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Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 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 ($347.8 million and $343.5 million at December 31, 2021 and 2020, respectively) and trade names ($53.1 million and $53.6 million at December 31, 2021 and 2020, respectively). The increase in indefinite-lived intangible assets at December 31, 2021 as compared to December 31, 2020 is primarily due to $5.3 million of intangible assets recorded in connection with an asset purchase during 2021, partially offset by a $2.6 million decrease in the value of intangible assets denominated in a foreign currency as a result of foreign exchange rate fluctuations. (b) Finite-lived intangible assets Finite-lived intangible assets primarily represent customer relationships and consist of the following at December 31:
(in thousands) |  | 2021 |  | 2020
Cost |  | $ | 109,904 |  |  | $ | 111,041 |
Accumulated Amortization |  | (39,618) |  |  | (26,372) |
Carrying Value |  | $ | 70,286 |  |  | $ | 84,669 |
The decrease in finite-lived intangible assets at December 31, 2021 as compared to December 31, 2020 primarily relates to amortization expense. Amortization expense for finite-lived intangible assets was $13.8 million, $13.8 million and $7.5 million in 2021, 2020 and 2019, 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) |  |
2022 |  | $ | 13,347 |
2023 |  | 13,314 |
2024 |  | 12,366 |
2025 |  | 12,285 |
2026 |  | 8,275 |
(c) Goodwill Goodwill at December 31, 2021 decreased $1.4 million from December 31, 2020 primarily as a result of foreign exchange rate fluctuations on goodwill denominated in a foreign currency.

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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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