Artisan Partners Asset Management Inc. (APAM) has reported a 21.47 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $19.80 million, or $0.37 a share in the quarter, compared with $16.30 million, or $0.35 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $38.80 million, or $0.52 a share compared with $37.60 million or $0.51 a share, a year ago.

Revenue during the quarter grew 5.50 percent to $184.10 million from $174.50 million in the previous year period. Total expenses were 68.50 percent of quarterly revenues, down from 68.60 percent for the same period last year. This has led to an improvement of 10 basis points in operating margin to 31.50 percent.

Operating income for the quarter was $58 million, compared with $54.80 million in the previous year period.

However, the adjusted operating income for the quarter stood at $64.30 million compared to $62.60 million in the prior year period.

Chief executive officer and chairman Eric Colson said, "At Artisan Partners we regularly emphasize our commitment to high value-added investing and increased degrees of investment freedom. Now is a good time to review some of what we've done in these areas recently and over the last several years. "Just a few days ago, our newest team, the Artisan Thematic team, launched its first investment fund, the Artisan Thematic Fund. Led by portfolio manager Chris Smith, the Thematic team will manage a focused portfolio of securities exposed to multi-year thematic trends. The Thematic strategy provides the team with broad flexibility to concentrate capital, invest across market capitalizations and geographies, and use multiple instruments to generate returns and manage risk."