Artisan Partners Asset Management (APAM), an equity-focused investment manager with $74 billion AUM, traded up 29% on its first day of trading on Thursday. On Wednesday, Artisan raised $332 million after pricing at $30, above the proposed range of $27 to $29.
The first-day gain was the best for a pure-play, traditional asset manager in 15 years. The last traditional asset manager to go public, Manning & Napier (MN), traded exactly flat on its first day of trading in November 2011, after pricing 25% below its proposed midpoint. More recently, Silvercrest Asset Management withdrew an IPO attempt in November 2012.
| Best first-day gains for pure-play, traditional asset manager IPOs since 1998 | |||
| Company | Offer Date | Deal Size | First-Day Gain |
| Artisan Partners Asset Management (APAM) | 3/6/2013 | $332 million | 29.4% |
| WP Stewart & Co. (WPL) | 12/7/2000 | $258 million | 22.5% |
| Waddell & Reed (WDR) | 3/4/1998 | $499 million | 14.9% |
| Pzena Investment Management (PZN) | 10/24/2007 | $110 million | 11.6% |
| Calamos Asset Management (CLMS) | 10/27/2004 | $360 million | 10.7% |
