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Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure | Intangible Assets (a) Indefinite-lived intangible assets Indefinite-lived intangible assets are recorded in Intangible Assets, net on the Consolidated Balance Sheets and include rights to manage fund assets ($343.5 million and $335.2 million at December 31, 2020 and 2019, respectively) and trade names ($53.6 million and $52.0 million at December 31, 2020 and 2019, respectively). The increase in indefinite-lived intangible assets at December 31, 2020 as compared to December 31, 2019 primarily relates to an increase of $7.9 million as a result of foreign exchange rate fluctuations on intangible assets denominated in a foreign currency. (b) Finite-lived intangible assets Finite-lived intangible assets primarily represent customer relationships and consist of the following at December 31:
(in thousands) |  | 2020 |  | 2019
Cost |  | $ | 111,041 |  |  | $ | 71,853 |
Accumulated Amortization |  | (26,372) |  |  | (12,856) |
Carrying Value |  | $ | 84,669 |  |  | $ | 58,997 |
The increase in finite-lived intangible assets at December 31, 2020 as compared to December 31, 2019 primarily relates to $27.6 million of intangible assets recorded in connection with the HCL Acquisition and $7.3 million in connection with the MEPC acquisition (see Note (3)). In addition, the value of finite-lived intangible assets denominated in a foreign currency increased $3.1 million as a result of foreign exchange rate fluctuations, partially offset by amortization expense. Amortization expense for finite-lived intangible assets was $13.8 million, $7.5 million and $6.2 million in 2020, 2019 and 2018, respectively, and was recorded as operating expense in Other expense on the Consolidated Statements of Income. Expected aggregate annual amortization expense for finite-lived intangible assets in each of the five succeeding years assuming no new acquisitions or impairments is shown in the table below:
(in thousands) |  |
2021 |  | $ | 13,656 |
2022 |  | 13,486 |
2023 |  | 13,451 |
2024 |  | 12,494 |
2025 |  | $ | 12,412 |
(c) Goodwill Goodwill at December 31, 2020 increased $25.7 million from December 31, 2019 primarily due to $19.1 million of goodwill recorded in connection with the HCL Acquisition and $1.7 million related to the MEPC acquisition. In addition, the value of goodwill denominated in a foreign currency increased $4.9 million as a result of foreign exchange rate fluctuations.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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