Artisan Partners Ends 2025 with $179.9B AUM Amid Market Gains

MILWAUKEE, WI – January 12, 2026 – Artisan Partners Asset Management Inc. (NYSE: APAM) concluded 2025 with preliminary assets under management (AUM) of $179.9 billion, according to a report released today. While the figure represents a slight dip from the preceding quarter, it marks a significant 11.6% increase year-over-year, showcasing a year of substantial growth driven primarily by strong market performance.

The Milwaukee-based global investment firm's final AUM for the year reflects a complex interplay of market appreciation, net client outflows, and routine year-end fund distributions. The data provides a detailed snapshot of the firm's standing in a dynamic and increasingly competitive asset management landscape.

A Tale of Two Trends: Yearly Growth vs. Quarterly Contraction

A deeper look at the numbers reveals a story of impressive annual expansion tempered by a modest slowdown in the fourth quarter. The firm's total AUM grew by a remarkable $18.7 billion from the $161.2 billion reported at the end of December 2024. This double-digit percentage growth aligns with a broader recovery trend seen across the North American asset management industry, which saw an average AUM increase of 13% in 2024.

However, the momentum appeared to cool in the latter half of the year. The year-end total of $179.9 billion is down slightly from the $180.8 billion reported at the end of November 2025 and represents a $1.4 billion decrease from the $181.3 billion held at the close of the third quarter on September 30, 2025. This sequential decline follows a period of robust growth earlier in the year, such as the $13.1 billion (8%) AUM increase seen during the second quarter of 2025.

The December AUM was also impacted by approximately $640 million in annual income and capital gains distributions from its Artisan Funds that were not reinvested by shareholders. This is a regular fourth-quarter event for the firm, which saw a similar non-reinvested distribution of approximately $450 million in December 2024. These distributions, while temporarily reducing the reported AUM, are a standard operational occurrence in the mutual fund industry.

Unpacking the AUM Drivers: Market Gains Offset Client Outflows

The primary engine behind Artisan Partners' strong annual performance was market appreciation, which successfully counteracted persistent net client outflows throughout 2025. For instance, in the second quarter alone, the firm's assets benefited from $15.2 billion in market gains, which more than compensated for $1.9 billion in net outflows during the same period. This pattern continued into the third quarter, which saw an additional $2.3 billion in net client redemptions.

A significant one-time event contributed to the outflows late in the year: a $2.7 billion redemption in early December by a single non-U.S. institutional client. The withdrawal, which affected three of the firm's Growth team strategies, was reportedly influenced by specific dynamics within that client's local pension market.

Despite the headline outflow figures, the picture at the strategy level is more nuanced. The firm has attracted positive net inflows in key areas, demonstrating targeted client demand for its specialized investment capabilities. Through 2025, 14 of its 26 investment strategies reportedly saw net inflows. The firm's credit business was a notable bright spot, attracting $1.8 billion in new assets year-to-date. Significant capital was also raised in its emerging markets-oriented strategies, as well as its Select Equity and International Explorer strategies. The Global Unconstrained strategy, in particular, maintained a strong fundraising pace, raising over $1 million per day throughout the year.

Value Strategies Remain the Bedrock of the Portfolio

Artisan Partners' portfolio structure continues to be anchored by its two largest and longest-tenured investment groups: the International Value and Global Value teams. Together, these strategies represent approximately half of the firm's total assets under management.

The International Value strategy remains the firm's flagship, closing the year with $53.1 billion in AUM. This represents a modest increase from the $51.7 billion it held at the end of the third quarter. The Global Value strategy also showed healthy growth, ending the year with $36.3 billion in assets, up from $34.3 billion at the end of September.

The report also breaks down the firm's AUM by client vehicle, showing a slight preference for institutional mandates. As of December 31, 2025, separate accounts and other vehicles (including collective investment trusts and private funds) accounted for $92.1 billion of total AUM. The firm's publicly offered Artisan Funds and Artisan Global Funds comprised the remaining $87.8 billion. This balance highlights the firm's dual focus on serving both sophisticated institutional clients and retail investors through its fund lineup.

As the asset management industry continues to evolve, with global AUM reaching a record $147 trillion in mid-2025, Artisan Partners' performance underscores the ongoing relevance of high value-added active management. While navigating the crosscurrents of client flows and market volatility, the firm's substantial year-over-year growth demonstrates the continued appeal of its disciplined, team-driven investment approach.