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Intangible Assets
 6 Months Ended
Jun. 30, 2016
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, net for the Company’s consolidated Affiliates:
 
 
Goodwill
 
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Balance, as of December 31, 2015
 
$
1,141.3

 
$
1,119.5

 
$
407.6

 
$
2,668.4

Foreign currency translation
 
2.1

 
(21.4
)
 
4.4

 
(14.9
)
Balance, as of June 30, 2016
 
$
1,143.4

 
$
1,098.1

 
$
412.0

 
$
2,653.5


 
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, 2015
$
1,301.8

 
$
(680.4
)
 
$
621.4

 
$
1,065.0

 
$
1,686.4

Intangible amortization and impairments
—

 
(53.4
)
 
(53.4
)
 
(1.9
)
 
(55.3
)
Foreign currency translation
(7.0
)
 
—

 
(7.0
)
 
(39.7
)
 
(46.7
)
Balance, as of June 30, 2016
$
1,294.8

 
$
(733.8
)
 
$
561.0

 
$
1,023.4

 
$
1,584.4


Definite-lived acquired client relationships are amortized over their expected useful lives. As of June 30, 2016, these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expense for these relationships of $28.1 million and $55.9 million for the three and six months ended June 30, 2015, respectively, as compared to $26.7 million and $53.4 million for the three and six months ended June 30, 2016, respectively. Based on relationships existing as of June 30, 2016, the Company estimates that its consolidated annual amortization expense will be approximately $110 million for each of the next five years.
As of June 30, 2016, the fair values of the indefinite-lived intangible assets at two of the Company’s Affiliates, both managers of global equity funds, have recently experienced declines, and further declines in the fair values of these assets could result in future impairments.
Equity Method Investments in Affiliates
The Company completed minority investments in Systematica Investments L.P. and Baring Private Equity Asia (“Baring”) on January 4, 2016 for $551.4 million in the aggregate. The Company’s purchase price allocations were measured using financial models that include assumptions of expected market performance, net client flows and discount rates. The consideration paid to Baring 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 June 30, 2016, the definite-lived relationships were being amortized over a weighted average life of approximately twelve years. The Company recognized amortization expense for these relationships of $8.7 million and $17.5 million for the three and six months ended June 30, 2015, respectively, as compared to $14.8 million and $29.0 million for the three and six months ended June 30, 2016, respectively. Based on relationships existing as of June 30, 2016, the Company estimates the annual amortization expense will be approximately $60 million for each of the next five years.