XML 46 R24.htm IDEA: XBRL DOCUMENT v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions
Note 17. Related Party Transactions
Several of the current executive officers and directors of APAM, or entities associated with those individuals, are or were limited partners of Holdings. As a result, certain transactions (such as TRA payments) between Artisan and these persons are considered to be related party transactions.
Holdings makes estimated state tax payments on behalf of certain limited partners, including related parties. These payments are then netted from subsequent distributions to the limited partners. At December 31, 2023 and 2022, accounts receivables included $0.2 million and $6.5 million, respectively, of partnership tax reimbursements due from Holdings’ limited partners, including related parties.
Affiliate transactions—Artisan Funds     
Artisan has an agreement to serve as the investment adviser to Artisan Funds, with which certain Artisan employees are affiliated. Under the terms of the agreement, which generally is reviewed and continued by the board of directors of Artisan Funds annually, a fee is paid to Artisan based on an annual percentage of the average daily net assets of each Artisan Fund ranging from 0.60% to 1.05%. Artisan has contractually agreed to reimburse for expenses incurred to the extent necessary to limit annualized ordinary operating expenses incurred by certain of the Artisan Funds to not more than a fixed percentage (ranging from 0.83% to 1.50%) of a fund’s average daily net assets. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Funds for other expenses. Expense waivers and reimbursements are reflected as a reduction of management fees within the Consolidated Statements of Operations. The officers and directors of Artisan Funds who are affiliated with Artisan receive no compensation from the funds.
Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows:
 For the Years Ended December 31,
Artisan Funds202320222021
Investment advisory fees (Gross of expense reimbursements)$564,413 $575,286 $713,595 
Elimination of fees from consolidated investment products (1)
(338)(217)(8)
Consolidated investment advisory fees (Gross of expense reimbursements)$564,075 $575,069 $713,587 
Expense reimbursements$1,788 $1,515 $676 
Elimination of expense reimbursements from consolidated investment products (1)
(516)(370)(41)
Consolidated expense reimbursements$1,272 $1,145 $635 
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.
Affiliate transactions—Artisan Global Funds
Artisan has an agreement to serve as the investment manager to Artisan Global Funds, with which certain Artisan employees are affiliated. Under the terms of these agreements, a fee is paid based on an annual percentage of the average daily net assets of each fund ranging from 0.50% to 1.85%. Artisan reimburses each sub-fund of Artisan Global Funds to the extent that sub-fund’s annual expenses, not including Artisan’s fee, exceed certain levels, which range from 0.10% to 0.20%. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Global Funds for other expenses. The directors of Artisan Global Funds who are also employees of Artisan receive no compensation from the funds.
Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows:
 For the Years Ended December 31,
Artisan Global Funds202320222021
Investment advisory fees (Gross of expense reimbursements)$43,868 $43,326 $48,622 
Elimination of fees from consolidated investment products (1)
(402)(164)(75)
Consolidated investment advisory fees (Gross of expense reimbursements)$43,466 $43,162 $48,547 
Expense reimbursements$477 $424 $489 
Elimination of expense reimbursements from consolidated investment products (1)
(475)(390)(440)
Consolidated expense reimbursements$2 $34 $49 
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.
Affiliate transactions—Artisan Private Funds
Pursuant to written agreements, Artisan serves as the investment manager and acts as the general partner for certain Artisan Private Funds. Under the terms of these agreements, Artisan earns a management fee and for certain funds is entitled to receive either an allocation of profits or a performance-based fee. In addition, Artisan has agreed to reimburse certain funds to the extent that expenses, excluding Artisan’s management fee, performance fee and certain transaction related costs, exceed certain levels, which range from 0.10% to 1.00% per annum of the net assets of the fund. Artisan may also voluntarily waive fees or reimburse the funds for other expenses. The directors of Artisan Private Funds and the officers of the general partners of the Artisan Private Funds who are affiliated with Artisan receive no compensation from the funds.
Artisan and certain related parties, including employees, officers and members of the board of directors of APAM have invested in one or more of the Artisan Private Funds and, for certain of those investments, do not pay a management fee, performance fee or incentive allocation.
Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows:
 For the Years Ended December 31,
Artisan Private Funds202320222021
Investment advisory fees (Gross of expense reimbursements)$13,863 $15,025 $14,519 
Elimination of fees from consolidated investment products (1)
(3,063)(583)(1,246)
Consolidated investment advisory fees (Gross of expense reimbursements)$10,800 $14,442 $13,273 
Expense reimbursements$278 $286 $281 
Elimination of expense reimbursements from consolidated investment products (1)
(119)(132)(154)
Consolidated expense reimbursements$159 $154 $127 
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.