Goodwill and Acquired Client Relationships

9 Months Ended

Sep. 30, 2025

The following table presents the changes in the Company’s consolidated Affiliates’ Goodwill:


		Goodwill
Balance, as of December 31, 2024		$2,504.9
Foreign currency translation		23.3
Balance, as of September 30, 2025		$2,528.2

As of September 30, 2025, the Company completed its annual impairment assessment on goodwill and no impairment was

indicated.

The following table presents the changes in the Company’s components of Acquired client relationships (net):


	Acquired Client Relationships (Net)
	Definite-lived			Indefinite-lived	Total
	Gross Book Value	Accumulated Amortization	Net Book Value	Net Book Value	Net Book Value
Balance, as of December 31, 2024	$1,255.5	$(1,075.2)	$180.3	$1,597.5	$1,777.8
Intangible amortization and impairments	—	(19.0)	(19.0)	(77.0)	(96.0)
Foreign currency translation	10.6	(10.6)	—	21.5	21.5
Balance, as of September 30, 2025	$1,266.1	$(1,104.8)	$161.3	$1,542.0	$1,703.3

Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected

period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments in the

Consolidated Statements of Income for these relationships of $7.3 million and $21.8 million for the three and nine months

ended September 30, 2024, respectively, and $6.3 million and $19.0 million for three and nine months ended September 30,

2025, respectively. Based on relationships existing as of September 30, 2025, the Company estimates that its consolidated

amortization expense will be approximately $6 million for the remainder of 2025, approximately $25 million in each of 2026,

2027, and 2028, approximately $15 million in 2029, and approximately $10 million in 2030.

In the first quarter of 2025, the Company completed an impairment assessment of the indefinite-lived acquired client

relationships for certain mutual fund assets and determined that the fair value of the assets had declined below their carrying

values. Accordingly, the Company recorded an expense in Intangible amortization and impairments of $59.2 million

attributable to the controlling interest ($70.0 million in aggregate) to reduce the carrying value of the assets to fair value. The

decline in the fair value was a result of current and projected declines in assets under management that decreased the forecasted

revenue associated with the assets. The most relevant assumptions used in these analyses were revenue growth rates over the

next five years ranging from (21)% to 0%, long-term revenue growth rates of 0%, and discount rates of 11%.

In the first quarter of 2025, the Company also recorded an expense in Intangible amortization and impairments of $4.0

million attributable to the controlling interest ($7.0 million in aggregate) to reduce the carrying value of an indefinite-lived

acquired client relationship to zero due to the closure of one of its Affiliate’s mutual fund products.