olivLaw · US equity research
Acadian Asset Management Inc. AAMI
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Acadian Asset Management Inc. (AAMI) is a NYSE-listed holding company that majority-owns Acadian Asset Management LLC, a systematic asset manager serving mainly institutional investors. Assets under management rose to 232.7 bn USD at June 30, 2026, and net inflows in the second quarter extended a run of ten consecutive quarters of positive flows.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Acadian Asset Management Inc. (AAMI) stock was 91.62 USD (+4.28% on the day), with market capitalisation 3.3 bn USD, P/E 32.4 on diluted EPS of 2.83 USD over the last 12 months, dividend yield 0.24%, beta 1.22, 52-week range 41.93–97.31 USD. Latest reported quarter (Q2 2026): revenue of 185.1 m USD (+45.3% YoY), net income of 27.3 m USD (+170.3% YoY), diluted EPS 0.76 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.7
- neutral
- Bollinger (20, 2)
- 88.11 – 95.99
- in the lower half of the band · %B 0.45 · band width 8.6%
- SMA 50 / 200
- 92.35 / 74.33
- mixed trend
- MACD (12, 26, 9)
- -0.73 / -0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.7% | −1.1% | −3.6 pp | — |
| 3 months | +0.2% | −0.5% | +0.7 pp | — |
| 6 months | +35.0% | +4.4% | +30.6 pp | — |
| Year to date | +94.9% | +12.3% | +82.6 pp | — |
| 1 year | +112.2% | +13.5% | +98.7 pp | −5.9% |
| 3 years | +447.6% | +76.4% | +371.2 pp | +21.9% |
| 5 years | +202.5% | +63.7% | +138.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123.1 m | 167.8 m | 119.9 m | 127.4 m | 144.2 m | 172.2 m | 167.0 m | 185.1 m |
| Operating income | 27.0 m | 65.0 m | 31.9 m | 16.2 m | 26.6 m | 57.4 m | 41.9 m | 32.4 m |
| Interest expense | 4.7 m | 4.4 m | 4.8 m | 5.3 m | 4.6 m | 7.0 m | 3.4 m | 3.6 m |
| Pre-tax income | 28.4 m | 58.4 m | 32.1 m | 23.6 m | 34.4 m | 53.1 m | 37.6 m | 38.8 m |
| Income tax | 9.4 m | 17.8 m | 8.3 m | 4.5 m | 7.4 m | 16.4 m | 13.2 m | 9.4 m |
| Net income | 16.9 m | 42.5 m | 20.1 m | 10.1 m | 15.1 m | 34.7 m | 24.3 m | 27.3 m |
| Diluted EPS | 0.45 | 1.13 ≈ | 0.54 | 0.28 | 0.42 | 0.97 ≈ | 0.68 | 0.76 |
| Operating cash flow | 69.6 m ≈ | -19.1 m | -48.8 m | 61.6 m ≈ | -23.9 m ≈ | 8.7 m | -44.9 m | 26.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 31-quarter history (min 2.2, median 8.8, max 25.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 928.2 m | 594.6 m | 499.5 m | 523.8 m | 417.2 m | 426.6 m | 505.6 m | 563.7 m |
| Revenue YoY | +4.6% | — | −16.0% | +4.9% | −20.4% | +2.3% | +18.5% | +11.5% |
| Net income | 136.4 m | 223.9 m | 286.7 m | 828.4 m | 100.6 m | 65.8 m | 85.0 m | 80.0 m |
| Net income YoY | +3,147.6% | — | +28.0% | +188.9% | −87.9% | −34.6% | +29.2% | −5.9% |
| Diluted EPS | 1.26 | 2.45 | 3.49 | 10.29 | 2.33 | 1.55 | 2.22 | 2.21 |
| Diluted EPS YoY | +3,050.0% | — | +42.4% | +194.8% | −77.4% | −33.5% | +43.2% | −0.5% |
| net % | 14.7% | 37.7% | 57.4% | 158.2% | 24.1% | 15.4% | 16.8% | 14.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 124.4 m USD
- Financial debt
- 200.0 m USD
- Net debt
- 75.6 m USD
- Equity
- unavailable USD
- Total assets
- 677.0 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 11.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 499.5 m | 523.8 m | 417.2 m | 426.6 m | 505.6 m | 563.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 131.7 m | 145.8 m | 167.9 m | 106.0 m | 135.5 m | 132.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | — | 22.1 m | — | — | — | — | SEC (XBRL)· 28 Feb 2022verified |
| EBITDA | — | 167.9 m ≈ | — | — | — | — | SEC (XBRL)· 28 Feb 2022derived |
| Interest expense | — | — | — | 19.6 m | 19.4 m | 21.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 344.8 m | 178.1 m | 144.8 m | 96.5 m | 125.7 m | 143.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 97.1 m | 50.0 m | 44.2 m | 29.4 m | 38.9 m | 36.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 286.7 m | 828.4 m | 100.6 m | 65.8 m | 85.0 m | 80.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 3.49 | 10.29 | 2.33 | 1.55 | 2.22 | 2.21 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 82.0 m | 80.5 m | 43.2 m | 42.5 m | 38.3 m | 36.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.13 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 372.9 m | 252.1 m | 121.2 m | 147.6 m | 98.5 m | 124.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | — | 50.2 m | — | — | — | — | SEC (XBRL)· 09 May 2022verified |
| Goodwill | 20.3 m | 20.3 m | 20.3 m | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Intangibles (excl. goodwill) | 57.4 m | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Total assets | 1.4 bn | 714.8 m | 518.7 m | 611.4 m | 703.2 m | 677.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 400.0 m | 400.0 m | 275.0 m | 275.0 m | 275.0 m | 200.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 994.8 m | 732.4 m | 540.3 m | 561.9 m | 616.1 m | 593.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 384.4 m | -17.6 m | -21.6 m | 40.2 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 90.5 m | -11.5 m | 116.8 m | 68.3 m | 55.8 m | -2.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | 270.0 m | 1.0 bn | -13.0 m | -43.9 m | -50.1 m | 15.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -77.4 m | -1.2 bn | -233.7 m | 1.8 m | -54.4 m | 12.1 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.21 – 82.48 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E46.21 – 82.48 (Mid 62.43)28 companies used · median multiple 22.1x · quartiles 16.3x – 29.1xABX, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, CNS, GCMG, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)outside the aggregate0.53 – 0.71 (Mid 0.60)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.2% | 51 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.6% | 88 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | -1.7% | 0 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.5x | 100 (on a fixed band) | 16% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 32.4x | 25 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth44/100 · 2/2 factors with a value
- Quality· partial51/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial25/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Acadian Asset Management Inc. (AAMI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 563.7 m USD in 2025; YoY growth 11.5%; net margin 15.2%.
The estimated value range is 46.21–82.48 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 62.43 USD, the price of 91.62 USD leaves a potential of -31.9% (value / price − 1) and a margin of safety of -46.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.6%
- Interest coverage: 8.5x
What contradicts it
- EPS CAGR 3Y: -1.7%
- P/E (TTM): 32.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +112% / +448% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
1- and 3-year price returns: for AAMI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 57.99 Total return -37% · Per year -37% | 102.24 Total return 12% · Per year 12% | 153.62 Total return 68% · Per year 68% |
| 3 years | 63.34 Total return -30% · Per year -11% | 124.96 Total return 37% · Per year 11% | 205.12 Total return 125% · Per year 31% |
| 5 years | 69.17 Total return -23% · Per year -5% | 152.72 Total return 68% · Per year 11% | 273.88 Total return 201% · Per year 25% |
- Exit P/E± 31.24
- Net margin± 21.87
- Annual revenue growth± 16.97
- Annual dilution± 1.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
In brief
Acadian Asset Management Inc. (AAMI) is a NYSE-listed holding company that majority-owns Acadian Asset Management LLC, a systematic asset manager serving mainly institutional investors. Assets under management rose to 232.7 bn USD at June 30, 2026, and net inflows in the second quarter extended a run of ten consecutive quarters of positive flows.
SWOT
Strengths
- Long-term strategy performance, with a high share of assets beating benchmarks over three, five and ten years according to the June 2026 results 3.
- Profit-sharing model that aligns key management interests with those of shareholders and allows the company to benefit from operating leverage 1.
- Disciplined capital use, with significant share repurchases over 2020 to 2025 and recurring free cash flow 1.
Weaknesses
- Near-total dependence of holding company results on the profitability of Acadian LLC, which can restrict distributions under certain conditions 1.
- Asset concentration in a limited number of strategies, with a large weight in a few emerging and non-US equity strategies 1.
- High currency exposure, as most assets are denominated in currencies other than the US dollar 1.
Opportunities
- Expanding distribution into Europe, Latin America, the Middle East and Asia, where the company plans to increase its presence 1.
- Growing demand for enhanced and extension strategies, which drove recent net flows 3.
- New product development and distribution initiatives cited as strategic priorities for the coming period 3.
Risks
- Dependence on Acadian LLChigh
Holding company revenue comes almost entirely from Acadian LLC, so a drop in its profits or distributions would directly affect results 1.
- Strategy concentrationhigh
A large part of assets sits in a few strategies, so weaker relative performance in one of them could have a large effect on AUM and fees 1.
- Currency riskmedium
Most assets are denominated in foreign currencies, and a stronger US dollar could reduce revenue measured in dollars 1.
- Retention of key personnelmedium
The company relies on a small number of investment and management specialists, whose departure could affect performance and flows 1.
- Operational and technology riskmedium
Failures in proprietary systems or third-party providers, including use of artificial intelligence, could create client liability and regulatory sanctions 1.
Investment thesis
What would need to be true (bull case)
- If positive net flows and fee growth are sustained, revenue and adjusted earnings could keep rising, especially through enhanced and extension strategies 23.
- Long-term performance and the recovery in the share of assets beating benchmarks could support winning new institutional clients 23.
- The profit-sharing model could amplify gains from growth, given that operating margins widened in the second quarter of 2026 3.
What would break the thesis
- If interest rates stay high and volatility rises, clients could withdraw assets, reducing fee income 1.
- Concentration in a few strategies means a weak period for them could weigh on results for the whole company 1.
- Part of the recent AUM increase came from market appreciation, so a market correction could reduce asset values 3.
What to watch
- Trend in net client cash flows and organic growth rateQ3 2026
- Share of revenue from assets beating one-year benchmarksQ3 2026
- ENI operating margin and variable compensation dynamicsnext 10-Q
- Annual results on institutional strategies and distribution initiatives2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
The business
AAMI operates through Acadian Asset Management LLC, founded in 1986, which applies a systematic, data-driven approach to a universe of more than 65,000 securities across more than 150 global markets. According to the 2025 10-K, assets under management were about 178 bn USD at December 31, 2025, and clients were domiciled in more than 40 countries. The company reports one segment, Quant & Solutions, which corresponds to its interest in Acadian LLC. Its profit-sharing model means holding-company results depend heavily on Acadian LLC profitability 1.
Segments
Quant & Solutions
The single reportable segment, covering emerging, non-US, global and small cap equity, enhanced and extension strategies, systematic credit and alternatives. In the second quarter of 2026, growth in assets and fees was mainly driven by enhanced and extension strategies 13.
Hold Co
The holding structure, whose unallocated corporate costs include dividends and share repurchases. Its resources depend largely on distributions received from Acadian LLC, as the risk factors section explains 1.
Market context
The company operates in the global asset management market, with a predominantly institutional client base, notably public and corporate pension funds. The institutional channel represents over 80% of AUM, while the sub-advisory and wealth channels together make up almost 20% 1. Competition is intense, and low barriers to entry allow new managers to pursue the same clients 1.
Trends
- Persistent positive net flowstailwind
Positive net flows over recent quarters suggest demand for systematic strategies could hold up, particularly for higher-fee products. If the pace is maintained, this could support continued growth in management fee revenue 23.
- Elevated inflation and interest ratesheadwind
The company notes that inflation remains above the Federal Reserve's target and interest rates are still elevated, which can drive volatility in debt and equity markets and reduce clients' appetite for assets 1.
- Exposure to non-US marketsmixed
Roughly 70% of AUM is denominated in currencies other than the US dollar. If the dollar strengthens, the dollar value of assets and revenue falls, although demand for emerging markets strategies can support growth 1.
- Recovery in relative performancemixed
The share of revenue from assets beating benchmarks over one year fell to 57% at the end of 2025 but was 77% at June 30, 2026, suggesting a rebound in relative performance. If this continues, it could help attract new assets 12.
Competitive position
AAMI competes globally with international and domestic investment managers, hedge funds and other financial institution subsidiaries for institutional assets. Rivals may have greater financial resources and distribution capabilities, and passive products, including exchange traded funds, can offer lower fees 1. The main competitive factors are investment performance, breadth of strategies, team quality and brand reputation 1.
- Global institutional active equity managers
Global investment management firms offering similar strategies, potentially with greater financial resources and distribution, as described in the annual report's competition section 1.
- Hedge funds
Competitors for institutional assets, identified in the annual report as part of the competitive landscape 1.
- Passive and exchange traded funds
Products carrying lower fee rates that can attract investors seeking low costs, cited explicitly as competitive pressure 1.
- Other financial institution asset managers
Managers affiliated with banks and insurers that compete for the same institutional mandates 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report19 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Annual report27 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Acadian Asset Management Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Acadian Asset Management Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Acadian Asset Management Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.