Artisan Partners Asset Management Inc. (APAM:US), the Milwaukee-based investment firm known for its top- performing stock funds, plans to raise as much as $250 million in an initial public offering, its second attempt to go public after withdrawing a registration last year.
Artisan, which oversees funds in a dozen distinct U.S. and non-U.S. investment strategies, will use proceeds of the sale to repay debt, buy shares from early investors, pay portfolio managers and pre-IPO partners, and contribute to the firm’s working capital, the company said today in a filing with U.S. Securities and Exchange Commission. The amount is a placeholder and may change.
Artisan, led by Andrew Ziegler, had planned an offering last year before withdrawing its registration in December, citing “unfavorable market conditions.” Its funds include the top-performing $6.6 billion Artisan International Value Fund, which beat 99 percent of peers over the past five years, according to data compiled by Bloomberg.
The firm also manages the $8 billion Artisan Mid Cap Value Fund, which beat 97 percent of rivals over the same period. The team that runs the fund won Morningstar Inc.’s domestic stock manager of the year award for 2011.
Artisan, founded in 1994, had about $70 billion in assets 276 associates as of Sept. 30, according to its website. The firm has offices in Milwaukee, San Francisco, Atlanta, New York and London.
The offering is being led by Citigroup Inc. and Goldman Sachs Group Inc. (GS:US) The company plans to list its shares on the New York Stock Exchange under the ticker symbol APAM.
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