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Segment Information
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information
Management has assessed and determined that the Company operates in three business segments representing the Company's three principal distribution channels: Institutional, Mutual Fund and High Net Worth, each of which has different client relationships.
Revenue in the Institutional distribution channel is earned from relationships with public and private client entities, including pension plans, foundations, endowments and sovereign wealth funds. Revenue in the Mutual Fund distribution channel is earned from advisory and sub-advisory relationships with all domestically-registered investment products as well as non-institutional investment products that are registered abroad. Revenue in the High Net Worth distribution channel is earned from relationships with ultra-high net worth individuals, families and charitable foundations.
Revenue earned from client relationships managed by Affiliates accounted for under the equity method is not consolidated with the Company's reported Revenue but instead is included (net of operating expenses, including amortization) in Income from equity method investments, and reported in the distribution channel in which the Affiliate operates. Income tax attributable to the profits of the Company's equity method Affiliates is reported within the Company's consolidated income tax provision.
In firms with revenue sharing arrangements, a certain percentage of revenue is allocated for use by management of an Affiliate in paying operating expenses of that Affiliate, including salaries and bonuses, and is called an "Operating Allocation." In reporting segment operating expenses, Affiliate expenses are allocated to a particular segment on a pro rata basis with respect to the revenue generated by that Affiliate in such segment. Generally, as revenue increases, additional compensation is typically paid to Affiliate management partners from the Operating Allocation. As a result, the contractual expense allocation pursuant to a revenue sharing arrangement may result in the characterization of any growth in profit margin beyond the Company's Owners' Allocation as an operating expense. All other operating expenses (excluding intangible amortization) and interest expense have been allocated to segments based on the proportion of cash flow distributions reported by Affiliates in each segment.
Statements of Income
 
Three Months Ended June 30, 2012
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
219.5

 
$
173.3

 
$
36.8

 
$
429.6

Operating expenses:
 
 
 
 
 
 
 
Depreciation, intangible amortization and impairments
18.8

 
97.7

 
1.8

 
118.3

Other operating expenses
139.8

 
123.3

 
23.2

 
286.3

 
158.6

 
221.0

 
25.0

 
404.6

Operating income
60.9

 
(47.7
)
 
11.8

 
25.0

Income from equity method investments
9.3

 
2.8

 
1.3

 
13.4

Other non-operating (income) and expenses:
 
 
 
 
 
 
 
Investment and other income
(3.0
)
 
(0.3
)
 
0.3

 
(3.0
)
Interest expense
10.9

 
5.9

 
1.7

 
18.5

Imputed interest and contingent payment arrangements
(17.5
)
 
(22.7
)
 
0.2

 
(40.0
)
 
(9.6
)
 
(17.1
)
 
2.2

 
(24.5
)
Income before income taxes
79.8

 
(27.8
)
 
10.9

 
62.9

Income taxes
18.0

 
(18.1
)
 
2.1

 
2.0

Net income
61.8

 
(9.7
)
 
8.8

 
60.9

Net income (non-controlling interests)
(28.4
)
 
(21.6
)
 
(4.3
)
 
(54.3
)
Net income (loss) (controlling interest)
$
33.4

 
$
(31.3
)
 
$
4.5

 
$
6.6

 
Three Months Ended June 30, 2013
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
241.7

 
$
245.8

 
$
53.5

 
$
541.0

Operating expenses:
 
 
 
 
 
 
 
Depreciation, intangible amortization and impairments
19.9

 
12.8

 
3.2

 
35.9

Other operating expenses
148.8

 
163.3

 
31.6

 
343.7

 
168.7

 
176.1

 
34.8

 
379.6

Operating income
73.0

 
69.7

 
18.7

 
161.4

Income from equity method investments
30.0

 
3.9

 
2.3

 
36.2

Other non-operating (income) and expenses:
 
 
 
 
 
 
 
Investment and other income
(3.4
)
 
(3.6
)
 
(0.5
)
 
(7.5
)
Interest expense
13.4

 
8.5

 
2.4

 
24.3

Imputed interest and contingent payment arrangements
2.6

 
5.0

 
0.8

 
8.4

 
12.6

 
9.9

 
2.7

 
25.2

Income before income taxes
90.4

 
63.7

 
18.3

 
172.4

Income taxes
20.7

 
14.0

 
3.5

 
38.2

Net income
69.7

 
49.7

 
14.8

 
134.2

Net income (non-controlling interests)
(33.6
)
 
(27.5
)
 
(8.4
)
 
(69.5
)
Net income (controlling interest)
$
36.1

 
$
22.2

 
$
6.4

 
$
64.7

 
Six Months Ended June 30, 2012
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
426.2

 
$
349.0

 
$
72.0

 
$
847.2

Operating expenses:
 
 
 
 
 
 
 
Depreciation, intangible amortization and impairments
38.8

 
109.7

 
3.7

 
152.2

Other operating expenses
269.3

 
246.2

 
45.7

 
561.2

 
308.1

 
355.9

 
49.4

 
713.4

Operating income
118.1

 
(6.9
)
 
22.6

 
133.8

Income from equity method investments
19.8

 
5.4

 
2.7

 
27.9

Other non-operating (income) and expenses:
 
 
 
 
 
 
 
Investment and other income
(8.1
)
 
(4.3
)
 
(1.0
)
 
(13.4
)
Interest expense
21.8

 
12.0

 
3.3

 
37.1

Imputed interest and contingent payment arrangements
(15.2
)
 
(27.9
)
 
0.6

 
(42.5
)
 
(1.5
)
 
(20.2
)
 
2.9

 
(18.8
)
Income before income taxes
139.4

 
18.7

 
22.4

 
180.5

Income taxes
29.8

 
(7.5
)
 
4.3

 
26.6

Net income
109.6

 
26.2

 
18.1

 
153.9

Net income (non-controlling interests)
(57.3
)
 
(42.7
)
 
(9.9
)
 
(109.9
)
Net income (loss) (controlling interest)
$
52.3

 
$
(16.5
)
 
$
8.2

 
$
44.0

 
Six Months Ended June 30, 2013
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
465.4

 
$
473.7

 
$
104.2

 
$
1,043.3

Operating expenses:
 
 
 
 
 
 
 
Depreciation, intangible amortization and impairments
39.6

 
26.4

 
6.4

 
72.4

Other operating expenses
289.4

 
308.6

 
61.0

 
659.0

 
329.0

 
335.0

 
67.4

 
731.4

Operating income
136.4

 
138.7

 
36.8

 
311.9

Income from equity method investments
74.5

 
7.7

 
4.7

 
86.9

Other non-operating (income) and expenses:
 
 
 
 
 
 
 
Investment and other income
(5.9
)
 
(5.4
)
 
(0.7
)
 
(12.0
)
Interest expense
27.8

 
16.1

 
4.6

 
48.5

Imputed interest and contingent payment arrangements
6.9

 
14.3

 
1.4

 
22.6

 
28.8

 
25.0

 
5.3

 
59.1

Income before income taxes
182.1

 
121.4

 
36.2

 
339.7

Income taxes
42.8

 
25.8

 
7.1

 
75.7

Net income
139.3

 
95.6

 
29.1

 
264.0

Net income (non-controlling interests)
(64.5
)
 
(56.2
)
 
(16.2
)
 
(136.9
)
Net income (controlling interest)
$
74.8

 
$
39.4

 
$
12.9

 
$
127.1

Total assets as of December 31, 2012
3,176.5

 
2,354.8

 
655.8

 
6,187.1

Total assets as of June 30, 2013
2,919.2

 
2,509.4

 
644.1

 
6,072.7