Acadian Asset Management Inc., an investment advisory firm with a market capitalization of $964.3 million, has officially changed its name from BrightSphere Investment Group (NYSE:AAMI) Inc., as reported in a recent filing with the Securities and Exchange Commission (SEC). The company, headquartered in Boston, Massachusetts, filed the necessary documents with the Delaware Secretary of State to formalize the name change effective January 1, 2025.
The name change was accompanied by amendments to the company's certificate of incorporation and bylaws, reflecting the new name across all official documents. These amendments were approved by the company’s Board of Directors on December 31, 2024, and took effect on the first day of 2025.
Acadian Asset Management, which is listed on the New York Stock Exchange under the ticker NYSE:AAMI, also has 4.800% Notes due 2026 listed under the symbol AAMI 26. The company, which maintains a "Good" financial health score according to InvestingPro, operates within the investment advice sector under the standard industrial classification code 6282 and is incorporated in the state of Delaware.
The transition from BrightSphere Investment Group Inc. to Acadian Asset Management Inc. represents a rebranding initiative for the firm, aligning its corporate identity with its operational focus. The company has demonstrated strong performance with a 40.82% return over the past year and currently trades at $25.84, showing potential upside according to InvestingPro's Fair Value analysis.
In other recent news, Brightsphere Investment Group has seen a rise in its third-quarter earnings, with net income per share increasing to $0.59 from $0.45 in the same period last year. This increment was primarily fueled by higher management fee revenue due to an increase in assets under management. On a year-over-year basis, the company's earnings net income ( ENI (BIT:ENI)) rose by 15% to $22.2 million, with a 31% increase in ENI per share.
The company also noted positive net client cash flows of $0.5 billion, a recovery from breakeven in the previous quarter. BrightSphere executed $100 million in share repurchases, contributing to the rise in ENI per share. In another significant development, RBC Capital Markets downgraded Brightsphere's stock from Outperform to Sector Perform, citing a full valuation and the absence of an immediate catalyst from mergers and acquisitions.
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