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Artisan Again Seeks to Go Public

After previously withdrawing its IPO paperwork in December, Artisan readies another IPO. Also, Brandes announced its CEO will step down, TCW says goodbye to two PMs, American Century names a new COO, and Wells Fargo reopens some target-date funds.

Morningstar Fund Analysts, 11/09/2012

Artisan Partners has again submitted paperwork with U.S. regulators for an initial public offering.

On Nov. 1, the Milwaukee-based manager, which had a total of $69.8 billion in assets under management as of Sept. 30, filed paperwork with the SEC disclosing its plans to raise as much as $250 million in an IPO. In the filing, Artisan Partners Asset Management said it plans to use unspecified amounts of the proceeds from the IPO to pay down debt, buy back shares from some initial outside investors, pay cash incentive compensation due to certain portfolio managers, and use the rest for general corporate purposes, including working capital.

This isn't Artisan's first attempt to become publicly listed. Back in April 2011, it submitted paperwork seeking to raise up to $250 million in an IPO. However, just eight months later, the firm withdrew its IPO, citing what it called unfavorable market conditions.

According to the registration statement, Artisan would use the ticker symbol APAM.

Brandes CEO to Step Down
Brandes Investment Partners announced recently that longtime CEO Glenn Carlson will be stepping down from his post, effective Feb. 1. Current managing director of investments Brent Woods is slated to take over the position, having been with the firm for 17 years and a partner since 1998. In addition, the firm announced a change to the structure of the Large Cap Investment Committee, creating two committees to each manage half of the firm's large-cap products.

Manager Departures Spark Changes on TCW's Equities Team
TCW portfolio managers Husam Nazer and Brendt Stallings will resign from their roles on the firm's suite of growth-equity funds at the end of December. TCW is promoting two research analysts, Mike Olson and Chang Lee, to step in as portfolio managers on the affected funds. Olson and Lee, who have served on the firm's growth-equities team for seven and six years, respectively, will become comanagers of TCW Growth Equities TGGEX, TCW Small Cap Growth TGSCX, and TCW SMID Cap Growth TGSDX, in addition to the firm's technology and multi-cap growth strategies. Olson and Lee will work together with Nazer and Stallings until the end of the year before taking over their charges outright.

American Century Names New Chief Operating Officer
American Century Investments appointed RiverSource veteran Patrick Bannigan as the firm's new chief operating officer. Bannigan previously served as president of RiverSource Funds and senior vice president and general manager of RiverSource Investments. Bannigan will take over the COO role from Barry Fink, who had announced his plans to retire in February 2013. Bannigan will also serve on American Century's management committee, establishing strategic goals for the firm.

Wells Fargo Reopens Dow Jones Target-Date Funds
Wells Fargo has reopened for purchase the Class A shares of Wells Fargo Advantage Dow Jones Target Today STWRX, Wells Fargo Advantage Dow Jones Target 2010 STNRX, Wells Fargo Advantage Dow Jones Target 2020 STTRX, Wells Fargo Advantage Dow Jones Target 2030 STHRX, and Wells Fargo Advantage Dow Jones Target 2040 STFRX.

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