Artisan Partners (NYSE:APAM) Asset Management Inc. (NYSE:APAM) announced the results of its 2024 annual stockholders meeting on Monday. Shareholders re-elected all seven board director nominees and approved the compensation for named executive officers. The meeting, which took place on Thursday, also saw the ratification of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
The Milwaukee-based investment firm, operating under the SIC category of Investment Advice, confirmed the re-election of board members with Jennifer A. Barbetta receiving the highest number of votes for, totaling 69,361,370, and Saloni S. Multani receiving the least withheld votes at 894,954. Each director faced a number of broker non-votes, which were consistently 4,163,089 across all nominees.
In addition to the board elections, the advisory vote on the compensation of named executive officers passed with 67,259,168 votes for, 2,542,024 against, and 125,134 abstentions. The appointment of PricewaterhouseCoopers LLP as the independent auditor was ratified with an overwhelming majority of 70,901,831 votes for the decision.
The company's SEC filing on Monday provided these details, ensuring transparency and adherence to regulatory requirements. Artisan Partners, with its principal executive offices located at 875 E. Wisconsin Avenue, Suite 800, Milwaukee, WI, continues to comply with the SEC's reporting standards as it communicates these key decisions by its shareholders.
This information is based solely on the factual data contained in the 8-K filing with the SEC and serves to inform investors and the public of the outcomes of the recent annual meeting of Artisan Partners Asset Management Inc.
In other recent news, Artisan Partners Asset Management has revealed a strong first quarter for 2024, with a 7% rise in assets under management (AUM) to $160 billion. The firm's revenues grew by 6%, and it plans to broaden its credit and alternative strategy offerings. Investment returns contributed $10.8 billion to AUM, despite net client cash outflows of just over $500 million.
The company is refocusing its growth on fixed income, alternative strategies, and emerging markets. Artisan Partners is expanding its credit team offerings, including credit opportunities and floating rate strategies. The firm sees strong growth opportunities in emerging market debt and alternative investments.
Despite net client cash outflows of over $500 million, the annualized organic outflow rate improved from 3% in 2023 to 1%. The credit team successfully raised $9.2 billion in net inflows for the high-income strategy. These are the recent developments from Artisan Partners Asset Management.
InvestingPro Insights
In light of Artisan Partners Asset Management Inc.'s (NYSE:APAM) recent annual stockholders meeting, a glance at the company's financial metrics and performance offers additional context for investors. Artisan Partners is not only trading at a low P/E ratio relative to near-term earnings growth, but it also boasts a significant dividend yield. As of the latest figures, the company's dividend yield stands at an attractive 6.98%, coupled with a consistent dividend growth of 9.02% over the last twelve months as of Q1 2024. This consistency is underscored by the fact that Artisan Partners has maintained dividend payments for 12 consecutive years, emphasizing its commitment to shareholder returns.
Moreover, the company's solid financial health is reflected in its ability to cover interest payments with its cash flows and having liquid assets that exceed short-term obligations. Despite recent volatility in stock price movements, with a 1-month price total return of -11.24%, the firm still presents a strong return over the last five years. For investors seeking additional insights, there are 9 more InvestingPro Tips available, which can be explored for a deeper understanding of APAM's investment potential. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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