Acadian Asset Management (AAMI) Q2 2026 earnings summary

Executive summary

• Assets under management (AUM) reached $232.7 billion as of June 30, 2026, up 54% year-over-year, driven by strong net inflows and equity market appreciation.

• Achieved tenth consecutive quarter of positive net client cash flows, with $4.3 billion in Q2 2026, representing a 9% annualized organic growth rate.

• Record management fees and profitability, with net income attributable to controlling interests up 170% year-over-year to $27.3 million and diluted EPS up 171% to $0.76.

• Leadership updates included Alex Voitenok becoming Co-CIO and the addition of Jonathan Briggs and team, enhancing research and data capabilities.

• Moved up in Pensions & Investments Largest Money Managers ranking to 62 from 76, reflecting external recognition of scale and momentum.

Financial highlights

• Total revenue increased 45.3% year-over-year to $185.1 million, primarily from higher management fees.

• Economic Net Income (ENI) rose 107% to $47.5 million, with ENI diluted EPS up 108% to $1.33.

• Adjusted EBITDA grew 79% to $69.9 million.

• Operating margin improved to 17.5% from 12.7% year-over-year.

• Management fees reached $177 million, up 44% from Q2 2025, driven by a 66% increase in average AUM.

Outlook and guidance

• Institutional pipeline remains healthy and globally diversified, with strong demand for Enhanced and Extension strategies.

• Expect continued strong free cash flow, prioritizing organic growth and balance sheet flexibility, with excess capital returned via dividends and share repurchases.

• Variable compensation ratio for full year 2026 projected at 38%-42%, assuming similar revenue mix and levels.

• Fee rate expected to remain stable after recent step-down due to Enhanced strategy growth.

• Management expects available cash, cash flow from operations, and access to credit to be sufficient for at least the next twelve months.