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Business Combinations | 6 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Business Combination | Business Combinations RidgeWorth Investments On June 1, 2017, the Company acquired RidgeWorth Investments (the "Acquisition" or the "Acquired Business"), a multi-boutique asset manager with approximately $40.1 billion in assets under management, including $35.7 billion in long term assets under management and $4.4 billion in liquidity strategies. The total purchase price of the Acquisition was $547.1 million, comprising $485.2 million for the business and $61.9 million for certain balance sheet investments. The Company accounted for the acquisition in accordance with ASC 805. The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the Acquisition. No incremental measurement period adjustments were recorded in the three and six months ended June 30, 2018, the measurement period was complete on June 1, 2018. The following table summarizes the identified acquired assets and liabilities assumed as of the acquisition date:
| June 1, 2017
($ in thousands) |
Assets: |
Cash and cash equivalents | $ | 39,343 |
Investments | 5,516 |
Accounts receivable | 20,311 |
Assets of consolidated investment products ("CIP") |
Cash and cash equivalents of CIP | 38,261 |
Investments of CIP | 899,274 |
Other assets of CIP | 19,158 |
Furniture, equipment and leasehold improvements | 5,505 |
Intangible assets | 275,700 |
Goodwill | 163,365 |
Deferred taxes, net | 6,590 |
Other assets | 3,003 |
Total Assets | 1,476,026 |
Liabilities |
Accrued compensation and benefits | 18,263 |
Accounts payable and accrued liabilities | 11,858 |
Other liabilities | 2,601 |
Liabilities of consolidated investment products ("CIP") |
Notes payable of CIP | 770,160 |
Securities purchased payable and other liabilities of CIP | 109,881 |
Noncontrolling Interests of CIP | 16,181 |
Total Liabilities & Noncontrolling Interests | 928,944 |
Total Net Assets Acquired | $ | 547,082 |
Income of the Acquired Business subsequent to the effective closing date of the Acquisition of June 1, 2017 within the quarter ended June 30, 2017, was as follows:
| One Month Ended
| June 30, 2017
($ in thousands) |
Total Revenues | $ | 11,536 |
Restructuring and severance | $ | 8,396 |
All other operating expenses | $ | 8,564 |
Operating Income (Loss) | $ | (5,424 | )
Income (Loss) Before Income Taxes | $ | (5,398 | )
The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the Acquisition had been consummated on January 1, 2016. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the Acquisition had occurred on that date, nor of the results that may be obtained in the future.
| Three Months Ended |  | Six Months Ended
| June 30, 2017 |  | June 30, 2017
($ in thousands, except per share amounts) |  |  |
Total Revenues | $ | 119,803 |  |  | $ | 237,395 |
Net Income (Loss) Attributable to Common Stockholders | $ | (2,724 | ) |  | $ | 9,982 |
Basic EPS | $ | (0.39 | ) |  | $ | 1.47 |
Diluted EPS | $ | (0.39 | ) |  | $ | 1.42 |
Identifiable Intangible Assets Acquired In connection with the allocation of the purchase price, we identified the following intangible assets:
| June 1, 2017
| Approximate Fair Value |  | Weighted Average of Useful Life
($ in thousands) |  |  |
Definite-lived intangible assets: |  |  |
Mutual fund investment contracts | $ | 189,200 |  |  | 16.0 years
Institutional and retail separate account investment contracts | 77,000 |  |  | 10.4 years
Trademarks/Trade names | 800 |  |  | 10.0 years
Total definite-lived intangible assets | 267,000 |  |  |
Indefinite-lived intangible assets: |  |  |
Trade names | 8,700 |  |  | N/A
Total identifiable intangible assets | $ | 275,700 |  |  |
Sustainable Growth Advisers, LP On February 1, 2018, the Company entered into an agreement to acquire a majority interest in Sustainable Growth Advisers, LP ("SGA"), an investment manager specializing in U.S. and global growth equity portfolios (the "Transaction"). The Transaction closed effective July 1, 2018.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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