Record AUM and Strong Net Flows
AUM ended the year at $227.6–$228.0 billion, up nearly $60.0 billion since the end of 2024, driven by $21.4 billion of positive investment performance and $28.7 billion of net inflows. Record gross and net inflows were nearly 20% ahead of the industry; the firm has taken market share for the sixth consecutive year.
Run‑rate Net Management Fees at Decade High
Run‑rate net management fees rose to $1.182 billion at end‑December 2025 from $1.058 billion at end‑2024, an increase of ~11.8%, the highest level in more than 10 years.
Diversification Driving Growth
Long‑only, liquid credit and other non‑AHL strategies drove positive asset‑weighted relative investment performance (1.3% in 2025 vs 1.0% in 2024). Long‑only AUM grew 97% year‑on‑year and long‑only strategies contributed $34.5 billion in net flows.
Strong Product Performance
Quant alpha delivered 21.3% net performance in 2025. Man 1783 produced 10.5% net annualized performance over the last 3 years. AHL Alpha and AHL Evolution finished the year up ~5%.
Performance Fee Optionality and Backlog
Performance fees were $281 million in 2025 (mostly from non‑AHL strategies). Performance fee eligible AUM was $59.6 billion with $36.6 billion at high watermark (up from $21.1 billion); the median simulated 12‑month performance fee outcome was $471 million (a 35% increase vs $349 million in 2021). As of Feb 20, ~ $350 million of performance fees had been accrued to crystallize in 2026.
Client Engagement and Organic Wins
Held over 16,000 client meetings; record new client additions with 36% of gross sales from relationships entirely new to the firm; top 50 clients invest in more than four strategies on average.
Strategic M&A, Product Development and Seed Program
Completed Bardin Hill acquisition to bolster credit capabilities; launched four active ETFs; seeded 12 strategies with gross seed investments of $603 million (79% liquid, 21% private); redeployed $400 million of seed capital.
Strong Balance Sheet and Capital Returns
Net tangible assets of $723 million including $173 million cash; returned approximately $300 million to shareholders in 2025 (dividends + $100 million buyback). Over the past 5 years returned $1.8 billion to shareholders (>50% of market cap at Dec 2025).
Expansion in Key Markets and Channels
North American annual gross flows nearly doubled from $10 billion to ~ $20 billion in two years; 24% increase in North American pension plan clients; credit platform expanded to $53.1 billion from $28.3 billion two years ago.