Christopher J. Krein
Executive Vice President and Head of Global Distribution at 
Artisan Partners Asset Management
Artisan Partners Asset ManagementExecutive
About Christopher J. Krein
Christopher J. Krein is Executive Vice President and Head of Global Distribution at Artisan Partners Asset Management (APAM), a role he has held since January 2020 after joining the firm as a Managing Director in September 2015; he previously led institutional marketing and client service for the Artisan Developing World team and, prior to APAM, headed institutional distribution at WisdomTree Asset Management . He is 53 as of the 2025 proxy and has ~10 years at APAM and ~5+ years in his current role, with firm-level performance in 2024 showing revenue up 14% to $1,111.8 million, operating margin at 33.0%, and ending AUM up 7.3% to $161.2 billion . APAM’s executive pay framework emphasizes long-term, discretionary performance alignment using strategic objectives and measures like adjusted operating margin, AUM/revenue growth, fees, investment performance, and sales growth rather than formulaic targets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| APAM | Head of Global Distribution; previously led institutional marketing and client service for the Developing World team | Head role since Jan 2020; joined APAM Sep 2015 | Executed new distribution model, drove fundings in early-stage strategies and alternatives; supported firm growth objectives |
| WisdomTree Asset Management | Head of Institutional Distribution | Not disclosed (prior to Sep 2015) | Led institutional distribution; relevant external distribution experience brought to APAM |
External Roles
No public company directorships or external board roles for Krein were disclosed in APAM’s proxies. Skip if not disclosed.
Fixed Compensation
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $300,000 | $300,000 | $300,000 |
| Non-Equity Incentive (Actual bonus paid) | $1,800,000 | $1,650,000 | $1,675,000 |
| Stock Awards (SEC grant-year reporting) | $1,283,358 | $884,127 | $889,048 |
Additional maximum cash opportunities:
- 2023 maximum performance-based cash bonus: $5,368,254
- 2024 maximum performance-based cash award: $5,078,096
Performance Compensation
Equity Awards Granted and Structure
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value (USD) | Key Vesting Terms |
|---|---|---|---|---|
| Restricted Stock (Standard + Career, half/half) | 1/25/2024 | 21,188 shares | $889,048 | Standard vests pro-rata over 5 years; Career shares vest only upon qualifying retirement (10 years service, 18 months’ notice, age+service ≥70 may accelerate post-5 years) |
| Restricted Stock (Standard + Career, half/half) | 1/25/2023 | 25,268 shares | $884,127 | Same standard/career vesting terms as above |
| Performance Share Units (PSUs) | 1/25/2022 | Threshold 11,994; Target 35,982 | $1,283,358 | 3-year performance period; service + relative adjusted operating margin and/or TSR vs peer median; 50% vests and delivers upon eligibility; remaining 50% subject to career vesting |
PSU Outcome Assessment (2021 Grant assessed in 2024)
| Metric | Target Condition | Actual Outcome | Payout Eligibility | Vesting Outcome |
|---|---|---|---|---|
| Service | Employed through 2021–2023 | Met | Eligible | 50% of eligible PSUs delivered; 50% remain career-vested |
| Adjusted Operating Margin (relative) | > Peer median | Met | Eligible | 50% delivered; 50% career vesting |
| TSR (relative) | > Peer median | Not met | Reduced from 150% to 100% eligible | As above |
Program-level performance measures considered each year include adjusted operating income/margin, revenue, average management fee, AUM growth, investment performance, and sales growth (no fixed weightings disclosed) .
Equity Ownership & Alignment
| Ownership Snapshot (as of 4/10/2025) | Value |
|---|---|
| Class A Shares Beneficially Owned | 129,424 (less than 1% of Class A) |
| Earned PSUs (subject to qualified retirement vesting) | 25,031 |
| Executive Ownership Guideline Compliance | Held equity equal to ~17x base salary (guideline is 3x for non-CEO executives) |
| Hedging/Pledging | Hedging prohibited; pledging restricted; black-out and MNPI restrictions apply |
Unvested award schedule (as of 12/31/2024):
| Vest Date | Restricted Stock (#) | PSUs (#) |
|---|---|---|
| Feb 2025 | 5,795 | 17,991 |
| Feb 2026 | 4,646 | — |
| Feb 2027 | 4,646 | — |
| Feb 2028 | 4,646 | — |
| Feb 2029 | 2,119 | — |
| Qualified Retirement | 31,345 | 25,031 |
Historical ownership guideline multiples disclosed:
- 2021: 5x salary
- 2022: 9x salary
- 2023: 9x salary
- 2024: 12x salary
- 2025: 17x salary
Employment Terms
- Employment agreements: None; executives are at-will. Offer letters at hire; terms do not affect compensation .
- Restrictive covenants: Non-compete and non-solicit for one year post-employment; enforceability may vary .
- Severance: No formal severance arrangements; could be negotiated case-by-case .
- Clawback: Mandatory recovery of erroneously awarded incentive compensation after accounting restatement for prior 3 fiscal years, “no fault” basis in line with applicable rules .
- Change-of-control: All outstanding unvested equity vests upon termination without cause or resignation for good reason within two years of a change in control (double trigger) .
Potential equity vesting values for Krein (12/31/2024 price $43.05):
| Scenario | Standard RS | Career Shares | Standard PSUs | Career PSUs |
|---|---|---|---|---|
| Death or Disability | $940,729 | $1,349,402 | $516,342 | $819,414 |
| Change-in-Control (Qualifying Termination) | $940,729 | $1,349,402 | $516,342 | $819,414 |
| Qualified Retirement | — | — | — | — |
| Involuntary Termination without Cause | — | — | — | — |
| Note: For Krein, the table shows accelerated vesting under death/disability and change-in-control. Qualified retirement values are not listed for Krein in the proxy table; CEO/CFO entries included separately . |
Performance & Track Record
- 2024 firm financials: Revenue $1,111.8m vs $975.1m in 2023; operating margin 33.0% vs 31.1%; weighted average management fee 68.6 bps vs 69.8 bps; ending AUM $161.2b vs $150.2b; net client cash flows improved modestly .
- Distribution execution: Secured new fundings for early-stage and not-yet-at-scale strategies (EMsights, Sustainable EM, International Explorer, Credit Opportunities); alternatives sales campaigns and fund close in Dislocation Opportunities; executed redesigned incentive structure and added sales talent .
- PSU peer group used for performance comparisons includes leading asset managers (e.g., BlackRock, T. Rowe Price, Invesco, etc.) for adjusted operating margin/TSR determinations .
Compensation Committee Analysis and Shareholder Feedback
- Compensation Committee members (2024): Jeffrey A. Joerres (Chair), Jennifer A. Barbetta, Tench Coxe; all independent .
- Process: Annual framework sets aggregate maximum (e.g., 8% of adjusted operating income with specific adjustments) and individual maximum cash awards (200% of prior-year performance-based pay), then applies negative discretion against maximums based on strategic objectives and firm performance .
- External consultant: McLagan retained; peer data as reference, not strict benchmarking .
- Say-on-pay: ~96% approval in 2024; ~92.5% approval in 2023; 2019 vote ~64% with program enhancements since (e.g., PSUs, transparency) .
Performance Compensation
Cash and Equity Mix (Krein, FY 2024)
| Component | FY 2024 Amount |
|---|---|
| Performance-Based Cash Award | $1,675,000 |
| Standard Equity Award (Restricted) | $497,877 |
| Career Equity Award (Restricted) | $497,877 |
| Total Performance-Based Compensation | $2,670,754 |
Investment Implications
- Alignment and retention: APAM’s career-vesting design, double-trigger CIC protection, and ownership guidelines create strong long-duration alignment and retention incentives; Krein’s equity stake and earned PSUs subject to retirement vesting reduce short-term selling pressure, which is further mitigated by sizable annual cash awards .
- Incentive structure vs performance: No rigid weightings; Committee applies negative discretion against maximums based on multi-year strategic execution and measures including adjusted operating margin, AUM/revenue growth, fees, investment performance, and sales growth; 2024 firm results improved materially, supporting Krein’s modest increase in performance-based pay .
- Risk flags: No employment agreement or guaranteed bonus; clawback policy implemented to current standards; hedging prohibited and pledging restricted; no tax gross-ups; equity awards subject to career vesting reduce short-termism but imply deferred delivery until qualified retirement, which could concentrate vesting near retirement windows .
- Ownership and influence: Krein’s Class A ownership is sub-1% but consistent with role; he is party to the stockholders agreement for voting proxy of employee-granted shares (committee votes such shares), reinforcing internal governance cohesion; earned PSUs remain at risk until qualified retirement . Overall compensation design and firm performance indicate positive alignment; monitor Form 4 filings for any 10b5-1 sales coincident with vesting to assess near-term selling pressure (not disclosed in proxies).