Eileen L. Kwei
Artisan Partners Asset ManagementAbout Eileen L. Kwei
Eileen L. Kwei, age 46, is Executive Vice President and Chief Administrative Officer at Artisan Partners Asset Management (APAM), serving in this role since January 2021. She joined Artisan in June 2013, became a managing director in 2018, and previously led institutional marketing for the Credit team and served as a relationship manager for the Global Equity team . Under the compensation framework where the committee aligns awards to long-term firm-level outcomes, 2024 company performance included revenue up 14% year over year to $1,111.8 million, adjusted operating margin rising to 33.8% from 31.6%, ending AUM up 7.3% to $161.2 billion, and five-year total shareholder return equivalent to a $202.51 value for a fixed $100 investment in APAM stock as of 2024 year-end . APAM avoids formulaic targets but evaluates performance across growth and stability measures such as AUM, revenue, sales, adjusted operating margin, fee rates, and investment performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Artisan Partners Asset Management | Executive Vice President, Chief Administrative Officer | 2021–present | Firmwide administrative leadership supporting investment-focused culture |
| Artisan Partners | Institutional marketing and client service, Credit team | 2018–2021 | Distribution support and client engagement for Credit strategies |
| Artisan Partners | Relationship manager, Global Equity team | Pre-2018–2018 | Client relationship management for Global Equity strategies |
| Artisan Partners | Managing Director | 2018–present | Senior leadership designation reflecting expanded responsibilities |
| Artisan Partners | Joined the firm | 2013 | Long-tenured stewardship and continuity within APAM’s talent-driven model |
External Roles
No external directorships or roles are disclosed for Ms. Kwei in the latest proxy.
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 300,000 | 300,000 |
| Target Non-Equity Incentive ($) | 1,250,000 | 1,250,000 |
| Actual Non-Equity Incentive ($) | 1,250,000 | 1,340,000 |
| All Other Compensation ($) | 58,621 | 60,247 |
Notes:
- Base salary levels for executive officers were unchanged in 2024, with non-CEO execs at $300,000 .
- “All Other Compensation” includes defined contribution plan match of $23,000 and health/vision premiums/HSA contributions of approximately $35,000; CEO/CFO received specific self-employment payroll tax reimbursement but no such reimbursement is listed for Ms. Kwei .
Performance Compensation
APAM’s Compensation Committee determines annual performance-based compensation using judgment, applying negative discretion from pre-set maximums and aligning cash/equity mix to sustain long-term alignment; the firm avoids predetermined formulaic weightings. Executive performance is assessed against strategic objectives and firm-level measures: AUM growth, revenue growth, sales growth, adjusted operating margin, average management fee, and investment performance over multi-year horizons .
| Element | Metric/Terms | 2024 Detail | Vesting/Notes |
|---|---|---|---|
| Maximum Performance-Based Cash Award | Committee-set cap | $3,745,708 | Committee applied negative discretion to determine actual awards |
| Actual Performance-Based Compensation (Total) | Cash + Equity | $2,037,046 | Mix set to align with equity availability and long-term retention goals |
| Equity Awards (Grant Date Fair Value) | Standard RS + Career RS | $348,523 standard, $348,523 career | Standard RS: pro-rata over 5 yrs; Career RS: eligible 20%/yr, vests on qualifying retirement |
| Non-Equity Incentive (Cash) | Performance-based cash | $1,340,000 | Paid Feb 2025 |
| Annual Equity Mix | Equity share of performance comp | Other NEOs received 31%–37% in equity; specific per-exec mix not individually broken out beyond award values | Majority of equity subject to long-duration/career vesting |
Firm-level performance context (2024 vs 2023):
- Revenue: $1,111.8m vs $975.1m (+14.0%)
- Adjusted operating margin: 33.8% vs 31.6%
- Ending AUM: $161.2b vs $150.2b (+7.3%)
- Weighted average fee: 68.6 bps vs 69.8 bps
- TSR: Company TSR value $202.51 on fixed $100 over last five fiscal years
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 68,007 Class A shares; <1% of class |
| Unvested Equity at 12/31/2024 | 45,027 shares/units; market value $1,938,412 at $43.05/share |
| Scheduled Time-Vesting (Restricted Stock) | Feb 2025: 7,386; Feb 2026: 7,387; Feb 2027: 6,260; Feb 2028: 3,256; Feb 2029: 1,485; Qualified Retirement: 19,253 |
| Equity Ownership Guidelines | 3× base salary for execs; Ms. Kwei at 9× base salary as of 12/31/2024 (compliant) |
| Hedging/Pledging Policy | Hedging prohibited; pledging restricted under insider trading policies and when in possession of MNPI/blackout |
| 2024 Equity Vested | 6,903 shares; $291,721 realized value |
Interpretation:
- High “skin-in-the-game” through equity holdings and long-duration vesting; ownership guidelines met/exceeded .
- Career vesting structure reduces near-term selling pressures and strengthens retention alignment .
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | None; executives are at-will |
| Non-Compete/Non-Solicit | One-year restrictions under equity award agreements post-employment; subject to enforceability limits by jurisdiction/circumstance |
| Severance | No formal severance program; severance may be negotiated case-by-case |
| Change-in-Control | Double-trigger: accelerated vesting if terminated without cause or resign for good reason within two years post-CIC |
| Clawback | Mandatory recovery of erroneously awarded incentive-based compensation for three fiscal years preceding restatement; “no fault” recovery |
| Tax Gross-Ups | Policy: no “golden parachute” tax gross-ups |
Potential accelerated vesting values for Ms. Kwei (as of 12/31/2024; $43.05/share):
- Death/Disability: Standard RS $1,109,571; Career RS $828,842
- CIC qualifying termination: Standard RS $1,109,571; Career RS $828,842
- Qualified Retirement: Career RS $127,514
Compensation Committee, Peer Group, and Say‑on‑Pay
- Compensation Committee members: Jeffrey A. Joerres (Chair), Jennifer A. Barbetta, Tench Coxe; independent under NYSE rules .
- Consultant: McLagan; independence assessed, no conflicts .
- PSU peer group used for operating margin/TSR tests includes AllianceBernstein, BlackRock, Franklin Resources, T. Rowe Price, etc. (PSUs granted in 2020–2022; not applicable to Kwei’s 2024 award mix) .
- Say‑on‑pay approval: ~96% support at 2024 annual meeting; continued shareholder engagement and feedback process .
Compensation Structure Analysis
- Year‑over‑year changes: Ms. Kwei’s total performance-based compensation rose 9% in 2024 vs 2023 (to $2,037,046), aligned with firm revenue and margin expansion .
- Equity structure: One-half of equity awards are “career shares” with vesting eligibility over five years and delivery on qualifying retirement, enhancing long-term alignment and retention .
- Guaranteed pay: Base salary steady at $300,000; APAM emphasizes variable, performance-based pay and avoids guarantees .
- Clawback and ownership policies reduce risk of misaligned incentives; no pension or deferred comp plans for NEOs .
Risk Indicators & Red Flags
- Hedging prohibited; pledging restricted; ownership guidelines met (9× base salary) .
- No formal severance program; equity accelerates under defined conditions (death/disability, double‑trigger CIC, certain involuntary terminations after five years) .
- No golden parachute tax gross-ups; clawback policy in place .
- 2024 vesting events suggest routine supply from RS vesting; ongoing monitoring of Form 4 filings is prudent. We did not extract additional insider trading filings from the provided document set; monitor future disclosures.
Investment Implications
- Strong long-term alignment: Career vesting structure, ownership guideline compliance (9× salary), and clawback policy collectively reduce short-term selling incentives and align Ms. Kwei with durable value creation .
- Retention risk appears contained: Significant unvested equity ($1.94m value at YE 2024) and retirement-conditional vesting promote continuity in leadership in core administrative functions .
- Pay for performance linkage: 2024 awards rose alongside firm-level improvements in revenue and margins, consistent with APAM’s judgment-based framework tied to multi-year growth and stability measures rather than formulaic targets .
- Governance quality: High say‑on‑pay support (~96%), independent committee oversight, consultant independence, and no tax gross‑ups support shareholder-friendly practices .