- Artisan Partners Asset Management Inc. Reports April 2026 Assets Under Management
May 11, 2026 · globenewswire.com
MILWAUKEE, May 11, 2026 (GLOBE NEWSWIRE) -- Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management ("AUM") as of April 30, 2026 totaled $183.0 billion. Artisan Funds and Artisan Global Funds accounted for $89.1 billion of total firm AUM, while separate accounts and other AUM1 accounted for $93.9 billion.
- ARTISAN PARTNERS ASSET MANAGEMENT INC. REPORTS APRIL 2026 ASSETS UNDER MANAGEMENT
May 11, 2026
MILWAUKEE, MAY 11, 2026 (GLOBE NEWSWIRE) -- ARTISAN PARTNERS ASSET MANAGEMENT INC. (NYSE: APAM) TODAY REPORTED THAT ITS PRELIMINARY ASSETS UNDER MANAGEMENT ("AUM") AS OF APRIL 30, 2026 TOTALED $183.0 BILLION. ARTISAN FUNDS AND ARTISAN GLOBAL FUNDS ACCOUNTED FOR $89.1 BILLION OF TOTAL FIRM AUM, WHILE SEPARATE ACCOUNTS AND OTHER AUM1 ACCOUNTED FOR $93.9 BILLION.
- Implied Volatility Surging for Artisan Partners Stock Options
May 5, 2026
Investors in Artisan Partners Asset Management Inc. APAM need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $21.93 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Artisan Partners shares, but what is the fundamental picture for the company? Currently, Artisan Partners is a Zacks Rank #3 (Hold) in the Financial - Investment Management industry that ranks in the Bottom 23% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from 94 cents per share to 90 cents in that period.
Given the way analysts feel about Artisan Partners right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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- Implied Volatility Surging for Artisan Partners Stock Options
May 5, 2026 · zacks.com
Investors need to pay close attention to APAM stock based on the movements in the options market lately.
- Artisan Partners Asset Management Inc. Just Missed EPS By 22%: Here's What Analysts Think Will Happen Next
May 2, 2026
The quarterly results for Artisan Partners Asset Management Inc. (NYSE:APAM) were released last week, making it a good time to revisit its performance. It looks like a pretty bad result, all things considered. Although revenues of US$303m were in line with analyst predictions, statutory earnings fell badly short, missing estimates by 22% to hit US$0.76 per share. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.
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Following last week's earnings report, Artisan Partners Asset Management's two analysts are forecasting 2026 revenues to be US$1.22b, approximately in line with the last 12 months. Statutory per-share earnings are expected to be US$3.63, roughly flat on the last 12 months. Before this earnings report, the analysts had been forecasting revenues of US$1.22b and earnings per share (EPS) of US$3.97 in 2026. So it looks like there's been a small decline in overall sentiment after the recent results - there's been no major change to revenue estimates, but the analysts did make a small dip in their earnings per share forecasts.
See our latest analysis for Artisan Partners Asset Management
It might be a surprise to learn that the consensus price target was broadly unchanged at US$37.50, with the analysts clearly implying that the forecast decline in earnings is not expected to have much of an impact on valuation.
Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 0.04% by the end of 2026. This indicates a significant reduction from annual growth of 0.9% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 5.7% per year. It's pretty clear that Artisan Partners Asset Management's revenues are expected to perform substantially worse than the wider industry.
Story Continues
The Bottom Line
The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Fortunately, the analysts also reconfirmed their revenue estimates, suggesting that it's tracking in line with expectations. Although our data does suggest that Artisan Partners Asset Management's revenue is expected to perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have analyst estimates for Artisan Partners Asset Management going out as far as 2028, and you can see them free on our platform here.
Even so, be aware that Artisan Partners Asset Management is showing 1 warning sign in our investment analysis, you should know about...
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Aperam S.A. (AMS:APAM) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates
May 2, 2026
Shareholders of Aperam S.A. (AMS:APAM) will be pleased this week, given that the stock price is up 11% to €45.38 following its latest first-quarter results. It was a workmanlike result, with revenues of €1.6b coming in 4.8% ahead of expectations, and statutory earnings per share of €0.13, in line with analyst appraisals. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.
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Taking into account the latest results, the most recent consensus for Aperam from ten analysts is for revenues of €6.65b in 2026. If met, it would imply a notable 11% increase on its revenue over the past 12 months. Statutory earnings per share are predicted to soar 343% to €1.84. Before this earnings report, the analysts had been forecasting revenues of €6.70b and earnings per share (EPS) of €2.05 in 2026. So there's definitely been a decline in sentiment after the latest results, noting the real cut to new EPS forecasts.
View our latest analysis for Aperam
The consensus price target held steady at €44.57, with the analysts seemingly voting that their lower forecast earnings are not expected to lead to a lower stock price in the foreseeable future. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on Aperam, with the most bullish analyst valuing it at €65.00 and the most bearish at €30.00 per share. Note the wide gap in analyst price targets? This implies to us that there is a fairly broad range of possible scenarios for the underlying business.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Aperam's past performance and to peers in the same industry. It's clear from the latest estimates that Aperam's rate of growth is expected to accelerate meaningfully, with the forecast 15% annualised revenue growth to the end of 2026 noticeably faster than its historical growth of 3.3% p.a. over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 4.4% annually. Factoring in the forecast acceleration in revenue, it's pretty clear that Aperam is expected to grow much faster than its industry.
Story Continues
The Bottom Line
The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
With that in mind, we wouldn't be too quick to come to a conclusion on Aperam. Long-term earnings power is much more important than next year's profits. At Simply Wall St, we have a full range of analyst estimates for Aperam going out to 2028, and you can see them free on our platform here..
However, before you get too enthused, we've discovered 4 warning signs for Aperam (1 shouldn't be ignored!) that you should be aware of.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Artisan Partners Asset Management Inc (APAM) Q1 2026 Earnings Call Highlights: Strong Long-Term ...
Apr 30, 2026
This article first appeared on GuruFocus.
Release Date: April 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Artisan Partners Asset Management Inc (NYSE:APAM) reported strong long-term investment performance, with 74% of AUM outperforming benchmarks over three years, 76% over five years, and 99% over ten years gross of fees. The company received external recognition, with two investment teams being acknowledged by Morningstar and Lipper for investment excellence. APAM experienced net inflows in 13 of its investment strategies year-to-date, with significant growth in its Sustainable Emerging Markets strategy and credit businesses. The firm successfully onboarded Grandview Property Partners, expanding its platform with new talent and investment capabilities. APAM's balance sheet remains strong with $271 million in cash, providing flexibility for organic growth initiatives and potential M&A opportunities.
Negative Points
APAM faced firm-wide net outflows of $3.1 billion in the first quarter, primarily due to clients de-risking and reallocating from equity strategies. Revenues declined by 10% from the December quarter, largely due to the absence of performance fees and fewer days in the first quarter. Adjusted operating income decreased by 30% sequentially, reflecting the impact of increased operating expenses and the absence of performance fees. The company experienced challenges in its growth business, particularly in the global opportunity strategy, which faced headwinds due to shorter and intermediate-term performance issues. The dividend for the March 2026 quarter was reduced by 24% from the prior quarter, reflecting lower cash generation due to the absence of performance fees.
Q & A Highlights
Warning! GuruFocus has detected 4 Warning Signs with APAM. Is APAM fairly valued? Test your thesis with our free DCF calculator.
Q: Can you provide insights into the equity attrition and the institutional pipeline, particularly between emerging markets (EM) and credit versus equity? A: The equity attrition is primarily due to rebalancing in international strategies and challenges in the global opportunity strategy. However, there are positive developments, such as the franchise fund raising $400 million and improvements in the mid-cap growth strategy. In emerging markets, we're seeing good opportunities, with the sustainable emerging markets strategy raising $250 million, indicating a positive outlook for the pipeline. - Respondent: Unidentified_3
Story Continues
Q: How does the current pipeline for team lift-outs and acquisitions compare to a year ago or last quarter? A: The pipeline has strengthened, particularly in expanding our credit and alternatives platforms. We see opportunities to expand traditional credit globally and are optimistic about completing something by year-end. The M&A landscape is robust, with interest in differentiated credit and private credit. We're also evaluating R&D opportunities within existing businesses. - Respondent: Unidentified_3
Q: Are there any new institutional client segments you're targeting with newer strategy areas? A: Institutionally, there are no new client segments untapped. The focus is on the intermediate wealth space, where we've expanded capabilities in the U.S., UK, and EMEA. This has started yielding positive results, with the intermediate wealth platform showing slight positive flow for the quarter. - Respondent: Unidentified_3
Q: Is there any line of sight to larger mandates exiting, and how is demand regionally on the institutional side? A: We don't see any direct line of sight to massive outflows or inflows. It's about maintaining close client relationships, especially when performance is challenging. We have strong capabilities in areas like global value and sustainable emerging markets, which are gaining institutional interest. - Respondent: Unidentified_3
Q: What are the main drivers behind the equity business rebalancing and growth challenges? A: The rebalancing is due to the strength in the EC market and the size of our International Value franchise. Growth challenges stem from the global opportunity strategy's performance, but there are positive developments like the franchise fund's growth and mid-cap strategy's performance turnaround. - Respondent: Unidentified_3
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- Artisan Partners Weighs Expansion Benefits Against Margin Pressure And Mixed Earnings
Apr 29, 2026
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Artisan Partners Asset Management (NYSE:APAM) has received industry recognition for two of its investment teams, highlighting recent investment performance. The firm is expanding its investment offerings, including onboarding Grand View Property Partners and enlarging its distribution network. Management is exploring additional acquisitions and new capabilities following a quarter with mixed financial results.
Artisan Partners Asset Management, an active investment manager listed on the NYSE under the ticker APAM, operates in a competitive asset management industry where product breadth and investment track records often influence capital flows. Recent awards for two of its investment teams add to the picture investors get from quarterly results and provide another reference point on how the firm’s investment capabilities are perceived by the market. At the same time, expansion steps such as bringing in Grand View Property Partners and growing distribution are part of a broader effort to refine how the business serves clients.
For you as an investor, the combination of industry recognition, an expanded offering set, and potential acquisitions could shape how Artisan Partners earns fees, competes for assets, and allocates its own capital over time. As the firm adds new teams and capabilities, it may gradually shift its business mix, which is something to monitor alongside future disclosures on assets under management, margins, and deal activity.
Stay updated on the most important news stories for Artisan Partners Asset Management by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Artisan Partners Asset Management.NYSE:APAM Earnings & Revenue Growth as at Apr 2026
3 things going right for Artisan Partners Asset Management that this headline doesn't cover.
For Artisan Partners, this update is a mix of business momentum and execution questions. Revenue for the quarter was US$303 million versus US$277.1 million a year earlier, and assets under management (AUM) stood at US$173b, above expectations. At the same time, net income eased to US$58 million from US$61.1 million, and non-GAAP earnings of US$0.87 per share were below analyst estimates, which points to some cost or mix pressure even as the fee base grows. Industry recognition from Morningstar and Lipper, plus inflows into 13 strategies including Sustainable Emerging Markets and credit, suggest the product set is gaining traction. However, net outflows in a few equity strategies and the onboarding of Grand View Property Partners, new distribution hires, and potential acquisitions all add complexity and could affect margins if expense growth runs ahead of revenues. For you as an investor, the key question is whether the broader, more diversified platform ultimately offsets the earnings volatility that can come with expansion in an already competitive arena that includes managers like T. Rowe Price, Franklin Templeton, and Invesco.
Story Continues
How This Fits Into The Artisan Partners Asset Management Narrative
The move to onboard Grand View Property Partners, grow credit and Sustainable Emerging Markets, and add distribution talent lines up with the narrative that expansion into more teams and strategies can support revenue across different market conditions. The quarter’s softer net income and earnings per share compared to a year earlier, despite higher revenue and higher AUM, echo concerns that a larger, more complex platform and heavier spend on distribution and new launches can pressure net margins. The industry awards for two investment teams and the concentration of outflows in only a few equity strategies add color on brand strength and product mix, which are not fully captured in the original focus on margins and distribution costs.
Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Artisan Partners Asset Management to help decide what it's worth to you.
The Risks and Rewards Investors Should Consider
⚠️ Expansion through new teams, private strategies, and acquisitions could increase fixed and variable costs, which may weigh on margins if fee growth slows. ⚠️ Concentrated net outflows in certain equity strategies highlight product-specific risk and the possibility that performance or style headwinds can hurt AUM in individual franchises. 🎁 Strong long-term performance recognition from Morningstar and Lipper, along with inflows into 13 strategies, supports the case that parts of the platform are resonating with clients. 🎁 AUM of US$173b and a broad, multi asset platform provide scale that can help Artisan compete with larger managers and benefit if interest in international and emerging markets exposure increases.
What To Watch Going Forward
From here, it is worth tracking whether AUM growth translates into consistent earnings progress or whether higher distribution and operating costs continue to cap profitability. Watch how quickly Grand View Property Partners and other newer capabilities contribute to flows, and whether the equity strategies that saw outflows stabilize or continue to shrink. The balance between variable compensation, fixed costs, and any acquisition spending will be important for margins, as will client appetite for international and emerging markets products given that a large share of assets is invested outside the U.S. Management commentary on future product launches, M&A appetite, and capital return, including the dividend, can also help you judge how the company is prioritizing growth versus cash returns.
To ensure you're always in the loop on how the latest news impacts the investment narrative for Artisan Partners Asset Management, head to the community page for Artisan Partners Asset Management to never miss an update on the top community narratives.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include APAM.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Artisan Partners Asset Management Inc (APAM) Shares Fall 3.2% -- What GF Score of 82 Tells Investors
Apr 29, 2026 · gurufocus.com
On April 29, 2026, Artisan Partners Asset Management Inc (APAM) shares fell 3.2% to a current price of $36.63. The stock has seen a 52-week range between $34.99
- APAM Q1 2026 Earnings Transcript
Apr 29, 2026
Image source: The Motley Fool.
DATE
Wednesday, April 29, 2026 at 11 a.m. ET
CALL PARTICIPANTS
Chief Executive Officer — Jason A. Gottlieb Chief Financial Officer — Charles James Daley
Full Conference Call Transcript
Jason A. Gottlieb: Welcome to the Artisan Partners Asset Management Inc. business update and earnings call. Thank you for joining the call today. At Artisan Partners Asset Management Inc., our purpose is to generate and compound wealth for our clients over the long term. We do so by maintaining an ideal home for investment talent, providing a unique combination of autonomy, degrees of freedom, resources, and support. Our model has proven repeatable over time as we have steadily expanded our capabilities across equities, credit, and alternatives. Across a wide range of market environments, we have maintained our focus on high value-added investing, driving positive outcomes for both our clients and our shareholders.
Long-term investment performance remains strong across our platform with 74% of our AUM outperforming their benchmarks over three years, 76% over five years, and 99% over ten years gross of fees. All 12 Artisan Partners Asset Management Inc. strategies with track records over ten years have outperformed their benchmarks since inception net of fees. These 12 strategies have compounded capital at average annual rates between 6% to nearly 13%, and have exceeded their benchmarks by an average of 202 basis points annually net of fees. Highlighting our track record of positive long-term investment outcomes, two of our investment teams were recently recognized by Morningstar and Lipper for investment excellence.
Morningstar nominated the Global Value team’s Dan O’Keefe for the 2026 Morningstar Award for Investing Excellence, Outstanding Equity Portfolio Manager. Lipper named the team’s Global Value Fund Institutional Class the best fund in its Global Large Cap Value Funds category for the three-, five-, and ten-year periods ended 12/31/2025. Lipper also named Select Equity Fund Institutional Class the best fund in its Global Multicap Value Funds category for the trailing three-year period ended 12/31/2025. Lipper also named the M Sites Capital Group’s Global Unconstrained Fund Institutional Class as the best fund in its Global Income Funds category over the trailing three-year period ending 12/31/2025.
External recognition is not our goal, but the consistency with which Artisan Partners Asset Management Inc. has earned accolades like these across time, teams, and asset classes validates the quality of our platform and repeatability of our business model for both talent and clients. Congratulations to the Global Value team and the M Sites Capital Group on these recent recognitions. Shorter term, trailing one-year performance has been weighed down by underperformance in a couple of our largest equity strategies, all of which have strong long-term track records. Turning to slide four, firmwide net outflows in the first quarter were $3.1 billion.
Story Continues
Outflows were concentrated in a few equity strategies where we saw clients de-risking, reallocating after periods of asset class outperformance, and some shifting to passive alternatives. Those outflows mask positive business developments across many parts of the platform. Year to date, we have net inflows in 13 of our investment strategies. The Sustainable Emerging Markets strategy raised $250 million in the first quarter and assets under management are nearing $3 billion. We have continued our multiyear success in growing our credit businesses, with $800 million of net inflows in the first quarter. This was our fifteenth consecutive quarter of positive credit flows.
In alternatives, we raised $300 million in the first quarter, primarily in the Global Unconstrained strategy, where we continue to build a realizable pipeline. We expect to see continued strong business development in credit and alternatives, while the backdrop in equities is more challenging and difficult to predict. Our teams have been operating efficiently during recent market volatility. At the end of last week, our AUM was back up to nearly $184 billion, near the all-time high that we achieved in late February. Our business and financial model allows us to remain focused on delivering high value-added investment outcomes for clients, servicing our existing clients, while actively developing new client opportunities across channels globally.
Slide five highlights our methodical approach to expanding our platform with new talent and investment capabilities. In the first quarter, we onboarded Grand View Property Partners, a real estate private equity investment firm specializing in U.S. middle market assets, and laid the groundwork to launch the team’s next flagship fund later this year. We also added key distribution talent in EMEA and the intermediate wealth channel and filed an exemptive relief application with the SEC to offer ETF share classes of Artisan Partners Asset Management Inc. mutual funds.
These investments build on success we are seeing with additional distribution resources accessing the intermediate wealth channel in particular, and the broadening and modernizing of our investment vehicle capabilities with custom credit solutions and model delivery. The asset management landscape remains dynamic, and we are actively exploring opportunities to expand the breadth of our platform. We are looking at a full range of opportunities from individual lift outs to larger acquisitions. Our platform remains differentiated and compelling for great investment talent, and we have more ways to access, resource, and support talent than ever before. I will now turn it over to CJ to review our recent financial results.
Charles James Daley: Thanks, Jason. Our complete GAAP and adjusted results are detailed in our earnings release. We exited 2025 with record assets under management, a new all-time high in quarterly revenue, and our second-highest annual revenues and earnings. As of 03/31/2026, assets under management were $173 billion, down 4% from December and up 7% year over year. Average AUM was $182 billion, up 1% sequentially and up 9% compared to the prior-year quarter. While AUM declined sharply in March due to market conditions, it has largely recovered in April, as Jason mentioned. Revenues were [inaudible] down 10% from December and up 9% compared to the prior-year quarter.
The sequential decline was primarily due to the expected absence of performance fees, as December included $29 million of performance fees realized across six strategies, with the majority of our performance fee opportunities measured and realized annually in that period. In addition, approximately $6 million of the sequential decrease in revenue was due to two fewer days in the quarter. Our weighted average fee rate for the quarter was 67 basis points, down from December due to the absence of performance fees. Adjusted operating expenses increased 4% compared to December, primarily due to the addition of expenses of Grand View Property Partners, seasonal expenses, and the impact of long-term compensation expense. Our full-year 2026 expense guidance remains unchanged.
Excluding approximately $20 million of incremental fixed expenses related to long-term incentive compensation and Grand View, we continue to expect fixed expenses to increase at a low single-digit rate in 2026. Compared to the prior-year quarter, adjusted operating expenses increased 11%, driven primarily by higher variable incentive compensation associated with increased revenues. As a result, adjusted operating income decreased 30% sequentially and increased 6% year over year. The decline in margin compared to the prior-year quarter was primarily a result of the addition of Grand View results. Adjusted net income per adjusted share declined 31% from December and increased 5% compared to the prior-year quarter, consistent with operating income trends.
In our non-GAAP measures, nonoperating income includes only interest income and expense. While valuation changes in our seed investments impact shareholder economics, we exclude these changes from adjusted results for greater transparency into our core operating performance. Our balance sheet remains strong with $271 million in cash. During the first quarter, we redeemed approximately $50 million of seed capital, reducing seed investments on the balance sheet to $110 million. Proceeds from seed capital redemptions are included in cash available for corporate purposes, reinvestment, or potential return to shareholders through our year-end special dividend.
Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of 77¢ per share for the March 2026 quarter, representing a 24% decrease from the prior quarter and a 13% increase year over year. The sequential decline reflects lower cash generation due primarily to the absence of performance fees and seasonal expense patterns in the first quarter. After funding the quarterly dividend, we retained approximately $150 million of excess capital to support organic growth initiatives, evaluate potential M&A opportunities, and return to shareholders. That concludes my prepared remarks. I will now turn the call back to the operator.
Operator: Ladies and gentlemen, at this time, we will begin the question and answer session. To ask a question, you may press star and then one on your touch-tone phones. If you are using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, you may press star and two. In the interest of time, we also ask that you please limit yourselves to two questions. At this time, we will pause momentarily to assemble our roster. Our first question today comes from William Raymond Katz from TD Cowen. Please go ahead with your question.
Analyst: Okay. Thank you very much for taking the questions. So first question, I guess in your prepared comments and also in the commentary yesterday with the release, you mentioned the equity attrition. Where do you think we stand in terms of that reallocation? And then within the $184 billion that you cited as of last week, can you frame what you are seeing in terms of that equity attrition? And maybe the broader question on the institutional pipeline at large is how has that been reshaped a bit between EM and credit versus what you are seeing on the equity side? Thank you.
Jason A. Gottlieb: Hey, Bill. I will talk about the equity business for a second. There were two primary drivers. The first was rebalancing across our international strategies given the strength in the EM market being up 30% and a still relatively strong U.S. market. We experienced it across a number of teams and within our International Value franchise in particular, given the size and nature of their business. As you know, David and the International Value team have been soft closed for quite a long time, but he has always been able to manage capacity and the flow dynamics to a neutral to slight forward lean. We would expect that to remain in place.
Everything we have seen in that business has been very much rebalance-oriented; there has not been any termination activity. The other piece is coming from our Growth business, which is another large component of our AUM. There are a lot of underlying dynamics occurring. Our Global Opportunities strategy remains a bit challenged on shorter- and intermediate-term performance, causing some headwinds with some of our institutional relationships globally. But there are important positive developments. The Franchise Fund we launched about a year or so ago raised net $400 million in the quarter from a global client, getting us close to $1 billion in AUM there.
The Mid Cap Growth strategy, another large strategy on that team, has seen a meaningful performance turnaround that began in late 2024, accelerated into 2025, and we are continuing to see it in 2026, which we think will continue to help bolster that franchise. And Global Discovery, another meaningful opportunity within that franchise, is also seeing really good pipeline activity given its stable and good long-term performance. So from an equity perspective, the dynamics have been primarily institutionally focused given the rebalance and the challenges coming from Global Opportunities. In Emerging Markets, we are seeing really good opportunities. This was an asset class that was left for dead until 2025.
We have seen strong performance from the asset class and, importantly, from our teams. Sustainable Emerging Markets in particular—the $250 million flow we saw for the quarter—is the beginning of what should be a good path to crystallize the great performance the team has put up over the last several quarters. We believe that will be a good opportunity for us as we look ahead as it relates to the pipeline.
Analyst: Thanks for that. And as a follow-up on the pipeline for team lift outs and acquisitions—appreciate you are working on Grand View right now—how does that look today versus a year ago or even last quarter in terms of the nature of the pipeline, where it is seasoned, and where you are leaning in terms of incremental opportunity? Thank you.
Jason A. Gottlieb: As I have mentioned in previous calls, our Investment Strategy Group and broader management team are operating extremely efficiently, not only with the existing platform and franchises, but also with the external opportunity set. There are two areas in particular where we are focused: expanding our credit business and expanding our alternatives platform. We are seeing really good opportunities to expand more traditional credit globally—so much so that there is a strong possibility we could get something done by the end of the year.
We are excited about that, though you never say it is done until it is done—strange behavior always seems to happen near the end—but we feel very good about where we are and think this will be a big opportunity for our platform. On the M&A landscape, we are seeing a robust pipeline across the areas we have talked about: differentiated credit, secondaries in both private equity and real assets. Private credit, not surprisingly, is becoming incrementally more interesting.
It is an area we have shied away from given the lack of a clear cycle; it is hard to tell whether what we are seeing is truly a cycle or just idiosyncratic situations, but we are very focused on having good conversations there. Relative to the past, the pipeline has incrementally strengthened, and we feel very good about the forward lean with the opportunity to globalize credit. We are also constantly evaluating and doing R&D with our existing business, and there are two incremental opportunities we are working through. If they come to fruition, they could be meaningful and interesting, but they are still in the R&D phase, so it is a little early to discuss those.
Operator: Thank you very much. To enter the question queue, please press star and one. To remove yourself from the question queue, you may press star and two. Our next question comes from John Joseph Dunn from Evercore ISI. Please go ahead with your question.
Analyst: I was wondering if there are any institutional client segments that historically you had not done much with that you are targeting now that you have a bunch of newer strategy areas?
Jason A. Gottlieb: I do not think, institutionally, there is any new client segment that has not been tapped or that we do not have a good handle on. The majority of where we are seeing opportunity is in the intermediate wealth space. We have built out the platform in terms of people and capabilities in the U.S., and more recently, we have recruited, hired, and onboarded in the U.K., the European market, and more broadly in EMEA. That is yielding interesting results even over the short term. The intermediate wealth platform having a slight positive flow for the quarter is a good indication.
Breaking the flow pattern between gross in and gross out, it was our second-best gross inflow quarter dating back to 2021 when there was a lot of equity activity. We feel good that there is a correlation between the quality and talent we have brought on and the inflow outcomes. We obviously have to work through a few equity strategies we talked about from a rebalancing and performance perspective, but what we are seeing from an intermediate wealth perspective feels very good. Institutionally, we just have to continue to block and tackle with some of our larger relationships.
Analyst: Got it. And then on that, is there anything you can point to in terms of line of sight to any larger mandates that might be looking to exit, and maybe a quick wraparound on the regional factors impacting institutional demand?
Jason A. Gottlieb: I do not have a strong perspective on line of sight there. We are heavily engaged with all of our institutional relationships. The teams that sit alongside our investment franchises and service our clients are well equipped to provide us with intel, and we do not see any direct line of sight to massive outflows or massive inflows. It has been a steady state of staying close to clients—certainly when performance is more challenging—and continuing to build on those relationships, recognizing we have work to do. Where we have a strong forward lean in performance, we are leaning in, and we are seeing some green shoots.
It could be a bit of an exchange of kicks where we have some attrition in areas with weaker performance, but we also have great capabilities. I mentioned Global Value. I am sure you have seen performance from Mark Yockey’s group and the Global Equity team, both International and Global. Our Sustainable Emerging Markets franchise is getting a lot of looks institutionally as well. We feel good about the positioning, recognizing that inevitably you will always have a strategy or two facing some challenges, and we are maintaining our discipline around those strategies.
Operator: And with that, we will be concluding today’s question and answer session as well as today’s conference call. We thank everyone for attending. Have a pleasant day. You may now disconnect your lines.
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