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Intangible Assets
 9 Months Ended
Sep. 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 nine months ended September 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
 
49.7

 
61.0

 
39.5

 
150.2

Foreign currency translation
 
(8.8
)
 
(3.2
)
 
(5.3
)
 
(17.3
)
Balance, as of September 30, 2014
 
$
1,117.2

 
$
985.9

 
$
371.5

 
$
2,474.6


 
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
149.6

 
—

 
149.6

 
46.8

 
196.4

Intangible amortization and impairments
—

 
(84.2
)
 
(84.2
)
 
—

 
(84.2
)
Foreign currency translation
(1.3
)
 
—

 
(1.3
)
 
(5.0
)
 
(6.3
)
Balance, as of September 30, 2014
$
1,187.8

 
$
(527.0
)
 
$
660.8

 
$
905.8

 
$
1,566.6


Definite-lived acquired client relationships are amortized over their expected useful lives. As of September 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 $32.7 million and $98.1 million, respectively, for the three and nine months ended September 30, 2013 as compared to $28.7 million and $84.2 million, respectively, for the three and nine months ended September 30, 2014. Based on relationships existing as of September 30, 2014, the Company estimates that its consolidated annual amortization expense will be approximately $120.0 million for each of the next five years.
The Company performed its annual goodwill impairment assessment as of September 30, 2014 and no impairments were identified.
Equity Method Investments in Affiliates
On April 1, 2014, the Company completed its investment in EIG Global Energy Partners, LLC. 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 September 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 $10.4 million and $31.1 million, respectively, for the three and nine months ended September 30, 2013 as compared to $7.3 million and $20.0 million, respectively, for the three and nine months ended September 30, 2014. Based on relationships existing as of September 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, there were no significant changes to goodwill during the nine months ended September 30, 2014.