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Equity Method Investments in Affiliates | 12 Months Ended
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Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Equity Investments in Affiliates | Equity Method Investments in Affiliates The Company completed minority investments in Abax Investments (Pty) Ltd on December 18, 2015 and Ivory Investment Management, L.P. on December 31, 2015 for approximately $200 million. The Company’s provisional purchase price allocations were measured using a financial model that includes assumptions of expected market performance, net client flows and discount rates. The associated provisional amounts 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. Also during 2015, the Company paid $23.3 million related to a contingent payment obligation. A portion of the purchase price attributable to the Company’s equity method Affiliates relates to definite-lived acquired client relationships. As of December 31, 2015, the definite-lived acquired relationships were being amortized over a weighted average life of approximately fourteen years. The Company recognized amortization expense for these relationships of $32.3 million for the year ended December 31, 2014, as compared to $34.3 million for the year ended December 31, 2015. Based on relationships existing as of December 31, 2015, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates to be $37 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,
|  | 2013 |  | 2014 |  | 2015
Revenue(1) |  | $ | 1,589.6 |  |  | $ | 1,869.3 |  |  | $ | 2,217.1 |
Net income |  | 1,321.9 |  |  | 253.8 |  |  | 431.5 |
|  | December 31,
|  | 2014 |  | 2015
Assets(2) |  | $ | 34,729.2 |  |  | $ | 30,663.4 |
Liabilities and Non-controlling interest(2) |  | 33,048.6 |  |  | 29,434.7 |
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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, which are generally held by non-controlling interests.
The Company’s share of undistributed earnings from equity method investments totaled $101.5 million as of December 31, 2015. Subsequent to year end, the Company completed minority investments in Systematica Investments L.P. and Baring Private Equity Asia on January 4, 2016 for approximately $550 million.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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