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Commitments and Contingencies
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
From time to time, the Company and its Affiliates may be subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated.
The Company has committed to co-invest in certain Affiliate sponsored investment products. As of September 30, 2019, these unfunded commitments were $146.3 million and may be called in future periods.
As of September 30, 2019, the Company was contingently liable to make payments of $190.0 million through 2021 related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method. As of September 30, 2019, the Company expected to make no significant payments.
Affiliate equity interests provide holders with a conditional right to put their interests to the Company over time. See Note 16 for additional information. In addition, in connection with one of the Company’s investments in a non-U.S. alternative Affiliate accounted for under the equity method, a minority owner has the right to elect to sell a portion of its ownership interest in the Affiliate to the Company annually. The purchase price of these conditional purchases will be at fair market value. In the first quarter of 2019, the minority owner elected to sell a 5% interest in the Affiliate to the Company. See Note 11 for additional information. As of September 30, 2019, the minority owner maintained a 14% interest in the Affiliate and if the Company repurchases the interest, it will continue to account for the Affiliate under the equity method.
The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. Management is not aware of any significant violations of such requirements.