Artisan Partners Asset Management (APAM) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2024	Apr. 24, 2024	Dec. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
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 (in shares)		69,906,602
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 (in shares)		1,718,821
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 (in shares)		8,749,411

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Accounts receivable	$ 113,382	$ 101,169
Property and equipment, net	45,857	46,638
Deferred tax assets	438,321	436,529
Prepaid expenses and other assets	20,043	20,348
Operating lease assets	91,417	94,747
Total assets	1,516,001	1,405,858
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accrued incentive compensation	129,762	52,226
Borrowings	199,308	199,267
Operating lease liabilities	109,809	113,391
Amounts payable under tax receivable agreements	375,599	364,048
Total liabilities	898,972	802,101
Commitments and contingencies
Redeemable noncontrolling interests	263,243	252,406
Additional paid-in capital	201,519	193,722
Retained earnings	120,644	132,126
Accumulated other comprehensive income (loss)	(2,628)	(2,496)
Total Artisan Partners Asset Management Inc. stockholders’ equity	320,338	324,151
Noncontrolling interests - Artisan Partners Holdings	33,448	27,200
Total stockholders’ equity	353,786	351,351
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity	1,516,001	1,405,858
Consolidated Entity, Excluding VIE
ASSETS
Cash and cash equivalents	184,234	141,008
Investment securities	206,686	150,522
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	33,032	25,509
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	44,353	37,459
Investment securities	361,708	364,095
Accounts receivable and other	10,000	13,343
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other	44,337	38,080
Investment liabilities, at fair value	7,125	9,580
Class A Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	699	685
Class B Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	17	24
Class C Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	$ 87	$ 90

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares, outstanding (in shares)	80,374,834	80,014,764
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 (in shares)	69,906,602	68,554,078
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 (in shares)	1,718,821	2,435,739
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 (in shares)	8,749,411	9,024,947

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from contract with customers	$ 264,351	$ 234,509
Total revenues	264,351	234,509
Operating Expenses
Compensation and benefits	149,880	131,512
Distribution, servicing and marketing	6,391	5,617
Occupancy	7,281	7,030
Communication and technology	13,502	12,430
General and administrative	9,654	9,613
Total operating expenses	186,708	166,202
Total operating income	77,643	68,307
Non-operating income (expense)
Interest expense	(2,061)	(2,056)
Interest income on cash and cash equivalents and other	1,778	524
Total non-operating income (expense)	31,026	22,141
Income before income taxes	108,669	90,448
Provision for income taxes	21,965	18,647
Net income before noncontrolling interests	86,704	71,801
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings	12,935	12,037
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products	14,288	9,011
Net income attributable to Artisan Partners Asset Management Inc.	$ 59,481	$ 50,753
Basic earnings per share (in dollars per share)	$ 0.84	$ 0.72
Diluted earnings per share (in dollars per share)	$ 0.84	$ 0.72
Basic weighted average number of common shares outstanding (in shares)	64,319,977	63,231,797
Diluted weighted average number of common shares outstanding (in shares)	64,355,247	63,247,163
Dividends declared per Class A common share (in dollars per share)	$ 1.02	$ 0.90
Variable Interest Entity, Primary Beneficiary
Non-operating income (expense)
Net investment gain (loss)	$ 19,184	$ 14,940
Consolidated Entity Excluding Variable Interest Entities (VIE)
Non-operating income (expense)
Net investment gain (loss)	12,125	8,733
Management fees
Revenue from contract with customers	264,322	234,440
Performance fees
Revenue from contract with customers	$ 29	$ 69

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income before noncontrolling interests	$ 86,704	$ 71,801
Foreign currency translation gain (loss)	(128)	433
Total other comprehensive income (loss)	(128)	433
Comprehensive income	86,576	72,234
Comprehensive income attributable to Artisan Partners Asset Management Inc.	59,767	51,093
Artisan Partners Holdings LP
Comprehensive income attributable to noncontrolling interests	12,521	12,130
Consolidated Investment Products
Comprehensive income attributable to noncontrolling interests	$ 14,288	$ 9,011

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Artisan Partners Holdings
Balance at beginning of period at Dec. 31, 2022	$ 279,357	$ 680	$ 26	$ 90	$ 171,416	$ 93,088	$ (3,079)	$ 17,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	71,801					50,753		12,037
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	62,790
Other comprehensive income - foreign currency translation	433						356	77
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				376		(15)	(361)
Amortization of equity-based compensation	10,314				9,006			1,308
Deferred tax assets, net of amounts payable under tax receivable agreements	340				340
Issuance of Class A common stock, net of issuance costs	(84)	0			(84)
Issuance of restricted stock awards	0	6			(6)
Employee net share settlement	(6,758)	(2)			(5,775)	0		(981)
Exchange of subsidiary equity	0	1	(1)	0
Distributions	(3,327)							(3,327)
Dividends	(61,835)				0	(61,791)		(44)
Balance at end of period at Mar. 31, 2023	281,230	685	25	90	175,273	82,050	(2,738)	25,845
Beginning balance at Dec. 31, 2022	135,280
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	9,011
Capital contributions, net	17,071
Ending balance at Mar. 31, 2023	161,362
Balance at beginning of period at Dec. 31, 2023	351,351	685	24	90	193,722	132,126	(2,496)	27,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	86,704					59,481		12,935
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	72,416
Other comprehensive income - foreign currency translation	(128)						(110)	(18)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				2,691		(22)	(2,669)
Amortization of equity-based compensation	9,226				8,108			1,118
Deferred tax assets, net of amounts payable under tax receivable agreements	2,877				2,877
Issuance of restricted stock awards	0	5			(5)
Employee net share settlement	(6,831)	(1)			(5,874)	0		(956)
Exchange of subsidiary equity	0	10	(7)	(3)
Distributions	(4,116)							(4,116)
Dividends	(71,009)				0	(70,963)		(46)
Balance at end of period at Mar. 31, 2024	353,786	$ 699	$ 17	$ 87	$ 201,519	$ 120,644	$ (2,628)	$ 33,448
Beginning balance at Dec. 31, 2023	252,406
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	14,288
Capital contributions, net	18,165
Impact of deconsolidation of CIPs	(21,616)
Ending balance at Mar. 31, 2024	$ 263,243

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income before noncontrolling interests	$ 86,704	$ 71,801
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,388	2,197
Deferred income taxes	12,637	12,147
Noncash lease expense (benefit)	(730)	(171)
Net investment (gain) loss on nonconsolidated investment securities	(12,125)	(8,728)
(Gain) loss on disposal of property and equipment	29	2
Amortization of debt issuance costs	110	111
Share-based compensation	9,226	10,314
Net investment (gain) loss of consolidated investment products	(19,184)	(14,940)
Purchase of investments by consolidated investment products	(99,938)	(69,281)
Proceeds from sale of investments by consolidated investment products	80,353	53,283
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable	(6,888)	671
Prepaid expenses and other assets	519	604
Accounts payable and accrued expenses	87,122	72,772
Net change in operating assets and liabilities of consolidated investment products including net investment income	6,796	(9,846)
Net cash provided by operating activities	147,019	120,936
Cash flows from investing activities
Acquisition of property and equipment	(116)	(346)
Leasehold improvements	(1,746)	(2,725)
Proceeds from sale of investment securities	3,853	2,465
Purchase of investment securities	(31,103)	(35,597)
Net cash used in investing activities	(29,112)	(36,203)
Cash flows from financing activities
Partnership distributions	(4,116)	(3,327)
Dividends paid	(71,009)	(61,835)
Taxes paid related to employee net share settlement	(6,831)	(6,758)
Capital contributions to consolidated investment products, net	18,165	17,071
Net cash used in financing activities	(63,791)	(54,849)
Net increase in cash, cash equivalents, and restricted cash	54,116	29,884
Net cash impact of deconsolidation of CIPs	(3,996)	0
Cash, cash equivalents and restricted cash
Beginning of period	178,467	143,248
End of period	228,587	173,132
Cash, cash equivalents and restricted cash as of the end of the period
Cash, cash equivalents and restricted cash	228,587	173,132
Noncash activity:
Establishment of deferred tax assets	14,429	1,358
Establishment of amounts payable under tax receivable agreements	11,552	1,018
Increase in investment securities due to deconsolidation of CIPs	23,831	0
Operating lease assets obtained in exchange for operating lease liabilities	0	78
Settlement of franchise capital liability via transfer of investment securities	1,774	1,411
Consolidated Entity, Excluding VIE
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents	184,234	150,628
Cash and cash equivalents	184,234	150,628
Variable Interest Entity, Primary Beneficiary
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents	44,353	22,504
Cash and cash equivalents	$ 44,353	$ 22,504

Nature of Business and Organiza

Nature of Business and Organization	3 Months Ended
	Mar. 31, 2024
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 its 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 March 31, 2024, APAM held approximately 87% 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 mutual funds registered under the Investment Company Act of 1940, as amended. Artisan Global Funds is a family of Ireland-domiciled UCITS funds. Artisan Private Funds consist of a number of Artisan-sponsored unregistered pooled investment vehicles.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, Artisan had a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds 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. Reclassification In conjunction with annual reporting on Form 10-K for the year ended December 31, 2023, the Company changed the presentation of “Other net investment gain (loss)” within the Consolidated Statements of Operations to expand its disaggregation of the components comprising this balance. “Other net investment gain (loss)” has been replaced by “Interest income on cash and cash equivalents and other” and “Net investment gain (loss) of nonconsolidated investment products” within the Non-operating income (expense) section of the Consolidated Statements of Operations. Amounts for the comparative prior fiscal year periods have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported operating income, non-operating income, net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through requirements for more detailed information about significant segment expenses. The Company is required to adopt the guidance for the year ending December 31, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance for the year ending December 31, 2025. The Company is currently evaluating the impact of this ASU on its consolidated financial statements .

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of December 31, 2023 Investments in equity securities $ 193,658 $ 139,240 Investments in equity securities accounted for under the equity method 13,028 11,282 Total investment securities $ 206,686 $ 150,522 Artisan’s investments in equity securities consist of investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. As of March 31, 2024 and December 31, 2023, $136.9 million and $107.0 million, respectively, of Artisan's investment securities were related to funded long-term incentive compensation plans (excluding investments in consolidated investment products). Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows: For the Three Months Ended March 31, 2024 2023 Unrealized gain (loss) on investment securities held at the end of the period $ 5,928 $ 7,891

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 the fair value of Artisan’s assets and liabilities that are financial instruments as of March 31, 2024 and December 31, 2023: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 March 31, 2024 Assets Money market funds 1 $ 160,361 $ — $ 160,361 $ — $ — Equity securities 206,686 12,434 194,252 — — December 31, 2023 Assets Money market funds 1 $ 118,768 $ — $ 118,768 $ — $ — Equity securities 150,522 10,744 139,778 — — 1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition. 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	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Note 5. Borrowings Artisan’s borrowings consist of the following as of March 31, 2024 and December 31, 2023: Maturity (1) As of March 31, 2024 As of December 31, 2023 Interest Rate Per Annum Revolving credit agreement August 2027 $ — $ — NA Senior notes Series D August 2025 60,000 60,000 4.29 % Series E August 2027 50,000 50,000 4.53 % Series F August 2032 90,000 90,000 3.10 % Total gross borrowings 200,000 200,000 Debt issuance costs (692) (733) Total borrowings $ 199,308 $ 199,267 (1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity. The fair value of borrowings was approximately $183.2 million as of March 31, 2024. 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.” The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received. As of March 31, 2024, there were no borrowings outstanding under the $100.0 million revolving credit facility and the interest rate on the unused commitment was 0.15%. Interest expense incurred on the unsecured notes and revolving credit agreement was $1.9 million for the three months ended March 31, 2024 and 2023.

Variable Interest Entities and

Variable Interest Entities and Consolidated Investment Products	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements, Recurring and Non-recurring [Abstract]
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. See Note 2, ”Summary of Significant Accounting Policies.” Any such entities are collectively referred to herein as consolidated investment products or CIPs. As of March 31, 2024, Artisan is considered to have a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds, with an aggregate direct equity investment in the consolidated investment products of $101.4 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 and performance fees 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 and performance fees earned from CIPs are eliminated from revenue upon consolidation. See Note 14, “Related Party Transactions” for additional information on management and performance fees earned from CIPs. Third-party investors’ ownership interest in CIPs is presented as redeemable noncontrolling interests 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 (loss) attributable to noncontrolling interests - consolidated investment products in the unaudited consolidated statements of operations. During the three months ended March 31, 2024, the Company determined that it no longer had a controlling financial interest in one series of Artisan Funds as a result of third party capital contributions. Upon loss of control, the fund 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 statement of operations for the three months ended March 31, 2024. Artisan generally does not recognize a gain or loss upon deconsolidation of investment products as the assets and liabilities of CIPs are carried at fair value. Artisan’s $23.8 million direct equity investment was reclassified from investment assets of consolidated investment products to investment securities. As of March 31, 2024, Artisan held direct equity investments of $13.0 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 Investments held by CIPs are reflected at 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 prices provided by independent 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. Short-term investments are comprised of repurchase agreements and U.S. Treasury obligations. Repurchase agreements are valued at cost plus accrued interest and U.S. treasury obligations are valued using the same principles as fixed income securities. Derivative assets and liabilities are generally comprised of put and call options on securities and indices and forward foreign currency contracts. Put and call options are valued at the mid price (average of bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Open forward foreign currency contracts are valued using the market spot rate. The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of March 31, 2024 and December 31, 2023: Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 March 31, 2024 Assets Money market funds $ 37,891 $ 37,891 $ — $ — Equity securities - long position 62,696 61,178 1,518 — Fixed income instruments - long position 298,259 — 291,300 6,959 Derivative assets 753 7 746 — Liabilities Fixed income instruments - short position $ 6,302 $ — $ 6,302 $ — Derivative liabilities 823 104 719 — Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 December 31, 2023 Assets Money market funds $ 18,156 $ 18,156 $ — $ — Equity securities - long position 42,693 40,838 1,855 — Fixed income instruments - long position 315,183 — 309,110 6,073 Derivative assets 1,004 — 1,004 — Short-term investments 5,215 — 5,215 — Liabilities Fixed income instruments - short position $ 7,392 $ — $ 7,392 $ — Derivative liabilities 2,188 843 1,345 — CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows: As of March 31, 2024 As of December 31, 2023 Net CIP assets included in the table above $ 392,474 $ 372,671 Net CIP assets/(liabilities) not included in the table above (27,875) (5,434) Total Net CIP assets 364,599 367,237 Less: redeemable noncontrolling interests 263,243 252,406 Artisan’s direct equity investment in CIPs $ 101,356 $ 114,831

Noncontrolling Interests - Hold

Noncontrolling Interests - Holdings	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests - 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 March 31, 2024, APAM held approximately 87% 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 three months ended March 31, 2024, 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, 2023 68,554,078 11,460,686 80,014,764 86 % Holdings Common Unit Exchanges 992,454 (992,454) — 1 % Issuance of APAM Restricted Shares (1) 495,772 — 495,772 — % Delivery of Shares Underlying RSUs and PSUs (1) 28,795 — 28,795 — % Restricted Share Award Net Share Settlement (1) (149,172) — (149,172) — % Forfeitures from Employee Terminations (1) (15,325) — (15,325) — % Balance at March 31, 2024 69,906,602 10,468,232 80,374,834 87 % (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: Statements of Financial Condition For the Three Months Ended March 31, 2024 2023 Additional paid-in capital $ 2,691 $ 376 Noncontrolling interests - Artisan Partners Holdings (2,669) (361) Accumulated other comprehensive income (loss) (22) (15) Net impact to financial condition $ — $ — In addition to the reallocation of historical equity, the change in ownership resulted in an increase to deferred tax assets and additional paid-in capital of $0.8 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity APAM - Stockholders’ Equity APAM had the following authorized and outstanding equity as of March 31, 2024 and December 31, 2023. Outstanding Authorized As of March 31, 2024 As of December 31, 2023 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 69,906,602 68,554,078 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 1,718,821 2,435,739 1 vote per share None Class C, par value $0.01 per share 400,000,000 8,749,411 9,024,947 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 March 31, 2024, Artisan’s employees held 5,223,507 restricted shares of Class A common stock and all 1,718,821 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 share of ownership each has 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 months ended March 31, 2024 and 2023: Type of Dividend Class of Stock For the Three Months Ended March 31, 2024 2023 Quarterly Class A Common $ 0.68 $ 0.55 Special Annual Class A Common $ 0.34 $ 0.35 The following table summarizes APAM’s stock transactions for the three months ended March 31, 2024: Total Stock Outstanding Class A Common Stock (1) Class B Common Stock Class C Common Stock Balance at December 31, 2023 80,014,764 68,554,078 2,435,739 9,024,947 Holdings Common Unit Exchanges — 992,454 (642,454) (350,000) Restricted Share Award Grants 495,772 495,772 — — Restricted Share Award Net Share Settlement (149,172) (149,172) — — Delivery of Shares Underlying RSUs and PSUs 28,795 28,795 — — Employee/Partner Terminations (15,325) (15,325) (74,464) 74,464 Balance at March 31, 2024 80,374,834 69,906,602 1,718,821 8,749,411 (1) There were 395,965 and 361,215 restricted stock units outstanding at March 31, 2024 and December 31, 2023, respectively. In addition, there were 176,192 and 216,170 performance share units outstanding at March 31, 2024 and December 31, 2023, respectively. Based on the quarter-end status of the market and performance conditions, the 176,192 unvested performance share units would ultimately result in the issuance of 224,162 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 as required. 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 months ended March 31, 2024 and 2023 were as follows: For the Three Months Ended March 31, 2024 2023 Holdings Partnership Distributions to Limited Partners $ 4,116 $ 3,327 Holdings Partnership Distributions to APAM 26,112 19,672 Total Holdings Partnership Distributions $ 30,228 $ 22,999 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	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue From Contracts with Customers	Note 9. Revenue From Contracts with Customers The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Management fees Artisan Funds $ 153,002 $ 134,393 Artisan Global Funds 12,460 10,239 Separate accounts and other (1) 98,860 89,808 Performance fees Separate accounts and other (1) 29 69 Total revenues (2) $ 264,351 $ 234,509 (1) Separate accounts and other revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and 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. See Note 14, “Related Party Transactions.” The following table presents the balances of receivables related to contracts with customers: Customer As of March 31, 2024 As of December 31, 2023 Artisan Funds $ 10,483 $ 8,251 Artisan Global Funds 5,812 5,047 Separate accounts and other 85,583 81,441 Total receivables from contracts with customers 101,878 94,739 Non-customer receivables 11,504 6,430 Accounts receivable $ 113,382 $ 101,169 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 accounts and other 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 March 31, 2024 or December 31, 2023. Non-customer receivables include state tax payments made on behalf of certain limited partners, which are then netted from subsequent distributions or payments to the limited partners, as well as redemptions of investments that have not yet been collected.

Compensation and Benefits

Compensation and Benefits	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Compensation and Benefits	Note 10. Compensation and Benefits Total compensation and benefits consist of the following: For the Three Months Ended March 31, 2024 2023 Salaries, incentive compensation and benefits (1) $ 129,098 $ 115,550 Long-term cash incentive compensation expense 12,503 6,984 Restricted share-based award compensation expense 8,279 8,978 Long-term incentive compensation expense 20,782 15,962 Total compensation and benefits $ 149,880 $ 131,512 (1) Excluding long-term incentive compensation expense Incentive compensation Cash incentive compensation paid to members of Artisan’s investment teams and members of its distribution team is generally based on formulas that are tied directly to revenues. The majority of this incentive compensation is earned on a quarterly basis and paid in the quarter following the quarter in which it was earned with the exception of fourth quarter incentive compensation which is earned and paid in the fourth quarter of the year. Cash incentive compensation paid to most other employees is determined based on individual performance and Artisan’s overall results during the applicable year and is generally paid on an annual basis. Long-term incentive compensation awards consist of both APAM restricted share-based awards and long-term cash awards, which are referred to as franchise capital awards. These awards are described in more detail below. Restricted share-based awards 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) condition. 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 related to unvested shares will be reversed. 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 adjusted 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. For certain awards granted in 2024, the pro rata five-year service vesting condition is not applicable if the employee has a qualified retirement after meeting an age plus number of years of service with the Company condition. 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 PSUs. If an employee is eligible to fully vest in an award upon a qualified retirement, the requisite service period is equal to the employee’s required retirement notice period, which is generally 18 months. The fair value of each award is equal to the market price of the Company's common stock on the grant date, except for PSUs 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. Grantees are generally entitled to dividends or dividend equivalents on unvested and vested awards. 5,889,456 shares of Class A common stock were reserved and available for issuance under the Artisan Partners Asset Management, Inc. 2023 Omnibus Incentive Compensation Plan (the "Plan") at March 31, 2024. During the three months ended March 31, 2024, Artisan granted 495,772 restricted stock awards and 1,281 restricted stock units. The following tables summarize the restricted share-based award activity for the three months ended March 31, 2024: Weighted-Average Grant Date Fair Value Restricted Stock Awards and Restricted Stock Units Unvested at January 1, 2024 $ 38.84 5,351,492 Granted 41.96 497,053 Forfeited 43.60 (15,325) Vested 37.58 (499,385) Unvested at March 31, 2024 $ 39.23 5,333,835 Weighted-Average Grant Date Fair Value Performance Share Units Unvested at January 1, 2024 (2) $ 54.89 216,170 Granted — — Forfeited — — Adjustment for performance results achieved (1) 45.72 3 Vested (1) 50.52 (39,981) Unvested at March 31, 2024 (2) $ 37.86 176,192 (1) During the three months ended March 31, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A Common Stock were delivered in the three months ended March 31, 2024 while the remaining 35,252 shares remain subject to the qualified retirement provision. (2) 80,252 and 45,000 PSUs at March 31, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying retirement vesting condition. Based on the quarter-end status of the market and performance conditions, the 176,192 unvested PSUs would ultimately result in the issuance of 224,162 shares of Class A common stock if all other vesting conditions were met. The unrecognized compensation expense for the unvested restricted stock awards and restricted stock units as of March 31, 2024 was $74.1 million with a weighted average recognition period of 3.1 years remaining. The unrecognized compensation expense for the unvested PSUs as of March 31, 2024 was $2.6 million with a weighted average recognition period of 1.7 years remaining. During the three months ended March 31, 2024, the Company withheld a total of 161,650 restricted shares and paid a total of $6.8 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. Long-term cash awards (franchise capital awards) During the three months ended March 31, 2024, Artisan granted $38.4 million of franchise capital awards to investment team members in lieu of certain additional restricted share-based awards. The franchise capital awards are subject to the same long-term vesting and forfeiture provisions as restricted share-based awards. Prior to vesting, franchise capital awards are generally allocated to one or more of the investment strategies managed by the award recipient's investment team. During the vesting period, the value of the awards will increase or decrease based on the investment returns of the strategies to which the awards are allocated. Compensation expense, including the appreciation or depreciation related to investment returns, is recognized on a straight-line basis over the required service period, which is generally five years. If an employee is eligible to fully vest in an award upon a qualified retirement, the requisite service period for that award is equal to the employee’s required retirement notice period, which is generally 18 months. Because the awards will generally be paid out in cash upon vesting, the fair value of unvested awards is recorded as a liability based on the percentage of the service requirement that has been completed. The Company hedges its economic exposure to the change in value of these awards due to market movements by investing the cash reserved for the awards in the underlying investments. The franchise capital award liability and the underlying investment holdings are marked to market each quarter. The change in value of the award liability is recognized as a compensation expense on a straight-line basis over the required service period. The change in value of the underlying investment holdings is recognized in non-operating income (expense) in the period of change. While there is a timing difference between the recognition of the compensation expense and the offsetting investment gain or loss, the compensation expense and investment income will net to zero at the end of the multi-year vesting period for all awards that ultimately vest. The change in value of the investments had the following impact on the unaudited consolidated statements of operations: For the Three Months Ended March 31, Statement of Operations Section Statement of Operations Line Item 2024 2023 Operating expenses (benefit) Compensation and benefits $ 3,925 $ 1,732 Non-operating income (expense) Net investment gain (loss) of nonconsolidated investment products 9,614 7,018 Non-operating income (expense) Net investment gain (loss) of consolidated investment products 831 188 The franchise capital award liability was $41.4 million and $33.0 million as of March 31, 2024 and December 31, 2023, respectively, and is included in accrued incentive compensation in the unaudited consolidated statements of financial condition. The unrecognized compensation expense for the unvested franchise capital awards as of March 31, 2024 was $118.2 million with a weighted average recognition period of 3.3 years remaining.

Income Taxes and Related Paymen

Income Taxes and Related Payments	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024, approximately 14% 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 tax deductible dividends paid on unvested restricted share-based awards and excess income tax benefits from the vesting of restricted share-based awards. APAM’s effective tax rate was 20.2% and 20.6% for the three months ended March 31, 2024 and 2023, respectively. Components of the provision for income taxes consist of the following: For the Three Months Ended March 31, 2024 2023 Current: Federal $ 7,066 $ 4,748 State and local 2,021 1,561 Foreign 241 191 Total 9,328 6,500 Deferred: Federal 10,744 10,328 State and local 1,893 1,819 Total 12,637 12,147 Income tax expense (benefit) $ 21,965 $ 18,647 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 and (ii) 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 from the due date (without extension) of such tax return until such payments are made. Amounts payable under the TRAs 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 three months ended March 31, 2024 is summarized as follows: Deferred Tax Asset - Amortizable Basis Amounts Payable Under TRAs December 31, 2023 $ 384,423 $ 364,048 2024 Holdings Common Unit Exchanges 13,590 11,551 Amortization (11,416) — March 31, 2024 $ 386,597 $ 375,599 Net deferred tax assets comprise the following: As of March 31, 2024 As of December 31, 2023 Deferred tax assets: Amortizable basis (1) $ 386,597 $ 384,423 Other (2) 51,724 52,106 Total deferred tax assets 438,321 436,529 Less: valuation allowance (3) — — Net deferred tax assets $ 438,321 $ 436,529 (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 Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. 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 $0.2 million as of March 31, 2024 and December 31, 2023. 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 unrecognized tax benefits was less than $0.1 million as of March 31, 2024 and December 31, 2023. 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 March 31, 2024, U.S. federal income tax returns filed for the years 2020 through 2022 are open and therefore subject to examination. State, local and foreign income tax returns filed are generally subject to examination from 2019 to 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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. Except for certain performance share units, 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. Diluted earnings per share is computed under the more dilutive of the treasury stock method or the two-class method. The weighted average number of Class A common shares outstanding during the period is increased by the assumed conversion of nonparticipating unvested share-based awards into Class A common stock using the treasury stock method. The computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 were as follows: For the Three Months Ended March 31, Basic and Diluted Earnings Per Share 2024 2023 Numerator: Net income attributable to APAM $ 59,481 $ 50,753 Less: Allocation to participating securities 5,464 4,952 Net income available to common stockholders $ 54,017 $ 45,801 Denominator: Basic weighted average shares outstanding 64,319,977 63,231,797 Dilutive effect of nonparticipating share-based awards 35,270 15,366 Diluted weighted average shares outstanding 64,355,247 63,247,163 Earnings per share - Basic $ 0.84 $ 0.72 Earnings per share - Diluted $ 0.84 $ 0.72 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. The Holdings limited partnership units are anti-dilutive primarily due to the impact of public company expenses. Unvested restricted share-based awards with non-forfeitable dividend rights during the vesting period 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 March 31, Anti-Dilutive Weighted Average Shares Outstanding 2024 2023 Holdings limited partnership units 10,903,365 11,562,980 Unvested restricted share-based awards 5,473,187 5,538,027 Total 16,376,552 17,101,007

Indemnifications

Indemnifications	3 Months Ended
	Mar. 31, 2024
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 the Company 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	3 Months Ended
	Mar. 31, 2024
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. Holdings also makes estimated state tax payments on behalf of certain limited partners, including related parties. These payments are then netted from subsequent distributions or payments to the limited partners. At March 31, 2024 and December 31, 2023, accounts receivable included $1.4 million and $0.2 million, respectively, of partnership tax reimbursements due from Holdings’ limited partners, including related parties. 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 0.60% to 1.05%. Artisan has contractually agreed to 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 0.83% 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. Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows: For the Three Months Ended March 31, Artisan Funds 2024 2023 Investment advisory fees (Gross of expense reimbursements) $ 153,312 $ 134,777 Elimination of fees from consolidated investment products (1) — (85) Consolidated investment advisory fees (Gross of expense reimbursements) $ 153,312 $ 134,692 Expense reimbursements $ 311 $ 448 Elimination of expense reimbursements from consolidated investment products (1) — (149) Consolidated expense reimbursements $ 311 $ 299 (1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation. 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 0.50% 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. Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows: For the Three Months Ended March 31, Artisan Global Funds 2024 2023 Investment advisory fees (Gross of expense reimbursements) $ 12,609 $ 10,305 Elimination of fees from consolidated investment products (1) (123) (66) Consolidated investment advisory fees (Gross of expense reimbursements) $ 12,486 $ 10,239 Expense reimbursements $ 189 $ 90 Elimination of expense reimbursements from consolidated investment products (1) (163) (90) Consolidated expense reimbursements $ 26 $ — (1) Investment advisory fees and expense reimbursements related to consolidated investment products are 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, Artisan has agreed to reimburse certain funds 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. The directors of Artisan Private Funds and the officers of the general partners of the Artisan Private Funds who are affiliated with Artisan receive no compensation from the funds. Artisan and certain related parties, including employees, officers and members of the Company’s Board, have invested in one or more of the Artisan Private Funds and, for certain of those investments, do not pay a management fee, performance fee or incentive allocation. Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows: For the Three Months Ended March 31, Artisan Private Funds 2024 2023 Investment advisory fees (Gross of expense reimbursements) $ 2,325 $ 3,367 Elimination of fees from consolidated investment products (1) (353) (175) Consolidated investment advisory fees (Gross of expense reimbursements) $ 1,972 $ 3,192 Expense reimbursements $ 66 $ 41 Elimination of expense reimbursements from consolidated investment products (1) (20) (20) Consolidated expense reimbursements $ 46 $ 21 (1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Distributions and dividends APAM, acting as the general partner of Artisan Partners Holdings, declared, effective April 23, 2024, a distribution by Artisan Partners Holdings of $30.2 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective April 23, 2024, a quarterly dividend of $0.61 per share of Class A common stock. The APAM dividend is payable on May 31, 2024, to stockholders of record as of May 17, 2024. TRA Payments During April 2024, the Company made a payment of $27.9 million under the tax receivable agreements representing a portion of the Company's estimated total 2024 TRA payments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through requirements for more detailed information about significant segment expenses. The Company is required to adopt the guidance for the year ending December 31, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance for the year ending December 31, 2025. The Company is currently evaluating the impact of this ASU on its consolidated financial statements .
Reclassification, Comparability Adjustment	Reclassification In conjunction with annual reporting on Form 10-K for the year ended December 31, 2023, the Company changed the presentation of “Other net investment gain (loss)” within the Consolidated Statements of Operations to expand its disaggregation of the components comprising this balance. “Other net investment gain (loss)” has been replaced by “Interest income on cash and cash equivalents and other” and “Net investment gain (loss) of nonconsolidated investment products” within the Non-operating income (expense) section of the Consolidated Statements of Operations. Amounts for the comparative prior fiscal year periods have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported operating income, non-operating income, net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of December 31, 2023 Investments in equity securities $ 193,658 $ 139,240 Investments in equity securities accounted for under the equity method 13,028 11,282 Total investment securities $ 206,686 $ 150,522
Unrealized Gain (Loss) on Investments	Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows: For the Three Months Ended March 31, 2024 2023 Unrealized gain (loss) on investment securities held at the end of the period $ 5,928 $ 7,891

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair value hierarchy of assets and liabilities	The following provides the hierarchy of inputs used to derive the fair value of Artisan’s assets and liabilities that are financial instruments as of March 31, 2024 and December 31, 2023: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 March 31, 2024 Assets Money market funds 1 $ 160,361 $ — $ 160,361 $ — $ — Equity securities 206,686 12,434 194,252 — — December 31, 2023 Assets Money market funds 1 $ 118,768 $ — $ 118,768 $ — $ — Equity securities 150,522 10,744 139,778 — — 1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of borrowings	Artisan’s borrowings consist of the following as of March 31, 2024 and December 31, 2023: Maturity (1) As of March 31, 2024 As of December 31, 2023 Interest Rate Per Annum Revolving credit agreement August 2027 $ — $ — NA Senior notes Series D August 2025 60,000 60,000 4.29 % Series E August 2027 50,000 50,000 4.53 % Series F August 2032 90,000 90,000 3.10 % Total gross borrowings 200,000 200,000 Debt issuance costs (692) (733) Total borrowings $ 199,308 $ 199,267 (1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.

Variable Interest Entities an_2

Variable Interest Entities and Consolidated Investment Products (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements, Recurring and Non-recurring [Abstract]
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 March 31, 2024 and December 31, 2023: Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 March 31, 2024 Assets Money market funds $ 37,891 $ 37,891 $ — $ — Equity securities - long position 62,696 61,178 1,518 — Fixed income instruments - long position 298,259 — 291,300 6,959 Derivative assets 753 7 746 — Liabilities Fixed income instruments - short position $ 6,302 $ — $ 6,302 $ — Derivative liabilities 823 104 719 — Assets and Liabilities at Fair Value Total Level 1 Level 2 Level 3 December 31, 2023 Assets Money market funds $ 18,156 $ 18,156 $ — $ — Equity securities - long position 42,693 40,838 1,855 — Fixed income instruments - long position 315,183 — 309,110 6,073 Derivative assets 1,004 — 1,004 — Short-term investments 5,215 — 5,215 — Liabilities Fixed income instruments - short position $ 7,392 $ — $ 7,392 $ — Derivative liabilities 2,188 843 1,345 — CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows: As of March 31, 2024 As of December 31, 2023 Net CIP assets included in the table above $ 392,474 $ 372,671 Net CIP assets/(liabilities) not included in the table above (27,875) (5,434) Total Net CIP assets 364,599 367,237 Less: redeemable noncontrolling interests 263,243 252,406 Artisan’s direct equity investment in CIPs $ 101,356 $ 114,831

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holdings (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Equity ownership Interests in Holdings	For the three months ended March 31, 2024, 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, 2023 68,554,078 11,460,686 80,014,764 86 % Holdings Common Unit Exchanges 992,454 (992,454) — 1 % Issuance of APAM Restricted Shares (1) 495,772 — 495,772 — % Delivery of Shares Underlying RSUs and PSUs (1) 28,795 — 28,795 — % Restricted Share Award Net Share Settlement (1) (149,172) — (149,172) — % Forfeitures from Employee Terminations (1) (15,325) — (15,325) — % Balance at March 31, 2024 69,906,602 10,468,232 80,374,834 87 % (1) The impact of the transaction on APAM’s ownership percentage was less than 1%.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The reallocation of equity had the following impact on the unaudited condensed consolidated statements of financial condition: Statements of Financial Condition For the Three Months Ended March 31, 2024 2023 Additional paid-in capital $ 2,691 $ 376 Noncontrolling interests - Artisan Partners Holdings (2,669) (361) Accumulated other comprehensive income (loss) (22) (15) Net impact to financial condition $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Authorized and outstanding equity	APAM had the following authorized and outstanding equity as of March 31, 2024 and December 31, 2023. Outstanding Authorized As of March 31, 2024 As of December 31, 2023 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 69,906,602 68,554,078 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 1,718,821 2,435,739 1 vote per share None Class C, par value $0.01 per share 400,000,000 8,749,411 9,024,947 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 March 31, 2024, Artisan’s employees held 5,223,507 restricted shares of Class A common stock and all 1,718,821 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 months ended March 31, 2024 and 2023: Type of Dividend Class of Stock For the Three Months Ended March 31, 2024 2023 Quarterly Class A Common $ 0.68 $ 0.55 Special Annual Class A Common $ 0.34 $ 0.35
Issuance (Cancellation) of Shares Disclosure	The following table summarizes APAM’s stock transactions for the three months ended March 31, 2024: Total Stock Outstanding Class A Common Stock (1) Class B Common Stock Class C Common Stock Balance at December 31, 2023 80,014,764 68,554,078 2,435,739 9,024,947 Holdings Common Unit Exchanges — 992,454 (642,454) (350,000) Restricted Share Award Grants 495,772 495,772 — — Restricted Share Award Net Share Settlement (149,172) (149,172) — — Delivery of Shares Underlying RSUs and PSUs 28,795 28,795 — — Employee/Partner Terminations (15,325) (15,325) (74,464) 74,464 Balance at March 31, 2024 80,374,834 69,906,602 1,718,821 8,749,411 (1) There were 395,965 and 361,215 restricted stock units outstanding at March 31, 2024 and December 31, 2023, respectively. In addition, there were 176,192 and 216,170 performance share units outstanding at March 31, 2024 and December 31, 2023, respectively. Based on the quarter-end status of the market and performance conditions, the 176,192 unvested performance share units would ultimately result in the issuance of 224,162 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.
Schedule of Distributions made to General and Limited Partners	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 months ended March 31, 2024 and 2023 were as follows: For the Three Months Ended March 31, 2024 2023 Holdings Partnership Distributions to Limited Partners $ 4,116 $ 3,327 Holdings Partnership Distributions to APAM 26,112 19,672 Total Holdings Partnership Distributions $ 30,228 $ 22,999

Revenue From Contracts with C_2

Revenue From Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Management fees Artisan Funds $ 153,002 $ 134,393 Artisan Global Funds 12,460 10,239 Separate accounts and other (1) 98,860 89,808 Performance fees Separate accounts and other (1) 29 69 Total revenues (2) $ 264,351 $ 234,509 (1) Separate accounts and other revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and 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. See Note 14, “Related Party Transactions.”
Contract with Customer, Asset and Liability	The following table presents the balances of receivables related to contracts with customers: Customer As of March 31, 2024 As of December 31, 2023 Artisan Funds $ 10,483 $ 8,251 Artisan Global Funds 5,812 5,047 Separate accounts and other 85,583 81,441 Total receivables from contracts with customers 101,878 94,739 Non-customer receivables 11,504 6,430 Accounts receivable $ 113,382 $ 101,169

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Components of Compensation Expense	Total compensation and benefits consist of the following: For the Three Months Ended March 31, 2024 2023 Salaries, incentive compensation and benefits (1) $ 129,098 $ 115,550 Long-term cash incentive compensation expense 12,503 6,984 Restricted share-based award compensation expense 8,279 8,978 Long-term incentive compensation expense 20,782 15,962 Total compensation and benefits $ 149,880 $ 131,512 (1) Excluding long-term incentive compensation expense
Restricted Share-Based Award Activity	The following tables summarize the restricted share-based award activity for the three months ended March 31, 2024: Weighted-Average Grant Date Fair Value Restricted Stock Awards and Restricted Stock Units Unvested at January 1, 2024 $ 38.84 5,351,492 Granted 41.96 497,053 Forfeited 43.60 (15,325) Vested 37.58 (499,385) Unvested at March 31, 2024 $ 39.23 5,333,835
Nonvested Restricted Stock Shares Activity	Weighted-Average Grant Date Fair Value Performance Share Units Unvested at January 1, 2024 (2) $ 54.89 216,170 Granted — — Forfeited — — Adjustment for performance results achieved (1) 45.72 3 Vested (1) 50.52 (39,981) Unvested at March 31, 2024 (2) $ 37.86 176,192 (1) During the three months ended March 31, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A Common Stock were delivered in the three months ended March 31, 2024 while the remaining 35,252 shares remain subject to the qualified retirement provision. (2) 80,252 and 45,000 PSUs at March 31, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying retirement vesting condition.
Change in Value of Investments	The change in value of the investments had the following impact on the unaudited consolidated statements of operations: For the Three Months Ended March 31, Statement of Operations Section Statement of Operations Line Item 2024 2023 Operating expenses (benefit) Compensation and benefits $ 3,925 $ 1,732 Non-operating income (expense) Net investment gain (loss) of nonconsolidated investment products 9,614 7,018 Non-operating income (expense) Net investment gain (loss) of consolidated investment products 831 188

Income Taxes and Related Paym_2

Income Taxes and Related Payments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Current: Federal $ 7,066 $ 4,748 State and local 2,021 1,561 Foreign 241 191 Total 9,328 6,500 Deferred: Federal 10,744 10,328 State and local 1,893 1,819 Total 12,637 12,147 Income tax expense (benefit) $ 21,965 $ 18,647
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 three months ended March 31, 2024 is summarized as follows: Deferred Tax Asset - Amortizable Basis Amounts Payable Under TRAs December 31, 2023 $ 384,423 $ 364,048 2024 Holdings Common Unit Exchanges 13,590 11,551 Amortization (11,416) — March 31, 2024 $ 386,597 $ 375,599
Components of deferred tax assets	Net deferred tax assets comprise the following: As of March 31, 2024 As of December 31, 2023 Deferred tax assets: Amortizable basis (1) $ 386,597 $ 384,423 Other (2) 51,724 52,106 Total deferred tax assets 438,321 436,529 Less: valuation allowance (3) — — Net deferred tax assets $ 438,321 $ 436,529 (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 Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. 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)	3 Months Ended
	Mar. 31, 2024
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 for the three months ended March 31, 2024 and 2023 were as follows: For the Three Months Ended March 31, Basic and Diluted Earnings Per Share 2024 2023 Numerator: Net income attributable to APAM $ 59,481 $ 50,753 Less: Allocation to participating securities 5,464 4,952 Net income available to common stockholders $ 54,017 $ 45,801 Denominator: Basic weighted average shares outstanding 64,319,977 63,231,797 Dilutive effect of nonparticipating share-based awards 35,270 15,366 Diluted weighted average shares outstanding 64,355,247 63,247,163 Earnings per share - Basic $ 0.84 $ 0.72 Earnings per share - Diluted $ 0.84 $ 0.72
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 March 31, Anti-Dilutive Weighted Average Shares Outstanding 2024 2023 Holdings limited partnership units 10,903,365 11,562,980 Unvested restricted share-based awards 5,473,187 5,538,027 Total 16,376,552 17,101,007

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Artisan Funds
Related Party Transaction [Line Items]
Schedule of related party transactions	Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows: For the Three Months Ended March 31, Artisan Funds 2024 2023 Investment advisory fees (Gross of expense reimbursements) $ 153,312 $ 134,777 Elimination of fees from consolidated investment products (1) — (85) Consolidated investment advisory fees (Gross of expense reimbursements) $ 153,312 $ 134,692 Expense reimbursements $ 311 $ 448 Elimination of expense reimbursements from consolidated investment products (1) — (149) Consolidated expense reimbursements $ 311 $ 299 (1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.
Artisan Global Funds
Related Party Transaction [Line Items]
Schedule of related party transactions	Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows: For the Three Months Ended March 31, Artisan Global Funds 2024 2023 Investment advisory fees (Gross of expense reimbursements) $ 12,609 $ 10,305 Elimination of fees from consolidated investment products (1) (123) (66) Consolidated investment advisory fees (Gross of expense reimbursements) $ 12,486 $ 10,239 Expense reimbursements $ 189 $ 90 Elimination of expense reimbursements from consolidated investment products (1) (163) (90) Consolidated expense reimbursements $ 26 $ — (1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.
Artisan Private Funds
Related Party Transaction [Line Items]
Schedule of related party transactions	Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows: For the Three Months Ended March 31, Artisan Private Funds 2024 2023 Investment advisory fees (Gross of expense reimbursements) $ 2,325 $ 3,367 Elimination of fees from consolidated investment products (1) (353) (175) Consolidated investment advisory fees (Gross of expense reimbursements) $ 1,972 $ 3,192 Expense reimbursements $ 66 $ 41 Elimination of expense reimbursements from consolidated investment products (1) (20) (20) Consolidated expense reimbursements $ 46 $ 21 (1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Nature of Business and Organi_2

Nature of Business and Organization (Details)	Mar. 31, 2024
Artisan Partners Holdings LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	87%
Artisan Partners Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	100%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2024 numberOfProducts
Significant Accounting Policies [Line Items]
Variable interest entity, ownership percentage	10%
Artisan Global Funds
Significant Accounting Policies [Line Items]
Number of consolidated VIEs	5
Artisan Private Funds
Significant Accounting Policies [Line Items]
Number of consolidated VIEs	2

Investment Securities - Investm

Investment Securities - Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Investments in equity securities	$ 193,658	$ 139,240
Investments in equity securities accounted for under the equity method	13,028	11,282
Consolidated Entity, Excluding VIE
Marketable Securities [Line Items]
Total investment securities	$ 206,686	$ 150,522

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-Term Cash Awards
Marketable Securities [Line Items]
Investments	$ 136.9	$ 107

Investment Securities - Unreali

Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gain (loss) on investment securities held at the end of the period	$ 5,928	$ 7,891

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy of assets and liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 160,361	$ 118,768
Equity securities	206,686	150,522
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	12,434	10,744
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	160,361	118,768
Equity securities	194,252	139,778
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	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 200,000	$ 200,000
Debt issuance costs	(692)	(733)
Total borrowings	199,308	199,267
Senior notes | Series D
Debt Instrument [Line Items]
Long-term debt	$ 60,000
Interest Rate Per Annum	4.29%
Senior notes | Series E
Debt Instrument [Line Items]
Long-term debt	$ 50,000
Interest Rate Per Annum	4.53%
Senior notes | Series F
Debt Instrument [Line Items]
Long-term debt	$ 90,000
Interest Rate Per Annum	3.10%
Revolving credit agreement
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 1,900,000	$ 1,900,000
Revolving credit agreement
Debt Instrument [Line Items]
Debt and capital lease obligations	0
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Line of credit facility, unused capacity, commitment fee, percentage	0.15%
Level 2
Debt Instrument [Line Items]
Borrowings fair value	$ 183,200,000

Variable Interest Entities an_3

Variable Interest Entities and Consolidated Investment Products - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) numberOfProducts	Mar. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	$ 101,400
Deconsolidation, gain (loss), amount	0
Increase in investment securities due to deconsolidation of CIPs	23,831	$ 0
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	$ 13,000
Artisan Global Funds
Variable Interest Entity [Line Items]
Number of consolidated VIEs | numberOfProducts	5
Artisan Private Funds
Variable Interest Entity [Line Items]
Number of consolidated VIEs | numberOfProducts	2

Variable Interest Entities an_4

Variable Interest Entities and Consolidated Investment Products - Assets, Liabilities and Equity of the Fund (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Liabilities
Redeemable noncontrolling interests	$ 263,243	$ 252,406
Artisan’s direct equity investment in CIPs	101,400
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	44,353	37,459	$ 22,504
Investments	361,708	364,095
Liabilities
Investment liabilities, at fair value	7,125	9,580
Net CIP assets included in the table above	392,474	372,671
Net CIP assets/(liabilities) not included in the table above	(27,875)	(5,434)
Total Net CIP assets	364,599	367,237
Artisan’s direct equity investment in CIPs	101,356	114,831
Variable Interest Entity, Primary Beneficiary | Money market funds | Fair Value, Measurements, Recurring
ASSETS
Cash and cash equivalents	37,891	18,156
Variable Interest Entity, Primary Beneficiary | Money market funds | Fair Value, Measurements, Recurring | Level 1
ASSETS
Cash and cash equivalents	37,891	18,156
Variable Interest Entity, Primary Beneficiary | Money market funds | Fair Value, Measurements, Recurring | Level 2
ASSETS
Cash and cash equivalents	0	0
Variable Interest Entity, Primary Beneficiary | Money market funds | Fair Value, Measurements, Recurring | Level 3
ASSETS
Cash and cash equivalents	0	0
Variable Interest Entity, Primary Beneficiary | Equity securities - long position | Fair Value, Measurements, Recurring
ASSETS
Investments	62,696	42,693
Variable Interest Entity, Primary Beneficiary | Equity securities - long position | Fair Value, Measurements, Recurring | Level 1
ASSETS
Investments	61,178	40,838
Variable Interest Entity, Primary Beneficiary | Equity securities - long position | Fair Value, Measurements, Recurring | Level 2
ASSETS
Investments	1,518	1,855
Variable Interest Entity, Primary Beneficiary | Equity securities - long position | Fair Value, Measurements, Recurring | Level 3
ASSETS
Investments	0	0
Variable Interest Entity, Primary Beneficiary | Fixed income instruments - long position | Fair Value, Measurements, Recurring
ASSETS
Investments	298,259	315,183
Liabilities
Investment liabilities, at fair value	6,302	7,392
Variable Interest Entity, Primary Beneficiary | Fixed income instruments - long position | Fair Value, Measurements, Recurring | Level 1
ASSETS
Investments	0	0
Liabilities
Investment liabilities, at fair value	0	0
Variable Interest Entity, Primary Beneficiary | Fixed income instruments - long position | Fair Value, Measurements, Recurring | Level 2
ASSETS
Investments	291,300	309,110
Liabilities
Investment liabilities, at fair value	6,302	7,392
Variable Interest Entity, Primary Beneficiary | Fixed income instruments - long position | Fair Value, Measurements, Recurring | Level 3
ASSETS
Investments	6,959	6,073
Liabilities
Investment liabilities, at fair value	0	0
Variable Interest Entity, Primary Beneficiary | Derivative assets | Fair Value, Measurements, Recurring
ASSETS
Investments	753	1,004
Liabilities
Investment liabilities, at fair value	823	2,188
Variable Interest Entity, Primary Beneficiary | Derivative assets | Fair Value, Measurements, Recurring | Level 1
ASSETS
Investments	7	0
Liabilities
Investment liabilities, at fair value	104	843
Variable Interest Entity, Primary Beneficiary | Derivative assets | Fair Value, Measurements, Recurring | Level 2
ASSETS
Investments	746	1,004
Liabilities
Investment liabilities, at fair value	719	1,345
Variable Interest Entity, Primary Beneficiary | Derivative assets | Fair Value, Measurements, Recurring | Level 3
ASSETS
Investments	0	0
Liabilities
Investment liabilities, at fair value	$ 0	0
Variable Interest Entity, Primary Beneficiary | Short term investments | Fair Value, Measurements, Recurring
ASSETS
Investments		5,215
Variable Interest Entity, Primary Beneficiary | Short term investments | Fair Value, Measurements, Recurring | Level 1
ASSETS
Investments		0
Variable Interest Entity, Primary Beneficiary | Short term investments | Fair Value, Measurements, Recurring | Level 2
ASSETS
Investments		5,215
Variable Interest Entity, Primary Beneficiary | Short term investments | Fair Value, Measurements, Recurring | Level 3
ASSETS
Investments		$ 0

Noncontrolling Interests - Ho_3

Noncontrolling Interests - Holdings - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total
Class of Stock [Line Items]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0%
Holdings of common unit exchanges, APAM ownership percentage	1%
Deferred Tax Assets | Noncontrolling Interests - Artisan Partners Holdings
Class of Stock [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ 0.8	$ 0.2
Artisan Partners Holdings LP
Class of Stock [Line Items]
Economic interest in subsidiary (as a percent)	87%
Artisan Partners Holdings LP | Total
Class of Stock [Line Items]
Economic interest in subsidiary (as a percent)	87%		86%

Noncontrolling Interests - Ho_4

Noncontrolling Interests - Holdings - Share Issuances & Cancellations (Details)	3 Months Ended
	Mar. 31, 2024 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Shares paid for tax withholding for share based compensation (in shares)	161,650
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(15,325)
Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	87%
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	80,014,764
Holdings common unit exchanges (in shares)	0
Holdings of common unit exchanges, APAM ownership percentage	1%
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0%
Shares paid for tax withholding for share based compensation (in shares)	149,172
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(15,325)
Ending balance (in shares)	80,374,834
Total | Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	86%
Ending balance	87%
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(495,772)
Shares paid for tax withholding for share based compensation (in shares)	149,172
Restricted Stock | Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(495,772)
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0%
Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Restricted Stock Units RSUs | Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0%
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0%

Noncontrolling Interests - Ho_5

Noncontrolling Interests - Holdings - Impact on Statement of Financial Condition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ 0	$ 0
Net impact to financial condition	0	0
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	2,691	376
Noncontrolling Interests - Artisan Partners Holdings
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	(2,669)	(361)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ (22)	$ (15)

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized and Outstanding Equity (Details)	Mar. 31, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)	80,374,834	80,014,764
Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,333,835	5,351,492
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 (in shares)	69,906,602	68,554,078
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 (in shares)	1,718,821	2,435,739
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 (in shares)	8,749,411	9,024,947
Common stock votes per share | vote	1
Holdings GP Units | Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,223,507

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	$ 1.02	$ 0.90
Quarterly
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	0.68	0.55
Special Annual
Dividends Declared [Line Items]
Dividends declared per Class A common share (in dollars per share)	$ 0.34	$ 0.35

Stockholders' Equity - Share Ac

Stockholders' Equity - Share Activity by Class of Stock (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	80,014,764
Shares issued (in shares)	(28,795)
Restricted share award net share settlement (in shares)	(161,650)
Holdings Common Unit Exchanges (in shares)	15,325
Ending balance (in shares)	80,374,834
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	68,554,078
Holdings common unit exchanges (in shares)	(992,454)
Shares issued (in shares)	(28,795)
Restricted share award net share settlement (in shares)	(149,172)
Holdings Common Unit Exchanges (in shares)	15,325
Ending balance (in shares)	69,906,602
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,435,739
Holdings common unit exchanges (in shares)	(642,454)
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	0
Holdings Common Unit Exchanges (in shares)	74,464
Ending balance (in shares)	1,718,821
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,024,947
Holdings common unit exchanges (in shares)	(350,000)
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	0
Holdings Common Unit Exchanges (in shares)	74,464
Ending balance (in shares)	8,749,411
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(495,772)
Restricted share award net share settlement (in shares)	(149,172)
Unvested - Number of awards (in shares)	5,333,835	5,351,492
Restricted Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(495,772)
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]
Shares issued (in shares)	(28,795)
Restricted stock units outstanding (in shares)	395,965	361,215
Restricted Stock Units RSUs | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(28,795)
Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)		216,170
Unvested - Number of awards (in shares)	176,192	216,170
Performance Shares | Potential Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unvested - Number of awards (in shares)	224,162
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings common unit exchanges (in shares)	0

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - Artisan Partners Holdings LP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Partnership Distributions
Holdings Partnership Distributions to Limited Partners	$ 4,116	$ 3,327
Holdings Partnership Distributions to APAM	26,112	19,672
Total Holdings Partnership Distributions	$ 30,228	$ 22,999

Revenue From Contracts with C_3

Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 264,351	$ 234,509
Total receivables from contracts with customers	101,878		$ 94,739
Non-customer receivables	11,504		6,430
Accounts receivable	113,382		101,169
Contract with customer, liability	0		0
Artisan Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	10,483		8,251
Artisan Global Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	5,812		5,047
Separate accounts and other
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	85,583		$ 81,441
Management fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	264,322	234,440
Management fees | Artisan Funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	153,002	134,393
Management fees | Artisan Global Funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	12,460	10,239
Management fees | Separate accounts and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	98,860	89,808
Performance fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	29	69
Performance fees | Separate accounts and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 29	$ 69

Compensation and Benefits - Com

Compensation and Benefits - Components of expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries, incentive compensation and benefits	$ 129,098	$ 115,550
Restricted share-based award compensation expense	8,279	8,978
Long-term incentive compensation expense	20,782	15,962
Compensation and benefits	$ 149,880	131,512
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Requisite Service Period, Retirement Acceleration	18 months
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term cash incentive compensation expense	$ 12,503	$ 6,984

Compensation and Benefits - Add

Compensation and Benefits - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	5,889,456
PSU outstanding subject only to qualified retirement (in shares)	35,252
Shares paid for tax withholding for share based compensation (in shares)	161,650
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	$ 6,831	$ 6,758
Potential Class A Shares associated with 2020 PSU grant performance criteria	75,233
PSU outstanding subject only to qualified retirement	80,252			45,000
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Requisite Service Period, Retirement Acceleration	18 months
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares delivered	39,981
Shares paid for tax withholding for share based compensation (in shares)	149,172
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	5 years
Granted - Number of awards (in shares)	497,053
Unvested - Number of awards (in shares)	5,333,835			5,351,492
Unrecognized compensation expense	$ 74,100
Recognition period (in years)	3 years 1 month 6 days
Shares paid for tax withholding for share based compensation (in shares)	149,172
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	3 years
Award vesting rights	50%
Granted - Number of awards (in shares)	0		75,230
Unvested - Number of awards (in shares)	176,192			216,170
Unrecognized compensation expense	$ 2,600
Recognition period (in years)	1 year 8 months 12 days
Adjustment for performance results achieved (in shares)	3
Performance Shares | Potential Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested - Number of awards (in shares)	224,162
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	495,772
Restricted Stock Units RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	1,281
Long-Term Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Franchise capital award liability	$ 41,400			$ 33,000
Long-Term Cash Awards | Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	5 years
Awards granted, amount	$ 38,400
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 118,200
Recognition period (in years)	3 years 3 months 18 days

Compensation and Benefits - Res

Compensation and Benefits - Restricted Share Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2021
Restricted Stock
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 38.84
Granted (in dollars per share)	41.96
Forfeited (in dollars per share)	43.60
Vested (in dollars per share)	37.58
Ending balance (in dollars per share)	$ 39.23
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)	5,351,492
Granted (in shares)	497,053
Forfeited (in shares)	(15,325)
Vested (in shares)	(499,385)
Ending balance (in shares)	5,333,835
Performance Shares
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 54.89
Granted (in dollars per share)	0
Forfeited (in dollars per share)	0
Adjustment for performance results achieved (in dollars per share)	45.72
Vested (in dollars per share)	50.52
Ending balance (in dollars per share)	$ 37.86
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)	216,170
Granted (in shares)	0	75,230
Forfeited (in shares)	0
Adjustment for performance results achieved (in shares)	3
Vested (in shares)	(39,981)
Ending balance (in shares)	176,192

Compensation and Benefits - Cha

Compensation and Benefits - Change in Value of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	$ 19,184	$ 14,940
Long-Term Cash Awards | Compensation and benefits
Schedule of Investments [Line Items]
Compensation and benefits	3,925	1,732
Long-Term Cash Awards | Net investment gain (loss) of nonconsolidated investment products
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	9,614	7,018
Long-Term Cash Awards | Net investment gain (loss) of nonconsolidated investment products | Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	$ 831	$ 188

Income Taxes and Related Paym_3

Income Taxes and Related Payments - Additional information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) TRA	Mar. 31, 2023	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Statutory tax rate	21%
Approximate percentage of earnings not subject to income taxes	14%
Effective tax rate	20.20%	20.60%
Number of tax receivable agreements (TRAs) | TRA	2
TRA percent of savings to be paid to shareholders	85%
Tax receivable agreement percentage to be retained by entity	15%
Tax receivable agreement payment period	125 days
Unrecognized tax benefits	$ 200		$ 200
Unrecognized tax benefits, income tax penalties accrued	$ 100		$ 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
	Mar. 31, 2024	Mar. 31, 2023
Current:
Federal	$ 7,066	$ 4,748
State and local	2,021	1,561
Foreign	241	191
Total	9,328	6,500
Deferred:
Federal	10,744	10,328
State and local	1,893	1,819
Total	12,637	12,147
Income tax expense (benefit)	$ 21,965	$ 18,647

Income Taxes and Related Paym_5

Income Taxes and Related Payments - Changes in Deferred Tax Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Tax Asset - Amortizable Basis
Deferred tax assets, beginning	$ 384,423
2024 Holdings Common Unit Exchanges	13,590
Amortization	(11,416)
Deferred tax assets, ending	386,597
Amounts Payable Under TRAs
Amounts payable under tax receivable, beginning agreements	364,048
Establishment of amounts payable under tax receivable agreements	11,552	$ 1,018
Amounts payable under tax receivable, ending agreements	375,599
Capital Unit
Amounts Payable Under TRAs
Establishment of amounts payable under tax receivable agreements	$ 11,551

Income Taxes and Related Paym_6

Income Taxes and Related Payments - Components of deferred tax assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Amortizable basis	$ 386,597	$ 384,423
Other	51,724	52,106
Total deferred tax assets	438,321	436,529
Less: valuation allowance	0	0
Deferred tax assets	$ 438,321	$ 436,529

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to APAM	$ 59,481	$ 50,753
Less: Allocation to participating securities	5,464	4,952
Net income available to common stockholders	$ 54,017	$ 45,801
Basic weighted average shares outstanding (in shares)	64,319,977	63,231,797
Dilutive effect of nonparticipating share-based awards (in shares)	35,270	15,366
Diluted weighted average shares outstanding (in shares)	64,355,247	63,247,163
Earnings per share - Basic (in dollars per share)	$ 0.84	$ 0.72
Earnings per share - Diluted (in dollars per share)	$ 0.84	$ 0.72

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive securities excluded from the computation of net income per share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	16,376,552	17,101,007
Holdings limited partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	10,903,365	11,562,980
Unvested restricted share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	5,473,187	5,538,027

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Non-customer receivables	$ 11,504		$ 6,430
Revenue from contract with customers	$ 264,351	$ 234,509
Artisan Funds | Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets	0.60%
Annualized operating expenses maximum percentage of average daily net assets	0.83%
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 | Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets	0.50%
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%
Artisan Private Funds | Minimum
Related Party Transaction [Line Items]
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%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Non-customer receivables	$ 11,504		$ 6,430
Revenue from contract with customers	264,351	$ 234,509
Artisan Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	153,312	134,692
Artisan Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	311	299
Artisan Global Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	12,486	10,239
Artisan Global Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	26	0
Artisan Private Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	1,972	3,192
Artisan Private Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	46	21
Related Party
Related Party Transaction [Line Items]
Non-customer receivables	1,400		$ 200
Consolidation, Eliminations | Artisan Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	0	(85)
Consolidation, Eliminations | Artisan Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	0	(149)
Consolidation, Eliminations | Artisan Global Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(123)	(66)
Consolidation, Eliminations | Artisan Global Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(163)	(90)
Consolidation, Eliminations | Artisan Private Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(353)	(175)
Consolidation, Eliminations | Artisan Private Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(20)	(20)
Subsidiaries | Artisan Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	153,312	134,777
Subsidiaries | Artisan Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Fee waiver / expense reimbursement	311	448
Subsidiaries | Artisan Global Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	12,609	10,305
Subsidiaries | Artisan Global Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	189	90
Subsidiaries | Artisan Private Funds | Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	2,325	3,367
Subsidiaries | Artisan Private Funds | Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	$ 66	$ 41

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands	Apr. 23, 2024	Apr. 15, 2024
Subsequent Event [Line Items]
Distribution made to partners, Cash distributions declared	$ 30,200
Payments under the tax receivable agreements		$ 27,900
Quarterly | Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.61

Uncategorized Items - apam-2024

Label	Element	Value
Limited Partnership Units [Member]
Capital Units, Outstanding	us-gaap_CapitalUnitsOutstanding	10,468,232
Capital Units, Outstanding	us-gaap_CapitalUnitsOutstanding	11,460,686
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation	0
Stock Repurchased and Retired During Period, Shares	us-gaap_StockRepurchasedAndRetiredDuringPeriodShares	0
Stock Issued During Period, Shares, Conversion of Units	us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits	992,454
Common Class A [Member]
Capital Units, Outstanding	us-gaap_CapitalUnitsOutstanding	69,906,602
Capital Units, Outstanding	us-gaap_CapitalUnitsOutstanding	68,554,078
Restricted Stock Units (RSUs) [Member] | Limited Partnership Units [Member]
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	0
Restricted Stock [Member] | Limited Partnership Units [Member]
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	0