The sustained organic growth (11 consecutive quarters of positive flows) and expanding margins suggest continued momentum. Watch for the pace of net inflows in Q4 and any update on the full-year VC ratio guidance (34%-38%). The strong balance sheet with net leverage at 0.2x provides flexibility for capital returns, though no buybacks occurred in Q3.
Price Chart
Executive Summary
Acadian Asset Management reported Q3 2026 results with record quarterly management fees of $187.8M, up 38% YoY, and ENI EPS of $1.36, up 79% YoY, exceeding the consensus estimate of $1.21. AUM reached $239.6B, up 44% YoY, driven by market appreciation and the eleventh consecutive quarter of positive net inflows ($2.6B). The ENI operating margin expanded 9.4 percentage points to 42.6%, reflecting strong operating leverage.
Key Financial Metrics
Key Facts
- Record quarterly management fees of $187.8M, up 38% YoY
- ENI EPS of $1.36, up 79% YoY, above consensus of $1.21
- AUM of $239.6B at September 30, 2026, up 44% YoY
- Eleventh consecutive quarter of positive net client cash flows ($2.6B in Q3)
- ENI operating margin expanded 933 bps YoY to 42.6%
- U.S. GAAP net income attributable to controlling interests of $35.5M, up 135% YoY
- U.S. GAAP diluted EPS of $1.00, up 138% YoY
- Cash and cash-equivalents of $150.0M, leverage ratio declined to 0.7x
- No shares repurchased in Q3 2026
- Quarterly dividend of $0.10 per share declared
Financial Impact
Record management fees and strong margin expansion drove a 79% YoY increase in ENI EPS to $1.36, beating consensus by 12.4%.
Risk Factors
- Net inflows decelerated to $2.6B in Q3 from $4.3B in Q2, representing a 4% annualized organic growth rate vs 9% in Q2
- Market-dependent AUM could decline if equity markets reverse
- Key employee distribution ratio increased to 14.2% from 11.5% YoY, potentially reducing shareholder economics
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001748824-26-000003 |
| Document: aami-20261029.htm | 0001748824-26-000003 |
| Document: 0001748824-26-000003-index-headers.html | 0001748824-26-000003 |
| Document: 0001748824-26-000003-index.html | 0001748824-26-000003 |
| Document: 0001748824-26-000003.txt | 0001748824-26-000003 |
| 8-K Data (Synthetic) | 0001748824-26-000003 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $91.32 $88.92 | ▼ −2.63% | ▼ −0.86% | $88.92 (−2.63%) |
Aug 12, 2026 11w ago | Institutional Cluster | $92.19 $93.16 | ▲ +1.05% | ▲ +0.35% | $88.92 (−3.55%) |
Jul 30, 2026 13w ago | 8-K | $83.95 $86.49 | ▲ +3.03% | ▲ +2.32% | $88.92 (+5.92%) |
Jun 17, 2026 19w ago | 144 | $75.15 $73.89 | ▲ +1.68% | ▲ +1.36% | $88.92 (−18.32%) |
May 19, 2026 23w ago | 8-K | $68.11 $71.12 | ▲ +4.42% | ▲ +3.38% | $88.92 (+30.55%) |
US Market Status
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