Artio Global Investors Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - Artio Global Investors Inc.	v238076_8k.htm

News Release

Artio Global Investors Inc.

Artio Global Investors Reports Third Quarter 2011 Results;

Announces Quarterly Dividend of $0.06 Per Share

NEW YORK, NY, October 27, 2011 – Artio Global Investors Inc. (NYSE: ART) (“Artio Global Investors”, together with its subsidiaries, “Artio Global” or the “Company”) today reported its results for the quarter ended September 30, 2011.

Financial Update

·	Adjusted1 net income attributable to Artio Global Investors of $15.9 million, or $0.27 per diluted share, for the third quarter of 2011 (GAAP net income attributable to Artio Global Investors of $6.4 million, or $0.11 per diluted share)

·	Assets under management of $34.3 billion as of September 30, 2011

·	Investment management fees of $65.6 million for the third quarter of 2011

·	Effective fee rate2 of 62.4 basis points for the third quarter of 2011

·	Adjusted operating margin of 50.0% for the third quarter of 2011

·	Quarterly dividend of $0.06 per share on Class A common stock

The Company’s GAAP results include a previously announced compensation charge (the “Compensation Charge”) of $7.6 million related to organizational changes designed to lower the Company’s operating costs and more efficiently manage resources for current business conditions. The Compensation Charge reduced GAAP net income attributable to Artio Global Investors by $0.08 per diluted share for the third quarter of 2011. The Company’s adjusted results exclude the Compensation Charge.

1	See Exhibits 3 - 5 of this news release for a reconciliation of the Company’s U.S. GAAP results to its non-GAAP adjusted results (“adjusted”).

2	Effective fee rate is defined as annualized investment management fees (based on the number of days in the period) divided by the average assets under management for the period.

The Company’s adjusted results for all periods assume the Principals’3 non-controlling interests have been fully exchanged for shares of Class A common stock and exclude the amortization of restricted stock units (“RSUs”) granted at the time of the Company’s initial public offering (“IPO”). Adjusted results are presented to provide more meaningful comparisons between periods.

The Company’s adjusted non-operating loss for the third quarter of 2011 of $4.7 million (GAAP non-operating loss of $6.2 million) includes non-operating losses of $4.3 million on seed capital investments, primarily reflecting market depreciation.

For the third quarter of 2011, adjusted net income attributable to Artio Global Investors was $15.9 million, or $0.27 per diluted share, a decrease of 32% and 31%, respectively, from adjusted net income attributable to Artio Global Investors of $23.3 million, or $0.39 per diluted share, for the second quarter of 2011, and a decrease in each case of 33% from adjusted net income attributable to Artio Global Investors of $23.8 million, or $0.40 per diluted share, for the third quarter of 2010.

On a GAAP basis, net income attributable to Artio Global Investors for the third quarter of 2011 was $6.4 million, or $0.11 per diluted share, a decrease of 70% and 69%, respectively, from net income attributable to Artio Global Investors of $21.2 million, or $0.36 per diluted share, for the second quarter of 2011, and a decrease in each case of 68% from adjusted net income attributable to Artio Global Investors of $20.0 million, or $0.34 per diluted share, for the third quarter of 2010.

For the first nine months of 2011, adjusted net income attributable to Artio Global Investors was $63.4 million, or $1.06 per diluted share, a decrease in each case of 16% from adjusted net income attributable to Artio Global Investors of $75.7 million, or $1.26 per diluted share, for the first nine months of 2010.

On a GAAP basis, net income attributable to Artio Global Investors for the first nine months of 2011 was $49.6 million, or $0.85 per diluted share, a decrease of 14% and 25%, respectively, from net income attributable to Artio Global Investors of $57.8 million, or $1.13 per diluted share, for the first nine months of 2010.

The following tables compare the Company’s GAAP results and adjusted results. See Exhibits 3 – 5 of this news release for a reconciliation of GAAP results to adjusted results.

3	Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer, and Rudolph-Riad Younes, Head of International and Global Equities, are collectively referred to as the “Principals”.

- 2 -

	Three Months Ended (in millions, except per share amounts)
	Sep. 30, 2011	Sep. 30, 2010	% Change	Jun. 30, 2011	% Change
Revenue4, GAAP	$63.8	$80.9	(21)%	$78.2	(18)%
Operating income, GAAP	$21.2	$39.9	(47)%	$36.8	(42)%
Operating income, adjusted	$31.9	$42.5	(25)%	$39.5	(19)%
Net income attributable to Artio Global Investors, GAAP	$6.4	$20.0	(68)%	$21.2	(70)%
Net income attributable to Artio Global Investors, adjusted	$15.9	$23.8	(33)%	$23.3	(32)%
Diluted EPS, GAAP	$0.11	$0.34	(68)%	$0.36	(69)%
Diluted EPS, adjusted	$0.27	$0.40	(33)%	$0.39	(31)%

	Nine Months Ended (in millions, except per share amounts)
	Sep. 30, 2011	Sep. 30, 2010	% Change
Revenue4, GAAP	$224.1	$249.9	(10)%
Operating income, GAAP	$97.2	$128.2	(24)%
Operating income, adjusted	$113.1	$136.5	(17)%
Net income attributable to Artio Global Investors, GAAP	$49.6	$57.8	(14)%
Net income attributable to Artio Global Investors, adjusted	$63.4	$75.7	(16)%
Diluted EPS, GAAP	$0.85	$1.13	(25)%
Diluted EPS, adjusted	$1.06	$1.26	(16)%

4 Represents total revenues and other operating income.

- 3 -

Business Update5

·	Four of the Company’s nine eligible mutual funds6 were in the top quartile of Lipper performance rankings for the three-year period ended September 30, 2011

·	Five of the Company’s nine eligible mutual funds7 were in the top third of Lipper performance rankings for the five-year period ended September 30, 2011

·	Net client cash outflows were $4.2 billion for the third quarter of 2011

Management Commentary

“The third quarter saw sharply lower equity markets and a return to heightened levels of volatility,” said Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer. “Against this market backdrop, it proved to be a challenging quarter for our International Equity strategies, although we were pleased to see some moderation in outflows from our open International Equity II strategy. We continue to have a high degree of conviction in our portfolio positioning, particularly around the rise of the emerging market consumer, taking a considered long-term approach even at the risk of short-term underperformance.”

“We are encouraged by the potential for growth within our fixed income strategies that will serve to diversify our business. During the third quarter, our High Grade Fixed Income strategy increased its asset base, and produced another quarter of strong performance relative to its peer group. After the recent sell-off, high yield is increasingly being viewed as under-priced, with industry fund flows swinging back to positive since quarter end. Given our strategy’s strong long-term performance, we believe that we are well-positioned to participate.”

“On the equity side, we also remain confident that our four US Equity strategies are well-positioned to generate inflows, given the strength of their three- and five-year track records. Although US investors currently lack focus on the asset class, we are encouraged by the early stage inquiries that we are seeing from European investors.”

“Additionally, we announced organizational changes during the third quarter designed to right-size our business and repurchased stock as part of our ongoing capital management.”

5	See section entitled “Fund Performance and Other Disclaimers” and Exhibit 8 of this news release for further information about Lipper and Morningstar rankings.

6	Class I mutual fund shares with a three-year track record; other classes may have different performance characteristics.

7	Class I mutual fund shares with a five-year track record; other classes may have different performance characteristics.

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Third Quarter of 2011 Comparison with Third Quarter of 2010

Assets Under Management and Net Client Cash Flows

Assets under management were $34.3 billion as of September 30, 2011, down $19.6 billion, or 36%, from $53.9 billion as of September 30, 2010, due to net client cash outflows and market depreciation.

Net client cash outflows for the third quarter of 2011 were $4.2 billion, driven primarily by net client cash outflows from our International Equity I and II strategies, and our High Yield strategy.8

Revenues and Other Operating Income

Revenues and other operating income for the third quarter of 2011 totaled $63.8 million, down 21% from $80.9 million for the third quarter of 2010. The decrease was driven primarily by lower investment management fees of $65.6 million for the third quarter of 2011, down 18% from $80.2 million for the third quarter of 2010, due primarily to lower average assets under management.

Expenses

Employee Compensation and Benefits

For the third quarter of 2011, adjusted employee compensation and benefits expenses were $17.7 million, down 20% from $22.2 million for the third quarter of 2010. The decrease was due primarily to lower incentive compensation accruals, partly offset by accruals related to the Company’s long-term incentive plan implemented in 2011.

GAAP employee compensation and benefits expenses for the third quarter of 2011 were $28.4 million, up 15% from $24.8 million for the third quarter of 2010, due primarily to the Compensation Charge, partly offset by the reasons noted above.

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the third quarter of 2011 were $4.7 million, down 6% from $5.0 million for the third quarter of 2010, driven primarily by lower marketing expenses and a decline in custody fees.

8	See Exhibit 7 for more information on “Assets under Management by Investment Strategy”.

- 5 -

General and Administrative Expenses

General and administrative expenses for the third quarter of 2011 were $9.5 million, a decrease of 16% from $11.2 million for the third quarter of 2010, due primarily to a decline in client-related trading errors and lower professional fees.

Income Taxes

For the third quarter of 2011, the adjusted effective tax rate was 41.4%, 2.0 percentage points lower than the 43.4% adjusted effective tax rate for the third quarter of 2010. The decrease was due primarily to a lower apportionment of income for state and local tax purposes in the third quarter of 2011.

The GAAP effective tax rate was 64.9% for the third quarter of 2011, 17.5 percentage points higher than the 47.4% GAAP effective tax rate for the third quarter of 2010. The increase was due primarily to a larger impact in the third quarter of 2011 from the write-off of deferred tax assets related to the vesting of RSUs granted at the time of the IPO, at prices below their grant date fair value, and the inability to record a tax benefit on non-operating losses attributable to the non-controlling interests’ economic ownership in the Consolidated Investment Products.

Third Quarter of 2011 Comparison with Second Quarter of 2011

Assets Under Management

Assets under management were $34.3 billion as of September 30, 2011, a decrease of $12.6 billion, or 27%, from $46.8 billion as of June 30, 2011, due to market depreciation of $8.4 billion and net client cash outflows of $4.2 billion.

Revenues and Other Operating Income

Revenues and other operating income for the third quarter of 2011 totaled $63.8 million, down 18% from $78.2 million for the second quarter of 2011, driven primarily by lower investment management fees. Investment management fees were $65.6 million for the third quarter of 2011, down 16% from $78.2 million for the second quarter of 2011, due primarily to a decrease in average assets under management.

- 6 -

Expenses

Employee Compensation and Benefits

For the third quarter of 2011, adjusted employee compensation and benefits expenses were $17.7 million, down 24% from $23.2 million for the second quarter of 2011, due primarily to a decrease in incentive compensation accruals.

GAAP employee compensation and benefits expenses for the third quarter of 2011 were $28.4 million, up 10% from $25.8 million for the second quarter of 2011, due primarily to the Compensation Charge, partly offset by the reason noted above.

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the third quarter of 2011 were $4.7 million, a decrease of 9% from $5.2 million for the second quarter of 2011, due primarily to a decrease in marketing expenses.

General and Administrative Expenses

General and administrative expenses were $9.5 million for the third quarter of 2011, a decrease of 9% from $10.4 million for the second quarter of 2011, due primarily to lower professional fees.

Income Taxes

For the third quarter of 2011, the adjusted effective tax rate was 41.4%, 0.5 percentage points higher than the 40.9% adjusted effective tax rate for the second quarter of 2011.

The GAAP effective tax rate was 64.9% for the third quarter of 2011, 24.3 percentage points higher than the 40.6% GAAP effective tax rate for the second quarter of 2011, due primarily to the write-off of deferred tax assets related to the vesting of RSUs granted at the time of the IPO, at a price below their grant date fair value, and the inability to record a tax benefit on non-operating losses attributable to the non-controlling interests’ economic ownership in the Consolidated Investment Products.

- 7 -

Liquidity and Capital

As of September 30, 2011, the Company had cash and cash equivalents (excluding amounts held in consolidated investment products) of $89.2 million, investments held for deferred compensation of $9.8 million and an undrawn $100.0 million committed revolving credit facility. During the third quarter of 2011, in accordance with the terms of the credit agreement, the Company repaid $4.5 million of its term debt facility, reducing the outstanding balance to $42.0 million.

Total stockholders’ equity on the Statement of Financial Position was $153.7 million as of September 30, 2011, compared to $103.6 million as of December 31, 2010.

Share Repurchase

During the third quarter of 2011 the Company repurchased and retired 773,939 shares of Class A common stock at an average cost of $8.77 in connection with the 3,000,000 share repurchase program previously announced. As of September 30, 2011, the Company retains authorization to repurchase 2,226,061 shares of its common stock through December 31, 2013.

As of September 30, 2011, the total number of shares of Class A and Class B common stock outstanding was 59,251,113.

On September 29, 2011, in accordance with the Company’s certificate of incorporation, 16,755,844 shares of Class C common stock held by our former sole stockholder, GAM Holding AG, were converted to an equal amount of shares of Class A common stock.

For purposes of calculating adjusted earnings per diluted share, the Principals’ New Class A Units, held in the intermediate holding company as of the beginning of the period are assumed to have been fully exchanged into shares of Class A common stock on the first day of the period.

- 8 -

Dividend

On October 24, 2011, the Board of Directors declared a dividend of $0.06 per share on the Class A common stock for the third quarter of 2011, which is payable on November 22, 2011, to stockholders of record as of the close of business on November 9, 2011.

* * * *

Teleconference and Webcast Details

The Company will host a conference call for analysts and investors to review third quarter 2011 results, today, October 27, 2011, beginning at 8:00 a.m. (Eastern Time). The call will be open to the public and can be accessed by dialing +1-888-680-0860 (inside the United States) or +1-617-213-4852 (outside the United States). The number should be dialed at least ten minutes prior to the start of the call. The passcode for the call will be 15606585. A simultaneous webcast of the call (on a listen-only basis), as well as an audio replay, will be available at www.ir.ArtioGlobal.com.

* * * *

About Us

Artio Global Investors is the indirect holding company of Artio Global Management LLC ("Artio Global"), a registered investment adviser that actively invests in global equity and fixed income markets, primarily for institutional and intermediary clients. Headquartered in New York, Artio Global has offices in Los Angeles, Toronto, London and Sydney.

Best known for International Equity, Artio Global also offers a select group of other equity and fixed income investment strategies, including Global Equity, a series of US Equity strategies, High Grade Fixed Income, High Yield and Local Emerging Markets Debt. Access to these strategies is offered through a variety of investment vehicles including separate accounts, commingled funds and mutual funds.

Since 1995 our investment professionals have built a successful long-term track record by taking an unconventional approach to investing. Based on a philosophy of style-agnostic investing across a broad range of opportunities, we have consistently pursued a global approach that we believe provides critical insights, thereby adding value for clients over the long term.

For more information, please visit www.artioglobal.com.

* * * *

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Cautionary Note Regarding Forward-Looking Statements

In addition to historical information, this news release may, and the related remarks do, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intrinsic value of our common stock, investor behavior, net client cash flows, our compensation costs and adjusted compensation ratio, future tax rate, use of our free cash flow, potential share repurchases and declaration of dividends. These forward-looking statements are based on the Company’s current assumptions, expectations and projections about future events. Words like “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project”, and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements discuss matters that necessarily involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Among the factors that could cause actual results to differ from those expressed or implied by a forward-looking statement are those described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s report on Form 10-K (File No. 001-34457) filed with the Securities and Exchange Commission on February 25, 2011. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance, or achievements.

Any forward-looking statements in this news release and the related remarks speak only as of the date of this news release. The related remarks may contain information about the Company subsequent to September 30, 2011. The Company is not under any obligation and does not intend to make publicly available any update or other revisions to any forward-looking statements to reflect circumstances existing after the date of this release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

* * * *

Contacts

Investor Relations:	Media Relations:
Peter Sands	Neil Shapiro
Head of Investor Relations	Intermarket Communications
+1 212 297 3891	+1 212 754 5423
ir@artioglobal.com	nshapiro@Intermarket.com

* * * *

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Fund Performance and Other Disclaimers

Lipper rankings are for Class I mutual fund shares with three- and five-year track records only. Other classes may have different performance characteristics. Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds and fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.

Morningstar rankings are for Class I mutual fund shares with a minimum three-year track record. For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. A fund’s independent Morningstar Rating metric is then compared against the mutual fund universe breakpoints to determine its hypothetical rating.

This news release is not, and should not be considered, sales material and is not an offer or a solicitation for any securities.

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	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 1
	Consolidated Statements of Income
	(unaudited, in thousands, except share and per share amounts or as noted)

	Three Months Ended									% Change From						Nine Months Ended						% Change From
	Sep. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2011			Sep. 30, 2010			Sep. 30, 2010
Revenues and other operating income:
Investment management fees	$	65,576		$	80,173		$	78,209			(18	)%		(16	)%	$	225,561		$	249,301			(10	)%
Net gains (losses) on securities held for deferred compensation		(1,798	)		722			(56	)	NM			NM				(1,435	)		582		NM
Foreign currency gains (losses)		6			35			(2	)		(83	)%	NM				(14	)		13		NM
Total revenues and other operating income		63,784			80,930			78,151			(21	)%		(18	)%		224,112			249,896			(10	)%

Expenses:
Employee compensation and benefits		28,387			24,772			25,812			15	%		10	%		82,217			74,588			10	%
Shareholder servicing and marketing		4,708			5,031			5,163			(6	)%		(9	)%		14,736			15,177			(3	)%
General and administrative		9,470			11,224			10,357			(16	)%		(9	)%		29,999			31,954			(6	)%
Total expenses		42,565			41,027			41,332			4	%		3	%		126,952			121,719			4	%

Operating income before income tax expense		21,219			39,903			36,819			(47	)%		(42	)%		97,160			128,177			(24	)%

Non-operating loss		(6,190	)		(431	)		(156	)	NM			NM				(5,781	)		(1,740	)	NM
Income before income tax expense		15,029			39,472			36,663			(62	)%		(59	)%		91,379			126,437			(28	)%

Income taxes		9,753			18,717			14,869			(48	)%		(34	)%		41,373			49,376			(16	)%
Net income		5,276			20,755			21,794			(75	)%		(76	)%		50,006			77,061			(35	)%

Net income attributable to non-controlling interests in AGH (1)		319			756			719			(58	)%		(56	)%		1,807			19,239			(91	)%
Net loss attributable to non-controlling interests in CIP (2)		(1,456	)		-			(75	)	NM			NM				(1,396	)		-		NM
Net income attributable to Artio Global Investors	$	6,413		$	19,999		$	21,150			(68	)%		(70	)%	$	49,595		$	57,822			(14	)%

Net income per share attributable to Artio Global Investors:
Basic	$	0.11		$	0.34		$	0.36			(68	)%		(69	)%	$	0.85		$	1.14			(25	)%
Diluted	$	0.11		$	0.34		$	0.36			(68	)%		(69	)%	$	0.85		$	1.13			(25	)%

Weighted average shares used in net income per share attributable to Artio Global Investors:
Basic		58,157,478			58,678,738			58,392,969			(1	)%		0	%		58,300,638			50,906,739			15	%
Diluted (3)		58,403,338			59,012,436			58,576,859			(1	)%		0	%		58,430,802			51,136,951			14	%

NM - Not Meaningful

Assets under management ($ in millions)	$	34,252		$	53,860		$	46,835			(36	)%		(27	)%	$	34,252		$	53,860			(36	)%

Average assets under management ($ in millions) (4)	$	41,670		$	51,004		$	49,783			(18	)%		(16	)%	$	47,829		$	52,945			(10	)%

Effective fee rate (basis points) (5)		62.4			62.4			63.0									63.1			63.0

Effective tax rate		64.9	%		47.4	%		40.6	%								45.3	%		39.1	%

Employee compensation and benefits as a percentage of total revenues and other operating income (6)		44.5	%		30.6	%		33.0	%								36.7	%		29.8	%

Operating margin (7)		33.3	%		49.3	%		47.1	%								43.4	%		51.3	%

1.	Represents non-controlling interests in Artio Global Holdings LLC.

2.	Represents non-controlling interests in Consolidated Investment Products.

3.	The effect of the assumed conversion of the Principals' New Class A units was antidilutive for the three and nine months ended Sep. 30, 2011 and 2010, and the three months ended Jun. 30, 2011.

4.	Average assets under management for a period is computed on the beginning-of-first-month balance and all end-of-month balances in the period.

5.	Effective fee rate is defined as annualized investment management fees (based on the number of days in the period) divided by the average assets under management for the period.

6.	Calculated as employee compensation and benefits expense divided by total revenues and other operating income.

7.	Calculated as operating income before income tax expense divided by total revenues and other operating income.

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 2
	Non-GAAP Adjusted Consolidated Statements of Income
	(unaudited, in thousands, except share and per share amounts or as noted)

	Three Months Ended									% Change From						Nine Months Ended						% Change From
	Sep. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2011			Sep. 30, 2010			Sep. 30, 2010
Revenues and other operating income:
Investment management fees	$	65,576		$	80,173		$	78,209			(18	)%		(16	)%	$	225,561		$	249,301			(10	)%
Net gains (losses) on securities held for deferred compensation		(1,798	)		722			(56	)	NM			NM				(1,435	)		582		NM
Foreign currency gains (losses)		6			35			(2	)		(83	)%	NM				(14	)		13		NM
Total revenues and other operating income		63,784			80,930			78,151			(21	)%		(18	)%		224,112			249,896			(10	)%

Expenses:
Employee compensation and benefits		17,714			22,177			23,168			(20	)%		(24	)%		66,276			66,222			0	%
Shareholder servicing and marketing		4,708			5,031			5,163			(6	)%		(9	)%		14,736			15,177			(3	)%
General and administrative		9,470			11,224			10,357			(16	)%		(9	)%		29,999			31,954			(6	)%
Total expenses		31,892			38,432			38,688			(17	)%		(18	)%		111,011			113,353			(2	)%

Operating income before income tax expense		31,892			42,498			39,463			(25	)%		(19	)%		113,101			136,543			(17	)%

Non-operating loss		(4,734	)		(431	)		(81	)	NM			NM				(4,385	)		(1,740	)		(152	)%
Income before income tax expense		27,158			42,067			39,382			(35	)%		(31	)%		108,716			134,803			(19	)%

Income taxes		11,245			18,267			16,109			(38	)%		(30	)%		45,350			59,121			(23	)%
Net income		15,913			23,800			23,273			(33	)%		(32	)%		63,366			75,682			(16	)%

Net income attributable to non-controlling interests in AGH (1)		-			-			-		NM			NM				-			-		NM
Net loss attributable to non-controlling interests in CIP (2)		-			-			-		NM			NM				-			-		NM
Net income attributable to Artio Global Investors	$	15,913		$	23,800		$	23,273			(33	)%		(32	)%	$	63,366		$	75,682			(16	)%

Net income per diluted share attributable to Artio Global Investors	$	0.27		$	0.40		$	0.39			(33	)%		(31	)%	$	1.06		$	1.26			(16	)%

Weighted average diluted shares used in net income per share attributable to Artio Global Investors		59,603,338			60,212,436			59,776,859			(1	)%		0	%		59,630,802			60,240,248			(1	)%

NM - Not Meaningful

Assets under management ($ in millions)	$	34,252		$	53,860		$	46,835			(36	)%		(27	)%	$	34,252		$	53,860			(36	)%

Average assets under management ($ in millions) (3)	$	41,670		$	51,004		$	49,783			(18	)%		(16	)%	$	47,829		$	52,945			(10	)%

Effective fee rate (basis points) (4)		62.4			62.4			63.0									63.1			63.0

Effective tax rate		41.4	%		43.4	%		40.9	%								41.7	%		43.9	%

Employee compensation and benefits as a percentage of total revenues and other operating income (5)		27.8	%		27.4	%		29.6	%								29.6	%		26.5	%

Operating margin (6)		50.0	%		52.5	%		50.5	%								50.5	%		54.6	%

1.	Represents non-controlling interests in Artio Global Holdings LLC.

2.	Represents non-controlling interests in Consolidated Investment Products.

3.	Average assets under management for a period is computed on the beginning-of-first-month balance and all end-of-month balances in the period.

4.	Effective fee rate is defined as annualized investment management fees (based on the number of days in the period) divided by the average assets under management for the period.

5.	Calculated as employee compensation and benefits expense divided by total revenues and other operating income.

6.	Calculated as operating income before income tax expense divided by total revenues and other operating income.

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 3
	Reconciliation of GAAP to Non-GAAP Adjusted Consolidated Statements of Income
	(unaudited, in thousands, except share and per share amounts)

See Exhibit 5 for notes describing adjustments set forth below.

	Three Months Ended Sep. 30, 2011									Three Months Ended Sep. 30, 2010									Three Months Ended Jun. 30, 2011
	GAAP			Adjustments			Adjusted			GAAP			Adjustments			Adjusted			GAAP			Adjustments			Adjusted
Revenues and other operating income:
Investment management fees	$	65,576		$	-		$	65,576		$	80,173		$	-		$	80,173		$	78,209		$	-		$	78,209
Net gains (losses) on securities held for deferred compensation		(1,798	)		-			(1,798	)		722			-			722			(56	)		-			(56	)
Foreign currency gains (losses)		6			-			6			35			-			35			(2	)		-			(2	)
Total revenues and other operating income		63,784			-			63,784			80,930			-			80,930			78,151			-			78,151

Expenses:
Employee compensation and benefits		28,387			(10,673	) (a)		17,714			24,772			(2,595	) (a)		22,177			25,812			(2,644	) (a)		23,168
Shareholder servicing and marketing		4,708			-			4,708			5,031			-			5,031			5,163			-			5,163
General and administrative		9,470			-			9,470			11,224			-			11,224			10,357			-			10,357
Total expenses		42,565			(10,673	)		31,892			41,027			(2,595	)		38,432			41,332			(2,644	)		38,688

Operating income before income tax expense		21,219			10,673			31,892			39,903			2,595			42,498			36,819			2,644			39,463

Non-operating loss		(6,190	)		1,456	(e)		(4,734	)		(431	)		-			(431	)		(156	)		75	(e)		(81	)
Income before income tax expense		15,029			12,129			27,158			39,472			2,595			42,067			36,663			2,719			39,382

Income taxes		9,753			1,492	(b)		11,245			18,717			(450	) (b)		18,267			14,869			1,240	(b)		16,109
Net income		5,276			10,637			15,913			20,755			3,045			23,800			21,794			1,479			23,273

Net income attributable to non-controlling interests in AGH		319			(319	) (c)		-			756			(756	) (c)		-			719			(719	) (c)		-
Net loss attributable to non-controlling interests in CIP		(1,456	)		1,456	(e)		-			-			-			-			(75	)		75	(e)		-
Net income attributable to Artio Global Investors	$	6,413		$	9,500		$	15,913		$	19,999		$	3,801		$	23,800		$	21,150		$	2,123		$	23,273

Net income per diluted share attributable to Artio Global Investors	$	0.11					$	0.27		$	0.34					$	0.40		$	0.36					$	0.39

Weighted average diluted shares used in net income per share attributable to Artio Global Investors		58,403,338			1,200,000	(d)		59,603,338			59,012,436			1,200,000	(d)		60,212,436			58,576,859			1,200,000	(d)		59,776,859

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 4
	Reconciliation of GAAP to Non-GAAP Adjusted Consolidated Statements of Income
	(unaudited, in thousands, except share and per share amounts)

See Exhibit 5 for notes describing adjustments set forth below.

	Nine Months Ended Sep. 30, 2011									Nine Months Ended Sep. 30, 2010
	GAAP			Adjustments			Adjusted			GAAP			Adjustments			Adjusted
Revenues and other operating income:
Investment management fees	$	225,561		$	-		$	225,561		$	249,301		$	-		$	249,301
Net gains (losses) on securities held for deferred compensation		(1,435	)		-			(1,435	)		582			-			582
Foreign currency gains (losses)		(14	)		-			(14	)		13			-			13
Total revenues and other operating income		224,112			-			224,112			249,896			-			249,896

Expenses:
Employee compensation and benefits		82,217			(15,941	) (a)		66,276			74,588			(8,366	) (a)		66,222
Shareholder servicing and marketing		14,736			-			14,736			15,177			-			15,177
General and administrative		29,999			-			29,999			31,954			-			31,954
Total expenses		126,952			(15,941	)		111,011			121,719			(8,366	)		113,353

Operating income before income tax expense		97,160			15,941			113,101			128,177			8,366			136,543

Non-operating loss		(5,781	)		1,396	(e)		(4,385	)		(1,740	)		-			(1,740	)
Income before income tax expense		91,379			17,337			108,716			126,437			8,366			134,803

Income taxes		41,373			3,977	(b)		45,350			49,376			9,745	(b)		59,121
Net income		50,006			13,360			63,366			77,061			(1,379	)		75,682

Net income attributable to non-controlling interests in AGH		1,807			(1,807	) (c)		-			19,239			(19,239	) (c)		-
Net loss attributable to non-controlling interests in CIP		(1,396	)		1,396	(e)		-			-			-			-
Net income attributable to Artio Global Investors	$	49,595		$	13,771		$	63,366		$	57,822		$	17,860		$	75,682

Net income per diluted share attributable to Artio Global Investors	$	0.85					$	1.06		$	1.13					$	1.26

Weighted average diluted shares used in net income per share attributable to Artio Global Investors		58,430,802			1,200,000	(d)		59,630,802			51,136,951			9,103,297	(d)		60,240,248

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 5
	Notes to Reconciliation of GAAP to Non-GAAP Adjusted Consolidated Statements of Income

Management believes the Non-GAAP adjustments set forth below provide more meaningful comparisons between periods. Additional information on the reorganization of the Company's ownership structure and the relating non-recurring items are discussed in the Company's prospectus dated September 23, 2009.

(a)	Adjustments to exclude the amortization expense associated with the RSUs awarded at the time of the IPO from all periods presented, as the granting of the awards was one-time in nature.

The three and nine months ended Sep. 30, 2011 also exclude the Compensation Charge, as this was non-recurring.

(b)

The adjustments to income taxes for all periods presented reflect the tax effect of the assumed full exchange of the Principals' non-controlling interests for Class A common stock on the first day of the respective period, since prior to such exchange, income tax expense excludes the U.S. federal and state taxes for the income attributable to the Principals and an adjustment to reflect the tax effects of excluding the amortization expense associated with the RSUs awarded at the time of the IPO.

The three and nine months ended Sep. 30, 2011 also include an adjustment to reflect the tax effect of excluding the Compensation Charge.

(c)	Adjustment to eliminate the Principals' non-controlling interests which are assumed to be exchanged for Class A common stock on the first day of the respective period.

(d)	Diluted shares outstanding assumes the Principals have fully exchanged their New Class A Units in Artio Global Holdings LLC for shares of the Company's Class A common stock.

(e)

Adjustments to eliminate third party investors' economic interests in the Consolidated Investment Products from both Net loss attributable to non-controlling interests in the Consolidated Investment Products and Non-operating loss. Management believes these adjustments provide a more useful measure for comparing Non-operating loss between periods.

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 6
	Assets under Management by Investment Vehicle
	(unaudited, in millions)

	Three Months Ended									% Change From						Nine Months Ended						% Change From
	Sep. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2011			Sep. 30, 2010			Sep. 30, 2010

Proprietary Funds
Beginning assets under management	$	21,192		$	21,030		$	22,854			1	%		(7	)%	$	23,013		$	24,482			(6	)%
Gross client cash inflows		1,085			1,160			1,136			(6	)%		(4	)%		4,009			4,838			(17	)%
Gross client cash outflows		(2,887	)		(2,045	)		(2,739	)		(41	)%		(5	)%		(8,099	)		(6,884	)		(18	)%
Net client cash flows		(1,802	)		(885	)		(1,603	)		(104	)%		(12	)%		(4,090	)		(2,046	)		(100	)%
Transfers between investment vehicles		(38	)		-			-		NM			NM				(38	)		-		NM
Total client cash flows		(1,840	)		(885	)		(1,603	)		(108	)%		(15	)%		(4,128	)		(2,046	)		(102	)%
Market appreciation (depreciation)		(3,888	)		2,620			(59	)	NM			NM				(3,421	)		329		NM
Ending assets under management		15,464			22,765			21,192			(32	)%		(27	)%		15,464			22,765			(32	)%

Institutional Commingled Funds
Beginning assets under management		8,285			7,842			9,374			6	%		(12	)%		9,236			9,198			0	%
Gross client cash inflows		60			199			104			(70	)%		(42	)%		317			667			(52	)%
Gross client cash outflows		(919	)		(302	)		(1,149	)	NM				20	%		(2,492	)		(1,098	)		(127	)%
Net client cash flows		(859	)		(103	)		(1,045	)	NM				18	%		(2,175	)		(431	)	NM
Transfers between investment vehicles		38			22			(22	)		73	%	NM				226			22		NM
Total client cash flows		(821	)		(81	)		(1,067	)	NM				23	%		(1,949	)		(409	)	NM
Market appreciation (depreciation)		(1,695	)		1,133			(22	)	NM			NM				(1,518	)		105		NM
Ending assets under management		5,769			8,894			8,285			(35	)%		(30	)%		5,769			8,894			(35	)%

Separate Accounts
Beginning assets under management		14,221			16,001			14,768			(11	)%		(4	)%		16,801			17,854			(6	)%
Gross client cash inflows		111			308			31			(64	)%	NM				277			1,411			(80	)%
Gross client cash outflows		(1,232	)		(688	)		(677	)		(79	)%		(82	)%		(4,149	)		(2,161	)		(92	)%
Net client cash flows		(1,121	)		(380	)		(646	)		(195	)%		(74	)%		(3,872	)		(750	)	NM
Transfers between investment vehicles		-			(22	)		22			100	%		(100	)%		(188	)		(22	)	NM
Total client cash flows		(1,121	)		(402	)		(624	)		(179	)%		(80	)%		(4,060	)		(772	)	NM
Market appreciation (depreciation)		(2,262	)		2,012			77		NM			NM				(1,903	)		529		NM
Ending assets under management		10,838			17,611			14,221			(38	)%		(24	)%		10,838			17,611			(38	)%

Sub-advisory Accounts
Beginning assets under management		3,137			4,122			4,332			(24	)%		(28	)%		4,357			4,459			(2	)%
Gross client cash inflows		33			184			66			(82	)%		(50	)%		250			877			(71	)%
Gross client cash outflows		(434	)		(236	)		(1,300	)		(84	)%		67	%		(2,054	)		(790	)		(160	)%
Net client cash flows		(401	)		(52	)		(1,234	)	NM				68	%		(1,804	)		87		NM
Transfers between investment vehicles		-			-			-		NM			NM				-			-		NM
Total client cash flows		(401	)		(52	)		(1,234	)	NM				68	%		(1,804	)		87		NM
Market appreciation (depreciation)		(555	)		520			39		NM			NM				(372	)		44		NM
Ending assets under management		2,181			4,590			3,137			(52	)%		(30	)%		2,181			4,590			(52	)%

Total Assets under Management
Beginning assets under management		46,835			48,995			51,328			(4	)%		(9	)%		53,407			55,993			(5	)%
Gross client cash inflows		1,289			1,851			1,337			(30	)%		(4	)%		4,853			7,793			(38	)%
Gross client cash outflows		(5,472	)		(3,271	)		(5,865	)		(67	)%		7	%		(16,794	)		(10,933	)		(54	)%
Net client cash flows		(4,183	)		(1,420	)		(4,528	)		(195	)%		8	%		(11,941	)		(3,140	)	NM
Transfers between investment vehicles		-			-			-		NM			NM				-			-		NM
Total client cash flows		(4,183	)		(1,420	)		(4,528	)		(195	)%		8	%		(11,941	)		(3,140	)	NM
Market appreciation (depreciation)		(8,400	)		6,285			35		NM			NM				(7,214	)		1,007		NM
Ending assets under management	$	34,252		$	53,860		$	46,835			(36	)%		(27	)%	$	34,252		$	53,860			(36	)%

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 7
	Assets under Management by Investment Strategy
	(unaudited, in millions)

	Three Months Ended									% Change From						Nine Months Ended						% Change From
	Sep. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2011			Sep. 30, 2010			Sep. 30, 2010

International Equity I
Beginning assets under management	$	15,768		$	17,420		$	17,298			(9	)%		(9	)%	$	18,781		$	21,656			(13	)%
Gross client cash inflows		186			416			182			(55	)%		2	%		800			1,068			(25	)%
Gross client cash outflows		(1,767	)		(1,204	)		(1,643	)		(47	)%		(8	)%		(5,672	)		(3,676	)		(54	)%
Net client cash flows		(1,581	)		(788	)		(1,461	)		(101	)%		(8	)%		(4,872	)		(2,608	)		(87	)%
Transfers between investment strategies		-			-			-		NM			NM				-			-		NM
Total client cash flows		(1,581	)		(788	)		(1,461	)		(101	)%		(8	)%		(4,872	)		(2,608	)		(87	)%
Market appreciation (depreciation)		(3,408	)		2,562			(69	)	NM			NM				(3,130	)		146		NM
Ending assets under management		10,779			19,194			15,768			(44	)%		(32	)%		10,779			19,194			(44	)%

International Equity II
Beginning assets under management		19,546			20,552			22,243			(5	)%		(12	)%		23,272			24,716			(6	)%
Gross client cash inflows		361			554			384			(35	)%		(6	)%		1,627			2,708			(40	)%
Gross client cash outflows		(2,507	)		(1,101	)		(3,053	)		(128	)%		18	%		(7,922	)		(4,577	)		(73	)%
Net client cash flows		(2,146	)		(547	)		(2,669	)	NM				20	%		(6,295	)		(1,869	)	NM
Transfers between investment strategies		(39	)		-			-		NM			NM				(39	)		50			(178	)%
Total client cash flows		(2,185	)		(547	)		(2,669	)	NM				18	%		(6,334	)		(1,819	)	NM
Market appreciation (depreciation)		(4,316	)		2,994			(28	)	NM			NM				(3,893	)		102		NM
Ending assets under management		13,045			22,999			19,546			(43	)%		(33	)%		13,045			22,999			(43	)%

High Grade Fixed Income
Beginning assets under management		4,885			5,652			5,036			(14	)%		(3	)%		5,088			5,293			(4	)%
Gross client cash inflows		305			157			229			94	%		33	%		682			779			(12	)%
Gross client cash outflows		(185	)		(521	)		(594	)		64	%		69	%		(1,012	)		(1,077	)		6	%
Net client cash flows		120			(364	)		(365	)		133	%		133	%		(330	)		(298	)		(11	)%
Transfers between investment strategies		1			-			104		NM				(99	)%		100			10		NM
Total client cash flows		121			(364	)		(261	)		133	%		146	%		(230	)		(288	)		20	%
Market appreciation (depreciation)		152			178			110			(15	)%		38	%		300			461			(35	)%
Ending assets under management		5,158			5,466			4,885			(6	)%		6	%		5,158			5,466			(6	)%

High Yield
Beginning assets under management		5,246			4,241			5,304			24	%		(1	)%		4,907			3,516			40	%
Gross client cash inflows		409			628			502			(35	)%		(19	)%		1,620			2,604			(38	)%
Gross client cash outflows		(962	)		(357	)		(499	)		(169	)%		(93	)%		(2,030	)		(1,449	)		(40	)%
Net client cash flows		(553	)		271			3		NM			NM				(410	)		1,155			(135	)%
Transfers between investment strategies		(1	)		-			(104	)	NM				99	%		(100	)		(10	)	NM
Total client cash flows		(554	)		271			(101	)	NM			NM				(510	)		1,145			(145	)%
Market appreciation (depreciation)		(527	)		408			43		NM			NM				(232	)		259			(190	)%
Ending assets under management		4,165			4,920			5,246			(15	)%		(21	)%		4,165			4,920			(15	)%

Global Equity
Beginning assets under management		1,037			817			1,066			27	%		(3	)%		1,025			618			66	%
Gross client cash inflows		14			76			8			(82	)%		75	%		41			454			(91	)%
Gross client cash outflows		(16	)		(17	)		(20	)		6	%		20	%		(50	)		(64	)		22	%
Net client cash flows		(2	)		59			(12	)		(103	)%		83	%		(9	)		390			(102	)%
Transfers between investment strategies		39			-			-		NM			NM				39			(50	)		178	%
Total client cash flows		37			59			(12	)		(37	)%	NM				30			340			(91	)%
Market appreciation (depreciation)		(220	)		115			(17	)	NM			NM				(201	)		33		NM
Ending assets under management		854			991			1,037			(14	)%		(18	)%		854			991			(14	)%

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 7
	Assets under Management by Investment Strategy
	(unaudited, in millions)

	Three Months Ended									% Change From						Nine Months Ended						% Change From
	Sep. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2010			Jun. 30, 2011			Sep. 30, 2011			Sep. 30, 2010			Sep. 30, 2010

US Equity
Beginning assets under management		235			222			274			6	%		(14	)%		227			81			180	%
Gross client cash inflows		12			20			23			(40	)%		(48	)%		71			180			(61	)%
Gross client cash outflows		(21	)		(66	)		(56	)		68	%		63	%		(88	)		(77	)		(14	)%
Net client cash flows		(9	)		(46	)		(33	)		80	%		73	%		(17	)		103			(117	)%
Transfers between investment strategies		-			-			-		NM			NM				-			-		NM
Total client cash flows		(9	)		(46	)		(33	)		80	%		73	%		(17	)		103			(117	)%
Market appreciation (depreciation)		(57	)		14			(6	)	NM			NM				(41	)		6		NM
Ending assets under management		169			190			235			(11	)%		(28	)%		169			190			(11	)%

Other (1)
Beginning assets under management		118			91			107			30	%		10	%		107			113			(5	)%
Gross client cash inflows		2			-			9		NM				(78	)%		12			-		NM
Gross client cash outflows		(14	)		(5	)		-			(180	)%	NM				(20	)		(13	)		(54	)%
Net client cash flows		(12	)		(5	)		9			(140	)%	NM				(8	)		(13	)		38	%
Transfers between investment strategies		-			-			-		NM			NM				-			-		NM
Total client cash flows		(12	)		(5	)		9			(140	)%	NM				(8	)		(13	)		38	%
Market appreciation (depreciation)		(24	)		14			2		NM			NM				(17	)		-		NM
Ending assets under management		82			100			118			(18	)%		(31	)%		82			100			(18	)%

Total Assets under Management
Beginning assets under management		46,835			48,995			51,328			(4	)%		(9	)%		53,407			55,993			(5	)%
Gross client cash inflows		1,289			1,851			1,337			(30	)%		(4	)%		4,853			7,793			(38	)%
Gross client cash outflows		(5,472	)		(3,271	)		(5,865	)		(67	)%		7	%		(16,794	)		(10,933	)		(54	)%
Net client cash flows		(4,183	)		(1,420	)		(4,528	)		(195	)%		8	%		(11,941	)		(3,140	)	NM
Transfers between investment strategies		-			-			-		NM			NM				-			-		NM
Total client cash flows		(4,183	)		(1,420	)		(4,528	)		(195	)%		8	%		(11,941	)		(3,140	)	NM
Market appreciation (depreciation)		(8,400	)		6,285			35		NM			NM				(7,214	)		1,007		NM
Ending assets under management		34,252			53,860			46,835			(36	)%		(27	)%		34,252			53,860			(36	)%

1.	Other includes the Local Emerging Markets Debt Fund, Global Credit Opportunities Fund, Other International Equity and Other strategies.

	ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES	Exhibit - 8
	Mutual Fund Performance Data (1)

	Morningstar Ratings /
	Funds in Total Universe (# of Funds)					Lipper Percentile Rankings (PR) / Funds in Total Universe (# of Funds)
						YTD				1-Year				3-Year				5-Year				10-Year
			# of					# of				# of				# of				# of				# of
Fund (3)	Rating		Funds		Category	PR		Funds		PR		Funds		PR		Funds		PR		Funds		PR		Funds		Classification

Artio International Equity Fund, Class A (2)		3		893	Foreign Large Blend		100		358		100		347		92		303		78		256		12		152	International Large-Cap Core
Artio International Equity Fund, Class I (2)		3		893	Foreign Large Blend		100		358		100		347		92		303		74		256		8		152	International Large-Cap Core

Artio International Equity II Fund, Class A		3		893	Foreign Large Blend		100		358		100		347		89		303		59		256	NA		NA		International Large-Cap Core
Artio International Equity II Fund, Class I		3		893	Foreign Large Blend		99		358		99		347		87		303		54		256	NA		NA		International Large-Cap Core

Artio Global Equity Fund, Class A		3		978	World Stock		100		118		100		111		60		100		64		74	NA		NA		Global Large-Cap Growth
Artio Global Equity Fund, Class I		3		978	World Stock		99		118		97		111		57		100		63		74	NA		NA		Global Large-Cap Growth

Artio Microcap Fund, Class A		2		784	Small Growth		81		739		11		723		16		655		42		529	NA		NA		Small-Cap Core
Artio Microcap Fund, Class I		2		784	Small Growth		80		739		10		723		14		655		38		529	NA		NA		Small-Cap Core

Artio Smallcap Fund, Class A		3		784	Small Growth		90		739		80		723		23		655		17		529	NA		NA		Small-Cap Core
Artio Smallcap Fund, Class I		3		784	Small Growth		89		739		77		723		19		655		14		529	NA		NA		Small-Cap Core

Artio Midcap Fund, Class A		3		784	Mid-Cap Growth		9		312		4		305		13		270		36		224	NA		NA		Mid-Cap Core
Artio Midcap Fund, Class I		3		784	Mid-Cap Growth		8		312		3		305		13		270		30		224	NA		NA		Mid-Cap Core

Artio Multicap Fund, Class A		2		1,727	Large Growth		54		793		27		790		14		687		23		577	NA		NA		Multi-Cap Core
Artio Multicap Fund, Class I		3		1,727	Large Growth		48		793		23		790		11		687		16		577	NA		NA		Multi-Cap Core

Artio Global High Income Fund, Class A		4		602	High Yield Bond		86		494		95		491		50		424		16		349	NA		NA		High Current Yield
Artio Global High Income Fund, Class I		4		602	High Yield Bond		85		494		93		491		44		424		10		349	NA		NA		High Current Yield

Artio Total Return Bond Fund, Class A		4		1,241	Intermediate Term Bond		11		578		7		574		45		490		21		390		4		275	Intermediate Investment Grade Debt
Artio Total Return Bond Fund, Class I		5		1,241	Intermediate Term Bond		8		578		5		574		37		490		16		390		2		275	Intermediate Investment Grade Debt

Note: Data as of September 30, 2011

NA: Not applicable

Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds and fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.

For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. A fund's independent Morningstar Rating metric is then compared against the mutual fund universe breakpoints to determine its hypothetical rating. Data presented reflect past performance, which is no guarantee of future results. © 2011 Morningstar, Inc. All Rights Reserved. This news release is not, and should not be considered, sales material and is not an offer or a solicitation for any securities.

2.	Closed to new investors.

3.	The Artio Local Emerging Markets Debt Fund was launched in May 2011 and is not yet ranked or rated in any of the above categories.

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