aami-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38979


						Acadian Asset Management Inc.

(Exact name of registrant as specified in its charter)


Delaware		47-1121020
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 State Street, 13th Floor		02109
Boston,	Massachusetts
(Address of principal executive offices)		(Zip Code)

(617)-369-7300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Ticker Symbol	Name of each exchange on which registered
Common stock, par value $0.001 per share	AAMI	New York Stock Exchange
4.800% Notes due 2026	AAMI 26	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

The number of shares of the registrant’s common stock, $0.001 per share, outstanding as of May 6, 2025 was 35,795,275.

Table of Contents

TABLE OF CONTENTS


		Page

Part I	Financial Information	3

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024	4

	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024	5



	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2025 and 2024	6

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55

Item 4.	Controls and Procedures	57



Part II	Other Information	58

Item 1.	Legal Proceedings	58

Item 1A.	Risk Factors	58

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58

Item 5.	Other Information	58

Item 6.	Exhibits	58

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

Acadian Asset Management Inc.

Condensed Consolidated Balance Sheets

(in millions, except for share and per share data, unaudited)


	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	119.6	$	94.8

Investment advisory fees receivable	132.0		164.7
Income taxes receivable	—		3.0
Fixed assets, net	33.9		35.7
Right of use assets	50.9		52.5
Investments	52.9		67.9

Goodwill	20.3		20.3
Other assets	26.5		26.7
Deferred tax assets	77.0		78.3

Assets of consolidated Funds:
Cash and cash equivalents, restricted	3.6		3.7
Investments	155.8		154.0
Other assets	4.8		1.6

Total assets	$	677.3	$	703.2
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	26.3	$	37.9
Accrued incentive compensation	34.6		119.6


Other compensation liabilities	76.2		92.5
Accrued income taxes	6.2		3.3
Operating lease liabilities	65.5		67.3


Revolving credit facility	80.0		—
Third party borrowings	274.4		274.3

Liabilities of consolidated Funds:
Accounts payable and accrued expenses	0.8		0.5
Other liabilities	0.5		0.3
Securities sold short	20.3		20.4

Total liabilities	584.8		616.1
Commitments and contingencies
Redeemable non-controlling interests in consolidated Funds	70.8		67.1
Equity:
Common stock (par value $0.001; 36,721,016 and 37,477,707 shares, respectively, issued)	—		—
Additional paid-in capital	—		—
Retained earnings	24.9		24.4
Accumulated other comprehensive loss	(3.2)		(4.4)


Total equity and redeemable non-controlling interests in consolidated Funds	92.5		87.1
Total liabilities and equity	$	677.3	$	703.2

See Notes to Condensed Consolidated Financial Statements

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Acadian Asset Management Inc.

Condensed Consolidated Statements of Operations

(in millions except for per share data, unaudited)


	Three Months Ended March 31,
		2025		2024
Revenue:
Management fees		$	112.9	$	102.2
Performance fees		5.3		3.1

Consolidated Funds’ revenue		1.7		0.4
Total revenue		119.9		105.7
Operating expenses:
Compensation and benefits		60.8		58.1
General and administrative expense		22.3		20.0

Depreciation and amortization		4.2		4.6

Consolidated Funds’ expense		0.7		0.1
Total operating expenses		88.0		82.8
Operating income		31.9		22.9
Non-operating income and (expense):
Investment income		0.3		0.9
Interest income		1.1		1.3
Interest expense		(4.8)		(5.0)


Net consolidated Funds’ investment gains		3.6		1.7
Total non-operating income (loss)		0.2		(1.1)
Income before income taxes		32.1		21.8
Income tax expense		8.3		6.1



Net income		23.8		15.7
Net income attributable to redeemable non-controlling interests in consolidated Funds		3.7		1.1
Net income attributable to controlling interests		$	20.1	$	14.6

Earnings per share (basic) attributable to controlling interests		$	0.54	$	0.37
Earnings per share (diluted) attributable to controlling interests		0.54		0.37


Weighted average common stock outstanding		37.4		39.1
Weighted average diluted common stock outstanding		37.4		39.7

See Notes to Condensed Consolidated Financial Statements

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Acadian Asset Management Inc.

Condensed Consolidated Statements of Comprehensive Income

(in millions, unaudited)


	Three Months Ended March 31,
		2025		2024
Net income		$	23.8	$	15.7
Other comprehensive income:
Amortization related to derivative securities, net of tax		0.7		0.7
Foreign currency translation adjustment, net of tax		0.5		(0.2)
Total other comprehensive income		1.2		0.5
Comprehensive income attributable to redeemable non-controlling interests in consolidated Funds		3.7		1.1
Total comprehensive income attributable to controlling interests		$	21.3	$	15.1

See Notes to Condensed Consolidated Financial Statements

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Acadian Asset Management Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended March 31, 2025 and 2024

($ in millions except share data, unaudited)


	Common stock (millions)	Common stock, par value		Additional paid-in capital		Retained earnings (deficit)		Accumulated other comprehensive income (loss)		Total stockholders’ equity (deficit)		Redeemable non-controlling interests in consolidated Funds		Total equity (deficit) and redeemable non-controlling interests in consolidated Funds
December 31, 2023	41.4	$	—	$	—	$	46.9	$	(6.7)	$	40.2	$	9.3	$	49.5
Issuance of common stock	0.1	—		—		—		—		—		—		—

Repurchase of common stock including excise taxes	(3.5)	—		(0.2)		(74.8)		—		(75.0)		—		(75.0)
Capital contributions	—	—		—		—		—		—		1.1		1.1
Equity-based compensation	—	—		0.2		—		—		0.2		—		0.2
Foreign currency translation adjustment, net of tax	—	—		—		—		(0.2)		(0.2)		—		(0.2)
Amortization related to derivatives securities, net of tax	—	—		—		—		0.7		0.7		—		0.7
Withholding tax related to stock option exercise and restricted stock vesting				—		(1.8)		—		(1.8)				(1.8)


Dividends ($0.01 per share)	—	—		—		(0.4)		—		(0.4)		—		(0.4)
Net income	—	—		—		14.6		—		14.6		1.1		15.7
March 31, 2024	38.0	$	—	$	—	$	(15.5)	$	(6.2)	$	(21.7)	$	11.5	$	(10.2)

December 31, 2024	37.5	$	—	$	—	$	24.4	$	(4.4)	$	20.0	$	67.1	$	87.1


Repurchase of common stock including excise taxes	(0.8)	—		(0.4)		(19.2)		—		(19.6)		—		(19.6)

Equity-based compensation	—	—		0.6		—		—		0.6		—		0.6
Foreign currency translation adjustment, net of tax	—	—		—		—		0.5		0.5		—		0.5
Amortization related to derivative securities, net of tax	—	—		—		—		0.7		0.7		—		0.7
Withholding tax related to restricted stock vesting	—	—		(0.2)		—		—		(0.2)		—		(0.2)


Dividends ($0.01 per share)	—	—		—		(0.4)		—		(0.4)		—		(0.4)
Net income	—	—		—		20.1		—		20.1		3.7		23.8
March 31, 2025	36.7	$	—	$	—	$	24.9	$	(3.2)	$	21.7	$	70.8	$	92.5

See Notes to Condensed Consolidated Financial Statements

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Acadian Asset Management Inc. Condensed Consolidated Statements of Cash Flows (in millions, unaudited)
	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net income	$	23.8	$	15.7

Less: Net income attributable to redeemable non-controlling interests in consolidated Funds	(3.7)		(1.1)

Adjustments to reconcile net income to net cash flows from operating activities:






Depreciation and amortization	4.2		4.6
Amortization of debt-related costs	1.1		1.1

Amortization and revaluation of non-cash compensation awards	0.8		6.2






Deferred income taxes	1.1		(2.7)
(Gains) on other investments	(0.1)		(4.4)
Changes in operating assets and liabilities:
Decrease in investment advisory fees receivable	32.7		24.4
Decrease in other receivables, prepayments, deposits and other assets	3.6		2.6
(Decrease) in accrued incentive compensation, operating lease liabilities and other liabilities	(101.6)		(72.1)
(Decrease) in accounts payable, accrued expenses and accrued income taxes	(10.6)		(13.6)
Net cash flows from operating activities, excluding consolidated Funds	(48.7)		(39.3)
Net income attributable to redeemable non-controlling interests in consolidated Funds	3.7		1.1
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:

(Gains) on other investments	(2.7)		(0.8)
Purchase of investments	(71.7)		(18.8)
Sale of investments	73.4		17.0


(Increase) in receivables and other assets	(3.3)		(0.4)
Increase in accounts payable and other liabilities	0.5		0.8
Net cash flows from operating activities of consolidated Funds	(0.1)		(1.1)
Net cash flows from operating activities	(48.8)		(40.4)



Cash flows from investing activities:
Additions of fixed assets	(2.5)		(2.4)




Purchase of investment securities	(2.5)		(2.3)
Sale of investment securities	16.8		3.3







Net cash flows from investing activities	11.8		(1.4)

See Notes to Condensed Consolidated Financial Statements

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Acadian Asset Management Inc. Condensed Consolidated Statements of Cash Flows (in millions, unaudited)
	Three Months Ended March 31,
	2025		2024
Cash flows from financing activities:
Proceeds from revolving credit facility	100.0		101.0
Repayment of revolving credit facility	(20.0)		(28.0)




Payment to OM plc for co-investment redemptions	—		(0.2)
Dividends paid to stockholders	(0.2)		(0.3)
Dividends paid to related parties	(0.2)		(0.1)

Repurchase of common stock	(17.8)		(74.3)

Withholding tax payments related to stock option exercise and restricted stock vesting	(0.2)		(1.8)

Cash flows from financing activities of consolidated Funds:


Redeemable non-controlling interest capital raised	—		1.1

Net cash flows from financing activities	61.6		(2.6)


Effect of foreign exchange rate changes on cash and cash equivalents	0.1		(0.2)
Net increase (decrease) in cash and cash equivalents	24.7		(44.6)
Cash and cash equivalents at beginning of period	98.5		147.6



Cash and cash equivalents at end of period (including cash at consolidated Funds classified as restricted)	$	123.2	$	103.0

Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	$	6.7	$	7.2
Income taxes paid	1.4		1.4


Supplemental disclosure of non-cash financing transactions:
Payable for repurchases of common stock	$	1.6	$	—
Excise tax on repurchases of common stock	$	0.2	$	0.7

See Notes to Condensed Consolidated Financial Statements

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1) Organization and Description of the Business

Acadian Asset Management Inc. (“Acadian”, “AAMI” or the “Company”), is a holding company that operates a systematic investment management business through its majority owned subsidiary, Acadian Asset Management LLC (“Acadian LLC”). Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives. Acadian LLC is a leading systematic investment manager of active equity products, including global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative strategies. The Company’s Quant & Solutions reportable segment consists of Acadian LLC:

•Quant & Solutions—incorporates strategies that utilize advanced technology to collect and analyze data, aiming to identify mispriced assets and generate attractive risk-adjusted returns for investors; portfolios include global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative strategies.

Acadian LLC is organized as a limited liability company. Fees for services are largely asset-based and, as a result, revenues fluctuate based on the performance of financial markets and investors’ asset flows in and out of Acadian LLC’s products. The Company utilizes a profit-sharing model in structuring its compensation and ownership arrangements with Acadian LLC. Variable compensation is based on the firm’s profitability. The Company and Acadian LLC key employees share in profits after variable compensation according to their respective ownership interests. The profit-sharing model results in the alignment of the Company and Acadian LLC key employee economic interests, which is critical to the Company’s talent management strategy and long-term growth of the business.

The corporate holding company (“Hold Co”) is included within the Unallocated Corporate expenses category.

Prior to 2014, the Company was a wholly-owned subsidiary of Old Mutual plc (“OM plc”), an international long-term savings, protection, and investment group, listed on the London Stock Exchange. On October 15, 2014, the Company completed the initial public offering (the “Offering”) by OM plc pursuant to the Securities Act of 1933, as amended. As of March 31, 2025, Paulson & Co. Inc. (“Paulson”) and related parties thereof held approximately 24.4% of the common stock of the Company.

For the three months ended March 31, 2025, the Company repurchased 770,812 shares of common stock at an average price of $25.09 per share, or approximately $19.4 million in total, including commissions. For the three months ended March 31, 2024, the Company repurchased 3,530,908 shares of common stock at an average price of $21.04 per share, or approximately $74.4 million in total, including commissions.

All shares of common stock repurchased by the Company were retired.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

2) Basis of Presentation and Significant Accounting Policies

The Company’s significant accounting policies are as follows:

Basis of presentation

These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations, statements of comprehensive income, statements of changes in stockholders’ equity and statements of cash flows of the Company. Within these Condensed Consolidated Financial Statements, Paulson and its related entities, as defined above, are considered “related parties.”

The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included. All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Transactions between the Company and its related parties are included in the Condensed Consolidated Financial Statements; however, material intercompany balances and transactions among the Company, Acadian LLC and consolidated Funds are eliminated in consolidation.

Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 10-Q. The Company has condensed or omitted these disclosures. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements.

Use of estimates

The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

Recently adopted accounting standards

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This amendment is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. Early adoption is permitted. The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements and related disclosures.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

2) Basis of Presentation and Significant Accounting Policies (cont.)

New accounting standards not yet adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for annual periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the Condensed Consolidated Financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. This amendment is for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is evaluating the impact that the adoption will have on the Condensed Consolidated Financial Statements and has not yet determined the transition approach.

The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted. The Company does not believe that any such guidance has or will have a material effect on its Condensed Consolidated Financial Statements and related disclosures.

3) Investments

Investments are comprised of the following as of the dates indicated (in millions):


	March 31, 2025		December 31, 2024
Investments of consolidated Funds	$	155.8	$	154.0
Other investments	19.9		19.4
Investments related to long-term incentive compensation plans	33.0		48.5





Total investments per Condensed Consolidated Balance Sheets	$	208.7	$	221.9

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4) Fair Value Measurements

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2025 (in millions):


	Quoted prices in active markets (Level I)		Significant other observable inputs (Level II)		Significant unobservable inputs (Level III)		Uncategorized		Total value, March 31, 2025
Assets of AAMI and consolidated Funds
Common and preferred stock	$	94.6	$	—	$	—	$	—	$	94.6


Corporate bonds	—		60.7		—		—		60.7

Derivatives	—		0.5		—		—		0.5
Consolidated Funds total(1)	94.6		61.2		—		—		155.8



Investments related to long-term incentive compensation plans(2)	33.0		—		—		—		33.0
Investments in unconsolidated Funds(3)	—		—		—		19.9		19.9
AAMI total	33.0		—		—		19.9		52.9








Total fair value assets	$	127.6	$	61.2	$	—	$	19.9	$	208.7

Liabilities of consolidated Funds
Securities sold short	$	(20.3)	$	—	$	—	$	—	$	(20.3)
Derivatives	—		(0.5)		—		—		(0.5)
Consolidated Funds total(1)	(20.3)		(0.5)		—		—		(20.8)
Total fair value liabilities	$	(20.3)	$	(0.5)	$	—	$	—	$	(20.8)

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4) Fair Value Measurements (cont.)

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 (in millions):


	Quoted prices in active markets (Level I)		Significant other observable inputs (Level II)		Significant unobservable inputs (Level III)		Uncategorized		Total value December 31, 2024
Assets of AAMI and consolidated Funds
Common and preferred stock	$	94.2	$	—	$	—	$	—	$	94.2


Corporate bonds	—		59.1		—		—		59.1
Derivatives	—		0.7		—		—		0.7
Consolidated Funds total(1)	94.2		59.8		—		—		154.0

Investments related to long-term incentive compensation plans(2)	48.5		—		—		—		48.5
Investments in unconsolidated Funds(3)	—		—		—		19.4		19.4
AAMI total	48.5		—		—		19.4		67.9
Total fair value assets	$	142.7	$	59.8	$	—	$	19.4	$	221.9

Liabilities of consolidated Funds
Securities sold short	$	(20.4)	$	—	$	—	$	—	$	(20.4)
Derivatives	—		(0.3)		—		—		(0.3)
Consolidated Funds total(1)	(20.4)		(0.3)		—		—		(20.7)
Total fair value liabilities	$	(20.4)	$	(0.3)	$	—	$	—	$	(20.7)

(1)Assets and liabilities measured at fair value are comprised of financial investments managed by Acadian LLC.

Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. The securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II.

The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. Assets of consolidated Funds also include investments in Corporate bonds.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4) Fair Value Measurements (cont.)

If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model with unobservable inputs, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures.

(2)Investments related to long-term incentive compensation plans of $33.0 million and $48.5 million at March 31, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I.

(3)The uncategorized amounts of $19.9 million and $19.4 million at March 31, 2025 and December 31, 2024, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. Other investment vehicles are not subject to redemption restrictions.

The real estate investment Funds of $3.0 million and $2.9 million at March 31, 2025 and December 31, 2024, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from March 31, 2025. The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, finance, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions.

There were no significant transfers of financial assets or liabilities between Levels II or III during the three months ended March 31, 2025 and 2024.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

5) Variable Interest Entities

The Company, through Acadian LLC, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by Acadian LLC and other partnership interests typically owned entirely by third-party investors. Certain Funds may be capitalized with seed capital investments from the Company and may be owned partially by Acadian LLC key employees and/or individuals that have ownership interests in Acadian LLC.

The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties are exposed to absorb more than an insignificant amount of the risks and rewards of the entity. Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of the management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial.

The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions):


	March 31, 2025		December 31, 2024
Assets
Investments	$	155.8	$	154.0

Other assets of consolidated Funds	8.4		5.3

Total Assets	$	164.2	$	159.3
Liabilities

Liabilities of consolidated Funds	$	21.6	$	21.2

Total Liabilities	$	21.6	$	21.2

“Investments” consist of investments in equity securities, corporate bonds and derivative securities. To the extent the Company also has consolidated Funds that are not VIEs, the assets and liabilities of those Funds are not included in the table above.

The assets of consolidated VIEs presented in the table above belong to the investors in those Funds, are available for use only by the Fund to which they belong, and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities held by consolidated Funds have no recourse to the Company’s general credit.

The Company’s involvement with Funds that are VIEs and not consolidated by the Company is generally limited to that of an investment manager and its investment in the unconsolidated VIE, if any. The Company’s exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

5) Variable Interest Entities (cont.)

The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions):


	March 31, 2025		December 31, 2024



Maximum exposure to loss(1)	$	19.9	$	2.9

(1)Includes the carrying value of investments the Company has made in the unconsolidated VIEs in which the Company is not the primary beneficiary.

6) Leases

The Company has operating leases for corporate offices, data centers and certain equipment. The operating leases have remaining lease terms of less than 1 year to 9 years, some of which include options to extend the leases for up to 5 years.

The following table summarizes information about the Company’s operating leases for the three months ended March 31, 2025 and 2024 (in millions):


	Three Months Ended March 31,
		2025		2024
Operating lease cost		$	2.2	$	2.2
Variable lease cost		—		—

Total operating lease expense		$	2.2	$	2.2
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	2.4	$	2.4
Right of use assets obtained in exchange for new operating lease liabilities		—		—

In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease. For the three months ended March 31, 2025 and 2024, the weighted average remaining lease term was 8.3 years and 9.3 years, respectively, and the weighted average discount rate was 3.55% and 3.52%, respectively.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

6) Leases (cont.)

Maturities of operating lease liabilities were as follows (in millions):


	Operating Leases
Year Ending December 31,
2025 (excluding the three months ended March 31, 2025)	$	7.1
2026	9.4
2027	9.0
2028	8.7
2029	8.0
Thereafter	33.2
Total lease payments	$	75.4
Less imputed interest	(9.9)
Total	$	65.5

7) Borrowings and Debt

The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions):


	March 31, 2025					December 31, 2024
(in millions)	Carrying Value		Fair Value		Fair Value Level	Carrying Value		Fair Value		Fair Value Level
Revolving credit facility:
$140 million revolving credit facility expiring August 29, 2027(1)(2)	$	80.0	$	80.0	2	$	—	$	—
Total revolving credit facility	$	80.0	$	80.0		$	—	$	—
Third party borrowings:
$275 million 4.80% Senior Notes Due July 27, 2026(3)	$	274.4	$	271.4	2	$	274.3	$	271.7	2
Total third party borrowings	$	274.4	$	271.4		$	274.3	$	271.7

(1)Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates.

(2)On August 29, 2024, Acadian LLC’s $125 million revolving credit facility was terminated and replaced with a new $140 million revolving credit facility.

(3)The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

7) Borrowings and Debt (cont.)

Revolving credit facility

On August 29, 2024, Acadian LLC, Royal Bank of Canada, Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., the Bank of New York Mellon, Bank of America N.A., as an issuing bank, and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into a new revolving credit facility agreement (the “Acadian LLC Credit Agreement”), which replaced Acadian LLC’s revolving credit facility dated as of March 7, 2022 (the “Prior Credit Agreement”). The maturity date of the Prior Credit Agreement was March 7, 2025, and the maturity date of the Acadian LLC Credit Agreement is August 29, 2027.

Borrowings under the Acadian LLC Credit Agreement bear interest, at Acadian LLC’s option, at the per annum rate equal to either (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% and (iii) the secured overnight financing rate for a one month period plus a credit spread adjustment of 0.10% (“Adjusted Term SOFR”) plus 1%, plus, in each case, an additional amount ranging from 0.5% to 1.0%, with such additional amount based on Acadian LLC’s Leverage Ratio (as defined below) or (b) Adjusted Term SOFR plus an additional amount ranging from 1.5% to 2.0%, with such additional amount based on Acadian LLC’s Leverage Ratio. In addition, a commitment fee is charged based on the average daily unused portion of the revolving credit facility under the Acadian LLC Credit Agreement at a per annum rate ranging from 0.25% to 0.375%, with such amount based on Acadian LLC’s Leverage Ratio.

8) Commitments and Contingencies

Operational commitments

A number of our subsidiaries operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any violations of such financial requirements occurring during the periods presented.

Guaranty

The Company entered into a guaranty for an office space security deposit on behalf of Acadian LLC in the amount of $2.5 million in January 2020. This represents the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guaranty in the event of default by the guaranteed parties. This guaranty expires in 2033. There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 related to this guaranty.

Litigation

The Company is subject to claims, legal proceedings, and other contingencies in the ordinary course of its business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. As of March 31, 2025, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

8) Commitments and Contingencies (cont.)

Indemnifications

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.

Foreign tax contingency

The Company has clients in non-U.S. jurisdictions which require entities that are conducting certain business activities in such jurisdictions to collect and remit tax assessed on certain fees paid for goods and services provided. The Company does not believe this requirement is applicable based on its limited business activities in these jurisdictions. However, given the fact that uncertainty exists around the requirement, the Company has chosen to evaluate its potential exposure related to non-collection and remittance of these taxes. At March 31, 2025, management of the Company has estimated the potential maximum exposure and concluded that it is not material. No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at March 31, 2025.

Considerations of credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and investments. The Company maintains cash and cash equivalents and short term investments with various financial institutions. These financial institutions are typically located in cities in which the Company operates. Cash deposits at the various financial institutions may exceed Federal Deposit Insurance Corporation insurance limits.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

9) Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is antidilutive.

The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data):


	Three Months Ended March 31,
		2025		2024
Numerator:
Net income attributable to controlling interests		$	20.1	$	14.6
Denominator:
Weighted-average shares of common stock outstanding—basic		37,362,476		39,063,522
Potential shares of common stock:
Restricted stock units		18,059		17,348
Employee stock options		—		650,570
Weighted-average shares of common stock outstanding—diluted		37,380,535		39,731,440
Earnings per share of common stock attributable to controlling interests:
Basic		$	0.54	$	0.37
Diluted		$	0.54	$	0.37

10) Revenue

Management fees

The Company’s management fees are a function of the fee rates charged to clients, which are typically expressed in basis points, and the levels of the Company’s assets under management. The most significant driver of increases or decreases in this average fee rate is changes in the mix of the Company’s assets under management caused by net inflows or outflows in certain asset classes or disproportionate market movements.

Performance fees

The Company’s products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate. Performance fees are recorded in revenues when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

10) Revenue (cont.)

Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue for the three months ended March 31, 2025 and 2024 are as follows (in millions):


	Three Months Ended March 31,
		2025		2024
Quant & Solutions
U.S.		$	85.9	$	77.3
Non-U.S.		27.0		24.9
Management fee revenue		$	112.9	$	102.2

11) Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2025 and 2024 are as follows (in millions):


	Foreign currency translation adjustment		Valuation and amortization of derivative securities		Total
Balance, as of December 31, 2024	$	2.7	$	(7.1)	$	(4.4)
Foreign currency translation adjustment before tax	0.5		—		0.5
Amortization related to derivatives securities before tax	—		1.0		1.0
Tax impact	—		(0.3)		(0.3)
Other comprehensive income	0.5		0.7		1.2

Balance, as of March 31, 2025	$	3.2	$	(6.4)	$	(3.2)


	Foreign currency translation adjustment		Valuation and amortization of derivative securities		Total
Balance, as of December 31, 2023	$	3.1	$	(9.8)	$	(6.7)
Foreign currency translation adjustment before tax	(0.3)		—		(0.3)
Amortization related to derivatives securities before tax	—		0.9		0.9
Tax impact	0.1		(0.2)		(0.1)
Other comprehensive income (loss)	(0.2)		0.7		0.5

Balance, as of March 31, 2024	$	2.9	$	(9.1)	$	(6.2)

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

12) Derivatives and Hedging

Cash flow hedge

In July 2015, the Company entered into a series of $300.0 million notional Treasury rate lock contracts which were designated and qualified as cash flow hedges. The Company documented its hedging strategy and risk management objective for this contract in anticipation of a future debt issuance. The Treasury rate lock contract eliminated the impact of fluctuations in the underlying benchmark interest rate for future forecasted debt issuances. The Company assessed the effectiveness of the hedging contract at inception and on a quarterly basis thereafter. The forecasted debt issuances occurred in July 2016 and the Treasury rate lock, which had an accumulated fair value of $(34.4) million, was settled.

As of March 31, 2025, the balance recorded in accumulated other comprehensive income (loss) was $(6.4) million, net of tax. This balance will be reclassified to earnings through interest expense over the life of the issued debt. Amounts of $1.0 million and $0.9 million have been reclassified for the three months ended March 31, 2025 and 2024, respectively. During the next twelve months the Company expects to reclassify approximately $4.0 million to interest expense.

13) Segment Information

The Company has the following reportable segment:

Hold Co is included within the Unallocated Corporate expenses category. The Hold Co expenses are not allocated to the Company’s business segment, but the Chief Operating Decision Maker (“CODM”) does consider the cost structure of the corporate head office when evaluating the financial performance of the segment. The CODM is the Company’s Chief Executive Officer.

Performance Measure

The primary measure used by the CODM in measuring performance and allocating resources to the segment is economic net income (“ENI”). ENI is used to make resource allocation decisions, determine appropriate levels of investment or dividend payout, manage balance sheet leverage, determine variable compensation and equity distributions, and incentivize management. The Company defines ENI for the segment as ENI revenue less ENI operating expenses. The ENI adjustments to U.S. GAAP include both reclassifications of U.S. GAAP revenue and expense items, as well as adjustments to U.S. GAAP results, primarily to exclude non-cash, non-economic expenses recognized under U.S. GAAP. This measure supplements and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with U.S. GAAP. The Company does not disclose total asset information for its reportable segment as the information is not reviewed by the CODM.

ENI revenue includes management fees, performance fees and other revenue under U.S. GAAP, adjusted to include management fees paid to the Company by consolidated Funds.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

13) Segment Information (cont.)

Significant segment ENI expenses include fixed compensation and benefits, variable compensation, and Acadian LLC key employee distributions included in compensation and benefits expense under U.S. GAAP, depreciation and amortization under U.S. GAAP, adjusted to exclude non-cash expenses representing changes in the value of Acadian LLC equity and profit interests held by Acadian LLC key employees, capital transaction costs, and restructuring costs. Other segment items include ENI general and administrative expense under U.S. GAAP, adjusted to exclude restructuring costs and include sales based compensation.

ENI segment results are also adjusted to exclude consolidated Fund revenues, consolidated Fund expenses and investment return recorded under U.S. GAAP.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

13) Segment Information (cont.)

Segment Presentation

The following table sets forth summarized operating results for the Company’s segment and related adjustments necessary to reconcile the segment economic net income to arrive at the Company’s consolidated U.S. GAAP net income attributable to controlling interests for the three months ended March 31, 2025 and 2024 are as follows (in millions):


		Three Months Ended March 31,
($ in millions)			2025		2024

U.S. GAAP consolidated revenue			$	119.9	$	105.7
Exclude revenue from consolidated Funds	(a)		1.7		0.4
Quant & Solutions segment ENI revenue			$	118.2	$	105.3

Less: Quant & Solutions segment ENI expenses
Fixed compensation and benefits	(b)		22.9		21.6
Variable compensation	(c)		29.4		26.0
Acadian LLC key employee distributions	(d)		3.1		2.2
Depreciation and amortization	(e)		4.2		4.6
Other segment items	(f)		23.7		19.5
Segment economic net income			$	34.9	$	31.4
Reconciliation of segment ENI to net income attributable to controlling interests:
Unallocated corporate expenses	(g)		(4.5)		(4.6)
Adjustments and reconciling items	(h)		1.2		0.5
Non-cash compensation expenses for Acadian LLC key employee equity and profit interest revaluations	(i)		0.3		(4.4)
Investment income			0.3		0.9
Interest income			1.1		1.3
Interest expense			(4.8)		(5.0)

Net consolidated Funds' investment gains			3.6		1.7
Income before income taxes			$	32.1	$	21.8
Income tax expense			(8.3)		(6.1)
Consolidated net income			$	23.8	$	15.7
Net income attributable to redeemable non-controlling interests in consolidated Funds			(3.7)		(1.1)
Net income attributable to controlling interests			$	20.1	$	14.6

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

13) Segment Information (cont.)

Reconciling Adjustments:

a.Adjustment to exclude consolidated Funds revenues, which are included in U.S. GAAP revenue.

b.Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided.

c.Variable compensation is contractually set and calculated individually for Acadian LLC bonuses. Amounts are adjusted for non-cash Acadian LLC key employee equity revaluations and severance relating to restructuring costs.

d.Acadian LLC key employee distributions includes the share of Acadian LLC profits after variable compensation that is attributable to the Acadian LLC key employee equity and profits interests holders, according to their ownership interests.

e.Depreciation and amortization includes U.S. GAAP depreciation and amortization.

f.Other segment items includes segment systems, portfolio administration costs and other general & administrative expenses.

g.Included in unallocated corporate expenses for the three months ended March 31, 2025 and 2024 was compensation and benefits of $2.4 million and $2.5 million, respectively, related to Hold Co which are included in U.S. GAAP net income attributable to controlling interests. Included in unallocated corporate expenses for the three months ended March 31, 2025 and 2024 was general and administrative expenses of $2.1 million and $2.1 million, respectively, related to Hold Co which are included in U.S. GAAP net income attributable to controlling interests.

h.Adjustments and reconciling items includes consolidated Funds revenue, consolidated Fund expense, and restructuring costs.

i.Non-cash Acadian LLC key employee equity revaluations represent changes in the value of Acadian LLC equity and profit interests held by Acadian LLC key employees, which are included within the U.S. GAAP compensation and benefits expense.

14) Subsequent Events

During the period from April 1, 2025 through May 6, 2025, the Company repurchased 0.9 million shares of common stock at a weighted average price of $25.48 per share, or approximately $23.6 million in total, including commissions.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Unless we state otherwise or the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company”, “Acadian Asset Management”, “Acadian” or “AAMI” refer to Acadian Asset Management Inc., and references to “we,” “our” and “us” refer to AAMI and its consolidated subsidiaries. References to Hold Co refer to AAMI and its subsidiaries excluding Acadian Asset Management LLC (“Acadian LLC”). Unless we state otherwise or the context otherwise requires, references in this Quarterly Report on Form 10-Q to “OM plc” refer to Old Mutual plc, our former parent. None of the information in this Quarterly Report on Form 10-Q constitutes either an offer or a solicitation to buy or sell Acadian LLC’s products or services, nor is any such information a recommendation for Acadian LLC’s products or services.

The following discussion of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and related notes which appear in this Quarterly Report on Form 10-Q in Item 1, Financial Statements.

This discussion contains forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements” at the end of this Item 2 for more information. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results.

Our MD&A is presented in five sections:

•Overview provides a brief description of our business. It includes information on our reporting segment, a summary of The Economics of Our Business and an explanation of How We Measure Performance using a non-GAAP measure which we refer to as economic net income, or ENI. This section also provides a Summary Results of Operations and information regarding our Assets Under Management by strategy, client type and client location, and net flows by segment, client type and client location.

•U.S. GAAP Results of Operations for the Three Months Ended March 31, 2025 and 2024 includes an explanation of changes in our U.S. GAAP revenue, expense and other items for the three months ended March 31, 2025 and 2024, as well as key U.S. GAAP operating metrics.

•Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis includes an explanation of the key differences between U.S. GAAP net income and ENI, the key measure management uses to evaluate our performance. This section also provides a reconciliation between U.S. GAAP net income attributable to controlling interests and ENI for the three months ended March 31, 2025 and 2024, as well as a reconciliation of key ENI operating items including ENI revenue and ENI operating expenses. This section also provides key non-GAAP operating metrics. In addition, this section provides segment analysis for our business segment.

•Capital Resources and Liquidity discusses our key balance sheet data. This section discusses Cash Flows from the business; Adjusted EBITDA; Future Capital Needs; Borrowings and Long-Term Debt. The discussion of Adjusted EBITDA includes an explanation of how we calculate Adjusted EBITDA and a reconciliation of U.S. GAAP net income attributable to controlling interests to Adjusted EBITDA.

•Critical Accounting Policies and Estimates provides a discussion of the key accounting policies and estimates that we believe are the most critical to an understanding of our results of operations and financial condition. These accounting policies and estimates require complex management judgment regarding matters that are highly uncertain at the time the policies were applied and estimates were made.

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Overview

We are a holding company that operates a systematic investment management business through our majority owned subsidiary, Acadian LLC. Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives. Acadian LLC is a leading systematic investment manager of active equity products, including global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative strategies. Acadian LLC comprises our Quant & Solutions reportable segment:

Hold Co is included within the Unallocated Corporate expenses category.

Under U.S. GAAP, Acadian LLC is consolidated into our financial statements. We may also be required to consolidate Acadian LLC’s sponsored investment entities, or Funds, due to the nature of our decision-making rights, our economic interests in these Funds or the rights of third-party clients in those Funds.

The Economics of Our Business

Our profitability is affected by a variety of factors including the level and composition of our average assets under management, or AUM, fee rates charged on AUM and our expense structure. We earn management fees based on assets under management. The majority of our management fees are calculated based on average AUM (calculated on either a daily or monthly basis) with the remainder of our management fees calculated based on period-end AUM. Changes in the levels of our AUM are driven by market investment performance and net client cash flows. We may also earn performance fees when certain accounts differ in relation to relevant benchmarks or exceed required returns. Approximately $20 billion, or 16%, of our AUM are in accounts with incentive fee features in which we participate in the performance fee. The majority of these performance fees are calculated based on value added over the relevant benchmarks on a rolling one-year basis.

Our largest expense item is compensation and benefits paid to our employees, which consists of both fixed and variable components. Fixed compensation and benefits represents base salaries and wages, payroll taxes and the costs of our employee benefit programs. Variable compensation is comprised of variable compensation at both Hold Co and Acadian LLC. Hold Co variable compensation includes discretionary annual bonuses and may be paid in the form of cash or AAMI equity. Acadian LLC variable compensation, calculated as described below, may be awarded in cash, equity, or profit interests.

The arrangement in place with Acadian LLC results in the sharing of economics between us and key management personnel using a profit-sharing model. Profit sharing affects two elements within our earnings: (i) the calculation of variable compensation and (ii) the level of Acadian LLC’s equity or profit interests distribution to its employees.

Variable compensation includes the portion of earnings that is contractually allocated to Acadian LLC employees as a bonus pool, typically representing a percentage of earnings before variable compensation, which is measured as revenues less fixed compensation and benefits and other operating and administrative expenses. Profits after variable compensation are shared between us and Acadian LLC key employee equity holders according to our respective equity or profit interests ownership. The sharing of profits in this manner ensures that the economic interests of Acadian LLC key employees and ours are aligned, both in terms of generating strong annual earnings as well as investing those earnings back into the business in order to generate growth over the long term. We view profit sharing as an attractive operating model, as it allows us to share in the benefits of operating leverage as the business grows, and ensures all equity and profit interests holders are incentivized to achieve that growth.

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Equity or profit interests owned by Acadian LLC key employees are awarded as part of their variable compensation arrangement. Over time, Acadian LLC key employee-owned equity or profit interests are recycled from one generation of employee-owners to the next, either by the next generation purchasing equity or profit interests directly from retiring principals, or by key employees forgoing cash bonuses in exchange for the equivalent value in Acadian LLC equity or profit interests. The recycling of equity or profit interests is often facilitated by Hold Co; see “—U.S. GAAP Results of Operations—U.S. GAAP Expenses—Compensation and Benefits Expense” for a further discussion.

How We Measure Performance

We manage our business based on one segment, reflecting how our management assesses the performance of our business.

In measuring and monitoring the key components of our earnings, our management uses a non-GAAP financial measure, ENI, to evaluate the financial performance of, and to make operational decisions for, our business. We also use ENI to make resource allocation decisions, determine appropriate levels of investment or dividend payout, manage balance sheet leverage, determine variable compensation and Acadian LLC equity distributions, and incentivize management. It is an important measure in evaluating our financial performance because we believe it most accurately represents our operating performance and cash generation capability.

ENI differs from net income determined in accordance with U.S. GAAP as a result of both the reclassification of certain income statement items and the exclusion of certain non-cash or non-recurring income statement items. In particular, ENI excludes non-cash charges representing the changes in the value of Acadian LLC equity and profit interests held by key employees, the results of discontinued operations which are no longer part of our business, restructuring costs, capital transaction costs, seed capital and co-investment gains, losses and related financing costs and that portion of consolidated Funds which are not attributable to our stockholders.

ENI revenue is primarily comprised of the fee revenues paid to us by our clients for our advisory services. Revenue included within ENI differs from U.S. GAAP revenue in that it excludes amounts from consolidated Funds which are not attributable to our stockholders.

ENI expenses are calculated to reflect all usual expenses from ongoing continuing operations attributable to our stockholders. Expenses included within ENI differ from U.S. GAAP expenses in that they exclude amounts from consolidated Funds which are not attributable to our stockholders, revaluations of Acadian LLC key employee owned equity and profit interests, amortization and impairment of acquired intangibles and other acquisition-related items, and certain other non-cash expenses.

“Non-controlling interests” is a concept under U.S. GAAP that identifies net components of revenues and expenses that are not attributable to our stockholders. For example, the portion of the net income (loss) of any consolidated Fund that is attributable to the outside investors or clients of the consolidated Fund is included in “Non-controlling interests” in our Condensed Consolidated Financial Statements. Conversely, “controlling interests” is the portion of revenue or expense that is attributable to our stockholders.

For a more detailed discussion of the differences between U.S. GAAP net income and economic net income, see “—Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis.”

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Summary Results of Operations

The following table summarizes our unaudited results of operations for the three months ended March 31, 2025 and 2024:


($ in millions, unless otherwise noted)	Three Months Ended March 31,
		2025			2024			2025 vs. 2024
U.S. GAAP Basis
Revenue		$	119.9		$	105.7		$	14.2
Pre-tax income attributable to controlling interests		28.4			20.7			7.7
Net income attributable to controlling interests		20.1			14.6			5.5

U.S. GAAP operating margin(1)		26.6		%	21.7		%	494 bps
Earnings per share, basic ($)		$	0.54		$	0.37		$	0.17
Earnings per share, diluted ($)		$	0.54		$	0.37		$	0.17
Basic shares outstanding (in millions)		37.4			39.1			(1.7)
Diluted shares outstanding (in millions)		37.4			39.7			(2.3)

Economic Net Income Basis(2)(3)
(Non-GAAP measure used by management)
ENI revenue(4)		$	118.2		$	105.3		$	12.9
Pre-tax economic net income(5)		28.0			24.0			4.0
Adjusted EBITDA		35.2			31.9			3.3
ENI operating margin(6)		28.3		%	27.7		%	61 bps
Economic net income(7)		20.3			17.4			2.9
ENI diluted EPS ($)		$	0.54		$	0.44		$	0.10

Other Operational Information
Assets under management (AUM) at period end (in billions)		$	121.9		$	110.4		$	11.5
Net client cash flows (in billions)		3.8			0.4			3.4

(1)U.S. GAAP operating margin equals operating income divided by total revenue.

(2)Economic net income is a non-GAAP measure we use to evaluate the performance of our business. For a reconciliation to U.S. GAAP financial information and a further discussion of economic net income refer to “—Non-GAAP Supplemental Performance Measure—Economic Net Income and Segment Analysis.”

(3)Excludes severance-related items of $(0.2) million for the three months ended March 31, 2025. Excludes severance-related items of $(0.2) million and costs associated with the transfer of an insurance policy from our former parent of $0.2 million for the three months ended March 31, 2024.

(4)ENI revenue is the ENI measure which corresponds to U.S. GAAP revenue.

(5)Pre-tax economic net income is the ENI measure which corresponds to U.S. GAAP pre-tax income attributable to controlling interests.

(6)ENI operating margin is a non-GAAP efficiency measure, calculated based on ENI operating earnings divided by ENI revenue. ENI operating earnings is calculated as ENI revenue, less ENI operating expense, less ENI variable compensation. The ENI operating margin is most directly comparable to our U.S. GAAP operating margin (excluding the effect of consolidated Funds).

(7)Economic net income is the non-GAAP measure which is most directly comparable to U.S. GAAP net income attributable to controlling interests.

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Assets Under Management

In the first quarter of 2025, we changed the presentation of our AUM. The new presentation reflects better alignment of our view on the business and distribution channels. We made certain reclassifications between strategies, client type and client location groupings to better reflect the underlying AUM. In the AUM tables below, all periods have been reclassified to conform to the new presentation.

Our total assets under management were $121.9 billion as of March 31, 2025 and $117.3 billion as of December 31, 2024.

The following table presents our assets under management by strategy as of each of the dates indicated:


($ in billions)	March 31, 2025				December 31, 2024
	AUM		% of total		AUM		% of total
Non-U.S. Equity	$	28.5	23.4	%	$	26.6	22.7	%
Small Cap Equity	25.3		20.8	%	25.0		21.3	%
Global Equity	19.5		16.0	%	19.0		16.2	%
Emerging Markets Equity	19.4		15.9	%	18.1		15.4	%
Enhanced Equity	11.5		9.4	%	10.8		9.2	%
Other	17.7		14.5	%	17.8		15.2	%
Total assets under management	$	121.9			$	117.3

The following table shows assets under management by client type as of each of the dates indicated:


($ in billions)	March 31, 2025				December 31, 2024
	AUM		% of total			AUM		% of total
Institutional	$	96.3	79.0	%		$	93.0	79.3	%
Sub-Advisory	14.0		11.5	%		13.1		11.2	%
Wealth/Other	11.6		9.5	%		11.2		9.5	%
Total assets under management	$	121.9				$	117.3

The following table shows assets under management by client location as of each of the dates indicated:


($ in billions)	March 31, 2025				December 31, 2024
	AUM		% of total		AUM		% of total
U.S.	$	77.0	63.2	%	$	74.7	63.7	%
Asia Pacific	20.8		17.1	%	18.8		16.0	%
EMEA	17.4		14.3	%	16.9		14.4	%
Other	6.7		5.4	%	6.9		5.9	%
Total assets under management	$	121.9			$	117.3

AUM flows

Net client cash flows for all periods include reinvested income and distributions. Reinvested income and distributions represent investment yield that is reinvested back into the portfolios as opposed to distributed as cash.

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The following table summarizes our asset flows and market appreciation (depreciation) by segment for each of the periods indicated:


	Three Months Ended March 31,
($ in billions, unless otherwise noted)		2025		2024
Quant & Solutions
Beginning balance		$	117.3	$	103.7

Gross inflows		8.8		4.3
Gross outflows		(5.8)		(4.7)
Reinvested income and distributions		0.8		0.8
Net flows		3.8		0.4
Market appreciation		0.8		6.3

Ending balance		$	121.9	$	110.4
Average AUM		$	120.7	$	107.6

We also analyze our asset flows by client type and client location. Our client types include:

i.Sub-advisory, which includes assets managed for third-party mutual funds sponsored by platforms in the U.S. or abroad, where the end client is typically retail;

ii.Institutional, which includes assets managed for public/government pension funds and other investments, including U.S. state and local government funds and non-U.S. sovereign wealth, local government and national investments; also includes corporate and union-sponsored pension plans and other investments; and

iii.Wealth/other, which includes assets managed for registered investment advisor clients, private banks, high-net-worth clients, and family offices, defined contribution clients on certain platforms, mutual funds directly sponsored by Acadian LLC, and other assets.

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The following table summarizes our asset flows by client type for each of the periods indicated:


($ in billions)	Three Months Ended March 31,
		2025		2024
Sub-advisory
Beginning balance		$	13.1	$	13.6

Gross inflows		1.0		0.6
Gross outflows		(0.7)		(1.0)
Reinvested income and distributions		0.1		0.1
Net flows		0.4		(0.3)
Market appreciation		0.5		0.7

Ending balance		$	14.0	$	14.0

Institutional
Beginning balance		$	93.0	$	81.7

Gross inflows		7.0		2.6
Gross outflows		(4.5)		(3.2)
Reinvested income and distributions		0.6		0.6
Net flows		3.1		—
Market appreciation		0.2		5.1

Ending balance		$	96.3	$	86.8

Wealth/Other
Beginning balance		$	11.2	$	8.4

Gross inflows		0.8		1.1
Gross outflows		(0.6)		(0.5)
Reinvested income and distributions		0.1		0.1
Net flows		0.3		0.7
Market appreciation		0.1		0.5

Ending balance		$	11.6	$	9.6

Total
Beginning balance		$	117.3	$	103.7

Gross inflows		8.8		4.3
Gross outflows		(5.8)		(4.7)
Reinvested income and distributions		0.8		0.8
Net flows		3.8		0.4
Market appreciation		0.8		6.3

Ending balance		$	121.9	$	110.4

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Our categorization of assets under management by client location includes:

i. U.S.-based clients, where the contracting client is based in the United States, and

ii. Non-U.S.-based clients, where the contracting client is based outside the United States.

The following table summarizes asset flows by client location for each of the periods indicated:


($ in billions)	Three Months Ended March 31,
		2025		2024
U.S.
Beginning balance		$	74.7	$	70.2

Gross inflows		4.2		1.8
Gross outflows		(3.7)		(3.5)
Reinvested income and distributions		0.5		0.5
Net flows		1.0		(1.2)
Market appreciation		1.3		4.1

Ending balance		$	77.0	$	73.1

Non-U.S.
Beginning balance		$	42.6	$	33.5

Gross inflows		4.6		2.5
Gross outflows		(2.1)		(1.2)
Reinvested income and distributions		0.3		0.3
Net flows		2.8		1.6
Market appreciation (depreciation)		(0.5)		2.2

Ending balance		$	44.9	$	37.3

Total
Beginning balance		$	117.3	$	103.7

Gross inflows		8.8		4.3
Gross outflows		(5.8)		(4.7)
Reinvested income and distributions		0.8		0.8
Net flows		3.8		0.4
Market appreciation		0.8		6.3

Ending balance		$	121.9	$	110.4

At March 31, 2025, our total assets under management were $121.9 billion, an increase of $4.6 billion, or 3.9%, compared to $117.3 billion at December 31, 2024 and an increase of $11.5 billion, or 10.4%, compared to $110.4 billion at March 31, 2024. The increase in assets under management compared to March 31, 2024 was driven by the equity market appreciation and positive NCCF in the last twelve months. The change in assets under management during the three months ended March 31, 2025 reflects net market appreciation of $0.8 billion, and net inflows of $3.8 billion. Market appreciation or depreciation reported in current and prior periods includes changes in equity prices, as well as the impact from exchange rate fluctuations on our foreign-denominated AUM. 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.

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For the three months ended March 31, 2025, our net inflows were $3.8 billion compared to $0.4 billion for the three months ended March 31, 2024. The change in net flows during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by strong gross sales, which increased to $8.8 billion in the three months ended March 31, 2025. Reinvested income and distributions of $0.8 billion and $0.8 billion are reflected in the net inflows for the three months ended March 31, 2025 and March 31, 2024, respectively.

U.S. GAAP Results of Operations for the Three Months Ended March 31, 2025 and 2024

Our U.S. GAAP results of operations were as follows for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
($ in millions, unless otherwise noted)		2025			2024			Increase (Decrease)
U.S. GAAP Statement of Operations(1)
Management fees		$	112.9		$	102.2		$	10.7
Performance fees		5.3			3.1			2.2

Consolidated Funds’ revenue		1.7			0.4			1.3
Total revenue		119.9			105.7			14.2
Compensation and benefits		60.8			58.1			2.7
General and administrative expense		22.3			20.0			2.3


Depreciation and amortization		4.2			4.6			(0.4)
Consolidated Funds’ expense		0.7			0.1			0.6
Total operating expenses		88.0			82.8			5.2
Operating income		31.9			22.9			9.0
Investment income		0.3			0.9			(0.6)
Interest income		1.1			1.3			(0.2)
Interest expense		(4.8)			(5.0)			0.2


Net consolidated Funds’ investment gains		3.6			1.7			1.9
Income before taxes		32.1			21.8			10.3
Income tax expense		8.3			6.1			2.2



Net income		23.8			15.7			8.1
Net income attributable to redeemable non-controlling interests in consolidated Funds		3.7			1.1			2.6
Net income attributable to controlling interests		$	20.1		$	14.6		$	5.5

Basic earnings per share ($)		$	0.54		$	0.37		$	0.17
Diluted earnings per share ($)		0.54			0.37			0.17
Weighted average shares of common stock outstanding—basic		37.4			39.1			(1.7)
Weighted average shares of common stock outstanding—diluted		37.4			39.7			(2.3)

U.S. GAAP operating margin(2)		26.6		%	21.7		%

(1)Certain Funds have been consolidated due to our seed capital investments in the Funds.

(2)U.S. GAAP operating margin equals operating income divided by total revenue.

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The following table reconciles our net income attributable to controlling interests to our pre-tax income attributable to controlling interests:


($ in millions)	Three Months Ended March 31,
U.S. GAAP Consolidated Statements of Operations		2025		2024
Net income attributable to controlling interests		$	20.1	$	14.6



Add: Income tax expense		8.3		6.1
Pre-tax income attributable to controlling interests		$	28.4	$	20.7

U.S. GAAP Revenues

Our U.S. GAAP revenues principally consist of:

i.management fees earned based on our overall weighted average fee rate charged to our clients and the level of assets under management;

ii.performance fees earned when our investment performance over agreed time periods for certain clients has differed from pre-determined hurdles; and

iii.revenue from consolidated Funds, a portion of which is attributable to the holders of non-controlling interests in consolidated Funds.

Management Fees

Our management fees are a function of the fee rates charged to our clients, which are typically expressed in basis points, and the levels of our assets under management.

Average basis points earned on average assets under management were 37.9 bps for the three months ended March 31, 2025, and 38.2 bps for the three months ended March 31, 2024. The overall weighted average fee rate decrease for the three months ended March 31, 2025 is the result of changes in the mix of assets under management caused by market movements and client flows.

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Management fees increased $10.7 million, or 10.5%, from $102.2 million for the three months ended March 31, 2024 to $112.9 million for the three months ended March 31, 2025. The increase was primarily driven by higher levels of average assets under management. Average assets under management increased 12.2%, from $107.6 billion for the three months ended March 31, 2024 to $120.7 billion for the three months ended March 31, 2025, mainly due to the positive equity market and positive net flows in the past twelve months.

Performance Fees

Approximately $20 billion, or 16% of our AUM, were in accounts with performance fee features in which we participate. Performance fees are typically shared with key employees through various contractual compensation and profit-sharing arrangements.

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Performance fees increased $2.2 million, or 71.0%, from $3.1 million for the three months ended March 31, 2024 to $5.3 million for the three months ended March 31, 2025, primarily due to strong performance relative to benchmarks in certain strategies. Performance fees are variable and are contractually triggered based on investment performance results over agreed upon time periods.

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U.S. GAAP Expenses

Our U.S. GAAP expenses principally consist of:

i.compensation paid to our investment professionals and other employees, including base salary, benefits, sales-based compensation, variable compensation, Acadian LLC key employee distributions, and revaluation of key employee-owned Acadian LLC equity and profit interests;

ii.general and administrative expenses;

iii.depreciation and amortization charges; and

iv.expenses of consolidated Funds, a portion of which is attributable to the holders of non-controlling interests in consolidated Funds.

Compensation and Benefits Expense

Our most significant category of expense is compensation and benefits awarded to our employees. The following table presents the components of U.S. GAAP compensation expense for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
($ in millions)		2025		2024
Fixed compensation and benefits(1)		$	24.3	$	23.5
Sales-based compensation(2)		3.5		1.6

Variable compensation(3)		30.2		26.4
Acadian LLC key employee distributions(4)		3.1		2.2
Non-cash Acadian LLC key employee equity revaluations(5)		(0.3)		4.4

Total U.S. GAAP compensation and benefits expense		$	60.8	$	58.1

(1)Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided.

(2)Sales-based compensation is paid to our sales and distribution teams and represents compensation earned by our sales professionals, paid over a multi-year period, related to revenue earned on new sales. Its variability is based upon the structure of sales-based compensation due on inflows of assets under management and market-based movement in both current and prior periods.

(3)Variable compensation includes the portion of earnings that is contractually allocated to Acadian LLC employees as a bonus pool, plus Hold Co bonuses. Variable compensation may be paid in the form of cash or non-cash equity or profit interests awards. We have a contractual split of performance fees between Acadian LLC employees and AAMI. Acadian LLC’s share of performance fees, which ranges between 60%-75% of the total, is allocated entirely to variable compensation. The variable compensation earned on performance fees vests over three-years and compensation expense is recognized over that service period. Hold Co variable compensation includes cash and our equity. Non-cash variable compensation awards typically vest over several years and are recognized as compensation expense over that service period.


	Three Months Ended March 31,
($ in millions)		2025		2024
Cash variable compensation		$	29.3	$	24.7
Non-cash equity-based award amortization		0.9		1.7
Total variable compensation(a)		$	30.2	$	26.4

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(a)For the three months ended March 31, 2025, $30.4 million, variable compensation expense (of the $30.2 million above) is included within economic net income, which excludes $(0.2) million of variable compensation associated with restructuring. For the three months ended March 31, 2024, $26.6 million of variable compensation expense (of the $26.4 million above) is included with economic net income, which excludes $(0.2) million of variable compensation associated with restructuring at Acadian LLC.

(4)Acadian LLC key employee distributions represent the share of Acadian LLC profits after variable compensation that is attributable to key employee equity and profit interests holders, according to their ownership interests. Acadian LLC key employee distribution ratio is calculated as Acadian LLC key employee distributions divided by ENI operating earnings. Within Acadian LLC we have a tiered equity structure, where AAMI and other classes of employee equity holders are entitled to an initial proportionate preference over profits after variable compensation, structured such that before a preference threshold is reached, there would be no required key employee distributions to the tiered equity holders, whereas for profits above the threshold, the key employee distribution amount to the tiered equity holders would be calculated based on the tiered key employee ownership percentages.

(5)Non-cash Acadian LLC key employee equity revaluations represent changes in the value of Acadian LLC equity and profit interests held by key employees. These ownership interests may in certain circumstances be repurchased by Hold Co at a value based on a pre-determined fixed multiple of twelve-month earnings and as such a liability is carried on our balance sheet based on the expected cash to be paid. However, any equity or profit interests repurchased by Hold Co can be used to fund a portion of future variable compensation awards, resulting in savings in cash variable compensation that offset the negative cash effect of repurchasing the equity. The Acadian LLC equity and profit interest plans have been designed to ensure Hold Co is not required to repurchase more equity than we can reasonably recycle through variable compensation awards in any given twelve-month period.

Fluctuations in compensation and benefits expense for the periods presented are discussed below.

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Compensation and benefits expense increased $2.7 million, or 4.6%, from $58.1 million for the three months ended March 31, 2024 to $60.8 million for the three months ended March 31, 2025. Fixed compensation and benefits increased $0.8 million, or 3.4%, from $23.5 million for the three months ended March 31, 2024 to $24.3 million for the three months ended March 31, 2025, primarily reflecting cost of living increases and the cost of new hires supporting our growth initiatives. Variable compensation increased $3.8 million, or 14.4%, from $26.4 million for the three months ended March 31, 2024 to $30.2 million for the three months ended March 31, 2025. The increase was primarily attributable to higher pre-bonus profits in the three months ended March 31, 2025. The deferred nature of the bonus earned on performance fee revenues can result in compensation expense variability that is uncorrelated to current period earnings. Sales-based compensation increased $1.9 million or 118.8% from $1.6 million for the three months ended March 31, 2024 to $3.5 million for the three months ended March 31, 2025, as a result of the structure of sales-based compensation programs, driven by the timing of asset inflows which trigger sales-based compensation in both current and prior periods. Acadian LLC key employee distributions increased $0.9 million, or 40.9%, from $2.2 million for the three months ended March 31, 2024 to $3.1 million for the three months ended March 31, 2025. Acadian LLC key employee distributions for certain tiers of equity are calculated after an earnings threshold is met, whereby no distributions are made to these equity holders when earnings are below the threshold. The change in Acadian LLC key employee distributions during the three months ended March 31, 2025 is driven by higher operating earnings and the leveraged nature of this distribution share. Revaluations of Acadian LLC equity changed $(4.7) million, reflecting fluctuations in the value of key employee ownership interests at Acadian LLC, as the value of the equity plan liability increased $4.4 million for the three months ended March 31, 2024 and decreased $(0.3) million for the three months ended March 31, 2025. For certain tiers of Acadian LLC equity, revaluations are calculated based on earnings above a threshold. The change in the revaluation in the three months ended March 31, 2025 reflect changes in earnings, as well as changes in inputs used in the valuation model, including market risk assumptions and discount rates.

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General and Administrative Expense

Three months ended March 31, 2025 compared to three months ended March 31, 2024: General and administrative expense increased $2.3 million, or 11.5%, from $20.0 million for the three months ended March 31, 2024 to $22.3 million for the three months ended March 31, 2025. The increase was primarily due to higher systems, outside services and portfolio administrative costs, reflecting our continued investment in growth initiatives and capabilities, foreign currency loss, partially offset by lower consultant costs.

Depreciation and Amortization Expense

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Depreciation and amortization expense decreased $(0.4) million, or (8.7)%, from $4.6 million for the three months ended March 31, 2024 to $4.2 million for the three months ended March 31, 2025. The decrease was primarily attributable to the effect of certain software becoming fully depreciated.

U.S. GAAP Other Non-Operating Items of Income and Expense

Other non-operating items of income and expense consist of:

i.investment income;

ii.interest income; and

iii.interest expense.

Investment Income

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Investment income decreased $(0.6) million, or (66.7)%, from $0.9 million for the three months ended March 31, 2024 to $0.3 million for the three months ended March 31, 2025, reflecting a decrease in returns generated by seed capital investments due to market depreciation in the three months ended March 31, 2025.

Interest Income

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Interest income decreased $(0.2) million, or (15.4)%, from $1.3 million for the three months ended March 31, 2024 compared to $1.1 million for the three months ended March 31, 2025. The decrease was due to lower average cash balances and decreases in short-term investment returns in the three months ended March 31, 2025.

Interest Expense

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Interest expense decreased $(0.2) million, or (4.0)%, from $5.0 million for the three months ended March 31, 2024 compared to $4.8 million for the three months ended March 31, 2025, reflecting a decrease in interest rates on the revolving credit facility in the three months ended March 31, 2025.

U.S. GAAP Income Tax Expense

Our effective tax rate has been impacted by state and local tax obligations, changes in liabilities for uncertain tax positions, tax effects of stock-based compensation, limitations on executive compensation, and the mix of income earned in the United States versus foreign jurisdictions. Our effective tax rate could be impacted in the future by these items as well as further changes in tax laws and regulations in jurisdictions in which we operate.

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Three months ended March 31, 2025 compared to three months ended March 31, 2024: Income tax expense increased $2.2 million, from $6.1 million for the three months ended March 31, 2024 to $8.3 million for the three months ended March 31, 2025. The increase in income tax expense primarily relates to an increase in pretax income attributable to controlling interest in the three months ended March 31, 2025.

U.S. GAAP Consolidated Funds

The net income or loss of all consolidated Funds, excluding any income or loss attributable to seed capital or co-investments we make in the Funds, is included in non-controlling interests in our Consolidated Financial Statements and is not included in net income attributable to controlling interests or in management fees.

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Consolidated Funds’ revenue increased $1.3 million, from $0.4 million for the three months ended March 31, 2024 to $1.7 million for the three months ended March 31, 2025. Consolidated Funds’ expense increased $0.6 million, from $0.1 million for the three months ended March 31, 2024 to $0.7 million for the three months ended March 31, 2025. Net consolidated Funds’ investment gain increased $1.9 million from $1.7 million for the three months ended March 31, 2024 to $3.6 million for the three months ended March 31, 2025. These movements relate to the underlying activity of our consolidated Funds.

Key U.S. GAAP Operating Metrics

The following table shows our key U.S. GAAP operating metrics for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
($ in millions)		2025			2024
Numerator: Operating income		$	31.9		$	22.9
Denominator: Total revenue		$	119.9		$	105.7
U.S. GAAP operating margin(1)		26.6		%	21.7		%

Numerator: Total operating expenses(2)		$	87.3		$	82.7
Denominator: Management fee revenue		$	112.9		$	102.2
U.S. GAAP operating expense / management fee revenue(3)		77.3		%	80.9		%

Numerator: Variable compensation		$	30.2		$	26.4
Denominator: Operating income before variable compensation and Acadian LLC key employee distributions(2)(4)(5)		$	64.2		$	51.2
U.S. GAAP variable compensation ratio(3)		47.0		%	51.6		%

Numerator: Acadian LLC key employee distributions		$	3.1		$	2.2
Denominator: Operating income before Acadian key employee distributions(2)(4)(5)		$	34.0		$	24.8
U.S. GAAP Acadian LLC key employee distributions ratio(3)		9.1		%	8.9		%

(1)Excluding the effect of Funds’ consolidation in the applicable periods, the U.S. GAAP operating margin is 26.1% for the three months ended March 31, 2025, and 21.5% for the three months ended March 31, 2024.

(2)Excludes consolidated Funds’ expense of $0.7 million for the three months ended March 31, 2025, and $0.1 million for the three months ended March 31, 2024.

(3)Excludes the effect of Funds consolidation for the three months ended March 31, 2025 and 2024.

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(4)Excludes consolidated Funds’ revenue of $1.7 million for the three months ended March 31, 2025, and $0.4 million for the three months ended March 31, 2024.

(5)The following table identifies the components of operating income before variable compensation and Acadian LLC key employee distributions, as well as operating income before Acadian LLC key employee distributions:


	Three Months Ended March 31,
($ in millions)		2025		2024
Operating income		$	31.9	$	22.9
Acadian LLC key employee distributions		3.1		2.2
Operating income of consolidated Funds		(1.0)		(0.3)
Operating income before Acadian LLC key employee distributions		34.0		24.8
Variable compensation		30.2		26.4
Operating income before variable compensation and Acadian LLC key employee distributions		$	64.2	$	51.2

Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis

As supplemental information, we provide a non-GAAP performance measure that we refer to as economic net income, or ENI, which represents our management’s view of the underlying economic earnings generated by us. We define economic net income as ENI revenue less (i) ENI operating expenses, (ii) variable compensation, (iii) key employee distributions, (iv) net interest and (v) taxes, each as further discussed in this section. ENI adjustments to U.S. GAAP include both reclassifications of U.S. GAAP revenue and expense items, as well as adjustments to U.S. GAAP results, primarily to exclude non-cash, non-economic expenses, or to reflect cash benefits not recognized under U.S. GAAP.

ENI is an important measure to investors because it is used by us to make resource allocation decisions, determine appropriate levels of investment or dividend payout, manage balance sheet leverage, determine variable compensation and equity distributions, and incentivize management. It is also an important measure because it assists management in evaluating our operating performance and is presented in a way that most closely reflects the key elements of our profit share operating model with Acadian LLC. For a further discussion of how we use ENI and why ENI is useful to investors, see “—Overview—How We Measure Performance.”

To calculate economic net income, we re-categorize certain line items on our Condensed Consolidated Statements of Operations to reflect the following:

•We exclude the effect of Funds’ consolidation by removing the portion of Fund revenues, expenses and investment return which were not attributable to our stockholders.

•We include within management fee revenue any fees paid to the Company by consolidated Funds.

•We treat sales-based compensation as a general and administrative expense, rather than part of fixed compensation and benefits.

•We identify separately from operating expenses variable compensation and Acadian LLC key employee distributions, which represent Acadian LLC earnings shared with key employees.

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We also make the following adjustments to U.S. GAAP results to more closely reflect our economic results:

i.We exclude non-cash expenses representing changes in the value of Acadian LLC equity and profit interests held by key employees. These ownership interests may in certain circumstances be repurchased by Hold Co at a value based on a pre-determined fixed multiple of trailing earnings and as such this value is carried on our balance sheet as a liability. Non-cash movements in the value of this liability are treated as compensation expense under U.S. GAAP. However, any equity or profit interests repurchased by Hold Co can be used to fund a portion of future variable compensation awards, resulting in savings in cash variable compensation that offset the negative cash effect of repurchasing the equity. Our equity and profit interest plans have been designed to ensure Hold Co is never required to repurchase more equity than we can reasonably recycle through variable compensation awards in any given twelve-month period.

ii.We exclude non-cash amortization or impairment expenses related to acquired goodwill and other intangibles as these are non-cash charges that do not result in an outflow of tangible economic benefits from the business.

iii.We exclude capital transaction costs, including the costs of raising debt or equity, gains or losses realized as a result of redeeming debt or equity and direct incremental costs associated with acquisitions of businesses or assets.

iv.We exclude seed capital and co-investment gains, losses, and related financing costs. The net returns on these investments are considered and presented separately from ENI because ENI is primarily a measure of our earnings from managing client assets, which therefore differs from earnings generated by our investments, which can be variable from period to period.

v.We include cash tax benefits associated with deductions allowed for acquired intangibles and goodwill that may not be recognized or have timing differences compared to U.S. GAAP.

vi.We exclude the results of discontinued operations attributable to controlling interests since they are not part of our ongoing business and restructuring costs incurred in continuing operations.

vii.We exclude deferred tax resulting from changes in tax law and expiration of statutes, adjustments for uncertain tax positions, deferred tax attributable to intangible assets and other unusual items not related to current operating results to reflect ENI tax normalization.

We also adjust our income tax expense to reflect any tax impact of our ENI adjustments.

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Reconciliation of U.S. GAAP Net Income to Economic Net Income for the Three Months Ended March 31, 2025 and 2024

The following table reconciles net income attributable to controlling interests to economic net income for the three months ended March 31, 2025 and 2024:


		Three Months Ended March 31,
($ in millions)			2025		2024
U.S. GAAP net income attributable to controlling interests			$	20.1	$	14.6
Adjustments to reflect the economic earnings of the Company:
i.	Non-cash key employee-owned equity and profit interest revaluations		(0.3)		4.4
ii.	Amortization of acquired intangible assets		—		—
iii.	Capital transaction costs		0.1		0.1
iv.	Seed/Co-investment (gains) losses and financings(1)		—		(1.2)
v.	Tax benefit of goodwill and acquired intangibles deductions		0.3		0.4
vi.	Discontinued operations attributable to controlling interests and restructuring(2)		(0.2)		—
vii.	ENI tax normalization		0.2		—
Tax effect of above adjustments, as applicable(3)			0.1		(0.9)
Economic net income			$	20.3	$	17.4

(1)The net return on seed/co-investment (gains) losses and financings for the three months ended March 31, 2025 and 2024 is shown in the following table:


	Three Months Ended March 31,
($ in millions)		2025			2024
Seed/Co-investment gains		$	(1.2)		$	(1.8)
Financing costs:
Seed/Co-investment average balance		80.1			36.2
Blended interest rate*		6.5		%	6.5		%
Financing costs		1.2			0.6
Net seed/co-investment (gains) losses and financing		$	—		$	(1.2)

* The blended rate is based on the weighted average rate of the long-term debt.

(2)The three months ended March 31, 2025 includes severance-related items of $(0.2) million. The three months ended March 31, 2024 includes severance-related items of $(0.2) million and costs associated with the transfer of an insurance policy from our former parent of $0.2 million.

(3)Reflects the sum of lines (i), (ii), (iii), (iv) and the restructuring component of line (vi) multiplied by the 27.3% U.S. statutory tax rate (including state tax).

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Limitations of Economic Net Income

Economic net income is the key measure our management uses to evaluate the financial performance of, and make operational decisions for, our business. Economic net income is not audited and is not a substitute for net income or other performance measures that are derived in accordance with U.S. GAAP. Furthermore, our calculation of economic net income may differ from similarly titled measures provided by other companies.

Because the calculation of economic net income excludes certain ongoing expenses, including amortization expense and certain compensation costs, it has certain material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures of earnings.

ENI Revenues

The following table reconciles U.S. GAAP revenue to ENI revenue for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
($ in millions)		2025		2024
U.S. GAAP revenue		$	119.9	$	105.7

Exclude revenue from consolidated Funds		(1.7)		(0.4)

ENI revenue		$	118.2	$	105.3

The following table identifies the components of ENI revenue:


	Three Months Ended March 31,
($ in millions)		2025		2024
Management fees(1)		$	112.9	$	102.2
Performance fees(2)		5.3		3.1

ENI revenue		$	118.2	$	105.3

(1)ENI management fees correspond to U.S. GAAP management fees.

(2)ENI performance fees correspond to U.S. GAAP performance fees.

ENI Operating Expenses

The largest difference between U.S. GAAP operating expense and ENI operating expense relates to compensation. As shown in the following reconciliation, we exclude the impact of key employee equity revaluations. Variable compensation and Acadian LLC key employee distributions are also segregated out of U.S. GAAP operating expense in order to align with the manner in which these items are contractually calculated.

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The following table reconciles U.S. GAAP operating expense to ENI operating expense for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
($ in millions)		2025		2024
U.S. GAAP operating expense		$	88.0	$	82.8
Less: items excluded from economic net income

Non-cash key employee equity and profit interest revaluations		0.3		(4.4)


Restructuring costs(1)		0.2		—

Funds’ operating expense		(0.7)		(0.1)
Less: items segregated out of U.S. GAAP operating expense
Variable compensation(2)		(30.4)		(26.6)
Acadian LLC key employee distributions		(3.1)		(2.2)
ENI operating expense		$	54.3	$	49.5

(1)The three months ended March 31, 2025 includes $(0.2) million of severance-related items. The three months ended March 31, 2024 includes $(0.2) million of severance-related items and $0.2 million costs associated with the transfer of an insurance policy from our former parent.

(2)The three months ended March 31, 2025 excludes $(0.2) million of severance-related items that is included within restructuring costs. The three months ended March 31, 2024 excludes $(0.2) million severance-related items that is included within restructuring costs.

The following table identifies the components of ENI operating expense:


	Three Months Ended March 31,
($ in millions)		2025		2024
Fixed compensation & benefits(1)		$	24.3	$	23.5
General and administrative expenses(2)		25.8		21.4
Depreciation and amortization		4.2		4.6
ENI operating expense		$	54.3	$	49.5

(1)Fixed compensation and benefits include base salaries, payroll taxes and the cost of benefit programs provided. The following table reconciles U.S. GAAP compensation and benefits expense for the three months ended March 31, 2025 and 2024 to ENI fixed compensation and benefits expense:


	Three Months Ended March 31,
($ in millions)		2025		2024
Total U.S. GAAP compensation and benefits expense		$	60.8	$	58.1
Non-cash key employee equity and profit interest revaluations excluded from ENI		0.3		(4.4)
Sales-based compensation reclassified to ENI general & administrative expenses		(3.5)		(1.6)
Acadian LLC key employee distributions		(3.1)		(2.2)
Restructuring expenses(a)		0.2		0.2
Variable compensation		(30.4)		(26.6)

ENI fixed compensation and benefits		$	24.3	$	23.5

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(a)The three months ended March 31, 2025 includes $(0.2) million of severance-related items. The three months ended March 31, 2024 includes $(0.2) million of severance-related items.

(2)The following table reconciles U.S. GAAP general and administrative expense to ENI general and administrative expense:


	Three Months Ended March 31,
($ in millions)		2025		2024
U.S. GAAP general and administrative expense		$	22.3	$	20.0
Sales-based compensation		3.5		1.6

Restructuring costs(a)		—		(0.2)
ENI general and administrative expense		$	25.8	$	21.4

(a)Reflects $0.2 million of costs associated with the transfer of an insurance policy from our former parent for the three months ended March 31, 2024.

Key Non-GAAP Operating Metrics

The following table shows our key non-GAAP operating metrics for the three months ended March 31, 2025 and 2024. We present these metrics because they are the measures our management uses to evaluate the profitability of our business and are useful to investors because they represent the key drivers and measures of economic performance within our business model. Please see the footnotes below for an explanation of each ratio, its usefulness in measuring the economics and operating performance of our business, and a reference to the most closely related U.S. GAAP measure:


	Three Months Ended March 31,
($ in millions)		2025			2024
Numerator: ENI operating earnings(1)		$	33.5		$	29.2
Denominator: ENI revenue		$	118.2		$	105.3
ENI operating margin(2)		28.3		%	27.7		%

Numerator: ENI operating expense		$	54.3		$	49.5
Denominator: ENI management fee revenue(3)		$	112.9		$	102.2
ENI operating expense ratio(4)		48.1		%	48.4		%

Numerator: ENI variable compensation		$	30.4		$	26.6
Denominator: ENI earnings before variable compensation(1)(5)		$	63.9		$	55.8
ENI variable compensation ratio(6)		47.6		%	47.7		%

Numerator: Acadian LLC key employee distributions		$	3.1		$	2.2
Denominator: ENI operating earnings(1)		$	33.5		$	29.2
ENI Acadian LLC key employee distributions ratio(7)		9.3		%	7.5		%

(1)ENI operating earnings represents ENI earnings before Acadian LLC key employee distributions and is calculated as ENI revenue, less ENI operating expense, less ENI variable compensation. It differs from economic net income because it does not include the effects of Acadian LLC key employee distributions, net interest expense or income tax expense.

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The following table reconciles U.S. GAAP operating income to ENI operating earnings:


	Three Months Ended March 31,
($ in millions)		2025		2024
U.S. GAAP operating income		$	31.9	$	22.9

Exclude the impact of:
Acadian LLC key employee-owned equity and profit interest revaluations		(0.3)		4.4
Goodwill impairment and amortization of acquired intangible assets		—		—

Restructuring costs(a)		(0.2)		—

Acadian LLC key employee distributions		3.1		2.2
Variable compensation		30.4		26.6
Funds’ operating income		(1.0)		(0.3)
ENI earnings before variable compensation		63.9		55.8
Less: ENI variable compensation(b)		(30.4)		(26.6)
ENI operating earnings		33.5		29.2
Less: ENI Acadian LLC key employee distributions		(3.1)		(2.2)
ENI earnings after Acadian LLC key employee distributions		$	30.4	$	27.0

(a)The three months ended March 31, 2025 includes $(0.2) million of severance-related items. The three months ended March 31, 2024 includes $(0.2) million of severance-related items and $0.2 million of costs associated with the transfer of an insurance policy from our former parent.

(b)The three months ended March 31, 2025 excludes $(0.2) million of severance-related items that are included within restructuring costs. The three months ended March 31, 2024 excludes $(0.2) million of severance-related items that are included within restructuring costs.

(2)The ENI operating margin, which is calculated before Acadian LLC key employee distributions, is used by management and is useful to investors to evaluate the overall operating margin of the business. The ENI operating margin is most comparable to our U.S. GAAP operating margin. Our U.S. GAAP operating margin, excluding the effect of consolidated Funds, is 26.1% for the three months ended March 31, 2025, and 21.5% for the three months ended March 31, 2024.

The ENI operating margin is important because it gives investors an understanding of the profitability of the total business relative to revenue, irrespective of the ownership position which we have in Acadian LLC. Management and investors use this ratio when comparing our profitability relative to our peer group and evaluating our ability to manage the cost structure and profitability of our business under different operating environments.

(3)ENI management fee revenue corresponds to U.S. GAAP management fee revenue.

(4)The ENI operating expense ratio is used by management and is useful to investors to evaluate the level of operating expense as measured against our recurring management fee revenue. We have provided this ratio since many operating expenses, including fixed compensation and benefits and general and administrative expense, are generally linked to the overall size of the business. We track this ratio as a key measure of scale economies because in our profit-sharing economic model, scale benefits both the Acadian LLC employees and our stockholders. The ENI operating expense ratio is most comparable to the U.S. GAAP operating expense / management fee revenue ratio.

(5)ENI earnings before variable compensation is calculated as ENI revenue, less ENI operating expense.

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(6)The ENI variable compensation ratio is used by management and is useful to investors to evaluate consolidated variable compensation as measured against our ENI earnings before variable compensation. Variable compensation is primarily comprised of a contractual percentage of Acadian LLC’s ENI earnings before variable compensation and may be paid in the form of cash or non-cash Acadian LLC equity or profit interests. Hold Co variable compensation includes cash and AAMI equity. Non-cash variable compensation awards typically vest over several years and are recognized as compensation expense over that service period. The variable compensation ratio is calculated as variable compensation divided by ENI earnings before variable compensation. The ENI variable compensation ratio is most comparable to the U.S. GAAP variable compensation ratio.

(7)The ENI Acadian LLC key employee distribution ratio is used by management and is useful to investors to evaluate Acadian LLC key employee distributions as measured against our ENI operating earnings. Acadian LLC key employee distributions represent the share of profits after variable compensation that is attributable to Acadian LLC key employee equity and profit interests holders, according to their ownership interests. It is calculated as Acadian LLC key employee distributions divided by ENI operating earnings. Within Acadian LLC, we have a tiered equity structure, where AAMI and other classes of employee equity holders are entitled to an initial proportionate preference over profits after variable compensation, structured such that before a preference threshold is reached, there would be no required key employee distributions to the tiered equity holders, whereas for profits above the threshold the key employee distribution amount to the tiered equity holders would be calculated based on the tiered key employee ownership percentages. The ENI Acadian LLC key employee distributions ratio is most comparable to the U.S. GAAP Acadian LLC key employee distributions ratio.

Tax on Economic Net Income

The following table reconciles the United States statutory tax to tax on economic net income:


	Three Months Ended March 31,
($ in millions)		2025			2024
Pre-tax economic net income(1)		$	28.0		$	24.0



Taxes at the U.S. federal and state statutory rates(2)		(7.7)			(6.6)
Other reconciling tax adjustments		—			—
Tax on economic net income		(7.7)			(6.6)

Economic net income		$	20.3		$	17.4
Economic net income effective tax rate(3)		27.5		%	27.5		%

(1)Includes interest income and third-party ENI interest expense, as shown in the following table:


	Three Months Ended March 31,
($ in millions)		2025		2024
U.S. GAAP interest income		$	1.1	$	1.3
U.S. GAAP interest expense		(4.8)		(5.0)
U.S. GAAP net interest expense		(3.7)		(3.7)
Other ENI interest expense exclusions(a)		1.3		0.7
ENI net interest expense		(2.4)		(3.0)
ENI earnings after Acadian LLC key employee distributions(b)		30.4		27.0
Pre-tax economic net income		$	28.0	$	24.0

(a)Other ENI interest expense exclusions represent cost of financing on seed capital and co-investments and amortization of debt issuance costs.

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(b)ENI earnings after Acadian LLC key employee distributions is calculated as ENI operating income (ENI revenue, less ENI operating expense, less ENI variable compensation), less Acadian LLC key employee distributions. Refer to “—Key Non-GAAP Operating Metrics” for a reconciliation from U.S. GAAP operating income to ENI earnings after Acadian LLC key employee distributions.

(2)Taxed at U.S. Federal and State statutory rate of 27.3%.

(3)The economic net income effective tax rate is calculated by dividing the tax on economic net income by pre-tax economic net income.

Investments

The value of our seed capital investments was $91.5 million as of March 31, 2025 and $90.3 million as of December 31, 2024, including direct investments in consolidated Funds. Total seed capital investments represents our seed capital invested within Acadian LLC’s investment products. The following table reconciles the investments balance per our Condensed Consolidated Balance Sheets to the total value of our seed capital investments as of each of the dates indicated:


($ in millions)	March 31, 2025		December 31, 2024
Investments per Condensed Consolidated Balance Sheets	$	52.9	$	67.9
Seed capital investment in consolidated Funds	71.6		70.9
Investments related to long-term incentive compensation plans	(33.0)		(48.5)





Total seed capital investments	$	91.5	$	90.3

Segment Analysis

We operate our business through the following reportable segment:

The corporate holding company (“Hold Co”) is included within the Unallocated Corporate expense category. The Hold Co expenses are not allocated to the Company’s business segment, but the CODM does consider the cost structure of the corporate head office when evaluating the financial performance of our segment. The CODM is the Company’s Chief Executive Officer.

The primary measure used by the CODM in measuring performance and allocating resources to the segment is ENI. ENI is used to make resource allocation decisions, determine appropriate levels of investment or dividend payout, manage balance sheet leverage, determine variable compensation and equity distributions, and incentivize management. We define economic net income for the segment as ENI revenue less ENI operating expenses. The ENI adjustments to U.S. GAAP include both reclassifications of U.S. GAAP revenue and expense items, as well as adjustments to U.S. GAAP results, primarily to exclude non-cash, non-economic expenses recognized under U.S. GAAP.

ENI revenue includes management fees, performance fees and other revenue under U.S. GAAP, adjusted to include management fees paid to the Company by consolidated Funds.

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Significant segment ENI expenses include fixed compensation and benefits, variable compensation, Acadian LLC key employee distributions, depreciation and amortization, and general and administrative expense under U.S. GAAP, adjusted to exclude non-cash expenses representing changes in the value of Acadian LLC equity and profit interests held by Acadian LLC key employees, capital transaction costs, and restructuring costs.

ENI segment results are also adjusted to exclude consolidated Funds’ revenues, consolidated Funds’ expenses and investment return recorded under U.S. GAAP.

Refer to the reconciliations of U.S. GAAP revenue to ENI revenue, U.S. GAAP Operating expense to ENI Operating expense, variable compensation and Acadian LLC key employee distributions disclosed previously within this section.

Segment ENI Revenue

The following table identifies the components of Quant & Solutions segment ENI revenue for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
($ in millions)		2025		2024
Management fees		$	112.9	$	102.2
Performance fees		5.3		3.1
Segment ENI revenue		$	118.2	$	105.3

Quant & Solutions Segment ENI Revenue

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Quant & Solutions ENI revenue increased $12.9 million, or 12.3%, from $105.3 million for the three months ended March 31, 2024 to $118.2 million for the three months ended March 31, 2025. The increase was attributable to 71.0% higher performance fees due to strong performance relative to market in certain strategies in the three months ended March 31, 2025, and 10.5% higher management fees driven by higher average AUM resulting from positive equity markets in the past twelve months.

Segment ENI Expense

The following table identifies the components of Quant & Solutions segment ENI expense for the three months ended March 31, 2025 and 2024:


($ in millions)	Three Months Ended March 31,
		2025		2024
Fixed compensation & benefits		$	22.9	$	21.6
Variable compensation		29.4		26.0
Acadian LLC key employee distributions		3.1		2.2
Depreciation and amortization		4.2		4.6
General and administrative expense		23.7		19.5
Segment ENI expenses		$	83.3	$	73.9

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Quant & Solutions Segment ENI Expense

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Quant & Solutions segment ENI expenses increased $9.4 million, or 12.7%, from $73.9 million for the three months ended March 31, 2024 to $83.3 million for the three months ended March 31, 2025. Quant & Solutions ENI fixed compensation and benefits expense increased 6.0%, reflecting cost of living increases and the cost of new hires supporting our growth initiatives. Quant & Solutions ENI variable compensation expense is based on contractual percentage of earnings before variable compensation, and also includes a formulaic split of performance fee revenue that gets deferred and recognized as variable compensation expense over a three-year vesting period. The deferred nature of the bonus earned on performance fee revenues can result in compensation expense variability that is uncorrelated to current period earnings. Quant & Solutions ENI variable compensation expense increased 13.1% as a result of higher earnings before variable compensation, partially offset by changes in deferred compensation expense earned on current and prior year performance fee revenues in the three months ended March 31, 2025. Acadian LLC key employee distributions for certain tiers of equity are calculated after an earnings threshold is met, whereby no distributions are made to these equity holders when earnings are below the threshold. Acadian LLC key employee distributions attributable to Quant & Solutions increased 40.9%. The change in Acadian LLC key employee distributions during the three months ended March 31, 2025 is driven by higher operating earnings and the leveraged nature of this distribution share. Quant & Solutions ENI general and administrative expense increased 21.5% primarily due to higher systems, outside services and portfolio administrative costs, reflecting our continued investment in growth initiatives and capabilities, foreign currency loss, partially offset by lower consultant costs.

Unallocated corporate expense

The following table identifies unallocated corporate expense for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
($ in millions)		2025		2024

Unallocated corporate expenses(1)		$	4.5	$	4.6

(1)Unallocated corporate expenses are presented on a U.S. GAAP basis

Three months ended March 31, 2025 compared to three months ended March 31, 2024: Unallocated corporate expense decreased $(0.1) million, or (2.2)%, from $4.6 million for the three months ended March 31, 2024 to $4.5 million for the three months ended March 31, 2025. The decrease was driven by lower fixed compensation and benefits expense.

Capital Resources and Liquidity

Cash Flows

The following table summarizes certain key financial data relating to cash flows. All amounts presented exclude consolidated Funds:


	Three Months Ended March 31,
($ in millions)	2025		2024
Cash provided by (used in)(1)
Operating activities	$	(48.7)	$	(39.3)
Investing activities	11.8		(1.4)
Financing activities	61.6		(3.7)

(1)Excludes consolidated Funds.

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Comparison for the three months ended March 31, 2025 and 2024

Net cash from operating activities, excluding consolidated Funds, decreased $(9.4) million, from net cash used of $(39.3) million for the three months ended March 31, 2024 to net cash used of $(48.7) million for the three months ended March 31, 2025, driven by changes in net income offset by changes in operating assets and liabilities period-over-period. In the three months ended March 31, 2025, net cash from investing activities, excluding consolidated Funds, changed by $13.2 million, from $(1.4) million used in the three months ended March 31, 2024 to $11.8 million provided in the three months ended March 31, 2025, driven by higher net sales of investment securities in the three months ended March 31, 2025. Net cash from financing activities, excluding consolidated Funds, increased $65.3 million, from $(3.7) million used in the three months ended March 31, 2024 to $61.6 million provided in the three months ended March 31, 2025, primarily due to higher share repurchases in the three months ended March 31, 2024.

Supplemental Liquidity Measure — Adjusted EBITDA

As supplemental information, we provide information regarding Adjusted EBITDA, which we define as economic net income before net interest, income taxes, depreciation, and amortization. Adjusted EBITDA is a non-GAAP liquidity measure that we provide in addition to, but not as a substitute for, cash flows from operating activities. It should be noted that our calculation of Adjusted EBITDA may not be consistent with Adjusted EBITDA as calculated by other companies. We believe Adjusted EBITDA is a useful liquidity metric because it indicates our ability to make further investments in our business, service debt and meet working capital requirements.

The following table reconciles our U.S. GAAP net income attributable to controlling interests to EBITDA to Adjusted EBITDA to economic net income for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
($ in millions)		2025		2024
Net income attributable to controlling interests		$	20.1	$	14.6
Net interest expense to third parties		3.7		3.7
Income tax expense		8.3		6.1
Depreciation and amortization		4.2		4.6
EBITDA		$	36.3	$	29.0
Non-cash compensation costs, including revaluation of Acadian LLC key employee-owned equity and profit interests		0.3		4.7



Gain on seed and co-investments		(1.2)		(1.8)
Restructuring(1)		(0.2)		—


Adjusted EBITDA		$	35.2	$	31.9
ENI net interest expense to third parties		(2.4)		(3.0)
Depreciation and amortization(2)		(4.8)		(4.9)
Tax on economic net income		(7.7)		(6.6)
Economic net income		$	20.3	$	17.4

(1)The three months ended March 31, 2025 includes $(0.2) million of severance-related items. The three months ended March 31, 2024 includes $(0.2) million of severance-related items and $0.2 million of costs associated with the transfer of an insurance policy from our former parent.

(2)Includes non-cash equity-based award amortization expense.

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Limitations of Adjusted EBITDA

As a non-GAAP, unaudited liquidity measure and derivation of EBITDA, Adjusted EBITDA has certain material limitations. It does not include cash costs associated with capital transactions and excludes certain U.S. GAAP expenses that fall outside the definition of EBITDA. Each of these categories of expense represents costs to us of doing business, and therefore any measure that excludes any or all of these categories of expense has material limitations.

Future Capital Needs

We believe that our available cash and cash equivalents to be generated from operations, supplemented by short-term and long-term financing, as necessary, will be sufficient to fund current operations and capital requirements for at least the next twelve months, as well as our day-to-day operations and future investment requirements. Our ability to secure short-term and long-term financing in the future will depend on several factors, including our future profitability, our relative levels of debt and equity and the overall condition of the credit markets. As of March 31, 2025, we have $119.6 million in cash and cash equivalents and $91.5 million in seed capital investments.

Borrowings and Long-Term Debt

The following table summarizes our financing arrangements as of the dates indicated:


($ in millions)	March 31, 2025		December 31, 2024		Interest rate	Maturity
Revolving credit facility:
$140 million revolving credit facility(1)	$	80.0	$	—	Variable rate	August 29, 2027
Total revolving credit facility	$	80.0	$	—
Third party borrowings:
4.80% Senior Notes Due 2026	$	274.4	$	274.3	4.80%	July 27, 2026

Total third party borrowings	$	274.4	$	274.3

(1)On August 29, 2024, Acadian LLC’s $125 million revolving credit facility was terminated and replaced with a new $140 million revolving credit facility.

Revolving Credit Facility

Borrowings under the Acadian LLC Credit Agreement bear interest, at Acadian LLC’s option, at the per annum rate equal to either (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% and (iii) the secured overnight financing rate for a one month period plus a credit spread adjustment of 0.10% (“Adjusted Term SOFR”) plus 1%, plus, in each case an additional amount ranging from 0.5% to 1.0%, with such additional amount based on Acadian LLC’s Leverage Ratio (as defined below) or (b) Adjusted Term SOFR plus an additional amount ranging from 1.5% to 2.0%, with such additional amount based on Acadian LLC’s Leverage Ratio. In addition, Acadian LLC is charged a commitment fee based on the average daily unused portion of the revolving credit facility under the Acadian LLC Credit Agreement at a per annum rate ranging from 0.25% to 0.375%, with such amount based on Acadian LLC’s Leverage Ratio.

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Under the Acadian LLC Credit Agreement, the ratio of Acadian LLC’s third-party borrowings to Acadian LLC’s trailing twelve months Adjusted EBITDA, as defined by the Acadian LLC Credit Agreement (the “Leverage Ratio”), cannot exceed 2.5x and the ratio of Acadian LLC’s trailing twelve months Adjusted EBITDA to Acadian LLC’s interest expense (the “Interest Coverage Ratio”) must not be less than 4.0x. At March 31, 2025, Acadian LLC’s Leverage Ratio was 0.4x and Acadian LLC’s Interest Coverage Ratio was 109.7x.

Other Compensation Liabilities

Other compensation liabilities principally consist of cash-settled Acadian LLC equity and profit interests liabilities held by certain key employees, and voluntary deferred compensation plans. The following table summarizes our other compensation liabilities as of each of the dates indicated:


	March 31, 2025		December 31, 2024
($ in millions)
Share-based payments liability	$	23.8	$	25.4
Profit interests liability	19.6		18.7
Employee equity	43.4		44.1
Voluntary deferral plan liability	32.8		48.4
Total	$	76.2	$	92.5

Share-based payments liability represents the value of Acadian LLC key employee-owned equity that may under certain circumstances be repurchased by us that is considered an equity award under U.S. GAAP based on the terms and conditions attached to these interests. Acadian LLC profit interests liability represents the value of Acadian LLC key employee-owned equity that may under certain circumstances be repurchased by us that is not considered an equity award under U.S. GAAP, but rather a form of compensation arrangement, based on the terms and conditions attached to these interests. Our obligation in any given period in respect of funding these potential repurchases of Acadian LLC equity is limited to only that portion that may be put to us by Acadian LLC key employees, which is typically capped annually under the terms of these arrangements such that we are not required to repurchase more than we can reasonably recycle by re-granting the interests in lieu of cash variable compensation owed to Acadian LLC key employees.

Certain of our employees are eligible to participate in our voluntary deferral plan, or VDP, which provides our senior personnel the opportunity to voluntarily defer a portion of their compensation. There is a voluntary deferral plan investment balance included in investments on the Condensed Consolidated Balance Sheets that corresponds to this deferral liability.

Additionally, we have recorded accrued incentive compensation of $34.6 million and $119.6 million on the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively. Included within the accrued incentive compensation balance is the vested portion of our deferred compensation pool. The deferred compensation pool is based on a contractual percentage of Acadian LLC performance fee revenues and post-bonus profits, and is subject to a three-year vesting period. Compensation expense is recognized over the requisite service period. Unamortized compensation expense related to the unvested portion of the deferred compensation pool of $18.2 million, $15.5 million and $1.3 million is expected to be recognized in the years ending December 31, 2025, 2026 and 2027, respectively.

Critical Accounting Policies and Estimates

There have been no significant changes to the critical accounting policies and estimates disclosed in our most recent Form 10-K for the year ended December 31, 2024. Critical accounting policies and estimates are those that require

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management’s most difficult, subjective or complex judgments and would therefore be deemed the most critical to an understanding of our results of operations and financial condition.

Recent Accounting Developments

See discussion of Recent Accounting Developments in Note 2 of the accompanying Condensed Consolidated Financial Statements.

Forward Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements, which may include, from time to time, anticipated revenues, margins, cash flows or earnings, anticipated future performance of our business, our expected future net cash flows, our anticipated expense levels, capital management, financial condition, results of operations and cash flows, and/or expectations regarding market conditions. The words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “can be,” “may be,” “aim to,” “may affect,” “may depend,” “intends,” “expects,” “believes,” “estimate,” “plan,” “project,” and other similar expressions are intended to identify such forward-looking statements. Such statements are subject to various known and unknown risks and uncertainties and we caution readers that any forward-looking information provided by or on behalf of us is not a guarantee of future performance.

Actual results may differ materially from those in forward-looking information as a result of various factors, some of which are beyond our control, including but not limited to those discussed above and elsewhere in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 27, 2025, and subsequent SEC filings. Due to such risks and uncertainties and other factors, we caution each person receiving such forward-looking information not to place undue reliance on such statements. Further, such forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and we undertake no obligations to update any forward looking statement to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

Our exposure to market risk is directly related to our role as an asset manager. Substantially all of our investment management revenues are derived from our agreements with our clients. Under these agreements, the revenues we receive are based on the value of our assets under management or the investment performance on client accounts for which we earn performance fees. Accordingly, our revenues and net income may decline as a result of our assets under management decreasing due to depreciation of our investment portfolios. In addition, such depreciation could cause our clients to withdraw their funds in favor of investments offering higher returns or lower risk, which would cause our revenues and net income to decline further.

Our model for assessing the impact of market risk on our results uses March 31, 2025 ending AUM and management fee rates as the basis for management fee revenue calculations. With respect to performance fee revenue, we assume that relative investment performance is the same as in the past four quarters ended March 31, 2025. Therefore, market-driven changes in performance fees, which are typically based on relative performance versus market indices, reflect changes in the underlying AUM used in the calculation rather than differences in relative performance as a result of a changed market environment. The impact that market changes have on performance fee eligible accounts varies due to high-water marks and other measurement hurdles which are not factored in this analysis. Changes in performance fee revenues could be significant in each period. The basis for the analysis is performance fees earned for the twelve months ended March 31, 2025.

Our profit sharing economic structure, described more fully in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—The Economics of Our Business,” results in a sharing of market risk between us and our employees. Approximately 40% of our ENI cost structure is variable, representing variable compensation and Acadian LLC key employee distributions. These variable expenses generally are linked in a formulaic manner to the profitability of the business after covering operating expenses, which include base compensation and benefits, general and administrative expenses, and depreciation and amortization. In modeling the impact of market risk, we assume that these operating expenses remain unchanged, but the resulting impact on profit driven by increases or decreases in revenue will change variable compensation and Acadian LLC key employee distributions in line with their formulaic calculations. Any change in pre-tax profit is tax-affected to calculate profit after tax.

The value of our assets under management was $121.9 billion as of March 31, 2025. A 10% increase or decrease in the value of our assets under management, if proportionally distributed over all of our investment strategies, asset classes and client relationships, would cause an annualized increase or decrease in our gross management fee revenues of approximately $46 million based on our current weighted average fee rate of approximately 38 basis points. Approximately $20 billion, or 16%, of our AUM, are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return that differs from the relative benchmark returns. Assuming the market change does not impact our relative performance, a 10% increase or decrease in AUM would have a $7 million impact to our gross performance fees based on our trailing twelve-month performance fees of $74 million as of March 31, 2025. The combined impact on our management fees and performance fees would have a direct impact on our earnings and result in an annual change of approximately $20 million in our post-tax economic net income, given our current cost structure and operating model.

Equity market risk, interest rate risk, and foreign currency risk are the market risks that could have the greatest impact on our management fees, performance fees and our business profitability. Impacts on our management and performance fees can be calculated based on the percentage of AUM constituting equity investments or foreign currency denominated investments, respectively, multiplied by the relevant weighted average management fee and performance fee attributable to that asset class.

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•Our equity markets-based AUM includes U.S., global, non-U.S. and emerging markets equities (including small cap through large cap securities). A 10% increase or decrease in equity markets would cause our approximately $121 billion of equity assets under management to increase or decrease by $12 billion, resulting in a change in annualized management fee revenue of $45 million and an annual change in post-tax economic net income of approximately $17 million, given our current cost structure, operating model, and weighted average fee rate of 37 basis points at the current mix of strategies as of March 31, 2025. Approximately $20 billion, or 16%, of our equity markets-based AUM are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return in excess of the relative benchmark returns. Assuming the market change does not impact our relative performance, a 10% change in equity markets would have an approximate incremental $2 million impact from performance fees on our post-tax economic net income, given our current cost structure and operating model.

•Foreign currency AUM includes equity and alternative assets denominated in foreign currencies. A 10% increase or decrease in foreign exchange rates against the U.S. dollar would cause our $94 billion of foreign currency denominated AUM to increase or decrease by $9 billion, resulting in a change in annualized management fee revenue of $38 million and an annual change in post-tax economic net income of $15 million, based on weighted average fees earned on our foreign currency denominated AUM of 40 basis points at the mix of strategies as of March 31, 2025. Approximately $13 billion, or 14%, of our foreign currency denominated AUM are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return that differs from the relative benchmark returns. Assuming the market change does not impact our relative performance, a 10% change in foreign currency exchange rates would have an approximate incremental $2 million impact from performance fees on our post-tax economic net income, given our current cost structure and operating model.

While the analysis above assumes that market changes occur in a uniform manner across the relevant portfolio, because of our declining fee rates for larger relationships and differences in our fee rates across asset classes, a change in the composition of our assets under management, in particular an increase in the proportion of our total assets under management attributable to strategies, clients or relationships with lower effective fee rates, could have a material negative impact on our overall weighted average fee rate.

As is customary in the asset management industry, clients invest in particular strategies to gain exposure to certain asset classes, which exposes their investment to the benefits and risks of such asset classes. We have not adopted a corporate-level risk management policy regarding client assets, nor have we attempted to hedge at the corporate level or within individual strategies the market risks that would affect the value of our overall assets under management and related revenues. Any reduction in the value of our assets under management would result in a reduction in our revenues.

Interest Rate Risk

We are exposed to interest rate risks primarily through borrowings under Acadian LLC’s revolving credit facility. Interest on borrowings under the revolving credit facility is based upon variable interest rates. There were no borrowings under our revolving credit facility as of March 31, 2025. We currently do not hedge against interest rate risk. As of March 31, 2025, a hypothetical 10% change in interest rates would have resulted in an immaterial change to our interest expense during the three months ended March 31, 2025.

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Item 4. Controls and Procedures.

Controls and Procedures

Our management, including our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) at March 31, 2025. Based on this evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures are effective.

Internal Control over Financial Reporting

There have been no changes in internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be parties to various claims, suits, and complaints in the ordinary course of our business. Although the amount of liability that may result from these matters cannot be ascertained, we do not currently believe that, in the aggregate, they will result in liabilities material to our consolidated financial condition, future results of operations or cash flow.

Item 1A. Risk Factors.

There have been no material changes in the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table sets out information regarding purchases of equity securities by the Company for the three months ended March 31, 2025:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value that may yet be purchased under the plans or programs (in millions)(1)
January 1-31, 2025	—	$	—	—	$	—
February 1-28, 2025	—	—		—	80.0
March 1-31, 2025	770,812	25.09		770,812	60.6
Total	770,812	$	25.09	770,812

(1)On February 6, 2025, we announced plans to return capital to shareholders through the repurchase of shares of our common stock. In furtherance thereof, our Board of Directors authorized the repurchase of up to $80 million of our common stock. This authorization has no expiration. Share repurchases are subject to a variety of factors, such as our stock price, the capital needs of our business, and economic and market conditions. The program does not obligate us to repurchase any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion. We repurchased 0.8 million shares of common stock with an aggregate purchase price, including commissions, of $19.4 million under this program during the three months ended March 31, 2025.

Item 5. Other Information.

During our fiscal quarter ended March 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) entered into, modified (as to amount, price or timing of trades) or terminated (i) contracts, instructions or written plans for the purchase or sale of our securities that are intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information or (ii) non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).

Item 6. Exhibits.


Exhibit No.						Description
3.1						Amended and Restated Certificate of Incorporation, adopted as of July 12, 2019, incorporated herein by reference to Exhibit 3.1 to the Annual Report on Form 10-K filed on February 27, 2025.

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Exhibit No.						Description

3.2						Certificate of Amendment to Amended and Restated Certificate of Incorporation, effective January 1, 2025, incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on January 6, 2025.

3.3						Amended and Restated Bylaws, adopted as of February 27, 2023, incorporated herein by reference to Exhibit 3.3 to the Annual Report on Form 10-K filed on February 27, 2025.

3.4						Amendment No. 1 to Amended and Restated Bylaws, effective January 1, 2025, incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on January 6, 2025.

4.1*						Specimen Common Stock Certificate of Acadian Asset Management Inc.

10.1						Acadian Asset Management Inc. Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K filed on February 27, 2025.

10.2						Form of Indemnity Agreement, incorporated herein by reference to Exhibit 10.4 to the Annual Report on Form 10-K filed on February 27, 2025.

10.3						Acadian Asset Management Inc. Non-Employee Directors’ Equity Incentive Plan, incorporated herein by reference to Exhibit 10.6 to the Annual Report on Form 10-K filed on February 27, 2025.

10.4						Form of Restricted Stock Unit Award Agreement for Non-Employee Directors, incorporated herein by reference to Exhibit 10.7 to the Annual Report on Form 10-K filed on February 27, 2025.

10.5						Form of Restricted Stock Unit Award Agreement for Employees, incorporated herein by reference to Exhibit 10.8 to the Annual Report on Form 10-K filed on February 27, 2025.

10.6						Amended and Restated Acadian Asset Management LLC Bonus Plan, effective January 1, 2025, incorporated herein by reference to Exhibit 10.13 to the Annual Report on Form 10-K filed on February 27, 2025.

10.7						Amended and Restated Acadian Asset Management LLC Deferred Compensation Plan, effective January 1, 2025, incorporated herein by reference to Exhibit 10.14 to the Annual Report on Form 10-K filed on February 27, 2025.

31.1*						Certification of the Company’s principal executive officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*						Certification of the Company’s principal financial officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**						Certification of the Company’s principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**						Certification of the Company’s principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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Exhibit No.						Description
101*						Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024, (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2025 and 2024, (v) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 and (vi) the Notes to Financial Statements.

104*						The cover page of this Quarterly Report on Form 10-Q, formatted in Inline eXtensible Business Reporting Language

* Filed herewith

** Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Acadian Asset Management Inc.

Dated:	May 8, 2025

		By:	/s/ Kelly Young
			Kelly Young President and Chief Executive Officer (principal executive officer)

			/s/ Christina Wiater
			Christina Wiater Senior Vice President and Principal Financial Officer (principal financial officer and principal accounting officer)