Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

(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

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.