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Intangible Assets | 9 Months Ended
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Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Consolidated Affiliates The following tables present the changes 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 |  | (0.6 | ) |  | (26.9 | ) |  | 3.4 |  |  | (24.1 | )
Balance, as of September 30, 2016 |  | $ | 1,140.7 |  |  | $ | 1,092.6 |  |  | $ | 411.0 |  |  | $ | 2,644.3 |
| 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 | — |  |  | (80.3 | ) |  | (80.3 | ) |  | (1.9 | ) |  | (82.2 | )
Foreign currency translation | (8.7 | ) |  | — |  |  | (8.7 | ) |  | (49.2 | ) |  | (57.9 | )
Balance, as of September 30, 2016 | $ | 1,293.1 |  |  | $ | (760.7 | ) |  | $ | 532.4 |  |  | $ | 1,013.9 |  |  | $ | 1,546.3 |
Definite-lived acquired client relationships are amortized over their expected useful lives. As of September 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 $30.5 million and $86.4 million for the three and nine months ended September 30, 2015, respectively, as compared to $26.9 million and $82.2 million for the three and nine months ended September 30, 2016, respectively. Based on relationships existing as of September 30, 2016, the Company estimates that its consolidated annual amortization expense will be approximately $110 million for each of the next five years. The Company performed its annual goodwill assessment as of September 30, 2016 and no indicators of impairments were identified. As of September 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 $547.6 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 Company also completed minority investments in Capula Investment Management LLP, Mount Lucas Management LP and CapeView Capital LLP on July 1, 2016 and in Partner Fund Management, L.P. on September 30, 2016 for $332.7 million in aggregate. The Company will account for these investments under the equity method of accounting with the financial results reported in the Company’s Consolidated Financial Statements one quarter in arrears. The intangible assets at the Company’s equity method Affiliates consist of definite-lived and indefinite-lived acquired client relationships and goodwill. As of September 30, 2016, the definite-lived relationships were being amortized over a weighted average life of approximately thirteen years. The Company recognized amortization expense for these relationships of $8.6 million and $26.1 million for the three and nine months ended September 30, 2015, respectively, as compared to $14.0 million and $43.0 million for the three and nine months ended September 30, 2016, respectively. Based on relationships existing as of September 30, 2016, the Company estimates the annual amortization expense will be approximately $70 million for each of the next five years. In the three and nine months ended September 30, 2015, foreign currency translation decreased the Company’s Equity method investments in Affiliates $1.5 million and $3.2 million, respectively. In the three and nine months ended September 30, 2016, foreign currency translation increased the Company’s Equity method investments in Affiliates $4.6 million and $9.4 million, respectively. For the nine months ended September 30, 2015 and 2016, one of the Company’s equity method Affiliates recognized revenue of $514.6 million and $658.6 million, respectively, and net income of $290.7 million and $361.0 million, respectively.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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