Shares of Artisan Partners were down after the company said it expects to rebalance around $6 billion from its Global Value strategy this month as a result of a modified relationship with a client.

Shares were down 3.2% to $38.42 as of Friday afternoon. The stock has shed 5.7% so far this year.

The company said after the close Thursday that a long-standing, sub-advisory client is shifting to a multi-manager structure from a single-manager structure, with Artisan remaining as one of three managers.

The move will have a lesser impact on revenue than on assets under management, the company said, "given the nature of the mandate and its associated fee structure."

The company reported $183.5 billion in preliminary assets under management as of Aug. 31, with Artisan Funds and Artisan Global Funds making up $94.5 billion of that total.