Artisan Partners Asset Management Inc. (APAM)

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Artisan Partners Asset Management Inc (APAM)

Q1 2013 Earnings Call

April 30, 2013 05:00 pm ET


Makela Taphorn - Investor Relations

Eric Colson - President and Chief Executive Officer

C.J. Daley - Executive Vice President, Chief Financial Officer and Treasurer


Bill Katz - Citigroup

Michael Kim - Sandler O'Neill

Marc Irizarry - Goldman Sachs

Robert Lee - KBW

Cynthia Mayer - Bank of America/Merrill Lynch



Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Artisan Partners Asset Management First Quarter 2013 Earnings Conference Call. My name is Frances, and I’ll be your conference operator today. At this time, all participants are in a listen-only mode. After the prepared remarks, the management from Artisan Partners Asset Management will conduct a question-and-answer session. Conference participants will be given instructions at that time.

As a reminder, this conference call is being recorded. At this time, I would turn the call over to Makela Taphorn, Artisan’s Director of Investor Relations. Please go ahead.

Makela Taphorn

Good afternoon and thank you for joining our conference call to review Artisan Partners Asset Management's results for the first quarter of 2013. Opening the call today are Eric Colson, our President and Chief Executive Officer and C.J. Daley, our Executive Vice President, Chief Financial Officer and Treasurer.

Before Eric begins, I would like to remind you that our first quarter earnings release and related supplemental presentation materials are available on the Investor Relations section of our website at I would also like to remind that the comments made on today’s call and some of the responses to your questions may be our forward-looking statements relating to Artisan Partners and are subjects to risk and uncertainties.

Factors that may cause our actual results to differ from expectations are listed under the caption forward-looking statements in earnings release and are detailed in our filings with the SEC. We undertake no obligations to revise these statements following the date of this conference call except as required by law.

In addition, some of the company's remarks this morning includes references to non-GAAP financial measures. You can find reconciliations of those measures to the most comparable GAAP measures in the earnings release and exhibits, which are posted on the Investor Relations section of our website.

With that I will now turn the call over to our President and Chief Financial Officer Eric Colson.

Eric Colson

Thank you, Makela. Good afternoon, everybody and welcome to the Artisan Partners Asset Management business update and quarterly earnings call. I’m Eric Colson, CEO and I’m joined today by C.J. Daley our CFO.

As we stated on our road show, we are in a talent business. Our people are the essence of who we are and they define our business strategy. So, we know that time is a precious asset. We value time very highly, so I thank you for your time today and hope you find this discussion useful.

I want to spend the first couple of minutes today reviewing the foundation of our business and who we are, mainly because it will set the tone for our communication. Then I will review our long-term business strategy and approach using the quarter as a backdrop.

We have a business philosophy and framework for how we approach the invest management business and we want this review to reflect that. Once I am done, C.J. will take the lead on walking through our financials and our transition to a public company.

Flipping the slide two, we have a basic set of business facts. The foundation to our business was 1994 by our founders Andy and Carlene Ziegler. At that time, two secular trends that were taking hold in the market shaped our growth strategy, free agency or talent movement and open architecture choice.

When started the company, we had one team and vision shaped by these trends, and 18 years since our founding, the attraction of our business model has allowed us to selectively leverage talent movement. We now have five autonomous investment team highlighted on the lower left of the slide.

Open architecture provided investors with choice and through our distribution network, we have grown to over 80 billion across multiple channels highlighted on the bottom right pie chart. The firm is managed by a dedicated business leadership team. Our business leadership team protects our investment culture and focus by managing time in the best interest of our investment teams. Everything we do is cautiously designed to create an investment culture that allows our talent to thrive.

On page three of our presentation, you can see the three core principles that define who we are. We are a high value added investment firm designed for investment talent to thrive in a growth-oriented culture. Our principles have evolved over time and have been consistent since the firm was founded.

As we discuss them, you will note a strong connection among the three and that's important, because any one of these principles can shape a view of our firm. Over the years, we have been known for our strategies, our people and our culture. However in our minds, we are the intersection of all three principles.

The real importance of knowing and communicating who you are with the ability to set expectations and deliver on those expectations consistently, for example, when our investors look at our portfolio strategies, they want to understand the process and team to develop performance expectations. If the results don't match expectations, our clients lose trust in the process and people.

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