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Segment Information
 12 Months Ended
Dec. 31, 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 wealthy individuals, family trusts and managed account programs.
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 consolidated Affiliates 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, consolidated 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
 
Year Ended December 31, 2011
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
841.4

 
$
723.7

 
$
139.7

 
$
1,704.8

Operating expenses:
 

 
 

 
 

 
 

Depreciation, intangible amortization and impairments
76.9

 
28.0

 
7.8

 
112.7

Other operating expenses
524.9

 
492.4

 
88.7

 
1,106.0

 
601.8

 
520.4

 
96.5

 
1,218.7

Operating income
239.6

 
203.3

 
43.2

 
486.1

Income from equity method investments
57.2

 
7.9

 
7.6

 
72.7

Other non-operating (income) and expenses:
 

 
 

 
 

 
 

Investment and other (income) loss
(6.9
)
 
0.6

 
11.3

 
5.0

Interest expense
39.7

 
27.7

 
6.4

 
73.8

Imputed interest and contingent payment arrangements
15.1

 
9.9

 
2.3

 
27.3

 
47.9

 
38.2

 
20.0

 
106.1

Income before income taxes
248.9

 
173.0

 
30.8

 
452.7

Income taxes
53.4

 
34.4

 
5.3

 
93.1

Net income
195.5

 
138.6

 
25.5

 
359.6

Net income (non-controlling interests)
(105.3
)
 
(73.1
)
 
(16.3
)
 
(194.7
)
Net income (controlling interest)
$
90.2

 
$
65.5

 
$
9.2

 
$
164.9

Total assets
$
2,836.2

 
$
1,920.6

 
$
462.1

 
$
5,218.9

Goodwill
$
1,071.4

 
$
785.0

 
$
260.9

 
$
2,117.3

Equity method investments in Affiliates
$
490.6

 
$
75.6

 
$
49.6

 
$
615.8

 
Year Ended December 31, 2012
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
861.3

 
$
774.4

 
$
169.8

 
$
1,805.5

Operating expenses:
 

 
 

 
 

 
 

Depreciation, intangible amortization and impairments
75.4

 
128.9

 
9.8

 
214.1

Other operating expenses
554.2

 
526.5

 
110.3

 
1,191.0

 
629.6

 
655.4

 
120.1

 
1,405.1

Operating income
231.7

 
119.0

 
49.7

 
400.4

Income from equity method investments
103.9

 
12.7

 
13.1

 
129.7

Other non-operating (income) and expenses:
 

 
 

 
 

 
 

Investment and other (income) loss
(13.6
)
 
(6.6
)
 
(1.8
)
 
(22.0
)
Interest expense
50.7

 
24.0

 
8.3

 
83.0

Imputed interest and contingent payment arrangements
(8.1
)
 
(19.5
)
 
1.5

 
(26.1
)
 
29.0

 
(2.1
)
 
8.0

 
34.9

Income before income taxes
306.6

 
133.8

 
54.8

 
495.2

Income taxes
63.7

 
10.7

 
9.4

 
83.8

Net income
242.9

 
123.1

 
45.4

 
411.4

Net income (non-controlling interests)
(116.9
)
 
(95.8
)
 
(24.7
)
 
(237.4
)
Net income (controlling interest)
$
126.0

 
$
27.3

 
$
20.7

 
$
174.0

Total assets
$
3,176.5

 
$
2,354.8

 
$
655.8

 
$
6,187.1

Goodwill
$
1,078.5

 
$
939.5

 
$
337.2

 
$
2,355.2

Equity method investments in Affiliates
$
879.6

 
$
81.2

 
$
70.5

 
$
1,031.3



 
Year Ended December 31, 2013
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
$
948.7

 
$
1,023.0

 
$
217.1

 
2,188.8

Operating expenses:
 

 
 

 
 

 
 

Depreciation, intangible amortization and impairments
82.3

 
47.4

 
12.5

 
142.2

Other operating expenses
620.5

 
661.2

 
130.8

 
1,412.5

 
702.8

 
708.6

 
143.3

 
1,554.7

Operating income
245.9

 
314.4

 
73.8

 
634.1

Income from equity method investments
263.9

 
16.6

 
27.3

 
307.8

Other non-operating (income) and expenses:
 

 
 

 
 

 
 

Investment and other (income) loss
(23.9
)
 
(15.3
)
 
(1.6
)
 
(40.8
)
Interest expense
51.0

 
27.7

 
8.6

 
87.3

Imputed interest and contingent payment arrangements
8.9

 
20.8

 
2.0

 
31.7

 
36.0

 
33.2

 
9.0

 
78.2

Income before income taxes
473.8

 
297.8

 
92.1

 
863.7

Income taxes
117.5

 
56.3

 
20.3

 
194.1

Net income
356.3

 
241.5

 
71.8

 
669.6

Net income (non-controlling interests)
(136.4
)
 
(138.1
)
 
(34.6
)
 
(309.1
)
Net income (controlling interest)
$
219.9

 
$
103.4

 
$
37.2

 
$
360.5

Total assets
$
3,196.5

 
$
2,448.4

 
$
673.9

 
$
6,318.8

Goodwill
$
1,076.3

 
$
928.1

 
$
337.3

 
$
2,341.7

Equity method investments in Affiliates
$
942.6

 
$
77.7

 
$
103.0

 
$
1,123.3


In 2011, 2012 and 2013, revenue attributable to clients domiciled outside the U.S. was approximately 39%, 41% and 38% of total revenue, respectively.