Acadian Asset Management
- Open
- 93.50
- Day high
- 94.06
- Day low
- 91.85
- Prev close
- 94.20
- Volume
- 18K
- Mkt cap
- $3.3B
- P/E (TTM)
- 32.7
- EPS (TTM)
- $2.84
- P/B
- 35.9
- P/S
- 4.7
- Yield
- 0.24%
- Per share
- $0.22
- ▼Insiders net selling -$149.0M over the last 3 months (0 open-market buys, 5 sales)
Acadian Asset Management (AAMI) is a Financial Services company listed on NYSE. The stock is up 86% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Acadian Asset Management (AAMI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AAMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.05 | $1.33 | +27.2% | $183M | +5.9% |
| Apr 30, 2026 | $0.93 | $1.05 | +12.4% | $165M | +7.5% |
| Feb 5, 2026 | $1.40 | $1.32 | -5.4% | $203M | +31.1% |
| Oct 30, 2025 | $0.73 | $0.76 | +3.4% | $144M | -21.3% |
| Jul 31, 2025 | $0.53 | $0.64 | +21.9% | $140M | -3.9% |
| May 1, 2025 | $0.54 | $0.54 | -0.4% | $120M | +6.1% |
| Feb 6, 2025 | $1.03 | $1.30 | +26.2% | $168M | +14.8% |
| Oct 31, 2024 | $0.52 | $0.59 | +13.5% | $123M | +9.4% |
| Aug 1, 2024 | $0.43 | $0.45 | +4.7% | $109M | +0.4% |
| Mar 31, 2024 | $0.36 | $0.37 | +0.7% | $106M | +7.4% |
| Dec 31, 2023 | $0.59 | $0.55 | -6.1% | $131M | +5.9% |
| Sep 30, 2023 | $0.29 | $0.46 | +56.0% | $107M | +10.6% |
AAMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | Wiater Christinaofficer: PAO | Sell | 3 | $88.11 |
| Aug 5, 2026 | Wiater Christinaofficer: PAO | Sell | 17,389 | $87.49 |
| Aug 5, 2026 | Wiater Christinaofficer: PAO | Sell | 7,978 | $86.61 |
| Aug 5, 2026 | Wiater Christinaofficer: PAO | Sell | 244 | $92.36 |
| Jun 22, 2026 | PAULSON & CO. INC.10 percent owner | Sell | 1,900,000 | $77.25 |
| Jun 15, 2026 | Chersi Robert Jdirector | Grant | 1,288 | — |
| Jun 15, 2026 | Trebbi Barbaradirector | Grant | 1,288 | — |
| Jun 15, 2026 | Paulson Johndirector, 10 percent owner: | Grant | 2,253 | — |
| May 18, 2026 | Chersi Robert Jdirector | Option | 3,286 | — |
| May 18, 2026 | Paulson Johndirector, 10 percent owner: | Option | 5,750 | — |
| May 18, 2026 | Trebbi Barbaradirector | Option | 3,286 | — |
| May 5, 2026 | Hart Richard Jonathanofficer: CLO and CAO | Sell | 11,208 | $67.73 |
| May 5, 2026 | Hart Richard Jonathanofficer: CLO and CAO | Sell | 88,792 | $66.87 |
| Feb 18, 2026 | Wiater Christinaofficer: PFO / PAO | Option | 5,180 | — |
| Feb 18, 2026 | Wiater Christinaofficer: PFO / PAO | Grant | 5,407 | — |
Source: AAMI SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full AAMI insider & 13F page →Acadian Asset Management company profile
Overview
Acadian Asset Management (NYSE:AAMI) is a quantitative investment management firm founded in 1980 and headquartered in Boston, Massachusetts. The company went public in 2014 and operates as the only pure-play publicly traded systematic asset manager. Acadian manages $121.9 billion in assets under management as of Q1 2025, serving over 1,000 institutional clients across 40 countries through offices in Boston, London, Sydney, and Singapore. The firm underwent a significant strategic transformation in recent years, transitioning from a multi-boutique structure to a focused quantitative asset management business through the divestiture of six affiliate firms and a corporate rebranding from BrightSphere Investment Group to Acadian Asset Management in 2025.
Business
Acadian Asset Management operates in the institutional asset management industry, specifically focusing on systematic quantitative investment strategies. The company employs a data-driven, factor-based investment approach that uses mathematical models and algorithms to make investment decisions rather than relying on traditional fundamental analysis or human judgment. The firm's core business revolves around managing institutional investment portfolios using proprietary quantitative models that analyze vast amounts of market data to identify investment opportunities. Their systematic approach involves leveraging statistical relationships between various market factors to construct portfolios designed to outperform benchmark indices while managing risk. This quantitative methodology is applied across multiple asset classes including equities, fixed income, and alternative investments. Acadian's investment offerings can be categorized into several key areas: 1. **Traditional Equity Strategies** (approximately 70-80% of revenue): These include global equity, non-U.S. equity, emerging markets equity, and small-cap equity strategies that track various market indices while seeking to generate excess returns through systematic factor exposure. 2. **Enhanced Equity Strategies** (growing segment): These products aim to deliver higher returns than traditional strategies by taking more concentrated positions and employing more sophisticated factor models while maintaining similar risk profiles to benchmark indices. 3. **Extension Equity Strategies** (emerging growth area): These strategies use leverage and short positions to amplify factor exposures, potentially generating higher returns but with increased risk compared to traditional long-only strategies. 4. **Systematic Credit Products** (new initiative): Recently launched fixed income strategies that apply quantitative methods to corporate bond markets, including U.S. High Yield, Global High Yield, and U.S. Investment Grade strategies targeting the $3 trillion credit market. 5. **Equity Alternative Strategies** (developmental stage): Multi-strategy funds that employ more flexible mandates and alternative investment techniques while maintaining the firm's systematic approach. The company's investment team consists of over 120 professionals, with more than 100 holding advanced degrees in quantitative fields such as mathematics, statistics, economics, and finance. This deep analytical capability enables Acadian to process complex datasets and develop sophisticated investment models that form the foundation of their systematic investment process.
Revenue model
Acadian Asset Management generates revenue primarily through management fees charged to institutional clients based on assets under management. The company operates on a traditional asset management fee structure where clients pay an annual percentage of their invested assets, typically ranging from 20 to 60 basis points (0.20% to 0.60%) depending on the strategy, with a blended average fee rate of approximately 38 basis points across all strategies. The firm's paying customers are primarily large institutional investors including pension funds, sovereign wealth funds, insurance companies, endowments, foundations, and other asset managers seeking systematic investment exposure. These clients typically have substantial minimum investment requirements, often starting at $50-100 million, reflecting the institutional nature of Acadian's business model. Revenue generation is directly tied to two key factors: the level of assets under management and the fee rates charged for different strategies. As of Q1 2025, the company manages $121.9 billion in assets, generating approximately $120 million in quarterly revenue. The business benefits from a recurring revenue model, as management fees are typically calculated and paid quarterly based on average assets under management during the period. Several factors can positively impact Acadian's margins and revenue growth. Market appreciation directly increases assets under management without requiring additional client contributions, leading to higher fee revenue with relatively fixed costs. Net positive client flows expand the asset base, particularly when driven by institutional mandates that tend to be stable and long-term in nature. The company's focus on higher-fee strategies such as enhanced equity, extension strategies, and systematic credit products can improve the overall fee rate and margin profile. Additionally, operational leverage allows the firm to grow assets and revenue faster than expenses, as the systematic investment process is highly scalable. Conversely, several factors pose risks to margins and profitability. Market downturns reduce assets under management and fee revenue while fixed costs remain largely unchanged. Client outflows can occur due to performance issues, changes in client allocation preferences, or competitive pressures from other asset managers. Fee compression represents a significant industry-wide challenge, as institutional clients increasingly demand lower fees, particularly for more commoditized investment strategies. Performance underperformance relative to benchmarks can lead to client redemptions and difficulty attracting new assets. Finally, increased competition from both traditional active managers adopting quantitative techniques and passive index providers offering low-cost alternatives can pressure both fee rates and asset gathering capabilities.
Competitive moat
Acadian Asset Management possesses a moderate but defensible competitive moat built primarily around its specialized quantitative investment expertise and established institutional relationships, though this moat faces ongoing challenges from industry trends and competitive pressures. The company's primary competitive advantage stems from its deep quantitative research capabilities and proprietary investment models developed over more than four decades. With over 120 investment professionals holding advanced degrees in quantitative fields, Acadian has built substantial intellectual capital in systematic investment processes that are difficult for competitors to replicate quickly. The firm's track record of delivering consistent outperformance, with over 90% of strategies outperforming benchmarks across multiple time periods, provides credibility with institutional clients who value reliable excess returns. Acadian's position as the only pure-play publicly traded systematic manager creates a unique investment proposition for investors seeking direct exposure to quantitative asset management. This positioning, combined with the firm's global distribution platform and relationships with over 1,000 institutional clients across 40 countries, creates meaningful barriers to entry for new competitors seeking to build similar scale and reach. The institutional client base provides some stability, as pension funds, sovereign wealth funds, and other large institutions typically maintain long-term investment horizons and face significant switching costs when changing asset managers. These relationships, built over decades, create some client stickiness that helps protect against competitive threats. However, Acadian's moat faces several significant challenges. The commoditization of quantitative techniques has made systematic investment approaches more accessible to traditional asset managers and technology providers, reducing the uniqueness of Acadian's core competency. Fee compression pressures across the asset management industry threaten profit margins, particularly as passive index providers offer similar market exposure at much lower costs. The rise of factor-based ETFs and other low-cost systematic investment products provides institutional clients with alternative ways to access quantitative investment strategies without paying active management fees. Additionally, Acadian operates in an increasingly competitive landscape where large asset managers with substantial resources can invest heavily in quantitative capabilities, potentially eroding the firm's technological and research advantages. The company's relatively modest scale compared to mega-asset managers like BlackRock or Vanguard limits its ability to compete on cost and may constrain its investment in new technologies and research capabilities. Overall, while Acadian maintains meaningful competitive advantages in specialized quantitative investment management, the sustainability of these advantages depends on the firm's ability to continuously innovate, expand into higher-value strategies, and maintain its performance edge in an increasingly competitive and cost-conscious market environment.
Risks & safety
Acadian Asset Management demonstrates a moderate margin of safety with strong liquidity but elevated debt levels and mixed cash flow patterns that warrant careful monitoring. **Liquidity and Solvency:** - Cash and short-term investments of $119.6 million as of Q1 2025 provide substantial liquidity buffer - Current ratio of 2.25x indicates adequate short-term liquidity coverage - Total debt of approximately $274 million creates a debt-to-equity ratio of 19.35x, reflecting high leverage - Debt-to-adjusted EBITDA ratio of 2.0x is manageable but requires consistent earnings performance - No immediate solvency concerns given strong cash position and asset-light business model **Cash Flow Dynamics:** - Negative operating cash flow of -$48.8 million and free cash flow of -$51.3 million in Q1 2025 raise concerns - However, this appears to be seasonal/timing-related as full-year 2024 showed positive operating cash flow of $55.8 million - The asset management business model typically generates strong cash conversion when profitable **Valuation Metrics:** - Price-to-earnings ratio of 12.0x appears reasonable for an asset management company - EV/EBITDA of 7.7x is moderate but reflects market skepticism about growth prospects - Price-to-book ratio of 44.5x is elevated, typical for asset-light financial services firms - Trading at approximately 9x 2024 earnings compared to peer average of 14x suggests potential undervaluation **Other Considerations:** - Revenue concentration risk from dependence on market performance and client flows - High operational leverage means profitability is sensitive to asset level changes - Strong historical performance track record provides some defensive characteristics - Ongoing share buyback program demonstrates management confidence and returns capital to shareholders
Recent development
Over the past several years, Acadian Asset Management has undergone a dramatic strategic transformation from a multi-boutique investment firm to a focused quantitative asset manager. The company, formerly known as BrightSphere Investment Group, completed the divestiture of six of its seven affiliate firms and rebranded to Acadian Asset Management in Q1 2025. This strategic pivot eliminated the multi-boutique structure and reduced corporate overhead by approximately 70%, allowing the firm to focus entirely on its core quantitative investment capabilities. The company has prioritized four key growth initiatives designed to expand beyond traditional equity index strategies. Enhanced Equity Strategies represent an evolution of the firm's core offerings, providing higher potential returns through more concentrated factor exposures while maintaining similar risk profiles to benchmark indices. Extension Equity Strategies utilize leverage and short positions to amplify factor exposures, targeting institutional clients seeking higher returns with commensurate risk increases. Acadian's entry into Systematic Credit represents a significant diversification effort, applying the firm's quantitative methodology to fixed income markets. The company has seeded three credit strategies since late 2023: U.S. High Yield, Global High Yield, and U.S. Investment Grade, targeting the substantial $3 trillion credit market opportunity. These strategies command higher fee rates than traditional equity products and provide revenue diversification. The development of Equity Alternative Strategies includes multi-strategy funds that employ more flexible mandates while maintaining systematic approaches. These alternative products are designed to capture higher fees and provide differentiated return streams for institutional clients seeking alternatives to traditional long-only equity strategies. Throughout this transformation, Acadian has maintained its focus on capital allocation discipline, returning $1.3 billion to shareholders through share buybacks while maintaining investments in product development and global distribution capabilities. The firm has strengthened its international presence with offices in London, Sydney, and Singapore, supported by over 90 distribution professionals serving more than 1,000 institutional clients across 40 countries. Recent performance metrics demonstrate the success of these strategic initiatives, with the company achieving $21 billion in gross sales in 2024 (the highest in its history) and positive net flows of $1.8 billion for the full year, including $3.8 billion in Q1 2025 representing the highest quarterly net flows in 19 years.
AAMI company profile · for informational purposes only — not investment advice.
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