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Equity Method Investments in Affiliates
 12 Months Ended
Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investments in Affiliates
Equity Method Investments in Affiliates
On April 1, 2014, the Company completed its investment in EIG Global Energy Partners, LLC ("EIG"). The Company completed its purchase price allocation using a financial model that included assumptions of market performance, net client flows and discount rates and resulted in $215.2 million being allocated to definite-lived acquired client relationships. The consideration paid (less net tangible assets acquired) is deductible for U.S. tax purposes over a 15-year life.
On December 26, 2014, the Company completed an additional investment in AQR Capital Management Holdings, LLC. The Company's provisional purchase price allocation was measured using a financial model that includes assumptions of expected market performance, net client flows and discount rates and resulted in $122.2 million and $90.0 million being allocated to definite-lived and indefinite-lived acquired client relationships, respectively. 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 and indefinite-lived acquired client relationships and goodwill. As of December 31, 2014, the definite-lived relationships were being amortized over a weighted average life of approximately fourteen years. The Company recognized amortization expense for these relationships of $41.7 million for the year ended December 31, 2013, as compared to $32.3 million for the year ended December 31, 2014. Assuming no additional investments in new or existing Affiliates, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates to be approximately $32 million for each of the next five years.
The following table presents summarized financial information for Affiliates accounted for under the equity method.
 
For the Years Ended December 31,
 
2012
 
2013
 
2014
Revenue(1)
$
1,005.4

 
$
1,589.6

 
$
1,869.3

Net income
783.3

 
1,321.9

 
253.8

 
December 31,
 
2013
 
2014
Assets(2)
$
19,139.7

 
$
34,729.2

Liabilities and Non-controlling interest(2)
17,763.5

 
33,048.6

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(1)
Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.

(2)
Assets consist primarily of investment securities in consolidated investment partnerships. These partnerships are generally held by investors that are unrelated to the Company.
The Company's share of undistributed earnings from equity method investments totaled $133.9 million as of December 31, 2014.