Equity Investments in Affiliates

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

For the Affiliates in which the Company holds a significant but non-controlling interest, the equity method of accounting is applied. The definite-lived acquired client relationships attributable to the Company's equity method investments are amortized over their expected useful lives. As of December 31, 2013, these relationships were being amortized over a weighted average life of approximately eleven years. The Company recognized amortization expense for these relationships of $36.9 million for twelve months ended December 31, 2012 as compared to $41.7 million and for the twelve months ended December 31, 2013. Assuming no additional investments in new or existing Affiliates, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates for the next five years as follows:



Year Ending December 31,	Estimated Amortization Expense
2014	$	20.7
2015	12.4
2016	9.8
2017	9.8
2018	9.8

The following table presents summarized financial information for Affiliates accounted for under the equity method.



	For the Years Ended December 31,
	2011		2012		2013
Revenue⁽¹⁾	$	581.0	$	1,005.4	$	1,589.6
Net income	387.9		783.3		1,321.9



	December 31,
	2012		2013
Current assets⁽²⁾	$	11,957.8	$	19,084.4
Noncurrent assets	34.7		55.3
Current liabilities	1,361.5		1,674.5
Noncurrent liabilities and Non-controlling interest⁽²⁾	9,857.6		16,089.0

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(1)	Revenue includes advisory fees for asset management services, investment income and dividends from consolidated investment partnerships.


(2)	The Company is not entitled to assets held by investors that are unrelated to the Company including consolidated investment partnerships.

The Company's share of undistributed earnings from equity method investments totaled $197.6 million as of December 31, 2013.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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