Anthony Corbin's questions to Artisan Partners Asset Management Inc (APAM) leadership • Q1 2025
Question
Anthony Corbin of Goldman Sachs & Co. inquired about growth opportunities in fixed income and alternatives, particularly within the retail and insurance channels, and also asked for guidance on normalized expenses and margin maintenance levers.
Answer
President Jason Gottlieb detailed two growth paths for fixed income and alternatives: expanding degrees of freedom for existing teams like High Income and EMsights, and pursuing new growth via lift-outs or M&A. He highlighted the Global Unconstrained strategy as a key offering for the high-net-worth space. CFO C.J. Daley confirmed that full-year expense guidance remains intact, explaining that lower Q1 G&A from FX gains and reduced travel would be offset in later quarters, and that variable expenses move with revenue.