Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Affiliates

Equity method investments in Affiliates (net) consisted of the following:


	December 31,
	2021		2022
Goodwill	$	1,264.4	$	1,262.4
Definite-lived acquired client relationships (net)	470.1		479.4
Indefinite-lived acquired client relationships (net)	174.4		119.0
Undistributed earnings and tangible capital	225.5		278.7
Equity method investments in Affiliates (net)	$	2,134.4	$	2,139.5

The following table presents the change in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
	2021		2022
Balance, beginning of period	$	2,074.8	$	2,134.4
Investments in Affiliates	147.3		326.1
BPEA(1)	—		(150.6)
Earnings	417.5		497.2
Intangible amortization and impairments	(175.0)		(159.1)
Distributions of earnings	(337.5)		(394.7)
Return of capital	(4.4)		(0.8)
Foreign currency translation	12.5		(68.5)

Other	(0.8)		(44.5)
Balance, end of period	$	2,134.4	$	2,139.5

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(1)Represents the Company’s equity method investment in Baring Private Equity Asia (“BPEA”) as of the BPEA Transaction closing date.

The following table presents summarized financial information for Affiliates accounted for under the equity method:


	For the Years Ended December 31,
	2020		2021		2022
Revenue(1)	$	2,659.7	$	3,228.1	$	3,239.5
Net income(1)	1,061.8		1,656.6		1,358.7


	December 31,
	2021		2022
Assets	$	3,607.7	$	2,816.7

Liabilities and Non-controlling interests	1,422.7		1,221.4

__________________________

(1)Revenue and net income include asset- and performance-based fees, the impact of consolidated sponsored investment products and new Affiliate investments for the full-year, regardless of the date of the Company’s investment.