Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of the Company's goodwill by segment are as follows:


	Institutional Investors		Investment Managers		Investments in New Businesses		Total

Balance, December 31, 2023	$	61,884	$	56,990	$	18,459	$	137,333

Reclassification due to segment reorganization	—		(1,711)		1,711		—
Foreign currency translation adjustments	(128)		(1)		—		(129)
Balance, March 31, 2024	$	61,756	$	55,278	$	20,170	$	137,204

The reclassification of the Company's goodwill by segment during the three months ended March 31, 2024 reflects the relative fair value allocation of the goodwill related to the businesses that were reclassified into the new segment (See Note 9).

In November 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), from its parent company, XPS Pensions Group PLC (XPS). The total purchase price for XPS Pensions (Nexus) Limited included a contingent consideration payable to the sellers subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date. As of March 31, 2024, the current portion of the contingent consideration of $915 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $2,618 is included in Other long-term liabilities on the accompanying Balance Sheet.

The Company recognized $3,403 and $3,055 of amortization expense related to acquired intangible assets during the three months ended March 31, 2024 and 2023, respectively.