Acadian Asset Management

The model is asset light and cash generative. For 2025, net cash from operating activities excluding consolidated funds was $129.8 million against capex of $11.9 million. The balance sheet shows cash of about $101 million, seed investments of ~$97 million, a $200 million term loan, and no revolver balance at year end.

Management indicates leverage near 1.0x and net leverage about 0.5x LTM adjusted EBITDA, leaving ample flexibility through cycles. Interest coverage is robust, maturities are manageable after redeeming the 4.800 percent notes due 2026 via a new term loan and cash. These factors support resilience through market drawdowns.