Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

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.

Statements of Income



	For the 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 expense 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



	For the Three Months Ended June 30, 2014
	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	265.2		$	310.0		$	61.1		$	636.3
Operating expenses:
Depreciation, intangible amortization and impairments	23.5			4.8			3.9			32.2
Other operating expenses	165.0			207.5			33.2			405.7
	188.5			212.3			37.1			437.9
Operating income	76.7			97.7			24.0			198.4
Income from equity method investments	46.9			5.3			4.1			56.3
Other non-operating (income) and expenses:
Investment and other income	(4.8		)	(3.1		)	(0.5		)	(8.4		)
Interest expense	10.7			7.4			1.9			20.0
Imputed interest expense and contingent payment arrangements	0.2			2.0			0.2			2.4
	6.1			6.3			1.6			14.0
Income before income taxes	117.5			96.7			26.5			240.7
Income taxes	29.4			26.8			5.5			61.7
Net income	88.1			69.9			21.0			179.0
Net income (non-controlling interests)	(38.6		)	(28.8		)	(11.5		)	(78.9		)
Net income (controlling interest)	$	49.5		$	41.1		$	9.5		$	100.1



	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



	Six Months Ended June 30, 2014
	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	510.1		$	601.9		$	117.4		$	1,229.4
Operating expenses:
Depreciation, intangible amortization and impairments	46.9			8.8			7.7			63.4
Other operating expenses	319.9			388.9			64.8			773.6
	366.8			397.7			72.5			837.0
Operating income	143.3			204.2			44.9			392.4
Income from equity method investments	83.9			10.9			7.7			102.5
Other non-operating (income) and expenses:
Investment and other income	(10.3		)	(5.5		)	(0.8		)	(16.6		)
Interest expense	19.7			14.3			3.7			37.7
Imputed interest and contingent payment arrangements	10.5			12.2			2.1			24.8
	19.9			21.0			5.0			45.9
Income before income taxes	207.3			194.1			47.6			449.0
Income taxes	51.3			49.5			9.8			110.6
Net income	156.0			144.6			37.8			338.4
Net income (non-controlling interests)	(70.7		)	(69.3		)	(21.2		)	(161.2		)
Net income (controlling interest)	$	85.3		$	75.3		$	16.6		$	177.2
Total assets as of December 31, 2013	$	3,196.5		$	2,448.4		$	673.9		$	6,318.8
Total assets as of June 30, 2014	$	3,195.8		$	2,785.5		$	748.9		$	6,730.2

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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