (Tables)	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Schedule of Equity ownership Interests in Holdings	For the six months ended June 30, 2020, APAM’s equity ownership interest in Holdings increased as a result of the following transactions: Holdings GP Units Limited Partnership Units Total APAM Ownership % Balance at December 31, 2019 56,429,825 21,372,029 77,801,854 73 % 2020 Follow-On Offering 1,802,326 (1,802,326) — 2 % Holdings Common Unit Exchanges 2,349,247 (2,349,247) — 3 % Issuance of APAM Restricted Shares (1) 916,085 — 916,085 — % Delivery of Shares Underlying RSUs (1) 24,233 — 24,233 — % Restricted Share Award Net Share Settlement (1) (126,971) — (126,971) — % Forfeitures of Holdings GP Units from Employee Terminations (1) (40,101) — (40,101) — % Balance at June 30, 2020 61,354,644 17,220,456 78,575,100 78 % (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 Six Months Ended June 30, 2020 2019 Additional paid-in capital $ (2,089) $ (1,828) Noncontrolling interests - Artisan Partners Holdings 2,118 1,869 Accumulated other comprehensive income (loss) (29) (41) Net impact to financial condition $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Authorized and outstanding equity	APAM had the following authorized and outstanding equity as of June 30, 2020 and December 31, 2019, respectively: Outstanding Authorized As of June 30, 2020 As of December 31, 2019 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 61,354,644 56,429,825 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 5,589,292 7,803,364 1 vote per share None Class C, par value $0.01 per share 400,000,000 11,631,164 13,568,665 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 June 30, 2020, Artisan’s employees held 5,186,737 restricted shares of Class A common stock and all 5,589,292 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 six months ended June 30, 2020 and 2019: Type of Dividend Class of Stock For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Quarterly Class A Common $ 0.61 $ 0.55 $ 1.29 $ 1.11 Special Annual Class A Common $ — $ — $ 0.60 $ 1.03
Issuance (Cancellation) of Shares Disclosure	The following table summarizes APAM’s stock transactions for the six months ended June 30, 2020: Total Stock Outstanding Class A Common Stock (1) Class B Common Stock Class C Common Stock Balance at December 31, 2019 77,801,854 56,429,825 7,803,364 13,568,665 2020 Follow-On Offering — 1,802,326 (1,777,326) (25,000) Holdings Common Unit Exchanges — 2,349,247 (403,941) (1,945,306) Restricted Share Award Grants 916,085 916,085 — — Restricted Share Award Net Share Settlement (126,971) (126,971) — — Delivery of Shares Underlying RSUs 24,233 24,233 — — Employee/Partner Terminations (40,101) (40,101) (32,805) 32,805 Balance at June 30, 2020 78,575,100 61,354,644 5,589,292 11,631,164 (1) There were 304,570 and 297,891 restricted stock units outstanding at June 30, 2020 and December 31, 2019, respectively. In addition, there were 60,000 performance share units outstanding at June 30, 2020. Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share 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 six months ended June 30, 2020 and 2019, were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Holdings Partnership Distributions to Limited Partners $ 22,246 $ 25,733 $ 39,322 $ 48,324 Holdings Partnership Distributions to APAM 66,251 59,483 111,355 112,884 Total Holdings Partnership Distributions $ 88,497 $ 85,216 $ 150,677 $ 161,208

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Management fees Artisan Funds $ 109,697 $ 112,025 $ 224,376 $ 218,205 Artisan Global Funds 7,313 8,037 15,429 16,172 Separate accounts (1) 77,917 76,338 155,026 148,887 Performance fees Separate accounts (1) 8,015 4,327 10,947 4,425 Total revenues (2) $ 202,942 $ 200,727 $ 405,778 $ 387,689 (1) Separate account revenue consists of management fees and performance fees earned 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 June 30, 2020 As of December 31, 2019 Customer Artisan Funds $ 6,592 $ 6,703 Artisan Global Funds 3,226 3,588 Separate accounts 78,171 69,413 Total receivables from contracts with customers $ 87,989 $ 79,704 Non-customer receivables 6,117 2,164 Accounts receivable $ 94,106 $ 81,868

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Components of Compensation Expense	Total compensation and benefits consists of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Salaries, incentive compensation and benefits (1) $ 93,139 $ 89,521 $ 188,669 $ 177,229 Restricted share-based award compensation expense 9,065 11,965 18,252 23,539 Total compensation and benefits $ 102,204 $ 101,486 $ 206,921 $ 200,768 (1) Excluding restricted share-based award compensation expense
Restricted Share-Based Award Activity	The following tables summarize the restricted share-based award activity for the six months ended June 30, 2020: Weighted-Average Grant Date Fair Value Restricted Stock Awards and Restricted Stock Units Unvested at January 1, 2020 $ 35.00 5,005,422 Granted 33.80 919,455 Forfeited 30.71 (40,101) Vested 32.59 (588,144) Unvested at June 30, 2020 $ 35.09 5,296,632
Nonvested Restricted Stock Shares Activity	Weighted-Average Grant Date Fair Value Performance Share Units Unvested at January 1, 2020 $ — — Granted 52.45 60,000 Forfeited — — Vested — — Unvested at June 30, 2020 $ 52.45 60,000

Income Taxes and Related Paym_2

Income Taxes and Related Payments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Current: Federal $ 5,553 $ 3,073 $ 7,146 $ 4,386 State and local 1,651 800 2,519 1,315 Foreign 55 107 164 228 Total 7,259 3,980 9,829 5,929 Deferred: Federal 7,712 6,706 13,610 13,402 State and local 1,285 798 2,268 1,595 Total 8,997 7,504 15,878 14,997 Income tax expense $ 16,256 $ 11,484 $ 25,707 $ 20,926
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 six months ended June 30, 2020 is summarized as follows: Deferred Tax Asset - Amortizable basis Amounts payable under tax receivable agreements December 31, 2019 $ 408,140 $ 375,324 2020 Follow-On Offering 21,424 18,211 2020 Holdings Common Unit Exchanges 22,235 18,899 Amortization (17,586) — Payments under TRA — (20,318) June 30, 2020 $ 434,213 $ 392,116
Components of deferred tax assets	Net deferred tax assets comprise the following: As of June 30, 2020 As of December 31, 2019 Deferred tax assets: Amortizable basis (1) $ 434,213 $ 408,140 Other (2) 31,435 27,757 Total deferred tax assets 465,648 435,897 Less: valuation allowance (3) — — Net deferred tax assets $ 465,648 $ 435,897 (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)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, Basic and Diluted Earnings Per Share 2020 2019 2020 2019 Numerator: Net income attributable to APAM $ 46,151 $ 39,188 $ 80,976 $ 70,727 Less: Allocation to participating securities 6,001 5,340 12,155 12,524 Net income available to common stockholders $ 40,150 $ 33,848 $ 68,821 $ 58,203 Denominator: Weighted average shares outstanding 55,884,366 51,242,911 54,574,923 50,697,329 Earnings per share $ 0.72 $ 0.66 $ 1.26 $ 1.15
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 June 30, For the Six Months Ended June 30, Anti-Dilutive Weighted Average Shares Outstanding 2020 2019 2020 2019 Holdings limited partnership units 17,692,268 21,707,968 18,880,709 22,143,682 Unvested restricted share-based awards 5,402,581 5,162,101 5,290,103 5,019,710 Total 23,094,849 26,870,069 24,170,812 27,163,392

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, Artisan Funds 2020 2019 2020 2019 Investment management fees (Gross of fee waivers/expense reimbursements) $ 109,863 $ 112,124 $ 224,630 $ 218,405 Fee waivers / expense reimbursements $ 166 $ 99 $ 254 $ 200
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 June 30, For the Six Months Ended June 30, Artisan Global Funds 2020 2019 2020 2019 Investment management fees (Gross of fee waivers/expense reimbursements) $ 7,367 $ 8,096 $ 15,543 $ 16,268 Elimination of management fees from consolidated investment products (1) (13) (16) (26) (32) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) $ 7,354 $ 8,080 $ 15,517 $ 16,236 Fee waivers / expense reimbursements $ 115 $ 44 $ 210 $ 168 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (74) (1) (122) (104) Consolidated fee waivers / expense reimbursements $ 41 $ 43 $ 88 $ 64 (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 Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, Artisan Private Funds 2020 2019 2020 2019 Investment management fees (Gross of fee waivers/expense reimbursements) $ 1,535 $ 665 $ 2,815 $ 1,269 Elimination of management fees from consolidated investment products (1) (55) (42) (106) (82) Consolidated investment management fees (Gross of fee waivers / expense reimbursements) $ 1,480 $ 623 $ 2,709 $ 1,187 Fee waivers / expense reimbursements $ 59 $ 29 $ 104 $ 82 Elimination of fee waivers / expense reimbursements from consolidated investment products (1) (17) (29) (30) (82) Consolidated fee waivers / expense reimbursements $ 42 $ — $ 74 $ — (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)	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership interest	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Other Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable Interest Entity Consolidation Threshold	10.00%
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201815Member
Accounting Standards Update 2018-15 | Change in Accounting Principle Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized Computer Software, Additions	$ 593
Software implementation cost depreciation	$ 11

Investment Securities - Investm

Investment Securities - Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investments in equity securities	$ 3,575	$ 7,543
Investments in equity securities accounted for under the equity method	1,722	16,335
Total investment securities	$ 5,297	$ 23,878

Investment Securities - Other I

Investment Securities - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on investment securities	$ 1,164	$ 1,108	$ (1,215)	$ 2,723
Less: Net realized gains (losses) recognized on investment securities sold during the period	119	0	4,996	0
Unrealized gains (losses) recognized on investment securities held as of the end of the period	$ 1,045	$ 1,108	$ (6,211)	$ 2,723

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy of assets and liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 70,846	$ 30,673
Equity securities	5,297	23,878
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	69	15,068
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	70,846	30,673
Equity securities	5,228	8,810
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	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 200,000	$ 200,000
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%	4.29%
Senior notes | Series E
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 50,000	$ 50,000
Interest Rate Per Annum	4.53%	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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 200,000		$ 200,000		$ 200,000
Interest expense	$ 2,500	$ 2,600	$ 5,100	$ 5,300

Borrowings - Aggregate Maturiti

Borrowings - Aggregate Maturities of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020	$ 0
2021	0
2022	90,000
2023	0
2024	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	6 Months Ended
	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deconsolidation, Gain (Loss), Amount	$ 0
Amounts reclassified to investment securities upon deconsolidation		$ 1,500
Investments	5,297		$ 23,878
Less: redeemable noncontrolling interest	46,027		43,110
Artisan’s direct equity investment in CIPs	33,100
Variable Interest Entity, Not Primary Beneficiary [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Artisan’s direct equity investment in CIPs	1,700
Variable Interest Entity, Primary Beneficiary [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,800		9,005	$ 6,096
Investments	107,396		106,736
Investment liabilities, at fair value	12,676		6,186
Net CIP assets included in the table above	99,420		105,555
Net CIP assets/(liabilities) not included in the table above	(20,311)		(28,509)
Total Net CIP assets	79,109		77,046
Artisan’s direct equity investment in CIPs	33,082		33,936
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,700		5,005
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,211		9,933
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	101,185		96,681
Investment liabilities, at fair value	12,662		6,005
Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			122
Investment liabilities, at fair value	14		181
Level 1 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,700		5,005
Level 1 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,211		9,933
Level 1 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Investment liabilities, at fair value	0		0
Level 1 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			22
Investment liabilities, at fair value	14		0
Level 2 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 2 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 2 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	101,185		96,681
Investment liabilities, at fair value	12,662		6,005
Level 2 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			100
Investment liabilities, at fair value	0		181
Level 3 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 3 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 3 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Investment liabilities, at fair value	0		0
Level 3 | Fair Value, Measurements, Recurring | Variable Interest Entity, Primary Beneficiary [Member] | Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
Investment liabilities, at fair value	$ 0		$ 0

Noncontrolling interest - Hol_3

Noncontrolling interest - Holdings Share Issuances & Cancellations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			0
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)			2.00%
Restricted share award net share settlement (in shares)			(126,971)
Issuance of Class A common stock, net of issuance costs	$ (86)	$ (8)	$ 62,739	$ (18)
Delivery of Shares Underlying RSUs (in shares)			24,233
Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	78.00%		78.00%
Follow On Offering
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			0
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted share award net share settlement (in shares)			(126,971)
Ending balance (in shares)	61,354,644		61,354,644
Delivery of Shares Underlying RSUs (in shares)			24,233
Class A Common Stock | Follow On Offering
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			1,802,326
Limited Partnership Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			21,372,029
Holdings common unit exchanges (in shares)			(2,349,247)
Restricted share award net share settlement (in shares)			0
Forfeitures of Holdings GP Units from Employee Terminations (in shares)			0
Ending balance (in shares)	17,220,456		17,220,456
Delivery of Shares Underlying RSUs (in shares)			0
Limited Partnership Units | Follow On Offering
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			1,802,326
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			77,801,854
Holdings common unit exchanges (in shares)			0
Holdings of common unit exchanges, APAM ownership percentage			3.00%
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)			0.00%
Restricted share award net share settlement (in shares)			(126,971)
Forfeitures of Holdings GP Units from Employee Terminations (in shares)			(40,101)
Ending balance (in shares)	78,575,100		78,575,100
Capital Units | Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			73.00%
Ending balance	78.00%		78.00%
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			916,085
Restricted Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			916,085
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)			916,085
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)			0.00%
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax		$ 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	$ (2,089)	(1,737)	(1,568)	(1,828)
Non-controlling interests - Artisan Partners Holdings
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	2,118	1,753	1,717	1,869
Non-controlling interests - Artisan Partners Holdings | Deferred Tax Assets [Member]
Noncontrolling Interest [Line Items]
Net impact to financial condition			(2,000)	(600)
Accumulated other comprehensive income (loss)
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax	$ (29)	$ (16)	$ (149)	$ (41)
Common Stock
Noncontrolling Interest [Line Items]
Stock Repurchased and Retired During Period, Shares			0

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized and Outstanding Equity (Details)	Jun. 30, 2020vote$ / sharesshares	Dec. 31, 2019$ / sharesshares
Class of Stock [Line Items]
Common stock, shares, outstanding	78,575,100	77,801,854
Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,296,632	5,005,422
Holdings GP Units | Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,186,737
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	61,354,644	56,429,825
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	5,589,292	7,803,364
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	11,631,164	13,568,665
Common stock votes per share | vote	1

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	$ 0.61	$ 0.55	$ 1.89	$ 2.14
Quarterly
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	0.61	0.55	1.29	1.11
Special Annual
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	$ 0	$ 0	$ 0.60	$ 1.03

Stockholders' Equity - Share Ac

Stockholders' Equity - Share Activity by Class of Stock (Details) - shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	77,801,854
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	(126,971)
Delivery of Shares Underlying RSUs (in shares)	24,233
Ending balance (in shares)	78,575,100
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	56,429,825
Restricted share award net share settlement (in shares)	(126,971)
Delivery of Shares Underlying RSUs (in shares)	24,233
Ending balance (in shares)	61,354,644
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,803,364
Restricted share award net share settlement (in shares)	0
Delivery of Shares Underlying RSUs (in shares)	0
Ending balance (in shares)	5,589,292
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	13,568,665
Restricted share award net share settlement (in shares)	0
Delivery of Shares Underlying RSUs (in shares)	0
Ending balance (in shares)	11,631,164
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	916,085
Granted (in shares)	919,455
Restricted Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	916,085
Restricted Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock | Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)	304,570	297,891
Granted (in shares)	3,370
Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in period (in shares)	60,000
Granted (in shares)	60,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings Common Unit Exchanges (in shares)	0
Common Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings Common Unit Exchanges (in shares)	(2,349,247)
Common Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings Common Unit Exchanges (in shares)	(403,941)
Common Stock | Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings Common Unit Exchanges (in shares)	(1,945,306)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee/Partner Terminations (in shares)	(40,101)
Common Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee/Partner Terminations (in shares)	(40,101)
Common Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee/Partner Terminations (in shares)	(32,805)
Common Stock | Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee/Partner Terminations (in shares)	(32,805)
Follow On Offering
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Follow On Offering | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	1,802,326
Follow On Offering | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	1,777,326
Follow On Offering | Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	25,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - Artisan Partners Holdings LP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Distribution Made to Limited Partner [Line Items]
Holdings Partnership Distributions to Limited Partners	$ 22,246	$ 25,733	$ 39,322	$ 48,324
Holdings Partnership Distributions to APAM	66,251	59,483	111,355	112,884
Partners' Capital Account, Distributions, Total	$ 88,497	$ 85,216	$ 150,677	$ 161,208

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 202,942	$ 200,727	$ 405,778	$ 387,689
Total receivables from contracts with customers	87,989		87,989		$ 79,704
Non-customer receivables	6,117		6,117		2,164
Accounts receivable	94,106		94,106		81,868
Contract with customer, liability	0		0		0
Artisan Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	6,592		6,592		6,703
Artisan Global Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	3,226		3,226		3,588
Separate Accounts
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	78,171		78,171		$ 69,413
Management fees
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	194,927	196,400	394,831	383,264
Management fees | Artisan Funds
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	109,697	112,025	224,376	218,205
Management fees | Artisan Global Funds
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	7,313	8,037	15,429	16,172
Management fees | Separate Accounts
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	77,917	76,338	155,026	148,887
Performance fees
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	8,015	4,327	10,947	4,425
Performance fees | Separate Accounts
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 8,015	$ 4,327	$ 10,947	$ 4,425

Compensation and Benefits - Com

Compensation and Benefits - Components of expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries, incentive compensation and benefits	$ 93,139	$ 89,521	$ 188,669	$ 177,229
Compensation and benefits	102,204	101,486	206,921	200,768
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share-based award compensation expense	$ 9,065	$ 11,965	$ 18,252	$ 23,539

Compensation and Benefits - Add

Compensation and Benefits - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 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)	4,631,934
Unrecognized compensation expense	$ 97,100
Recognition period	3 years 4 months 24 days
Shares paid for tax withholding for share based compensation (in shares)	126,971
Taxes paid related to employee net share settlement	$ (4,530)	$ (1,824)
2020 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 34,100
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	919,455
Requisite service period	5 years
Unvested - Number of awards (in shares)	5,296,632		5,005,422
Restricted Stock Units RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	3,370
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	60,000
Requisite service period	3 years
Shares issued in period (in shares)	60,000
Unvested - Number of awards (in shares)	60,000		0
Performance Shares | Potential Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested - Number of awards (in shares)	90,000

Compensation and Benefits - Res

Compensation and Benefits - Restricted Share Activity (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted Stock
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)	5,005,422
Granted (in shares)	919,455
Forfeited (in shares)	(40,101)
Vested (in shares)	(588,144)
Ending balance (in shares)	5,296,632
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 35
Granted (in dollars per share) | $ / shares	33.80
Forfeited (in dollars per share) | $ / shares	30.71
Vested (in dollars per share) | $ / shares	32.59
Ending balance (in dollars per share) | $ / shares	$ 35.09
Restricted Stock Awards
Restricted Stock Awards and Restricted Stock Units
Granted (in shares)	916,085
Restricted Stock Units RSUs
Restricted Stock Awards and Restricted Stock Units
Granted (in shares)	3,370
Performance Shares
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)	0
Granted (in shares)	60,000
Forfeited (in shares)	0
Vested (in shares)	0
Ending balance (in shares)	60,000
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	52.45
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 52.45
Performance Shares | Potential Performance Shares
Restricted Stock Awards and Restricted Stock Units
Ending balance (in shares)	90,000

Income Taxes and Related Paym_3

Income Taxes and Related Payments - Additional information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)TRA	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Approximate percentage of earnings not subject to income taxes	25.00%
Effective tax rate	18.30%	16.00%
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	$ 1,500		$ 2,000
Deferred Tax Asset - Amortizable basis
Deferred tax assets, beginning	408,140
2020 Holdings Common Unit Exchanges	22,235
Amortization	(17,586)
Deferred tax assets, ending	434,213
Amounts payable under tax receivable agreements
Amounts payable under tax receivable, beginning agreements	375,324
Establishment of amounts payable under tax receivable agreements	37,110	$ 8,894
Payment under the tax receivable agreements	(20,318)	$ (19,009)
Amounts payable under tax receivable, ending agreements	392,116
Unrecognized tax benefits, income tax penalties accrued	300
Unrecognized tax benefits	$ 1,500		$ 2,000
Statutory tax rate	21.00%
Capital Unit
Amounts payable under tax receivable agreements
Establishment of amounts payable under tax receivable agreements	$ 18,899
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Current:
Federal	$ 5,553	$ 3,073	$ 7,146	$ 4,386
State and local	1,651	800	2,519	1,315
Foreign	55	107	164	228
Total	7,259	3,980	9,829	5,929
Deferred:
Federal	7,712	6,706	13,610	13,402
State and local	1,285	798	2,268	1,595
Total	8,997	7,504	15,878	14,997
Income tax expense	$ 16,256	$ 11,484	$ 25,707	$ 20,926

Income Taxes and Related Paym_5

Income Taxes and Related Payments - Components of deferred tax assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Deferred tax assets:
Amortizable basis	$ 434,213		$ 408,140
Other	31,435		27,757
Total deferred tax assets	465,648		435,897
Less: valuation allowance	0		0
Deferred tax assets	465,648		$ 435,897
Deferred Tax Assets, Exchanges	22,235
Non cash Transaction Initial Establishment of Amounts Payable Under Tax Receivable Agreements	37,110	$ 8,894
Follow On Offering
Deferred Tax Assets, Exchanges	21,424
Non cash Transaction Initial Establishment of Amounts Payable Under Tax Receivable Agreements	$ 18,211

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income attributable to APAM	$ 46,151	$ 39,188	$ 80,976	$ 70,727
Less: Allocation to participating securities	6,001	5,340	12,155	12,524
Net income available to common stockholders	$ 40,150	$ 33,848	$ 68,821	$ 58,203
Basic and diluted weighted average number of common share outstanding (in shares)	55,884,366	51,242,911	54,574,923	50,697,329
Earnings per share (in dollars per share)	$ 0.72	$ 0.66	$ 1.26	$ 1.15
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	23,094,849	26,870,069	24,170,812	27,163,392
Holdings limited partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	17,692,268	21,707,968	18,880,709	22,143,682
Unvested restricted share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	5,402,581	5,162,101	5,290,103	5,019,710

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Artisan Funds
Related Party Transaction [Line Items]
Investment management fees	$ 109,863	$ 112,124	$ 224,630	$ 218,405
Fee waiver / expense reimbursement	166	99	$ 254	200
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	7,354	8,080	$ 15,517	16,236
Fee waiver / expense reimbursement	41	43	$ 88	64
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	1,480	623	$ 2,709	1,187
Fee waiver / expense reimbursement	42	0	$ 74	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	(13)	(16)	$ (26)	(32)
Fee waiver / expense reimbursement	(74)	(1)	(122)	(104)
Consolidation, Eliminations | Artisan Private Funds
Related Party Transaction [Line Items]
Investment management fees	(55)	(42)	(106)	(82)
Fee waiver / expense reimbursement	(17)	(29)	(30)	(82)
Subsidiaries | Artisan Global Funds
Related Party Transaction [Line Items]
Investment management fees	7,367	8,096	15,543	16,268
Fee waiver / expense reimbursement	115	44	210	168
Subsidiaries | Artisan Private Funds
Related Party Transaction [Line Items]
Investment management fees	1,535	665	2,815	1,269
Fee waiver / expense reimbursement	$ 59	$ 29	$ 104	$ 82

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions	Jul. 28, 2020USD ($)$ / shares
Subsequent Event [Line Items]
Distribution made to limited partner, Cash distributions declared | $	$ 37
Quarterly | Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares	$ 0.67

Uncategorized Items - apam-2020

Label	Element	Value
Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Fair Value Disclosure	us-gaap_DebtInstrumentFairValue	$ 205,000,000