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Senior Notes

In 2015, the Company redeemed, canceled and retired all $140.0 million principal amount outstanding of its 5.25% senior unsecured notes due 2022 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest.

In February 2015, the Company issued additional senior notes, and at December 31, 2015 had three senior notes outstanding, the principal terms of which are summarized below.

2024

Senior

Notes

2025

Senior

Notes

2042

Senior

Notes

Issue date

February 2014

February 2015

August 2012

Maturity date

February 2024

August 2025

August 2042

Potential Call Date

Any Time ⁽¹⁾

August 2017

Par value (in millions)

400.0

350.0

200.0

Call Price

As Defined⁽¹⁾

At Par

Stated coupon

4.25

3.50

6.375

Coupon frequency

Semi-annually

Quarterly

__________________________


⁽¹⁾	The 2024 and 2025 senior notes may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest.

Convertible Securities

12 Months Ended

Dec. 31, 2015

Convertible Securities

In 2014, the Company delivered a notice to redeem all $300.0 million principal amount of its outstanding junior convertible trust preferred securities issued in 2006 (“2006 junior convertible securities”). In lieu of redemption, substantially all holders of the 2006 junior convertible securities elected to convert their securities into a defined number of shares. The Company issued 1.9 million shares of its common stock and recognized a loss of $18.8 million, which is included in Imputed interest expense and contingent payment arrangements. All of the Company’s 2006 junior convertible securities have been canceled and retired.

At December 31, 2015, the Company had junior convertible trust preferred securities outstanding that were issued in 2007 (“2007 junior convertible securities”).

The carrying values of the Company’s convertible securities were as follows:



	December 31, 2014				December 31, 2015
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
2007 junior convertible securities⁽¹⁾	$	303.1	$	430.8	$	305.2	$	430.8

__________________________


⁽¹⁾	The carrying value is accreted to the principal amount at maturity over a remaining life of 22 years.

The 2007 junior convertible securities bear interest at 5.15% per annum, payable quarterly in cash. Each $50 security is convertible, at any time, into 0.25 shares of the Company’s common stock, which represents a conversion price of $200 per share. Holders of the securities have no rights to put these securities to the Company. Upon conversion, holders will receive cash or shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company may redeem the 2007 junior convertible securities if the closing price of its common stock exceeds $260 per share for 20 trading days in a period of 30 consecutive trading days. These convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported interest expense. These deductions result in annual deferred tax liabilities of $9.4 million. These deferred tax liabilities will be reclassified directly to stockholders’ equity if the Company’s common stock is trading above certain thresholds at the time of the conversion of the securities.

Forward Equity Sale Agreement	12 Months Ended
Forward Equity Sale Agreement	Dec. 31, 2015
Forward Equity Sale Agreements
Forward Equity Sale Agreement	Forward Equity Sale Agreement The Company may sell shares of its common stock under a forward equity agreement. At December 31, 2015, the Company had approximately $250 million remaining notional amount that was available to sell under the forward equity agreement.

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments From time to time, the Company seeks to offset its exposure to changing interest rates under its debt financing arrangements and certain of its Affiliates seek to offset their exposure to changing foreign currency exchange rates by entering into derivative contracts. During 2015, the Company’s Affiliates realized $3.2 million of gains and $1.7 million of losses upon the settlement of certain foreign currency forward contracts. Such realized gains and losses are presented in the Consolidated Statements of Income within Revenue, Investment and other (income) expense or Operating expenses, depending on the risk being hedged.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. The Company had no significant accruals as of December 31, 2015. In the first quarter of 2016, Third Avenue Management LLC (“Third Avenue”), one of the Company’s consolidated Affiliates, was named as a defendant in various legal actions relating to the liquidation and closure of the Third Avenue Focused Credit Fund. The Company is not a party to any of these actions. Third Avenue believes that the claims in these actions are without merit and intends to vigorously defend against them. The Company and certain Affiliates operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any significant violations of such requirements. The Company has committed to co-invest in certain investment partnerships. As of December 31, 2015, these unfunded commitments were $76.8 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 $15.2 million of these commitments if they are called. As of December 31, 2015, Company was contingently liable, upon achievement by certain Affiliates of specified financial targets, to make payments through 2019 of up to $85.6 million associated with its consolidated Affiliates and $166.5 million associated with its equity method Affiliates. The Company expects to make payments of $14.0 million (none in 2016) of the $85.6 million related to consolidated Affiliates and no payments related to the Company’s equity method Affiliates.

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:



			Fair Value Measurements
	December 31, 2014		Fair Value Measurements
	December 31, 2014		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	59.1	$	59.1	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	22.3		22.3		—		—
Available-for-sale securities	150.3		150.3		—		—
Other investments	167.2		13.6		19.4		134.2
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	59.3	$	—	$	—	$	59.3
Obligations to related parties⁽²⁾	93.1		—		—		93.1
Interest rate swaps	1.4		—		1.4		—
Foreign currency forward contracts⁽³⁾	0.5		—		0.5		—



			Fair Value Measurements
	December 31, 2015		Fair Value Measurements
	December 31, 2015		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	65.9	$	65.9	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	19.4		19.4		—		—
Available for sale securities	180.5		180.5		—		—
Other investments	149.3		20.7		2.6		126.0
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	10.2	$	—	$	—	$	10.2
Obligations to related parties⁽²⁾	137.3		—		—		137.3

__________________________


⁽¹⁾	Principally investments in equity securities.


⁽²⁾	Amounts are presented within Other liabilities.


⁽³⁾	Amounts are presented within Other assets or Other liabilities.

The following are descriptions 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 that are classified as Level 1.

Investments in marketable securities consist primarily of investments in publicly traded securities and in funds advised by Affiliates that 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 primarily 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 that 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 adjusted for current period calls and distributions.

Interest rate swaps and foreign currency forward contracts 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 2014 or 2015.

Level 3 Financial Assets and Liabilities

The following table presents the changes in Level 3 assets and liabilities:



	For the Years Ended December 31,
	2014											2015
	Other Investments				Contingent Payment Arrangements			Obligations to Related Parties				Other Investments				Contingent Payment Arrangements				Obligations to Related Parties
Balance, beginning of period	$	131.8			$	50.2		$	76.9			$	134.2			$	59.3			$	93.1
Net gains/losses	11.4			⁽¹⁾	9.1		⁽²⁾	5.5			⁽³⁾	(5.5		)	⁽¹⁾	(40.9		)	⁽²⁾	4.6			⁽³⁾
Purchases and issuances	17.4				—			96.7				16.3				9.3				164.1
Settlements and reductions	(26.4		)		—			(86.0		)		(25.5		)		(17.5		)		(124.5		)
Net transfers in and/or out of Level 3	—				—			—				6.5				—				—
Balance, end of period	$	134.2			$	59.3		$	93.1			$	126.0			$	10.2			$	137.3

Net change in unrealized gains/losses relating to instruments still held at the reporting date	$	17.1			$	9.1		$	(0.1	)		$	6.1			$	(40.9	)		$	(7.3	)

__________________________


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


⁽²⁾	Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.


⁽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) expense.

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, 2014		Range at December 31, 2014	Fair Value at December 31, 2015		Range at December 31, 2015
Contingent payment arrangements	Discounted cash flow	Growth rates	$	59.3	6%	$	10.2	3% - 8%
		Discount rates			15%			15%
Affiliate equity repurchase obligations	Discounted cash flow	Growth rates	21.5		5% - 9%	62.3		1% - 9%
		Discount rates			15% - 16%			14% - 15%

Investments in Certain Entities that Calculate Net Asset Value

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



	December 31, 2014				December 31, 2015
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity⁽¹⁾	$	134.2	$	67.8	$	126.0	$	76.8
Other funds⁽²⁾	75.8		—		72.3		—
	$	210.0	$	67.8	$	198.3	$	76.8

__________________________


⁽¹⁾	These funds primarily invest in a broad range of private equity funds and make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally 15 years.


⁽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.

Other Financial Assets and Liabilities Not Carried at Fair Value

The carrying amount of Cash and 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, 2014				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Senior notes	$	736.8	$	786.2	$	944.6	$	966.3	Level 2
Convertible securities	303.1		532.1		305.2		483.6		Level 2

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.

Business Combinations

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Combinations

The Company completed majority investments in Baker Street Advisors, LLC (“Baker Street”) on April 1, 2015 and myCIO Wealth Partners, L.P. (“myCIO”) on October 1, 2015. The Company’s provisional purchase price allocations were measured using a financial model that includes assumptions of expected market performance, net client flows and discount rates. The associated provisional amounts may be revised upon completion of the final valuation. The consideration paid (less net tangible assets acquired) will be deductible for U.S. tax purposes over a 15-year life.

The purchase price allocation for these investments was as follows:



	Total
Consideration paid	$	76.1
Contingent payment obligations	9.3
Non-controlling interests	33.8
Enterprise value	$	119.2

Acquired client relationships	$	52.5
Tangible assets, net	2.4
Goodwill	64.3
	$	119.2

The excess of the enterprise value over the separately identifiable net assets acquired was recorded as goodwill and the segment allocation was as follows:



	Total
Institutional	14.4	%
Mutual Fund	—	%
High Net Worth	85.6	%

Unaudited pro-forma financial results are set forth below, assuming these investments occurred on January 1, 2014 and the Company’s structured partnership interests had been in effect for the entire period.



	For the Years Ended December 31,
	2014 (Unaudited)		2015 (Unaudited)
Revenue	$	2,538.2	$	2,499.4
Net income (controlling interest)	454.5		517.9
Earnings per share (basic)	8.26		9.53
Earnings per share (diluted)	8.05		9.31

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

The Company’s new investments contributed $15.3 million and $1.3 million to the Company’s Revenue and earnings, respectively, during 2015.

The Company had liabilities to related parties for contingent payment arrangements in connection with certain business combinations. The total payable was $59.3 million and $10.2 million as of December 31, 2014 and 2015, respectively, and was included in Other liabilities. The Company made no payments associated with these liabilities in 2014. In 2015, the Company made payments of $17.5 million associated with these liabilities. During 2013, the Company adjusted its estimate of its contingent payment obligations and recognized a loss totaling $10.3 million. During 2014, the Company made no such adjustments. During 2015, the Company adjusted its estimate of its contingent payment obligations and recorded a gain of $44.7 million.

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).

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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2015

Goodwill and Acquired Client Relationships

The following tables present the change in Goodwill and components of Acquired client relationships, net of the Company’s consolidated Affiliates:



	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	97.2			208.1			39.2			344.5
Foreign currency translation	(14.4		)	(10.9		)	(8.1		)	(33.4		)
Balance, as of December 31, 2014	$	1,159.1		$	1,125.3		$	368.4		$	2,652.8
Goodwill acquired	9.2			—			55.1			64.3
Foreign currency translation	(27.0		)	(5.8		)	(15.9		)	(48.7		)
Balance, as of December 31, 2015	$	1,141.3		$	1,119.5		$	407.6		$	2,668.4



	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	220.3			—			220.3			244.7			465.0
Amortization and impairments	—			(122.2		)	(122.2		)	—			(122.2		)
Foreign currency translation	(4.7		)	—			(4.7		)	(20.4		)	(25.1		)
Balance, as of December 31, 2014	$	1,255.1		$	(565.0	)	$	690.1		$	1,088.3		$	1,778.4
New Investments	52.5			—			52.5			—			52.5
Amortization and impairments	—			(115.4		)	(115.4		)	—			(115.4		)
Foreign currency translation	(5.8		)	—			(5.8		)	(23.3		)	(29.1		)
Balance, as of December 31, 2015	$	1,301.8		$	(680.4	)	$	621.4		$	1,065.0		$	1,686.4

Definite-lived acquired client relationships are amortized over their expected useful lives. As of December 31, 2015, these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expense for these relationships of $122.2 million for the year ended December 31, 2014, as compared to $115.4 million for the year ended December 31, 2015. Based on relationships existing as of December 31, 2015, the Company estimates that its consolidated annual amortization expense will be $110 million for each of the next five years.

During 2014 and 2015, the Company completed impairment assessments on its goodwill and definite-lived and indefinite-lived acquired client relationships and no impairments were indicated.

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.

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

12 Months Ended

Dec. 31, 2015

Equity Investments in Affiliates

Equity Method Investments in Affiliates

The Company completed minority investments in Abax Investments (Pty) Ltd on December 18, 2015 and Ivory Investment Management, L.P. on December 31, 2015 for approximately $200 million. The Company’s provisional purchase price allocations were measured using a financial model that includes assumptions of expected market performance, net client flows and discount rates. The associated provisional amounts may be revised upon completion of the final valuation. The consideration paid (less net tangible assets acquired) will be deductible for U.S. tax purposes over a 15-year life. Also during 2015, the Company paid $23.3 million related to a contingent payment obligation.

A portion of the purchase price attributable to the Company’s equity method Affiliates relates to definite-lived acquired client relationships. As of December 31, 2015, the definite-lived acquired relationships were being amortized over a weighted average life of approximately fourteen years. The Company recognized amortization expense for these relationships of $32.3 million for the year ended December 31, 2014, as compared to $34.3 million for the year ended December 31, 2015. Based on relationships existing as of December 31, 2015, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates to be $37 million for each of the next five years.

The following table presents summarized financial information for Affiliates accounted for under the equity method.



	For the Years Ended December 31,
	2013		2014		2015
Revenue⁽¹⁾	$	1,589.6	$	1,869.3	$	2,217.1
Net income	1,321.9		253.8		431.5



	December 31,
	2014		2015
Assets⁽²⁾	$	34,729.2	$	30,663.4
Liabilities and Non-controlling interest⁽²⁾	33,048.6		29,434.7

__________________________


⁽¹⁾	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.


⁽²⁾	Assets consist primarily of investment securities in consolidated investment partnerships, which are generally held by non-controlling interests.

The Company’s share of undistributed earnings from equity method investments totaled $101.5 million as of December 31, 2015.

Subsequent to year end, the Company completed minority investments in Systematica Investments L.P. and Baring Private Equity Asia on January 4, 2016 for approximately $550 million.

Fixed Assets and Lease Commitments

12 Months Ended

Dec. 31, 2015

Fixed Assets and Lease Commitments [Abstract]

Fixed Assets and Lease Commitments

Fixed assets consisted of the following:



	December 31,
	2014			2015
Building and leasehold improvements	$	84.1		$	104.7
Software	40.8			45.4
Equipment	38.3			39.9
Furniture and fixtures	17.5			22.4
Land, improvements and other	18.7			18.6
Fixed assets, at cost	199.4			231.0
Accumulated depreciation and amortization	(104.0		)	(116.9		)
Fixed assets, net	$	95.4		$	114.1

The Company and its Affiliates lease office space and equipment for their operations. At December 31, 2015, the Company’s aggregate future minimum payments for operating leases having initial or non-cancelable lease terms greater than one year were payable as follows:



	Required Minimum Payments ⁽¹⁾
2016	$	36.0
2017	33.7
2018	31.0
2019	29.5
2020	28.4
Thereafter	82.1

__________________________


⁽¹⁾	The controlling interest portion is $10.7 million through 2016, $11.0 million each in 2017 and in 2018, $10.6 million in 2019, $10.1 million in 2020 and $38.7 million thereafter.

Consolidated rent expense for 2013, 2014 and 2015 was $30.3 million, $30.5 million and $36.3 million, respectively.

Payables and Accrued Liabilities

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Payables and Accrued Liabilities

Payables and accrued liabilities consisted of the following:



	December 31,
	2014		2015
Accrued compensation and distributions	$	491.3	$	455.0
Unsettled fund share payables	78.3		76.6
Accrued income taxes	59.8		67.9
Accrued share repurchases	47.8		—
Accrued professional fees	26.9		31.4
Other	104.2		98.5
	$	808.3	$	729.4

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has reflected a prior owner’s investments in certain private equity investment partnerships sponsored by an Affiliate and recorded on the Company’s Consolidated Balance Sheet as either a liability in Other liabilities or as a Non-controlling interest, depending on the structure of the prior owner’s investments in the partnerships. The total liability was $71.6 million and $75.0 million at December 31, 2014 and 2015, respectively. The total non-controlling interest was $13.5 million and $5.1 million at December 31, 2014 and 2015, respectively. In certain cases, Affiliate management owners and Company officers may serve as trustees or directors of certain mutual funds from which the Affiliate earns advisory fee revenue. See Note 20 for information on transactions in Affiliate equity.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Stockholders' Equity

12 Months Ended

Dec. 31, 2015

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

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

The Company is authorized to issue up to 5.0 million shares of Preferred Stock. Any such Preferred Stock issued by the Company may rank prior to common stock as to dividend rights, liquidation preference or both, may have full or limited voting rights and may be convertible into shares of common stock.

Common Stock

The Company is authorized to issue up to 150.0 million shares of Voting Common Stock and 3.0 million shares of Class B Non-Voting Common Stock. As more fully described in Note 8, the Company is party to a forward equity sale agreement under which the Company may sell shares of its common stock.

The Company’s Board of Directors has periodically authorized share repurchase programs, most recently in May 2015, authorizing the Company to repurchase up to 3.0 million shares of its common stock. As of December 31, 2015, there were 2.3 million remaining shares available for repurchase under the May 2015 program, which does not expire. The timing and amount of issuances and repurchases will be determined at the discretion of the Company’s management.

The following is a summary of the Company’s recent share repurchase activity:



Period	Shares Repurchased	Average Price
2013	0.1	$	184.89
2014	1.2	204.72
2015	1.7	209.39

Financial Instruments

The Company’s junior convertible securities contain an embedded right for holders to receive shares of the Company’s common stock under certain conditions. These arrangements, as well as the forward equity sale agreement, meet the definition of equity and are not required to be accounted for separately as derivative instruments.

Share-Based Compensation

12 Months Ended

Dec. 31, 2015

Share-Based Compensation

Share-Based Incentive Plans

The Company has established various plans under which it is authorized to grant restricted stock, restricted stock units, stock options and stock appreciation rights. Compensation payable under these plans is intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code. The Company may also grant cash awards that can be notionally invested in one or more specified measurement funds, including the Company’s common stock.

Share-Based Incentive Compensation

The following is a summary of share-based compensation expense:



Period	Share-Based Compensation Expense		Tax Benefit
2013	$	27.5	$	10.6
2014	29.3		11.3
2015	34.2		13.2

The cash received for options exercised was $41.4 million and $57.8 million during the years ended December 31, 2014 and 2015, respectively. The actual tax benefit recognized from share-based incentive plans was $60.2 million and $44.5 million during the years ended December 31, 2014 and 2015, respectively. The excess tax benefit classified as a financing cash flow was $61.5 million, and $44.5 million during the years ended December 31, 2014 and 2015, respectively.

There was $56.8 million and $70.6 million of unrecognized compensation expense related to share-based compensation arrangements as of December 31, 2014 and 2015, respectively. The unrecognized compensation expense at December 31, 2015 will be recognized over a weighted average period of approximately three years (assuming no forfeitures).

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—January 1, 2015	2.3		$	83.42
Options granted	0.0		207.61
Options exercised	(0.9	)	65.95
Options forfeited	(0.0	)	101.29
Unexercised options outstanding—December 31, 2015	1.4		96.18		2.2
Exercisable at December 31, 2015	1.3		94.43		2.1

The Company granted stock options with fair values of $1.0 million, $0.6 million, and $1.0 million in 2013, 2014 and 2015, respectively. Stock options generally vest over a period of three to five years and expire seven to ten years after the grant date. All options have been granted with exercise prices equal to the fair market value of the Company’s common stock on the date of grant.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of options exercised during the years ended December 31, 2013, 2014 and 2015 was $77.4 million, $92.6 million and $130.2 million, respectively. As of December 31, 2015, the intrinsic value of exercisable options outstanding was $89.0 million and 3.5 million options are available for future grant under the Company’s option plans.

The fair value of options granted was estimated using the Black-Scholes option pricing model. The weighted average fair value of options granted during the years ended December 31, 2013, 2014 and 2015 was $61.82, $60.20, and $54.92 per option, respectively, based on the weighted-average grant date assumptions stated below.



	For the Years Ended December 31,
	2013		2014		2015
Dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility⁽¹⁾	34.4	%	29.7	%	26.7	%
Risk-free interest rate⁽²⁾	1.5	%	1.8	%	1.5	%
Expected life of options (in years)⁽³⁾	5.0		5.0		5.0
Forfeiture rate⁽³⁾	0.0	%	0.0	%	0.0	%

__________________________


⁽¹⁾	Expected volatility is based on historical and implied volatility.


⁽²⁾	Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.


⁽³⁾	Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior.

Restricted Stock

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



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—January 1, 2015	0.4		$	182.83
Units granted	0.3		197.59
Units vested	(0.1	)	174.19
Units forfeited	(0.0	)	190.23
Unvested units—December 31, 2015	0.6		192.04

The Company granted awards with fair values of $53.5 million, $8.0 million, and $50.7 million in 2013, 2014 and 2015, respectively. These awards were valued based on the closing price of the Company’s common stock on the date of grant and contain vesting conditions requiring service over a period of three to eight years. In certain circumstances, awards also require certain performance conditions to be satisfied and the Company may elect to settle the awards in shares of the Company’s common stock or cash.

In 2013, the Company granted 0.1 million awards that vest when a required service period has been completed and if certain market conditions are satisfied. The market conditions require separate 15%, 25% and 35% increases in the price of the Company’s common stock to be achieved during the six-year term of the awards; however, shares underlying the awards are eligible to be delivered, assuming the service conditions have been satisfied, only on the fourth, fifth and sixth anniversaries of the grant date if the 15% market condition has been maintained. The awards were valued using a Monte Carlo simulation with grant date assumptions for expected volatility (31.6%), risk-free interest rate (2.0%) and dividend yield (0.0%). The fair value of the awards will be recognized as compensation over a service period of four years, which is the longer of the explicit service period or the period the market condition is expected to be met.

As of December 31, 2015, the Company had 1.5 million shares available for grant under its plans.

Affiliate Equity

12 Months Ended

Dec. 31, 2015

Affiliate Equity

Affiliate Equity

Affiliate equity interests provide holders with a ratable portion of ownership in one of the Company’s Affiliates. Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. When the Company owns a share of the Affiliate’s revenue without regard to expenses, Affiliate equity holders are allocated Owner’s Allocation in proportion to their respective ownership interests. When the Company owns a share of the Affiliate’s revenue less certain agreed-upon expenses, Affiliate equity holders are allocated their share of revenue net of the agreed categories of expenses. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. Distributions paid to Affiliate equity holders were $267.1 million, $569.4 million and $431.4 million for the years ended December 31, 2013, 2014 and 2015, respectively.

Affiliate equity interests provide the Company a conditional right to call (on an annual basis following an Affiliate equity holder’s departure) and Affiliate equity holders have a conditional right to put their interests at certain intervals (between five and fifteen years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). Affiliate equity holders are also permitted to sell their equity interests to other individuals or entities in certain cases, subject to the Company's approval or other restrictions. The purchase price of these conditional purchases are generally calculated based upon a multiple of cash flow distributions, which is intended to represent fair value. The Company, at its option, may pay for Affiliate equity purchases in cash, shares of its common stock or other forms of consideration and can consent to the transfer of these interests to other individuals or entities.

Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its Affiliate partners, employees and officers as a form of compensation. If the equity is issued for consideration below the fair value of the equity or repurchased for consideration above the fair value of the equity, then such difference is recorded as compensation expense over the requisite service period.

The following is a summary of Affiliate equity expense:



	2013			2014			2015
Controlling interest	$	56.4		$	47.4		$	16.9
Tax benefit	(21.7		)	(18.2		)	(6.5		)
Controlling interest, net	$	34.7		$	29.2		$	10.4
Non-controlling interest	15.9			37.0			51.6
Total	$	50.6		$	66.2		$	62.0

The following is a summary of unrecognized Affiliate equity expense:



	Unrecognized Affiliate Equity Expense
Period	Controlling Interest		Remaining Life	Non-Controlling Interest		Remaining Life
2013	$	36.1	3 years	$	32.1	7 years
2014	29.5		3 years	41.6		6 years
2015	22.4		3 years	51.9		5 years

The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from its Affiliate partners. The amount paid for repurchases was $36.9 million, $32.6 million and $130.8 million for the years ended December 31, 2013, 2014 and 2015, respectively. The total amount received for issuances was $2.5 million, $11.0 million and $6.1 million for the years ended December 31, 2013, 2014 and 2015, respectively.

The Company records amounts receivable and payable to Affiliate partners in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total receivable was $20.8 million and $22.6 million at December 31, 2014 and 2015, respectively, and was included in Other assets. The total payable was $29.3 million and $62.3 million as of December 31, 2014 and 2015, respectively, and was included in Other liabilities. The total amount received for such receivables was $6.9 million, $9.7 million and $7.4 million for the years ended December 31, 2013, 2014 and 2015, respectively. The total amount paid for such liabilities was $5.5 million, $4.4 million and $17.2 million for the years ended December 31, 2013, 2014 and 2015, respectively.

The current redemption value of the Company’s Affiliate equity has been presented as Redeemable non-controlling interests on the Company’s 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:



	2014			2015
Balance, as of January 1	$	641.9		$	645.5
Repurchases of redeemable Affiliate equity	(61.7		)	(161.3		)
Transfers from Non-controlling interests	22.7			49.5
Changes in redemption value	43.0			81.6
Decrease attributable to consolidated products	(0.4		)	(2.8		)
Balance, as of December 31	$	645.5		$	612.5

During the years ended 2013, 2014 and 2015, the Company acquired interests from, and transferred interests to, holders of Affiliate equity. The following schedule discloses the effect of changes in the Company’s ownership interests in its Affiliates on the controlling interest’s equity:



	For the Years Ended December 31,
	2013			2014			2015
Net income (controlling interest)	$	360.5		$	452.1		$	516.0
Increase in controlling interest paid-in capital related to Affiliate equity issuances	13.1			2.5			0.7
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(87.1		)	(35.8		)	(89.8		)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$	286.5		$	418.8		$	426.9

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Benefit Plans	Benefit Plans The Company has three defined contribution plans consisting of a qualified employee profit-sharing plan covering substantially all of its full-time employees and several of its Affiliates, and non-qualified plans for certain senior employees. AMG’s other Affiliates generally have separate defined contribution retirement plans. Under each of the qualified plans, AMG and each participating Affiliate, as the case may be, are able to make discretionary contributions for the benefit of qualified plan participants up to Internal Revenue Service limits. The Company has a Deferred Compensation Plan that provides officers and directors of the Company the opportunity to voluntarily defer base salary, bonus payments and director fees, as applicable, on a pre-tax basis, and invest such deferred amounts in one or more specified measurement funds. While the Company has no obligation to do so, the Deferred Compensation Plan also provides the Company the opportunity to make discretionary contributions; in the event any such contributions are made, contributed amounts will be subject to vesting and forfeiture provisions. Consolidated expenses related to the Company’s benefit plans in 2013, 2014 and 2015 were $14.1 million, $17.2 million and $18.7 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

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



	For the Years Ended December 31,
	2013			2014			2015
Controlling Interests:
Current tax	$	153.1		$	149.8		$	152.4
Intangible-related deferred taxes	38.1			47.8			77.7
Other deferred taxes	(6.2		)	15.8			21.2
Total controlling interests	185.0			213.4			251.3
Non-controlling Interests:
Current tax	$	13.3		$	15.3		$	9.8
Deferred taxes	(4.2		)	(0.8		)	(4.2		)
Total non-controlling interests	9.1			14.5			5.6
Provision for income taxes	$	194.1		$	227.9		$	256.9
Income before income taxes (controlling interest)	$	545.5		$	665.5		$	767.3
Effective tax rate attributable to controlling interests⁽¹⁾	33.9		%	32.1		%	32.8		%

__________________________


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

A summary of the consolidated provision for income taxes follows:



	For the Years Ended December 31,
	2013			2014			2015
Current:
Federal	$	104.1		$	93.8		$	106.3
State	21.1			27.1			18.3
Foreign	41.2			44.2			37.6
Total current	166.4			165.1			162.2
Deferred:
Federal	38.1			72.5			97.9
State	8.9			1.1			14.2
Foreign	(19.3		)	(10.8		)	(17.4		)
Total deferred	27.7			62.8			94.7
Provision for income taxes	$	194.1		$	227.9		$	256.9

The components of income before income taxes consisted of the following:



	For the Years Ended December 31,
	2013		2014		2015
Domestic	$	604.0	$	784.1	$	827.6
International	259.7		229.5		263.0
	$	863.7	$	1,013.6	$	1,090.6

The Company’s effective income tax rate differed from the amount computed by using income before income taxes and applying the U.S. federal income tax rate because of the effect of the following items:



	For the Years Ended December 31,
	2013		2014		2015
Tax at U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit⁽¹⁾	2.8		2.1		2.6
Effect of foreign operations	(2.5	)	(5.3	)	(3.5	)
Other	(1.4	)	0.3		(1.3	)
Effective tax rate (controlling interest)	33.9		32.1		32.8
Effect of income from non-controlling interests	(11.4	)	(9.6	)	(9.2	)
Effect tax rate	22.5	%	22.5	%	23.6	%

__________________________


⁽¹⁾	State income taxes included changes related to state valuation allowances.

In 2013, the Company realized deferred tax benefits of $7.2 million on investments in foreign subsidiaries deemed permanent in duration (including $5.9 million for subsidiaries that became permanent in duration in 2013) and $11.2 million ($7.6 million to the controlling interest) from the revaluation of its deferred taxes resulting from a reduction in corporate tax rates in the United Kingdom.

In 2014, the Company realized deferred tax benefits of $30.3 million on investments in foreign subsidiaries deemed permanent in duration (including $24.5 million for subsidiaries that became permanent in duration in 2014) and reduced its valuation allowance $6.5 million for state net operating loss carryforwards.

In 2015, the Company realized $17.1 million of tax benefits from investments in foreign subsidiaries deemed permanent in duration and $5.0 million from its indefinite reinvestment of certain 2015 foreign earnings. In 2015, the Company also realized $10.0 million ($6.5 million to the controlling interest) of deferred tax benefits resulting from a reduction in corporate tax rates in the United Kingdom.

The Company did not provide for deferred taxes on the excess of the financial reporting basis over the tax basis in its investments in foreign subsidiaries that were permanent in duration. This amount becomes taxable upon a repatriation of assets from a sale or liquidation of the subsidiary. As of December 31, 2015, the amount of such difference was $188.1 million. The deferred taxes not recognized at December 31, 2015 for this difference were $71.1 million.

The components of deferred tax assets and liabilities were as follows:



	December 31,
	2014			2015
Deferred Tax Assets
Deferred compensation	$	26.8		$	30.5
State net operating loss carryforwards	15.2			17.1
Tax benefit of uncertain tax positions	16.0			14.6
Accrued expenses	19.6			4.4
Foreign loss carryforwards	11.5			12.3
Other	1.4			—
Total deferred tax assets	90.5			78.9
Valuation allowance	(18.4		)	(20.5		)
Deferred tax assets, net of valuation allowance	$	72.1		$	58.4
Deferred Tax Liabilities
Intangible asset amortization	$	(270.9	)	$	(320.2	)
Non-deductible intangible amortization	(126.4		)	(109.8		)
Convertible securities interest	(92.5		)	(99.8		)
Deferred income	(74.0		)	(92.8		)
Other	—			(1.5		)
Total deferred tax liabilities	(563.8		)	(624.1		)
Net deferred tax liability	$	(491.7	)	$	(565.7	)

Deferred tax liabilities were primarily the result of tax deductions for the Company’s intangible assets and convertible securities. The Company amortizes most of its intangible assets for tax purposes only, reducing its tax basis below its carrying value for financial statement purposes and generating deferred taxes each reporting period. The Company’s convertible securities also generate deferred taxes because the Company’s tax deductions are higher than the interest expense recorded for financial statement purposes.

At December 31, 2015, the Company had state net operating loss carryforwards that expire over a 19-year period and foreign loss carryforwards that expire over a 20-year period. The Company had established a valuation allowance to offset a portion of these carryforwards because of the uncertainty of realizing their full value.

In 2014, the Company reduced its valuation allowance $15.7 million on state loss carryforwards from improved projections of taxable income, and increased state uncertain tax positions by $9.2 million for a net $6.5 million state tax benefit. In 2014, the Company also reduced its valuation allowance on loss carryforwards by $2.5 million.

In 2015, the Company increased its valuation allowance $2.1 million, principally for loss carryforwards deemed unrealizable.

The Company had uncertain tax positions of $20.4 million, $28.8 million and $26.9 million as of December 31, 2013, 2014 and 2015, respectively. These amounts included $1.7 million, $1.6 million and $1.8 million of interest and related charges, respectively. At December 31, 2013, 2014 and 2015, these liabilities also included $17.2 million, $26.4 million and $25.3 million, respectively, for tax positions that, if recognized, would affect the Company’s effective tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:



	For the Years Ended December 31,
	2013			2014			2015
Balance, as of January 1	$	22.6		$	20.4		$	28.8
Additions based on current year tax positions	4.1			2.6			2.2
Additions based on prior years’ tax positions	—			10.8			1.6
Reductions for prior years’ tax provisions	(0.1		)	—			—
Reductions related to lapses of statutes of limitations	(5.4		)	(4.1		)	(4.3		)
Additions (reductions) related to foreign exchange rates	(0.8		)	(0.9		)	(1.4		)
Balance, as of December 31	$	20.4		$	28.8		$	26.9

During 2014, uncertain tax positions increased $8.4 million, principally for the uncertain nature of several of its state net operating loss carryforwards. During 2015, uncertain tax positions decreased $1.9 million, principally from changes in foreign exchange rates. The Company does not anticipate that uncertain tax positions will change significantly over the next twelve months.

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. The Company was generally no longer subject to income tax examinations by any tax authorities for years before 2010.

Earnings Per Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

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 Years Ended December 31,
	2013		2014		2015
Numerator
Net income (controlling interest)	$	360.5	$	452.1	$	516.0
Interest expense on convertible securities, net of taxes	10.5		15.2		15.3
Net income (controlling interest), as adjusted	$	371.0	$	467.3	$	531.3
Denominator
Average shares outstanding (basic)	53.1		55.0		54.3
Effect of dilutive instruments:
Stock options and other awards	1.3		1.2		0.7
Forward sale	0.3		0.0		—
Junior convertible securities	2.0		2.2		2.2
Average shares outstanding (diluted)	56.7		58.4		57.2

During the years ended December 31, 2013, 2014 and 2015, the Company repurchased 0.1 million, 1.2 million and 1.7 million shares of common stock, respectively, at an average share price of $184.89, $204.72 and $209.39, respectively, under the share repurchase programs approved by the Company’s Board of Directors.

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



	For the Years Ended December 31,
	2013	2014	2015
Stock options and other awards	0.1	0.0	0.0
Senior convertible securities	2.1	—	—
Junior convertible securities	2.2	0.4	—

As discussed further in Note 20, the Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intent to settle these potential repurchases in cash, the calculation of diluted earnings per share excluded any potential dilutive effect from possible share settlements.

Comprehensive Income

12 Months Ended

Dec. 31, 2015

Comprehensive Income

The following tables show the tax effects allocated to each component of Other comprehensive income:



	For the Year Ended December 31, 2013
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(19.6	)	$	—		$	(19.6	)
Change in net realized and unrealized gain (loss) on derivative securities	1.5			(0.5		)	1.0
Change in net unrealized gain (loss) on investment securities	19.5			(8.0		)	11.5
Other comprehensive income (loss)	$	1.4		$	(8.5	)	$	(7.1	)



	For the Year Ended December 31, 2014
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(62.0	)	$	—		$	(62.0	)
Change in net realized and unrealized gain (loss) on derivative securities	0.6			(0.3		)	0.3
Change in net unrealized gain (loss) on investment securities	5.6			(2.2		)	3.4
Other comprehensive income (loss)	$	(55.8	)	$	(2.5	)	$	(58.3	)



	For the Year Ended December 31, 2015
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(93.2	)	$	—		$	(93.2	)
Change in net realized and unrealized gain (loss) on derivative securities	2.3			(0.4		)	1.9
Change in net unrealized gain (loss) on investment securities	34.8			(12.7		)	22.1
Other comprehensive income (loss)	$	(56.1	)	$	(13.1	)	$	(69.2	)

The components of accumulated other comprehensive income (loss), net of taxes, were as follows:



	Foreign Currency Translation Adjustment			Realized and Unrealized Losses on Derivative Securities			Unrealized Gain (Loss) on Investment Securities ⁽¹⁾		Total
Balance, as of December 31, 2013	$	56.6		$	(1.9	)	$	19.5	$	74.2
Other comprehensive income (loss) before reclassifications	(62.0		)	0.3			1.3		(60.4		)
Amounts reclassified from other comprehensive income	—			0.0			2.1		2.1
Net other comprehensive income (loss)	(62.0		)	0.3			3.4		(58.3		)
Balance, as of December 31, 2014	$	(5.4	)	$	(1.6	)	$	22.9	$	15.9
Other comprehensive income (loss) before reclassifications	(93.2		)	0.8			13.5		(78.9		)
Amounts reclassified from other comprehensive income	—			1.1			8.6		9.7
Net other comprehensive income (loss)	(93.2		)	1.9			22.1		(69.2		)
Balance, as of December 31, 2015	$	(98.6	)	$	0.3		$	45.0	$	(53.3	)

__________________________


⁽¹⁾	See Note 2 for amounts reclassified from Other comprehensive income.

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.

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-URI http://asc.fasb.org/extlink&oid=6522872

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Selected Quarterly Financial Data (Unaudited)

The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2014 and 2015.



	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	593.1	$	636.3	$	640.3	$	641.2
Operating income	193.9		198.4		224.2		198.7
Income before income taxes	208.2		239.1		253.4		312.8
Net income (controlling interest)	77.2		99.1		103.2		172.6
Earnings per share (diluted)	1.40		1.75		1.82		3.02



	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	635.0	$	646.6	$	613.1	$	589.8
Operating income	231.4		195.2		215.2		193.2
Income before income taxes	290.3		262.0		249.1		289.2
Net income (controlling interest)	128.0		128.7		109.0		150.3
Earnings per share (diluted)	2.27		2.31		1.98		2.72

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Statements of Income



	As of and for the Year Ended December 31, 2013
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	948.7	$	1,023.0	$	217.1	$	2,188.8
Net income (controlling interest)	219.9		103.4		37.2		360.5
Total assets	3,196.5		2,448.4		673.9		6,318.8
Goodwill	1,076.3		928.1		337.3		2,341.7
Equity method investments in Affiliates	942.6		77.7		103.0		1,123.3



	As of and for the Year Ended December 31, 2014
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	1,022.8	$	1,242.6	$	245.5	$	2,510.9
Net income (controlling interest)	227.0		180.1		45.0		452.1
Total assets	3,739.8		3,082.0		876.3		7,698.1
Goodwill	1,159.1		1,125.3		368.4		2,652.8
Equity method investments in Affiliates	1,533.8		150.3		99.4		1,783.5



	As of and for the Year Ended December 31, 2015
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	979.4	$	1,238.2	$	266.9	$	2,484.5
Net income (controlling interest)	229.3		229.7		57.0		516.0
Total assets	3,725.9		3,075.5		983.4		7,784.8
Goodwill	1,141.3		1,119.5		407.6		2,668.4
Equity method investments in Affiliates	1,609.3		185.7		142.1		1,937.1

In 2013, 2014 and 2015, revenue attributable to clients domiciled outside the U.S. was approximately 38%, 37% and 40% of total revenue, respectively.

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.

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Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2015

Schedule II Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts



(in millions)	Balance Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts		Deductions		Balance End of Period
Income Tax Valuation Allowance
Year Ending December 31,
2015	$	18.4	$	2.1	$	—	$	—	$	20.5
2014	36.6		—		—		18.2		18.4
2013	21.3		16.9		—		1.6		36.6

Other Allowances⁽¹⁾
Year Ending December 31,
2015	$	12.1	$	0.7	$	—	$	2.2	$	10.6
2014	8.8		4.7		—		1.4		12.1
2013	8.4		2.8		—		2.4		8.8

__________________________


⁽¹⁾	Other Allowances represented reserves on notes received in connection with transfers of our interests in certain Affiliates as well as other receivable amounts, which we considered uncollectible.

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation and Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Principles of Consolidation

Investments in Affiliates

Affiliate-sponsored Investment Vehicles

Cash and Cash Equivalents

Receivables

Investments in Marketable Securities

Fair Value Measurements

Level 1 - Unadjusted quoted market prices for identical instruments in active markets;

Fixed Assets

Leases

Equity Investments in Affiliates

Acquired Client Relationships and Goodwill

Issuance Costs

Derivative Financial Instruments

Contingent Payment Arrangements

Income Taxes

Foreign Currency Translation

Concentration of Credit Risk

Revenue Recognition

Earnings Per Share

Share-Based Compensation Plans

The Company recognizes expenses for all share-based payments based on their grant date fair values over the requisite service period.

Segment Information

Recent Accounting Developments

Fair value of financial instruments

The following are descriptions 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 that are classified as Level 1.

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.

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2015

Marketable Securities [Abstract]

Summary of the Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments

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:



	Available-for-Sale						Trading
	December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015
Cost	$	125.6		$	104.7		$	19.5		$	19.8
Unrealized Gains	42.8			77.6			2.9			1.9
Unrealized Losses	(18.1		)	(1.8		)	(0.1		)	(2.3		)
Fair Value	$	150.3		$	180.5		$	22.3		$	19.4

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

Schedule of Net Assets and Liabilities and Maximum Risk of Losses Related to Unconsolidated VIEs

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2015

Variable Interest Entities

The net assets and liabilities of these unconsolidated VIEs and the Company’s maximum risk of loss were as follows:



	December 31, 2014				December 31, 2015
Category of Investment	Unconsolidated VIE Net Assets		Carrying Value and Maximum Risk of Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Risk of Loss
Sponsored investment funds	$	8,550.4	$	1.2	$	6,688.9	$	1.4

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.

Senior Notes (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Principal Terms of Senior Notes

at December 31, 2015 had three senior notes outstanding, the principal terms of which are summarized below.

2024

Senior

Notes

2025

Senior

Notes

2042

Senior

Notes

Issue date

February 2014

February 2015

August 2012

Maturity date

February 2024

August 2025

August 2042

Potential Call Date

Any Time ⁽¹⁾

August 2017

Par value (in millions)

400.0

350.0

200.0

Call Price

As Defined⁽¹⁾

At Par

Stated coupon

4.25

3.50

6.375

Coupon frequency

Semi-annually

Quarterly

__________________________


⁽¹⁾	The 2024 and 2025 senior notes may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest.

Convertible Securities (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Carrying Value of Convertible Securities

The carrying values of the Company’s convertible securities were as follows:



	December 31, 2014				December 31, 2015
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
2007 junior convertible securities⁽¹⁾	$	303.1	$	430.8	$	305.2	$	430.8

__________________________


⁽¹⁾	The carrying value is accreted to the principal amount at maturity over a remaining life of 22 years.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:



			Fair Value Measurements
	December 31, 2014		Fair Value Measurements
	December 31, 2014		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	59.1	$	59.1	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	22.3		22.3		—		—
Available-for-sale securities	150.3		150.3		—		—
Other investments	167.2		13.6		19.4		134.2
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	59.3	$	—	$	—	$	59.3
Obligations to related parties⁽²⁾	93.1		—		—		93.1
Interest rate swaps	1.4		—		1.4		—
Foreign currency forward contracts⁽³⁾	0.5		—		0.5		—



			Fair Value Measurements
	December 31, 2015		Fair Value Measurements
	December 31, 2015		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	65.9	$	65.9	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	19.4		19.4		—		—
Available for sale securities	180.5		180.5		—		—
Other investments	149.3		20.7		2.6		126.0
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	10.2	$	—	$	—	$	10.2
Obligations to related parties⁽²⁾	137.3		—		—		137.3

__________________________


⁽¹⁾	Principally investments in equity securities.


⁽²⁾	Amounts are presented within Other liabilities.


⁽³⁾	Amounts are presented within Other assets or Other liabilities.

Schedule of Changes in Level 3 Financial Assets and Liabilities

The following table presents the changes in Level 3 assets and liabilities:



	For the Years Ended December 31,
	2014											2015
	Other Investments				Contingent Payment Arrangements			Obligations to Related Parties				Other Investments				Contingent Payment Arrangements				Obligations to Related Parties
Balance, beginning of period	$	131.8			$	50.2		$	76.9			$	134.2			$	59.3			$	93.1
Net gains/losses	11.4			⁽¹⁾	9.1		⁽²⁾	5.5			⁽³⁾	(5.5		)	⁽¹⁾	(40.9		)	⁽²⁾	4.6			⁽³⁾
Purchases and issuances	17.4				—			96.7				16.3				9.3				164.1
Settlements and reductions	(26.4		)		—			(86.0		)		(25.5		)		(17.5		)		(124.5		)
Net transfers in and/or out of Level 3	—				—			—				6.5				—				—
Balance, end of period	$	134.2			$	59.3		$	93.1			$	126.0			$	10.2			$	137.3

Net change in unrealized gains/losses relating to instruments still held at the reporting date	$	17.1			$	9.1		$	(0.1	)		$	6.1			$	(40.9	)		$	(7.3	)

__________________________


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


⁽²⁾	Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.


⁽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) expense.

Schedule of Quantitative Information

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, 2014		Range at December 31, 2014	Fair Value at December 31, 2015		Range at December 31, 2015
Contingent payment arrangements	Discounted cash flow	Growth rates	$	59.3	6%	$	10.2	3% - 8%
		Discount rates			15%			15%
Affiliate equity repurchase obligations	Discounted cash flow	Growth rates	21.5		5% - 9%	62.3		1% - 9%
		Discount rates			15% - 16%			14% - 15%

Schedule of Investments

The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized:



	December 31, 2014				December 31, 2015
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity⁽¹⁾	$	134.2	$	67.8	$	126.0	$	76.8
Other funds⁽²⁾	75.8		—		72.3		—
	$	210.0	$	67.8	$	198.3	$	76.8

__________________________


⁽¹⁾	These funds primarily invest in a broad range of private equity funds and make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally 15 years.


⁽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 Financial Liabilities not Carried at Fair Value

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



	December 31, 2014				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Senior notes	$	736.8	$	786.2	$	944.6	$	966.3	Level 2
Convertible securities	303.1		532.1		305.2		483.6		Level 2

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of Purchase Price Allocation for Investments

The purchase price allocation for these investments was as follows:



	Total
Consideration paid	$	76.1
Contingent payment obligations	9.3
Non-controlling interests	33.8
Enterprise value	$	119.2

Acquired client relationships	$	52.5
Tangible assets, net	2.4
Goodwill	64.3
	$	119.2

Schedule of Goodwill Allocation by Segment

The excess of the enterprise value over the separately identifiable net assets acquired was recorded as goodwill and the segment allocation was as follows:



	Total
Institutional	14.4	%
Mutual Fund	—	%
High Net Worth	85.6	%

Schedule of Unaudited Pro Forma Financial Results



	For the Years Ended December 31,
	2014 (Unaudited)		2015 (Unaudited)
Revenue	$	2,538.2	$	2,499.4
Net income (controlling interest)	454.5		517.9
Earnings per share (basic)	8.26		9.53
Earnings per share (diluted)	8.05		9.31

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2015

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, net of the Company’s consolidated Affiliates:



	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	97.2			208.1			39.2			344.5
Foreign currency translation	(14.4		)	(10.9		)	(8.1		)	(33.4		)
Balance, as of December 31, 2014	$	1,159.1		$	1,125.3		$	368.4		$	2,652.8
Goodwill acquired	9.2			—			55.1			64.3
Foreign currency translation	(27.0		)	(5.8		)	(15.9		)	(48.7		)
Balance, as of December 31, 2015	$	1,141.3		$	1,119.5		$	407.6		$	2,668.4

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	220.3			—			220.3			244.7			465.0
Amortization and impairments	—			(122.2		)	(122.2		)	—			(122.2		)
Foreign currency translation	(4.7		)	—			(4.7		)	(20.4		)	(25.1		)
Balance, as of December 31, 2014	$	1,255.1		$	(565.0	)	$	690.1		$	1,088.3		$	1,778.4
New Investments	52.5			—			52.5			—			52.5
Amortization and impairments	—			(115.4		)	(115.4		)	—			(115.4		)
Foreign currency translation	(5.8		)	—			(5.8		)	(23.3		)	(29.1		)
Balance, as of December 31, 2015	$	1,301.8		$	(680.4	)	$	621.4		$	1,065.0		$	1,686.4

Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Financial Information for Affiliates Accounted for Under the Equity Method

The following table presents summarized financial information for Affiliates accounted for under the equity method.



	For the Years Ended December 31,
	2013		2014		2015
Revenue⁽¹⁾	$	1,589.6	$	1,869.3	$	2,217.1
Net income	1,321.9		253.8		431.5



	December 31,
	2014		2015
Assets⁽²⁾	$	34,729.2	$	30,663.4
Liabilities and Non-controlling interest⁽²⁾	33,048.6		29,434.7

__________________________


⁽¹⁾	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.


⁽²⁾	Assets consist primarily of investment securities in consolidated investment partnerships, which are generally held by non-controlling interests.

Fixed Assets and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2015

Fixed Assets and Lease Commitments [Abstract]

Schedule of Fixed Assets

Fixed assets consisted of the following:



	December 31,
	2014			2015
Building and leasehold improvements	$	84.1		$	104.7
Software	40.8			45.4
Equipment	38.3			39.9
Furniture and fixtures	17.5			22.4
Land, improvements and other	18.7			18.6
Fixed assets, at cost	199.4			231.0
Accumulated depreciation and amortization	(104.0		)	(116.9		)
Fixed assets, net	$	95.4		$	114.1

Schedule of Aggregate Future Minimum Payments for Operating Leases

At December 31, 2015, the Company’s aggregate future minimum payments for operating leases having initial or non-cancelable lease terms greater than one year were payable as follows:



	Required Minimum Payments ⁽¹⁾
2016	$	36.0
2017	33.7
2018	31.0
2019	29.5
2020	28.4
Thereafter	82.1

__________________________


⁽¹⁾	The controlling interest portion is $10.7 million through 2016, $11.0 million each in 2017 and in 2018, $10.6 million in 2019, $10.1 million in 2020 and $38.7 million thereafter.

Payables and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Payables and accrued liabilities consisted of the following:



	December 31,
	2014		2015
Accrued compensation and distributions	$	491.3	$	455.0
Unsettled fund share payables	78.3		76.6
Accrued income taxes	59.8		67.9
Accrued share repurchases	47.8		—
Accrued professional fees	26.9		31.4
Other	104.2		98.5
	$	808.3	$	729.4

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Recent Share Repurchase Activity

The following is a summary of the Company’s recent share repurchase activity:



Period	Shares Repurchased	Average Price
2013	0.1	$	184.89
2014	1.2	204.72
2015	1.7	209.39

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Summary of Recent Share-Based Compensation Expense

The following is a summary of share-based compensation expense:



Period	Share-Based Compensation Expense		Tax Benefit
2013	$	27.5	$	10.6
2014	29.3		11.3
2015	34.2		13.2

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—January 1, 2015	2.3		$	83.42
Options granted	0.0		207.61
Options exercised	(0.9	)	65.95
Options forfeited	(0.0	)	101.29
Unexercised options outstanding—December 31, 2015	1.4		96.18		2.2
Exercisable at December 31, 2015	1.3		94.43		2.1

Schedule of Assumptions Used to Determine Fair Value of Options Granted



	For the Years Ended December 31,
	2013		2014		2015
Dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility⁽¹⁾	34.4	%	29.7	%	26.7	%
Risk-free interest rate⁽²⁾	1.5	%	1.8	%	1.5	%
Expected life of options (in years)⁽³⁾	5.0		5.0		5.0
Forfeiture rate⁽³⁾	0.0	%	0.0	%	0.0	%

__________________________


⁽¹⁾	Expected volatility is based on historical and implied volatility.


⁽²⁾	Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.


⁽³⁾	Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior.

Summary of Transactions of the Company's Restricted Stock

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



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—January 1, 2015	0.4		$	182.83
Units granted	0.3		197.59
Units vested	(0.1	)	174.19
Units forfeited	(0.0	)	190.23
Unvested units—December 31, 2015	0.6		192.04

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2015

Affiliate Equity

Summary of Affiliate Equity Expense

The following is a summary of Affiliate equity expense:



	2013			2014			2015
Controlling interest	$	56.4		$	47.4		$	16.9
Tax benefit	(21.7		)	(18.2		)	(6.5		)
Controlling interest, net	$	34.7		$	29.2		$	10.4
Non-controlling interest	15.9			37.0			51.6
Total	$	50.6		$	66.2		$	62.0

Summary of Affiliate Equity Unrecognized Expense

The following is a summary of unrecognized Affiliate equity expense:



	Unrecognized Affiliate Equity Expense
Period	Controlling Interest		Remaining Life	Non-Controlling Interest		Remaining Life
2013	$	36.1	3 years	$	32.1	7 years
2014	29.5		3 years	41.6		6 years
2015	22.4		3 years	51.9		5 years

Schedule of the Changes in Redeemable Non-controlling Interests

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



	2014			2015
Balance, as of January 1	$	641.9		$	645.5
Repurchases of redeemable Affiliate equity	(61.7		)	(161.3		)
Transfers from Non-controlling interests	22.7			49.5
Changes in redemption value	43.0			81.6
Decrease attributable to consolidated products	(0.4		)	(2.8		)
Balance, as of December 31	$	645.5		$	612.5

Schedule of the Effect of Changes in the Company'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 interests in its Affiliates on the controlling interest’s equity:



	For the Years Ended December 31,
	2013			2014			2015
Net income (controlling interest)	$	360.5		$	452.1		$	516.0
Increase in controlling interest paid-in capital related to Affiliate equity issuances	13.1			2.5			0.7
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(87.1		)	(35.8		)	(89.8		)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$	286.5		$	418.8		$	426.9

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision Attributable to Controlling and Non-Controlling Interests

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



	For the Years Ended December 31,
	2013			2014			2015
Controlling Interests:
Current tax	$	153.1		$	149.8		$	152.4
Intangible-related deferred taxes	38.1			47.8			77.7
Other deferred taxes	(6.2		)	15.8			21.2
Total controlling interests	185.0			213.4			251.3
Non-controlling Interests:
Current tax	$	13.3		$	15.3		$	9.8
Deferred taxes	(4.2		)	(0.8		)	(4.2		)
Total non-controlling interests	9.1			14.5			5.6
Provision for income taxes	$	194.1		$	227.9		$	256.9
Income before income taxes (controlling interest)	$	545.5		$	665.5		$	767.3
Effective tax rate attributable to controlling interests⁽¹⁾	33.9		%	32.1		%	32.8		%

__________________________


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

Schedule of Consolidated Provision for Income Taxes

A summary of the consolidated provision for income taxes follows:



	For the Years Ended December 31,
	2013			2014			2015
Current:
Federal	$	104.1		$	93.8		$	106.3
State	21.1			27.1			18.3
Foreign	41.2			44.2			37.6
Total current	166.4			165.1			162.2
Deferred:
Federal	38.1			72.5			97.9
State	8.9			1.1			14.2
Foreign	(19.3		)	(10.8		)	(17.4		)
Total deferred	27.7			62.8			94.7
Provision for income taxes	$	194.1		$	227.9		$	256.9

Schedule of Components of Income before Income Taxes

The components of income before income taxes consisted of the following:



	For the Years Ended December 31,
	2013		2014		2015
Domestic	$	604.0	$	784.1	$	827.6
International	259.7		229.5		263.0
	$	863.7	$	1,013.6	$	1,090.6

Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate



	For the Years Ended December 31,
	2013		2014		2015
Tax at U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit⁽¹⁾	2.8		2.1		2.6
Effect of foreign operations	(2.5	)	(5.3	)	(3.5	)
Other	(1.4	)	0.3		(1.3	)
Effective tax rate (controlling interest)	33.9		32.1		32.8
Effect of income from non-controlling interests	(11.4	)	(9.6	)	(9.2	)
Effect tax rate	22.5	%	22.5	%	23.6	%

__________________________


⁽¹⁾	State income taxes included changes related to state valuation allowances.

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows:



	December 31,
	2014			2015
Deferred Tax Assets
Deferred compensation	$	26.8		$	30.5
State net operating loss carryforwards	15.2			17.1
Tax benefit of uncertain tax positions	16.0			14.6
Accrued expenses	19.6			4.4
Foreign loss carryforwards	11.5			12.3
Other	1.4			—
Total deferred tax assets	90.5			78.9
Valuation allowance	(18.4		)	(20.5		)
Deferred tax assets, net of valuation allowance	$	72.1		$	58.4
Deferred Tax Liabilities
Intangible asset amortization	$	(270.9	)	$	(320.2	)
Non-deductible intangible amortization	(126.4		)	(109.8		)
Convertible securities interest	(92.5		)	(99.8		)
Deferred income	(74.0		)	(92.8		)
Other	—			(1.5		)
Total deferred tax liabilities	(563.8		)	(624.1		)
Net deferred tax liability	$	(491.7	)	$	(565.7	)

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:



	For the Years Ended December 31,
	2013			2014			2015
Balance, as of January 1	$	22.6		$	20.4		$	28.8
Additions based on current year tax positions	4.1			2.6			2.2
Additions based on prior years’ tax positions	—			10.8			1.6
Reductions for prior years’ tax provisions	(0.1		)	—			—
Reductions related to lapses of statutes of limitations	(5.4		)	(4.1		)	(4.3		)
Additions (reductions) related to foreign exchange rates	(0.8		)	(0.9		)	(1.4		)
Balance, as of December 31	$	20.4		$	28.8		$	26.9

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

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 Years Ended December 31,
	2013		2014		2015
Numerator
Net income (controlling interest)	$	360.5	$	452.1	$	516.0
Interest expense on convertible securities, net of taxes	10.5		15.2		15.3
Net income (controlling interest), as adjusted	$	371.0	$	467.3	$	531.3
Denominator
Average shares outstanding (basic)	53.1		55.0		54.3
Effect of dilutive instruments:
Stock options and other awards	1.3		1.2		0.7
Forward sale	0.3		0.0		—
Junior convertible securities	2.0		2.2		2.2
Average shares outstanding (diluted)	56.7		58.4		57.2

Diluted Earnings per Share Calculations Excluding the Anti-dilutive Effect of Shares

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



	For the Years Ended December 31,
	2013	2014	2015
Stock options and other awards	0.1	0.0	0.0
Senior convertible securities	2.1	—	—
Junior convertible securities	2.2	0.4	—

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2015

Summary of the Tax Effects Allocated to each Component of Other Comprehensive Income

The following tables show the tax effects allocated to each component of Other comprehensive income:



	For the Year Ended December 31, 2013
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(19.6	)	$	—		$	(19.6	)
Change in net realized and unrealized gain (loss) on derivative securities	1.5			(0.5		)	1.0
Change in net unrealized gain (loss) on investment securities	19.5			(8.0		)	11.5
Other comprehensive income (loss)	$	1.4		$	(8.5	)	$	(7.1	)



	For the Year Ended December 31, 2014
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(62.0	)	$	—		$	(62.0	)
Change in net realized and unrealized gain (loss) on derivative securities	0.6			(0.3		)	0.3
Change in net unrealized gain (loss) on investment securities	5.6			(2.2		)	3.4
Other comprehensive income (loss)	$	(55.8	)	$	(2.5	)	$	(58.3	)



	For the Year Ended December 31, 2015
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(93.2	)	$	—		$	(93.2	)
Change in net realized and unrealized gain (loss) on derivative securities	2.3			(0.4		)	1.9
Change in net unrealized gain (loss) on investment securities	34.8			(12.7		)	22.1
Other comprehensive income (loss)	$	(56.1	)	$	(13.1	)	$	(69.2	)

Schedule of Components of Accumulated Other Comprehensive Income, Net of Taxes

The components of accumulated other comprehensive income (loss), net of taxes, were as follows:



	Foreign Currency Translation Adjustment			Realized and Unrealized Losses on Derivative Securities			Unrealized Gain (Loss) on Investment Securities ⁽¹⁾		Total
Balance, as of December 31, 2013	$	56.6		$	(1.9	)	$	19.5	$	74.2
Other comprehensive income (loss) before reclassifications	(62.0		)	0.3			1.3		(60.4		)
Amounts reclassified from other comprehensive income	—			0.0			2.1		2.1
Net other comprehensive income (loss)	(62.0		)	0.3			3.4		(58.3		)
Balance, as of December 31, 2014	$	(5.4	)	$	(1.6	)	$	22.9	$	15.9
Other comprehensive income (loss) before reclassifications	(93.2		)	0.8			13.5		(78.9		)
Amounts reclassified from other comprehensive income	—			1.1			8.6		9.7
Net other comprehensive income (loss)	(93.2		)	1.9			22.1		(69.2		)
Balance, as of December 31, 2015	$	(98.6	)	$	0.3		$	45.0	$	(53.3	)

__________________________


⁽¹⁾	See Note 2 for amounts reclassified from Other comprehensive income.

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations

The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2014 and 2015.



	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	593.1	$	636.3	$	640.3	$	641.2
Operating income	193.9		198.4		224.2		198.7
Income before income taxes	208.2		239.1		253.4		312.8
Net income (controlling interest)	77.2		99.1		103.2		172.6
Earnings per share (diluted)	1.40		1.75		1.82		3.02



	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	635.0	$	646.6	$	613.1	$	589.8
Operating income	231.4		195.2		215.2		193.2
Income before income taxes	290.3		262.0		249.1		289.2
Net income (controlling interest)	128.0		128.7		109.0		150.3
Earnings per share (diluted)	2.27		2.31		1.98		2.72

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Information



	As of and for the Year Ended December 31, 2013
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	948.7	$	1,023.0	$	217.1	$	2,188.8
Net income (controlling interest)	219.9		103.4		37.2		360.5
Total assets	3,196.5		2,448.4		673.9		6,318.8
Goodwill	1,076.3		928.1		337.3		2,341.7
Equity method investments in Affiliates	942.6		77.7		103.0		1,123.3



	As of and for the Year Ended December 31, 2014
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	1,022.8	$	1,242.6	$	245.5	$	2,510.9
Net income (controlling interest)	227.0		180.1		45.0		452.1
Total assets	3,739.8		3,082.0		876.3		7,698.1
Goodwill	1,159.1		1,125.3		368.4		2,652.8
Equity method investments in Affiliates	1,533.8		150.3		99.4		1,783.5



	As of and for the Year Ended December 31, 2015
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	979.4	$	1,238.2	$	266.9	$	2,484.5
Net income (controlling interest)	229.3		229.7		57.0		516.0
Total assets	3,725.9		3,075.5		983.4		7,784.8
Goodwill	1,141.3		1,119.5		407.6		2,668.4
Equity method investments in Affiliates	1,609.3		185.7		142.1		1,937.1

Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015 segment channel
Segment Information [Abstract]
Number of operating segments \| segment	3
Number of principal distribution channels \| channel	3
Office Equipment and Furniture and Fixtures \| Minimum
Fixed Assets
Estimated useful life	3 years
Office Equipment and Furniture and Fixtures \| Maximum
Fixed Assets
Estimated useful life	10 years
Computer software \| Minimum
Fixed Assets
Estimated useful life	3 years
Computer software \| Maximum
Fixed Assets
Estimated useful life	7 years

Investments in Marketable Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cost of investments in marketable securities, gross unrealized gains and losses
Total investment	$ 199.9	$ 172.6
Realized gains (losses) on available-for-sale securities	$ 8.8	$ 3.4

Investments in Marketable Securities - Summary of the Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - Equity Securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Available-for-Sale
Cost	$ 104.7	$ 125.6
Unrealized Gains	77.6	42.8
Unrealized Losses	(1.8)	(18.1)
Fair Value	180.5	150.3
Trading
Cost	19.8	19.5
Unrealized Gains	1.9	2.9
Unrealized Losses	(2.3)	(0.1)
Fair Value	$ 19.4	$ 22.3

Variable Interest Entities (Details) - Sponsored Investment Funds - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entities
Unconsolidated VIE net assets	$ 6,688.9	$ 8,550.4
Carrying value and maximum exposure to loss	$ 1.4	$ 1.2

Senior Bank Debt (Details) - USD ($) $ in Millions	12 Months Ended
Senior Bank Debt (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument
Term loan outstanding	$ 645.0	$ 855.0
Senior Unsecured Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	1,300.0
Maximum borrowing capacity, additional amount	500.0
Line of credit facility amount outstanding	$ 295.0	$ 605.0
Weighted average interest rate	2.52%	1.40%
Commitment fee amount	$ 1.9	$ 2.8
Senior Unsecured Term Loan
Debt Instrument
Principal Amount at Maturity	350.0
Maximum borrowing capacity, additional amount	100.0
Term loan outstanding	$ 350.0	$ 250.0
Weighted average interest rate on amount outstanding	1.45%	1.48%

Senior Notes (Details)	12 Months Ended
Senior Notes (Details)	Dec. 31, 2015 USD ($) senior_note
Debt Disclosure [Abstract]
Number of senior notes outstanding \| senior_note	3
2022 Senior Notes
Debt Instrument
Senior Notes Redeemed, Canceled and Retired \| $	$ 140,000,000.0
Stated interest rate	5.25%
Debt Instrument, Redemption Price, Percentage	100.00%

Senior Notes - Summary of Principle Terms of Senior Notes (Details) - Senior Notes $ in Millions	Dec. 31, 2015 USD ($)
2024 Senior Notes
Debt Instrument
Par value (in millions)	$ 400.0
Stated coupon	4.25%
2025 Senior Notes
Debt Instrument
Par value (in millions)	$ 350.0
Stated coupon	3.50%
2042 Senior Notes
Debt Instrument
Par value (in millions)	$ 200.0
Stated coupon	6.375%

Convertible Securities (Details) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) trading_day $ / shares	Dec. 31, 2014 USD ($) shares
Debt Instrument
Shares issued in conversion \| shares		1.9
Loss recognized on conversion of debt securities		$ 18,800,000
2006 Junior Convertible Securities
Debt Instrument
Outstanding principal of junior convertible trust preferred securities		$ 300,000,000.0
2007 Junior Convertible Securities
Debt Instrument
Stated interest rate	5.15%
Principal amount at maturity	$ 50
Conversion ratio (in shares)	0.25
Conversion price (in usd per share) \| $ / shares	$ 200
Redemption closing price trigger \| $ / shares	$ 260
Number of trading days closing price has exceeded threshold \| trading_day	20
Consecutive trading days	30 days
Deferred tax liability	$ 9,400,000
Common Stock
Debt Instrument
Shares issued in conversion \| shares		1.9

Convertible Securities - Schedule of Carrying Value of Convertible Securities (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Junior Convertible Trust Preferred Securities

Debt Instrument

Debt instrument term

22 years

2007 Junior Convertible Securities

Debt Instrument

Carrying value

^[1]

$ 305.2

$ 303.1

Principal Amount at Maturity

^[1]

$ 430.8

[1]	The carrying value is accreted to the principal amount at maturity over a remaining life of 22 years

Forward Equity Sale Agreement (Details)	Dec. 31, 2015 USD ($)
Forward Equity Sale Agreements
Derivative remaining notional amount	$ 250,000,000

Derivative Financial Instruments (Details) - Affiliate Partners - Foreign Exchange Forward $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Gain upon settlement of certain foreign currency forward contracts	$ 3.2
Loss upon settlement of certain foreign currency forward contracts	$ 1.7

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2015 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 76,800,000
Prior Owner
Commitments and Contingencies
Reimbursable amount of investment commitments	15,200,000
Affiliate Partners
Commitments and Contingencies
Acquisition agreements contingency liability	85,600,000
Contingent payment obligations	14,000,000
Equity Method Investee
Commitments and Contingencies
Acquisition agreements contingency liability	166,500,000
Contingent payment obligations	$ 0

Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

Fair Value Measured on a Recurring Basis | Level 1

$ 198.3

$ 210.0

65.9

59.1

^[1]

19.4

22.3

^[1]

180.5

150.3

20.7

13.6

^[2]

0.0

^[2]

0.0

0.0

Fair Value Measured on a Recurring Basis | Level 2

^[3]

0.0

0.0

^[1]

0.0

^[1]

0.0

2.6

19.4

^[2]

0.0

^[2]

0.0

1.4

Fair Value Measured on a Recurring Basis | Level 3

^[3]

0.5

0.0

^[1]

0.0

^[1]

0.0

126.0

134.2

^[2]

10.2

59.3

^[2]

137.3

93.1

0.0

Fair Value Measured on a Recurring Basis | Fair Value

^[3]

0.0

65.9

59.1

^[1]

19.4

22.3

^[1]

180.5

150.3

149.3

167.2

^[2]

10.2

59.3

^[2]

$ 137.3

93.1

1.4

Changes in level 3 assets and liabilities

^[3]

$ 0.5

[1]	Principally investments in equity securities.
[2]	Amounts are presented within Other liabilities.
[3]	Amounts are presented within Other assets or Other liabilities.

Fair Value Measurements - Schedule of Changes in Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Other Investments

Balance, beginning of period

$ 134.2

$ 131.8

Net gains/losses

^[1]

(5.5)

11.4

Purchases and issuances

16.3

17.4

Settlements and reductions

(25.5)

(26.4)

Net transfers in and/or out of Level 3

6.5

0.0

Balance, end of period

126.0

134.2

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

6.1

17.1

Contingent Payment Arrangements

Changes in level 3 assets and liabilities

Balance, beginning of period

59.3

50.2

Net gains/losses

^[2]

(40.9)

9.1

Purchases and issuances

9.3

0.0

Settlements and reductions

(17.5)

0.0

Net transfers in and/or out of Level 3

0.0

Balance, end of period

10.2

59.3

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

(40.9)

9.1

Obligations to Related Parties

Changes in level 3 assets and liabilities

Balance, beginning of period

93.1

76.9

Net gains/losses

^[3]

4.6

5.5

Purchases and issuances

164.1

96.7

Settlements and reductions

(124.5)

(86.0)

Net transfers in and/or out of Level 3

0.0

Balance, end of period

137.3

93.1

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

$ (7.3)

$ (0.1)

[1]	Gains and losses on Other investments are recorded in Investment and other (income) expense.
[2]	Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.
[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) expense.

Fair Value Measurements - Schedule of Quantitative Information (Details) - Discounted Cash Flow - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Contingent Payment Arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 10.2	$ 59.3
Growth rate (as a percent)		6.00%
Discount rate (as a percent)	15.00%	15.00%
Contingent Payment Arrangements \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	3.00%
Contingent Payment Arrangements \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	8.00%
Affiliate Equity Repurchase Obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 62.3	$ 21.5
Affiliate Equity Repurchase Obligations \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	1.00%	5.00%
Discount rate (as a percent)	14.00%	15.00%
Affiliate Equity Repurchase Obligations \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	9.00%	9.00%
Discount rate (as a percent)	15.00%	16.00%

Fair Value Measurements - Schedule of Investments (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

NAV of investments at fair value

Fair value

$ 198.3

$ 210.0

Unfunded commitments

76.8

67.8

Private Equity Fund-of-Funds

NAV of investments at fair value

Fair value

^[1]

126.0

134.2

Unfunded commitments

^[1]

76.8

67.8

Other Funds

NAV of investments at fair value

Fair value

^[2]

72.3

75.8

Unfunded commitments

^[2]

$ 0.0

[1]	These funds primarily invest in a broad range of private equity funds and make 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 - Summary of Financial Liabilities not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 944.6	$ 736.8
Convertible securities	305.2	303.1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	966.3	786.2
Convertible securities	$ 483.6	$ 532.1

Business Combinations (Details) - USD ($)	12 Months Ended
Business Combinations (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition
Amortization period for tax deductible goodwill	15 years
Payments to related party for contingent payment arrangements	$ 17,500,000	$ 0
Gain or loss recognized in changes of related party contingent liability	44,700,000	0	$ 10,300,000
New Affiliates
Business Acquisition
New affiliate investments contributed revenue	15,300,000
New affiliate investments contributed earnings	1,300,000
Other Liabilities
Business Acquisition
Liabilities to related party for contingent payments arrangements	$ 10,200,000	$ 59,300,000

Business Combinations - Schedule of Purchase Price Allocation for Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition
Goodwill	$ 2,668.4	$ 2,652.8	$ 2,341.7
Baker Street Advisors, LLC and myCIO Wealth Partners, L.P.
Business Acquisition
Consideration paid	76.1
Contingent payment obligations	9.3
Non-controlling interests	33.8
Enterprise value	119.2
Acquired client relationships	52.5
Tangible assets, net	2.4
Goodwill	64.3
Total	$ 119.2

Business Combinations - Schedule of Goodwill Allocation by Segment (Details) - Baker Street Advisors, LLC and myCIO Wealth Partners, L.P.	Dec. 31, 2015
Institutional
Business Acquisition
Goodwill allocation to business segments (percent)	14.40%
Mutual Fund
Business Acquisition
Goodwill allocation to business segments (percent)	0.00%
High Net Worth
Business Acquisition
Goodwill allocation to business segments (percent)	85.60%

Business Combinations - Schedule of Unaudited Pro Forma Financial Results (Details) - Baker Street Advisors, LLC and myCIO Wealth Partners, L.P. - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition
Revenue	$ 2,499.4	$ 2,538.2
Net income (controlling interest)	$ 517.9	$ 454.5
Earnings per share—basic (in dollars per share)	$ 9.53	$ 8.26
Earnings per share—diluted (in dollars per share)	$ 9.31	$ 8.05

Goodwill and Acquired Client Relationships (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill
Intangible amortization and impairments	$ 115,400,000	$ 122,200,000	$ 128,200,000
Intangible Future Annual Amortization Expense, Year 1	37,100,000
Intangible Future Annual Amortization Expense, Year 2	37,100,000
Intangible Future Annual Amortization Expense, Year 3	37,100,000
Intangible Future Annual Amortization Expense, Year 4	37,100,000
Intangible Future Annual Amortization Expense, Year 5	37,100,000
Asset impairment charges	$ 0	0
Customer Relationships
Goodwill
Weighted average life	10 years
Intangible amortization and impairments	$ 115,400,000	$ 122,200,000
Intangible Future Annual Amortization Expense, Year 1	110,000,000
Intangible Future Annual Amortization Expense, Year 2	110,000,000
Intangible Future Annual Amortization Expense, Year 3	110,000,000
Intangible Future Annual Amortization Expense, Year 4	110,000,000
Intangible Future Annual Amortization Expense, Year 5	$ 110,000,000

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Changes in goodwill
Balance at the beginning of the period	$ 2,652.8	$ 2,341.7
Goodwill acquired	64.3	344.5
Foreign currency translation	(48.7)	(33.4)
Balance at the end of the period	2,668.4	2,652.8
Institutional
Changes in goodwill
Balance at the beginning of the period	1,159.1	1,076.3
Goodwill acquired	9.2	97.2
Foreign currency translation	(27.0)	(14.4)
Balance at the end of the period	1,141.3	1,159.1
Mutual Fund
Changes in goodwill
Balance at the beginning of the period	1,125.3	928.1
Goodwill acquired	0.0	208.1
Foreign currency translation	(5.8)	(10.9)
Balance at the end of the period	1,119.5	1,125.3
High Net Worth
Changes in goodwill
Balance at the beginning of the period	368.4	337.3
Goodwill acquired	55.1	39.2
Foreign currency translation	(15.9)	(8.1)
Balance at the end of the period	$ 407.6	$ 368.4

Goodwill and Acquired Client Relationships - Schedule of Changes in, and the Components of, Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net Book Value
Net book value balance at the beginning of the period	$ 1,778.4
Net book value balance at the end of the period	1,686.4	$ 1,778.4
Customer Relationships
Definite-lived
Gross book value balance at the beginning of the period	1,255.1	1,039.5
Accumulated amortization balance at the beginning of the period	(565.0)	(442.8)
Net book value balance at the beginning of the period	690.1	596.7
New Investments	52.5	220.3
Amortization and impairments	(115.4)	(122.2)
Foreign currency translation	(5.8)	(4.7)
Gross book value balance at the end of the period	1,301.8	1,255.1
Accumulated amortization balance at the end of the period	(680.4)	(565.0)
Net book value balance at the end of the period	621.4	690.1
Indefinite-lived
Net book value balance at the beginning of the period	1,088.3	864.0
New investments	0.0	244.7
Amortization and Impairment	0.0	0.0
Foreign currency translation	(23.3)	(20.4)
Net book value balance at the end of the period	1,065.0	1,088.3
Net Book Value
Net book value balance at the beginning of the period	1,778.4	1,460.7
New investments	52.5	465.0
Amortization and Impairment	(115.4)	(122.2)
Foreign currency translation	(29.1)	(25.1)
Net book value balance at the end of the period	$ 1,686.4	$ 1,778.4

Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 04, 2016
Schedule of Equity Method Investments
Amortization period for tax deductible goodwill	15 years
Amortization expense during the period	$ 115.4	$ 122.2	$ 128.2
Annual amortization expense Year 1	37.1
Annual amortization expense Year 2	37.1
Annual amortization expense Year 3	37.1
Annual amortization expense Year 4	37.1
Annual amortization expense Year 5	37.1
Undistributed earnings from equity method investments	$ 101.5
Acquired Client Relationships Under Equity Method Investments
Schedule of Equity Method Investments
Weighted average life	14 years
Amortization expense during the period	$ 34.3	$ 32.3
Ivory Investment Management, L.P. \| Acquired Client Relationships Under Equity Method Investments
Schedule of Equity Method Investments
Acquired client relationships	200.0
Payment of contingent payment liability	$ 23.3
Abax Investments (Pty) Ltd and Ivory Investment Management, L.P. [Member] \| Acquired Client Relationships Under Equity Method Investments
Schedule of Equity Method Investments
Amortization period for tax deductible goodwill	15 years
Subsequent Event \| Systematica Investment LP and Baring Private Equity Asia \| Acquired Client Relationships Under Equity Method Investments
Schedule of Equity Method Investments
Acquired client relationships				$ 550.0

Equity Method Investments in Affiliates - Schedule of Financial Information for Affiliates Accounted for Under the Equity Method (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Revenue

^[1]

$ 2,217.1

$ 1,869.3

$ 1,589.6

Net income

431.5

253.8

$ 1,321.9

Assets

^[2]

30,663.4

34,729.2

Liabilities and Non-controlling interest

^[2]

$ 29,434.7

$ 33,048.6

[1]	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.
[2]	Assets consist primarily of investment securities in consolidated investment partnerships, which are generally held by non-controlling interests.

The amount of current liabilities reported by an equity method investment of the entity.

The amount of net income (loss) reported by an equity method investment of the entity.

Operating Leased Assets [Line Items]

Fixed Assets and Lease Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fixed Assets and Lease Commitments [Abstract]
Consolidated rent expense	$ 36.3	$ 30.5	$ 30.3

Fixed Assets and Lease Commitments - Schedule of Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fixed assets
Fixed assets, at cost	$ 231.0	$ 199.4
Accumulated depreciation and amortization	(116.9)	(104.0)
Fixed assets, net	114.1	95.4
Building and Leasehold Improvements
Fixed assets
Fixed assets, at cost	104.7	84.1
Software
Fixed assets
Fixed assets, at cost	45.4	40.8
Equipment
Fixed assets
Fixed assets, at cost	39.9	38.3
Furniture and Fixtures
Fixed assets
Fixed assets, at cost	22.4	17.5
Land and Improvements
Fixed assets
Fixed assets, at cost	$ 18.6	$ 18.7

Fixed Assets and Lease Commitments - Schedule of Aggregate Future Minimum Payments for Operating Leases (Details)
$ in Millions

Dec. 31, 2015

USD ($)

2016

$ 36.0

^[1]

2017

33.7

^[1]

2018

31.0

^[1]

2019

29.5

^[1]

2020

28.4

^[1]

Thereafter

82.1

^[1]

Majority Shareholder

Operating Leased Assets [Line Items]

10.7

11.0

11.0

10.6

10.1

$ 38.7

[1]	The controlling interest portion is $10.7 million through 2016, $11.0 million each in 2017 and in 2018, $10.6 million in 2019, $10.1 million in 2020 and $38.7 million thereafter.

Payables and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued compensation and distributions	$ 455.0	$ 491.3
Unsettled fund share payables	76.6	78.3
Accrued income taxes	67.9	59.8
Accrued share repurchases	0.0	47.8
Accrued professional fees	31.4	26.9
Other	98.5	104.2
Accounts payable and accrued liabilities	$ 729.4	$ 808.3

Related Party Transactions (Details) - Prior Owner - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities
Related Party Transactions
Investment partnerships with prior owners	$ 75.0	$ 71.6
Non-Controlling Interests
Related Party Transactions
Investment partnerships with prior owners	$ 5.1	$ 13.5

Stockholders' Equity (Details) - $ / shares	12 Months Ended
Stockholders' Equity (Details) - $ / shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May 31, 2015
Stockholders' equity
Common stock, shares authorized (in shares)	153,000,000	153,000,000
Share repurchase activity
Shares repurchased (in shares)	1,700,000	1,200,000	100,000
Average price (in usd per share)	$ 209.39	$ 204.72	$ 184.89
Preferred Stock
Stockholders' equity
Preferred stock, shares authorized (in shares)	5,000,000.0
Common Stock
Share repurchase activity
Shares repurchased (in shares)	1,700,000	1,200,000	100,000
Average price (in usd per share)	$ 209.39	$ 204.72	$ 184.89
Voting Common Stock
Stockholders' equity
Common stock, shares authorized (in shares)	150,000,000
Share repurchase activity
Stock repurchase program, authorized amount (in shares)				3,000,000
Stock repurchase program, remaining shares authorized for repurchase (in shares)	2,300,000
Class B Non-Voting Common Stock
Stockholders' equity
Common stock, shares authorized (in shares)	3,000,000.0

Share-Based Compensation - Summary of Recent Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 34.2	$ 29.3	$ 27.5
Tax benefit	13.2	11.3	10.6
Cash received from stock options exercised	57.8	41.4
Tax benefit realized from exercise of stock options	44.5	60.2
Excess tax benefit from share-based compensation	44.5	61.5	$ 17.3
Total compensation cost not yet recognized	$ 70.6	$ 56.8
Weighted average period for recognition (in years)	3 years

Share-Based Compensation - Schedule of Transactions of the Company's Stock Options (Details) - Stock Options and Other Awards shares in Millions	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Stock Options
Stock options outstanding at the beginning of the period (options) \| shares	2.3
Options granted \| shares	0.0
Options exercised \| shares	(0.9)
Options forfeited \| shares	0.0
Stock options outstanding at the end of the period (options) \| shares	1.4
Exercisable stock options, at the end of the period (options) \| shares	1.3
Weighted Average Exercise Price
Stock options outstanding, at the beginning of the period (in usd per option) \| $ / shares	$ 83.42
Options granted \| $ / shares	207.61
Options exercised \| $ / shares	65.95
Options forfeited \| $ / shares	101.29
Stock options outstanding, at the end of the period (in usd per option) \| $ / shares	96.18
Exercisable stock options, at the end of the period (in usd per option) \| $ / shares	$ 94.43
Weighted Average Remaining Contractual Life (years)
Stock options outstanding, at the end of the period (in years)	2 years 2 months 12 days
Exercisable stock options, at the end of the period (in years)	2 years 1 month 6 days

Share-Based Compensation - Stock Options (Details) - Stock Options and Other Awards - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of stock options granted	$ 1.0	$ 0.6	$ 1.0
Intrinsic value of stock options exercised	130.2	$ 92.6	$ 77.4
Intrinsic value of exercisable options outstanding	$ 89.0
Options available for future grant under the Company's option plans (in shares)	3.5
Weighted average fair value of options granted (in usd per share)	$ 54.92	$ 60.20	$ 61.82
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	3 years
Expiration Period	7 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	5 years
Expiration Period	10 years

Share-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Options Granted (Details) - Stock Options and Other Awards

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Assumptions used to determine fair value of options granted

Dividend yield

0.00%

Expected volatility

^[1]

26.70%

29.70%

34.40%

Risk-free interest rate

^[2]

1.50%

1.80%

1.50%

Expected life of options (in years)

^[3]

5 years

Forfeiture rate

^[3]

0.00%

[1]	ased on historical and implied volatility.
[2]	ased on the U.S. Treasury yield curve in effect at the date of grant.
[3]	ased on the Company’s historical data and expected exercise behavior.

Share-Based Compensation - Summary of Transactions of the Company's Restricted Stock (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
Restricted Stock
Units outstanding at the beginning of the period	400,000
Units granted	300,000	100,000.0
Units vested	(100,000)
Units forfeited	0
Units outstanding at the end of the period	600,000
Weighted Average Grant Date Value
Units outstanding at the beginning of the period (in dollars per share)	$ 182.83
Units granted	197.59
Units vested	174.19
Units forfeited	190.23
Units outstanding at the end of the period (in dollars per share)	$ 192.04

Share-Based Compensation - Restricted Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average period for recognition (in years)	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Award fair value	$ 50.7	$ 8.0	$ 53.5
Vesting Period			6 years
Units granted	300,000		100,000.0
Market Condition 1			15.00%
Market Condition 2			25.00%
Market Condition 3			35.00%
Expected volatility			31.60%
Risk-free interest rate			2.00%
Dividend yield			0.00%
Weighted average period for recognition (in years)			4 years
Options available for future grant under the Company's option plans (in shares)	1,500,000.0
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	3 years
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	8 years

Affiliate Equity - Summary of Affiliate Equity Expense (Recognized and Unrecognized) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Affiliate Equity
Non-controlling interest	$ 51.6	$ 37.0	$ 15.9
Total	62.0	66.2	50.6
Non-Controlling Interests
Affiliate Equity
Total	51.6	37.0	15.9
Unrecognized Affiliate Equity Expense
Non-Controlling Interest	$ 51.9	$ 41.6	$ 32.1
Remaining Life	5 years	6 years	7 years
Affiliate Partners
Affiliate Equity
Controlling interest	$ 16.9	$ 47.4	$ 56.4
Tax benefit	(6.5)	(18.2)	(21.7)
Controlling interest, net	10.4	29.2	34.7
Unrecognized Affiliate Equity Expense
Controlling Interest	$ 22.4	$ 29.5	$ 36.1
Remaining Life	3 years	3 years	3 years

Affiliate Equity - Schedule of the Changes in Redeemable Non-controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in redeemable non-controlling interests during the period
Beginning balance	$ 645.5	$ 641.9
Repurchases of redeemable Affiliate equity	(161.3)	(61.7)
Transfers from Non-controlling interests	49.5	22.7	$ 19.5
Changes in redemption value	81.6	43.0
Decrease attributable to consolidated products	(2.8)	(0.4)
Ending balance	$ 612.5	$ 645.5	$ 641.9

Afilliate Equity - Schedule of the Effect of Changes in the Company's Ownership Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 150.3	$ 109.0	$ 128.7	$ 128.0	$ 172.6	$ 103.2	$ 99.1	$ 77.2	$ 516.0	$ 452.1	$ 360.5
Increase in controlling interest paid-in capital related to Affiliate equity issuances									0.7	2.5	13.1
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases									(89.8)	(35.8)	(87.1)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests									$ 426.9	$ 418.8	$ 286.5

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Affiliate Equity (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Affiliate Equity (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Affiliate Equity
Distributions paid to affiliate partners		$ 431.4	$ 569.4	$ 267.1
Payments to acquire interest in Affiliates		130.8	32.6	36.9
Issuance of interest in Affiliates		6.1	11.0	2.5
Proceeds from Collection of Advance to Affiliate		7.4	9.7	6.9
Total amount paid to affiliates		17.2	4.4	$ 5.5
Other Assets
Affiliate Equity
Due from Affiliates		22.6	20.8
Other Liabilities
Affiliate Equity
Due to Affiliates		$ 62.3	$ 29.3
Minimum
Affiliate Equity
Affiliate equity, conditional right to put interest, period	5 years
Maximum
Affiliate Equity
Affiliate equity, conditional right to put interest, period	15 years

Benefit Plans (Details) $ in Millions	12 Months Ended
Benefit Plans (Details) $ in Millions	Dec. 31, 2015 USD ($) plan	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Compensation and Retirement Disclosure [Abstract]
Number of defined contribution plans \| plan	3
Consolidated expenses related to benefit plans \| $	$ 18.7	$ 17.2	$ 14.1

Income Taxes - Schedule of Income Tax Provision Attributable to Controlling and Non-Controlling Interests (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Provision for income taxes

Current tax

$ 162.2

$ 165.1

$ 166.4

Deferred taxes

94.7

62.8

27.7

$ 256.9

$ 227.9

$ 194.1

Effective tax rate attributable to controlling interests

32.80%

32.10%

33.90%

Parent

Intangible-related deferred taxes

Current tax

$ 152.4

$ 149.8

$ 153.1

77.7

47.8

38.1

Other deferred taxes

21.2

15.8

(6.2)

Provision for income taxes

251.3

213.4

185.0

Income before income taxes (controlling interest)

$ 767.3

$ 665.5

$ 545.5

Effective tax rate attributable to controlling interests

^[1]

32.80%

32.10%

33.90%

Non-Controlling Interests

Provision for income taxes

Current tax

$ 9.8

$ 15.3

$ 13.3

Deferred taxes

(4.2)

(0.8)

(4.2)

$ 5.6

$ 14.5

$ 9.1

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

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 106.3	$ 93.8	$ 104.1
State	18.3	27.1	21.1
Foreign	37.6	44.2	41.2
Total current	162.2	165.1	166.4
Deferred:
Federal	97.9	72.5	38.1
State	14.2	1.1	8.9
Foreign	(17.4)	(10.8)	(19.3)
Total deferred	94.7	62.8	27.7
Provision for income taxes	$ 256.9	$ 227.9	$ 194.1

Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Domestic	$ 827.6	$ 784.1	$ 604.0
International	263.0	229.5	259.7
Total	$ 1,090.6	$ 1,013.6	$ 863.7

Income Taxes - Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate (Details)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Tax at U.S. federal income tax rate

35.00%

State income taxes, net of federal benefit(1)

^[1]

2.60%

2.10%

2.80%

Effect of foreign operations

(3.50%)

(5.30%)

(2.50%)

Non-deductible expenses

(1.30%)

0.30%

(1.40%)

Effective tax rate attributable to controlling interests

32.80%

32.10%

33.90%

Parent

Effective tax rate attributable to controlling interests

^[2]

32.80%

32.10%

33.90%

Total effective income tax rate

23.60%

22.50%

Non-Controlling Interests

Effect of income from non-controlling interests

(9.20%)

(9.60%)

(11.40%)

[1]	State income taxes included changes related to state valuation allowances.
[2]	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
Deferred tax benefits from change in permanent status of foreign subsidiaries	$ 17.1	$ 30.3	$ 7.2
Deferred tax benefits from change in permanent status of foreign subsidiaries, resulting from current period		24.5	5.9
Deferred tax benefits from reinvestment of foreign earnings	5.0
Uncertain tax positions, increase based on prior years’ tax positions	1.6	10.8	0.0
Temporary difference due to repatriation of assets from a sale or liquidation of the subsidiary	188.1
Amount of deferred taxes not recognized	$ 71.1
State net operating loss carryforwards, expiration period	19 years
Foreign operating loss carryforwards, expiration period	20 years
Liability for uncertain tax positions including interest and related charges	$ 26.9	28.8	20.4
Accrued income tax interest and related charges	1.8	1.6	1.7
Unrecognized tax benefits that, if recognized, would affect effective tax rate	25.3	26.4	17.2
Decrease in uncertain tax positions from changes in foreign exchange rates	1.9
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax benefit due to re-valuation of deferred taxes from a change in enacted tax rates in the United Kingdom	10.0		11.2
Foreign Tax Authority \| Non-Controlling Interests
Operating Loss Carryforwards [Line Items]
Deferred tax benefit due to re-valuation of deferred taxes from a change in enacted tax rates in the United Kingdom	$ 6.5		$ 7.6
State Tax Authority
Operating Loss Carryforwards [Line Items]
Uncertain tax positions, increase based on prior years’ tax positions		$ 8.4

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets
Deferred compensation	$ 30.5	$ 26.8
State net operating loss carryforwards	17.1	15.2
Tax benefit of uncertain tax positions	14.6	16.0
Accrued expenses	4.4	19.6
Foreign loss carryforwards	12.3	11.5
Other	0.0	1.4
Total deferred tax assets	78.9	90.5
Valuation allowance	(20.5)	(18.4)
Deferred tax assets, net of valuation allowance	58.4	72.1
Deferred Tax Liabilities
Intangible asset amortization	(320.2)	(270.9)
Non-deductible intangible amortization	(109.8)	(126.4)
Convertible securities interest	(99.8)	(92.5)
Deferred income	(92.8)	(74.0)
Other	(1.5)	0.0
Total deferred tax liabilities	(624.1)	(563.8)
Net deferred tax liability	$ (565.7)	$ (491.7)

Income Taxes Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance, state net operating loss carryforward and realized deferred tax benefit		$ 6.5
Operating Loss Carryforwards
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance, state net operating loss carryforward and realized deferred tax benefit	$ (2.1)	2.5
Increase in State Uncertain Tax Positions
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance, state net operating loss carryforward and realized deferred tax benefit		(9.2)
State and Local Jurisdiction \| Operating Loss Carryforwards
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance, state net operating loss carryforward and realized deferred tax benefit		$ 15.7

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of beginning and ending amount of unrecognized tax benefits
Beginning balance	$ 28.8	$ 20.4	$ 22.6
Additions based on current year tax positions	2.2	2.6	4.1
Additions based on prior years’ tax positions	1.6	10.8	0.0
Reductions for prior years’ tax provisions	0.0	0.0	(0.1)
Reductions related to lapses of statutes of limitations	(4.3)	(4.1)	(5.4)
Additions (reductions) related to foreign exchange rates	1.4	0.9	0.8
Ending balance	$ 26.9	$ 28.8	$ 20.4

Earnings Per Share (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Shares repurchased (in shares)	1.7	1.2	0.1
Average price (in usd per share)	$ 209.39	$ 204.72	$ 184.89

Earnings Per Share - Schedule of Reconciliation of the Numerator and Denominator used in the Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator
Net income (controlling interest)	$ 150.3	$ 109.0	$ 128.7	$ 128.0	$ 172.6	$ 103.2	$ 99.1	$ 77.2	$ 516.0	$ 452.1	$ 360.5
Interest expense on convertible securities, net of taxes									15.3	15.2	10.5
Net income (controlling interest), as adjusted									$ 531.3	$ 467.3	$ 371.0
Denominator
Average shares outstanding - basic (in shares)									54.3	55.0	53.1
Effect of dilutive instruments:
Stock options and other awards (in shares)									0.7	1.2	1.3
Forward sale (in shares)									0.0	0.0	0.3
Junior convertible securities (in shares)									2.2	2.2	2.0
Average shares outstanding - diluted (in shares)									57.2	58.4	56.7

Earnings Per Share - Diluted Earnings per Share Calculations Excluding the Anti-dilutive Effect of Shares (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Options and Other Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0	0.1
Senior Convertible Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0	2.1
Junior Convertible Trust Preferred Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.4	2.2

Comprehensive Income - Summary of the Tax Effects Allocated to each Component of Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Comprehensive Income (Loss), Pre-Tax
Foreign currency translation gain (loss)	$ (93.2)	$ (62.0)	$ (19.6)
Change in net realized and unrealized gain (loss) on derivative securities	2.3	0.6	1.5
Change in net unrealized gain (loss) on investment securities	34.8	5.6	19.5
Other comprehensive income (loss)	(56.1)	(55.8)	1.4
Other Comprehensive Income (Loss), Tax Benefit (Expense)
Foreign currency translation gain (loss)	0.0	0.0	0.0
Change in net realized and unrealized gain (loss) on derivative securities	(0.4)	(0.3)	(0.5)
Change in net unrealized gain (loss) on investment securities	(12.7)	(2.2)	(8.0)
Other comprehensive income (loss)	(13.1)	(2.5)	(8.5)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation gain (loss)	(93.2)	(62.0)	(19.6)
Change in net realized and unrealized gain (loss) on derivative securities	1.9	0.3	1.0
Change in net unrealized gain (loss) on investment securities	22.1	3.4	11.5
Other comprehensive income (loss)	$ (69.2)	$ (58.3)	$ (7.1)

Comprehensive Income - Schedule of Components of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

$ 15.9

$ 74.2

(78.9)

(60.4)

Amounts reclassified from other comprehensive income

9.7

2.1

(69.2)

(58.3)

$ (7.1)

Foreign Currency Translation Adjustment

(53.3)

15.9

74.2

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(5.4)

56.6

(93.2)

(62.0)

Amounts reclassified from other comprehensive income

0.0

(93.2)

(62.0)

Realized and Unrealized Losses on Derivative Securities

(98.6)

(5.4)

56.6

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(1.6)

(1.9)

0.8

0.3

Amounts reclassified from other comprehensive income

1.1

0.0

1.9

0.3

Unrealized Gain (Loss) on Investment Securities

0.3

(1.6)

(1.9)

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

^[1]

22.9

19.5

^[1]

13.5

1.3

Amounts reclassified from other comprehensive income

^[1]

8.6

2.1

^[1]

22.1

3.4

^[1]

$ 45.0

$ 22.9

$ 19.5

[1]	See Note 2 for amounts reclassified from Other comprehensive income.

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.

Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Results of Operations(Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 589.8	$ 613.1	$ 646.6	$ 635.0	$ 641.2	$ 640.3	$ 636.3	$ 593.1	$ 2,484.5	$ 2,510.9	$ 2,188.8
Operating income	193.2	215.2	195.2	231.4	198.7	224.2	198.4	193.9	835.0	815.2	634.1
Income before income taxes	289.2	249.1	262.0	290.3	312.8	253.4	239.1	208.2	1,090.6	1,013.5	863.7
Net income (controlling interest)	$ 150.3	$ 109.0	$ 128.7	$ 128.0	$ 172.6	$ 103.2	$ 99.1	$ 77.2	$ 516.0	$ 452.1	$ 360.5
Earnings per share - diluted (in dollars per share)	$ 2.72	$ 1.98	$ 2.31	$ 2.27	$ 3.02	$ 1.82	$ 1.75	$ 1.40	$ 9.28	$ 8.01	$ 6.55

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2015 segment channel	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting [Abstract]
Number of operating segments \| segment	3
Number of principal distribution channels \| channel	3
Revenue attributable to clients domiciled outside the United States (as a percent)	40.00%	37.00%	38.00%

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information
Revenue	$ 589.8	$ 613.1	$ 646.6	$ 635.0	$ 641.2	$ 640.3	$ 636.3	$ 593.1	$ 2,484.5	$ 2,510.9	$ 2,188.8
Net income (controlling interest)	150.3	$ 109.0	$ 128.7	$ 128.0	172.6	$ 103.2	$ 99.1	$ 77.2	516.0	452.1	360.5
Total assets	7,784.8				7,698.1				7,784.8	7,698.1	6,318.8
Goodwill	2,668.4				2,652.8				2,668.4	2,652.8	2,341.7
Equity method investments in Affiliates	1,937.1				1,783.5				1,937.1	1,783.5	1,123.3
Institutional
Segment Reporting Information
Revenue									979.4	1,022.8	948.7
Net income (controlling interest)									229.3	227.0	219.9
Total assets	3,725.9				3,739.8				3,725.9	3,739.8	3,196.5
Goodwill	1,141.3				1,159.1				1,141.3	1,159.1	1,076.3
Equity method investments in Affiliates	1,609.3				1,533.8				1,609.3	1,533.8	942.6
Mutual Fund
Segment Reporting Information
Revenue									1,238.2	1,242.6	1,023.0
Net income (controlling interest)									229.7	180.1	103.4
Total assets	3,075.5				3,082.0				3,075.5	3,082.0	2,448.4
Goodwill	1,119.5				1,125.3				1,119.5	1,125.3	928.1
Equity method investments in Affiliates	185.7				150.3				185.7	150.3	77.7
High Net Worth
Segment Reporting Information
Revenue									266.9	245.5	217.1
Net income (controlling interest)									57.0	45.0	37.2
Total assets	983.4				876.3				983.4	876.3	673.9
Goodwill	407.6				368.4				407.6	368.4	337.3
Equity method investments in Affiliates	$ 142.1				$ 99.4				$ 142.1	$ 99.4	$ 103.0

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Income Tax Valuation Allowance

Schedule II Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Reconciliation of beginning and ending balances of valuation and qualifying accounts

Additions charged to costs and expenses

$ 18.4

$ 36.6

$ 21.3

2.1

0.0

16.9

Additions charged to other accounts

0.0

Deductions

0.0

18.2

1.6

Reconciliation of beginning and ending balances of valuation and qualifying accounts

20.5

18.4

36.6

Other Allowances

Additions charged to costs and expenses

^[1]

12.1

8.8

8.4

^[1]

0.7

4.7

2.8

Additions charged to other accounts

^[1]

0.0

Deductions

^[1]

2.2

1.4

2.4