In May 2024, the Company completed its minority investment in Suma Capital (“Suma”), a pan-European private

markets firm that invests in the transition to a lower carbon economy. Following the close of the transaction, Suma partners

continue to hold a significant majority of the equity of the firm and direct its day-to-day operations.

The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated

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


	December 31, 2023	June 30, 2024
Goodwill	$1,323.3	$1,348.6
Definite-lived acquired client relationships (net)	652.5	587.2
Indefinite-lived acquired client relationships (net)	122.6	122.5
Undistributed earnings and tangible capital	190.1	103.3
Equity method investments in Affiliates (net)	$2,288.5	$2,161.6

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


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2023	$2,288.5
Investments in Affiliates	12.3
Earnings	217.3
Intangible amortization and impairments	(81.6)
Distributions of earnings	(289.0)
Foreign currency translation	14.1
Balance, as of June 30, 2024	$2,161.6

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are

amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships

of $20.9 million and $41.8 million for the three and six months ended June 30, 2023, respectively, and $20.9 million and $41.7

million for the three and six months ended June 30, 2024, respectively. Based on relationships existing as of June 30, 2024, the

Company estimates the amortization expense attributable to its Affiliates will be approximately $41 million for the remainder of

2024, approximately $75 million in 2025, approximately $70 million in each of 2026 and 2027, approximately $60 million in

In the second quarter of 2024, the Company recorded a $39.9 million expense to reduce the carrying value of an Affiliate to

fair value. The decline in the fair value was a result of an anticipated decline in assets under management, which decreased the

forecasted income associated with the investment. The fair value of the investment was determined using a discounted cash

flow analysis, a Level 3 fair value measurement that included a projected compounded growth in assets under management over

the next ten years of (2.5)%, long-term growth rate of 3%, discount rates of 12% and 20% for asset- and performance-based

fees, respectively, and a market participant tax rate of 21%. Based on the discounted cash flow analysis, the Company

concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-

The Company had 22 and 23 Affiliates accounted for under the equity method as of December 31, 2023 and June 30,

2024, respectively. The majority of these Affiliates are partnerships with structured interests that define how the Company

will participate in Affiliate earnings, typically based upon a fixed percentage of revenue reduced by, in some cases, certain

agreed-upon expenses. The partnership agreements do not define a fixed percentage for the Company’s ownership of the

equity of the Affiliate. These percentages would be subject to a separate future negotiation if an Affiliate were to be sold