Artisan Partners May AUM came in at a preliminary $186.0 billion as of May 31, 2026, the Milwaukee-based asset manager disclosed Thursday, up roughly $3.0 billion from the $183.0 billion reported for April 30, 2026. The gain came alongside a disclosure that a roughly $5.7 billion sub-advisory mandate is expected to walk out the door in early June.
| Metric | Value |
|---|---|
| Preliminary AUM, May 31, 2026 | $186.0 billion |
| Preliminary AUM, April 30, 2026 | $183.0 billion |
| Preliminary AUM, December 31, 2025 | $179.9 billion |
| Month-over-month change | +~$3.0 billion |
| Pending mandate termination (U.S. Value Team) | ~$5.7 billion |
What’s Behind Artisan Partners May AUM Growth
The firm’s mutual fund vehicles, Artisan Funds and Artisan Global Funds, accounted for $92.3 billion of the total preliminary figure. Separate accounts and other AUM made up the remaining $93.7 billion, a category that includes traditional separate accounts, collective investment trusts, and the firm’s private funds.
The biggest single strategy by assets remains International Value, run by the International Value Group, at $56.1 billion. Global Value came in second at $38.4 billion. Together those two strategies represent roughly half of total firm preliminary AUM. The High Income strategy in the Credit Team held $14.2 billion, making credit one of the more meaningful contributors to the platform’s breadth.
Put in a longer frame, Artisan Partners May AUM of $186.0 billion is up from the $179.9 billion the firm reported at year-end 2025, a gain of roughly $6.1 billion in five months. Markets have generally cooperated in 2026, but net flows also matter, and the upcoming mandate loss will test whether organic growth can absorb institutional exits.
A $5.7 Billion Mandate Termination on the Horizon
The headline number carries a catch. Artisan said it was notified that a U.S. sub-advisory mandate of approximately $5.7 billion, sitting inside the U.S. Value Team’s Value Equity strategy, is expected to terminate in early June 2026. That strategy reported $6.2 billion in preliminary AUM as of May 31, so the departing mandate represents the bulk of it.
The firm was quick to soften the blow. It said the revenue impact will be muted, citing the nature of the mandate and its associated fees. Sub-advisory mandates, which are assets managed on behalf of another firm’s fund or product, typically carry lower fee rates than direct institutional or retail accounts. So the asset loss looks larger than the revenue hit.
That framing echoes a similar episode from late 2025. In early December, Artisan disclosed a $2.7 billion redemption from a non-U.S. institutional client across three Growth team strategies, attributed in part to local pension-market dynamics, per the November 2025 AUM release. Artisan Partners May AUM being above both that period and year-end suggests the firm has absorbed prior institutional exits without a sustained AUM contraction.
Still, a $5.7 billion outflow, even at compressed fee rates, is not noise. Investors will want to see whether June’s AUM report shows the rest of the platform holding steady once that mandate rolls off.
The May AUM disclosure was filed with the SEC on EDGAR as an 8-K on June 5, 2026. The monthly AUM disclosures are preliminary figures and subject to revision.
APAM shares closed at $37.19 on June 5, down 0.72% on the day. The next monthly AUM release, covering June 30, will be the first data point that actually captures the mandate termination in the asset base. That number arrives in early July.
