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Intangible Assets
 3 Months Ended
Mar. 31, 2015
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 three months ended March 31, 2015:
 
 
Goodwill
 
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Balance, as of December 31, 2014
 
$
1,159.1

 
$
1,125.3

 
$
368.4

 
$
2,652.8

Goodwill acquired
 
—

 
—

 
—

 
—

Foreign currency translation
 
(17.9
)
 
(3.5
)
 
(10.2
)
 
(31.6
)
Balance, as of March 31, 2015
 
$
1,141.2

 
$
1,121.8

 
$
358.2

 
$
2,621.2


 
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, 2014
$
1,255.1

 
$
(565.0
)
 
$
690.1

 
$
1,088.3

 
$
1,778.4

New investments
—

 
—

 
—

 
—

 
—

Intangible amortization and impairments
—

 
(27.8
)
 
(27.8
)
 
—

 
(27.8
)
Foreign currency translation
(5.1
)
 
—

 
(5.1
)
 
(20.8
)
 
(25.9
)
Balance, as of March 31, 2015
$
1,250.0

 
$
(592.8
)
 
$
657.2

 
$
1,067.5

 
$
1,724.7


Definite-lived acquired client relationships are amortized over their expected useful lives. As of March 31, 2015, these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expenses for these relationships of $27.4 million and $27.8 million for the three months ended March 31, 2014 and 2015, respectively. Based on relationships existing as of March 31, 2015, the Company estimates that its consolidated annual amortization expense will be approximately $120.0 million for each of the next five years, assuming no additional investments in new or existing Affiliates.
Equity Method Investments in Affiliates
The intangible assets at the Company's equity method Affiliates consist of definite-lived and indefinite-lived acquired client relationships and goodwill. As of March 31, 2015, the definite-lived relationships were being amortized over a weighted average life of approximately 14 years. The Company recognized amortization expense for these relationships of $5.4 million and $8.8 million for the three months ended March 31, 2014 and 2015, respectively. Based on relationships existing as of March 31, 2015, the Company estimates the annual amortization expense will be approximately $34.0 million in 2015 and $32.0 million in each of 2016, 2017, 2018 and 2019. There were no significant changes to goodwill during the three months ended March 31, 2015.
On December 26, 2014, the Company completed an additional investment in AQR Capital Management Holdings, LLC. The Company's purchase price allocation is provisional and may be revised upon completion.