Short answer
Acadian Asset Management Inc. (AAMI) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $564M (+11.5% year over year) and net income of $80M.
- Top risk flagged: Regulatory risk SEC scrutiny on conflicts of interest and investment advisory agreement termination upon assignment under Advisers Act and Investment Company Act
FY2025 key financial metrics · XBRL
- Revenue
- $564M
- +11.5% YoY
- Net income
- $80M
- −5.9% YoY
- Operating margin
- 23.4%
- −3.4 pp YoY
- EPS (diluted)
- $2.21
- −0.5% YoY
- Operating cash flow
- −$2M
- −104.3% YoY
Source: XBRL data from the Acadian Asset Management Inc. (AAMI) FY2025 10-K on SEC EDGAR. USD.
Acadian Asset Management Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Systematic investment management via majority-owned Acadian LLC with $178B AUM as of Dec 31, 2025
- New emphasis on enhanced equity and equity extension strategies like 130/30 offering higher fee, high conviction products
- Name change effective Jan 1, 2025 from BrightSphere Investment Group Inc. to Acadian Asset Management Inc. signals rebranding
- Employee count at 396 full-time equivalents as of Dec 31, 2025, including 20 at holding company level
- Significant share repurchases: 58% of shares repurchased from 2020 through 2025 reflecting strong capital return strategy
Management Discussion & Analysis
- Revenue $563.7M in 2025, up 11.5% YoY from $505.6M in 2024
- Operating margin declined to 23% in 2025 from 27% in 2024 (down 400 bps approx)
- Best segment: Enhanced Equity AUM grew $29.2B to $40.0B in 2025, 22.5% of total AUM
- Worst segment: Performance fees down 44% YoY to $31.4M in 2025 from $71.4M in 2024
- Net inflows record $29.4B in 2025 vs $1.8B in 2024; total AUM rose to $177.5B
- Net income attributable to controlling interests declined 5.9% to $80.0M in 2025
- Capital allocation: No explicit buybacks/dividends/capex figures disclosed in provided text
- Management uses Economic Net Income (ENI) ($117.6M in 2025, up 11.1% YoY) to guide operations
- Management highlights strong asset growth, but notes risks from AUM mix and fee rate changes
Risk Factors
- Regulatory risk SEC scrutiny on conflicts of interest and investment advisory agreement termination upon assignment under Advisers Act and Investment Company Act
- Macroeconomic threat 70% AUM in non-U.S. currencies facing foreign exchange risk and potential asset value declines due to U.S. dollar strength
- Operational vulnerability dependency on Acadian LLC profitability and required cash distributions subject to working capital and insolvency risks
- Competitive risk pressure on fee levels from industry trend toward lower fees and sub-advisory agreements impacting revenue growth
- Financial risk key personnel dependency with potential adverse impact from loss of investment and management staff despite some non-competition agreements
Generated from the filing text; verify against the original. How to read a 10-K
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