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CONTENTS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No. )


Filed by the Registrant ý
Filed by a Party other than the Registrant o
Check the appropriate box:
o			Preliminary Proxy Statement
o			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
ý			Definitive Proxy Statement
o			Definitive Additional Materials
o			Soliciting Material under §240.14a-12


ACADIAN ASSET MANAGEMENT INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
ý			No fee required
o			Fee paid previously with preliminary materials
o			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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200 State Street, Suite 601A
Boston, Massachusetts 02109


			NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS

To the Holders of Common Stock of Acadian Asset Management Inc.:

Notice is hereby given that the 2026 annual meeting of stockholders (the “Annual Meeting”) of Acadian Asset Management Inc. (the “Company”) will be held at 10:30 a.m. Eastern Time on Thursday, June 11, 2026. For convenience purposes, and to facilitate stockholder access to the Annual Meeting, we will hold the Annual Meeting in a virtual format. Stockholders as of April 20, 2026, the record date for the Annual Meeting, will be able to access, attend and participate in the live Annual Meeting webcast at meetnow.global/MKHKNUN. Stockholders can gain access to the Annual Meeting by accessing the link above and selecting “I have a Control Number.” Stockholders can then enter their control number shown on the notice of internet availability or proxy card previously received. If you hold shares beneficially through a bank, broker or other nominee, you must register in advance to access, attend and participate in the Annual Meeting. For additional information on how to attend the Annual Meeting, see “How do I attend the meeting, ask a question and vote at the meeting?” on page 4 of the accompanying proxy statement.

Details regarding the Annual Meeting, the business to be conducted at the Annual Meeting, and information about the Company that you should consider when you vote your shares of common stock of the Company, par value $0.001 per share (“Common Stock”), are described in the accompanying proxy statement.

At the Annual Meeting, you will be asked to consider and vote on the following proposals:

1.Proposal 1—Vote to elect directors of the Company:

To elect five directors to serve on the Company’s Board of Directors (the “Board”) until the Company’s 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified, on the following basis:

1.01—To re-elect Mr. Robert J. Chersi as a director of the Company;

1.02—To re-elect Mr. Andrew Kim as a director of the Company;

1.03—To re-elect Mr. John Paulson as a director of the Company;

1.04—To re-elect Ms. Barbara Trebbi as a director of the Company; and

1.05—To re-elect Ms. Kelly Young as a director of the Company.

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2.Proposal 2—Vote regarding ratification of independent registered public accounting firm:

To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026.

3.Proposal 3—Advisory vote on executive compensation:

To approve, on an advisory basis, the compensation of the Company’s named executive officers as described in the accompanying proxy statement under the section titled Compensation Discussion and Analysis and the tabular and narrative disclosure contained in the accompanying proxy statement.

4.Proposal 4—Vote on the Company’s 2026 Equity Incentive Plan:

To approve the Company’s 2026 Equity Incentive Plan contained in Appendix A to the accompanying proxy statement.

Other business.

To transact such other business that is properly presented at the Annual Meeting and any adjournments or postponements thereof.

THE BOARD RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE NOMINEES REFERENCED ABOVE AND “FOR” THE APPROVAL OF PROPOSALS 2, 3 AND 4.

The Company is a corporation incorporated under the laws of Delaware. In accordance with the Company’s Bylaws, the election of directors shall be decided by a majority of the votes cast and all other matters shall be decided by the affirmative vote of a majority of shares present in person or represented by proxy at the Annual Meeting and entitled to vote thereon.

You may vote if you were the record owner of Common Stock at the close of business on April 20, 2026.

We are pleased to take advantage of the Securities and Exchange Commission rules that allow us to furnish proxy materials to our stockholders on the internet instead of mailing paper copies. We believe these rules allow us to provide you with the information that you need while lowering the costs of delivery and reducing the environmental impact of the Annual Meeting.

All stockholders are cordially invited to attend the Annual Meeting virtually. Whether you plan to attend the Annual Meeting virtually or not, we urge you to vote in accordance with the instructions set forth in the proxy statement and submit your proxy by the Internet, telephone or, if you received printed proxy materials, by mail in order to ensure the presence of a quorum. You may change or revoke your proxy at any time before it is voted at the Annual Meeting.


			BY ORDER OF THE BOARD OF DIRECTORS
			/s/ RICHARD J. HART
			Richard J. Hart Chief Legal and Administrative Officer and Secretary

200 State Street, Suite 601A

Boston, Massachusetts 02109

April 29, 2026

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			PAGE
Important Information About the Annual Meeting and Voting			3
Proposal 1—Election of Directors			9
Information Concerning Executive Officers			12
Corporate Governance			13
Proposal 2—Ratification of Appointment of Independent Registered Public Accounting Firm			20
Report of Audit Committee			22
Compensation Discussion and Analysis			24
Report of the Compensation Committee			36
Proposal 3—Advisory Vote on Executive Compensation			50
Proposal 4—Vote on the Company’s 2026 Equity Incentive Plan			52
Security Ownership of Certain Beneficial Owners and Management			60
Equity Compensation Plan Information			63
Certain Relationships and Related Person Transactions			64
Code of Conduct and Ethics			66
Other Matters			67
Stockholder Proposals and Nominations For Director			68
Appendix A—2026 Equity Incentive Plan			A -1
Appendix B—Reconciliation of Non-GAAP Metrics			B-1

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200 State Street, Suite 601A

Boston, Massachusetts 02109

PROXY STATEMENT FOR ACADIAN ASSET MANAGEMENT INC.


2026 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 11, 2026

This proxy statement, along with the accompanying notice of the 2026 annual meeting of stockholders (the “Annual Meeting”) of Acadian Asset Management Inc. (“Acadian” or the “Company”), contains information about the Annual Meeting, including any adjournments or postponements of the Annual Meeting. We are holding the Annual Meeting at 10:30 a.m. Eastern Time on Thursday, June 11, 2026. For convenience purposes, and to facilitate stockholder access to the Annual Meeting, we will hold the Annual Meeting in a virtual format. Stockholders as of April 20, 2026, the record date for the Annual Meeting, will be able to access and attend the live Annual Meeting webcast at meetnow.global/MKHKNUN. Stockholders can gain access to the Annual Meeting by accessing the link above and selecting “I have a Control Number.” Stockholders can then enter their control number shown on the notice of internet availability or proxy card previously received. If you hold shares beneficially through a bank, broker or other nominee, you must register in advance to access, attend and participate in the Annual Meeting. For additional information on how to attend the Annual Meeting, see “How do I attend the meeting, ask a question and vote at the meeting?” on page 4 of this proxy statement.

This proxy statement relates to the solicitation of proxies by our Board of Directors (the “Board”) for use at the Annual Meeting.

On or about April 29, 2026, we will commence delivery to our stockholders of record as of April 20, 2026 a notice of internet availability of proxy materials (the “Notice of Internet Availability”) instead of paper copies of this proxy statement, the Notice of Annual Meeting and our Annual Report to Stockholders on Form 10-K. The Notice of Internet Availability includes instructions on how to access our proxy materials and how to vote your shares, as well as instructions on how to receive a paper copy of the proxy materials, if you prefer. We are also making our proxy materials available to all stockholders electronically via the Internet.

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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE

ANNUAL MEETING TO BE HELD ON JUNE 11, 2026

This proxy statement is available for viewing, printing and downloading at www.acadian-inc.com. Additionally, you can find a copy of our Annual Report on Form 10-K, which includes our financial statements, for the fiscal year ended December 31, 2025 on the website of the Securities and Exchange Commission at www.sec.gov, or in the “Public Filings” section of the “Investor Relations” section of our website at www.acadian-inc.com.

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IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING AND VOTING

Why is the Company soliciting my proxy?

The Board is soliciting your proxy to vote at the Annual Meeting to be held at 10:30 a.m. Eastern Time on Thursday, June 11, 2026 and any adjournments or postponement of the Annual Meeting. The proxy statement along with the accompanying Notice of Annual Meeting summarizes the purposes of the Annual Meeting and the information you need to know to vote at the Annual Meeting.

Why is the Company holding the Annual Meeting in a virtual format?

For convenience purposes, and to facilitate stockholder access to the Annual Meeting, we will hold the Annual Meeting in a virtual format.

Why did I receive a “Notice of Internet Availability of Proxy Materials” but no proxy materials?

We are distributing our proxy materials to stockholders via the Internet under the “Notice and Access” approach permitted by rules of the Securities and Exchange Commission (the “SEC”). This approach benefits the environment, while providing a timely and convenient method of accessing the materials and voting. On April 29, 2026, we will begin mailing the Notice of Internet Availability to all stockholders of record as of April 20, 2026 (the “Record Date”). The Notice of Internet Availability includes instructions on how to access our proxy statement and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and how to vote your shares. The Notice of Internet Availability also contains instructions on how to receive a paper copy of the proxy materials, if you prefer.

Who can vote?

You are entitled to attend and vote at the Annual Meeting only if, as of the close of business on the Record Date, you were a stockholder who owned common stock of the Company, par value $0.001 per share (“Common Stock”), registered directly in your name through our share transfer agent, Computershare Trust Company, N.A. (a “Registered Holder”), or if you hold a valid legal proxy for the Annual Meeting if you are a beneficial holder and hold your shares through an intermediary, such as a bank or broker (“Beneficial Holder”). On the Record Date, there were 35,628,988 shares of Common Stock outstanding and entitled to vote. The shares of Common Stock are our only class of voting shares outstanding.

How do I vote?

Whether you plan to attend the Annual Meeting virtually or not, we urge you to vote by proxy. All shares of Common Stock represented by valid proxies that we receive through this solicitation, and that are not revoked, will be voted as instructed via Internet or telephone, or, if you received a proxy card by mail, in accordance with your instructions on the proxy card. You may specify whether your shares of Common Stock should be voted for, against or abstain with respect to each of such proposals. If you properly submit a proxy without giving specific voting instructions, your shares of Common Stock will be voted in accordance with the Board’s recommendations as noted below. Voting by proxy will not affect your right to attend the Annual Meeting virtually. If you are a Registered Holder, you may vote:

•By Internet. You may vote via the internet by going to www.envisionreports.com/aami and following the instructions to submit your vote.

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•By telephone. You may vote by telephone by calling toll free 1-800-652-VOTE within the United States, U.S. territories and Canada and following the instructions to submit your vote.

•By mail. If you received a proxy card by mail, you can vote by mail by completing, signing, dating and returning the proxy card as instructed on the card. If you sign the proxy card but do not specify how you want your shares of Common Stock voted, they will be voted in accordance with the Board’s recommendations as noted below.

•During the Annual Meeting. You may attend the Annual Meeting virtually on Thursday, June 11, 2026 at 10:30 a.m. Eastern Time and vote during the meeting. For instructions on how to vote at the meeting, see “How do I attend the meeting, ask a question and vote at the meeting?” below.

Telephone and Internet voting for stockholders of record will be available 24 hours a day. If you give instructions as to your proxy appointment through the Internet or by telephone, such instructions must be received by 11:59 p.m. Eastern Time on June 10, 2026. If you properly give instructions as to your proxy appointment through the Internet, by telephone or by executing and returning a paper proxy card, and your proxy appointment is not subsequently revoked, your shares of Common Stock will be voted in accordance with your instructions. If you are a stockholder of record and you execute and return a proxy card but do not give instructions, your proxy will be voted in accordance with the Board’s recommendations as noted below.

If your shares of Common Stock are held in “street name” (held in the name of a bank, broker or other nominee), you will receive instructions from such bank, broker or other nominee. You must follow the instructions of the bank, broker or other nominee in order for your shares of Common Stock to be voted. Telephone and Internet voting also will be offered to stockholders owning shares of Common Stock through certain banks and brokers.

How do I attend the meeting, ask a question and vote at the meeting?

Registered Holders

If you are a Registered Holder, you will be able to attend the Annual Meeting online, ask a question and vote by visiting meetnow.global/MKHKNUN. Stockholders can gain access to the Annual Meeting by accessing the link above and selecting “I have a Control Number.” Stockholders can then enter their control number shown on the notice of internet availability or proxy card previously received. As a Registered Holder, you do not need to register in advance to virtually attend the Annual Meeting.

Beneficial Holders

If you are a Beneficial Holder and want to attend the Annual Meeting online, ask a question and vote, you must register in advance using the instructions below.

Contact your bank, broker or other nominee to obtain a legal proxy and submit proof of your proxy power (“Legal Proxy”) reflecting your Acadian holdings along with your name and email address to Computershare.

These requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, on June 5, 2026. You will receive a confirmation of your registration by email after we receive your registration materials.

Requests for registration should be directed to us at the following:

By email: Forward the email from your broker granting you a Legal Proxy, or attach an

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image of your Legal Proxy, to legalproxy@computershare.com

By mail: Computershare

Acadian Asset Management Inc. Legal Proxy

P.O. Box 43006

Providence, RI 02940-3006

A Beneficial Owner that has registered in advance for the Annual Meeting should then follow the instructions referenced above for Registered Holders to attend the meeting.

Stockholders who wish to submit questions may do so electronically starting at the time of check-in or during the meeting by clicking the message icon on the meeting page.

Guests are permitted to attend the Annual Meeting online by visiting meetnow.global/MKHKNUN and choosing the “Guest” option.

The virtual meeting platform is fully supported across browsers (MS Edge, Firefox, Chrome and Safari) and devices (desktops, laptops, tablets and cell phones) running the most up-to-date version of applicable software and plugins. Participants should ensure that they have a strong internet connection wherever they intend to participate in the meeting. We encourage participants to access the meeting prior to the start time. A “help” link on the meeting page will provide further assistance should they need it or they may call 1-888-724-2416.

You do not need to attend the Annual Meeting to vote your shares of Common Stock. Shares of Common Stock represented by valid proxies, received in time for the Annual Meeting and not revoked prior to the Annual Meeting will be voted at the Annual Meeting. For instructions on how to change or revoke your proxy, see “May I change or revoke my proxy?” below.

Appointing a proxy

If you are a stockholder who is entitled to attend and vote at the Annual Meeting, you are entitled to appoint a proxy to exercise all of your rights to attend, participate and vote at the Annual Meeting. A proxy does not need to be a stockholder of the Company but must attend the Annual Meeting virtually to represent you. You may appoint more than one proxy provided that each proxy is appointed to exercise rights attached to different shares. You may not appoint more than one proxy to exercise rights attached to any one share. Appointment of a proxy does not preclude you from attending the Annual Meeting virtually. Attending the Annual Meeting virtually will not in and of itself revoke a previously submitted proxy. To terminate your proxy appointment you must deliver a notice of termination to us at least 24 hours before the start of the Annual Meeting. The notice of termination may be (i) delivered by post or by hand in hard copy form to Acadian Asset Management Inc., 200 State Street, Suite 601A, Boston, MA 02109, Attention: Secretary or (ii) received in electronic form at info@acadian-inc.com with a subject title “Revocation of Previous Proxy Appointment—Attention: Secretary.” A corporate entity which is a stockholder can appoint one or more corporate representatives who may exercise, on its behalf, all its powers as a stockholder, provided that no more than one corporate representative exercises powers over the same share.

How many votes do I have?

Each share of Common Stock that you own entitles you to one vote.

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How does the Board recommend that I vote on the proposals?

The affirmative vote of a majority of the votes cast at the Annual Meeting by the holders of Common Stock entitled to vote on the election of directors is required to approve the election of each director and each other proposal requires the affirmative vote of a majority of shares present in person or represented by proxy at the Annual Meeting and entitled to vote thereon. The Board recommends that you vote as follows:

•FOR the election of all nominees for director named in this proxy statement;

•FOR the ratification of the appointment of KPMG LLP (“KPMG”) as our independent registered public accounting firm for the 2026 fiscal year;

•FOR advisory approval of the compensation of our named executive officers; and

•FOR approval of the Company’s 2026 Equity Incentive Plan.

If any other matter is presented at the Annual Meeting, your proxy provides that your shares of Common Stock will be voted by the proxy holder listed in the proxy in accordance with his best judgment. At the time this proxy statement was first made available, we knew of no matters that needed to be acted on at the Annual Meeting, other than those discussed in this proxy statement.

May I change or revoke my proxy?

If you give us your proxy, you may change or revoke it at any time before the Annual Meeting. You may change or revoke your proxy in any one of the following ways:

•if you received a proxy card, by signing a new proxy card with a date later than your previously delivered proxy and submitting it as instructed above;

•by re-voting by Internet or by telephone as instructed above; or

•if you are a Registered Holder or a Beneficial Holder who has registered to attend the meeting, by re-voting during the Annual Meeting.

Attending the Annual Meeting virtually will not in and of itself revoke a previously submitted proxy. To terminate your proxy appointment you may also deliver a notice of termination to the Company at least 24 hours before the start of the Annual Meeting. The notice of termination may be (i) delivered by post or by hand in hard copy form to Acadian Asset Management Inc., 200 State Street, Suite 601A, Boston, MA 02109, Attention: Secretary or (ii) received in electronic form at info@acadian-inc.com with a subject title “Revocation of Previous Proxy Appointment—Attention: Secretary.”

If your shares are held in the name of a broker, bank or other nominee, that institution will instruct you as to how your vote may be changed.

If you attend the Annual Meeting without first revoking your proxy, your vote at the Annual Meeting will revoke any previously submitted proxy with respect to such vote. Your most current vote, whether by telephone, Internet, proxy card or during the Annual Meeting is the one that will be counted.

What if I receive more than one Notice of Internet Availability, proxy card or voting instruction form?

You may receive more than one Notice of Internet Availability, proxy card or voting instruction form if you hold shares of Common Stock in more than one account, which may be in registered form or held in street name. Please vote in the manner described above under “How do I vote?” for each account to ensure that all of your shares of Common Stock are voted.

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Will my shares be counted if I do not vote or provide instructions or if I abstain?

If your shares of Common Stock are registered in your name, they will not be counted if you do not vote as described above under “How do I vote?” If your shares of Common Stock are held in street name and you do not provide voting instructions to the bank, broker or other nominee that holds your shares of Common Stock as described above, the bank, broker or other nominee that holds your shares of Common Stock has the authority to vote your unvoted shares of Common Stock only on routine matters without receiving instructions from you. Therefore, we encourage you to provide voting instructions to your bank, broker or other nominee. This ensures your shares of Common Stock will be voted at the Annual Meeting on all matters and in the manner you desire. A “broker non-vote” will occur if your broker cannot vote your shares of Common Stock on a particular matter because it has not received instructions from you and does not have discretionary voting authority on that matter or because your broker chooses not to vote on a matter for which it does have discretionary voting authority.

Your bank, broker or other nominee is prohibited from voting your uninstructed shares of Common Stock on non-routine matters. Thus, if you hold your shares of Common Stock in street name and you do not instruct your bank, broker or other nominee how to vote with respect to the non-routine matters, votes will not be cast on such proposals on your behalf.

Broker non-votes and abstentions have different effects on the outcomes of the proposals. Broker non-votes are not considered votes cast or counted as shares present and entitled to vote and have no impact on the election of directors or other non-routine proposals. Abstentions are counted in the number of shares present and entitled to vote and, accordingly, have the same effect as votes against each of the proposals except the election of directors. Abstentions are not counted as votes cast and have no effect on the election of directors.

What proposals are considered “routine” or “non-routine”?

Although the determination of whether a broker will have discretionary voting power for a particular item is typically determined only after proxy materials are filed with the SEC, we expect Proposal 2 (ratification of the appointment of KPMG as our independent registered public accounting firm for 2026) to be considered a routine matter under the rules of the New York Stock Exchange (the “NYSE”). A broker may generally vote on routine matters, and therefore no broker non-votes are expected to occur in connection with Proposal 2.

Proposals 1, 3 and 4 (the election of directors, the advisory vote on executive compensation and the vote on the Company’s 2026 Equity Incentive Plan) are expected to be considered non-routine under the rules of the NYSE (the “NYSE Rules”). A broker may not vote on these non-routine matters without specific voting instructions from the beneficial owner. As a result, we expect there to be broker non-votes with respect to Proposals 1, 3 and 4.

Where can I find the voting results of the Annual Meeting?

The preliminary voting results will be announced at the Annual Meeting, and we will publish preliminary, or final, if available, results in a Current Report on Form 8-K within four business days of the Annual Meeting. If final results are unavailable at the time we file the Form 8-K, then we will file an amended report on Form 8-K/A to disclose the final voting results within four business days after the final voting results are known.

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What are the costs of soliciting these proxies?

We will pay all of the costs of soliciting these proxies. Our directors and employees may solicit proxies in person or by telephone, fax or email. We will pay these employees and directors no additional compensation for these services. We will ask banks, brokers and other institutions, nominees and fiduciaries to forward the Notice of Internet Availability or other proxy materials to their beneficial owners and to obtain authority to execute proxies. We will then reimburse them for their expenses.

What constitutes a quorum for the Annual Meeting?

The quorum for the Annual Meeting is the holders of a majority of the issued and outstanding shares of Common Stock entitled to vote at the Annual Meeting, present in person or represented by proxy.

Householding of annual disclosure documents

SEC rules concerning the delivery of annual disclosure documents allow us or your broker to send a single set of our proxy materials to any household at which two or more of our stockholders reside, if we or your broker believe that the stockholders are members of the same family. This practice, referred to as “householding,” benefits both you and us. It reduces the volume of duplicate information received at your household and helps to reduce our expenses. The rule applies to our notices of internet availability, notices, annual reports, proxy statements and information statements. Once you receive notice from your broker or from us that communications to your address will be “householded,” the practice will continue until you are otherwise notified or until you revoke your consent to the practice. Stockholders who participate in householding will continue to have access to and utilize separate proxy voting instructions.

If your household received a single set of proxy materials, but you would prefer to receive your own copy for this annual meeting or in the future, please contact us by either calling our Investor Relations department at 617-369-7300 or mailing us at Acadian Asset Management Inc., 200 State Street, Suite 601A, Boston, MA 02109.

If you are receiving more than one copy of the proxy materials at a single address and would like to participate in householding, please contact the bank, broker or other nominee that holds your shares to request information about eliminating duplicate mailings.

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PROPOSAL 1—ELECTION OF DIRECTORS

Our business and affairs are managed under the direction of our Board. Our Board has accepted the recommendation of the Nominating and Corporate Governance Committee and voted to nominate Robert J. Chersi, Andrew Kim, John Paulson, Barbara Trebbi and Kelly Young for re-election at the Annual Meeting to serve as directors, until their respective successors have been elected and qualified. Each of the nominees is currently serving as a director of our Company.

Set forth below are the names of the nominees, their ages, their offices in the Company, if any, their principal past occupations or past employment, the length of their tenure as directors and the names of other companies in which such persons hold or have held directorships. Additionally, information about the specific experience, qualifications, attributes or skills that led to our Board’s conclusion at the time of filing of this proxy statement that each person listed below should serve as a director is set forth below.

On May 17, 2019, the Company entered into a Stockholder Agreement (the “Stockholder Agreement”) with Paulson & Co. Inc. (“Paulson & Co.”). Each of Messrs. Kim and Paulson were previously appointed to the Board pursuant to the rights provided to Paulson & Co. under the Stockholder Agreement. For this year’s Annual Meeting, Mr. Kim was nominated for election to the Board pursuant to the ongoing rights provided to Paulson & Co. under the Stockholder Agreement, which currently entitles Paulson & Co. to nominate one director. In advance of the Annual Meeting, non-interested members of the Nominating and Corporate Governance Committee discussed that, notwithstanding the fact that Paulson & Co. had the right to designate one nominee only, they believed that it was in the best interest of the Company and its stockholders to again nominate Mr. Paulson for election to the Board due to his extensive experience in the financial services industry, his experience on the Board and unique familiarity with, and contributions to, the Company as Chair of the Board. The members of the Nominating and Corporate Governance Committee considered the Company’s Criteria for Identifying Properly Qualified Directorial Candidates, which includes, among other things, a candidate’s relevant knowledge, skills and experience in offering guidance to the Company’s management. For additional information regarding the Stockholder Agreement, see “Certain Relationships and Related Person Transactions—Relationship with Paulson—Stockholder Agreement.”

The Directors currently determined to be independent by the Board are: Ms. Trebbi and Messrs. Chersi, Kim and Paulson.

Name

Age

Position with the Company

Mr. John Paulson

Chairman

Mr. Robert J. Chersi

Lead Independent Director

Mr. Andrew Kim

Director

Ms. Barbara Trebbi

Director

Ms. Kelly Young

President, Chief Executive Officer and Director

A stockholder may (i) vote for the election of a nominee for director, (ii) vote against the election of a nominee for director or (iii) abstain from voting for a nominee for director.

Unless a proxy contains instructions to the contrary, it is intended that the proxies will be voted FOR each of the five nominees for director named above, to hold office until the 2027 annual meeting of stockholders and until their respective successors are duly elected and qualified. We have no reason to believe that any of the nominees will not be available to serve as a director. However, if any nominee should become unavailable to serve for any reason, the Board may designate a substitute nominee. In that case, the proxies will be voted for the substitute nominee designated by the Board.

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THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE RE-ELECTION OF ALL NOMINEES, AND PROXIES SOLICITED BY THE BOARD WILL BE VOTED IN FAVOR OF SUCH RE-ELECTION UNLESS A STOCKHOLDER INDICATES OTHERWISE ON THE PROXY.

John A. Paulson has been a member of our Board since November 2018 and Chairman of our Board since April 2020. Mr. Paulson is the President and Portfolio Manager of Paulson Capital Inc., a private investment management firm specializing in global mergers, event arbitrage and credit strategies. Mr. Paulson previously served as President and Portfolio Manager of Paulson & Co. Inc., which he founded in 1994. Prior to founding Paulson & Co., Mr. Paulson was a general partner of Gruss Partners and a managing director in mergers and acquisitions at Bear Stearns. Mr. Paulson served as a director of Bausch Health Companies Inc. ("Bausch Health”) from June 2017 through May 2022. He rejoined the board of Bausch Health and has served as Non-Executive Chairperson since June 2022. Mr. Paulson has also served as a director of Bausch + Lomb Corporation since April 2022. Mr. Paulson received his Masters of Business Administration from Harvard Business School and his undergraduate degree from New York University.

Mr. Paulson’s qualifications to serve on the Board include his deep knowledge of financial transactions and investments as well as his leadership abilities in founding and leading Paulson & Co. This knowledge and these qualifications will allow Mr. Paulson to provide valuable insight to the Board, especially in the area of Company strategy.

Robert J. Chersi has been a member of our Board since March 2016 and our Lead Independent Director since November 2018. Mr. Chersi has been with Pace University since 2013, currently serving as the Executive Director for its Center for Global Governance, Reporting & Regulation, as well as an adjunct professor in its Department of Finance & Economics. In addition, Mr. Chersi has acted in an advisory capacity to financial services industry clients as an individual as well as through Chersi Services LLC, which he founded in 2014. Prior to joining Pace, Mr. Chersi was a member of the Executive Committee and Chief Financial Officer of Financial Services at Fidelity Investments in Boston, from 2008 to 2012. While at Fidelity, as CFO, Mr. Chersi led the finance, compliance, risk management, business consulting and strategic new business development functional organizations. From 1988 to 2008, Mr. Chersi served in numerous positions at UBS AG, including CFO of U.S. Wealth Management and Deputy CFO of Global Wealth Management and Business Banking. Mr. Chersi had several executive leadership positions while at UBS, including service on the UBS AG Group Managing Board from 2004 to 2008. He began his career as an audit manager in the Financial Service Practice of KPMG LLP in 1983. Mr. Chersi has previously been a member of the Advisory Board of the Pace University Lubin School of Business, the board, Audit Committee and Risk Committee of UBS Bank USA, a member of the board of PW Partners R&D III, Chairman of the Board of Trustees of the UBS USA Foundation, a member of the board of Bon Secours New Jersey/St. Mary’s Hospital Foundation and a Trustee of Fidelity Investments’ Political Action Committee. Mr. Chersi also currently serves as a member of the Board of Trustees of Thrivent Funds. Previously, Mr. Chersi was also a Director of E*TRADE Financial Corporation, as well as member of the E*TRADE Bank board, the E*TRADE Audit Committee and the E*TRADE Risk Oversight Committee until the completion of E*TRADE’s merger with Morgan Stanley on October 2, 2020. He has held the Certified Public Accountant designation, and is a 1983 graduate of Pace University, where he earned a BBA in Accounting, summa cum laude.

Mr. Chersi’s qualifications to serve on our Board include his extensive experience in the financial services industry and deep knowledge of corporate governance, financial reporting and regulatory compliance. In

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addition, his background in risk management, business consulting and strategic business development will be valuable to our Board.

Andrew Kim has been a member of our Board since July 2019. Mr. Kim is currently a Partner at Paulson & Co. Inc., which he joined in July 2009. Prior to working at Paulson & Co., Mr. Kim was an analyst at Perry Capital from September 2005 to July 2007 and at Goldman Sachs from July 2004 to September 2005. Mr. Kim received his Masters of Business Administration from Harvard Business School and his undergraduate degree from the University of Michigan.

Mr. Kim’s qualifications to serve on our Board include his deep knowledge of financial transactions and investments gained through his career in the financial services industry. This knowledge will allow Mr. Kim to provide valuable insight to the Board.

Barbara Trebbi has been a member of our Board since January 2018. Ms. Trebbi was a General Partner and co-managing partner at Mercator Asset Management, L.P. (“Mercator”) until October 2017. At Mercator, which she joined in 2000, she was a senior member of the investment team, with a focus on international equities, in particular, continental European investments, as well as Asia and other emerging markets. Her clients included a wide range of institutional investors and sub-advisory accounts. Ms. Trebbi started her career in 1988 as an international equity research analyst at Mackenzie Investment Management Inc. and progressed over 12 years to become head of international equities. She has over 30 years of international investment experience. Ms. Trebbi is a Chartered Financial Analyst, a member of the CFA Institute and also is a member of the CFA Society of South Florida, where she served as President from 1994 to 1995. She also serves on a number of non-profit boards related to higher education and the arts. Ms. Trebbi received a Graduate Diploma from the London School of Economics and Political Science and a B.S. degree in Finance from the University of Florida.

Ms. Trebbi’s qualifications to serve on our Board include her deep investment experience, with a particular emphasis on international investments. This experience, combined with extensive knowledge of the institutional and sub-advisory markets, will allow her to provide valuable insight to our Board.

Kelly Young has been our President and Chief Executive Officer and a member of our Board since January 2025. Ms. Young additionally serves as President and Chief Executive Officer of Acadian Asset Management LLC (“Acadian LLC”). Ms. Young joined Acadian LLC in 2009 and in 2023 was appointed CEO of Acadian Asset Management LLC. Prior to her appointment as CEO of Acadian LLC, Ms. Young served as Executive Vice President and Chief Marketing Officer, responsible for all aspects of the firm’s client service, business development and product strategy efforts globally. Ms. Young previously held the role of Managing Director of Acadian Asset Management (U.K.) Limited and also served for a number of years as a senior relationship manager for European clients. Ms. Young is a member of Acadian LLC’s Board of Managers, Executive Management Team, and Executive Committee. Earlier in her career, Ms. Young was the European head of the index fund management business for SGAM Alternative Investments and worked for Northern Trust Global Investments and Barclays Global Investors in senior portfolio management positions. Ms. Young received a B.Sc. (Hons) in economics & business finance from Brunel University. She is a CFA charterholder and member of CFA Society Boston. Ms. Young also holds the CAIA charter and is a member of CAIA Association.

Ms. Young’s qualifications to serve on our Board include her extensive distribution, investment and leadership knowledge and experience, particularly relating to financial services companies. Her experience with regard to Acadian LLC’s organization, products and strategy provides valuable insight to the Board.

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INFORMATION CONCERNING EXECUTIVE OFFICERS

Executive Officers

The following table sets forth certain information regarding our executive officers as of April 20, 2026.

Name

Age

Position

Kelly Young

President, Chief Executive Officer and Director

Richard J. Hart

Chief Legal and Administrative Officer and Secretary

Scott Hynes

Chief Financial Officer

Christina Wiater

Chief Accounting Officer

For the biographical information of Ms. Young, see “Proposal 1—Election of Directors” above.

Mr. Hart, age 49, is the Company’s Chief Legal and Administrative Officer. He has held the Chief Legal Officer position since 2018, and was additionally appointed Chief Administrative Officer in January 2025. Mr. Hart is responsible for overseeing the Company’s legal, human resources, finance and IT functions while serving as the Company’s principal legal advisor. Previously, Mr. Hart was the Company’s Corporate General Counsel and has held various other roles in the Company’s legal department since 2010. Prior to joining the Company, Mr. Hart worked at Goodwin Procter LLP. Mr. Hart received a B.A. from the University of Richmond and a Juris Doctor from Boston University School of Law.

Mr. Hynes, age 51, is the Company’s Chief Financial Officer. He has served as the Company’s Chief Financial Officer since 2025. Prior to joining the Company, Mr. Hynes was Chief Financial Officer of KeyCorp's Commercial Bank from 2023 to 2024. Previously, he held finance leadership roles at State Street Corporation from 2018 to 2023, including in Corporate Strategy and Investor Relations. Mr. Hynes was also an investment banker at J.P. Morgan from 2007 to 2018, advising financial institutions on mergers and acquisitions, capital raising and risk management. He holds a B.A. from the Honors Tutorial College at Ohio University, where he also earned a Certificate in Contemporary History, and an M.B.A. from the University of Maryland.

Ms. Wiater, age 44, is the Company’s Chief Accounting Officer. She has served as the Company’s Chief Accounting Officer since 2020. She served as the Company's Principal Financial Officer from 2020 until 2025. Additionally, she served as the Company's Controller from 2018 to 2022. Ms. Wiater was the Company’s Assistant Controller from 2013 to 2018, where she was responsible for all accounting and control processes. Prior to joining the Company, Ms. Wiater was previously a Manager at PricewaterhouseCoopers LLP in their audit practice where she focused on private equity and asset management companies. Ms. Wiater received a B.S. in Business Administration and a M.S. in Accounting from Babson College. She is also a certified public accountant.

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CORPORATE GOVERNANCE

Director Independence

Our business and affairs are managed under the direction of our Board. Our Board has an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. A majority of the directors serving on our Board must qualify as independent directors and each of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee must consist solely of independent directors. Our Board annually (or otherwise as necessary) makes an affirmative determination regarding the independence of each director. An “independent” director meets the NYSE’s definition of independence as well as the Board’s independence standards, as determined by the Board in its business judgment. In determining Director independence, the Board confirms that none of the independent Directors has a material relationship with the Company which would impair his or her independence from management or otherwise compromise his or her ability to act as an independent director. Among other things, the Board takes into consideration that Messrs. Paulson and Kim are affiliated with Paulson & Co., which has the right to nominate a director for election to the Board (as discussed under “Certain Relationships and Related Person Transactions—Relationship with Paulson & Co.—Stockholder Agreement,”), and that Paulson & Co. currently owns over twenty percent (20%) of the outstanding shares of our Common Stock. The Board has determined, however, that a significant ownership stake, rather than creating a material relationship with management of the Company that may impair the ability to exercise independent judgment, instead creates a strong alignment of interest among Messrs. Paulson and Kim and the Company’s stockholders. The Board further believes that Messrs. Paulson and Kim provide valuable, independent-minded insight and judgment to the Board.

The Board has affirmatively determined that Ms. Trebbi and Messrs. Chersi, Kim and Paulson are independent under the NYSE Rules.

Committees of the Board and Meetings

Meeting Attendance

During the fiscal year ended December 31, 2025 (“fiscal year 2025”), there were seven formal meetings of the Board, and the various committees of the Board met a total of 19 times (10 Audit Committee meetings, two Nominating and Corporate Governance Committee meetings and seven Compensation Committee meetings). No director attended fewer than 75% of the total number of meetings of the Board and of committees of the Board on which he or she served during fiscal year 2025. The Board has adopted a policy under which each member of the Board is expected to attend, in person or telephonically, each annual meeting of our stockholders absent exigent circumstances that prevent their attendance. Five directors (comprising all of our current directors) were in attendance virtually at our 2025 annual meeting of stockholders.

Audit Committee

Our Audit Committee met 10 times during fiscal year 2025. The Audit Committee currently consists of Ms. Trebbi and Messrs. Chersi and Kim. Mr. Chersi is the Chair of the Audit Committee. Mr. Chersi has been a member of our Audit Committee since March 1, 2016. Ms. Trebbi has been a member of our Audit Committee since September 12, 2018. Mr. Kim, who was originally appointed to the Audit Committee pursuant to Section 3.2 of the Stockholder Agreement, has been a member of our Audit Committee since June 24, 2020. The Board determined that each member of the Audit Committee meets the independence requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the NYSE Rules and is “financially literate” as such term is defined in the NYSE Rules. In

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addition, the Board determined that each of Ms. Trebbi and Mr. Chersi is an “audit committee financial expert” within the meaning of SEC regulations and the NYSE Rules.

The Audit Committee has a charter that sets forth the Audit Committee’s purpose and responsibilities, which include (i) assisting the Board in fulfilling its oversight responsibilities over the financial reports and other financial information filed with the SEC, (ii) recommending to the Board the appointment of our independent auditors and evaluating their independence, (iii) reviewing our audit procedures and controls, and (iv) overseeing the internal audit function and risk and compliance function. Please also see the report of the Audit Committee set forth elsewhere in this proxy statement.

A copy of the Audit Committee’s written charter is publicly available on our website at www.acadian-inc.com.

Compensation Committee

Our Compensation Committee met seven times during fiscal year 2025. The Compensation Committee is currently composed of Ms. Trebbi and Messrs. Chersi and Kim. Ms. Trebbi is the Chair of our Compensation Committee. Ms. Trebbi was appointed as a member of our Compensation Committee effective June 19, 2018. Mr. Chersi was appointed as a member of our Compensation Committee effective June 23, 2017. Mr. Kim was appointed as a member of our Compensation Committee effective September 9, 2019. Our Board has determined that each member of the Compensation Committee is independent under NYSE Rules.

The Compensation Committee has a charter that sets forth the Compensation Committee’s purpose and responsibilities, which include annually reviewing and approving the compensation of our executive officers and reviewing and making recommendations with respect to our equity incentive plans.

The Compensation Committee’s processes and procedures for the consideration and determination of executive compensation as well as disclosure regarding the role of the Company’s compensation consultant are set forth below in “Compensation Discussion and Analysis.”

A copy of the Compensation Committee’s written charter is publicly available on our website at www.acadian-inc.com.

Please also see the report of the Compensation Committee set forth elsewhere in this proxy statement.

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Nominating and Corporate Governance Committee

Our Nominating and Corporate Governance Committee met twice during fiscal year 2025. The Nominating and Corporate Governance Committee is currently composed of Ms. Trebbi and Messrs. Chersi and Paulson. Mr. Paulson is the Chair of our Nominating and Corporate Governance Committee. Our Board has determined that each member of the Nominating and Corporate Governance Committee is independent under the NYSE Rules. Mr. Chersi was appointed as a member of our Nominating and Corporate Governance Committee effective June 23, 2017. Ms. Trebbi was appointed as a member of our Nominating and Corporate Governance Committee effective April 18, 2018. Mr. Paulson was appointed as a member of our Nominating and Corporate Governance Committee effective November 30, 2018. The Nominating and Corporate Governance Committee has a charter that sets forth the Nominating and Corporate Governance Committee’s purpose and responsibilities, which include identifying and considering individuals qualified to become members of the Board, consistent with criteria approved by the Board, and recommending nominees for election as directors, overseeing and managing the evaluation of the Board and Company management, reviewing the Company’s Corporate Governance Guidelines, reviewing and recommending for approval to the directors of the Board the directors’ compensation on a biennial basis and reviewing sustainability and environmental, social and governance matters of relevance to the Company.

Under our current corporate governance policies, the Nominating and Corporate Governance Committee may consider director candidates recommended by stockholders as well as from other sources, such as other directors or officers, third-party search firms or other appropriate sources. For all potential candidates, the Nominating and Corporate Governance Committee may consider all factors it deems relevant, such as a candidate’s integrity, personal and professional reputation, experience and expertise, business judgment, ability to devote time, possible conflicts of interest, concern for the long-term interests of the stockholders, independence, range of backgrounds and experience and the extent to which the candidate would fill a present need on the Board. In general, persons recommended by stockholders will be considered on the same basis as candidates from other sources. If a stockholder wishes to nominate a candidate for director who is not to be included in our proxy statement, it must follow the procedures described in our Bylaws and in “Stockholder Proposals and Nominations For Director” at the end of this proxy statement.

Although the Nominating and Corporate Governance Committee does not have a formal policy with regard to diversity, the Nominating and Corporate Governance Committee considers a range of relevant backgrounds and experience appropriate for the prudent governance of the Company when selecting potential nominees for membership on the Board. Among our five (5) nominees for election to the Board, forty percent (40%) self-identify as women and forty percent (40%) self-identify as individuals from underrepresented communities (meaning, an individual who self-identifies as Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian, or Alaska Native, or who self-identifies as gay, lesbian, bisexual, or transgender).

A copy of the Nominating and Corporate Governance Committee’s charter is publicly available on the Company’s website at www.acadian-inc.com.

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Executive Sessions of Independent Directors

In accordance with the NYSE Rules and our Corporate Governance Guidelines, our non-management Directors meet in regularly scheduled executive sessions without management present. If the Chairman of our Board is a non-management Director, the Chairman of our Board will preside at these non-management sessions. If the Chairman of our Board is unavailable or is a management director, the Lead Independent Director or another independent Director is chosen by the independent Directors to preside at these meetings. In the event that the group of non-management Directors includes one or more Directors who are not independent under the NYSE Rules, the Board at least annually schedules executive sessions including only independent Directors.

Board Leadership Structure and Role in Risk Oversight

Mr. Paulson serves as the Chairman of our Board and Ms. Young serves as our President and Chief Executive Officer and a member of our Board. Mr. Paulson was appointed Chairman of our Board, effective April 1, 2020. The Board has no set policy with respect to the separation of the offices of Chairman and the Chief Executive Officer and believes it is in the best interest of the Company to retain flexibility based on the current business needs of the Company. Pursuant to the Company’s Corporate Governance Guidelines, the independent Directors elected Mr. Chersi as the Lead Independent Director in November 2018, at which time the Company’s then President and Chief Executive Officer also held the position of Executive Chairman. When Mr. Paulson assumed the role of Chairman, it was determined that the Board would benefit from the continuation of Mr. Chersi as Lead Independent Director, despite the fact that Mr. Paulson is also an independent Director. Among other duties as determined by the Board from time to time, the Lead Independent Director may function as the Chairman in the event the existing Chairman is unable to for any reason.

The Board oversees the business and affairs of our Company including all aspects of risk, which includes risk assessment and risk management, focusing on, among other things, major strategic risks (e.g. acquisitions and dispositions and investment performance). In executing its risk oversight function, the Board has delegated to the Audit Committee the direct oversight over risk functions. However, the Audit Committee is not responsible for day to day management of risk. The Audit Committee reviews and subsequently reports to the Board any issues which arise with respect to the performance of our risk function including operational risks and risks relating to the quality or integrity of our financial statements. The Audit Committee also, at least annually, reviews our policies with respect to risk assessment and risk management.

Corporate Responsibility

We believe our long-term success is closely connected to being part of our local communities. We support these communities through both financial support and volunteering our time, skills, and expertise.

Additionally, we have developed a program for promoting sustainability, and helped identify ways for employees to reduce their carbon footprint, both at work and at home. Our biggest direct environmental impact is through the buildings that we use. We therefore seek to improve their environmental performance by refitting existing units and building or leasing more environmentally friendly new ones. The building where our corporate headquarters is located, at 200 State Street, Boston, MA, has achieved Gold certification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. We also implement sustainability programs at our office, including recycling and procurement of products and materials created from recycled materials. We also dispose of electronic waste using a recycling program that follows U.S. Environmental Protection Agency and Massachusetts state guidelines. Acadian LLC has formed a Corporate Sustainability Committee that seeks to continuously integrate sustainability into Acadian LLC’s core business practices. Some of the

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sustainability measures Acadian LLC has taken over the last few years include vendor environmental impact surveys, measurement and tracking of global energy consumption and its sources, recycling facilities in all offices and a sustainable travel framework.

Information Security, Data Privacy and Business Continuity

We have a formal information security and data privacy program, which includes, among other things, security education and awareness, system monitoring, vulnerability management, information risk analyses and procedures for protecting the confidentiality and security of personal information of employees, contractors, affiliates, clients or other individuals. We have adopted processes designed to identify, assess and manage material risks from cybersecurity threats. Those processes include response to and an assessment of internal and external threats to the security, confidentiality, integrity and availability of our data and systems along with other material risks to our operations, at least annually or whenever there are material changes to our systems or operations. Our Management Risk Committee (MRC) collaborates with our Chief Technology Officer (“CTO”) and Chief Information Security Officer (“CISO”) along with the IT Department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our CTO and CISO along with the IT Department implement processes and technologies to provide security monitoring and vulnerability management.

We provide all employees with cybersecurity training for cyber risks, both on an annual basis generally and periodically, in the case of current cybersecurity topics. As part of our risk management process, we engage outside providers to conduct periodic penetration testing and vulnerability assessments.

Our CTO or CISO reports to the Audit Committee regarding information security systems, monitoring results and other information technology topics. We maintain a third-party risk management program that includes vendor due diligence at onboarding, periodic assessments, and continuous risk monitoring, including but not limited to system and organization controls report and cyber security assessments. Assessments include reviews of security controls and cybersecurity questionnaires or other technical evaluations. In addition, we maintain a vendor risk register, review risk ratings semi-annually and require our third-party data processors to implement adequate measures to ensure information security.

We have an incident response plan in place with designated roles and responsibilities for responding to and escalating cybersecurity events and incidents. We conduct annual disaster recovery testing and engage in incident response tabletop exercises to test and evaluate our plan with the goal of continuous improvement.

Our Board provides oversight of the Company’s cybersecurity risk management program. The Audit Committee has primary responsibility for oversight of cybersecurity and is briefed on cybersecurity risks quarterly and following any material cybersecurity incidents.

Our cybersecurity program is managed by our CTO, who has served in this role since 2025. Our CTO has over 25 years of industry experience in information technology and maintains industry certifications such as the ISC2 CISSP.

Reporting to the Audit Committee, our CTO and/or CISO may address overall assessment of the Company’s compliance with our cybersecurity policies and procedures, risk management, service provider arrangements, testing results and security incident response and makes recommendations for changes and updates to policies, procedures, and technologies related to cybersecurity and IT risk management.

We are not aware of any material cybersecurity breaches or data loss incidents in the past three years.

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Work Environment, Employee Engagement and Diversity & Inclusion

We are committed to providing a work environment in which no employee is harassed or discriminated against. We have a formal anti-harassment and anti-discrimination policy applicable to all employees and conduct mandatory annual workplace training for all employees inclusive of these policies. We also employ merit-based equal opportunity hiring practices, policies and management of our employees. In addition, we support the health and wellbeing of employees with company-wide wellness initiatives and resources focusing on the following key areas: physical activity, nutrition, mindfulness and stress management, education on mental health resources, work-life balance and financial wellness. In addition, we provide free access to an on-site gym and an annual fitness reimbursement benefit.

Our employees have the opportunity to participate in employee-directed charitable giving and activities through our matching gift program and company-paid volunteer days. We support flexible work arrangements for all employees. We have a performance management program designed to provide frequent communication for employees and managers to engage in goal setting, feedback and career development planning. We also have a Rewards & Recognition program to reinforce our culture of teamwork, going above and beyond and innovation. In addition, Acadian LLC holds several community events throughout the year that provide the opportunity to support local community efforts, both financially and through employee volunteering.

We recognize the value of a diverse and skilled workforce and are committed to creating and maintaining an inclusive and collaborative workplace culture that leverages the unique contributions of people with diverse backgrounds, experiences, and perspectives. We are committed to pay equity for employees doing similar work, regardless of gender, race or ethnicity and comply with applicable local regulations.

Website Availability of our Corporate Governance Guidelines

A copy of our Corporate Governance Guidelines is publicly available on the Company’s website at www.acadian-inc.com.

Compensation Committee Interlocks and Insider Participation

The members of the Compensation Committee during fiscal year 2025 are set forth above under “—Compensation Committee.” No member of the Compensation Committee was, during fiscal year 2025, or previously, an officer or employee of the Company. No executive officer of the Company serves on the compensation committee or board of directors of another company that has an executive officer that serves on our Compensation Committee or Board.

Stockholder and Other Interested Party Communications to the Board

Generally, stockholders and other interested parties who have questions or concerns should contact our Investor Relations department at (617) 369-7300. However, any stockholders or other interested parties who wish to address questions regarding our business directly with the Board, or any individual director, should direct his or her questions in writing to the Board of Acadian Asset Management Inc. at 200 State Street, Suite 601A, Boston, MA 02109. Communications will be distributed to the Board, or to any individual director or directors as appropriate, depending on the facts and circumstances outlined in the communications. Stockholders and other interested parties may communicate directly with the Company’s independent Directors by sending a letter addressed to the attention of the independent Directors of Acadian Asset Management Inc., 200 State Street, Suite 601A, Boston, MA 02109.

Items that are unrelated to the duties and responsibilities of the Board may be excluded, such as:

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•junk mail and mass mailings;

•resumes and other forms of job inquiries;

•surveys; and

•solicitations or advertisements.

In addition, any material that is unduly hostile, threatening or illegal in nature may be excluded, provided that any communication that is filtered out will be made available to any independent director upon request.

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PROPOSAL 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has appointed KPMG as our independent registered public accounting firm to audit our financial statements for the fiscal year ending December 31, 2026. The Board proposes that the stockholders ratify this appointment. KPMG audited our financial statements for the fiscal year ended December 31, 2025. We expect that representatives of KPMG will be present at the Annual Meeting, will be able to make a statement if they so desire and will be available to respond to appropriate questions.

In deciding to appoint KPMG, the Audit Committee reviewed auditor independence issues and existing commercial relationships with KPMG and concluded that KPMG has no commercial relationship with the Company that would impair its independence for the fiscal year ending December 31, 2026.

The following table presents fees for professional audit services rendered by KPMG for the audit of our annual financial statements for the years ended December 31, 2025, and December 31, 2024, and fees billed for audit-related and tax services rendered by KPMG during those periods. There were no fees billed for other services during those periods.


Type of Fee(1)	2025		2024
Audit fees(2)	$	1,590,429	$	1,897,870
Audit-related fees(3)	$	77,200	$	79,000
Tax fees(4)	$	5,500	$	5,500
Total	$	1,673,129	$	1,982,370

(1)The fees set forth in the table above do not include any fees paid to KPMG for services relating to Acadian Asset Management LLC’s sponsored investment entities.

(2)Audit fees consisted of audit work performed in the audit of financial statements, as well as work generally only the independent registered public accounting firm can reasonably be expected to provide, such as statutory audits.

(3)Audit-related fees consisted principally of special procedures related to regulatory filings.

(4)Tax fees consisted principally of assistance with matters related to domestic and international tax compliance and reporting.

Audit Committee Pre-Approval Policies and Procedures

The Audit Committee has the sole authority to approve the scope, fees and terms of all audit engagements, as well as all permissible non-audit engagements of the independent registered public accounting firm (the “External Auditor”). Consistent with SEC policies regarding auditor independence, the Audit Committee has responsibility for appointing, setting compensation for and overseeing the work of the External Auditor. The Audit Committee pre-approves all audit and permissible non-audit services to be performed for us by the External Auditor. These services may include audit services, audit-related services, tax services and other services. On an annual basis, the Audit Committee considers whether the provision of non-audit services by our External Auditor, on an overall basis, is compatible with maintaining the External Auditor’s independence from management.

In addition to the pre-approval procedures described immediately above, the Audit Committee has adopted a written Pre-Approval Policy for Non-Audit Services Provided by External Accounting Firms (the “Non-Audit Services Policy”). Under the Non-Audit Services Policy, the Audit Committee must pre-

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approve the provision of non-audit services to be performed for us by any external accounting firm, subject to a de minimis threshold. Requests for non-audit services to be performed for us by an external accounting firm are submitted to the Chair of the Audit Committee via written request. The Chair of the Audit Committee reviews the request with the other members of the Audit Committee and the Audit Committee determines whether to approve the request. The Non-Audit Services Policy sets forth certain non-audit services prohibited to be performed by external accounting firms.

In the event the stockholders do not ratify the appointment of KPMG as our independent registered public accounting firm, the Audit Committee will reconsider its appointment.

The affirmative vote of a majority of the shares present or represented by proxy at the annual meeting and entitled to vote on the proposal is required to ratify the appointment of the independent registered public accounting firm.


THE BOARD RECOMMENDS A VOTE TO RATIFY THE APPOINTMENT OF KPMG AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 2026, AND PROXIES SOLICITED BY THE BOARD WILL BE VOTED IN FAVOR OF SUCH RATIFICATION UNLESS A STOCKHOLDER INDICATES OTHERWISE ON THE PROXY.

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REPORT OF AUDIT COMMITTEE

The Audit Committee currently consists of Ms. Trebbi and Messrs. Chersi and Kim. Mr. Chersi is the Chair of the Audit Committee. Mr. Chersi has been a member of our Audit Committee since March 1, 2016. Ms. Trebbi has been a member of our Audit Committee since September 12, 2018. Mr. Kim, appointed to the Audit Committee pursuant to Section 3.2 of the Stockholder Agreement, has been a member of our Audit Committee since June 24, 2020. The Board determined that each member of the Audit Committee meets the independence requirements of Rule 10A-3 under the Exchange Act and the NYSE Rules and is “financially literate” as such term is defined in the NYSE Rules. In addition, the Board determined that each of Ms. Trebbi and Mr. Chersi is an “audit committee financial expert” within the meaning of SEC regulations and the NYSE Rules. The Audit Committee held 10 meetings during the fiscal year ended December 31, 2025.

The Audit Committee assists the Board in fulfilling its oversight responsibilities of the financial reports and other financial information filed with the SEC, recommends to the Board the appointment of the Company’s independent auditors and evaluates their independence, reviews the Company’s financial reporting procedures and controls, and oversees the Company’s internal audit, risk and compliance functions. The Audit Committee’s role and responsibilities are set forth in the Audit Committee Charter adopted by the Board, which is available on the Company’s website at www.acadian-inc.com. The Audit Committee reviews and reassesses its charter annually and recommends any changes to the Board for approval. The Audit Committee is responsible for overseeing the Company’s overall financial reporting process, and for the appointment, compensation, retention and oversight of the work of the Company’s external auditor. In fulfilling its responsibilities for the financial statements for fiscal year 2025, the Audit Committee took the following actions:

•Reviewed and discussed the audited financial statements for the fiscal year ended December 31, 2025 with management and KPMG, our independent registered public accounting firm;

•Discussed with KPMG the matters required to be discussed in accordance with Auditing Standard No. 16-Communications with Audit Committees;

•Received written disclosures and a letter from KPMG regarding its independence as required by applicable requirements of the Public Company Accounting Oversight Board (the “PCAOB”) regarding KPMG communications with the Audit Committee and the Audit Committee further discussed with KPMG its independence. The Audit Committee also considered the status of pending litigation, taxation matters and other areas of oversight relating to the financial reporting and the audit process that the Audit Committee determined appropriate;

•Discussed with KPMG the independence of KPMG from the Company and its management, and concluded that KPMG is independent; and

•Reviewed and discussed with management and KPMG the critical audit matters and the significant accounting policies applied by the Company in its financial statements.

Management also reports to the Audit Committee and the Board regarding enhancements made to our risk management processes and controls in light of evolving market, business, regulatory and other conditions, including those related to privacy and cyber security.

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The Company’s management is responsible for the financial reporting process, for the preparation, presentation and integrity of financial statements in accordance with generally accepted accounting principles in the United States and for the establishment and effectiveness of the Company’s internal controls and procedures designed to assure compliance with accounting standards and laws and regulations. The Company’s independent auditors are responsible for auditing those financial statements in accordance with generally accepted auditing standards, attesting to the effectiveness of the Company’s internal control over financial reporting and expressing an opinion as to whether those audited financial statements fairly present, in all material respects, the financial position, results of operation and cash flows of the Company in conformity with generally accepted accounting principles in the United States. The Audit Committee monitors and reviews these processes. Members of the Audit Committee rely without independent verification on the information provided to them and on the representations made by management and the Company’s independent auditors. Accordingly, the Audit Committee’s oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles or appropriate internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee’s review and discussions referred to above do not assure that the audit of the Company’s financial statements has been carried out in accordance with the standards of the PCAOB, that the financial statements are presented in accordance with generally accepted accounting principles in the United States or that KPMG is in fact “independent.”

The Audit Committee evaluates the independent auditor’s qualifications, performance and independence, including the performance of the independent auditor’s lead partner, taking into consideration the opinions of management and the Company’s internal auditors. The Audit Committee and its Chair ensure the rotation of the lead partner and the audit partner responsible for reviewing the audit to the extent required by law, are directly involved in the selection of the new lead partner and the audit partner responsible for reviewing the audit and consider whether regular rotation of the audit firm is necessary or appropriate to ensure continuing auditor independence. The Audit Committee reports on its evaluation and conclusions, and any actions taken pursuant thereto, to the Board. The Audit Committee and the Board believe that the retention of KPMG as the Company’s independent auditor for the year ending December 31, 2026 is in the best interests of the Company and its stockholders. Based on this evaluation, the Audit Committee decided to retain KPMG to serve as independent auditors for the year ending December 31, 2026. In considering the retention of KPMG, the Audit Committee considers, among other things, the quality of the services provided, KPMG’s capability and knowledge in the industry, tenure as the Company’s auditor and knowledge of the Company and its operations. Under the Audit Committee Charter, the Audit Committee has the authority to appoint the independent auditor.

KPMG has acted as the Company’s independent registered public accounting firm continuously since the Company became a public company in 2014.

Based on the Audit Committee’s review of the audited financial statements and discussions with management and KPMG, the Audit Committee recommended to the Board that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for filing with the SEC.


			Members of the Acadian Audit Committee Robert J. Chersi (Chair) Andrew Kim Barbara Trebbi

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Compensation Discussion and Analysis

Introduction

The following compensation discussion and analysis (“CD&A”) provides information on the compensation arrangements of our named executive officers (“NEOs”) for 2025 (i.e., Kelly Young our Chief Executive Officer (“CEO”), Scott Hynes our Chief Financial Officer, Richard Hart our Chief Legal & Administrative Officer, and Christina Wiater our Chief Accounting Officer (who was our principal financial officer for a portion of 2025) and should be read together with the compensation tables and related disclosures set forth below.

Our CD&A is presented in the following sections:

•2025 Officer Appointments

•2025 Company Performance

•Summary of Governance Practices

•2025 Executive Compensation Program Structure

◦Base Salary

◦Incentive Awards

◦Compensation Related to Officer Appointments

◦Severance Benefits

◦Employee Benefit Programs

•Other Compensation Committee Policies and Practices

◦Comparator Group

◦Compensation Committee

◦Compensation Consultant

◦Risk Considerations in our Compensation Programs and Risk Mitigators

◦Other Policies and Practices

•Stockholder Vote on Named Executive Officer Compensation

2025 Officer Appointments

As previously disclosed, effective January 1, 2025, the Company appointed Kelly Young, the President and Chief Executive Officer of Acadian Asset Management LLC, the Company’s asset management business, to additionally be President and Chief Executive Officer of the Company. The Company concurrently announced, as part of transitioning from its multi-boutique legacy structure to an efficient, streamlined and singularly focused asset manager, its name changed to Acadian Asset Management Inc.

Additionally, effective May 19, 2025, the Company appointed Scott Hynes as the Company’s Senior Vice President, Chief Financial Officer. In connection with his appointment as Senior Vice President, Chief Financial Officer, Mr. Hynes also assumed the role of principal financial officer.

Please see the “Compensation Related to Officer Appointments” section of this CD&A below for additional information.

2025 Company Performance

Assets under management increased 51% to $178 billion between December 31, 2024 and December 31, 2025, driven in part by market appreciation and positive net flows. Measured in multiple ways, the Company’s performance was exceptional during 2025:

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•Net Client Cash Flows1: 2025 net client cash flows of $29.4 billion was a record for the Company, driven by the success of new product initiatives.

•Investment Performance: The Company continues to deliver superior investment outperformance for its clients, with more than 95% of strategies on a revenue-weighted basis exceeding their benchmarks over the prior 3-, 5-, and 10- year periods as of December 31, 2025.

•Financial Performance: Economic net income (“ENI”)2 increased 11% to $117.6 million and Adjusted EBITDA3 increased 9% to $192.9m, mainly driven by revenue growth. ENI Operating Margin4 saw significant improvement, up 2% to 35% in 2025. The Company generated strong free cash flow with cash balances of approximately $101 million as of December 31, 2025, after returning $48 million of capital to stockholders through share repurchases during 2025. Supported by strong earnings and share buybacks, full year 2025 economic net income earnings per share (“ENI EPS”)5 increased 18% from 2024 to $3.25, our highest ever.

•Stock Price Performance: The Company’s stock price performance in 2025 exceeded all of its asset management industry peers6, which we believe was driven by our strong assets under management growth, record net client cash flows, robust earnings results, effective capital management, and delivery of stockholder value.

Summary of Governance Practices

The Compensation Committee regularly reviews industry best practices in the governance of executive compensation. We have implemented many best-practice features intended to enhance the alignment of executive compensation with the interests of our stockholders.

1 Net Client Cash Flows represents gross client inflows and reinvested income and distributions, less gross client outflows.

2 See Appendix B for 2025 GAAP Net Income to ENI reconciliation and discussion of why such non-GAAP financial measures may be useful to investors.

3 Adjusted EBITDA is defined as economic net income before interest, income taxes, depreciation and amortization. See Appendix B for 2025 GAAP Net Income to Adjusted EBITDA reconciliation and why such non-GAAP financial measures may be useful to investors.

4 ENI operating margin is a non-GAAP efficiency measure, calculated based on ENI operating earnings divided by ENI revenue.

5 See Appendix B for 2025 GAAP EPS to ENI EPS reconciliation and discussion of why such non-GAAP financial measure may be useful to investors.

6 See page 30 for the 12 companies comprising the Company’s public company peer group, which is also used for measuring relative total shareholder return under the performance-based RSUs.

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2025 Executive Compensation Program Structure

Our executive compensation program for 2025 continued to be based on the achievement of clear and consistent objectives that align the interests of our NEOs with those of our stockholders. Our executive compensation program intends to:

•Align our NEOs’ compensation with long-term increases in value for stockholders

•Reward individual efforts and our Company’s overall financial and strategic performance

•Reflect our culture and values

•Be competitive with our peers, helping us to attract, motivate and retain top-caliber executive talent

The specific elements of our 2025 executive compensation program include:

Base Salary

Each of our NEOs earned a fixed base salary, which is intended to provide a degree of financial certainty and stability in our executive pay program. After reviewing comparator group data and considering the annual incentive compensation paid to our NEOs, the Compensation Committee did not adjust the base salaries of our NEOs in 2025.

Incentive Awards

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Our NEOs are provided incentive compensation that is intended to recognize overall Company performance, as well as the performance of the individual NEO. This compensation is awarded in the form of cash incentives, time-based RSUs and, for our CEO, performance-based RSUs. Because financial market performance is variable and beyond management’s control, the Compensation Committee applies a comprehensive, rigorous and deliberate approach in determining executive officer compensation, and believes that this is in the best interest of stockholders. Actual awards earned for a given performance year are subject to the Compensation Committee’s assessment of the Company’s overall performance, the NEO’s individual performance, competitive market data and other related factors. The Compensation Committee’s assessment of these factors includes consideration of the following:

•Overall Company Performance: When considering the Company’s overall performance the Compensation Committee considers financial and non-financial performance on an absolute basis as well as compared to the Company’s business plan and industry peers. The Compensation Committee also considers the successful achievement of strategic initiatives in its determination of overall performance.

•Individual Performance: The Compensation Committee considered each NEO’s individual performance as evaluated against assigned goals and objectives, new and emerging business priorities identified during the year, and ongoing job-specific roles and responsibilities.

•Competitive Market Pay Trends: The Compensation Committee considered the employee’s role at the Company and the compensation level for similar positions in the competitive market.

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CEO Scorecard and Performance Assessment

At the beginning of 2025, the Compensation Committee established a performance-based CEO scorecard to guide its evaluation of the CEO’s performance for 2025 and reinforce the Company’s pay-for-performance philosophy. The scorecard reflects the Company’s key strategic priorities and focuses on outcomes that drive long-term stockholder value.

The scorecard is not formulaic and does not assign specific payout percentages to individual goals. Instead, it provides a structured framework for assessing performance across the following key categories:

•Financial Results: Delivery of strong financial performance, including, without limitation, Net Client Cash Flows7, Adjusted EBITDA8, and ENI EPS9, disciplined expense management and capital allocation, with a focus on delivering sustained stockholder value.

•Investment Performance: Performance of the Company’s investment strategies across multiple time frames.

•Strategic Initiatives: Progress in advancing long-term strategic priorities, including business development, talent management, company culture, and operational efficiency.

Following year-end, the Compensation Committee evaluates performance across each category and considers both quantitative and qualitative achievements. Based on its holistic assessment, the Committee exercises informed judgment in approving incentive awards. A performance-based scorecard was also in place for each of the other NEOs based on their individual roles.

2025 Annual Incentive Compensation

Kelly Young, President and Chief Executive Officer of the Company and President and Chief Executive Officer of Acadian LLC: The Company and Acadian LLC entered into an Amended and Restated employment agreement with Ms. Young in connection with her appointment as the Company’s President and Chief Executive Officer and her continued service as Chief Executive Officer of Acadian LLC. Ms. Young had a target annual incentive of $8,350,000 for 2025 under her Amended and Restated Employment agreement. The amount of the target incentive award will be reviewed annually. Ms. Young’s actual incentive award was informed by her scorecard outcome described above, and subject to the Compensation Committee’s discretionary assessment of the Company’s overall performance, Ms. Young’s individual performance, competitive market data and other related factors.

Based on the Compensation Committee’s holistic assessment and its informed judgment, and after reviewing Ms. Young’s superior results against her performance scorecard and the Company’s exceptional performance, it approved an annual incentive award of $10,200,000 for Ms. Young. Fifty percent (50%) of this total annual incentive award was paid in cash and fifty percent (50%) was awarded in unvested time-based and performance-based RSUs granted on February 13, 2026. The time-based RSUs will vest ratably over three years from the date of grant. Fifty percent (50%) of the performance-vested RSUs will vest between 0-200% of target subject to the Company’s relative total shareholder return (“TSR”) measured against a defined peer group, and the remaining fifty percent (50%) of the performance-vested RSUs will vest between 0-200% of target, based on the Company’s achievement of Net Client Cash Flow goals set by the Committee at the beginning of the performance period. Under SEC rules, the RSU awards will be reported in the Stock Awards column of the 2026 Summary Compensation Table.

7 Net Client Cash Flows represents gross client inflows and reinvested income and distributions, less gross client outflows.

8 Adjusted EBITDA is defined as economic net income before interest, income taxes, depreciation and amortization. See Appendix B for 2025 GAAP Net Income to Adjusted EBITDA reconciliation and why such non-GAAP financial measures may be useful to investors.

9 See Appendix B for 2025 GAAP EPS to ENI EPS reconciliation and discussion of why such non-GAAP financial measures may be useful to investors.

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Scott Hynes, Chief Financial Officer: Mr. Hynes was eligible to receive annual incentive compensation in an amount and form determined based on the Compensation Committee’s discretionary assessment of the Company’s overall financial performance, Mr. Hynes’ individual performance, competitive market data and other related factors. For 2025, Mr. Hynes’ incentive compensation was prorated from May 19, 2025, the date he joined the Company.

Following its holistic and rigorous assessment of these factors, including Mr. Hynes’ strong performance related to oversight and management of the Company’s financial reporting and investor relations functions following the commencement of his employment, including leading the debt refinancing process that optimized the Company’s capital structure, and after taking into account the proration described above, the Compensation Committee awarded Mr. Hynes incentive compensation in respect of 2025 performance of $723,693. Sixty-five percent (65%) of this total annual incentive award was paid in cash and thirty-five percent (35%) was awarded in unvested time-based RSUs granted on February 13, 2026 (which will be reported in the Stock Awards column of the 2026 Summary Compensation Table). The split between the cash payment and the time-based RSUs was based on the deferral schedule determined by the Compensation Committee, as described below.

Richard Hart, Chief Legal and Administrative Officer: Mr. Hart, previously our Chief Legal Officer, assumed an expanded role effective January 1, 2025 as Chief Legal and Administrative Officer. Mr. Hart was eligible to receive annual incentive compensation in an amount and form that is determined based on the Compensation Committee’s discretionary assessment of the Company’s overall financial performance, Mr. Hart’s individual performance, competitive market data and other related factors.

Following its holistic and rigorous assessment of these factors, including Mr. Hart’s strong performance related to oversight and management of all aspects of our Company’s public company operations, the Compensation Committee awarded Mr. Hart 2025 total annual incentive compensation in respect of 2025 performance of $2,500,000. Fifty-five percent (55%) of this total annual incentive award was paid in cash and forty-five percent (45%) was awarded in unvested time-based RSUs granted on February 13, 2026 (which will be reported in the Stock Awards column of the 2026 Summary Compensation Table). The split between the cash payment and the time-based RSUs was based on the deferral schedule determined by the Compensation Committee, as described below. The amount included in the Stock Awards column of the 2025 Summary Compensation Table for Mr. Hart reflects the RSUs granted to Mr. Hart in February 2025 for the 2024 performance year.

Christina Wiater, Chief Accounting Officer: Ms. Wiater also served as principal financial officer until May 2025. Ms. Wiater has a target annual incentive of $700,000 under her employment agreement. Her actual incentive award was subject to the Compensation Committee’s discretionary assessment of the Company’s overall performance, Ms. Wiater’s individual performance, competitive market data and other related factors.

After its holistic and rigorous assessment of these factors, the Compensation Committee awarded Ms. Wiater 2025 total annual incentive compensation of $784,000. Sixty-four percent (64%) of this total annual incentive was paid in cash and thirty-six percent (36%) was awarded in unvested time-based RSUs granted on February 13, 2026. Ms. Wiater’s total annual incentive was awarded above target due to the Company’s superior performance and her strong performance, including, but not limited to, her oversight for all aspects of our Company’s financial reporting and corporate tax functions. The split between the cash payment and the time-based RSUs was based on the deferral schedule determined by the Compensation Committee as described below. The amount included in the Stock Awards column of the 2025 Summary Compensation Table for Ms. Wiater reflects the RSUs granted to Ms. Wiater in February 2025 for the 2024 performance year.

The Compensation Committee considered our executive compensation program objectives, as described above, when determining the deferral schedule for 2025’s annual incentive compensation, including aligning the interests of our NEOs with those of our stockholders and remaining competitive with our peers for the attraction and retention of high caliber talent. The deferral schedule for annual incentive compensation is as follows:

•For the CEO:

◦50% of the annual incentive was paid in cash,

◦25% was granted in the form of time-based RSUs,

◦12.5% was granted in the form of performance-based RSUs that vest between 0-200% of target at the end of three years subject to the Company’s relative TSR performance against a defined peer group. In the event of a negative TSR over the three-year period, the payout is capped at 100% of target regardless of relative performance against the peer group. The defined peer group of 12 public companies is as follows:

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• Affiliated Managers Group, Inc.

• Artisan Partners Asset Management Inc.

• BlackRock, Inc.

• Cohen & Steers

• Federated Hermes, Inc.

• Franklin Resources, Inc.

• Invesco Ltd.

• Janus Henderson Group, plc

• T. Rowe Price Group, Inc.

• Victory Capital Holdings, Inc.

• Virtus Investment Partners, Inc.

• WisdomTree, Inc.

◦The remaining 12.5% of the annual incentive was granted in the form of performance-based RSUs that vest between 0-200% of target at the end of three years, subject to net client cash flow goals set by the Compensation Committee at the beginning of the performance period.

•For the remaining NEOs:

•The first $100,000 of the total incentive was paid in cash,

•the next tier of incentive from $100,001 to $200,000 was paid 65% in cash and 35% in RSUs,

•the next tier of the total incentive from $200,001 to $500,000 was paid 60% in cash and 40% in RSUs,

•for incentives over $500,000, the tier from $500,001 to $1,000,000 was split 55% cash and 45% RSUs, and

•the tier for incentives in excess of $1,000,000 was split evenly between cash and RSUs.

The number of RSUs granted was determined by dividing the dollar value of the RSU portion of annual incentive compensation by the closing price of a share of our Common Stock on the date immediately prior to the date of grant. Time-vested RSUs vest ratably over three years, generally subject to continued employment with us. Any dividends payable with respect to Common Stock underlying the RSUs will be subject to the same vesting conditions as the RSUs to which the dividends relate.

The following table shows the NEO base salaries, and total incentive awards for 2025 that were awarded and approved by the Compensation Committee, with performance-based equity awards shown at target. This table differs from the Summary Compensation Table as it reflects equity awards that were awarded in February of 2026 for performance in 2025. By comparison, the Summary Compensation Table reflects equity awards granted in 2025 for performance in 2024. The Summary Compensation Table also includes additional amounts received by Ms. Young solely for her prior service to Acadian LLC as described above.


	Kelly Young	Scott Hynes2		Richard Hart		Christina Wiater
Base Salary	$650,000	$450,000		$500,000		$425,000
Incentive Awards:
Cash Incentive	$5,100,000	$468,031		$1,370,000		$501,200
Time-Based RSUs	$2,550,000	$255,662		$1,130,000		$282,800
Performance-Based RSUs1	$2,550,000	$	—	$	—	$	—
Total Incentive Awards	$10,200,000	$723,693		$2,500,000		$784,000
2025 Total Compensation	$10,850,000	$1,173,693		$3,000,000		$1,209,000

(1) 50% of the Performance-Based RSUs are subject to the Company’s relative TSR performance against the defined peer group noted above and 50% is subject to the Company’s achievement of net client cash flow goals. Awards vest between 0-200% of target on February 13, 2029, generally subject to continued employment.

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(2) Mr. Hynes joined the Company May 19, 2025 as Chief Financial Officer. His 2025 incentive compensation was prorated from when he joined the Company.

Compensation Related to Officer Appointments

Kelly Young, Chief Executive Officer: Ms. Young’s compensation for her dual role consists of an annual base salary of $650,000, and she is eligible to receive an annual incentive based on a target amount determined annually by the Compensation Committee. The incentive amount ultimately awarded to Ms. Young is determined by the Compensation Committee utilizing a pre-determined, performance-based scorecard with both quantitative and qualitative metrics.

•Historical Compensation of Ms. Young and Additional Alignment with our Stockholders: Prior to the appointment to her dual position with both the Company and Acadian LLC, Ms. Young participated solely in the Acadian LLC compensation plans. A portion of the Acadian LLC compensation framework consists of elements that are designed to promote retention (deferred cash compensation that may generally only be received if the individual continues service) and alignment with our stockholders (profits interests in Acadian LLC that increase in value as earnings increase). Although Ms. Young will no longer receive new benefits under either of these Acadian LLC programs, she will retain all deferred compensation and profits interests she previously received, and there will be amounts paid out in future years that are related to these previous grants. The Compensation Committee believes that the elements of such compensation remain consistent with the goals of the Company’s compensation program and further aligns Ms. Young’s overall compensation with long-term increases in value for our stockholders.

•Disclosure of Historical Acadian LLC Compensation: In accordance with SEC rules, amounts paid to Ms. Young related to previously granted awards will be reported in the compensation tables appearing in this (and future) proxy statements. As a result, the compensation reported for Ms. Young in the Summary Compensation Table for 2025 reflects amounts of previously earned deferred cash compensation and profits interest distributions that are attributable to prior service with Acadian LLC that was received in 2025; however it does not reflect compensation decisions made with respect to her service as President and Chief Executive Officer of the Company in 2025. These legacy amounts that are paid out and reported are separate from amounts awarded by the Compensation Committee in connection with her service as President and Chief Executive Officer of the Company.

Scott Hynes, Chief Financial Officer: Mr. Hynes’ compensation consists of an annual base salary of $450,000, and a discretionary annual incentive opportunity based on company and individual performance.

Severance Benefits

Our NEOs are entitled to certain benefits in the event of the termination of their employment under specified circumstances. Please refer to “Employment Contracts—Termination Provisions” for a more detailed discussion of these benefits. We have provided estimates of the value of the severance payments and other benefits that would have been made or provided to our NEOs under various termination circumstances under the caption “Payments Upon Termination of Employment, Death and Disability” below.

We believe that providing these benefits helps us compete for executive talent and that our severance benefits are generally in line with competitive market practice.

Employee Benefit Programs

Our NEOs receive the same health and welfare benefits as our other employees and are eligible to participate in the Company’s Profit Sharing & 401(k) Plan. We provide the Profit Sharing and 401(k) Plan for all employees and contribute a percentage of compensation to this plan on a discretionary basis, subject to regulatory limits (for 2025, the contribution amount was 10% of eligible compensation as defined by the terms of the plan). In addition, we maintain two non-qualified deferred compensation plans, the Deferred Compensation Plan and the Voluntary Deferral Plan, to provide additional retirement planning flexibility for select employees. The Deferred Compensation Plan allows the Company to make contributions to eligible employees’ accounts up to a maximum annual contribution of $50,000 per participant (such limit is an aggregate limit covering Company contributions to both the Profit Sharing and 401(k) Plan and the Deferred Compensation Plan and applies regardless of whether the eligible employee contributes

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to either plan). Company contributions to the Profit Sharing and 401(k) Plan and the Deferred Compensation Plan vest ratably over five years. Upon termination of a participant’s employment without cause or for good reason, any unvested Company contributions to either plan vest in full. The Voluntary Deferral Plan allows eligible employees to defer a portion of their compensation on a tax-deferred basis and does not include any employer contributions. Our NEOs are eligible to receive limited perquisites, which may include executive parking, representing a de minimis portion of each executive’s total compensation.

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Other Compensation Committee Policies and Practices

Comparator Group

We believe that ensuring that our compensation levels are competitive with the market for high-caliber talent in our industry is an important tool for attracting and retaining executives. The Compensation Committee uses the compensation levels of companies in our comparator group as a reference and guide in making total compensation decisions. In selecting the companies in our comparator group the Compensation Committee considered, with input from the Human Capital Practice at Aon plc (“Aon”), the Compensation Committee’s independent compensation consultant, the following factors: business structure, assets under management, revenue, and public company status. The comparator group is evaluated by the Compensation Committee on an annual basis and may change over time based upon the availability of peer data and the future characteristics of our business compared to peer companies, which includes both publicly traded and privately held asset management companies.

The comparator group, which was updated in 2025 and used for reference for 2025 compensation decisions, included the following 16 public and private companies (for publicly traded companies the stock exchange symbol is provided):


American Century Investments			Loomis, Sayles & Company
Artisan Partners Asset Management, Inc. (Symbol: APAM)			Resolute Investment Management
Barings			TCW LLC1
Cohen & Steers, Inc. (Symbol: CNS)			Voya Investment Management1
Conning Holdings Limited			Victory Capital Holding, Inc. (Symbol: VCTR)
First Eagle Investment Management			Virtus Investment Partners, Inc. (Symbol: VRTS)
Janus Henderson Group plc (Symbol: JHG)1			William Blair & Company
Lazard Asset Management			WisdomTree Inc. (Symbol: WT)

1Added to the comparator group in 2025.

The Compensation Committee

The Compensation Committee is responsible for overseeing our general compensation policies and equity plans and making compensation decisions for the executive officers. The Compensation Committee regularly meets in executive session without management present.

In making compensation decisions, the Compensation Committee considers the Company’s financial performance compared to its business plan and the prior year’s performance, the financial needs of the business, achievement of strategic objectives, the success of long-term initiatives over a multi-year period, and financial results against industry peers. The Compensation Committee also takes into account the compensation levels of our comparator group, and the future outlook for the Company and the industry. Incentive compensation recommendations for executives other than the CEO are made to the Compensation Committee by our CEO.

Compensation Consultant

Aon served as the independent compensation consultant to the Compensation Committee in 2025. Aon advised the Compensation Committee on a number of compensation matters, including market data and analysis, comparator group review, CEO appointment matters, and governance. A representative from Aon attended Compensation Committee meetings, including executive sessions, as well as informal meetings, in each case as requested by the Compensation Committee, and communicated with the Chair between meetings to prepare for Compensation Committee meetings.

During 2025, fees paid to Aon for compensation consulting services for the Committee totaled $30,492, fees for additional compensation benchmarking surveys (provided to the Company or its affiliates) were $75,775. Additionally, fees paid to Aon Plc for insurance brokerage services provided to the Company or its affiliates totaled $248,079. These non-compensation related fees primarily represented insurance brokerage commissions indirectly borne by the Company and the Compensation Committee determined these services did not impair Aon’s independence.

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The Compensation Committee assesses the independence of Aon annually and in 2025 concluded that Aon did not have any conflicts of interest with respect to its engagement by the Compensation Committee and was independent. In assessing Aon’s independence, the Compensation Committee considered the following factors:

•Other services provided by Aon to the Company;

•Aggregate fees paid by the Company to Aon and fees as a percentage of the total revenue of Aon;

•Aon’s policies and procedures designed to prevent conflicts of interest;

•Any business or personal relationship between Aon and any member of the Compensation Committee or any executive officer of the Company; and

•Whether Aon, or any individual advising the Compensation Committee, holds any shares of the Company’s stock.

Risk Considerations in our Compensation Programs

Our executive and non-executive compensation programs are designed with the goal of mitigating risk and protecting stockholder returns without diminishing the effectiveness of the incentives awarded to our employees, including the NEOs. In addition, the Compensation Committee considers the impact of the Company’s compensation practices on the Company’s broad risk management program. The Compensation Committee does not believe that our compensation programs promote excessive risk-taking.

We seek to keep our compensation programs simple and straightforward and tied to individual and company performance. Annually, the Company conducts an assessment of risks potentially arising from the Company’s compensation programs and policies for the year. The assessment covers each material element of executive and non-executive employee compensation. Based on the assessment, the Company concluded, and the Compensation Committee concurred, that our compensation policies and practices do not encourage behaviors that are reasonably likely to have a material adverse effect on the Company.

Risk Mitigators

The Company has the following policies designed to promote good corporate governance and to mitigate risk:

•Clawback policies

•Stock ownership guidelines

•Prohibitions on hedging and pledging

Clawback Policies

Our executive officers are subject to two clawback policies that address incentive compensation recoupment. The initial policy was instituted by the Compensation Committee for all executive officers for incentives awarded beginning in 2017 (“2017 Clawback Policy”) and the second policy was instituted in 2023 in compliance with SEC Rule 10D-1 and NYSE listing standards (“Rule 10D-1 Clawback Policy”). The Compensation Committee maintains both policies to provide robust clawback protection over incentive compensation awarded to our executive officers.

The 2017 Clawback Policy has four prongs pursuant to which the Compensation Committee can consider a clawback of executive officer compensation, including time-based and performance-based equity grants, that were paid, granted or vested in the three years prior to the applicable triggering event. The four prongs include:

•Financial statement restatement due to material noncompliance with financial reporting requirements of the SEC;

•Improper conduct resulting in significant adverse reputational or economic impact to the Company;

•Conduct constituting cause under the Company’s equity plan; or

•Violation of risk policies that result in a material impact to the Company.

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The Rule 10D-1 Clawback Policy, effective October 2, 2023, was adopted pursuant to NYSE listing standards and the SEC rules implementing the applicable provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Rule 10D-1 Clawback Policy provides for the recovery of erroneously awarded incentive compensation, including time-based and performance-based equity grants that are granted or vest solely or in part based on satisfaction of a financial performance goal, received by a current or former executive officer in the event of an accounting restatement due to material noncompliance with any financial reporting requirement under applicable securities laws.

Stock Ownership Guidelines

Our CEO and other NEOs are subject to shareholding requirements of at least 500% of base salary and 300% of base salary, respectively. Under the terms of our guidelines, unvested performance-based shares or units awarded under the Company’s Equity Incentive Plan, are excluded from this calculation in determining compliance with the guidelines. Until this shareholding requirement is met, each NEO is required to retain 50% of his or her net gain shares (i.e., shares remaining after shares sold to pay taxes) received upon vesting or exercise of equity awards. Each of our NEOs is currently in compliance with these guidelines.

Prohibitions on Hedging and Pledging

Our policies prohibit all of our officers, including our NEOs, from (i) entering into any hedging arrangements involving our stock, (ii) engaging in short sales or any other transaction which would result in short exposure to our stock, and (iii) pledging our stock as collateral.

Other Policies and Practices

Insider Trading Policy

The Company has adopted an insider trading policy that governs the purchase, sale, and/or other dispositions of Acadian’s securities by our directors, officers and employees, as well as certain other covered persons, which we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations and listing standards applicable to the Company. A copy of our policy on insider trading is filed as Exhibit 19 to the Annual Report on Form 10-K filed on February 27, 2026.

Equity Awards and Material Non-Public Information

The Compensation Committee does not schedule equity award grant dates in anticipation of the release of material non-public information, and the Company does not have any plans, programs or practices of timing the release of material non-public information in order to affect the value of executive compensation.

Impact of Tax and Accounting Policies

When the Compensation Committee determines NEO compensation, it considers all factors that may have an impact on our financial performance, including accounting rules and the tax consequences of the compensation awarded to the NEOs. While the Compensation Committee considers the accounting treatment and tax deductibility of awards, it is not a material factor of our executive compensation program, and the Compensation Committee retains the flexibility to award compensation that it believes to be in the best long-term interest of our stockholders.

Stockholder Vote on Named Executive Officer Compensation

At our 2025 annual meeting of stockholders, stockholders holding over 99% of shares present or represented by proxy at the meeting and entitled to vote on the proposal voted in support of our executive compensation program. The Compensation Committee continues to review, assess and update our compensation program as necessary to reflect the current business needs of the Company as well as the views of our stockholders.

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REPORT OF THE COMPENSATION COMMITTEE

The Compensation Committee of our Board has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K, which appears directly above in this proxy statement, with our management. Based on this review and discussion, the Compensation Committee has recommended to the Board that the Compensation Discussion and Analysis be included in our proxy statement and in Acadian Asset Management Inc.’s Form 10-K filed with the SEC on February 27, 2026.


			Members of the Acadian Asset Management Inc. Compensation Committee Barbara Trebbi (Chair) Robert J. Chersi Andrew Kim

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Compensation Tables

2025 Summary Compensation Table

The following table sets forth information concerning the compensation awarded to, earned by, or paid to our NEOs during the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively (or such shorter period of the NEO’s service to the Company).


Name and Principal Position	Year	Salary		Bonus (1)		Stock Awards (2)		All Other Compensation (3)		Total
Kelly Young	2025	$	650,000	$	9,066,667	$	—	$	802,561	$	10,519,228
President and Chief
Executive Officer

Scott Hynes	2025	$	276,923	$	468,031	$	—	$	27,692	$	772,646
Senior Vice President and Chief Financial Officer effective 5/19/2025


Richard Hart	2025	$	500,000	$	1,370,000	$	442,502	$	50,000	$	2,362,502
Executive Vice President and Chief Legal and Administrative Officer	2024	$	500,000	$	682,500	$	335,017	$	50,000	$	1,567,517
	2023	$	500,000	$	565,000	$	335,017	$	50,000	$	1,450,017

Christina Wiater	2025	$	425,000	$	501,200	$	308,021	$	50,000	$	1,284,221
Senior Vice President and Principal Financial and Accounting Officer through 5/19/2025	2024	$	425,000	$	532,000	$	245,005	$	50,000	$	1,252,005
	2023	$	425,000	$	455,000	$	105,006	$	50,000	$	1,035,006

(1) The amount reported in the Bonus column reflects the cash portion of the executive officer’s discretionary award under the Company’s annual incentive plan. For Ms. Young the amount includes (a) the discretionary cash award for 2025 of $5,100,000 awarded by the Company and (b) payments under the Acadian LLC deferred cash bonus plan related to Ms. Young’s prior service to Acadian LLC. For 2025, such amount includes (i) $900,000 of a deferred cash award granted in calendar year 2023 and based on 2022 performance, and (ii) $1,166,667 of a deferred cash bonus award granted in calendar year 2024 and based on 2023 performance, and (iii) $1,900,000 of a deferred cash bonus award granted in calendar year 2025 and based on the performance during 2024.

(2) The equity portion of Ms. Wiater and Mr. Hart’s 2024 award is reflected in the 2025 Stock Awards column and the equity portion of the 2025 awards for each of the NEOs will be reflected in next year’s summary compensation table.

The amounts in the Stock Awards column reflect the grant date fair value of awards of RSUs determined pursuant to FASB ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), disregarding the impact of estimated forfeitures. The assumptions used to value the RSUs for this purpose are set forth in Note 18 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year-ended December 31, 2025. The grant date fair value of time-based RSUs is calculated by multiplying the closing market price of our Common Stock on the day immediately prior to the date of grant by the number of shares of Common Stock subject to the RSU award. The RSU grants reflected in the 2025 Stock Awards column for

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Ms. Wiater and Mr. Hart were made on February 14, 2025 in respect of awards earned pursuant to our incentive plan for the 2024 performance year. The RSUs, which were granted pursuant to the Company’s Equity Incentive Plan, vest ratably over three years, on each anniversary of the date of grant, generally subject to the executive officer’s continued employment through the applicable vesting date.

(3) The amounts reported in the All Other Compensation column for Ms. Young includes (i) distributions of $752,561 in respect of profits interests in Acadian LLC held by Ms. Young and (ii) a $35,000 contribution by Acadian LLC to the Company’s Profit Sharing & 401(k) Plan, and (iii) a $15,000 contribution by the Company to its Deferred Compensation Plan. The amount for Mr. Hynes is the amount of the contribution by the Company under its Profit Sharing & 401(k) Plan. The amounts for Mr. Hart and Ms. Wiater represent the sum of contributions by the Company under its Profit Sharing & 401(k) Plan ($35,000) and its Deferred Compensation Plan ($15,000).

2025 Grants of Plan-Based Awards

The following table sets forth information regarding plan-based awards made to each NEO during the 2025 fiscal year.


Name		Grant Date	Approval or Action Date, if different	All Other Stock Awards: Number of Shares of Stock or Units (#)		Grant Date Fair Value of Stock and Option Awards ($)


Kelly Young	(1)	—	—		—		$—

Scott Hynes	(1)	—	—		—		$—

Richard Hart	(2)	2/14/2025	1/9/2025		17,265		$442,502

Christina Wiater	(2)	2/14/2025	1/9/2025		12,018		$308,021

(1)Ms. Young received her first grant of RSUs in February of 2026 and such grant will be reported in the 2026 Summary Compensation Table. Mr. Hynes received his first grant of RSUs in February of 2026 and such grant will be reported in the 2026 Summary Compensation Table. In addition, Ms. Young holds significant profits interests in Acadian LLC, which provides further alignment with long-term increases in value for our stockholders.

(2)The amount represents the time-based RSUs granted under the Company’s Equity Incentive Plan related to performance in 2024. The grant date fair value of the RSUs was determined pursuant to ASC 718 by multiplying the number of shares by $25.63, the closing price of a share of Common Stock on February 13, 2025, the day prior to the date of grant.

Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

The compensation reported in the Summary Compensation Table and the Grants of Plan-Based Awards table are awarded pursuant to the terms of the following employment agreements:

a) Kelly Young. On September 30, 2024, the Company and Acadian LLC entered into an Amended and Restated Employment Agreement with Ms. Young in connection with the appointment of Ms. Young as the Company’s President and Chief Executive Officer (effective January 1, 2025) and the continued service of Ms. Young as the Chief Executive Officer of Acadian LLC. Pursuant to such Amended and Restated Employment Agreement, Ms. Young’s compensation for her dual role consists of an annual base salary of

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$650,000, and eligibility to receive a discretionary annual bonus based on a target bonus amount. The target bonus amount for 2025 was $8.35 million and the actual bonus amount may exceed or be less than the target bonus amount. The determination of the annual bonus and the allocation of such amount between currently paid in cash and deferred compensation, including equity of the Company, is determined by the Board or the Compensation Committee in its sole discretion.

b) Richard Hart. On April 15, 2020, the Company entered into an employment agreement with Mr. Hart that provides for an annual base salary of $500,000 and participation in the Company’s annual discretionary incentive plan with no set target value, payable in cash and equity subject to individual and Company performance, at the discretion of the Compensation Committee.

c) Christina Wiater. On May 4, 2023, the Company entered into an employment agreement with Christina Wiater (the “Wiater Employment Agreement”) that provides for an annual base salary and participation in the Company’s discretionary annual incentive plan with a target annual bonus of $700,000 payable in cash and equity, subject to individual and Company performance, at the discretion of the Compensation Committee.

2025 Outstanding Equity Awards at Fiscal Year-End


			Stock Awards
Name	Grant Date			Number of Shares or Units of Stock that Have Not Vested (#)	Market Value of Shares or Units of Stock that Have Not Vested ($) (4)
Kelly Young	---	(1)		---	---

Scott Hynes	---			---	---


Richard Hart	2/14/2025	(2)		17,265	$811,455
	2/15/2024	(3)		10,466	$491,902
	2/15/2023	(4)		4,317	$202,899

Christina Wiater	2/14/2025	(2)		12,018	$564,846
	2/15/2024	(3)		7,654	$359,738
	2/15/2023	(4)		1,353	$63,591

(1)Ms. Young holds significant profits interests in Acadian LLC, which provides further alignment with long-term increases in value for our stockholders.

(2)The RSUs vest in one-third increments over a three-year period on each of February 14, 2026, February 15, 2027 and February 15, 2028, generally subject to continued employment.

(3)The RSUs vest in one-third increments over a three-year period on each of February 15, 2025, February 15, 2026 and February 15, 2027, generally subject to continued employment.

(4)The RSUs vest in one-third increments over a three-year period on each of February 15, 2024, February 15, 2025 and February 15, 2026, generally subject to continued employment.

(5)Market value was determined by multiplying the number of shares of Common Stock by $47.00, the closing price of a share of Common Stock on December 31, 2025.

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2025 Options Exercised and Stock Vested

The following table shows the stock awards held by our NEOs that vested during the 2025 fiscal year.


	Stock Awards
Name		Number of Shares Acquired on Vesting	Value Realized on Vesting (1) ($)
Kelly Young		—	$	—
Scott Hynes		—
Richard Hart		16,124	$	414,226
Christina Wiater		5,180	$	133,074

(1)The value realized upon vesting of RSUs is calculated by multiplying the fair market value of a share of Common Stock on the vesting date (the closing price on the business day prior to the vesting date) by the number of shares vested.

2025 Nonqualified Deferred Compensation

The following table provides information on the NEOs’ participation in the Voluntary Deferral Plan (“VDP”) and the Deferred Compensation Plan (“DCP”). The VDP allows eligible employees to elect to defer a portion of their salary and annual incentive on a voluntary basis. Eligible employees elect the time and form of distribution from the VDP at the time of enrollment. Distributions may be made during employment or at the time of termination or retirement as defined by the terms of the VDP, subject to applicable tax law. Under the DCP, the Company may provide additional contributions to employees whose profit sharing contributions were limited under the Company’s tax-qualified plan. DCP accounts are distributed at the time of termination of employment, subject to applicable tax law. Earnings on VDP and DCP balances are calculated based on the employee-directed investment vehicles, which do not provide for above-market interest. For 2025, the Company contribution under the DCP was at the same rate of contribution as the contribution to the Profit Sharing & 401(k) Plan (10% of eligible compensation for 2025), subject to an aggregate contribution limit of $50,000.


Name	Plan	Executive Contributions in Last FY ($)		Registrant Contribution in Last FY ($)(1)		Aggregate Earnings in Last FY ($)		Aggregate Withdrawals/ Distributions in Last FY ($)		Aggregate Balance at end of Last FYE ($)
Kelly Young	Voluntary Deferral Plan	$	—	$	—	$	—	$	—	$	—
	Deferred Compensation Plan	$	—	$	15,000	$	—	$	—	$	—
Scott Hynes	Voluntary Deferral Plan	$	—	$	—	$	—	$	—	$	—
	Deferred Compensation Plan	$	—	$	—	$	—	$	—	$	—
Richard Hart	Voluntary Deferral Plan	$	—	$	—	$	—	$	—	$	—
	Deferred Compensation Plan	$	—	$	15,000	$	34,323	$	—	$	343,795
Christina Wiater	Voluntary Deferral Plan	$	—	$	—	$	—	$	—	$	—
	Deferred Compensation Plan	$	—	$	15,000	$	15,897	$	—	$	127,322

(1)All Company contributions are included in the “All Other Compensation” column of the 2025 Summary Compensation Tables.

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Employment Contracts—Termination Provisions

In 2025, each of the NEOs, other than Mr. Hynes, were a party to an employment agreement with the Company that sets forth the severance benefits such NEO would receive upon termination of his or her employment. The material terms of the agreements are described below. The terms “cause” and “good reason” referred to below are defined in the respective NEO’s agreement or equity award agreement.

Kelly Young

In the event of termination of Ms. Young as Chief Executive Officer of the Company (a)(i) by the Company without cause or (ii) by Ms. Young with good reason, all time-based RSUs granted to Ms. Young by the Company will become fully vested and all performance-based RSUs will remain outstanding and continue to be eligible to vest in accordance with their terms or (b) as a result of Ms. Young’s death or disability, all RSUs granted to Ms. Young by the Company will become fully vested (at target level, as applicable, for performance-based RSUs). Ms. Young would receive this equity acceleration even if she remained in service as CEO of Acadian LLC.

In the event of a termination of Ms. Young’s employment as Chief Executive Officer of Acadian LLC without cause or termination by Ms. Young for good reason, then, in addition to any earned but unpaid base salary and certain earned and vested benefits, subject to Ms. Young’s execution of a release of claims, Ms. Young shall be entitled to receive (i) severance pay consisting of a continuation of her base salary then in effect on the termination date for a period equal to up to 24 months, (ii) payment of a bonus equal to up to two times the average amount of bonuses (paid to Ms. Young by Acadian LLC for the last three (3) fiscal years prior to termination (the “Termination Bonus”) and (iii) payment for continuation of health benefits for the lesser of the severance period set forth in the Employment Agreement, cessation of COBRA eligibility or eighteen (18) months.

In the event of a termination of Ms. Young’s employment as Chief Executive Officer of Acadian LLC due to her death or disability, Ms. Young will be entitled to severance pay consisting of a continuation of her base salary then in effect on the termination date for a period equal to six (6) months and a pro-rata portion of the Termination Bonus.

Scott Hynes

If Mr. Hynes’ employment is terminated by the Company without cause, subject to Mr. Hynes’ execution of a release of claims, Mr. Hynes would be entitled to (i) 12 months’ base salary, and (ii) payment of COBRA premiums for 12 months, and (iii) accelerated vesting of all of his outstanding restricted stock awards and RSUs.

Richard Hart

If Mr. Hart’s employment is terminated by the Company without cause or by Mr. Hart for good reason, subject to Mr. Hart’s execution of a release of claims, Mr. Hart would be entitled to (a) 12 months’ base salary, (b) a lump sum cash bonus in an amount equal to Mr. Hart’s prior year bonus, (c) a cash bonus for the year in which the termination occurs equal to Mr. Hart’s prior year bonus, prorated to reflect the number of days worked during the year in which the termination occurs (or if the prior year bonus has not yet been paid, an amount equal to the prior year bonus), (d) subject to Mr. Hart’s timely election of COBRA coverage, an amount equal to the portion of the premium cost incurred by the Company for 12 months, and (e) accelerated vesting of all outstanding restricted stock awards and RSUs.

If Mr. Hart’s employment is terminated due to his death or disability, he would be entitled to accelerated vesting of all outstanding RSUs. If Mr. Hart’s employment is terminated due to his disability, subject to his timely election of COBRA coverage, Mr. Hart would be entitled to an amount equal to the portion of the premium cost incurred by the Company for 12 months.

Christina Wiater

If Ms. Wiater’s employment is terminated by the Company without cause or by Ms. Wiater for good reason, subject to Ms. Wiater’s execution of a release of claims, Ms. Wiater would be entitled to (i) the greater of (a) 12 months’ base salary plus her most recently paid annual bonus or (b) $1,125,000, (ii) payment of COBRA premiums for 12 months, (iii) a cash bonus for the year in which the termination occurs equal to the greater of (a) her most recently paid annual bonus and (b) $700,000, in each case prorated to reflect the number of days worked during the year, and (iv) accelerated vesting of all of her outstanding restricted stock awards and RSUs.

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If Ms. Wiater’s employment is terminated due to her death or disability, she would be entitled to accelerated vesting of all outstanding RSUs. If Ms. Wiater’s employment is terminated due to her disability, subject to her timely election of COBRA coverage, Ms. Wiater would be entitled to an amount equal to the portion of the premium cost incurred by the Company for 12 months.

Payments Upon Termination of Employment, Death and Disability

The following tables detail payments upon termination by the Company without cause, for good reason by the employee, or due to death or disability as of December 31, 2025 for each of the NEOs:


	Termination Without Cause or for Good Reason
	Salary		COBRA Benefits		Bonus		Accelerated Vesting		Total
Kelly Young (1)	$	1,300,000	$	36,958	$	6,533,333	$	—	$	7,870,291
Scott Hynes	$	450,000	$	36,473	$	—	$	—	$	486,473
Richard Hart (2)	$	500,000	$	31,809	$	1,125,000	$	1,506,256	$	3,163,065
Christina Wiater (3)	$	425,000	$	31,809	$	840,000	$	988,175	$	2,284,984

(1) For Ms. Young, detail of payments above assumes a termination from both the Company and Acadian LLC. Salary represents salary continuation for a period equal to 24 months (actual salary payment would range between 18-24 months), as determined in accordance with the Young Employment Agreement. The bonus represents two times the average amount of cash bonuses for the last three fiscal years (actual bonus would range between one and two times the average cash bonus for the last three years) as defined by the Young Employment Agreement. Any accrued, unused vacation would be paid as required under applicable law.

(2) The value of accelerated vesting for Mr. Hart’s 32,048 unvested RSUs was based on the closing price of a share of Common Stock on December 31, 2025 ($47.00). Mr. Hart’s bonus represents his prior year bonus. Mr. Hart would also receive a cash bonus for the year in which the termination occurs equal to his most recently paid annual bonus prorated to reflect the number of days worked during the year. Any accrued, unused vacation would be paid as required under applicable law.

(3) The value of accelerated vesting for Ms. Wiater’s 21,025 unvested RSUs was based on the closing price of a share of Common Stock on December 31, 2025 ($47.00). Ms. Wiater’s bonus represents her prior year bonus as set forth in the Wiater Employment Agreement. Ms. Wiater would also receive a cash bonus for the year in which the termination occurs equal to the greater of (a) her most recently paid annual bonus and (b) $700,000, in each case prorated to reflect the number of days worked during the year. Any accrued, unused vacation would be paid as required under applicable law.


	Termination upon Death
	Salary		Bonus		Accelerated Vesting		Total
Kelly Young	$	325,000	$	3,266,666	$	—	$	3,591,666
Scott Hynes	$	—	$	—	$	—	$	—
Richard Hart (1)	$	—	$	—	$	1,506,256	$	1,506,256
Christina Wiater (2)	$	—	$	—	$	988,175	$	988,175

(1) The value of accelerated vesting for Mr. Hart’s 32,048 unvested RSUs was based on the closing price of a share of Common Stock on December 31, 2025 ($47.00). Salary continuation or bonus compensation may be paid at the discretion of the Compensation Committee.

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(2) The value of accelerated vesting for Ms. Wiater’s 21,025 unvested RSUs was based on the closing price of a share of Common Stock on December 31, 2025 ($47.00). Salary continuation or bonus compensation may be paid at the discretion of the Compensation Committee.

SEC Form DEF 14A filed by Acadian Asset Management Inc.