Acadian Asset Management

Acadian Asset Management Inc. (AAMI) reported strong FY 2025 results with total revenue of $563.7M, up 11.5% YoY from $505.6M, driven by management fees of $517.7M (+20.1% YoY) amid AUM growth to $177.5B (+51.3% YoY). Performance fees declined 56.0% to $31.4M due to relative benchmark changes. Operating income was $132.1M (down 2.6% YoY), with operating margin at 23%. Net income attributable to controlling interests was $80.0M ($2.21 basic EPS), down 5.9% YoY from $85.0M ($2.25 EPS). ENI of $117.6M (+11.1% YoY) and ENI diluted EPS of $3.25 highlight underlying profitability. AUM surged on $29.4B net inflows (record high) and $30.8B market appreciation. Balance sheet strengthened with $101.2M cash, total assets $677.0M, and debt reduced to $200.0M post-senior notes redemption. Operating cash flow (ex-Funds) rose 19.2% to $129.8M. Share repurchases totaled $48.8M. Forward, AUM growth and profit-sharing model support margin expansion, though performance fee volatility and market risks persist.

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