Variable Interest Entities

3 Months Ended

Mar. 31, 2016

The Company’s consolidated Affiliates act as investment managers for certain investment entities that are considered VIEs, and in connection with the adoption of ASU 2015-02: Consolidation, certain investment entities previously accounted for as VIEs no longer met the criteria for being a VIE and certain VREs became VIEs and were either consolidated or disclosed as VIEs.

The Company's Affiliates’ involvement with unconsolidated VIEs is generally limited to that of a service provider, and their investment, if any, represents an insignificant interest in the relevant investment entities’ assets under management. The Company's Affiliates’ exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors.

The net assets and liabilities of unconsolidated VIEs and the Company’s maximum risk of loss were as follows:



	December 31, 2015				March 31, 2016
Category of Investment	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Sponsored investment entities	$	6,688.9	$	1.4	$	1,598.5	$	10.3

In addition, several of the Company’s Affiliates accounted for under the equity method are now considered VIEs. The unconsolidated assets, net of liabilities and non-controlling interests, of these Affiliates was approximately $1.2 billion and $1.3 billion as of December 31, 2015 and March 31, 2016, respectively. The Company’s carrying value and maximum exposure to loss for these Affiliates was approximately $1.9 billion and $2.5 billion as of December 31, 2015 and March 31, 2016, respectively.