MutualFundWire.com: Artisan Charges Once More Into the IPO Breach

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Friday, November 2, 2012

Artisan Charges Once More Into the IPO Breach

Artisan Partners [profile] is trying once again to go public. Yesterday, less than a year after abandoning its initial public offering plans, the Milwaukee-based mutual fund shop filed a new S-1 with the SEC, to raise up to $250 million with the help of Citigroup, Goldman Sachs, Bank of America Merrill Lynch, Morgan Stanley and Scotiabank [filing]. Artisan also issued a press release on the refiling (see below). Its proposed ticker is "APAM" (for Artisan Partners Asset Management).

The Milwaukee Business Journal, the Milwaukee Journal Sentinel, Pensions & Investments, Renaissance Capital, Reuters and StreetInsider.com all covered Artisan's refiling.

Ex-Strong Capital Management executives, married couple Andrew Ziegler and Carlene Murphy, founded Artisan in 1994. Artisan first filed on April 6, 2011 for an IPO (also of up to $250 million), then withdrew that filing on December 29, 2011 "due to unfavorable market conditions" [filing] , shortly after another mutual fund shop, Manning & Napier, IPOed. Then in May of this year Artisan CEO Eric Colson told a local paper that the Artisan team was "still considering [an] IPO."

As of September 30, 2012, Artisan's 276 employees boasted about $69.8 billion in assets under management, managed by five independent investment teams actively managing 12 U.S., non-U.S. and global investment strategies. The shop's headquarters is in Milwaukee, and it also has offices in Atlanta, London and San Francisco, as well as a freshly expanded office in New York City. Artisan brought in $240.5 million in revenue in the first six months of 2012, netting $40.0 million in income. It's backed by management and by private equity firm Hellman and Friedman. The filing did not list expected pricing or number of shares for the offering.

According to the filing, Artisan plans to use the IPO to repay debt, buy up shares from some of its outside investors, pay part of a "$56 million cash incentive compensation payment due to" Artisan PMs and more.

Company Press Release
November 01, 2012 11:31 AM Eastern Daylight Time

Artisan Partners Asset Management Inc. Files Registration Statement for an Initial Public Offering

MILWAUKEE--Artisan Partners Asset Management Inc. (the “Company”) announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of Class A common stock.

Artisan Partners Limited Partnership (“Artisan Partners”), which will be the Company’s primary operating entity upon completion of the initial public offering, is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. Artisan Partners has five autonomous investment teams that oversee twelve distinct U.S., non-U.S. and global investment strategies. Each strategy is offered through multiple investment vehicles, including Artisan Partners Funds, Inc., to accommodate a broad range of client mandates. As of September 30, 2012, Artisan had approximately $69.8 billion in assets under management.

A registration statement relating to the Company’s Class A common stock has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

Copies of a prospectus, when available, may be obtained from Citi, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone 800-831-9146, email: batprospectusdept@citi.com; or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, email: prospectus- ny@ny.email.gs.com.