Artisan Partners' 29% first-day pop is best from a pure-play, traditional asset manager in 15 years

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Artisan Partners Asset Management ( APAM ), an equity-focused investment manager with $74 billion AUM, traded up 29% on its first day of trading on Thursday. On Wednesday, Artisan raised $332 million after pricing at $30, above the proposed range of $27 to $29.

The first-day gain was the best for a pure-play, traditional asset manager in 15 years. The last traditional asset manager to go public, Manning & Napier ( MN ), traded exactly flat on its first day of trading in November 2011, after pricing 25% below its proposed midpoint. More recently, Silvercrest Asset Management withdrew an IPO attempt in November 2012.

Best first-day gains for pure-play, traditional asset manager IPOs since 1998
Company Offer Date Deal Size First-Day Gain
 Artisan Partners Asset Management ( APAM ) 3/6/2013 $332 million 29.4% 
 WP Stewart & Co. (WPL) 12/7/2000 $258 million 22.5% 
 Waddell & Reed ( WDR ) 3/4/1998 $499 million 14.9% 
 Pzena Investment Management ( PZN ) 10/24/2007 $110 million 11.6% 
 Calamos Asset Management ( CLMS ) 10/27/2004 $360 million 10.7% 







The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: APAM , CLMS , MN , PZN , WDR

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