Acadian credit union

Firm brings on pioneer in the space to launch new capability BrightSphere Investment Group Inc. (NYSE: BSIG) today announced that its sole operating business, Acadian Asset Management, plans to introduce a systematic credit capability and has hired Scott Richardson, a pioneer in the space, as Director of Systematic Credit to lead this effort. Said BrightSphere Chief Executive Officer, Suren Rana, “This initiative is an excellent example of Acadian leveraging its broad and deep quant capabilities to be responsive to the growing demand from clients for excess returns uncorrelated with equities. We look forward to fully supporting the Acadian team in developing and growing world-class and differentiated systematic credit investing capabilities to win a share of the large credit market with $24T in AUM.” Mr. Richardson will build out and lead a team of portfolio managers, researchers, traders, and support personnel focused on this new initiative, with plans to seed the first strategies in 2023. This work will initially focus on corporate credit-based strategies including high yield corporate, investment grade corporate, and credit long-short. Said Acadian Chief Investment Officer Brendan Bradley, “We believe these fixed income strategies most closely resemble the equity strategies we manage today and will benefit from our existing expertise in data analysis, signal construction, and trading.” He added, “Scott has had a stellar professional and academic career focused on systematic investing. We have long been familiar with his published research, and we are thrilled to have him on the team contributing directly to our work.” Mr. Richardson has over 15 years of experience in leading both systematic equity and credit investing at BGI/BlackRock and AQR. He has over 25 years of experience in academia at various top-tier institutions, most recently at the London Business School. Acadian cited changing bond market dynamics (including increases in electronic bond trading

And data availability), alignment with their core capabilities, and investor demand as the primary drivers behind their strategy to enter systematic credit. Said Acadian Chief Executive Officer Ross Dowd, “We believe incremental investment in our research and resources towards credit will provide differentiated fixed income strategies for our clients. We continue to see investor demand for systematic strategies offering consistent returns paired with clarity around return drivers.” Mr. Richardson previously worked as a researcher and portfolio manager at AQR, with a focus on credit and fixed income markets, and has held senior positions at BlackRock (Barclays Global Investors), including head of Europe Equity Research and Head of Global Credit Research. He is also a Professor at London Business School, where he teaches M.B.A. and Ph.D. classes. Scott began his career as an Assistant Professor at the University of Pennsylvania. He is an editor of the Review of Accounting Studies and has published extensively in leading academic and practitioner journals. In 2009, he won the Notable Contribution to Accounting award for his work on earnings quality and accruals. Scott earned a B.Ec. with first-class honors from the University of Sydney and a Ph.D. in Business Administration from the University of Michigan. About BrightSphere BrightSphere is a global asset management holding company with one operating subsidiary, Acadian Asset Management, with approximately $110 billion of assets under management as of March 31, 2022. Through Acadian, BrightSphere offers institutional investors across the globe access to a wide array of leading quantitative and solutions-based strategies designed to meet a range of risk and return objectives. For more information, please visit BrightSphere’s website at www.bsig.com. Information that may be important to investors will be routinely posted on our website. Source: BrightSphere Investment Group Inc.

The investment process.Acadian Asset Management LLC has wholly owned affiliates located in London, Singapore, and Sydney. Pursuant to the terms of service level agreements with each affiliate, employees of Acadian Asset Management LLC may provide certain services on behalf of each affiliate and employees of each affiliate may provide certain administrative services, including marketing and client service, on behalf of Acadian Asset Management LLC.Acadian Asset Management LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission. Registration of an investment adviser does not imply any level of skill or training. Acadian Asset Management (Singapore) Pte Ltd, (Registration Number: 199902125D) is licensed by the Monetary Authority of Singapore. It is also registered as an investment adviser with the U.S. Securities and Exchange Commission. Acadian Asset Management (Australia) Limited (ABN 41 114 200 127) is the holder of Australian financial services license number 291872 ("AFSL"). It is also registered as an investment adviser with the U.S. Securities and Exchange Commission. Under the terms of its AFSL, Acadian Asset Management (Australia) Limited is limited to providing the financial services under its license to wholesale clients only. This marketing material is not to be provided to retail clients. Acadian Asset Management (UK) Limited is authorized and regulated by the Financial Conduct Authority ('the FCA') and is a limited liability company incorporated in England and Wales with company number 05644066. Acadian Asset Management (UK) Limited will only make this material available to Professional Clients and Eligible Counterparties as defined by the FCA under the Markets in Financial Instruments Directive, or to Qualified Investors in Switzerland as defined in the Collective Investment Schemes Act, as applicable. Recommended Reading

Misconception that private credit delivers a meaningful illiquidity premium, and neglect of pressures on companies’ ability to service rising interest burdens. As such, we would encourage asset owners to review the balance of their private and public credit allocations, and to conduct independent and critical due diligence on direct lending investments. Sidebar: Overview of the U.S. Corporate Debt Market Companies have two main avenues for debt financing: they can issue a bond or take out a loan. Bonds typically have a fixed-rate coupon, while loans tend to be floating rate. Borrowing can be done privately, through one or more lenders (direct or broadly syndicated), or in public markets, which offer secondary trading. Figure 3 provides a high-level overview of the $13.5 trillion U.S. Corporate debt market. Public bonds make up the majority, 55% from investment grade companies and another 9% from high yield. The loan market, in total, accounts for $4.9 trillion and is broken up into broadly syndicated loans, bank commercial and industrial loans, and private debt. Within the private debt market, direct lending represents a sizeable portion alongside distressed lending and venture funding, among other sources. Depending on their financing needs, health, and underlying corporate structure, companies may tap into multiple segments of the corporate debt market or be limited to a particular slice. Figure 3: The U.S. Corporate Debt Market As of December 31, 2022. Source: ICE, Morningstar, Goldman Sachs, S&P Global Market Intelligence. Private debt markets have grown substantially since 2010, from $200 billion to $1.1 trillion. Due to regulatory changes after the GFC, many banks reduced the amount of loans made to smaller and lower quality corporations. While private lending firms had been active prior to the GFC, they identified this financing gap as an opportunity for investor capital. Unlike bonds and broadly syndicated bank loans which have an active secondary market, direct loans are privately originated and are not publicly traded. Prices are set quarterly using managers’ valuation models and audited by external parties yearly. Companies borrowing in this sector typically are not rated by major agencies. To gain access, investors deploy capital via private funds or closed-end business development companies, which may be publicly traded. In the former, investor capital will be locked up for an extended period (e.g., 5-10 years). Leverage is typically employed to enhance fund returns. Legal Disclaimer These materials provided herein may contain material, non-public information within the meaning of the United States Federal Securities Laws with respect to Acadian Asset Management LLC, Acadian Asset Management Inc. and/or their respective subsidiaries and affiliated entities. The recipient of these materials agrees that it will not use any confidential information that may be contained herein to execute or recommend transactions in

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