Description of Acadian Asset Management Inc's Business Segments
The Company operates one reportable segment, Quant & Solutions, which utilizes advanced technology to collect and analyze data for identifying mispriced assets and generating risk-adjusted returns. Portfolios within this segment include Emerging Equity, Non-U.S. Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, and Systematic Credit. This segment comprises the Company's ownership interest in Acadian LLC. The corporate holding company (Hold Co) is classified under Unallocated Corporate expenses, and its costs are not allocated to the segment. The Chief Operating Decision Maker (CODM), who is the Company's Chief Executive Officer, considers the corporate head office cost structure when assessing segment performance. The primary performance metric used by the CODM is economic net income (ENI), calculated as ENI revenue minus ENI operating expenses. ENI adjusts U.S. GAAP results by excluding non-cash, non-economic expenses. ENI revenue includes management fees, performance fees, and other revenue, adjusted to incorporate management fees paid by consolidated Funds. Key ENI expenses consist of fixed and variable compensation, key employee distributions, depreciation and amortization adjusted to exclude non-cash expenses related to Acadian LLC equity and profit interests, capital transaction costs, and restructuring costs. ENI results exclude consolidated Fund revenues, expenses, and investment returns recorded under U.S. GAAP. The Company does not disclose total asset information for the segment, as it is not reviewed by the CODM.
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