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Intangible Assets
 9 Months Ended
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.