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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2014	Apr. 29, 2014
Document and Entity Information
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Central Index Key	0001004434
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		55,281,036
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]
Revenue	$ 593.1	$ 502.2
Operating expenses:
Compensation and related expenses	235.7	214.5
Selling, general and administrative	122.3	92.3
Intangible amortization and impairments	27.4	32.9
Depreciation and other amortization	3.8	3.5
Other operating expenses	9.9	8.5
Total operating expenses	399.1	351.7
Operating income	194.0	150.5
Income from equity method investments	46.2	50.6
Other non-operating (income) and expenses:
Investment and other income	(8.2)	(4.5)
Interest expense	17.6	24.2
Imputed interest expense and contingent payment arrangements	22.5	14.2
Total non-operating (income) and expenses	31.9	33.9
Income before income taxes	208.3	167.2
Income taxes	48.9	37.5
Net income	159.4	129.7
Net income (non-controlling interests)	(82.2)	(67.3)
Net income (controlling interest)	$ 77.2	$ 62.4
Average shares outstanding - basic (in shares)	53.7	52.7
Average shares outstanding-diluted (in shares)	55.2	54.2
Earnings per share-basic (in dollars per share)	$ 1.44	$ 1.18
Earnings per share-diluted (in dollars per share)	$ 1.40	$ 1.15

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 159.4	$ 129.7
Other comprehensive income (loss):
Foreign currency translation adjustment	(8.8)	(22.8)
Change in net realized and unrealized gain on derivative securities, net of tax	0.2	0.2
Change in net unrealized gain (loss) on investment securities, net of tax	(13.8)	1.1
Other comprehensive income (loss)	(22.4)	(21.5)
Comprehensive income	137.0	108.2
Comprehensive income (non-controlling interests)	(82.4)	(66.9)
Comprehensive income (controlling interest)	$ 54.6	$ 41.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 747.1	$ 469.6
Receivables	486.3	418.4
Investments in marketable securities	136.0	157.9
Other investments	169.7	164.3
Fixed assets, net	93.1	92.3
Goodwill	2,385.9	2,341.7
Acquired client relationships, net	1,561.1	1,460.7
Equity method investments in Affiliates	963.1	1,123.3
Other assets	78.6	90.6
Total assets	6,620.9	6,318.8
Liabilities and Equity
Payables and accrued liabilities	509.5	514.7
Senior bank debt	400.0	525.0
Senior notes	736.6	340.0
Convertible securities	301.7	518.7
Deferred income taxes	399.4	456.9
Other liabilities	237.4	177.0
Total liabilities	2,584.6	2,532.3
Redeemable non-controlling interests	660.6	641.9
Equity:
Common stock	0.6	0.5
Additional paid-in capital	691.6	479.9
Accumulated other comprehensive income	51.4	74.0
Retained earnings	1,788.4	1,711.2
Total stockholders' equity before treasury stock	2,532.0	2,265.6
Less: treasury stock, at cost	(101.6)	(131.4)
Total stockholders' equity	2,430.4	2,134.2
Non-controlling interests	945.3	1,010.4
Total equity	3,375.7	3,144.6
Total liabilities and equity	$ 6,620.9	$ 6,318.8

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2014 - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock at Cost [Member]	Non-controlling interests [Member]
Beginning Balance at Dec. 31, 2013	$ 3,144.6	$ 0.5	$ 479.9	$ 74.0	$ 1,711.2	$ (131.4)	$ 1,010.4
Increase (Decrease) in Stockholders' Equity
Net income	159.4				77.2		82.2
Share-based compensation	6.5		6.5
Common stock issued under share-based incentive plans	(37.7)		(67.5)			29.8
Tax benefit from share-based incentive plans	33.1		33.1
Settlement of convertible securities	276.5	0.1	276.4
Forward equity	(9.4)		(9.4)
Investments in Affiliates	78.9						78.9
Affiliate equity activity	(34.8)		(27.4)				(7.4)
Distributions to non-controlling interests	(219.0)						(219.0)
Other comprehensive income (loss)	(22.4)			(22.6)			0.2
Ending Balance at Mar. 31, 2014	$ 3,375.7	$ 0.6	$ 691.6	$ 51.4	$ 1,788.4	$ (101.6)	$ 945.3

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flow from operating activities:
Net income	$ 159.4	$ 129.7
Adjustments to reconcile Net income to net Cash flow from operating activities:
Intangible amortization and impairments	27.4	32.9
Depreciation and other amortization	3.8	3.5
Deferred income tax provision	15.1	12.7
Imputed interest expense and contingent payment arrangements	22.5	14.2
Income from equity method investments, net of amortization	(46.2)	(50.6)
Distributions received from equity method investments	208.2	93.9
Share-based and Affiliate equity compensation	14.1	14.1
Other non-cash items	8.8	4.0
Changes in assets and liabilities:
Increase in receivables	(66.5)	(233.9)
(Increase) decrease in other assets	1.9	(8.3)
Increase (decrease) in payables, accrued liabilities and other liabilities	(50.8)	190.0
Cash flow from operating activities	297.7	202.2
Cash flow used in investing activities:
Investments in Affiliates	(108.9)	0.0
Purchase of fixed assets	(4.1)	(4.6)
Purchase of investment securities	(2.5)	(2.6)
Sale of investment securities	1.2	0.2
Cash flow from (used in) investing activities	(114.3)	(7.0)
Cash flow from (used in) financing activities:
Borrowings of senior debt	696.5	20.0
Repayments of senior debt and convertible securities	(425.6)	(195.0)
Issuance of common stock	6.8	29.2
Note and contingent payments	5.1	(37.8)
Distributions to non-controlling interests	(219.0)	(125.4)
Affiliate equity issuances and repurchases	0.2	15.8
Other financing items	30.1	7.5
Cash flow from (used in) financing activities	94.1	(285.7)
Effect of foreign exchange rate changes on cash and cash equivalents	0.0	(4.9)
Net increase (decrease) in cash and cash equivalents	277.5	(95.4)
Cash and cash equivalents at beginning of period	469.6	430.4
Cash and cash equivalents at end of period	747.1	335.0
Supplemental disclosure of non-cash financing activities:
Stock issued in settlement of 2006 junior convertible trust preferred securities	217.8	0.0
Stock issued under other incentive plans	(61.6)	(1.1)
Stock received in settlement of liability	44.0	0.4
Payables recorded for Affiliate equity purchases	$ 55.2	$ 12.0

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of Affiliated Managers Group, Inc. ("AMG" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results have been included. All intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period's financial statements to conform to the current period's presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 includes additional information about AMG, its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Recent Accounting Developments	3 Months Ended
Recent Accounting Developments	Mar. 31, 2014
Recent Accounting Developments
Recent Accounting Developments	Recent Accounting Developments In April 2014, the Financial Accounting Standards Board issued an update to the guidance for discontinued operations accounting and reporting. The new guidance amends the definition of discontinued operations and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued operations criteria. The new guidance is effective for interim and fiscal periods beginning after December 15, 2014. The Company is evaluating the impact of this guidance and does not expect it to have a significant impact on the Consolidated Financial Statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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-Number 210
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+ Details

Investments in Marketable Securities

3 Months Ended

Mar. 31, 2014

Marketable Securities [Abstract]

Investments in Marketable Securities

Investments in marketable securities at December 31, 2013 and March 31, 2014 were $157.9 million and $136.0 million, respectively. The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale and trading at December 31, 2013 and March 31, 2014:



	Available-for-Sale						Trading
	December 31, 2013			March 31, 2014			December 31, 2013			March 31, 2014
Cost	$	103.2		$	103.1		$	17.9		$	18.1
Unrealized Gains	33.3			12.0			4.6			4.9
Unrealized Losses	(1.1		)	(2.1		)	(0.0		)	(0.0		)
Fair Value	$	135.4		$	113.0		$	22.5		$	23.0

The Company had no significant realized gains and losses on investments for the periods presented.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Variable Interest Entities

3 Months Ended

Mar. 31, 2014

Variable Interest Entities

Variable Interest Entities

The Company's Affiliates act as the investment manager for certain investment funds that are considered variable interest entities ("VIEs"). Affiliates are entitled to receive management fees and may be eligible, under certain circumstances, to receive performance fees. The Affiliates' exposure to risk in these entities is generally limited to any equity investment and any uncollected management or performance fees, neither of which were material at December 31, 2013 and March 31, 2014. The Affiliates do not have any investment performance guarantees to these VIEs.

The Affiliates are not the primary beneficiary of any of these VIEs as their involvement is limited to that of a service provider and their investment, if any, represents an insignificant interest in the fund's assets under management. Since the Affiliates' variable interests will not absorb the majority of the variability of the entity's net assets, these entities are not consolidated.

The net assets and liabilities of these unconsolidated VIEs and the Company's maximum risk of loss related thereto are as follows:



	December 31, 2013				March 31, 2014
Category of Investment	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Sponsored investment funds	$	8,112.7	$	1.7	$	8,619.2	$	1.7

Debt	3 Months Ended
Debt	Mar. 31, 2014
Debt Disclosure [Abstract]
Debt	Debt Senior Bank Debt The Company has a $1.25 billion senior unsecured revolving credit facility (the "credit facility") which matures in April 2018. As of March 31, 2014, the current outstanding balance under the credit facility was $400.0 million. On April 15, 2014, the Company entered into a $250.0 million five-year senior unsecured term loan. The Company pays interest at specified rates (based either on the LIBOR rate or the prime rate as in effect from time to time). Subject to certain conditions, the Company may borrow up to an additional $100.0 million. The credit facility and term loan contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, liens, cash dividends, asset dispositions, and fundamental corporate changes, and certain customary events of default. Senior Notes On February 11, 2014, the Company sold $400.0 million aggregate principal amount of 4.25% senior notes due 2024 (the “2024 senior notes”). The unsecured 2024 senior notes pay interest semi-annually and may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest. In addition to customary event of default provisions, the underlying indenture limits the Company's ability to consolidate, merge or sell all or substantially all of its assets, and to create certain liens. Convertible Securities On February 13, 2014, the Company delivered a notice to redeem all of its outstanding 2006 junior convertible trust preferred securities. In lieu of redemption, substantially all holders of the 2006 junior convertible trust preferred securities elected to convert their securities into a defined number of shares. The Company issued 1.9 million shares of its common stock in connection with the conversion. As of March 31, 2014, all of the Company's 2006 junior convertible trust preferred securities have been canceled and retired. The Company recognized an expense of $18.8 million upon redemption, which is included in Imputed interest expense and contingent payment arrangements.

Forward Equity	3 Months Ended
Forward Equity	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Forward Equity Sales	Forward Equity Under the Company's 2012 forward equity agreement, it had outstanding contracts as of December 31, 2013 to sell a notional amount of $70.2 million at an average share price of $123.09. During the three months ended March 31, 2014, the Company agreed to net settle $15.1 million notional amount for cash at an average share price of $199.19. In April 2014, the Company agreed to net settle all remaining outstanding contracts for cash at an average share price of $198.58. The Company has $252.8 million remaining notional amount that it may elect to sell under the forward equity agreement.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has committed to co-invest in certain investment partnerships where it serves as the general partner. As of March 31, 2014, these unfunded commitments totaled approximately $73.1 million and may be called in future periods. In connection with a past acquisition agreement, the Company is contractually entitled to reimbursement from a prior owner for $27.4 million of these commitments if they are called. Under past acquisition agreements, the Company is contingently liable, upon achievement by Affiliates of specified financial targets, to make payments of up to $474.1 million through 2017, including payments of up to $151.0 million related to the Company's equity method investments. As of March 31, 2014, the Company expects to make payments of $75.0 million (none in 2014) to settle obligations related to consolidated Affiliates. The net present value of the expected payments for consolidated Affiliates totals $53.2 million as of March 31, 2014.

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table summarizes the Company's financial assets and liabilities that are measured at fair value on a recurring basis:



			Fair Value Measurements
	December 31, 2013		Fair Value Measurements
	December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents	$	39.0	$	39.0	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	22.5		22.5		—		—
Available-for-sale securities	135.4		135.4		—		—
Other investments	164.3		14.1		18.4		131.8
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	50.2	$	—	$	—	$	50.2
Obligations to related parties⁽²⁾	76.9		—		—		76.9
Interest rate swaps⁽³⁾	2.5		—		2.5		—



			Fair Value Measurements
	March 31, 2014		Fair Value Measurements
	March 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents	$	37.7	$	37.7	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	23.0		23.0		—		—
Available-for-sale securities	113.0		113.0		—		—
Other investments	169.7		14.6		19.2		135.9
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	53.2	$	—	$	—	$	53.2
Obligations to related parties⁽²⁾	131.9		—		—		131.9
Interest rate swaps⁽³⁾	2.2		—		2.2		—

___________________________________________________________


(1)	Principally investments in equity securities.


(2)	Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.

(3)

The fair value of the Company's interest rate swaps are presented within Other liabilities in the accompanying Consolidated Balance Sheets. As of December 31, 2013 and March 31, 2014, the Company had posted collateral with its counterparties of $3.6 million and $3.3 million, respectively. For the three months ended March 31, 2013 and 2014, gains on these interest rate swaps ($0.3 million and $0.3 million, respectively) have been reported in the Consolidated Statements of Comprehensive Income.

The following is a description of the significant financial assets and liabilities measured at fair value and the fair value methodologies used.

Cash equivalents consist primarily of highly liquid investments in daily redeeming money market funds which are classified as Level 1.

Investments in marketable securities consist primarily of investments in publicly traded securities and in funds advised by Affiliates which are valued using net asset value ("NAV"). Publicly traded securities and investments in daily redeeming funds that calculate NAVs are classified as Level 1.

Other investments consist primarily of funds advised by Affiliates and are valued using NAV. Investments in daily redeeming funds that calculate NAVs are classified as Level 1. Investments in funds that permit redemptions monthly or quarterly are classified as Level 2. Investments in funds that are subject to longer redemption restrictions are classified as Level 3. The fair value of Level 3 assets is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).

Contingent payment arrangements represent the present value of the expected future settlement of contingent payment arrangements related to the Company's investments in consolidated Affiliates. The significant unobservable inputs that are used in the fair value measurement of these obligations are growth and discount rates. Increases in the growth rate result in a higher obligation while an increase in the discount rate results in a lower obligation.

Obligations to related parties include agreements to repurchase Affiliate equity and liabilities offsetting certain investments which are held by the Company but economically attributable to a related party. The significant unobservable inputs that are used in the fair value measurement of the agreements to repurchase Affiliate equity are growth and discount rates. Increases in the growth rate result in a higher obligation while an increase in the discount rate results in a lower obligation. The liability to a related party is measured based upon certain investments held by the Company, the fair value of which is determined using NAV one quarter in arrears.

Interest rate swaps use model-derived valuations in which all significant inputs are observable in active markets to determine the fair value of these derivatives.

It is the Company's policy to value financial assets or liabilities transferred as of the beginning of the period in which the transfer occurs. There were no significant transfers of financial assets or liabilities from Level 1 to Level 2 in the three months ended March 31, 2013 and March 31, 2014, respectively.

Level 3 Financial Assets and Liabilities

The following table presents the changes in Level 3 assets and liabilities for the three months ended March 31, 2013 and 2014:



	For the Three Months Ended March 31,
	2013											2014
	Other Investments				Contingent Payment Arrangements			Obligations to Related Parties				Other Investments				Contingent Payment Arrangements			Obligations to Related Parties
Balance, beginning of period	$	118.9			$	31.0		$	77.8			$	131.8			$	50.2		$	76.9
Net gains/losses	2.0			⁽¹⁾	9.5		⁽²⁾	0.8			⁽³⁾	5.8			⁽¹⁾	3.0		⁽²⁾	2.5			⁽³⁾
Purchases and issuances	4.9				—			15.2				3.7				—			59.4
Settlements and reductions	(3.9		)		—			(3.1		)		(5.4		)		—			(6.9		)
Net transfers in and/or out of Level 3	—				—			—				—				—			—
Balance, end of period	$	121.9			$	40.5		$	90.7			$	135.9			$	53.2		$	131.9

Net unrealized gains/losses relating to instruments still held at the reporting date	$	2.5			$	9.5		$	(0.5	)		$	6.9			$	3.0		$	0.9

___________________________________________________________


(1)	Gains and losses on Other investments are recorded in Investment and other income.


(2)	Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income.


(3)	Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company's Level 3 financial liabilities:

Quantitative Information about Level 3 Fair Value Measurements

Valuation

Techniques

Unobservable

Input

Fair Value at
December 31,
2013

Range at
December 31, 2013

Fair Value at March 31, 2014

Range at March 31, 2014

Contingent payment arrangements

Discounted cash flow

Growth rates

50.2

3% – 11%

53.2

3% – 9%

Discount rates

14% – 18%

13% – 17%

Affiliate equity repurchase obligations

Discounted cash flow

Growth rates

4.0

58.3

2% – 11%

Discount rates

15%

14% – 17%

Investments in Certain Entities that Calculate Net Asset Value

The Company uses the NAV of certain investments as their fair value. The NAVs that have been provided by the investees have been derived from the fair values of the underlying investments as of the measurement dates. The following table summarizes, as of December 31, 2013 and March 31, 2014, the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized:



	December 31, 2013				March 31, 2014
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity fund-of-funds⁽¹⁾	$	131.8	$	62.9	$	135.9	$	73.1
Other funds⁽²⁾	82.3		—		84.8		—
	$	214.1	$	62.9	$	220.7	$	73.1

___________________________________________________________


(1)	These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds.


(2)	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

There are no current plans to sell any of these investments.

Other Financial Assets and Liabilities Not Carried at Fair Value

The carrying amount of cash, cash equivalents, receivables, and payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable approximates fair value because interest rates and other terms are at market rates. The carrying value of senior bank debt approximates fair value because the debt has variable interest based on selected short-term rates. The following table summarizes the Company's other financial liabilities not carried at fair value:



	December 31, 2013				March 31, 2014
	Carrying Value		Fair Market Value		Carrying Value		Fair Market Value		Fair Value Hierarchy
Senior notes	$	340.0	$	325.0	$	736.6	$	747.7	Level 2
Convertible securities	518.7		963.9		301.7		556.3		Level 2

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Business Combinations

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Business Combinations

On March 31, 2014, the Company completed its majority investment in SouthernSun Asset Management, LLC ("SouthernSun"). The Company's purchase price allocation for SouthernSun is provisional and was performed using a financial model that includes assumptions of expected market performance, net client cash flows and discount rates. These provisional amounts may be revised upon completion of the final valuation. The excess of the enterprise value over the net assets acquired was recorded as goodwill, of which 37%, 23% and 40% was attributed to the Company's Institutional, Mutual Fund and High Net Worth segments, respectively. The consideration paid (less net tangible assets acquired) will be deductible for U.S. tax purposes over a 15-year life.

The provisional purchase price allocation for this investment is as follows:



	Total
Consideration paid	$	109.9
Non-controlling interests	78.9
Enterprise value	$	188.8

Acquired client relationships	$	126.9
Tangible assets, net	6.2
Goodwill	55.7
	$	188.8

Pro forma financial results are set forth below assuming this investment occurred on January 1, 2013, the revenue sharing arrangement had been in effect for the entire period and after making certain pro forma adjustments.



	For the Three Months Ended March 31,
	2013		2014
Revenue	$	507.9	$	604.2
Net income (controlling interest)	62.5		78.7
Earnings per share—basic	$	1.19	$	1.47
Earnings per share—diluted	$	1.15	$	1.43

The pro forma financial results are not necessarily indicative of the financial results had the investment been consummated at the beginning of the periods presented, nor are they necessarily indicative of the financial results expected in future periods. The pro forma financial results do not include the impact of transaction and integration related costs or benefits that may be expected to result from this investment.

SouthernSun's contribution to the Company's revenue and earnings in the quarter ended March 31, 2014 was not significant.

In March 2014, the Company announced that it will acquire a majority equity interest in River Road Asset Management, LLC ("River Road"), with the remaining equity being owned by River Road's management team, who will continue to direct its day-to-day operations. The Company anticipates this transaction will close in the second quarter of 2014.

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Consolidated Affiliates

The following tables present the change in goodwill and components of acquired client relationships during the three months ended March 31, 2014:



	Goodwill
	Institutional			Mutual Fund			High Net Worth			Total
Balance, as of December 31, 2013	$	1,076.3		$	928.1		$	337.3		$	2,341.7
Goodwill acquired	20.4			12.9			22.4			55.7
Foreign currency translation	(7.0		)	(0.1		)	(4.4		)	(11.5		)
Balance, as of March 31, 2014	$	1,089.7		$	940.9		$	355.3		$	2,385.9



	Acquired Client Relationships
	Definite-lived									Indefinite-lived		Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value		Net Book Value
Balance, as of December 31, 2013	$	1,039.5		$	(442.8	)	$	596.7		$	864.0	$	1,460.7
New Investments	81.5			—			81.5			45.4		126.9
Amortization and impairments	—			(27.4		)	(27.4		)	—		(27.4		)
Foreign currency translation	(0.7		)	—			(0.7		)	1.6		0.9
Balance, as of March 31, 2014	$	1,120.3		$	(470.2	)	$	650.1		$	911.0	$	1,561.1

Definite-lived acquired client relationships are amortized over their expected useful lives. As of March 31, 2014, these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expenses for these relationships of $32.9 million and $27.4 million for the three months ended March 31, 2013 and 2014, respectively. Based on relationships existing as of March 31, 2014, the Company estimates that its consolidated annual amortization expense will be approximately $100.0 million for each of the next five years.

Equity Method Investments in Affiliates

The intangible assets at the Company's equity method Affiliates consist of definite-lived acquired client relationships and goodwill. Definite-lived acquired client relationships are amortized over their expected useful lives. As of March 31, 2014, these relationships were being amortized over a weighted average life of approximately eleven years. The Company recognized amortization expense for these relationships of $10.4 million and $5.4 million for three months ended March 31, 2013 and 2014. Based on relationships existing as of March 31, 2014, the Company estimates the annual amortization expense for the next five years will be approximately $21.0 million in 2014, $12.0 million in 2015 and $10.0 million in each of 2016, 2017 and 2018. There were no significant changes to goodwill during the three months ended March 31, 2014.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

A summary of share-based compensation is as follows:



	For the Three Months Ended March 31,
	2013		2014
Share-based compensation	$	5.8	$	6.5
Tax benefit	2.2		2.5

There was $79.3 million and $72.1 million of unrecognized share-based compensation as of December 31, 2013 and March 31, 2014, respectively, which will be recognized over a weighted-average period of approximately three years (assuming no forfeitures). As of March 31, 2014, 0.1 million options outstanding have expiration dates prior to the end of 2014.

Stock Options

The following table summarizes the transactions of the Company's stock options:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—December 31, 2013	3.0		$	77.71
Options exercised	(0.1	)	71.38
Options forfeited	(0.1	)	79.37
Unexercised options outstanding—March 31, 2014	2.8		77.90		3.2
Exercisable at March 31, 2014	2.3		73.80		3.0

Restricted Stock

The following table summarizes the transactions of the Company's restricted stock units:



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—December 31, 2013	0.5		$	176.38
Units vested	(0.1	)	121.94
Units forfeited	0.0		94.83
Unvested units—March 31, 2014	0.4		182.44

Affiliate Equity

3 Months Ended

Mar. 31, 2014

Affiliate Equity

Affiliate Equity

A summary of Affiliate equity compensation is as follows:



	For the Three Months Ended March 31,
	2013		2014
Affiliate equity compensation	$	11.5	$	14.8
Tax benefit	3.2		2.9

Affiliate equity compensation attributable to the non-controlling interests was $3.2 million and $7.2 million in the three months ended March 31, 2013 and 2014, respectively. As of December 31, 2013 and March 31, 2014, the Company had $68.2 million and $78.0 million of unrecognized Affiliate equity compensation. Of this unrecognized compensation expense, $32.1 million and $42.0 million is attributable to the non-controlling interests, respectively. These expenses will be recognized over a weighted average period of approximately four years (assuming no forfeitures).

The Company has a conditional right to call and holders of non-controlling interests have a conditional right to put their equity interests at certain intervals. The current redemption value of these interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. Changes in the current redemption value are recorded to Additional paid-in capital. The following table presents the changes in Redeemable non-controlling interests during the period:



	For the Three Months Ended March 31, 2014
Balance, beginning of period	$	641.9
Transactions in Redeemable non-controlling interests	(29.8		)
Changes in redemption value	48.5
Balance, end of period	$	660.6

During the three months ended March 31, 2013 and 2014, the Company acquired interests from, and transferred interests to, Affiliate management partners. The following schedule discloses the effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity:



	For the Three Months Ended March 31,
	2013			2014
Net income (controlling interest)	$	62.4		$	77.2
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity	(4.8		)	(16.3		)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$	57.6		$	60.9

Income Taxes

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

The consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to non-controlling interests as follows:



	For the Three Months Ended March 31,
	2013			2014
Controlling Interests:
Current tax	$	21.2		$	30.3
Intangible-related deferred taxes	12.0			16.9
Other deferred taxes	0.9			(1.6		)
Total controlling interests	34.1			45.6
Non-controlling Interests:
Current tax	$	3.6		$	3.5
Deferred taxes	(0.2		)	(0.2		)
Total non-controlling interests	3.4			3.3
Provision for income taxes	$	37.5		$	48.9
Income before income taxes (controlling interest)	$	96.5		$	122.8
Effective tax rate attributable to controlling interests⁽¹⁾	35.3		%	37.1		%

___________________________________________________________


(1)	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

For the three months ended March 31, 2014, deferred tax liabilities decreased by $57.5 million primarily as a result of the reclassification of $54.5 million of deferred tax liabilities to equity related to the settlement of the 2006 junior convertible trust preferred securities.

As of March 31, 2014, the Company carried a liability for uncertain tax positions of $19.9 million, including $1.7 million for interest and related charges. At March 31, 2014 this liability also included $16.9 million for tax positions that, if recognized, would affect the Company's effective tax rate.

The Company periodically has tax examinations in the U.S. and foreign jurisdictions. Examination outcomes, and any related settlements, are subject to significant uncertainty. The completion of examinations may result in the payment of additional taxes and/or the recognition of tax benefits.

Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of basic earnings per share is based on the weighted average number of shares of the Company's common stock outstanding during the period. Diluted earnings per share is similar to basic earnings per share, but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company's common stock. The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders.



	For the Three Months Ended March 31,
	2013		2014
Numerator
Net income (controlling interest)	$	62.4	$	77.2
Denominator
Average shares outstanding—basic	52.7		53.7
Effect of dilutive instruments:
Stock options and restricted stock	1.3		1.3
Forward equity	0.2		0.2
Average shares outstanding—diluted	54.2		55.2

The diluted earnings per share calculations in the table above exclude the anti-dilutive effect of the following shares:



	For the Three Months Ended March 31,
	2013	2014
Stock options and restricted stock	0.0	0.3
Senior convertible securities	3.6	—
Junior convertible trust preferred securities	4.2	3.7

Comprehensive Income

3 Months Ended

Mar. 31, 2014

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income

The following table shows the tax effects allocated to each component of Other comprehensive income:



	For the Three Months Ended March 31,
	2013									2014
	Pre-Tax			Tax Benefit (Expense)			Net of Tax			Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(22.8	)	$	—		$	(22.8	)	$	(8.8	)	$	—		$	(8.8	)
Change in net realized and unrealized gain (loss) on derivative securities	0.3			(0.1		)	0.2			0.3			(0.1		)	0.2
Change in net unrealized gain (loss) on investment securities	1.0			0.1			1.1			(22.2		)	8.4			(13.8		)
Other comprehensive income (loss)	$	(21.5	)	$	0.0		$	(21.5	)	$	(30.7	)	$	8.3		$	(22.4	)

The components of Accumulated other comprehensive income, net of taxes, are as follows:



	Foreign Currency Translation Adjustment			Realized and Unrealized Losses on Derivative Securities			Unrealized Gain (Loss) on Investment Securities			Total
Balance, as of December 31, 2013	$	56.6		$	(1.9	)	$	19.5		$	74.2
Other comprehensive income (loss) before reclassifications	(8.8		)	0.2			(13.9		)	(22.5		)
Amounts reclassified from other comprehensive income	—			0.0			0.1			0.1
Net other comprehensive income (loss)	(8.8		)	0.2			(13.8		)	(22.4		)
Balance, as of March 31, 2014	$	47.8		$	(1.7	)	$	5.7		$	51.8

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Segment Information

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Information

Management has assessed and determined that the Company operates in three business segments representing the Company's three principal distribution channels: Institutional, Mutual Fund and High Net Worth, each of which has different client relationships.

Statements of Income



	For the Three Months Ended March 31, 2013
	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	223.8		$	227.6		$	50.8		$	502.2
Operating expenses:
Depreciation, intangible amortization and impairments	19.6			13.6			3.2			36.4
Other operating expenses	140.6			145.3			29.4			315.3
	160.2			158.9			32.6			351.7
Operating income	63.6			68.7			18.2			150.5
Income from equity method investments	44.4			3.8			2.4			50.6
Other non-operating (income) and expenses:
Investment and other income	(2.4		)	(1.9		)	(0.2		)	(4.5		)
Interest expense	14.4			7.6			2.2			24.2
Imputed interest expense and contingent payment arrangements	4.4			9.2			0.6			14.2
	16.4			14.9			2.6			33.9
Income before income taxes	91.6			57.6			18.0			167.2
Income taxes	22.1			11.7			3.7			37.5
Net income	69.5			45.9			14.3			129.7
Net income (non-controlling interests)	(30.8		)	(28.7		)	(7.8		)	(67.3		)
Net income (controlling interest)	$	38.7		$	17.2		$	6.5		$	62.4



	For the Three Months Ended March 31, 2014
	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	244.9		$	291.9		$	56.3		$	593.1
Operating expenses:
Depreciation, intangible amortization and impairments	23.3			4.0			3.9			31.2
Other operating expenses	154.9			181.4			31.6			367.9
	178.2			185.4			35.5			399.1
Operating income	66.7			106.5			20.8			194.0
Income from equity method investments	37.0			5.6			3.6			46.2
Other non-operating (income) and expenses:
Investment and other income	(5.5		)	(2.4		)	(0.3		)	(8.2		)
Interest expense	9.0			6.9			1.7			17.6
Imputed interest expense and contingent payment arrangements	10.3			10.3			1.9			22.5
	13.8			14.8			3.3			31.9
Income before income taxes	89.9			97.3			21.1			208.3
Income taxes	21.9			22.7			4.3			48.9
Net income	68.0			74.6			16.8			159.4
Net income (non-controlling interests)	(32.1		)	(40.5		)	(9.6		)	(82.2		)
Net income (controlling interest)	$	35.9		$	34.1		$	7.2		$	77.2
Total assets as of December 31, 2013	$	3,196.5		$	2,448.4		$	673.9		$	6,318.8
Total assets as of March 31, 2014	$	3,123.2		$	2,774.8		$	722.9		$	6,620.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2014, the Company completed an equity investment in EIG Global Energy Partners, LLC ("EIG"). Following the close of the transaction, EIG's management team continues to hold a majority of the equity in the business and directs its day-to-day operations. On April 29, 2014, the Company announced that it will acquire a majority equity interest in Veritas Asset Management LLP ("Veritas"). Following the close of the transaction, Veritas' management team will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations. The Company anticipates this transaction will close in the third quarter of 2014.

Investments in Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2014

Marketable Securities [Abstract]

Summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale and trading

The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale and trading at December 31, 2013 and March 31, 2014:



	Available-for-Sale						Trading
	December 31, 2013			March 31, 2014			December 31, 2013			March 31, 2014
Cost	$	103.2		$	103.1		$	17.9		$	18.1
Unrealized Gains	33.3			12.0			4.6			4.9
Unrealized Losses	(1.1		)	(2.1		)	(0.0		)	(0.0		)
Fair Value	$	135.4		$	113.0		$	22.5		$	23.0

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2014

Variable Interest Entities

Schedule of net assets and liabilities and maximum risk of losses related to unconsolidated VIEs

The net assets and liabilities of these unconsolidated VIEs and the Company's maximum risk of loss related thereto are as follows:



	December 31, 2013				March 31, 2014
Category of Investment	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Sponsored investment funds	$	8,112.7	$	1.7	$	8,619.2	$	1.7

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of fair value of financial assets and financial liabilities measured on a recurring basis

The following table summarizes the Company's financial assets and liabilities that are measured at fair value on a recurring basis:



			Fair Value Measurements
	December 31, 2013		Fair Value Measurements
	December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents	$	39.0	$	39.0	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	22.5		22.5		—		—
Available-for-sale securities	135.4		135.4		—		—
Other investments	164.3		14.1		18.4		131.8
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	50.2	$	—	$	—	$	50.2
Obligations to related parties⁽²⁾	76.9		—		—		76.9
Interest rate swaps⁽³⁾	2.5		—		2.5		—



			Fair Value Measurements
	March 31, 2014		Fair Value Measurements
	March 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents	$	37.7	$	37.7	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	23.0		23.0		—		—
Available-for-sale securities	113.0		113.0		—		—
Other investments	169.7		14.6		19.2		135.9
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	53.2	$	—	$	—	$	53.2
Obligations to related parties⁽²⁾	131.9		—		—		131.9
Interest rate swaps⁽³⁾	2.2		—		2.2		—

___________________________________________________________


(1)	Principally investments in equity securities.


(2)	Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.

(3)

Schedule of changes in Level 3 financial assets and financial liabilities

The following table presents the changes in Level 3 assets and liabilities for the three months ended March 31, 2013 and 2014:



	For the Three Months Ended March 31,
	2013											2014
	Other Investments				Contingent Payment Arrangements			Obligations to Related Parties				Other Investments				Contingent Payment Arrangements			Obligations to Related Parties
Balance, beginning of period	$	118.9			$	31.0		$	77.8			$	131.8			$	50.2		$	76.9
Net gains/losses	2.0			⁽¹⁾	9.5		⁽²⁾	0.8			⁽³⁾	5.8			⁽¹⁾	3.0		⁽²⁾	2.5			⁽³⁾
Purchases and issuances	4.9				—			15.2				3.7				—			59.4
Settlements and reductions	(3.9		)		—			(3.1		)		(5.4		)		—			(6.9		)
Net transfers in and/or out of Level 3	—				—			—				—				—			—
Balance, end of period	$	121.9			$	40.5		$	90.7			$	135.9			$	53.2		$	131.9

Net unrealized gains/losses relating to instruments still held at the reporting date	$	2.5			$	9.5		$	(0.5	)		$	6.9			$	3.0		$	0.9

___________________________________________________________


(1)	Gains and losses on Other investments are recorded in Investment and other income.


(2)	Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income.


(3)	Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.

Schedule of presents certain quantitative information about the significant unobservable inputs used in valuing our Level 3 financial liabilities:

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company's Level 3 financial liabilities:

Quantitative Information about Level 3 Fair Value Measurements

Valuation

Techniques

Unobservable

Input

Fair Value at
December 31,
2013

Range at
December 31, 2013

Fair Value at March 31, 2014

Range at March 31, 2014

Contingent payment arrangements

Discounted cash flow

Growth rates

50.2

3% – 11%

53.2

3% – 9%

Discount rates

14% – 18%

13% – 17%

Affiliate equity repurchase obligations

Discounted cash flow

Growth rates

4.0

58.3

2% – 11%

Discount rates

15%

14% – 17%

Schedule of investments

The following table summarizes, as of December 31, 2013 and March 31, 2014, the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized:



	December 31, 2013				March 31, 2014
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity fund-of-funds⁽¹⁾	$	131.8	$	62.9	$	135.9	$	73.1
Other funds⁽²⁾	82.3		—		84.8		—
	$	214.1	$	62.9	$	220.7	$	73.1

___________________________________________________________


(1)	These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds.


(2)	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

Summary of other financial liabilities not carried at fair value

The following table summarizes the Company's other financial liabilities not carried at fair value:



	December 31, 2013				March 31, 2014
	Carrying Value		Fair Market Value		Carrying Value		Fair Market Value		Fair Value Hierarchy
Senior notes	$	340.0	$	325.0	$	736.6	$	747.7	Level 2
Convertible securities	518.7		963.9		301.7		556.3		Level 2

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Schedule of purchase price allocation for investments

The provisional purchase price allocation for this investment is as follows:



	Total
Consideration paid	$	109.9
Non-controlling interests	78.9
Enterprise value	$	188.8

Acquired client relationships	$	126.9
Tangible assets, net	6.2
Goodwill	55.7
	$	188.8

Schedule of unaudited pro forma financial results



	For the Three Months Ended March 31,
	2013		2014
Revenue	$	507.9	$	604.2
Net income (controlling interest)	62.5		78.7
Earnings per share—basic	$	1.19	$	1.47
Earnings per share—diluted	$	1.15	$	1.43

Intangible Assets Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The following tables present the change in goodwill and components of acquired client relationships during the three months ended March 31, 2014:



	Goodwill
	Institutional			Mutual Fund			High Net Worth			Total
Balance, as of December 31, 2013	$	1,076.3		$	928.1		$	337.3		$	2,341.7
Goodwill acquired	20.4			12.9			22.4			55.7
Foreign currency translation	(7.0		)	(0.1		)	(4.4		)	(11.5		)
Balance, as of March 31, 2014	$	1,089.7		$	940.9		$	355.3		$	2,385.9

Schedule of changes in and the components of acquired client relationships



	Acquired Client Relationships
	Definite-lived									Indefinite-lived		Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value		Net Book Value
Balance, as of December 31, 2013	$	1,039.5		$	(442.8	)	$	596.7		$	864.0	$	1,460.7
New Investments	81.5			—			81.5			45.4		126.9
Amortization and impairments	—			(27.4		)	(27.4		)	—		(27.4		)
Foreign currency translation	(0.7		)	—			(0.7		)	1.6		0.9
Balance, as of March 31, 2014	$	1,120.3		$	(470.2	)	$	650.1		$	911.0	$	1,561.1

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of share-based compensation

A summary of share-based compensation is as follows:



	For the Three Months Ended March 31,
	2013		2014
Share-based compensation	$	5.8	$	6.5
Tax benefit	2.2		2.5

Schedule of transactions of the Company's stock options

The following table summarizes the transactions of the Company's stock options:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—December 31, 2013	3.0		$	77.71
Options exercised	(0.1	)	71.38
Options forfeited	(0.1	)	79.37
Unexercised options outstanding—March 31, 2014	2.8		77.90		3.2
Exercisable at March 31, 2014	2.3		73.80		3.0

Summary of transactions of the Company's restricted stock

The following table summarizes the transactions of the Company's restricted stock units:



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—December 31, 2013	0.5		$	176.38
Units vested	(0.1	)	121.94
Units forfeited	0.0		94.83
Unvested units—March 31, 2014	0.4		182.44

Affiliate Equity (Tables)

3 Months Ended

Mar. 31, 2014

Affiliate Equity

Summary of affiliate equity compensation

A summary of Affiliate equity compensation is as follows:



	For the Three Months Ended March 31,
	2013		2014
Affiliate equity compensation	$	11.5	$	14.8
Tax benefit	3.2		2.9

Schedule of the changes in redeemable non-controlling interests

The following table presents the changes in Redeemable non-controlling interests during the period:



	For the Three Months Ended March 31, 2014
Balance, beginning of period	$	641.9
Transactions in Redeemable non-controlling interests	(29.8		)
Changes in redemption value	48.5
Balance, end of period	$	660.6

Schedule of the effect of changes in the entity's ownership interest in its affiliates on the controlling interest's equity

The following schedule discloses the effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity:



	For the Three Months Ended March 31,
	2013			2014
Net income (controlling interest)	$	62.4		$	77.2
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity	(4.8		)	(16.3		)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$	57.6		$	60.9

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of income tax provision attributable to controlling Interests and to non-controlling interests

The consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to non-controlling interests as follows:



	For the Three Months Ended March 31,
	2013			2014
Controlling Interests:
Current tax	$	21.2		$	30.3
Intangible-related deferred taxes	12.0			16.9
Other deferred taxes	0.9			(1.6		)
Total controlling interests	34.1			45.6
Non-controlling Interests:
Current tax	$	3.6		$	3.5
Deferred taxes	(0.2		)	(0.2		)
Total non-controlling interests	3.4			3.3
Provision for income taxes	$	37.5		$	48.9
Income before income taxes (controlling interest)	$	96.5		$	122.8
Effective tax rate attributable to controlling interests⁽¹⁾	35.3		%	37.1		%

___________________________________________________________


(1)	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders.



	For the Three Months Ended March 31,
	2013		2014
Numerator
Net income (controlling interest)	$	62.4	$	77.2
Denominator
Average shares outstanding—basic	52.7		53.7
Effect of dilutive instruments:
Stock options and restricted stock	1.3		1.3
Forward equity	0.2		0.2
Average shares outstanding—diluted	54.2		55.2

Diluted earnings per share calculations excluding the anti-dilutive effect of shares

The diluted earnings per share calculations in the table above exclude the anti-dilutive effect of the following shares:



	For the Three Months Ended March 31,
	2013	2014
Stock options and restricted stock	0.0	0.3
Senior convertible securities	3.6	—
Junior convertible trust preferred securities	4.2	3.7

Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2014

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of the tax effects allocated to each component of Other comprehensive income

The following table shows the tax effects allocated to each component of Other comprehensive income:



	For the Three Months Ended March 31,
	2013									2014
	Pre-Tax			Tax Benefit (Expense)			Net of Tax			Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(22.8	)	$	—		$	(22.8	)	$	(8.8	)	$	—		$	(8.8	)
Change in net realized and unrealized gain (loss) on derivative securities	0.3			(0.1		)	0.2			0.3			(0.1		)	0.2
Change in net unrealized gain (loss) on investment securities	1.0			0.1			1.1			(22.2		)	8.4			(13.8		)
Other comprehensive income (loss)	$	(21.5	)	$	0.0		$	(21.5	)	$	(30.7	)	$	8.3		$	(22.4	)

Schedule of components of Accumulated other comprehensive income, net of taxes

The components of Accumulated other comprehensive income, net of taxes, are as follows:



	Foreign Currency Translation Adjustment			Realized and Unrealized Losses on Derivative Securities			Unrealized Gain (Loss) on Investment Securities			Total
Balance, as of December 31, 2013	$	56.6		$	(1.9	)	$	19.5		$	74.2
Other comprehensive income (loss) before reclassifications	(8.8		)	0.2			(13.9		)	(22.5		)
Amounts reclassified from other comprehensive income	—			0.0			0.1			0.1
Net other comprehensive income (loss)	(8.8		)	0.2			(13.8		)	(22.4		)
Balance, as of March 31, 2014	$	47.8		$	(1.7	)	$	5.7		$	51.8

Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Schedule of segment information

Statements of Income



	For the Three Months Ended March 31, 2013
	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	223.8		$	227.6		$	50.8		$	502.2
Operating expenses:
Depreciation, intangible amortization and impairments	19.6			13.6			3.2			36.4
Other operating expenses	140.6			145.3			29.4			315.3
	160.2			158.9			32.6			351.7
Operating income	63.6			68.7			18.2			150.5
Income from equity method investments	44.4			3.8			2.4			50.6
Other non-operating (income) and expenses:
Investment and other income	(2.4		)	(1.9		)	(0.2		)	(4.5		)
Interest expense	14.4			7.6			2.2			24.2
Imputed interest expense and contingent payment arrangements	4.4			9.2			0.6			14.2
	16.4			14.9			2.6			33.9
Income before income taxes	91.6			57.6			18.0			167.2
Income taxes	22.1			11.7			3.7			37.5
Net income	69.5			45.9			14.3			129.7
Net income (non-controlling interests)	(30.8		)	(28.7		)	(7.8		)	(67.3		)
Net income (controlling interest)	$	38.7		$	17.2		$	6.5		$	62.4



	For the Three Months Ended March 31, 2014
	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	244.9		$	291.9		$	56.3		$	593.1
Operating expenses:
Depreciation, intangible amortization and impairments	23.3			4.0			3.9			31.2
Other operating expenses	154.9			181.4			31.6			367.9
	178.2			185.4			35.5			399.1
Operating income	66.7			106.5			20.8			194.0
Income from equity method investments	37.0			5.6			3.6			46.2
Other non-operating (income) and expenses:
Investment and other income	(5.5		)	(2.4		)	(0.3		)	(8.2		)
Interest expense	9.0			6.9			1.7			17.6
Imputed interest expense and contingent payment arrangements	10.3			10.3			1.9			22.5
	13.8			14.8			3.3			31.9
Income before income taxes	89.9			97.3			21.1			208.3
Income taxes	21.9			22.7			4.3			48.9
Net income	68.0			74.6			16.8			159.4
Net income (non-controlling interests)	(32.1		)	(40.5		)	(9.6		)	(82.2		)
Net income (controlling interest)	$	35.9		$	34.1		$	7.2		$	77.2
Total assets as of December 31, 2013	$	3,196.5		$	2,448.4		$	673.9		$	6,318.8
Total assets as of March 31, 2014	$	3,123.2		$	2,774.8		$	722.9		$	6,620.9

Investments in Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Marketable Securities [Abstract]
Investments in marketable securities	$ 136.0	$ 157.9

Investments in Marketable Securities (Details 2) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Available-for-Sale
Cost	$ 103.1	$ 103.2
Unrealized Gains	12.0	33.3
Unrealized Losses	(2.1)	(1.1)
Fair Value	113.0	135.4
Trading
Cost	18.1	17.9
Unrealized Gains	4.9	4.6
Unrealized Losses	0.0	0.0
Fair Value	$ 23.0	$ 22.5

Variable Interest Entities (Details) - Sponsored investment funds [Member] - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 8,619.2	$ 8,112.7
Carrying Value and Maximum Exposure to Loss	$ 1.7	$ 1.7

Debt (Details) - USD ($) shares in Millions	Apr. 15, 2014	Feb. 13, 2014	Mar. 31, 2014	Feb. 11, 2014
Long-term debt
Shares issued in connection with conversion		1.9
Expense recognized upon redemption		$ 18,800,000
Senior Notes [Member] \| Senior Notes Due 2024 [Member]
Long-term debt
Face amount				$ 400,000,000.0
Interest rate				4.25%
Senior Unsecured [Member]
Long-term debt
Maximum borrowing capacity			$ 1,250,000,000.00
Line of credit outstanding			$ 400,000,000
Subsequent Event [Member] \| Senior Unsecured Term Loan [Member]
Long-term debt
Maximum borrowing capacity	$ 250,000,000.0
Term	5 years
Additional borrowing capacity	$ 100,000,000.0

Forward Equity - Narrative (Details) - Forward equity sales [Member] $ in Millions	Apr. 30, 2014 USD ($) $ / unit	Mar. 31, 2014 USD ($) $ / unit	Dec. 31, 2013 USD ($) $ / unit
Derivative [Line Items]
Notional amount			$ 70.2
Average forward price \| $ / unit		199.19	123.09
Notional amount settled		$ 15.1
Subsequent Event [Member]
Derivative [Line Items]
Notional amount	$ 252.8
Average forward price \| $ / unit	198.58

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014
Commitments and Contingencies
Co-investment commitments in partnership	$ 73.1
Acquisition agreements contingency liability	474.1
Expected payments related to equity method investments	151.0
Expected payments to settle contingent obligations	75.0
Net present value of expected payments to settle contingent obligations	53.2
Pantheon's prior owner [Member]
Commitments and Contingencies
Reimbursable amount of investment commitments	$ 27.4
Scenario, Forecast [Member]
Commitments and Contingencies
Expected payments to settle contingent obligations		$ 0.0

Fair Value Measurements - Summary of Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Financial Assets

Trading securities

$ 23.0

$ 22.5

Available-for-sale securities

113.0

135.4

Other investments

220.7

214.1

Financial Liabilities

Collateral posted

3.3

3.6

Gain on interest rate swap

0.3

$ 0.3

Fair value measured on a recurring basis [Member] | Fair value [Member]

Financial Assets

Cash equivalents

37.7

39.0

Trading securities

^[1]

23.0

22.5

Available-for-sale securities

^[1]

113.0

135.4

Other investments

169.7

164.3

Financial Liabilities

Contingent payment arrangements

^[2]

53.2

50.2

Obligations to related parties

^[2]

131.9

76.9

Interest rate derivatives

^[3]

2.2

2.5

Fair value measured on a recurring basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Financial Assets

Cash equivalents

37.7

39.0

Trading securities

^[1]

23.0

22.5

Available-for-sale securities

^[1]

113.0

135.4

Other investments

14.6

14.1

Financial Liabilities

Contingent payment arrangements

^[2]

0.0

Obligations to related parties

^[2]

0.0

Interest rate derivatives

^[3]

0.0

Fair value measured on a recurring basis [Member] | Significant Other Observable Inputs (Level 2) [Member]

Financial Assets

Cash equivalents

0.0

Trading securities

^[1]

0.0

Available-for-sale securities

^[1]

0.0

Other investments

19.2

18.4

Financial Liabilities

Contingent payment arrangements

^[2]

0.0

Obligations to related parties

^[2]

0.0

Interest rate derivatives

^[3]

2.2

2.5

Fair value measured on a recurring basis [Member] | Significant Other Unobservable Inputs (Level 3) [Member]

Financial Assets

Cash equivalents

0.0

Trading securities

^[1]

0.0

Available-for-sale securities

^[1]

0.0

Other investments

135.9

131.8

Financial Liabilities

Contingent payment arrangements

^[2]

53.2

50.2

Obligations to related parties

^[2]

131.9

76.9

Interest rate derivatives

^[3]

$ 0.0

[1]	Principally investments in equity securities.
[2]	Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.
[3]	The fair value of the Company's interest rate swaps are presented within Other liabilities in the accompanying Consolidated Balance Sheets. As of December 31, 2013 and March 31, 2014, the Company had posted collateral with its counterparties of $3.6 million and $3.3 million, respectively. For the three months ended March 31, 2013 and 2014, gains on these interest rate swaps ($0.3 million and $0.3 million, respectively) have been reported in the Consolidated Statements of Comprehensive Income.

Fair Value Measurements - Changes in level 3 Inputs (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Other Investments [Member]

Changes in level 3 assets and liabilities

Balance, beginning of period

$ 131.8

$ 118.9

Net gains/losses

^[1]

5.8

2.0

Purchases and issuances

3.7

4.9

Settlements and reductions

(5.4)

(3.9)

Net transfers in and/or out of Level 3

0.0

Balance, end of period

135.9

121.9

Net unrealized gains/losses relating to instruments still held at the reporting date

6.9

2.5

Contingent Payment Arrangements [Member]

Changes in level 3 assets and liabilities

Balance, beginning of period

50.2

31.0

Net gains/losses

^[2]

3.0

9.5

Purchases and issuances

0.0

Settlements and reductions

0.0

Net transfers in and/or out of Level 3

0.0

Balance, end of period

53.2

40.5

Net unrealized gains/losses relating to instruments still held at the reporting date

3.0

9.5

Obligations to Related Parties [Member]

Changes in level 3 assets and liabilities

Balance, beginning of period

76.9

77.8

Net gains/losses

^[3]

2.5

0.8

Purchases and issuances

59.4

15.2

Settlements and reductions

(6.9)

(3.1)

Net transfers in and/or out of Level 3

0.0

Balance, end of period

131.9

90.7

Net unrealized gains/losses relating to instruments still held at the reporting date

$ 0.9

$ (0.5)

[1]	Gains and losses on Other investments are recorded in Investment and other income.
[2]	Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income.
[3]	Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.

Fair Value Measurements - Quantitative Information (Details) - Discounted cash flow - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Contingent payment arrangements [Member]
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 53.2		$ 50.2
Contingent payment arrangements [Member] \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	3.00%	3.00%
Discount rate (as a percent)	13.00%	14.00%
Contingent payment arrangements [Member] \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	9.00%	11.00%
Discount rate (as a percent)	17.00%	18.00%
Affiliate equity repurchase obligations [Member]
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 58.3		$ 4.0
Growth rate (as a percent)		8.00%
Discount rate (as a percent)		15.00%
Affiliate equity repurchase obligations [Member] \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	2.00%
Discount rate (as a percent)	14.00%
Affiliate equity repurchase obligations [Member] \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	11.00%
Discount rate (as a percent)	17.00%

Fair Value Measurements - Nature of Investments and Related Liquidation Restrictions (Details) - USD ($)
$ in Millions

Mar. 31, 2014

Dec. 31, 2013

NAV of investments at fair value

Fair Value

$ 220.7

$ 214.1

Unfunded Commitments

73.1

62.9

Private equity fund-of-funds [Member]

NAV of investments at fair value

Fair Value

^[1]

135.9

131.8

Unfunded Commitments

^[1]

73.1

62.9

Other funds [Member]

NAV of investments at fair value

Fair Value

^[2]

84.8

82.3

Unfunded Commitments

^[2]

$ 0.0

[1]	These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds.
[2]	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

Fair Value Measurements Fair Value Measurements - Summary of other financial liabilities not carried at fair value (Details) - Level 2 [Member] - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 747.7	$ 325.0
Convertible securities	556.3	963.9
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	736.6	340.0
Convertible securities	$ 301.7	$ 518.7

Business Combinations Narrative (Details) - Southern Sun Asset Management, LLC [Member]	Mar. 31, 2014
Business Acquisition [Line Items]
Tax deduction period for goodwill and client relationships amortization expense	15 years
Institutional [Member]
Business Acquisition [Line Items]
Goodwill percentage attributable to segments	37.00%
Mutual Fund [Member]
Business Acquisition [Line Items]
Goodwill percentage attributable to segments	23.00%
High Net Worth [Member]
Business Acquisition [Line Items]
Goodwill percentage attributable to segments	40.00%

Business Combinations Schedule of purchase price allocation for investments (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill	$ 2,385.9	$ 2,341.7
Southern Sun Asset Management, LLC [Member]
Business Acquisition [Line Items]
Consideration paid	109.9
Non-controlling interests	78.9
Enterprise value	188.8
Acquired client relationships	126.9
Tangible assets, net	6.2
Goodwill	55.7
Total	$ 188.8

Business Combinations Schedule of unaudited pro forma financial results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Business Combinations [Abstract]
Revenue	$ 604.2	$ 507.9
Net income (controlling interest)	$ 78.7	$ 62.5
Earnings per share—basic (in dollars per share)	$ 1.47	$ 1.19
Earnings per share—diluted (in dollars per share)	$ 1.43	$ 1.15

Intangible Assets Schedule of changes in goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,341.7
Goodwill acquired	55.7
Foreign currency translation	(11.5)
Ending balance	2,385.9
Institutional [Member]
Goodwill [Roll Forward]
Beginning balance	1,076.3
Goodwill acquired	20.4
Foreign currency translation	(7.0)
Ending balance	1,089.7
Mutual Fund [Member]
Goodwill [Roll Forward]
Beginning balance	928.1
Goodwill acquired	12.9
Foreign currency translation	(0.1)
Ending balance	940.9
High Net Worth [Member]
Goodwill [Roll Forward]
Beginning balance	337.3
Goodwill acquired	22.4
Foreign currency translation	(4.4)
Ending balance	$ 355.3

Intangible Assets Schedule of changes in and the components of acquired client relationships (Details) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)
Total
Beginning balance, Net Book Value	$ 1,460.7
Ending balance, Net Book Value	1,561.1
Acquired client relationships [Member]
Definite-lived
Beginning balance, Gross Book Value	1,039.5
Beginning balance, Accumulated Amortization	(442.8)
Beginning balance, Net Book Value	596.7
New Investments, Gross Book Value	81.5
Amortization and impairments, Gross Book Value	(27.4)
Foreign currency translation, Gross Book Value	(0.7)
Ending balance, Gross Book Value	1,120.3
Ending balance, Accumulated Amortization	(470.2)
Ending balance, Net Book Value	650.1
Indefinite-lived
Beginning balance, Net Book Value	864.0
New Investments, Net Book Value	45.4
Amortization and impairments, Net Book Value	0.0
Foreign currency translation, Net Book Value	1.6
Ending balance, Net Book Value	911.0
Total
Beginning balance, Net Book Value	1,460.7
New Investments, Net Book Value	126.9
Amortization and impairments, Net Book Value	(27.4)
Foreign currency translation, Net Book Value	0.9
Ending balance, Net Book Value	$ 1,561.1

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2014	Mar. 31, 2013
Intangible Asset [Line Items]
Amortization and impairment expenses of intangible assets	$ 27.4	$ 32.9
Acquired client relationships [Member]
Intangible Asset [Line Items]
Weighted average life	10 years
Amortization and impairment expenses of intangible assets	$ 27.4	$ 32.9
Annual amortization expense for each of the next five years	$ 100.0

Intangible Assets (Details 2) - USD ($) $ in Millions	3 Months Ended
Intangible Assets (Details 2) - USD ($) $ in Millions	Mar. 31, 2014	Mar. 31, 2013
Schedule of Equity Method Investments
Amortization expense during the period	$ 27.4	$ 32.9
Annual amortization expense attributable to current equity method Affiliates for next five years
2014	21.0
2015	12.0
2016	10.0
2017	10.0
2018	$ 10.0
Acquired client relationships under equity method investments
Schedule of Equity Method Investments
Weighted average life	11 years
Amortization expense during the period	$ 5.4	$ 10.4

Share-Based Compensation Summary of share-based compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 6.5	$ 5.8
Tax benefit	$ 2.5	$ 2.2

Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Recent share based compensation expense
Compensation expense related to share-based compensation	$ 72.1	$ 79.3
Weighted average period over which compensation expense will be recognized	3 years
Option outstanding expected to expire in 2014	0.1
Stock Option and Incentive Plan [Member]
Summary of transactions of stock option and incentive plans:
Unexercised options outstanding at the beginning of the period (in shares)	3.0
Options exercised (in shares)	(0.1)
Options forfeited (in shares)	(0.1)
Unexercised options outstanding at the end of the period (in shares)	2.8
Exercisable at the end of the period (in shares)	2.3
Weighted Average Exercise Price
Unexercised options outstanding at the beginning of the period (in dollars per share)	$ 77.71
Options exercised (in dollars per share)	71.38
Options forfeited (in dollars per share)	79.37
Unexercised options outstanding at the end of the period (in dollars per share)	77.90
Exercisable at the end of the period (in dollars per share)	$ 73.80
Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding at the end of the period	3 years 2 months 12 days
Exercisable at the end of the period	3 years

Share-Based Compensation (Details 2) - Restricted stock [Member] shares in Millions	3 Months Ended
	Mar. 31, 2014 $ / shares shares
Restricted Stock
Unvested units at the beginning of the period (in shares) \| shares	0.5
Units vested (in shares) \| shares	(0.1)
Units forfeited (in shares) \| shares	0.0
Unvested units at the end of the period (in shares) \| shares	0.4
Weighted Average Grant Date Value
Unvested units at the beginning of the period (in dollars per share) \| $ / shares	$ 176.38
Units vested (in dollars per share) \| $ / shares	121.94
Units forfeited (in dollars per share) \| $ / shares	94.83
Unvested units at the end of the period (in dollars per share) \| $ / shares	$ 182.44

Affiliate Equity (Details) - USD ($) $ in Millions	3 Months Ended
Affiliate Equity (Details) - USD ($) $ in Millions	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Affiliate Equity
Affiliate equity compensation	$ 14.8	$ 11.5
Tax benefit	2.9	3.2
Compensation expenses related to affiliate equity noncontrolling interests	7.2	3.2
Affiliate equity compensation cost not yet recognized	78.0		$ 68.2
Affiliate equity compensation cost not yet recognized attributable to noncontrolling interest	$ 42.0		$ 32.1
Period for recognition	4 years
Changes in redeemable non-controlling interests during the period
Balance at the beginning of the period	$ 641.9
Transactions in Redeemable non-controlling interests	(29.8)
Changes in redemption value	48.5
Balance at the end of the period	660.6
Effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity
Net income (controlling interest)	77.2	62.4
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity	(16.3)	(4.8)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$ 60.9	$ 57.6

Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Income tax provision

Deferred taxes

$ 15.1

$ 12.7

Provision for income taxes

48.9

37.5

Controlling Interests [Member]

Income tax provision

Current tax

30.3

21.2

Intangible-related deferred taxes

16.9

12.0

Other deferred taxes

(1.6)

0.9

Provision for income taxes

45.6

34.1

Income before income taxes (controlling interest)

$ 122.8

$ 96.5

Effective tax rate attributable to controlling interests (as a percent)

^[1]

37.10%

35.30%

Non-controlling interests [Member]

Income tax provision

Current tax

$ 3.5

$ 3.6

Deferred taxes

(0.2)

Provision for income taxes

$ 3.3

$ 3.4

[1]	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Income Taxes (Details 2) $ in Millions	3 Months Ended
Income Taxes (Details 2) $ in Millions	Mar. 31, 2014 USD ($)
Income Tax Disclosure [Abstract]
Decrease in deferred tax liability	$ 57.5
Reclassification of Deferred Tax Liability	54.5
Liability for uncertain tax positions including interest and related charges	19.9
Accrued income tax interest and related charges	1.7
Unrecognized tax benefits that, if recognized, would affect effective tax rate	$ 16.9

Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Numerator
Net income (controlling interest)	$ 77.2	$ 62.4
Denominator
Average shares outstanding - basic (in shares)	53.7	52.7
Effect of dilutive instruments:
Stock options and restricted stock (in shares)	1.3	1.3
Forward equity (in shares)	0.2	0.2
Average shares outstanding—diluted (in shares)	55.2	54.2
Stock options and restricted stock [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	0.3	0.0
Senior convertible securities [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	0.0	3.6
Junior convertible trust preferred securities [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	3.7	4.2

Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
Comprehensive Income (Details) - USD ($) $ in Millions	Mar. 31, 2014	Mar. 31, 2013
Other Comprehensive Income (Loss), Pre-Tax
Foreign currency translation adjustment, Pre-Tax	$ (8.8)	$ (22.8)
Change in net realized and unrealized gain (loss) on derivative securities, Pre-Tax	0.3	0.3
Change in net unrealized gain on investment securities, Pre-Tax	(22.2)	1.0
Other comprehensive income (loss), Pre-Tax	(30.7)	(21.5)
Other Comprehensive Income (Loss), Tax Benefit (Expense)
Foreign currency translation adjustment, Tax Benefit (Expense)	0.0	0.0
Change in net realized and unrealized gain (loss) on derivative securities, Tax Benefit (Expense)	(0.1)	(0.1)
Change in net unrealized gain on investment securities, Tax Benefit (Expense)	8.4	0.1
Other comprehensive income (loss), Tax Benefit (Expense)	8.3	0.0
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment, Net of Tax	(8.8)	(22.8)
Change in net realized and unrealized gain on derivative securities, net of tax	0.2	0.2
Change in net unrealized gain (loss) on investment securities, net of tax	(13.8)	1.1
Other comprehensive income (loss)	$ (22.4)	$ (21.5)

Comprehensive Income (Details 2) $ in Millions	3 Months Ended
Comprehensive Income (Details 2) $ in Millions	Mar. 31, 2014 USD ($)
Total [Member]
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period	$ 74.2
Other comprehensive income (loss) before reclassifications	(22.5)
Amounts reclassified from other comprehensive income	0.1
Net other comprehensive income (loss)	(22.4)
Balance at the end of the period	51.8
Foreign Currency Translation Adjustment [Member]
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period	56.6
Other comprehensive income (loss) before reclassifications	(8.8)
Amounts reclassified from other comprehensive income	0.0
Net other comprehensive income (loss)	(8.8)
Balance at the end of the period	47.8
Realized and Unrealized Losses on Derivative Securities [Member]
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period	(1.9)
Other comprehensive income (loss) before reclassifications	0.2
Amounts reclassified from other comprehensive income	0.0
Net other comprehensive income (loss)	0.2
Balance at the end of the period	(1.7)
Unrealized Gain (Loss) on Investment Securities [Member]
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period	19.5
Other comprehensive income (loss) before reclassifications	(13.9)
Amounts reclassified from other comprehensive income	0.1
Net other comprehensive income (loss)	(13.8)
Balance at the end of the period	$ 5.7

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	Mar. 31, 2014 USD ($) Channel Segment	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| Segment	3
Number of principal distribution channels \| Channel	3
Statements of Income
Revenue	$ 593.1	$ 502.2
Operating expenses:
Depreciation, intangible amortization and impairments	31.2	36.4
Other operating expenses	367.9	315.3
Total operating expenses	399.1	351.7
Operating income	194.0	150.5
Income from equity method investments	46.2	50.6
Other non-operating (income) and expenses:
Investment and other income	(8.2)	(4.5)
Interest expense	17.6	24.2
Imputed interest expense and contingent payment arrangements	22.5	14.2
Total non-operating (income) and expenses	31.9	33.9
Income before income taxes	208.3	167.2
Income taxes	48.9	37.5
Net income	159.4	129.7
Net income (non-controlling interests)	(82.2)	(67.3)
Net income (controlling interest)	77.2	62.4
Balance Sheet Information
Total assets	6,620.9		$ 6,318.8
Institutional [Member]
Statements of Income
Revenue	244.9	223.8
Operating expenses:
Depreciation, intangible amortization and impairments	23.3	19.6
Other operating expenses	154.9	140.6
Total operating expenses	178.2	160.2
Operating income	66.7	63.6
Income from equity method investments	37.0	44.4
Other non-operating (income) and expenses:
Investment and other income	(5.5)	(2.4)
Interest expense	9.0	14.4
Imputed interest expense and contingent payment arrangements	10.3	4.4
Total non-operating (income) and expenses	13.8	16.4
Income before income taxes	89.9	91.6
Income taxes	21.9	22.1
Net income	68.0	69.5
Net income (non-controlling interests)	(32.1)	(30.8)
Net income (controlling interest)	35.9	38.7
Balance Sheet Information
Total assets	3,123.2		3,196.5
Mutual Fund [Member]
Statements of Income
Revenue	291.9	227.6
Operating expenses:
Depreciation, intangible amortization and impairments	4.0	13.6
Other operating expenses	181.4	145.3
Total operating expenses	185.4	158.9
Operating income	106.5	68.7
Income from equity method investments	5.6	3.8
Other non-operating (income) and expenses:
Investment and other income	(2.4)	(1.9)
Interest expense	6.9	7.6
Imputed interest expense and contingent payment arrangements	10.3	9.2
Total non-operating (income) and expenses	14.8	14.9
Income before income taxes	97.3	57.6
Income taxes	22.7	11.7
Net income	74.6	45.9
Net income (non-controlling interests)	(40.5)	(28.7)
Net income (controlling interest)	34.1	17.2
Balance Sheet Information
Total assets	2,774.8		2,448.4
High Net Worth [Member]
Statements of Income
Revenue	56.3	50.8
Operating expenses:
Depreciation, intangible amortization and impairments	3.9	3.2
Other operating expenses	31.6	29.4
Total operating expenses	35.5	32.6
Operating income	20.8	18.2
Income from equity method investments	3.6	2.4
Other non-operating (income) and expenses:
Investment and other income	(0.3)	(0.2)
Interest expense	1.7	2.2
Imputed interest expense and contingent payment arrangements	1.9	0.6
Total non-operating (income) and expenses	3.3	2.6
Income before income taxes	21.1	18.0
Income taxes	4.3	3.7
Net income	16.8	14.3
Net income (non-controlling interests)	(9.6)	(7.8)
Net income (controlling interest)	7.2	$ 6.5
Balance Sheet Information
Total assets	$ 722.9		$ 673.9