Change is in the air at Artisan Partners Asset Management's [profile] U.S. Value team.

Scott Satterwhite will retire in three years and has given the team, which he co-founded with James Kieffer, advance notice.

As a result, Daniel Kane has been promoted from associate portfolio manager to portfolio manager.

Kieffer and George Sertl will remain portfolio managers. Today the team includes four portfolio managers and two analysts, according to Artisan Partners.

Here is the press release:

Company Press Release
Portfolio Management Update for Artisan Partners U.S. Value Team

MILWAUKEE--Artisan Partners Asset Management Inc. (NYSE: APAM) announced today that Scott C. Satterwhite of the firm�s U.S. Value team has provided his three-year advance retirement notice. He plans to continue as portfolio manager on the team through September 2016. In conjunction with Mr. Satterwhite�s retirement notice, Daniel L. Kane has been promoted to portfolio manager on the team. Mr. Kane joined the team in 2008 as an analyst and has been an associate portfolio manager on the team since February 2012. James C. Kieffer and George O. Sertl continue as portfolio managers on the team. The Artisan Partners U.S. Value team manages the Artisan U.S. Small-Cap Value, U.S. Mid-Cap Value and Value Equity strategies.

Mr. Satterwhite and Mr. Kieffer founded the U.S. Value team at Artisan Partners in 1997. Mr. Sertl joined the team shortly thereafter in 2000. Together that highly cohesive trio has evolved the team by thoughtfully adding like-minded value investors. Today the team includes four portfolio managers and two analysts. The patient inclusion of new team members has ensured that the investment process has remained the same since the inception of the team. The team favors cash producing businesses in strong financial condition trading at undemanding valuations.

Eric Colson, CEO of Artisan Partners, said, �Scott is a great investor and he, Jim and George have built a strong team with great continuity in decision making and natural succession options. Our three-year retirement process for portfolio managers is meant to ensure a gradual and thoughtful transition of responsibilities. Over the next three years, we expect Scott to remain engaged in research, decision making and leadership on the team as we continue to grow the U.S. Value franchise.�

Commenting on his retirement notice, Mr. Satterwhite said, �Investing is what I do. I still have a strong passion for research and I feel fortunate to be part of such a great team. I have provided my retirement notice to begin the gradual transition of my responsibilities to Jim, George, Dan and the analysts on the team, but I remain highly engaged in the process.�

In reference to Mr. Kane�s promotion to portfolio manager Mr. Kieffer noted, �This is the natural next step in Dan�s progression of responsibility on our team. As value investors it is our nature to move slowly, but during Dan�s nearly six years with our team we have benefited greatly from his research and perspectives as a decision maker. This promotion is essentially a formality relative to the beliefs we have had about his capability for some time.�

About Artisan Partners

Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners has five autonomous investment teams that oversee thirteen distinct U.S., non-U.S. and global investment strategies. Each strategy is offered through multiple investment vehicles to accommodate a broad range of client mandates. The firm�s principal offices are located in Milwaukee, San Francisco, Atlanta, New York and London.

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