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Assets Under Management by Client Type
Shows how AUM is split between client types—institutions, retail, wealth managers, and intermediaries—indicating the stability of fee income, sensitivity to large institutional outflows, and where future growth or margin expansion is likely to come from.Institutional clients drove the lion’s share of AUM expansion in 2025, while sub‑advisory and wealth channels showed steady, smaller gains — a mix that increases recurring management fees and helped the margin expansion management touted. That underpins stronger free cash flow and the return‑of‑capital plans (dividend hike, buybacks to resume), but investors should watch performance‑fee volatility and a higher projected variable compensation ratio, which could pressure cash available for buybacks if performance or fee mix shifts.
Date | Institutional | Sub-Advisory | Wealth & Other |
|---|---|---|---|
Sep 30, 2025 | $135.00B | $16.40B | $15.00B |
Jun 30, 2025 | $121.90B | $16.00B | $13.20B |
Mar 31, 2025 | $96.30B | $14.00B | $11.60B |
Dec 31, 2024 | $93.00B | $13.10B | $11.20B |