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Derivatives and Hedging | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | 9. Derivatives and Hedging The Company maintains a program to enter into exchange traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.7 billion and $1.8 billion a t December 31, 2025 and 2024, with expiration dates during the first quarter of 2026 and 2025, respectively. In addition, the Company enters into exchange traded futures to economically hedge the exposure to market movements on certain deferred cash compensation plans. The Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $231 million and $197 million a t December 31, 2025 and 2024, with expiration dates during the first quarter of 2026 and 2025, respectively. Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represent settlements of profit/loss, are generally received or made daily, and are reflected in other assets and other liabilities on the consolidated statements of financial condition. These amounts were not material as of December 31, 2025 and 2024. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At December 31, 2025 and 2024, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $3.0 billion and $3.6 billion, with expiration dates during the first quarter of 2026 and 2025, respectively. At both December 31, 2025 and 2024, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement. The following table presents the fair values of derivative instruments recognized in the consolidated statements of financial condition at December 31, 2025:
| Assets |  |  | Liabilities |
| Statement of Financial Condition |  | December 31, |  |  | December 31, |  |  | Statement of Financial Condition |  | December 31, |  |  | December 31, |
(in millions) | Classification |  | 2025 |  |  | 2024 |  |  | Classification |  | 2025 |  |  | 2024 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts | Other assets |  | $ | 10 |  |  | $ | 7 |  |  | Other liabilities |  | $ | 1 |  |  | $ | 35 |
The following table presents realized and unrealized gains (losses) recognized in the consolidated statements of income on derivative instruments:
|  |  |  | Gains (Losses) |
(in millions) |  | Statement of Income Classification |  | 2025 |  |  | 2024 |  |  | 2023 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Exchange traded futures(1) |  | Net gain (loss) on investments |  | $ | (199 | ) |  | $ | (30 | ) |  | $ | (88 | )
Forward foreign currency exchange contracts |  | General and administration expense |  |  | 72 |  |  |  | 5 |  |  |  | 98 |
Total gain (loss) from derivative instruments |  | $ | (127 | ) |  | $ | (25 | ) |  | $ | 10 |
(1) Amounts for 2025, 2024 and 2023 include $230 million, $48 million and $112 million of losses on futures used as a macro hedging strategy of seed investments, respectively. In addition, amounts for 2025, 2024 and 2023 include $31 million, $18 million and $24 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively. The Company's CIPs may utilize derivative instruments as a part of the funds' investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for 2025, 2024 and 2023. See Note 15, Borrowings, for more information on the Company’s net investment hedge.

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