Artisan Partners Asset Management Inc. (APAM) has reported a 3.80 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $19.10 million, or $0.41 a share in the quarter, compared with $18.40 million, or $0.44 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $42 million, or $0.56 a share compared with $49.20 million or $0.67 a share, a year ago.

Revenue during the quarter dropped 7.21 percent to $184.10 million from $198.40 million in the previous year period. Total expenses were 66.32 percent of quarterly revenues, up from 64.42 percent for the same period last year. That has resulted in a contraction of 191 basis points in operating margin to 33.68 percent.

Operating income for the quarter was $62 million, compared with $70.60 million in the previous year period.

However, the adjusted operating income for the quarter stood at $68.70 million compared to $81.10 million in the prior year period.

Eric Colson, chairman and chief executive officer, said, "At Artisan Partners, we believe that growth is an outcome, not a strategy. Current trends toward passive and low-cost investment products have not changed our long-term view. We believe that clients and investors care most about long-term investment performance. We have done that historically and are confident that we will continue to perform and differentiate ourselves. "In addition to evolving our existing strategies, we have added new investment talent and teams whose experience and approach has helped us further evolve our strategy line-up with the market environment. Most recently, in late October, Chris Smith joined Artisan to start our eighth investment team, the Artisan Thematic team. We expect Chris and his team will manage a concentrated long-only strategy and a long/short strategy, both of which will reflect Chris's thematic investing philosophy and process."