Acadian Asset Management Inc. (AAMI) SEC Filings & Earnings Calls

Fee rate compression

“Average basis points earned on average assets under management were 32.2 bps and 32.9 bps for the three and six months ended June 30, 2026, respectively, and 37.0 bps and 37.3 bps for the three and six months ended June 30, 2025, respectively.” · word for word

Concentration in equity markets

“Given a substantial portion of our AUM is denominated in foreign currencies, foreign exchange rate movements during the period can impact AUM when the strength of the U.S. dollar changes relative to other currencies.” · word for word

Reliance on key personnel and limited number of investment strategies

“Forward-looking statements caution about reliance on key personnel and limited investment strategies”

Activist exit risk

“Paulson & Co. sold 1,900,000 shares, reducing its stake; this could indicate reduced confidence or a strategic exit.”

Activist exit risk

“Paulson & Co. sold 1,900,000 shares, reducing its stake; this could indicate reduced confidence or a strategic exit.”

Fee rate compression

“Average basis points earned on average assets under management were 34.1 bps for the three months ended March 31, 2026, and 37.9 bps for the three months ended March 31, 2025, respectively.” · word for word

Concentration in equity markets

“Given a substantial portion of our AUM is denominated in foreign currencies, foreign exchange rate movements during the period can impact AUM when the strength of the U.S. dollar changes relative to other currencies.” · word for word

Concentration risk in systematic investment strategies; performance-dependent flows.

“96% of strategies by revenue beat benchmarks; any underperformance could reverse inflows.”

Client Concentration Risk

“As of December 31, 2025, our top five client relationships represented approximately 14% of total run rate gross management fee revenue, and our top 25 clients represented approximately 33% of run rate gross management fee revenue.”

Fee Pressure Risk

“The competitive nature of the asset management industry has led to a trend toward lower fees in certain segments of the asset management market, and there can be no assurance that we will be able to maintain our current pricing structures.”

Key Person / Retention Risk

“Our continued success depends on our ability to attract and retain highly skilled and qualified personnel.”

Market / AUM Decline Risk

“A decline in financial markets could cause a reduction in the value of our AUM, which would reduce our revenues and could have a material adverse effect on our results of operations.”

Regulatory / Compliance Risk

“The investment management business is highly regulated and, as a result, we are required to comply with a wide array of domestic and international laws and regulations.”

Client Concentration Risk

“As of December 31, 2025, our top five client relationships represented approximately 14% of total run rate gross management fee revenue, and our top 25 clients represented approximately 33% of run rate gross management fee revenue.” · word for word

Key Person / Talent Retention Risk

“The loss of the services and knowledge of any key personnel, particularly executive management, research and development, or sales personnel, could harm our business and prospects and impede the achievement of our research and development, operational or strategic objectives.”

Cybersecurity / Data Breach Risk

“A successful attack could result in significant adverse consequences, including regulatory inquiries or litigation, increased costs and expenses including costs related to insurance and remediation of any security vulnerabilities, reputational damage, lost revenue, and fines or penalties.” · word for word

Regulatory / Compliance Risk

“The investment management business is highly regulated and, as a result, we are required to comply with a wide array of domestic and international laws and regulations.” · word for word

Debt / Leverage Risk

“As of December 31, 2025, we had $200.0 million of long-term debt outstanding.” · word for word

Lower performance fees and higher key employee distributions impacted ENI.

“The year-over-year decline in ENI was primarily driven by lower performance fees and higher key employee distributions, partially offset by strong management fee growth and lower variable compensation.” · word for word

Performance fee volatility

“Performance fees decreased $(9.9) million, or (98.0)%, from $10.1 million for the three months ended September 30, 2024 to $0.2 million for the three months ended September 30, 2025, primarily due to a change in performance relative to benchmarks in certain strategies.” · word for word

Effective fee rate compression

“Average basis points earned on average assets under management were 34.5 bps and 36.5 bps for the three and nine months ended September 30, 2025, respectively, and 38.3 bps and 38.4 bps for the three and nine months ended September 30, 2024, respectively.” · word for word

Concentration in systematic investment strategies.

“Acadian has been a leading systematic manager since the 1980s.” · word for word