Variable Interest Entities

12 Months Ended

Dec. 31, 2016

The Company’s consolidated Affiliates act as the investment advisor 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 asset based and performance 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				December 31, 2016
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Risk of Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Risk of Loss
Sponsored investment funds	$	6,688.9	$	1.4	$	1,756.6	$	9.4

In addition, substantially all of the Company’s consolidated Affiliates are considered VIEs. The unconsolidated assets, net of liabilities and non-controlling interests, of Affiliates accounted for under the equity method of accounting were $1.2 billion and $1.0 billion, as of December 31, 2015 and 2016, respectively. The Company’s carrying value and maximum exposure to loss for these Affiliates was approximately $1.9 billion and $2.8 billion as of December 31, 2015 and 2016, respectively.