XML 65 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Intangible Assets | 6 Months Ended
--- | ---
Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Consolidated Affiliates The following tables present the change in goodwill and components of acquired client relationships during the six months ended June 30, 2014:
|  | Goodwill
|  | Institutional |  | Mutual Fund |  | High Net Worth |  | Total
Balance, as of December 31, 2013 |  | $ | 1,076.3 |  |  | $ | 928.1 |  |  | $ | 337.3 |  |  | $ | 2,341.7 |
Goodwill acquired |  | 49.6 |  |  | 60.9 |  |  | 39.5 |  |  | 150.0 |
Foreign currency translation |  | (0.9 | ) |  | 0.6 |  |  | (0.4 | ) |  | (0.7 | )
Balance, as of June 30, 2014 |  | $ | 1,125.0 |  |  | $ | 989.6 |  |  | $ | 376.4 |  |  | $ | 2,491.0 |
| Acquired Client Relationships
| Definite-lived |  | Indefinite-lived |  | Total
| Gross Book Value |  | Accumulated Amortization |  | Net Book Value |  | Net Book Value |  | Net Book Value
Balance, as of December 31, 2013 | $ | 1,039.5 |  |  | $ | (442.8 | ) |  | $ | 596.7 |  |  | $ | 864.0 |  |  | $ | 1,460.7 |
New Investments | 149.1 |  |  | — |  |  | 149.1 |  |  | 46.8 |  |  | 195.9 |
Amortization and impairments | — |  |  | (55.5 | ) |  | (55.5 | ) |  | — |  |  | (55.5 | )
Foreign currency translation | 0.4 |  |  | — |  |  | 0.4 |  |  | 8.1 |  |  | 8.5 |
Balance, as of June 30, 2014 | $ | 1,189.0 |  |  | $ | (498.3 | ) |  | $ | 690.7 |  |  | $ | 918.9 |  |  | $ | 1,609.6 |
Definite-lived acquired client relationships are amortized over their expected useful lives. As of June 30, 2014, these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expenses for these relationships of $32.6 million and $65.5 million, respectively, for the three and six months ended June 30, 2013 as compared to $28.1 million and $55.5 million, respectively, for the three and six months ended June 30, 2014. Based on relationships existing as of June 30, 2014, the Company estimates that its consolidated annual amortization expense will be approximately $120.0 million for each of the next five years. Equity Method Investments in Affiliates On April 1, 2014, the Company completed its investment in EIG Global Energy Partners, LLC ("EIG"). The Company's purchase price allocation is provisional and $115.0 million has been allocated to acquired client relationships. The Company's purchase price allocation was measured using a financial model that includes assumptions of expected market performance, net client flows and discount rates. This provisional amount may be revised upon completion of the final valuation. The consideration paid (less net tangible assets acquired) will be deductible for U.S. tax purposes over a 15-year life. The intangible assets at the Company's equity method Affiliates consist of definite-lived acquired client relationships and goodwill. Definite-lived acquired client relationships are amortized over their expected useful lives. As of June 30, 2014, these relationships were being amortized over a weighted average life of approximately twelve years. The Company recognized amortization expense for these relationships of $10.3 million and $20.7 million, respectively, for the three and six months ended June 30, 2013 as compared to $7.3 million and $12.7 million, respectively, for the three and six months ended June 30, 2014. Based on relationships existing as of June 30, 2014, the Company estimates the annual amortization expense for the next five years will be approximately $26.4 million in 2014, $20.2 million in 2015 and $17.6 million in each of 2016, 2017 and 2018. With the exception of the aforementioned investment in EIG, there were no significant changes to goodwill during the six months ended June 30, 2014.

X
- Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration