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Goodwill and Acquired Client Relationships
 12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Client Relationships
Goodwill and Acquired Client Relationships
The following tables presents the change in goodwill and components of intangible assets of the Company's Affiliates that are consolidated during 2013 and 2014:
 
Goodwill
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Balance, as of December 31, 2012
$
1,078.5

 
$
939.5

 
$
337.2

 
$
2,355.2

Goodwill acquired
—

 
—

 
—

 
—

Foreign currency translation
(2.2
)
 
(11.4
)
 
0.1

 
(13.5
)
Balance, as of December 31, 2013
$
1,076.3

 
$
928.1

 
$
337.3

 
$
2,341.7

Goodwill acquired
97.2

 
208.1

 
39.2

 
344.5

Foreign currency translation
(14.4
)
 
(10.9
)
 
(8.1
)
 
(33.4
)
Balance, as of December 31, 2014
$
1,159.1

 
$
1,125.3

 
$
368.4

 
$
2,652.8


 
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, 2012
$
1,109.6

 
$
(383.5
)
 
$
726.1

 
$
859.4

 
$
1,585.5

New Investments
—

 
—

 
—

 
—

 
—

Amortization and impairments
—

 
(128.2
)
 
(128.2
)
 
—

 
(128.2
)
Foreign currency translation
(1.2
)
 
—

 
(1.2
)
 
4.6

 
3.4

Transfers and other
(68.9
)
 
68.9

 
—

 
—

 
—

Balance, as of December 31, 2013
$
1,039.5

 
$
(442.8
)
 
$
596.7

 
$
864.0

 
$
1,460.7

New Investments
220.3

 
—

 
220.3

 
244.7

 
465.0

Amortization and impairments
—

 
(122.2
)
 
(122.2
)
 
—

 
(122.2
)
Foreign currency translation
(4.7
)
 
—

 
(4.7
)
 
(20.4
)
 
(25.1
)
Transfers and other
—

 
—

 
—

 
—

 
—

Balance, as of December 31, 2014
$
1,255.1

 
$
(565.0
)
 
$
690.1

 
$
1,088.3

 
$
1,778.4


For the Company's Affiliates that are consolidated, definite-lived acquired client relationships are amortized over their expected useful lives. As of December 31, 2014, these relationships were being amortized over a weighted average life of approximately ten years. The Company estimates that its consolidated annual amortization expense will be approximately $120 million for each of the next five years, assuming no additional investments in new or existing Affiliates.
During 2013 and 2014, the Company completed impairment assessments on its goodwill and definite-lived and indefinite-lived acquired client relationships and no impairments were indicated.