Gregory K. Ramirez
Artisan Partners Asset ManagementAbout Gregory K. Ramirez
Gregory K. Ramirez (age 54) is Executive Vice President at Artisan Partners Asset Management (APAM), serving as Head of Vehicle and Investor Operations and chair of the Artisan Risk and Integrity Committee; he has been an EVP since February 2016, previously serving as Senior Vice President (Oct 2013–Feb 2016) and Assistant Treasurer (Apr 2013–Oct 2013), and was named a Managing Director in April 2003 . APAM’s 2024 business performance included AUM growth to $161.2B (+7.3% YoY), revenue up 14% to $1,111.8M, GAAP operating margin 33.0% (Adjusted 33.8%), and adjusted EPS $3.55, with improved net client outflows; five-year “compensation actually paid” disclosures also track TSR and revenue over time for pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Artisan Partners Asset Management | Executive Vice President; Head of Vehicle and Investor Operations; Chair, Risk & Integrity Committee | Feb 2016–Present | Oversees investment vehicles and investor operations; chairs enterprise risk committee supporting firmwide risk management and operational integrity . |
| Artisan Partners Asset Management | Senior Vice President | Oct 2013–Feb 2016 | Leadership in finance/operations during build-out of investment operations and vehicles . |
| Artisan Partners Asset Management | Assistant Treasurer | Apr 2013–Oct 2013 | Treasury/controls support during corporate structure evolution . |
| Artisan Partners | Managing Director | Since Apr 2003 | Long-tenured leadership; deep institutional knowledge of firm’s vehicles and processes . |
External Roles
No external directorships or outside roles were disclosed for Mr. Ramirez in the latest APAM proxy statements .
Fixed Compensation
| Component | 2024 |
|---|---|
| Base Salary | $300,000 (APAM disclosure: “for all other executive officers”) . |
| Target Bonus % | Not disclosed. |
| Actual Bonus Paid | Not disclosed. |
Notes:
- APAM states CEO salary is $500,000 and “all other executive officers” $300,000; Mr. Ramirez is an executive officer .
Performance Compensation
APAM applies a principles-driven, discretionary framework (no rigid formulas) emphasizing long-term value creation; the Compensation Committee evaluates strategic objectives and key priorities, then aligns awards with financial/operational results. Key measures used across executives include AUM growth, revenue growth, sales growth, adjusted operating margin, weighted average management fee, and investment performance; equity awards include “standard” and “career” restricted stock with long-duration vesting; PSUs have been used selectively (primarily for certain NEOs) .
| Metric (Company-Level) | Weighting | Target | Actual/Payout Context | Vesting/Notes |
|---|---|---|---|---|
| AUM Growth | Qualitative | Not formulaic | Ending AUM $161.2B in 2024 (+7.3% YoY) informs pay alignment . | N/A |
| Revenue Growth | Qualitative | Not formulaic | 2024 revenue $1,111.8M (+14.0% YoY) . | N/A |
| Sales (Net Flows) | Qualitative | Not formulaic | Net client cash flows improved to $(3,699)M vs $(4,076)M in 2023 . | N/A |
| Adjusted Operating Margin | Qualitative | Not formulaic | 33.8% in 2024 vs 31.6% in 2023 . | N/A |
| Weighted Avg Mgmt Fee | Qualitative | Not formulaic | 68.6 bps in 2024 vs 69.8 bps in 2023 . | N/A |
| Investment Performance | Qualitative | Not formulaic | Considered via value-added and % AUM outperforming; tracked over multi-year horizons . | N/A |
| Equity Award Design | — | — | Half “career shares” with retirement-conditional vesting; double-trigger change-in-control acceleration . | Standard RS vests pro-rata over five years; career shares vest on qualifying retirement; death/disability and double-trigger CIC accelerate . |
Additional program features:
- Aggregate executive performance-based pay capped as a % of adjusted operating income; individual cash maximums set annually (illustrated for NEOs; not disclosed for Mr. Ramirez) .
- Majority of executive pay is performance-based; executive equity allocation is constrained by prioritization of franchise capital for investment teams (mitigates forced selling by executives) .
Equity Ownership & Alignment
- Beneficial ownership and governance role:
- Member of APAM Stockholders Committee (with CEO and CFO) holding irrevocable proxy to vote all Class B and employee-granted Class A shares; committee shares represented ~9.8% combined voting power as of the 2025 record date .
- Individual ownership:
| Ownership | 2024 (as of Apr 19, 2024) | 2025 (as of Apr 10, 2025) |
|---|---|---|
| Class A Shares | 97,461 (<1% of class) | 104,836 (<1% of class) |
| Class B Shares | 71,979 (4.2% of Class B) | 69,784 (5.7% of Class B) |
| Class C Shares | None disclosed | None disclosed |
| Voting Proxy Role | Stockholders Committee member (see above) | Stockholders Committee member (see above) |
- Ownership policy and restrictions:
- Ownership guidelines: CEO 8x salary; other executive officers 3x salary (compliance tracked for NEOs; policy applies firmwide) .
- Clawback: mandatory recovery of erroneously awarded incentive-based compensation after restatements (no-fault) .
- Hedging/Pledging: Hedging prohibited; pledging restricted under insider trading policy (e.g., cannot pledge while in possession of MNPI or during blackout) .
- Option usage: Company equity plans currently utilize restricted stock/RSUs and PSUs; no stock options outstanding per plan info .
Insider selling pressure assessment:
- APAM deliberately pays a larger share of executive performance compensation in cash (given limited executive equity pool) to reduce liquidity-driven selling of vested equity; career-vesting awards also extend time horizons, increasing retained equity at risk .
Employment Terms
- Employment agreements: APAM discloses no employment agreements for NEOs; no specific agreement for Mr. Ramirez is disclosed .
- Severance/change-in-control:
- No formal severance programs; equity award agreements govern outcomes .
- Equity acceleration: death/disability accelerate; double-trigger CIC (termination without cause or good reason within two years of CIC) accelerates; career awards may vest upon certain terminations after five years and 10+ years of service .
- Restrictive covenants: Equity award recipients (including executive officers) agree to one-year post-termination non-compete and non-solicit; enforceability may vary by jurisdiction .
- Retiree health: Career award recipients with 10+ years of service may participate in a retiree health plan at their own expense upon qualified retirement .
Performance & Track Record Context (Company-Level)
| Metric | 2023 | 2024 |
|---|---|---|
| Ending AUM ($B) | $150.2 | $161.2 |
| Average AUM ($B) | $139.3 | $160.2 |
| Net Client Cash Flows ($M) | $(4,076) | $(3,699) |
| Revenue ($M) | $975.1 | $1,111.8 |
| GAAP Operating Margin (%) | 31.1 | 33.0 |
| Adjusted Operating Margin (%) | 31.6 | 33.8 |
| Adjusted EPS ($) | $2.89 | $3.55 |
TSR reference (for pay-versus-performance disclosures): Value of a fixed $100 investment (Company TSR vs Peer Group TSR) as of year-end 2024 was $202.51 vs $215.14; APAM also reported net income $259.7M and revenue $1,111.8M for 2024 in the same disclosure framework .
Compensation Structure Analysis
- Year-over-year mix: Program continues to emphasize performance-based cash with constrained executive equity pool; long-duration “career” equity maintained to enhance alignment and retention .
- Shift from options to RSUs/PSUs: Equity programs utilize restricted stock and PSUs; no options outstanding per plan table — lowers risk and emphasizes service/retirement alignment .
- No guarantees or tax gross-ups: No guaranteed bonuses and no golden parachute gross-ups; clawback policy in place .
- Performance metrics: Committee uses qualitative, multi-year assessment of AUM/revenue/sales/margins/fees/performance, not rigid targets; allows discretion to adjust to market conditions .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay support: Approximately 96% of votes cast supported NEO compensation at the 2024 annual meeting; targeted investor engagement indicated no issues raised on program structure or amounts .
- Consultant/peer use: McLagan advises committee; peer data used as reference (not strict benchmarking). PSU peer set includes leading asset managers for margin/TSR comparisons in applicable cycles .
Risk Indicators & Governance Notes
- Stockholders Agreement: As a Stockholders Committee member, Mr. Ramirez shares voting control over employee-granted shares and all Class B shares (~9.8% voting power at 2025 record date); influence over internal voting may be relevant to governance dynamics .
- Hedging prohibited; pledging restricted; robust clawback — mitigates misalignment and reputational risk .
- No broad severance or guarantees; retention relies on career-vesting equity and ownership expectations .
Investment Implications
- Alignment: High-duration “career” equity and ownership guidelines support strong skin-in-the-game and reduce near-term selling pressure; Mr. Ramirez’s long tenure and Stockholders Committee role reinforce internal influence and alignment with long-term outcomes .
- Retention risk: Absence of employment contracts and formal severance is offset by significant unvested/retirement-conditional equity; restrictive covenants and retiree health eligibility further encourage orderly succession versus abrupt exits .
- Pay-for-performance: Discretionary framework ties outcomes to multi-year AUM/revenue/margin/investment performance; 2024 rebound in revenues/margins and improved flows suggest supportive backdrop for incentive payouts without overemphasizing short-term metrics .
- Trading signals: Executive cash-heavy incentive mix and career shares design limit liquidity-driven stock sales; absence of disclosed pledging and hedging bans reduce forced selling risk, though general market-driven Form 4 activity (not provided here) should still be monitored around vesting dates and blackouts .
Data limitations: APAM discloses detailed compensation for NEOs; specific annual bonus/equity grant amounts for Mr. Ramirez are not disclosed. We rely on program-level policies and his disclosed ownership/governance roles for alignment and retention analysis .