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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
24. Goodwill and Intangible Assets
Goodwill
The table below sets forth the Company’s goodwill which is tested annually for impairment on November 30
th
:
 
  
Total
 
Balance at January 1, 2020
  $
85,856
 
         
Changes
   
—  
  
         
Balance at June 30, 2020
  $
85,856
 
         
Goodwill arising from the ETFS Acquisition of $84,057 is not deductible for tax purposes as the acquisition was structured as a stock acquisition occurring in the United Kingdom. The remainder of the goodwill is deductible for U.S. tax purposes.
Intangible Assets (Indefinite-Lived)
The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30
th
:
 
    
Advisory
Agreements

(ETFS)
     
Advisory
Agreements
(Questrade
AUM)
     
Total
  
Balance at January 1, 2020
  $
601,247
    $
2,047
    $
603,294
 
Decreases
(1)
    
—  
      
(1,992
)    
(1,992
)
Foreign currency translation
   
—  
      
(55
)    
(55
)
                         
Balance at June 30, 2020
  $
601,247
    $
—  
     $
601,247
 
                         
 
(1) Derecognized upon the sale of the Company’s Canadian ETF business (Note 25).
ETFS
In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. The intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. The Company has designated November 30
th
as its annual impairment testing date for these intangible assets.