Anthony Corbin

Anthony Corbin from Goldman Sachs inquired about Artisan Partners' M&A strategy, particularly the asset classes of interest in alternatives, and the potential timing for reopening capacity-constrained funds.

Answer

CEO Jason Gottlieb detailed the firm's talent-driven M&A approach, highlighting interest in value-add/opportunistic real estate, private equity secondaries, and asset-based lending, noting a high volume of deal flow. Executive Chair Eric Colson addressed capacity, explaining they are managing it carefully in growth strategies and working with existing intermediated wealth clients for constrained strategies like international value and high income.

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.