1 unchanged sentence
We provide investment management services globally, predominantly to institutional investors.
−Removed: We historically held ownership interests in a group of investment management firms (the “Affiliates”).
−Removed: We have completed the disposition of certain Affiliates which resulted in a differentiated investment management business operating through our majority owned subsidiary, Acadian Asset Management LLC (“Acadian”), a leading systematic manager of active global and international equity, multi-asset and alternative strategies.
+Added: We operate our differentiated investment management business through our majority owned subsidiary, Acadian Asset Management LLC (“Acadian”), a leading systematic manager of active global, international equity and alternative strategies.
The ownership structure of Acadian provides incentives for growth and prudent business management across multiple generations of Acadian partners, who retain meaningful levels of equity in their own business to preserve strong alignment of interests between us, Acadian, their clients and our shareholders.
1 unchanged sentence
We have generated strong, recurring free cash flow to our business that we can use for growth initiatives, return to shareholders through dividends and stock repurchases and to repay outstanding debt obligations.
−Removed: Our revenue consists largely of recurring management fees on assets under management and is not heavily dependent upon more volatile performance fees.
+Added: Our revenue consists largely of recurring management fees on assets under management and is not heavily dependent upon performance fees.
Our profit-sharing model enables us to participate directly in margin expansion as Acadian grows.
3 unchanged sentences
Acadian manages strategies in developed and emerging markets, including global, non-U.S.
−Removed: and small-cap equities, as well as managed volatility, ESG, multi-asset, equity alternatives, and long/short strategies.
+Added: and small-cap equities, as well as managed volatility, systematic macro, equity alternatives, and credit strategies.
Acadian invests on behalf of a wide range of institutional clients across the globe, including public and private funds, endowments and foundations, and retail clients through sub-advisory channels.
29 unchanged sentences
While we market primarily to institutional investors, we participate in the individual investor market through the sub-advisory channel, which represented 12% of our AUM as of December 31, 2023.
−Removed: We manage assets for mutual funds, and other commingled products including UCITs and Collective Investment Trusts, which gives us exposure to a retail investor base and the defined contribution market.
+Added: We also manage assets for mutual funds, and other commingled products including UCITs and Collective Investment Trusts, which gives us exposure to a retail investor base and the defined contribution market.
Our clients can access our investment strategies through a range of investment vehicles:
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Our client service and distribution teams comprise knowledgeable, seasoned professionals, experienced in working across the investment spectrum of investors.
−Removed: Our client base is highly diverse without significant concentration.
+Added: Our client base is diverse without significant concentration.
As of December 31, 2023, our top five client relationships represented approximately 14% of total run rate gross management fee revenue, and our top 25 clients represented approximately 38% of run rate gross management fee revenue.
3 unchanged sentences
We offer leading strategies in global, international, U.S.
−Removed: and emerging markets equities, in addition to alternative investments and responsible investing.
+Added: and emerging markets equities, in addition to credit, and alternative investments.
The chart below presents our wide range of offerings.
3 unchanged sentences
Our mission is to produce risk-adjusted performance, or alpha, for our clients.
−Removed: Acadian has competitive near- and long-term alpha performance records and is well-positioned for continued growth.
+Added: We have competitive near- and long-term alpha performance records and are well-positioned for continued growth.
In addition to analyzing our performance on a revenue-weighted basis, which gives us a perspective on product performance with respect to our existing client base, we also consider the number of our at-scale product strategies (defined as strategies with greater than $100 million of AUM) beating benchmarks.
87 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.