Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Investor Day (May 2026)
62 slides from Acadian Asset Management's investor day presentation, May 19, 2026
Slide 1: Investor Forum Acadian Asset Management Inc. May 19, 2026
INVESTOR FORUM Acadian Asset Management Inc. May 19, 2026
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This communication includes forward-looking statements which may include, from time to time, statements about expected or targeted client demand and adoption of systematic strategies; distribution expansion and client acquisition initiatives; pipeline and sales momentum;
Slide 3: Agenda
3 Time Topic Speaker 10:00am Welcome Melody Huang, Director of Finance & IR 10:05am Executive Team Presentations Kelly Young, CEO Brendan Bradley, CIO Alex Voitenok, Deputy CIO Ted Noon, CMO Scott Hynes, CFO 12:15pm Break 12:30pm Q&A and Closing Kelly Young, CEO Agenda
Slide 4: Company Overview & Strategy
Acadian Asset Management Inc. 2026 Investor Forum | Company Overview & Strategy This presentation contains confidential and proprietary information of Acadian Asset Management Inc. This presentation may not be reproduced or disseminated in whole or in part without the prior written consent of Acadia
Slide 5: Systematic has momentum – and Acadian is leading
5 Systematic has momentum – and Acadian is leading Capturing increased demand for systematic strategies Source: eVestment 178% 130% 162% 100% 125% 150% 175% 200% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Acadian Equity Discretionary Equity Systematic Equity AUM growth at Acadi
Slide 6: Acadian's competitive advantages
6 Acadian’s competitive advantages We’ve built an edge over 40 years of systematic investing Note: Past performance is no guarantee of future results. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by A
Slide 7: Strong long-term track record
7 Strong long-term track record Note: Past performance is no guarantee of future results. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Acadian. 96% 96% 96% 96% 3-Year 5-Year 10-Year Since Inception
Slide 8: Culture of transparency
8 Culture of transparency Fostering trust and 'relationship alpha’ across our clients and employees With Clients Among Employees Shared analytics, tools, attribution Cross-team collaboration Thought leadership, research insights Respectful debate Senior investment team access Open two-way communicat
Slide 9: A global business with global opportunities
9 A global business with global opportunities Four decades of systematic investing across global markets; a footprint now reflecting that reach 51% | 49% % U.S. | non-U.S. AUM by client domicile North America $74 | +8% EMEA $32 | +7% APAC $27 | +10% Global Managed AUM $tn | % forecast growth (2024–2
Slide 10: High-quality, diversified client base
10 High-quality, diversified client base Institutional foundation with expanding access across wealth channels Notes: Data is as of March 31, 2026; Wealth/Other also includes Sub-Advisory > 1,000 client accounts ~50 Investment consultant relationships 6 Clients among Top 20 asset owners in the world
Slide 11: Acadian evolution since 2023
11 Acadian evolution since 2023 Focused initiatives and disciplined execution driving growth Notes: 1Q26 Management Fees = illustrious measure calculated by annualizing 1Q26 Management Fees of $159mm; Product Initiatives AUM includes Enhanced Equity, Equity Extensions, Equity Alternatives, Systemati
Slide 12: Strong organic growth momentum
12 Strong organic growth momentum Nine consecutive quarters of positive net flows with peer-leading organic growth $50B NCCFs 2023-1Q26 Net Client Cash Flows as % of Beginning AUM +53% of beginning AUM (3)% 2% 25% 12% (2)% (2)% 1% 1% 2023 2024 2025 1Q26 AAMI Peers Notes: Net Client Cash Flows = long
Slide 13: Addressable market is large and growing
13 Addressable market is large and growing Notes: TAM (Total Addressable Market) reflects total market opportunity across relevant AUM classes; SAM (Serviceable Addressable Market) reflects the TAM subset addressable given current AAMI investment strategies and distribution capabilities; Sources: eV
Slide 14: Systematic Credit – a natural market adjacency
14 Systematic Credit – a natural market adjacency Large addressable market, differentiated diversification, scalable operating leverage Sources: eVestment, Broadridge, Boston Consulting Group, Oliver Wyman, Morgan Stanley; Notes: projected 5-year CAGRs are 2024–2029 Large addressable market ▪ $4T in
Slide 15: Key Takeaways: CEO Signals
15 Key Takeaways: CEO Signals ▪ We are a pure-play systematic manager with durable competitive advantages. ▪ Strong long-term performance underpins client trust and growth. ▪ Organic growth has accelerated through performance and product strategy. ▪ Focused initiatives have expanded our addressable
Slide 16: Investment Management
Acadian Asset Management Inc. 2026 Investor Forum | Investment Management This presentation contains confidential and proprietary information of Acadian Asset Management Inc. This presentation may not be reproduced or disseminated in whole or in part without the prior written consent of Acadian Asse
Slide 17: Acadian investment philosophy
17 Acadian investment philosophy ▪ Financial assets are often mispriced due to investors incorrectly processing information, having incomplete information, or both. ▪ Systematic processes best capture inefficiencies arising from mispriced fundamental and market information. ▪ Over the last 40 years,
Slide 18: Why Acadian? Attractive and diversifying returns
18 Why Acadian? Attractive and diversifying returns Source: eVestment, Acadian analysis as of 3/31/26. Returns and other metrics are gross of fees and in USD. Fully active Global, Emerging, ACWI-ex U.S., and EAFE Large/All Cap strategies. Full risk strategies only. Minimum 3 years of data. Acadian r
Slide 19: Investment process
19 Investment process All Strategies 65,000 securities across equity and fixed income Objective Return Forecast Security-Specific Selection within traditionally defined groups + Peer Overlooked information from alternative peer groups + Macro Top-down group signals Disciplined Portfolio Construction
Slide 20: Investment universe
20 Investment universe Global coverage As of March 31, 2026. Frontier markets count includes underrepresented emerging markets. Above counts also include all modeled securities and not just investable securities. * Not highlighted in map as we have equity forecasts in corresponding countries. Corpor
Slide 21: Return forecast
21 Return forecast Stylized version of Acadian’s return forecast methodology. For illustrative purposes only. +0.12Value +0.45Quality +0.24Growth +0.99Technical Theme Forecast +0.40 Stock- Specific Peer Proprietary Networks +0.71Country +0.13IndustryMacro +0.33Country/Industry Intersection Model Tot
Slide 22: Portfolio construction
22 Portfolio construction Construct a portfolio with highest return forecast relative to benchmark risk, net of transaction costs Stylized version of Acadian’s portfolio construction methodology. For illustrative purposes only. Process considers more factors than those notated above. Risk Why contro
Slide 23: Trading
23 Trading Preserve alpha by delivering consistent and efficient data-driven execution Stylized version of Acadian’s trading methodology. For illustrative purposes only. Alpha, risk, cash flow, event-driven Order Reason Order Characteristics Bid-ask spread, volatility, % ADV, market capitalization,
Slide 24: Research
24 Research Idea Development Add to Process Assign/Prioritize Projects Evaluate/Present Results Implement Decision? Quarterly rollout cycle In discussion with Investment Policy Committee, Chief Investment Officer determines whether to proceed Researchers share findings with broader team Chief Invest
Slide 25: Investment capabilities
25 0.5 0.7 0.8 1.0 0.5 0.5 Core Enhanced Traditional Extension Dynamic Extension Investment Grade High Yield In fo rm a ti o n R a ti o T a rg e t Core Enhanced Traditional Extension Dynamic Extension Inv. Grade High Yield 0% 1% 2% 3% 4% 5% 6% 0% 1% 2% 3% 4% 5% 6% A c ti v e R e tu rn T a rg e t Act
Slide 26: Data at Acadian
26 Data at Acadian As of March 31, 2026. For illustrative purposes only. Governance, Risk, Controls ▪ Common Data (securities) ▪ Traditional Data (company filings) ▪ Alternative Data (supply chain) Data ▪ ~70 full time employees focused on data across investments and ITTeam ▪ Research and Analytics
Slide 27: AI at Acadian
27 AI at Acadian Firmwide Benefits Statistical Learning Models LLM Insights Agents Investment Applications ▪ Less time on manual, repetitive tasks ▪ More time on higher-value activities ▪ Quicker synthesis ▪ Higher-quality decision making ▪ Supports growth in data and complexity ▪ Standardizes proce
Slide 28: Performance
28 -5% 0% 5% 10% 15% 20% -2% 0% 2% 4% 6% 8% Non-U.S. EM Global Small Cap % o f F ir m A U M A c ti v e R e tu rn -1% 0% 1% 2% 3% -5% 0% 5% 10% 15% Non-U.S. Global EM % o f F ir m A U M A c ti v e R e tu rn Performance As of 3/31/2026 USD gross returns. Equity performance based on asset weighted comp
Slide 29: Key Takeaways: CIO Signals
29 Key Takeaways: CIO Signals ▪ Our core edge is our scalable systematic investment platform powered by research, data, and technology. ▪ Acadian offers a broad and evolving set of investment capabilities designed to meet diverse client objectives. ▪ Strong long-term investment performance reinforce
Slide 30: Break
BREAK
Slide 31: Distribution & Product Strategy
Acadian Asset Management Inc. 2026 Investor Forum | Distribution & Product Strategy This presentation contains confidential and proprietary information of Acadian Asset Management Inc. This presentation may not be reproduced or disseminated in whole or in part without the prior written consent of Ac
Slide 32: Record gross sales momentum
32 Record gross sales momentum $9 $21 $55 $30 2023 2024 2025 2026 YTD G ro s s S a le s ( b ill io n s ) Note: 2026 YTD is as of March 31, 2026 Performance and strategy initiatives have driven client cash flow momentum
Slide 33: Established systematic investor
33 Established systematic investor 51%49% U.S International 67% 29% 4% Core Enhanced Extension 75% 25% Institutional Wealth Geography Investor TypeStrategy $196B Assets Under Management Note: Financial data as of March 31, 2026.
Slide 34: Diversified client base
34 Diversified client base Over 900 clients across 40+ countries globally Note: Data as of March 31, 2026 This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Acadian 6 of top 20 largest global investors i
Slide 35: Global footprint
35 Global footprint Boston Est. 1986 $109B AUM 314 Employees 16% 3-Year CAGR London Est. 2006 $55B AUM 28 Employees 49% 3-Year CAGR Singapore Est. 1999 $9B AUM 19 Employees 32% 3-Year CAGR Sydney Est. 2005 $23B AUM 19 Employees 58% 3-Year CAGR Non-U.S. Client 3-Year CAGR: 44% Over 100 distribution a
Slide 36: Leading systematic brand
36 Rank Firm Name Firm Country 1 BlackRock U.S. 2 Wellington U.S. 3 Acadian U.S. 4 Vanguard U.S. 5 Connor, Clark & Lunn Canada 6 Fiera Canada 7 T. Rowe Price U.S. 8 Fidelity U.S. 9 Dimensional Fund Advisors U.S. 10 MFS U.S. Leading systematic brand Q4 2025 brand awareness rankings | equity Rank Firm
Slide 37: Secular growth benefits Acadian
37 Secular growth benefits Acadian A s s e ts U n d e r M a n a g e m e n t ($ tr ill io n s ) 0 5 10 15 20 25 2022 2025 Discretionary Equity Systematic Equity 3-Year CAGR 9% 18% $2 | 13% $4 | 15% Well positioned to capitalize on the evolution towards more widespread adoption of systematic investing
Slide 38: Acadian core business lines continue to grow
38 Acadian core business lines continue to grow Reflects Acadian Core long-only large and small cap capabilities as of March 31, 2026. CAGR from March 31, 2023. March 31, 2023 assets: Non-U.S. Long-Only Equity ($34B), EM Long-Only Equity ($20B), Global Long-Only Equity ($13B). 18% 17% 21% 3-Year CAG
Slide 39: Enhanced: a key beneficiary of systematic growth
39 Enhanced: a key beneficiary of systematic growth Investors increasingly prioritizing consistent benchmark-relative returns and value for money in active management $3 $4 $10 $40 $58 2022 2023 2024 2025 Q12026 A s s e ts U n d e r M a n a g e m e n t ($ b ill io n s )
Slide 40: Product initiatives driving disciplined growth
40 Investors are prioritizing consistent benchmark- relative returns and value for money “Relaxing the short constraint” allows for better expression of return forecasts Wealth markets are growing faster than institutional $49B / 40% $0.1B / 100% $9B / 125% $58B / 151% Systematic market penetration
Slide 41: Global Wealth: Institutional-adjacent segments
41 Global sub-advisory Sponsor-led access to adviser and retirement assets through third-party manufacturers $2.3 | 17% Non-U.S. intermediaries UCITS-enabled access through private banks, platforms, and fund selectors $3.1 | 21% U.S. ultra-high net worth Tax-aware opportunity through family offices
Slide 42: Key Takeaways: CMO Signals
42 Key Takeaways: CMO Signals ▪ Acadian is an established leader in systematic investing: proven track records, global footprint, established client base, and recognized brand. ▪ Our growth highlights that investors are after what we offer: attractive risk-adjusted returns. ▪ Our addressable market
Slide 43: Financial Review & Outlook
Acadian Asset Management Inc. 2026 Investor Forum | Financial Review & Outlook Scott Hynes Chief Financial Officer This presentation contains confidential and proprietary information of Acadian Asset Management Inc. This presentation may not be reproduced or disseminated in whole or in part without
Slide 44: Our Economic Net Income (ENI) framework
44 Our Economic Net Income (ENI) framework ENI Revenue Management Fees + Performance Fees ENI Operating Expenses Fixed compensation & benefits + General & administrative expenses + Depreciation and amortization ENI Variable Compensation (VC) Primarily a contractual % allocation of ENI Earnings befor
Slide 45: Diversified AUM across strategies and benchmark indices
45 Diversified AUM across strategies and benchmark indices Approximately 67% of AUM is denominated in non-USD currencies Notes: Financial data as of March 31, 2026 AUM by strategy and selected key benchmark indices 30% 20% 16% 13% 12% 9% Enhanced Non-US Small Cap Emerging Global Other ▪ MSCI World |
Slide 46: Robust revenue growth driven by management fees
46 $424 $549 2023 2025 Management fees Performance fees Total Robust revenue growth driven by management fees More durable, recurring revenue base as management fees represent larger share of revenues Notes: % of AUM performance fee eligible is as of March 31, 2026 ENI Total Revenue Mix ($M | % CAGR
Slide 47: Management fee rate driven by market appreciation and flows
47 30% 20% 16% 13% 12% 9% Enhanced Non-US Small Cap EM Global Other Management fee rate driven by market appreciation and flows Mix shift to Enhanced expected to continue to inform recent fee rate trajectory Notes: AUM mix is as of March 31, 2026 Enhanced has helped drive management fee growth… …whi
Slide 48: Expense dynamics and drivers: Positive operating leverage
48 Expense dynamics and drivers: Positive operating leverage Disciplined investments in technology, people, operations, data, distribution Notes: ENI Operating Expenses ex-Sales-based Compensation include Fixed Compensation, General & Administrative (ex-Sales-based Compensation), and Depreciation &
Slide 49: Acadian's cost structure is scaling
49 Acadian’s cost structure is scaling Notes: FTEs reflect total full-time equivalent employees as of each year-end 20 19 16 2023 2024 2025 ENI Operating Expenses / Average AUM (bps) $254 $364 2023 2025 $1.1 $1.4 2023 2025 Avg. AUM / FTEs ($M | % CAGR) ENI Revenue / FTEs ($mm) 20% 13% Productivity g
Slide 50: ENI operating margin expansion
50 ENI operating margin expansion Disciplined investments and AUM mix shift driving margin gains % AUM mix by strategy and % ENI Operating Margin 4% 9% 23% 28.4% 33.4% 35.5% 2023 2024 2025 Enhanced Other Strategies % ENI Operating Margin 38-40% ENI Operating Margin Near-term aspiration 7% pts ENI Op
Slide 51: ENI operating margin aspiration detail
51 35.5% 20.0% -9% -7.5% 2025 ENI Revenue Operating Expenses Variable Compensation Near-term Aspiration Continued investment: tech, data, AI-enabled capabilities, credit, wealth, scale infrastructure Market appreciation, organic AUM growth, and continued momentum in Enhanced, Extensions, Credit and
Slide 52: Durable and resilient balance sheet provides optionality
52 Durable and resilient balance sheet provides optionality Enhanced liquidity and reduced leverage positions Acadian to navigate various cycles Notes: Financial data is as of March 31, 2026; $mm unless otherwise noted $131 $220 1Q23 1Q26 Liquidity and Revolver Capacity Gross Debt Gross Leverage $36
Slide 53: Capital management and prioritization
53 Capital management and prioritization Priority is to fund business needs, preserve balance sheet optionality, then return excess capital Organic business investment (FTEs | G&A | Seed Capital) ▪ Fund initiatives that support organic growth exceeding internal hurdle rates ▪ Prioritized through cy
Slide 54: Significant capital return to shareholders
54 Significant capital return to shareholders Repurchases have been primary return vehicle and materially reduced shares outstanding Notes: $1.4bn in excess capital returned and (58)% reduction in Average Diluted Shares is as of the quarter ended March 31, 2026 Share repurchases, dividends ($M) and
Slide 55: Key Takeaways: CFO Signals
55 Key Takeaways: CFO Signals ▪ ENI is the key framework for assessing AAMI shareholder outcomes. ▪ While equity-oriented, our business is diversified across benchmarks, geographies, and currencies. ▪ Revenue has grown and quality has improved, with a larger recurring management fee base. ▪ Enhanced
Slide 56: Q&A
Q&A
Slide 57: Closing
CLOSING
Slide 58: Appendix
APPENDIX
Slide 59: Reconciliations from U.S. GAAP to Non-GAAP Measures
59 Reconciliations from U.S. GAAP to Non-GAAP Measures(1) __________ Please see Definitions and Additional Notes (1) For further information and additional reconciliations between U.S. GAAP and non-GAAP measures, see the Company’s Annual Report on Form 10-K and the Company’s Quarterly Report on Form
Slide 60: Reconciliations from U.S. GAAP to Non-GAAP Measures
60 Reconciliations from U.S. GAAP to Non-GAAP Measures(1) __________ Please see Definitions and Additional Notes (1) For further information and additional reconciliations between U.S. GAAP and non-GAAP measures, see the Company’s Annual Report on Form 10-K and the Company’s Quarterly Report on Form
Slide 61: Definitions and Additional Notes
61 References to “Acadian Asset Management”, “Acadian”, “AAMI” or the “Company” refer to Acadian Asset Management Inc.; references to “Hold Co” refer to AAMI and its subsidiaries excluding Acadian Asset Management LLC (“Acadian LLC”). The Company uses a non-GAAP performance measure referred to as ec
Slide 62: ENI operating margin definitions
62 ENI operating margin The ENI operating margin, which is calculated before Acadian LLC key employee distributions, is used by management and is useful for investors to evaluate the overall operating margin of the business without regard to the Company’s ownership level of Acadian LLC. ENI operatin