Acadian Asset Management Inc. (AAMI) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of BrightSphere Investment Group Inc. Please note that today's meeting is being recorded. During the meeting, we'll have a question-and-answer session. You can submit questions or comments at any time by clicking on the Message icon. It is now my pleasure to turn today's meeting over to John Paulson, Chairman of the company's Board of Directors. Mr. Paulson, the floor is yours.

Thank you, Dee. I would like to welcome you to the 2024 Annual Meeting of Stockholders of BrightSphere Investment Group. I am John Paulson, Chairman of the company's Board of Directors and will be acting as Chairman of this meeting. We are excited to be hosting a virtual meeting, which allows us to be more inclusive and reach a greater number of our stockholders. At this time, I call the meeting to order. We will conduct the business portion of our virtual meeting first and answer general questions at the end of the meeting. If you want to ask a question or provide a comment today, please follow the instructions provided on the virtual meeting website. I would like to begin by introducing the other current members of the Board: Robert Chersi; Andrew Kim; Barbara Trebbi; and Suren Rana. I would also like to introduce Richard Hart, our Chief Legal Officer and Company Secretary, who will serve as the Secretary of the meeting and record the proceedings. I would now like to start the formal proceedings of the meeting. As we have a quorum, I now declare the meeting open for the purposes of transacting such business as may properly come before it. Mr. Hart has been provided with an affidavit of Computershare Trust Company NA, the registrar and transfer agent for the company's shares as to the mailing or distribution of the notice of the meeting, which states that on or about April 25, 2024, notice of the meeting and of the Internet availability of the proxy materials was mailed or distributed to the share -- to the stockholders of record as of the close of business on April 17, 2024, the record date for the meeting. Accordingly, the requisite notice of the meeting has been given. The company's 2023 annual report on Form 10-K and 2024 proxy statement have been made available to stockholders, and we -- and are available for viewing on the meeting website. Computershare is acting as the inspector of election for the meeting. The inspector of election has signed an oath to act as such, and this oath will be filed with the records of the company. I now turn the call over to Richard Hart.

Thank you, John. If you have not already voted and you wish to vote at the meeting, please follow the instructions provided on the virtual meeting website. The final results of voting will be included in a filing with the SEC on Form 8-K within 4 business days following the conclusion of the meeting. You have 3 options for Resolutions 1, 2 and 3. For each of Resolutions 1, 2 and 3, you can vote for such resolution; against such resolution; or abstain from voting on such resolution. In accordance with the company's certificate of incorporation and the bylaws, the election of directors shall be decided by the affirmative vote of a majority of the votes cast, and all other matters shall be decided by the affirmative vote of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote thereon. John?

Thank you, Richard. We will now proceed to vote on the resolutions, which I will formally propose to the meeting. I note that the date is June 6, 2024, and the time is 11:36 a.m. Polls for voting on all matters are open at this time. The full text of and background and recommendations on the resolutions is set out in the notice of the meeting and the proxy materials that have been made available to you. If you wish to ask a question or make a comment on these proposals, please follow the instructions provided on the virtual meeting website. The first proposal relates to the reelection of directors of the company. The following candidates have been recommended by the Board's Nominating and Corporate Governance Committee as nominee for director, and the Board has accepted such recommendations: John Paulson; Robert Chersi; Andrew Kim; Barbara Trebbi; and Suren Rana. The Board has recommended that each of these directors be reelected as directors. I now propose that John Paulson; Robert Chersi; Andrew Kim; Barbara Trebbi; and Suren Rana, each be reelected as a director. The next proposal relates to the ratification of the Audit Committee's appointment of KPMG LLP as the company's independent registered public accounting firm for the year ended December 31, 2024. The Board has recommended that stockholders ratify the selection of KPMG. I now propose that the appointment of KPMG as the company's independent registered public accounting firm be ratified. The next proposal is a nonbinding stockholder advisory vote relating to the compensation of the company's named executive officers as described in the company's proxy statement. The Board has recommended the approval of the compensation of the company's named executive officers. I now propose that the compensation of the company's named executive officers as described in the proxy statement under Compensation Discussion and Analysis be approved on an advisory basis.

And John, I can confirm that -- sorry. I can confirm that...

Go ahead.

I can confirm that there are no questions or comments on the relevant proposals.

Thank you, Richard. There being no further discussion on these proposals, we will now pause to allow for the completion of voting. [Voting]

I note that the date is June 6, 2024, and the time is 11:39 -- excuse me, 11:40 a.m. The polls for voting on all matters are hereby closed. Mr. Hart, will you please announce the preliminary voting results?

Thanks, John. The preliminary report of the Inspector of Election indicates that the stockholders have approved by a vote of a majority of the votes cast at the meeting, whether in person or by proxy, the reelection of all the directors proposed for reelection at the meeting; and by a vote of a majority of the shares present in person or represented by proxy at the meeting, the ratification of the appointment of KPMG as the company's independent registered public accounting firm for 2024; and the compensation of the company's named executive officers as described in the proxy statement. The final results of the voting, including the proxy votes on each of the proposals will be announced by filing a Form 8-K with the SEC within 4 business days. I now give it back to John for the completion of the meeting.

Thank you, Richard. This completes the business to be conducted at this meeting. Since there are no other matters to come before the meeting, I hereby declare this meeting adjourned. At this time, I would like to open the floor to any questions that stockholders may have. If you have any questions related to the company, you may raise them now by following the instructions on the virtual meeting website. Only matters that may concern all stockholders should be raised at this time. Let me pause, Richard, to tabulate and see if there's any questions. With no questions from stockholders, we will now conclude this question-and-answer session. Thank you for your interest and attendance.

This concludes the meeting. You may now disconnect.