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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flow from (used in) operating activities:    
Net income $ 526.1 $ 519.5
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 96.0 21.8
Depreciation and other amortization 7.9 9.4
Deferred income tax expense 44.1 59.5
Equity method income (net) (229.5) (188.3)
Distributions received from equity method investments 379.7 357.3
Affiliate transaction gains (127.6) 0.0
Share-based compensation and Affiliate equity compensation expense 148.6 88.6
Net realized and unrealized gains on investment securities (43.1) (30.7)
Other non-cash items (1.9) (3.8)
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (72.1) (61.8)
Sales of securities by consolidated Affiliate sponsored investment products 45.3 48.1
Increase in receivables (231.8) (76.5)
Decrease (increase) in other assets (23.0) 13.8
(Decrease) increase in payables, accrued liabilities, and other liabilities 198.1 (37.3)
Cash flow from operating activities 716.8 719.6
Cash flow from (used in) investing activities:    
Investments in Affiliates, net of cash acquired (515.1) (5.9)
Proceeds from Affiliate transactions 99.8 0.0
Return of capital from equity method investments 3.8 0.0
Purchases of fixed assets (4.2) (2.3)
Purchases of investment securities (72.3) (496.4)
Maturities and sales of investment securities 229.4 875.2
Cash flow from (used in) investing activities (258.6) 370.6
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt, senior notes, and junior subordinated notes 100.0 847.6
Repayments of senior bank debt and senior notes (350.0) (750.0)
Repurchases of common stock, net (353.2) (589.5)
Dividends paid on common stock (0.8) (1.0)
Distributions to non-controlling interests (205.5) (206.5)
Affiliate equity purchases, net (50.0) (54.1)
Taxes paid on shares withheld on share-based awards (105.8) (77.3)
Other financing items 16.7 (73.3)
Cash flow used in financing activities (948.6) (904.1)
Effect of foreign currency exchange rate changes on cash and cash equivalents 10.5 5.7
Net increase (decrease) in cash and cash equivalents (479.9) 191.8
Cash and cash equivalents at beginning of period 950.0 813.6
Effect of consolidation of Affiliate sponsored investment products 6.0 5.3
Cash and cash equivalents at end of period 476.1 1,010.7
Supplemental disclosure of non-cash investing and financing activities:    
Shares received from Affiliate transactions 154.0 0.0
Payables recorded for Affiliate equity repurchases 205.8 38.7
Stock issued upon vesting of restricted stock units and exercise of stock options 133.9 102.2
Stock received for tax withholdings on share-based payments 105.8 77.3
Stock received for the exercise of stock options $ 100.6 $ 98.8