[Form 4] BrightSphere Investment Group Inc. Common Stock Insider Trading Activity

Rhea-AI Filing Summary

Paulson & Co. Inc. reported a sale of 1,206,839 shares of Common Stock of Acadian Asset Management Inc. on 09/03/2025 at a reported price of $47.69 per share. After the sale, the filing states the managed funds for which Paulson is investment manager beneficially own 7,743,282 shares indirectly. The Form 4 clarifies that the securities are owned by the Funds and that John Paulson is the controlling person of Paulson; both Paulson and John Paulson may be deemed to indirectly own the shares held by the Funds. The report was signed by Stuart L. Merzer, General Counsel & Chief Compliance Officer.

Positive

• Disclosure compliance: The reporting party filed a timely Form 4 with transaction details and an authorized signature.
• Substantial retained holdings: Managed funds continue to hold 7,743,282 shares indirectly after the sale.

Negative

• Large disposition: A sale of 1,206,839 shares was executed, which reduces fund-level exposure.
• Price realized: The reported sale price of $47.69 may be viewed as a material liquidation price depending on investors' prior expectations.

Insights

Securities Analyst

TL;DR: Institutional manager sold a material block of shares; remaining indirect holdings remain substantial.

The Form 4 documents a sizeable disposition of 1.206 million shares at $47.69 by funds managed by Paulson & Co. The filing is explicit that the shares are held by investment funds and that John Paulson is the controlling person of Paulson. For investors, the key takeaway is a reduction in fund-level exposure by the reported amount while leaving an aggregate indirect holding of 7.743 million shares. The filing follows Section 16 disclosure conventions and includes the required signature from the reporting entity's compliance officer.

Corporate Governance Expert

TL;DR: Filing is a standard Section 16 disclosure showing compliance after a significant sale by managed funds.

The Form 4 provides the necessary transparency on changes in beneficial ownership by an investment manager and identifies the nature of indirect ownership. It includes the required explanatory statements about fund ownership and Rule 16 disclosures. There are no governance red flags or amendments shown; the disclosure attributes ownership to the Funds rather than to Paulson personally, consistent with standard reporting practices for investment managers.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PAULSON & CO. INC.

(Last) (First) (Middle)

15 EXCHANGE PLACE

(Street)

JERSEY CITY NJ 07302

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Acadian Asset Management Inc. [ AAMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001	09/03/2025		S		1,206,839	D	$47.69	7,743,282	I(1)(2)	By Managed Funds

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Paulson & Co. Inc. ("Paulson") is the investment manager of investment funds (the "Funds"). John Paulson is the controlling person of Paulson. All securities reported on this Form 4 are owned by the Funds.

2. Each of Paulson and John Paulson may be deemed to indirectly beneficially own the securities directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the filing of this Form 4 shall not be deemed an admission by any person reporting on this Form 4 that such person, for purposes of Section 16 of the Act or otherwise, is the beneficial owner of any equity securities covered by this Form 4.

	/s/ Stuart L. Merzer, Stuart L. Merzer, General Counsel & Chief Compliance Officer	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who reported the transaction in this Form 4?

The transaction was reported by Paulson & Co. Inc., signed by Stuart L. Merzer, General Counsel & Chief Compliance Officer.

What security and issuer are affected?

The filing reports a transaction in Common Stock of Acadian Asset Management Inc.

What transaction occurred and when?

On 09/03/2025 Paulson's managed funds disposed of 1,206,839 shares at a reported price of $47.69 per share.

How many shares do the managed funds hold after the transaction?

After the reported sale the Funds beneficially own 7,743,282 shares indirectly.

Does the Form 4 state who beneficially owns the shares?

Yes. The filing states the shares are owned by the investment funds managed by Paulson & Co., and that John Paulson is the controlling person of Paulson.