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Equity Method Investments in Affiliates
 12 Months Ended
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

__________________________

(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.