0001004434-19-000034 | 10-Q | XBRL Viewer | Affiliated Managers Group INC

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 30, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-13459
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3218510
Entity Address, Address Line One	777 South Flagler Drive
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	800
Local Phone Number	345-1100
Entity Information [Line Items]
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,639,554
Entity Central Index Key	0001004434
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Common Stock ($0.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
5.875% Junior Subordinated Notes due 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Consolidated revenue	$ 591.9	$ 600.1	$ 1,135.1	$ 1,212.6
Consolidated expenses:
Compensation and related expenses	258.0	241.0	486.2	507.7
Selling, general and administrative	96.2	105.2	191.8	211.6
Intangible amortization and impairments	21.2	23.2	50.9	46.4
Interest expense	19.7	21.4	37.9	43.0
Depreciation and other amortization	5.3	5.7	10.6	11.2
Other expenses (net)	12.2	11.1	23.0	23.2
Total consolidated expenses	412.6	407.6	800.4	843.1
Equity method income (loss) (net)	29.4	35.3	(328.8)	131.6
Investment and other income	7.2	11.5	15.2	25.7
Income before income taxes	215.9	239.3	21.1	526.8
Income tax expense (benefit)	35.7	34.1	(26.1)	97.5
Net income	180.2	205.2	47.2	429.3
Net income (non-controlling interests)	(72.5)	(88.2)	(140.3)	(159.3)
Net income (loss) (controlling interest)	$ 107.7	$ 117.0	$ (93.1)	$ 270.0
Average shares outstanding (basic) (in shares)	51.0	54.0	51.5	54.3
Average shares outstanding (diluted) (in shares)	51.0	54.2	51.5	56.8
Earnings (loss) per share (basic) (in dollars per share)	$ 2.11	$ 2.17	$ (1.81)	$ 4.97
Earnings (loss) per share (diluted) (in dollars per share)	$ 2.11	$ 2.16	$ (1.81)	$ 4.92

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 180.2	$ 205.2	$ 47.2	$ 429.3
Other comprehensive income, net of tax:
Foreign currency translation gain (loss)	5.2	(20.2)	12.7	8.9
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.7)	0.0	0.5	0.3
Other comprehensive income (loss), net of tax	4.5	(20.2)	13.2	9.2
Comprehensive income	184.7	185.0	60.4	438.5
Comprehensive income (non-controlling interests)	(65.2)	(73.8)	(139.6)	(153.4)
Comprehensive income (loss) (controlling interest)	$ 119.5	$ 111.2	$ (79.2)	$ 285.1

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2019

Dec. 31, 2018

Assets

Cash and cash equivalents

$ 360.0

$ 565.5

Receivables

528.7

400.6

Investments in marketable securities

33.9

119.3

Goodwill

2,639.5

2,633.4

Acquired client relationships (net)

1,257.1

1,309.9

Equity method investments in Affiliates (net)

2,330.2

2,791.0

Fixed assets (net)

99.8

104.3

Other investments

209.7

201.1

Other assets

268.9

94.0

Total assets

7,727.8

8,219.1

Liabilities and Equity

Payables and accrued liabilities

607.1

746.6

Debt

1,791.4

1,829.6

Deferred income tax liability (net)

421.7

511.6

Other liabilities

354.6

162.7

Total liabilities

3,174.8

3,250.5

Commitments and contingencies (Note 8)

Redeemable non-controlling interests

727.2

833.7

^[1]

Equity:

Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares outstanding in 2018 and 2019)

0.6

Additional paid-in capital

835.8

835.6

Accumulated other comprehensive loss

(95.1)

(109.0)

Retained earnings

3,743.7

3,876.8

Total stockholders' equity before treasury stock

4,485.0

4,604.0

Less: Treasury stock, at cost (6.5 shares in 2018 and 7.8 shares in 2019)

(1,259.7)

(1,146.6)

Total stockholders' equity

3,225.3

3,457.4

Non-controlling interests

600.5

677.5

Total equity

3,825.8

4,134.9

Total liabilities and equity

$ 7,727.8

$ 8,219.1

[1]	As of December 31, 2018 and June 30, 2019, Redeemable non-controlling interests includes consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $91.0 million and $6.7 million, respectively.

CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares shares in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153.0	153.0
Common stock, shares outstanding (in shares)	58.5	58.5
Treasury stock, at cost (in shares)	7.8	6.5

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Non- controlling Interests
Beginning Balance at Dec. 31, 2017	$ 4,578.5	$ 0.6	$ 808.6	$ (21.8)	$ 3,698.5	$ (663.7)	$ 756.3
Increase (Decrease) in Stockholders' Equity
Net income	429.3				270.0		159.3
Other comprehensive income	9.2			15.1			(5.9)
Share-based compensation	21.8		21.8
Common stock issued under share-based incentive plans	(8.8)		(3.5)			(5.3)
Share repurchases	(300.8)					(300.8)
Dividends	(33.0)				(33.0)
Affiliate equity activity:
Affiliate equity compensation	27.7		4.8				22.9
Issuances	7.0		(4.8)				11.8
Repurchases	14.1		14.1
Changes in redemption value of Redeemable non-controlling interests	(161.3)		(161.3)
Transfers to Redeemable non-controlling interests	(23.4)						(23.4)
Capital contributions by Affiliate equity holders	2.4						2.4
Distributions to non-controlling interests	(205.3)						(205.3)
Ending Balance at Jun. 30, 2018	4,357.4	0.6	679.7	(6.7)	3,935.5	(969.8)	718.1
Beginning Balance at Mar. 31, 2018	4,422.6	0.6	664.2	(0.9)	3,834.9	(821.8)	745.6
Increase (Decrease) in Stockholders' Equity
Net income	205.2				117.0		88.2
Other comprehensive income	(20.2)			(5.8)			(14.4)
Share-based compensation	11.1		11.1
Common stock issued under share-based incentive plans	0.7		(1.3)			2.0
Share repurchases	(150.0)					(150.0)
Dividends	(16.4)				(16.4)
Affiliate equity activity:
Affiliate equity compensation	8.3		2.2				6.1
Issuances	0.0		(3.4)				3.4
Repurchases	(0.3)		(0.3)
Changes in redemption value of Redeemable non-controlling interests	7.2		7.2
Transfers to Redeemable non-controlling interests	(18.5)						(18.5)
Capital contributions by Affiliate equity holders	0.6						0.6
Distributions to non-controlling interests	(92.9)						(92.9)
Ending Balance at Jun. 30, 2018	4,357.4	0.6	679.7	(6.7)	3,935.5	(969.8)	718.1
Beginning Balance at Dec. 31, 2018	4,134.9	0.6	835.6	(109.0)	3,876.8	(1,146.6)	677.5
Increase (Decrease) in Stockholders' Equity
Impact of adoption of new accounting standards (see Note 19)	(6.6)				(6.6)
Net income	47.2				(93.1)		140.3
Other comprehensive income	13.2			13.9			(0.7)
Share-based compensation	19.0		19.0
Common stock issued under share-based incentive plans	(6.2)		(33.8)			27.6
Share repurchases	(140.7)					(140.7)
Dividends	(33.4)				(33.4)
Issuance costs and other	0.2		0.2
Affiliate equity activity:
Affiliate equity compensation	23.0		5.0				18.0
Issuances	10.6		(1.5)				12.1
Repurchases	7.7		7.7
Changes in redemption value of Redeemable non-controlling interests	3.6		3.6
Transfers to Redeemable non-controlling interests	(54.4)						(54.4)
Capital contributions by Affiliate equity holders	0.4						0.4
Distributions to non-controlling interests	(192.7)						(192.7)
Ending Balance at Jun. 30, 2019	3,825.8	0.6	835.8	(95.1)	3,743.7	(1,259.7)	600.5
Beginning Balance at Mar. 31, 2019	3,760.3	0.6	804.4	(106.9)	3,652.6	(1,210.3)	619.9
Increase (Decrease) in Stockholders' Equity
Net income	180.2				107.7		72.5
Other comprehensive income	4.5			11.8			(7.3)
Share-based compensation	10.2		10.2
Common stock issued under share-based incentive plans	(0.1)		(0.8)			0.7
Share repurchases	(50.1)					(50.1)
Dividends	(16.6)				(16.6)
Issuance costs and other	0.2		0.2
Affiliate equity activity:
Affiliate equity compensation	12.4		2.8				9.6
Issuances	0.4		(0.6)				1.0
Repurchases	3.1		3.1
Changes in redemption value of Redeemable non-controlling interests	16.5		16.5
Transfers to Redeemable non-controlling interests	(7.1)						(7.1)
Distributions to non-controlling interests	(88.1)						(88.1)
Ending Balance at Jun. 30, 2019	$ 3,825.8	$ 0.6	$ 835.8	$ (95.1)	$ 3,743.7	$ (1,259.7)	$ 600.5

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - Parenthetical - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.32	$ 0.30	$ 0.64	$ 0.60

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flow from (used in) operating activities:
Net income	$ 47.2	$ 429.3
Adjustments to reconcile Net income (loss) to cash flow from (used in) operating activities:
Intangible amortization and impairments	50.9	46.4
Depreciation and other amortization	10.6	11.2
Deferred income tax expense (benefit)	(80.5)	18.7
Equity method (income) loss (net)	328.8	(131.6)
Distributions of earnings received from equity method investments	155.9	327.8
Share-based compensation and Affiliate equity expense	42.0	49.5
Other non-cash items	(8.8)	(5.7)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	0.0	(23.2)
Sales of securities by consolidated Affiliate sponsored investment products	3.2	24.1
Increase in receivables	(126.5)	(60.6)
Increase in other assets	(0.8)	(6.0)
Decrease in payables, accrued liabilities and other liabilities	(112.8)	(102.6)
Cash flow from operating activities	309.2	577.3
Cash flow from (used in) investing activities:
Investments in Affiliates	(59.8)	(7.3)
Divestments of Affiliates	28.8	0.0
Purchase of fixed assets	(6.3)	(10.3)
Purchase of investment securities	(30.7)	(18.4)
Sale of investment securities	25.0	10.5
Cash flow used in investing activities	(43.0)	(25.5)
Cash flow from (used in) financing activities:
Borrowings of debt	420.7	565.0
Repayments of debt	(460.0)	(540.0)
Repurchases of common stock (net)	(141.8)	(319.8)
Dividends paid on common stock	(33.4)	(32.6)
Distributions to non-controlling interests	(192.7)	(205.3)
Affiliate equity issuances and repurchases (net)	(41.9)	(50.9)
Other financing items	(21.3)	(12.2)
Cash flow used in financing activities	(470.4)	(595.8)
Effect of foreign currency exchange rate changes on cash and cash equivalents	1.3	(2.7)
Net decrease in cash and cash equivalents	(202.9)	(46.7)
Cash and cash equivalents at beginning of period	565.5	439.5
Effect of deconsolidation of Affiliate sponsored investment products	(2.6)	0.0
Cash and cash equivalents at end of period	$ 360.0	$ 392.8

Basis of Presentation and Use of Estimates	6 Months Ended
Basis of Presentation and Use of Estimates	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. 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. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.

Accounting Standards and Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Accounting Standards and Policies

Recently Adopted Accounting Standards

Effective January 1, 2019, the Company adopted the following new Accounting Standard Updates (“ASUs”):


•	ASU 2016-02, Leases (and related ASUs);


•	ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income; and


•	ASU 2014-09, Revenue from Contracts with Customers (and related ASUs, effective for the Company’s equity method Affiliates)

The adoption of ASU 2016-02 was the only ASU that had a significant impact on the Company’s Consolidated Financial Statements.

In the first quarter of 2019, the Company adopted ASU 2016-02 using a modified retrospective method and, as a result, recorded a lease liability of $190.8 million and after certain reclassifications, primarily related to accrued lease payments and unamortized lease incentives, a right-of-use asset of $163.6 million as of January 1, 2019. Additionally, the Company elected the transition practical expedients provided by ASU 2016-02, which allowed the Company to carryforward its historical lease classification. Having adopted ASU 2016-02, the Company updated its leases accounting policy as described below. For a complete list of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Leases

Leases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability for all leases at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under ASU 2016-02, the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Company’s Consolidated Balance Sheets. Right-of-use assets and lease liabilities are reported in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the

lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) on the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right-of-use asset is amortized on a straight-line basis over the remaining lease term.

Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments reported in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is reported in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently reported in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease.

The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non-lease components for their equipment leases in calculating their lease liabilities. Sublease income is reported in Investment and other income on the Consolidated Statements of Income.

Investments in Marketable Securities

6 Months Ended

Jun. 30, 2019

Marketable Securities [Abstract]

Investments in Marketable Securities

The following is a summary of the cost, gross unrealized gains, unrealized losses and fair value of Investments in marketable securities:



	December 31, 2018			June 30, 2019
Cost	$	126.8		$	31.7
Unrealized gains	1.1			2.3
Unrealized losses	(8.6		)	(0.1		)
Fair value	$	119.3		$	33.9

For the three and six months ended June 30, 2018, the Company received proceeds of $12.1 million and $25.9 million, respectively, from the sale of investments in marketable securities, and recorded net gains of $1.3 million and $4.1 million, respectively. For the three and six months ended June 30, 2019, the Company received proceeds of $3.4 million and $18.5 million, respectively, from the sale of investments in marketable securities, and recorded net gains of $0.2 million and $0.7 million, respectively.

In the first quarter of 2019, the Company deconsolidated an Affiliate sponsored investment product with a fair value of $84.3 million.

Investments in Affiliates and Affiliate Sponsored Investment Products

6 Months Ended

Jun. 30, 2019

Variable Interest Entities

Investments in Affiliates and Affiliate Sponsored Investment Products

In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE.

The Company consolidates VREs when it has control over significant operating, financial and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the entity

under the equity method. Other investments in which the Company does not have rights to exercise significant influence are recorded at fair value, with changes in fair value reflected within Investment and other income on the Consolidated Statements of Income.

The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE.

Investments in Affiliates

Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method.

When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate managements’ equity ownership, along with their share of any tangible or intangible net assets, are presented within Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests on the Consolidated Balance Sheets. The Company periodically issues, sells and repurchases the equity of its consolidated Affiliates. Because these transactions take place between entities that are under common control, any gains or losses attributable to these transactions are required to be included within Additional paid-in capital in the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs.

When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (loss) (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is reported in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. Any deferred taxes recorded upon acquisition of an equity method Affiliate are presented on a gross basis within Equity method investments in Affiliates (net) and Deferred income tax liability (net) in the Consolidated Balance Sheets. The Company’s share of income taxes incurred directly by Affiliates accounted for under the equity method is recorded within Income tax expense (benefit) in the Consolidated Statements of Income.

The Company periodically evaluates its equity method Affiliates for impairment. In such impairment evaluations, the Company assesses whether or not the fair value of the investment has declined below its carrying value for a period considered to be other-than-temporary. If the Company determines that a decline in fair value below the carrying value of the investment is other-than-temporary, then the carrying value of the investment is reduced to its fair value and the expense is recorded in Equity method income (loss) (net).

The unconsolidated assets, net of liabilities and non-controlling interests of equity method Affiliates considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:



	December 31, 2018				June 30, 2019
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method	$	1,102.9	$	2,277.8	$	1,007.6	$	1,839.1

As of December 31, 2018 and June 30, 2019, the carrying value and maximum exposure to loss for all of the Company’s equity method Affiliates was $2,791.0 million and $2,330.2 million, respectively, including equity method Affiliates considered VREs of $513.2 million and $491.1 million, respectively.

Affiliate Sponsored Investment Products

The Company’s Affiliates sponsor various investment products where they also act as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates.

Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset and performance based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company does not generally consolidate these products unless the Company’s or its consolidated Affiliate’s interest in the product is considered substantial. When the Company’s or its consolidated Affiliates’ interests are considered substantial and the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values reflected in Investment and other income. Purchases and sales of securities are presented within purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation.

The Company’s carrying value, and maximum exposure to loss from unconsolidated Affiliate sponsored investment products, is its or its consolidated Affiliate’s interest in the unconsolidated net assets of the respective products. The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows:



	December 31, 2018				June 30, 2019
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products	$	2,216.5	$	1.1	$	2,262.6	$	1.5

Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

The Company’s Debt consisted of the following:



	December 31, 2018		June 30, 2019
Senior bank debt	$	779.7	$	449.7
Senior notes	742.5		743.1
Junior convertible securities	307.4		309.0
Junior subordinated notes	—		289.6
Debt	$	1,829.6	$	1,791.4

Long-term debt is carried at amortized cost. Unamortized discounts and debt issuance costs related to long-term debt are presented in the Consolidated Balance Sheets as an adjustment to the carrying value of the associated long-term debt.

Senior Bank Debt

In the first quarter of 2019, the Company amended and restated its existing credit facilities to provide for a $1.25 billion senior unsecured multicurrency revolving credit facility (the “revolver”) and a $450.0 million senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”). The revolver matures on January 18, 2024, and the term loan matures on January 18, 2023. Subject to certain conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $75.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on its credit rating. For the three months ended June 30, 2019, the interest rate for substantially all of the Company’s borrowings under the credit facilities was LIBOR plus 1.10% for the revolver and LIBOR plus 0.875% for the term loan.

Junior Subordinated Notes

In the first quarter of 2019, the Company issued $280.0 million of junior subordinated notes with a maturity date of March 30, 2059. In April 2019, the Company issued an additional $20.0 million of junior subordinated notes pursuant to the underwriters’ exercise of an overallotment option, which increased the total amount issued to $300.0 million. The junior subordinated notes bear interest at a fixed rate of 5.875% per annum, payable quarterly in cash, subject to the Company’s right to defer interest payments in accordance with the terms of the junior subordinated notes. The junior subordinated notes were issued at 100% of the principal amount and rank junior and subordinate in right of payment and upon liquidation to all of the Company’s current and future senior indebtedness. On or after March 30, 2024, at the Company’s option, the junior subordinated notes may be redeemed, in whole or in part, at 100% of the principal amount, plus any accrued and unpaid interest. Prior to March 30, 2024, at the Company’s option, the junior subordinated notes may be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the junior subordinated notes.

Equity Distribution Program	6 Months Ended
Equity Distribution Program	Jun. 30, 2019
Forward Equity Sale Agreements
Equity Distribution Program	Equity Distribution Program In the first quarter of 2019, the Company entered into equity distribution and forward equity agreements with several major securities firms under which it may, from time to time, issue and sell shares of its common stock (immediately or on a forward basis) having an aggregate sales price of up to $500.0 million (the “equity distribution program”). This equity distribution program superseded and replaced the Company’s prior equity distribution program. As of June 30, 2019, no sales had occurred under the new or prior equity distribution program.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates and markets.

In 2018, the Company entered into two separate pound sterling-denominated forward foreign currency contracts (the “forward contracts”) with a large financial institution (the “counterparty”). Concurrent to entering into each of the forward contracts, the Company also entered into two separate collar contracts (the “collar contracts”) with the same counterparty for the same notional amounts and expiration dates as the forward contracts. Under one of the forward contracts, the Company will deliver £325.3 million for $450.0 million in 2021 and, under the other forward contract, the Company will deliver £285.8 million for $400.0 million in 2024. Under the collar contract expiring in 2021, the Company sold a put option with a lower strike price of 1.318 U.S. dollars per one pound sterling and purchased a call option with an upper strike price of 1.448 U.S. dollars per one pound sterling. Under the collar contract expiring in 2024, the Company sold a put option with a lower strike price of 1.288 U.S. dollars per one pound sterling and purchased a call option with an upper strike price of 1.535 U.S. dollars per one pound sterling.

The combination of the forward contracts and the collar contracts was designated as net investment hedges against fluctuations in foreign currency exchange rates on certain of the Company’s investments in Affiliates with the pound sterling as their functional currency.

Changes in the fair values of the effective net investment hedges are reported in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. The Company assesses hedge effectiveness on a quarterly basis.

Certain of the Company’s Affiliates use forward foreign currency contracts to hedge the risk of foreign exchange rate movements, which were not significant for the three and six months ended June 30, 2018 and 2019.

Derivative financial instruments are presented in Other assets when in an unrealized gain position and in Other liabilities when in an unrealized loss position. When a right to offset exists between derivative financial instruments they are presented net in the Consolidated Balance Sheets. The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis:



	December 31, 2018					June 30, 2019
	Assets		Liabilities			Assets		Liabilities
Forward contracts	$	32.0	$	(1.4	)	$	47.6	$	(0.3	)
Put options	—		(60.3		)	—			(54.6	)
Call options	34.1		—			19.0			—
Total	$	66.1	$	(61.7	)	$	66.6	$	(54.9	)

The following table summarizes the effect of the derivative financial instruments on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income. For the three and six months ended June 30, 2018, the Company and its Affiliates did not have any significant derivative financial instruments.



	For the Three Months Ended June 30, 2019							For the Six Months Ended June 30, 2019
	Gain (Loss) Recognized in Other Comprehensive Income			Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings		Gain Recognized in Earnings from Excluded Components⁽¹⁾		Gain (Loss) Recognized in Other Comprehensive Income			Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings		Gain Recognized in Earnings from Excluded Components⁽¹⁾
Forward contracts	$	26.6		$	0.3	$	3.5	$	9.8		$	0.2	$	7.0
Put options	(12.3		)	—		—		5.6			—		—
Call options	(7.6		)	—		—		(15.1		)	—		—
Total	$	6.7		$	0.3	$	3.5	$	0.3		$	0.2	$	7.0

___________________________


⁽¹⁾	The excluded components of the forward contracts are recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense on the Consolidated Statements of Income.

The terms of the Company’s forward contracts and collar contracts provide net settlement rights and require the Company and the counterparty to post cash collateral in certain circumstances throughout the duration of the contracts. As of June 30, 2019, the Company held $8.8 million of cash collateral from the counterpary and the counterparty held $37.3 million of cash collateral from the Company.

The derivative contracts are governed by an International Swaps and Derivative Association (“ISDA”) Master Agreement with the counterparty, which provides for settlement netting and close-out netting between the Company and the counterparty, which are legally enforceable rights to setoff. The Company also actively monitors its counterparty credit risk related to derivative financial instruments. The Company’s derivative contracts include provisions to protect against counterparty rating downgrades, which in certain cases may give the Company a termination right. The Company considers set-off rights and counterparty credit risk in the valuation of its positions and recognizes a credit valuation adjustment as appropriate. The Company’s forward contracts and collar contracts include contingent features that could give rise to termination rights, if certain specified rating downgrades were to occur. As of June 30, 2019, there were no derivative arrangements with a contingent feature that were in a net liability position.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2019
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 has committed to co-invest in certain Affiliate sponsored investment products. As of June 30, 2019, these unfunded commitments were $139.3 million and may be called in future periods. As of June 30, 2019, the Company was contingently liable, upon the achievement by an Affiliate of specified financial targets, to make a payment of $150.0 million through 2020 related to the Company’s investments in this Affiliate. As of June 30, 2019, the Company expected to make no payments. Affiliate equity interests provide holders with a conditional right to put their interests to the Company over time. See Note 16 for additional information. In addition, in connection with one of the Company’s investments in a non-U.S. alternative Affiliate accounted for under the equity method, a minority owner has the right to elect to sell a portion of its ownership interest in the Affiliate to the Company annually. The purchase price of these conditional purchases will be at fair market value. As of June 30, 2019, the minority owner maintains a 14% interest in the Affiliate and if the Company repurchases the interest, it will continue to account for the Affiliate under the equity method. In the first quarter of 2019, the minority owner elected to sell a portion of its ownership interest in the Affiliate to the Company. See Note 11 for additional information. The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. Management is not aware of any significant violations of such requirements.

Fair Value Measurements

6 Months Ended

Jun. 30, 2019

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, 2018		Fair Value Measurements
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	$	119.3	$	119.3	$	—	$	—
Derivative financial instruments⁽¹⁾	5.8		—		5.8		—
Financial Liabilities⁽²⁾
Contingent payment arrangements	$	1.9	$	—	$	—	$	1.9
Affiliate equity repurchase obligations	36.2		—		—		36.2
Derivative financial instruments	1.4		—		1.4		—



			Fair Value Measurements
	June 30, 2019		Fair Value Measurements
	June 30, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	$	33.9	$	33.9	$	—	$	—
Derivative financial instruments⁽¹⁾	12.0		—		12.0		—
Financial Liabilities⁽²⁾
Affiliate equity repurchase obligations	$	57.4	$	—	$	—	$	57.4
Derivative financial instruments	0.3		—		0.3		—

__________________________


⁽¹⁾	Amounts are presented within Other assets.


⁽²⁾	Amounts are presented within Other liabilities.

Level 3 Financial Assets and Liabilities

The following tables present the changes in level 3 liabilities:



	For the Three Months Ended June 30,
	2018						2019
	Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations			Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	9.8		$	79.4		$	2.0		$	75.4
Net realized and unrealized losses⁽¹⁾	(0.8		)	—			—			(0.1		)
Purchases and issuances⁽²⁾	—			0.3			—			18.4
Settlements and reductions	(4.8		)	(42.8		)	(2.0		)	(36.3		)
Balance, end of period	$	4.2		$	36.9		$	—		$	57.4

Net change in unrealized losses relating to instruments still held at the reporting date	$	0.1		$	—		$	—		$	—



	For the Six Months Ended June 30,
	2018						2019
	Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations			Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	9.4		$	49.2		$	1.9		$	36.2
Net realized and unrealized losses⁽¹⁾	(0.4		)	—			0.1			(0.1		)
Purchases and issuances⁽²⁾	—			45.9			—			73.0
Settlements and reductions	(4.8		)	(58.2		)	(2.0		)	(51.7		)
Balance, end of period	$	4.2		$	36.9		$	—		$	57.4

Net change in unrealized losses relating to instruments still held at the reporting date	$	0.3		$	—		$	—		$	—

___________________________


⁽¹⁾	Accretion expense for these arrangements is recorded in Interest expense.


⁽²⁾	Includes transfers from Redeemable non-controlling interests.

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 fair value measurements:



	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2018				June 30, 2019
	Valuation Techniques	Unobservable Input	Fair Value		Range	Weighted Average	Fair Value		Range	Weighted Average
Contingent payment arrangements	Discounted cash flow	Growth rates	$	1.9	7%	7%	$	—	—	—
		Discount rates			15%	15%			—	—
Affiliate equity repurchase obligations	Discounted cash flow	Growth rates	36.2		(4)% - 9%	3%	57.4		(4)% - 9%	5%
		Discount rates			14% - 16%	15%			13% - 17%	14%

Contingent payment arrangements represent the present value of the expected future settlement amounts related to the Company’s investments in consolidated Affiliates.

Affiliate equity repurchase obligations include agreements to repurchase Affiliate equity. As of June 30, 2019, there were no changes to growth or discount rates that had a significant impact to Affiliate equity repurchase obligations recorded in prior periods.

Investments Measured at NAV as a Practical Expedient

The Company’s Affiliates sponsor investment products in which the Company and its Affiliates may make general partner and seed capital investments. The Company uses the net asset value (“NAV”) of these investments as a practical expedient for their fair values and reports these investments within Other investments. The following table summarizes the fair values of these investments and unfunded commitments:



	December 31, 2018				June 30, 2019
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds⁽¹⁾	$	193.2	$	131.0	$	200.6	$	139.3
Other funds⁽²⁾	7.9		—		9.1		—
Other investments⁽³⁾	$	201.1	$	131.0	$	209.7	$	139.3

___________________________


⁽¹⁾	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 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, monthly or quarterly basis.


⁽³⁾	Fair value attributable to the controlling interest was $123.2 million and $133.8 million as of December 31, 2018 and June 30, 2019, respectively.

Other Financial Assets and Liabilities Not Carried at Fair Value

The Company has other financial assets and liabilities, which are not required to be carried at fair value, but the Company is required to disclose their fair values. 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, which is reported in Other assets, approximates fair value because interest rates and other terms are at market rates. The carrying value of the credit facilities approximates fair value because the credit facilities have 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, 2018				June 30, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	746.2	$	747.5	$	746.5	$	783.8	Level 2
Junior convertible securities	312.5		391.5		313.9		416.3		Level 2
Junior subordinated notes	—		—		290.7		307.2		Level 2

- Definition

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

+ References + Details

Goodwill and Acquired Client Relationships

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

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



	Goodwill
Balance, as of December 31, 2018	$	2,633.4
Foreign currency translation	6.1
Balance, as of June 30, 2019	$	2,639.5



	Acquired Client Relationships (Net)
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2018	$	1,292.5		$	(988.9	)	$	303.6		$	1,006.3		$	1,309.9
Intangible amortization and impairments	—			(50.9		)	(50.9		)	—			(50.9		)
Foreign currency translation	(0.1		)	—			(0.1		)	(1.8		)	(1.9		)
Balance, as of June 30, 2019	$	1,292.4		$	(1,039.8	)	$	252.6		$	1,004.5		$	1,257.1

Definite-lived acquired client relationships are amortized over their expected period of economic benefit. The Company recorded amortization expense within Intangible amortization and impairments in the Consolidated Statements of Income for these relationships of $23.2 million and $46.4 million for the three and six months ended June 30, 2018, respectively, and $21.2 million and $50.9 million for the three and six months ended June 30, 2019, respectively. Based on relationships existing as of June 30, 2019, the Company estimates that its consolidated annual amortization expense will be approximately $100 million in 2019, approximately $75 million in 2020, and approximately $50 million in each of 2021, 2022 and 2023.

Equity Method Investments in Affiliates

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

The following table presents the change in Equity method investments in Affiliates (net):



	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2018	$	2,791.0
Earnings	148.3
Intangible amortization and impairments	(477.1		)
Distributions of earnings	(155.9		)
Investments in Affiliates	59.8
Divestments of Affiliates	(28.8		)
Other	(7.1		)
Balance, as of June 30, 2019	$	2,330.2

Definite-lived acquired client relationships at the Company’s equity method Affiliates are amortized over their expected period of economic benefit. The Company recognized amortization expense for these relationships of $23.5 million and $53.5 million for the three and six months ended June 30, 2018, respectively, and $38.9 million and $62.1 million for the three and six months ended June 30, 2019, respectively. Based on relationships existing as of June 30, 2019, the Company estimates the annual amortization expense attributable to its equity method Affiliates will be approximately $150 million in each of 2019 and 2020, and approximately $75 million in each of 2021, 2022 and 2023.

In connection with one of the Company’s investments in a non-U.S. alternative Affiliate accounted for under the equity method, a minority owner has the right to elect to sell a portion of its ownership interest in the Affiliate to the Company annually. In the first quarter of 2019, the minority owner elected to sell a 5% ownership interest in the Affiliate to the Company for $25.7 million, which settled in the three months ended June 30, 2019.

In the first quarter of 2019, the Company recognized a $415.0 million expense to reduce the carrying value of one of its equity method Affiliates to its fair value. A series of precipitating events led the Company to conclude in March 2019 that the growth expectations of a U.S. credit alternative Affiliate of the Company had declined significantly, which the Company determined constituted a triggering event. The Affiliate’s flagship product had underperformed. The cumulative effect of associated redemptions and scaled-down fundraising expectations reduced expected asset and performance based fees and operating margin at the Affiliate. This led to a significant decrease in projected operating cash flows available to fund the Affiliate’s growth strategy, prompting a change in the strategic objectives of the Affiliate, including exiting the systematic equity business and reducing the number of new investment strategies being pursued. The Company determined that the estimated fair value of the Affiliate had declined meaningfully. Therefore, the Company performed a valuation to determine whether the fair value of the Affiliate had declined below its carrying value using a discounted cash flow analysis, a level 3 fair value measurement. The Company assumed projected compounded asset based fee growth over the first five years of (13)%,

discount rates of 11% and 20% for asset and performance based fees, respectively, and a market participant tax rate of 25%. Based on the discounted cash flow analysis, the Company concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-temporary.

Lease Commitments

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease Commitments

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements. The following table presents total lease costs (net):



	For the Three Months Ended June 30, 2019			For the Six Months Ended June 30, 2019
Operating lease costs	$	10.4		$	19.4
Short-term lease costs	0.5			1.0
Variable lease costs	0.1			0.2
Sublease income	(1.1		)	(2.1		)
Total lease costs (net)	$	9.9		$	18.5

For the six months ended June 30, 2019, cash flows for operating leases were $16.4 million and right-of-use assets obtained in exchange for new operating leases were $8.1 million. As of June 30, 2019, the Company’s and its Affiliates’ weighted average operating lease term was 8.1 years and the weighted average operating lease discount rate was 4.1%.

As of June 30, 2019, the maturity of lease liabilities were as follows:



	Operating Leases
Remainder of 2019	$	17.4
2020	38.5
2021	36.6
2022	28.8
2023	24.5
Thereafter	84.9
Total undiscounted lease liabilities⁽¹⁾	$	230.7

___________________________


⁽¹⁾	Total undiscounted lease liabilities were $43.4 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

In connection with the Company’s adoption of ASU 2016-02, the Company was not required, and did not, update prior period disclosures from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. The Company’s reported aggregate required minimum payments for operating leases having initial or non-cancelable lease terms greater than one year under the old standard as of December 31, 2018 were as follows:



Year	Required Minimum Payments
2019	$	35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	75.2

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retained interests in certain of the Affiliate’s private equity partnerships and, as a result, is a related party of the Company. The prior owner’s interests are presented in Other liabilities and were $49.7 million and $43.9 million as of December 31, 2018 and June 30, 2019, respectively. The Company and its Affiliates earn asset and performance based fees and incur distribution and other expenses for services provided to Affiliate sponsored investment products. In addition, Affiliate management owners and the Company’s officers may serve as trustees or directors of certain investment vehicles from which the Company or an Affiliate earns fees. The Company has related party transactions in association with its Affiliate equity transactions, as more fully described in Notes 15 and 16. The Company’s executive officers and directors may invest from time to time in funds advised by its Affiliates on substantially the same terms as other investors.

Share-Based Compensation

6 Months Ended

Jun. 30, 2019

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

Share-Based Compensation

The following table presents share-based compensation expense:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Share-based compensation	$	11.1	$	10.2	$	21.8	$	19.0
Tax benefit	2.8		2.5		5.5		4.7

As of December 31, 2018, the Company had unrecognized share-based compensation expense of $54.1 million. As of June 30, 2019, the Company had unrecognized share-based compensation expense of $70.8 million, which will be recognized over a weighted average period of approximately two years (assuming no forfeitures).

Stock Options

The following table summarizes transactions in the Company’s stock options:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding - December 31, 2018	0.5		$	130.81
Options granted	0.0		110.20
Options exercised	(0.0	)	107.63
Options forfeited	(0.0	)	122.63
Unexercised options outstanding - June 30, 2019	0.5		130.58		3.4
Exercisable at June 30, 2019	0.4		129.04		3.2

For the six months ended June 30, 2018 and 2019, the Company granted stock options with fair values of $0.5 million in each period. Stock options generally vest over a period of three years to four years and expire seven years after the grant date. All options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. In certain circumstances, option awards also require certain performance conditions to be satisfied in order for the options to be exercised.

The fair value of options granted was estimated using the Black-Scholes option pricing model and were $53.81 and $33.58, per option, for the six months ended June 30, 2018 and 2019, respectively. The weighted average grant date assumptions used to estimate the fair value of options granted were as follows:



	For the Six Months Ended June 30,
	2018		2019
Dividend yield	0.7	%	1.2	%
Expected volatility	24.6	%	31.9	%
Risk-free interest rate	2.6	%	2.6	%
Expected life of options (in years)	5.7		5.7
Forfeiture rate	—	%	—	%

Restricted Stock

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



	Restricted Stock Units		Weighted Average Grant Date Value
Unvested units - December 31, 2018	0.6		$	172.74
Units granted	0.3		110.02
Units vested	(0.2	)	169.23
Units forfeited	(0.0	)	163.21
Unvested units - June 30, 2019	0.7		143.94

For the six months ended June 30, 2018 and 2019, the Company granted restricted stock unit awards with fair values of $36.7 million and $36.0 million, respectively. These awards were valued based on the closing price of the Company’s common stock on the grant date and the number of awards expected to be delivered. Awards containing vesting conditions generally require service over a period of three years to four years and may also require the satisfaction of certain performance conditions. In certain cases, awards with performance conditions may use structures whereby the number of shares of the Company’s common stock that an employee ultimately receives at vesting will be equal to the base number of restricted stock units granted, multiplied by a predetermined percentage determined in accordance with the Company’s attainment of certain pre-established performance measures and could be higher or lower than the original restricted stock unit grant. During the six months ended June 30, 2019, there were no changes in the Company’s estimate of the number of shares expected to be delivered.

Redeemable Non-Controlling Interests

6 Months Ended

Jun. 30, 2019

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Affiliate equity interests provide holders with an equity interest in one of the Company’s Affiliates, consistent with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five years and 15 years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). Prior to becoming redeemable, the value of the Company’s Affiliate equity is presented within Non-controlling interests. Upon becoming redeemable, the value of these interests is reclassified and the current redemption value of these interests is presented as Redeemable non-controlling interests. Changes in the current redemption value are recorded to Additional paid-in capital. When the Company receives a put notice, and, therefore, has an unconditional obligation to repurchase Affiliate equity interests, they are reclassified to Other liabilities. The following table presents the changes in Redeemable non-controlling interests:



	Redeemable Non-controlling Interests
Balance, as of December 31, 2018⁽¹⁾	$	833.7
Changes attributable to consolidated Affiliate sponsored investment products	(84.3		)
Transfers to Other liabilities	(73.0		)
Transfers from Non-controlling interests	54.4
Changes in redemption value	(3.6		)
Balance, as of June 30, 2019⁽¹⁾	$	727.2

___________________________

⁽¹⁾

As of December 31, 2018 and June 30, 2019, Redeemable non-controlling interests includes consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $91.0 million and $6.7 million, respectively.

Affiliate Equity

6 Months Ended

Jun. 30, 2019

Affiliate Equity [Abstract]

Affiliate Equity

Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. For the six months ended June 30, 2018 and 2019, distributions paid to Affiliate equity holders (non-controlling interests) were $205.3 million and $192.7 million, respectively.

The Company periodically repurchases Affiliate equity interests from and issues Affiliate equity interests to its Affiliate partners and its officers. For the six months ended June 30, 2018 and 2019, the amount of cash paid for repurchases was $57.1 million and $51.8 million, respectively. For the six months ended June 30, 2018 and 2019, the total amount of cash received for issuances was $6.2 million and $9.9 million, respectively.

Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its Affiliate partners and its 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, the difference is recorded as compensation expense in Compensation and related expenses in the Consolidated Statements of Income over the requisite service period.

The following table presents Affiliate equity compensation expense:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Controlling interest	$	2.2	$	2.8	$	4.8	$	5.0
Non-controlling interests	6.1		9.6		22.9		18.0
Total	$	8.3	$	12.4	$	27.7	$	23.0

The following table presents unrecognized Affiliate equity compensation expense:



	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
December 31, 2018	$	38.7	5 years	$	118.3	6 years
June 30, 2019	42.2		5 years	134.4		6 years

The Company records amounts receivable from and payable to Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period and other related transactions. The total receivable was $16.2 million and $19.1 million as of December 31, 2018 and June 30, 2019, respectively, and was included in Other assets. The total payable was $36.2 million and $57.4 million as of December 31, 2018 and June 30, 2019, respectively, and was included in Other liabilities.

Effects of Changes in the Company’s Ownership in Affiliates

The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recognized in the Consolidated Statements of Income or the Consolidated Statements of Comprehensive Income.

While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests, with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the applicable periods:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2019			2018			2019
Net income (loss) (controlling interest)	$	117.0		$	107.7		$	270.0		$	(93.1	)
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(2.3		)	(0.2		)	(3.3		)	(0.9		)
Increase / (decrease) in controlling interest paid-in capital from Affiliate equity repurchases	1.0			(13.3		)	(32.1		)	(30.6		)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$	115.7		$	94.2		$	234.6		$	(124.6	)

Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to the non-controlling interests.

The following table presents the consolidated provision for income taxes:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2019			2018			2019
Controlling interest:
Current taxes	$	26.2		$	27.9		$	73.5		$	48.8
Intangible-related deferred taxes	4.7			6.6			17.9			(87.1		)
Other deferred taxes	0.7			(1.1		)	1.0			6.8
Total controlling interest	31.6			33.4			92.4			(31.5		)
Non-controlling interests:
Current taxes	$	2.5		$	2.4		$	5.3		$	5.6
Deferred taxes	0.0			(0.1		)	(0.2		)	(0.2		)
Total non-controlling interests	2.5			2.3			5.1			5.4
Income tax expense (benefit)	$	34.1		$	35.7		$	97.5		$	(26.1	)
Income (loss) before income taxes (controlling interest)	$	148.6		$	141.1		$	362.4		$	(124.6	)
Effective tax rate (controlling interest)⁽¹⁾	21.3		%	23.7		%	25.5		%	25.3		%

___________________________

⁽¹⁾

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

Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

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



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Numerator
Net income (loss) (controlling interest)	$	117.0	$	107.7	$	270.0	$	(93.1	)
Interest expense on junior convertible securities, net of taxes	—		—		9.5		—
Net income (loss) (controlling interest), as adjusted	$	117.0	$	107.7	$	279.5	$	(93.1	)
Denominator
Average shares outstanding (basic)	54.0		51.0		54.3		51.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.2		0.0		0.3		—
Junior convertible securities	—		—		2.2		—
Average shares outstanding (diluted)	54.2		51.0		56.8		51.5

Average shares outstanding (diluted) in the table above excludes share-based awards that have not satisfied performance conditions and the anti-dilutive effect of the following:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2018	2019	2018	2019
Stock options and restricted stock units	0.2	0.6	0.2	0.5
Junior convertible securities	2.2	2.2	—	2.2

The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intention to settle these potential purchases in cash, the calculation of Average shares outstanding (diluted) excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases.

For the three and six months ended June 30, 2019, the Company repurchased 0.6 million and 1.4 million shares, respectively, of its common stock at an average price per share of $89.07 and $99.33, respectively.

Comprehensive Income

6 Months Ended

Jun. 30, 2019

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

Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):



	For the Three Months Ended June 30,
	2018								2019
	Pre-Tax			Tax Benefit (Expense)		Net of Tax			Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(20.2	)	$	—	$	(20.2	)	$	12.1		$	(6.9	)	$	5.2
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.0			—		0.0			(0.7		)	—			(0.7		)
Other comprehensive income (loss)	$	(20.2	)	$	—	$	(20.2	)	$	11.4		$	(6.9	)	$	4.5



	For the Six Months Ended June 30,
	2018						2019
	Pre-Tax		Tax Benefit (Expense)		Net of Tax		Pre-Tax		Tax Benefit (Expense)		Net of Tax
Foreign currency translation adjustment	$	8.9	$	—	$	8.9	$	6.6	$	6.1	$	12.7
Change in net realized and unrealized gain on derivative financial instruments	0.3		—		0.3		0.5		—		0.5
Other comprehensive income	$	9.2	$	—	$	9.2	$	7.1	$	6.1	$	13.2

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



	Foreign Currency Translation Adjustment			Realized and Unrealized Gains (Losses) on Derivative Securities			Total
Balance, as of December 31, 2018	$	(188.0	)	$	(0.5	)	$	(188.5	)
Other comprehensive income before reclassifications	12.7			0.7			13.4
Amounts reclassified	—			(0.2		)	(0.2		)
Net other comprehensive income	12.7			0.5			13.2
Balance, as of June 30, 2019	$	(175.3	)	$	0.0		$	(175.3	)

In connection with the adoption of ASU 2018-02 in the first quarter of 2019, the Company elected to reclassify to Retained earnings $6.6 million of tax effects stranded in Accumulated other comprehensive loss as a result of the enactment of the Tax Cuts and Jobs Act on December 22, 2017.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 5, 2019, the Company completed its minority investment in Garda Capital Partners LP.

Accounting Standards and Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q.

All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated

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.

Recently Adopted Accounting Standards

Effective January 1, 2019, the Company adopted the following new Accounting Standard Updates (“ASUs”):


•	ASU 2016-02, Leases (and related ASUs);


•	ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income; and


•	ASU 2014-09, Revenue from Contracts with Customers (and related ASUs, effective for the Company’s equity method Affiliates)

The adoption of ASU 2016-02 was the only ASU that had a significant impact on the Company’s Consolidated Financial Statements.

Leases

Investments in Affiliates and Affiliate Sponsored Investments Products

Investments in Affiliates and Affiliate Sponsored Investment Products

Investments in Affiliates

Affiliate Sponsored Investment Products

Investments in Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2019

Marketable Securities [Abstract]

Schedule of Investments in Marketable Securities

The following is a summary of the cost, gross unrealized gains, unrealized losses and fair value of Investments in marketable securities:



	December 31, 2018			June 30, 2019
Cost	$	126.8		$	31.7
Unrealized gains	1.1			2.3
Unrealized losses	(8.6		)	(0.1		)
Fair value	$	119.3		$	33.9

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)

6 Months Ended

Jun. 30, 2019

Variable Interest Entities

Schedule of Unconsolidated Assets and Liabilities of Equity Method Investments and Company's Risk of Loss

The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows:



	December 31, 2018				June 30, 2019
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products	$	2,216.5	$	1.1	$	2,262.6	$	1.5



	December 31, 2018				June 30, 2019
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method	$	1,102.9	$	2,277.8	$	1,007.6	$	1,839.1

- Definition

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

+ References + Details

Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt on the Consolidated Balance Sheets

The Company’s Debt consisted of the following:



	December 31, 2018		June 30, 2019
Senior bank debt	$	779.7	$	449.7
Senior notes	742.5		743.1
Junior convertible securities	307.4		309.0
Junior subordinated notes	—		289.6
Debt	$	1,829.6	$	1,791.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Company's Derivative Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis:



	December 31, 2018					June 30, 2019
	Assets		Liabilities			Assets		Liabilities
Forward contracts	$	32.0	$	(1.4	)	$	47.6	$	(0.3	)
Put options	—		(60.3		)	—			(54.6	)
Call options	34.1		—			19.0			—
Total	$	66.1	$	(61.7	)	$	66.6	$	(54.9	)

Schedule of Effect of Derivative Financial Instruments on the Consolidated Statements of Comprehensive Income and Statements of Income



	For the Three Months Ended June 30, 2019							For the Six Months Ended June 30, 2019
	Gain (Loss) Recognized in Other Comprehensive Income			Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings		Gain Recognized in Earnings from Excluded Components⁽¹⁾		Gain (Loss) Recognized in Other Comprehensive Income			Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings		Gain Recognized in Earnings from Excluded Components⁽¹⁾
Forward contracts	$	26.6		$	0.3	$	3.5	$	9.8		$	0.2	$	7.0
Put options	(12.3		)	—		—		5.6			—		—
Call options	(7.6		)	—		—		(15.1		)	—		—
Total	$	6.7		$	0.3	$	3.5	$	0.3		$	0.2	$	7.0

___________________________

⁽¹⁾

The excluded components of the forward contracts are recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense on the Consolidated Statements of Income.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of 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, 2018		Fair Value Measurements
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	$	119.3	$	119.3	$	—	$	—
Derivative financial instruments⁽¹⁾	5.8		—		5.8		—
Financial Liabilities⁽²⁾
Contingent payment arrangements	$	1.9	$	—	$	—	$	1.9
Affiliate equity repurchase obligations	36.2		—		—		36.2
Derivative financial instruments	1.4		—		1.4		—



			Fair Value Measurements
	June 30, 2019		Fair Value Measurements
	June 30, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	$	33.9	$	33.9	$	—	$	—
Derivative financial instruments⁽¹⁾	12.0		—		12.0		—
Financial Liabilities⁽²⁾
Affiliate equity repurchase obligations	$	57.4	$	—	$	—	$	57.4
Derivative financial instruments	0.3		—		0.3		—

__________________________


⁽¹⁾	Amounts are presented within Other assets.

⁽²⁾

Amounts are presented within Other liabilities.

Schedule of Changes in Level 3 Assets and Liabilities

The following tables present the changes in level 3 liabilities:



	For the Three Months Ended June 30,
	2018						2019
	Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations			Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	9.8		$	79.4		$	2.0		$	75.4
Net realized and unrealized losses⁽¹⁾	(0.8		)	—			—			(0.1		)
Purchases and issuances⁽²⁾	—			0.3			—			18.4
Settlements and reductions	(4.8		)	(42.8		)	(2.0		)	(36.3		)
Balance, end of period	$	4.2		$	36.9		$	—		$	57.4

Net change in unrealized losses relating to instruments still held at the reporting date	$	0.1		$	—		$	—		$	—



	For the Six Months Ended June 30,
	2018						2019
	Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations			Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	9.4		$	49.2		$	1.9		$	36.2
Net realized and unrealized losses⁽¹⁾	(0.4		)	—			0.1			(0.1		)
Purchases and issuances⁽²⁾	—			45.9			—			73.0
Settlements and reductions	(4.8		)	(58.2		)	(2.0		)	(51.7		)
Balance, end of period	$	4.2		$	36.9		$	—		$	57.4

Net change in unrealized losses relating to instruments still held at the reporting date	$	0.3		$	—		$	—		$	—

___________________________


⁽¹⁾	Accretion expense for these arrangements is recorded in Interest expense.

⁽²⁾

Includes transfers from Redeemable non-controlling interests.

Schedule of Quantitative Information used in Valuing Level 3 Liabilities

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 fair value measurements:



	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2018				June 30, 2019
	Valuation Techniques	Unobservable Input	Fair Value		Range	Weighted Average	Fair Value		Range	Weighted Average
Contingent payment arrangements	Discounted cash flow	Growth rates	$	1.9	7%	7%	$	—	—	—
		Discount rates			15%	15%			—	—
Affiliate equity repurchase obligations	Discounted cash flow	Growth rates	36.2		(4)% - 9%	3%	57.4		(4)% - 9%	5%
		Discount rates			14% - 16%	15%			13% - 17%	14%

Schedule of Investments in Certain Entities that Calculate Net Asset Value

The following table summarizes the fair values of these investments and unfunded commitments:



	December 31, 2018				June 30, 2019
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds⁽¹⁾	$	193.2	$	131.0	$	200.6	$	139.3
Other funds⁽²⁾	7.9		—		9.1		—
Other investments⁽³⁾	$	201.1	$	131.0	$	209.7	$	139.3

___________________________


⁽¹⁾	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 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, monthly or quarterly basis.

⁽³⁾

Fair value attributable to the controlling interest was $123.2 million and $133.8 million as of December 31, 2018 and June 30, 2019, respectively.

Schedule of Financial Assets and Liabilities Not Carried at Fair Value

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



	December 31, 2018				June 30, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	746.2	$	747.5	$	746.5	$	783.8	Level 2
Junior convertible securities	312.5		391.5		313.9		416.3		Level 2
Junior subordinated notes	—		—		290.7		307.2		Level 2

Goodwill and Acquired Client Relationships (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

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



	Goodwill
Balance, as of December 31, 2018	$	2,633.4
Foreign currency translation	6.1
Balance, as of June 30, 2019	$	2,639.5

Schedule of Changes in the Components of Acquired Client Relationships



	Acquired Client Relationships (Net)
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2018	$	1,292.5		$	(988.9	)	$	303.6		$	1,006.3		$	1,309.9
Intangible amortization and impairments	—			(50.9		)	(50.9		)	—			(50.9		)
Foreign currency translation	(0.1		)	—			(0.1		)	(1.8		)	(1.9		)
Balance, as of June 30, 2019	$	1,292.4		$	(1,039.8	)	$	252.6		$	1,004.5		$	1,257.1

Equity Method Investments in Affiliates (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments in Affiliates

The following table presents the change in Equity method investments in Affiliates (net):



	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2018	$	2,791.0
Earnings	148.3
Intangible amortization and impairments	(477.1		)
Distributions of earnings	(155.9		)
Investments in Affiliates	59.8
Divestments of Affiliates	(28.8		)
Other	(7.1		)
Balance, as of June 30, 2019	$	2,330.2

Lease Commitments (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Total Lease Costs (Net)

The following table presents total lease costs (net):



	For the Three Months Ended June 30, 2019			For the Six Months Ended June 30, 2019
Operating lease costs	$	10.4		$	19.4
Short-term lease costs	0.5			1.0
Variable lease costs	0.1			0.2
Sublease income	(1.1		)	(2.1		)
Total lease costs (net)	$	9.9		$	18.5

Schedule of the Company's Maturity of Lease Liabilities

As of June 30, 2019, the maturity of lease liabilities were as follows:



	Operating Leases
Remainder of 2019	$	17.4
2020	38.5
2021	36.6
2022	28.8
2023	24.5
Thereafter	84.9
Total undiscounted lease liabilities⁽¹⁾	$	230.7

___________________________

⁽¹⁾

Total undiscounted lease liabilities were $43.4 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

Schedule Required Minimum Payments for Operating Leases Before Adoption of ASU 2016-02

The Company’s reported aggregate required minimum payments for operating leases having initial or non-cancelable lease terms greater than one year under the old standard as of December 31, 2018 were as follows:



Year	Required Minimum Payments
2019	$	35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	75.2

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

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

Schedule of Share-Based Compensation

The following table presents share-based compensation expense:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Share-based compensation	$	11.1	$	10.2	$	21.8	$	19.0
Tax benefit	2.8		2.5		5.5		4.7

Schedule of Company Stock Option Transactions

The following table summarizes transactions in the Company’s stock options:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding - December 31, 2018	0.5		$	130.81
Options granted	0.0		110.20
Options exercised	(0.0	)	107.63
Options forfeited	(0.0	)	122.63
Unexercised options outstanding - June 30, 2019	0.5		130.58		3.4
Exercisable at June 30, 2019	0.4		129.04		3.2

Schedule of Fair Value of Options Granted and Assumptions

The weighted average grant date assumptions used to estimate the fair value of options granted were as follows:



	For the Six Months Ended June 30,
	2018		2019
Dividend yield	0.7	%	1.2	%
Expected volatility	24.6	%	31.9	%
Risk-free interest rate	2.6	%	2.6	%
Expected life of options (in years)	5.7		5.7
Forfeiture rate	—	%	—	%

Schedule of Company Restricted Stock Units Transactions

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



	Restricted Stock Units		Weighted Average Grant Date Value
Unvested units - December 31, 2018	0.6		$	172.74
Units granted	0.3		110.02
Units vested	(0.2	)	169.23
Units forfeited	(0.0	)	163.21
Unvested units - June 30, 2019	0.7		143.94

Redeemable Non-Controlling Interests (Tables)

6 Months Ended

Jun. 30, 2019

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Non-Controlling Interests

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



	Redeemable Non-controlling Interests
Balance, as of December 31, 2018⁽¹⁾	$	833.7
Changes attributable to consolidated Affiliate sponsored investment products	(84.3		)
Transfers to Other liabilities	(73.0		)
Transfers from Non-controlling interests	54.4
Changes in redemption value	(3.6		)
Balance, as of June 30, 2019⁽¹⁾	$	727.2

___________________________

⁽¹⁾

Affiliate Equity (Tables)

6 Months Ended

Jun. 30, 2019

Affiliate Equity [Abstract]

Schedule of Affiliate Equity Compensation

The following table presents Affiliate equity compensation expense:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Controlling interest	$	2.2	$	2.8	$	4.8	$	5.0
Non-controlling interests	6.1		9.6		22.9		18.0
Total	$	8.3	$	12.4	$	27.7	$	23.0

Schedule of Affiliate Equity Unrecognized Compensation Expense

The following table presents unrecognized Affiliate equity compensation expense:



	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
December 31, 2018	$	38.7	5 years	$	118.3	6 years
June 30, 2019	42.2		5 years	134.4		6 years

Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2019			2018			2019
Net income (loss) (controlling interest)	$	117.0		$	107.7		$	270.0		$	(93.1	)
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(2.3		)	(0.2		)	(3.3		)	(0.9		)
Increase / (decrease) in controlling interest paid-in capital from Affiliate equity repurchases	1.0			(13.3		)	(32.1		)	(30.6		)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$	115.7		$	94.2		$	234.6		$	(124.6	)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests

The following table presents the consolidated provision for income taxes:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2019			2018			2019
Controlling interest:
Current taxes	$	26.2		$	27.9		$	73.5		$	48.8
Intangible-related deferred taxes	4.7			6.6			17.9			(87.1		)
Other deferred taxes	0.7			(1.1		)	1.0			6.8
Total controlling interest	31.6			33.4			92.4			(31.5		)
Non-controlling interests:
Current taxes	$	2.5		$	2.4		$	5.3		$	5.6
Deferred taxes	0.0			(0.1		)	(0.2		)	(0.2		)
Total non-controlling interests	2.5			2.3			5.1			5.4
Income tax expense (benefit)	$	34.1		$	35.7		$	97.5		$	(26.1	)
Income (loss) before income taxes (controlling interest)	$	148.6		$	141.1		$	362.4		$	(124.6	)
Effective tax rate (controlling interest)⁽¹⁾	21.3		%	23.7		%	25.5		%	25.3		%

___________________________

⁽¹⁾

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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

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



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Numerator
Net income (loss) (controlling interest)	$	117.0	$	107.7	$	270.0	$	(93.1	)
Interest expense on junior convertible securities, net of taxes	—		—		9.5		—
Net income (loss) (controlling interest), as adjusted	$	117.0	$	107.7	$	279.5	$	(93.1	)
Denominator
Average shares outstanding (basic)	54.0		51.0		54.3		51.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.2		0.0		0.3		—
Junior convertible securities	—		—		2.2		—
Average shares outstanding (diluted)	54.2		51.0		56.8		51.5

Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share

Average shares outstanding (diluted) in the table above excludes share-based awards that have not satisfied performance conditions and the anti-dilutive effect of the following:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2018	2019	2018	2019
Stock options and restricted stock units	0.2	0.6	0.2	0.5
Junior convertible securities	2.2	2.2	—	2.2

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2019

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

Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):



	For the Three Months Ended June 30,
	2018								2019
	Pre-Tax			Tax Benefit (Expense)		Net of Tax			Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(20.2	)	$	—	$	(20.2	)	$	12.1		$	(6.9	)	$	5.2
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.0			—		0.0			(0.7		)	—			(0.7		)
Other comprehensive income (loss)	$	(20.2	)	$	—	$	(20.2	)	$	11.4		$	(6.9	)	$	4.5



	For the Six Months Ended June 30,
	2018						2019
	Pre-Tax		Tax Benefit (Expense)		Net of Tax		Pre-Tax		Tax Benefit (Expense)		Net of Tax
Foreign currency translation adjustment	$	8.9	$	—	$	8.9	$	6.6	$	6.1	$	12.7
Change in net realized and unrealized gain on derivative financial instruments	0.3		—		0.3		0.5		—		0.5
Other comprehensive income	$	9.2	$	—	$	9.2	$	7.1	$	6.1	$	13.2

Schedule of Components of Accumulated Other Comprehensive Income

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



	Foreign Currency Translation Adjustment			Realized and Unrealized Gains (Losses) on Derivative Securities			Total
Balance, as of December 31, 2018	$	(188.0	)	$	(0.5	)	$	(188.5	)
Other comprehensive income before reclassifications	12.7			0.7			13.4
Amounts reclassified	—			(0.2		)	(0.2		)
Net other comprehensive income	12.7			0.5			13.2
Balance, as of June 30, 2019	$	(175.3	)	$	0.0		$	(175.3	)

Accounting Standards and Policies (Details) - ASU 2016-02 $ in Millions	Jan. 01, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability	$ 190.8
Right-of-use asset	$ 163.6

Investments in Marketable Securities - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Marketable Securities [Abstract]
Cost	$ 31.7	$ 126.8
Unrealized gains	2.3	1.1
Unrealized losses	(0.1)	(8.6)
Fair value	$ 33.9	$ 119.3

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Proceeds received from sales of marketable securities	$ 3.4		$ 12.1	$ 18.5	$ 25.9
Net realized gains (losses) on sale of marketable securities	$ 0.2		$ 1.3	$ 0.7	$ 4.1
Affiliate sponsored investment products
Investment [Line Items]
Fair value of deconsolidated investment in affiliate		$ 84.3

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entities
Carrying value of equity method investment in affiliate	$ 2,330.2	$ 2,791.0
Carrying amount and maximum exposure to loss equity method investments considered VREs	491.1	513.2
Affiliates accounted for under the equity method
Variable Interest Entities
Unconsolidated VIE Net Assets	1,007.6	1,102.9
Carrying Value and Maximum Exposure to Loss	$ 1,839.1	$ 2,277.8

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Affiliate sponsored investment products - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 2,262.6	$ 2,216.5
Carrying Value and Maximum Exposure to Loss	$ 1.5	$ 1.1

Debt - Summary of Company's Debt (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt	$ 1,791.4	$ 1,829.6
Senior bank debt
Debt Instrument [Line Items]
Debt	449.7	779.7
Senior notes
Debt Instrument [Line Items]
Debt	743.1	742.5
Junior convertible securities
Debt Instrument [Line Items]
Debt	309.0	307.4
Junior subordinated notes
Debt Instrument [Line Items]
Debt	$ 289.6	$ 0.0

Debt - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 31, 2019	Apr. 30, 2019	Jun. 30, 2019
Senior bank debt \| Revolver
Debt Instrument [Line Items]
Total available borrowing	$ 1,250,000,000
Additional borrowing amount	500,000,000.0
Senior bank debt \| Revolver \| LIBOR
Debt Instrument [Line Items]
Basis spread on debt variable rate			1.10%
Senior bank debt \| Term Loan
Debt Instrument [Line Items]
Total available borrowing	450,000,000.0
Additional borrowing amount	75,000,000.0
Senior bank debt \| Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on debt variable rate			0.875%
Junior subordinated notes \| 5.875% Junior Subordinated Notes due 2059
Debt Instrument [Line Items]
Debt issued	$ 280,000,000.0	$ 300,000,000.0
Additional debt issued		$ 20,000,000.0
Debt interest rate	5.875%
Debt redemption price percentage of principal amount	100.00%
Debt redemption price percentage of principal amount plus unpaid and accrued interest	102.00%
Junior subordinated notes \| 5.875% Junior Subordinated Notes due 2059 \| On or after March 30, 2024
Debt Instrument [Line Items]
Debt redemption price percentage of principal amount	100.00%
Junior subordinated notes \| 5.875% Junior Subordinated Notes due 2059 \| Prior to March 30, 2024
Debt Instrument [Line Items]
Debt redemption price percentage of principal amount	100.00%

Equity Distribution Program (Details) - Equity Distribution Program - USD ($)	6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Equity distribution program, maximum amount authorized		$ 500,000,000.0
Sales of common stock under the equity distribution program	$ 0

Derivative Financial Instruments - Additional Information (Details) £ in Millions	Jun. 30, 2019 USD ($) derivative	Dec. 31, 2018 USD ($) derivative $ / unit	Dec. 31, 2018 GBP (£) derivative $ / unit
Derivative [Line Items]
Number of derivative contracts with contingent feature in a net liability position \| derivative	0
Forward contracts
Derivative [Line Items]
Derivative, number of contracts \| derivative		2	2
Cash collateral held from counterparty \| $	$ 8,800,000
Cash collateral held at counterparty \| $	$ 37,300,000
Collar contracts
Derivative [Line Items]
Derivative, number of contracts \| derivative		2	2
Designated as Hedging Instrument \| Net Investment Hedging \| Forward contract expiring 2024
Derivative [Line Items]
Derivative Liability, Notional Amount		$ 450,000,000.0	£ 325.3
Designated as Hedging Instrument \| Net Investment Hedging \| Forward contract expiring 2021
Derivative [Line Items]
Derivative Liability, Notional Amount		$ 400,000,000.0	£ 285.8
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-call option \| Minimum
Derivative [Line Items]
Derivative, option strike price (in dollars per pound sterling)		1.318	1.318
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-call option \| Maximum
Derivative [Line Items]
Derivative, option strike price (in dollars per pound sterling)		1.448	1.448
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-put option \| Minimum
Derivative [Line Items]
Derivative, option strike price (in dollars per pound sterling)		1.288	1.288
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-put option \| Maximum
Derivative [Line Items]
Derivative, option strike price (in dollars per pound sterling)		1.535	1.535

Derivative Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Designated as Hedging Instrument - Derivatives in Net Investment Hedging Relationship - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Assets	$ 66.6	$ 66.1
Liabilities	(54.9)	(61.7)
Forward contracts
Derivative [Line Items]
Assets	47.6	32.0
Liabilities	(0.3)	(1.4)
Put options
Derivative [Line Items]
Assets	0.0	0.0
Liabilities	(54.6)	(60.3)
Call options
Derivative [Line Items]
Assets	19.0	34.1
Liabilities	$ 0.0	$ 0.0

Derivative Financial Instruments - Effect on Statement of Comprehensive Income and Statement of Income (Details) - Designated as Hedging Instrument - Derivatives in Net Investment Hedging Relationship - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2019

Derivative [Line Items]

Gain (Loss) Recognized in Other Comprehensive Income

$ 6.7

$ 0.3

Gain Recognized in Earnings from Excluded Components

^[1]

3.5

7.0

Forward contracts

Derivative [Line Items]

Gain (Loss) Recognized in Other Comprehensive Income

26.6

9.8

Gain Recognized in Earnings from Excluded Components

^[1]

3.5

7.0

Put options

Derivative [Line Items]

Gain (Loss) Recognized in Other Comprehensive Income

(12.3)

5.6

Gain Recognized in Earnings from Excluded Components

^[1]

0.0

Call options

Derivative [Line Items]

Gain (Loss) Recognized in Other Comprehensive Income

(7.6)

(15.1)

Gain Recognized in Earnings from Excluded Components

^[1]

0.0

Foreign Currency Translation Adjustment

Derivative [Line Items]

Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings

0.3

0.2

Foreign Currency Translation Adjustment | Forward contracts

Derivative [Line Items]

Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings

0.3

0.2

Foreign Currency Translation Adjustment | Put options

Derivative [Line Items]

Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings

0.0

Foreign Currency Translation Adjustment | Call options

Derivative [Line Items]

Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings

$ 0.0

[1]	The excluded components of the forward contracts are recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense on the Consolidated Statements of Income.

Commitments and Contingencies (Details)	Jun. 30, 2019 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 139,300,000
Affiliate
Commitments and Contingencies
Other commitments	150,000,000.0
Other commitments, expected payments	$ 0
Equity Method Investee \| Non-US
Commitments and Contingencies
Ownership percentage held interest in affiliate to the Company	14.00%

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measured On A Recurring Basis - USD ($)
$ in Millions

Jun. 30, 2019

Dec. 31, 2018

Financial Assets

Investments in marketable securities

$ 33.9

$ 119.3

Derivative financial instruments

^[1]

12.0

5.8

Financial Liabilities

Contingent payment arrangements

^[2]

1.9

Affiliate equity repurchase obligations

^[2]

57.4

36.2

Derivative financial instruments

^[2]

0.3

1.4

Quoted Prices in Active Markets for Identical Assets (Level 1)

Financial Assets

Investments in marketable securities

33.9

119.3

Derivative financial instruments

^[1]

0.0

Financial Liabilities

Contingent payment arrangements

^[2]

0.0

Affiliate equity repurchase obligations

^[2]

0.0

Derivative financial instruments

^[2]

0.0

Significant Other Observable Inputs (Level 2)

Financial Assets

Investments in marketable securities

0.0

Derivative financial instruments

^[1]

12.0

5.8

Financial Liabilities

Contingent payment arrangements

^[2]

0.0

Affiliate equity repurchase obligations

^[2]

0.0

Derivative financial instruments

^[2]

0.3

1.4

Significant Unobservable Inputs (Level 3)

Financial Assets

Investments in marketable securities

0.0

Derivative financial instruments

^[1]

0.0

Financial Liabilities

Contingent payment arrangements

^[2]

1.9

Affiliate equity repurchase obligations

^[2]

57.4

36.2

Derivative financial instruments

^[2]

$ 0.0

[1]	Amounts are presented within Other assets.
[2]	Amounts are presented within Other liabilities.

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

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Contingent Payment Arrangements

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance, beginning of period

$ 2.0

$ 9.8

$ 1.9

$ 9.4

Net realized and unrealized losses

^[1]

0.0

(0.8)

0.1

(0.4)

Purchases and issuances

^[2]

0.0

Settlements and reductions

(2.0)

(4.8)

(2.0)

(4.8)

Balance, end of period

0.0

4.2

0.0

4.2

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

0.0

0.1

0.0

0.3

Affiliate Equity Repurchase Obligations

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance, beginning of period

75.4

79.4

36.2

49.2

Net realized and unrealized losses

^[1]

(0.1)

0.0

(0.1)

0.0

Purchases and issuances

^[2]

18.4

0.3

73.0

45.9

Settlements and reductions

(36.3)

(42.8)

(51.7)

(58.2)

Balance, end of period

57.4

36.9

57.4

36.9

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

$ 0.0

[1]	Accretion expense for these arrangements is recorded in Interest expense.
[2]	Includes transfers from Redeemable non-controlling interests.

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Discounted Cash Flow $ in Millions	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Contingent Payment Arrangements \| Growth rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangements, measurement input		0.07
Contingent Payment Arrangements \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangements, measurement input		0.07
Contingent Payment Arrangements \| Discount rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangements, measurement input		0.15
Contingent Payment Arrangements \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangements, measurement input		0.15
Affiliate Equity Repurchase Obligations \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity repurchase obligations, measurement input	(0.04)	(0.04)
Affiliate Equity Repurchase Obligations \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity repurchase obligations, measurement input	0.09	0.09
Affiliate Equity Repurchase Obligations \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity repurchase obligations, measurement input	0.05	0.03
Affiliate Equity Repurchase Obligations \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity repurchase obligations, measurement input	0.13	0.14
Affiliate Equity Repurchase Obligations \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity repurchase obligations, measurement input	0.17	0.16
Affiliate Equity Repurchase Obligations \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity repurchase obligations, measurement input	0.14	0.15
Significant Unobservable Inputs (Level 3) \| Contingent Payment Arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value liabilities	$ 0.0	$ 1.9
Significant Unobservable Inputs (Level 3) \| Affiliate Equity Repurchase Obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value liabilities	$ 57.4	$ 36.2

Fair Value Measurements - Investments Measured at Net Asset Value as Practical Expedient (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2019

Dec. 31, 2018

NAV of investments at fair value

Life of funds (in years)

15 years

Other Investments

NAV of investments at fair value

Unfunded Commitments

^[1]

$ 139.3

$ 131.0

Other Investments | Fair Value Measured at NAV

NAV of investments at fair value

Fair Value

^[1]

209.7

201.1

Other Investments | Controlling Interest

NAV of investments at fair value

Fair Value

133.8

123.2

Private equity funds

NAV of investments at fair value

Unfunded Commitments

^[2]

139.3

131.0

Private equity funds | Fair Value Measured at NAV

NAV of investments at fair value

Fair Value

^[2]

200.6

193.2

Other funds

NAV of investments at fair value

Unfunded Commitments

^[3]

0.0

Other funds | Fair Value Measured at NAV

NAV of investments at fair value

Fair Value

^[3]

$ 9.1

$ 7.9

[1]	Fair value attributable to the controlling interest was $123.2 million and $133.8 million as of December 31, 2018 and June 30, 2019, respectively.
[2]	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years.
[3]	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, monthly or quarterly basis.

Fair Value Measurements - Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 746.5	$ 746.2
Junior convertible securities	313.9	312.5
Junior subordinated notes	290.7	0.0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	783.8	747.5
Junior convertible securities	416.3	391.5
Junior subordinated notes	$ 307.2	$ 0.0

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Goodwill [Roll Forward]
Balance, as of December 31, 2018	$ 2,633.4
Foreign currency translation	6.1
Balance, as of June 30, 2019	$ 2,639.5

Goodwill and Acquired Client Relationships - Schedule of Changes in the Components of Acquired Client Relationships (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Definite-lived
Intangible amortization	$ (21.2)	$ (23.2)	$ (50.9)	$ (46.4)
Total
Beginning balance, net book value			1,309.9
Ending balance, net book value	1,257.1		1,257.1
Acquired Client Relationships
Definite-lived
Beginning balance, gross book value			1,292.5
Beginning balance, accumulated amortization			(988.9)
Beginning balance, net book value			303.6
Intangible impairments			0.0
Intangible amortization			(50.9)
Intangible amortization and impairments			(50.9)
Foreign currency translation			(0.1)
Ending balance, gross book value	1,292.4		1,292.4
Ending balance, accumulated amortization	(1,039.8)		(1,039.8)
Ending balance, net book value	252.6		252.6
Indefinite-lived
Beginning balance, net book value			1,006.3
Intangible impairments			0.0
Foreign currency translation			(1.8)
Ending balance, net book value	1,004.5		1,004.5
Total
Beginning balance, net book value			1,309.9
Intangible amortization and impairments			(50.9)
Foreign currency translation			(1.9)
Ending balance, net book value	$ 1,257.1		$ 1,257.1

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 21.2	$ 23.2	$ 50.9	$ 46.4
Acquired Client Relationships
Intangible Assets
Amortization and impairment expenses of intangible assets			50.9
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense in 2019	100.0		100.0
Finite-lived intangible, future amortization expense in 2020	75.0		75.0
Finite-lived intangible, future amortization expense in 2021	50.0		50.0
Finite-lived intangible, future amortization expense in 2022	50.0		50.0
Finite-lived intangible, future amortization expense in 2023	50.0		50.0
Acquired Client Relationships \| Intangible amortization and impairments
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 21.2	$ 23.2	$ 50.9	$ 46.4

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2018	$ 2,791.0
Distributions of earnings	(155.9)	$ (327.8)
Investments in Affiliates	59.8	$ 7.3
Balance, as of June 30, 2019	2,330.2
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2018	2,791.0
Earnings	148.3
Intangible amortization and impairments	(477.1)
Distributions of earnings	(155.9)
Investments in Affiliates	59.8
Divestments of Affiliates	(28.8)
Other	(7.1)
Balance, as of June 30, 2019	$ 2,330.2

Equity Method Investments in Affiliates - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Amortization expense during the period	$ 21.2		$ 23.2	$ 50.9	$ 46.4
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment recognized on equity method investment		$ 415.0
Fair value assumptions, period of projected annual based fee margin growth rate		5 years
Fair value assumptions, projected annual based fee margin growth rate		(13.00%)
Fair value assumptions, discount rate for asset based fees		11.00%
Fair value assumptions, discount rate for performance based fees		20.00%
Fair value assumptions, market participant tax rate		25.00%
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization expense during the period				50.9
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense in 2019	100.0			100.0
Finite-lived intangible, future amortization expense in 2020	75.0			75.0
Finite-lived intangible, future amortization expense in 2021	50.0			50.0
Finite-lived intangible, future amortization expense in 2022	50.0			50.0
Finite-lived intangible, future amortization expense in 2023	50.0			50.0
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization expense during the period	38.9		$ 23.5	62.1	$ 53.5
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense in 2019	150.0			150.0
Finite-lived intangible, future amortization expense in 2020	150.0			150.0
Finite-lived intangible, future amortization expense in 2021	75.0			75.0
Finite-lived intangible, future amortization expense in 2022	75.0			75.0
Finite-lived intangible, future amortization expense in 2023	75.0			$ 75.0
Non-US \| Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Noncontrolling interest, sell of ownership percentage		5.00%
Payments to noncontrolling interest for additional equity interest in affiliate	$ 25.7

Lease Commitments - Total Lease Costs (Net) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease costs	$ 10.4	$ 19.4
Short-term lease costs	0.5	1.0
Variable lease costs	0.1	0.2
Sublease income	(1.1)	(2.1)
Total lease costs (net)	$ 9.9	$ 18.5

Lease Commitments - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Leases [Abstract]
Cash flows for operating leases	$ 16.4
Right-of-use assets obtained in exchange for new operating leases	$ 8.1
Weighted average remaining lease term - operating leases	8 years 1 month 6 days
Weighted average discount rate - operating leases	4.10%

Lease Commitments - Maturity of Lease Liabilities (Details)
$ in Millions

Jun. 30, 2019

USD ($)

Leases [Abstract]

$ 17.4

38.5

36.6

28.8

24.5

84.9

Total lease liabilities

230.7

^[1]

Present value discounting of operating lease liabilities

$ 43.4

[1]	Total undiscounted lease liabilities were $43.4 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

Lease Commitments - Required Minimum Payments for Operating Leases Before Adoption of ASU 2016-02 (Details) $ in Millions	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	$ 75.2

Related Party Transactions (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Related Party Transactions
Other liabilities	$ 354.6	$ 162.7
Prior Owner \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	$ 43.9	$ 49.7

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 10.2	$ 11.1	$ 19.0	$ 21.8
Tax benefit	2.5	$ 2.8	4.7	$ 5.5
Compensation expense related to share-based compensation	$ 70.8		$ 70.8		$ 54.1
Weighted average period over which compensation expense will be recognized			2 years

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Stock Options
Unexercised options outstanding - December 31, 2018 (in shares) \| shares	0.5
Options granted (in shares) \| shares	0.0
Options exercised (in shares) \| shares	(0.0)
Options forfeited (in shares) \| shares	(0.0)
Unexercised options outstanding - June 30, 2019 (in shares) \| shares	0.5
Exercisable at the end of the period (in shares) \| shares	0.4
Weighted Average Exercise Price
Unexercised options outstanding - December 31, 2018 (in dollars per share) \| $ / shares	$ 130.81
Options granted (in dollars per share) \| $ / shares	110.20
Options exercised (in dollars per share) \| $ / shares	107.63
Options forfeited (in dollars per share) \| $ / shares	122.63
Unexercised options outstanding - June 30, 2019 (in dollars per share) \| $ / shares	130.58
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 129.04
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding - June 30, 2019	3 years 4 months 24 days
Exercisable at June 30, 2019	3 years 2 months 12 days

Share-Based Compensation - Schedule of Fair Value Options Granted and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation
Stock options granted, weighted average fair value (in dollars per share)	$ 33.58	$ 53.81
Stock Options
Share-based Compensation
Stock options granted, fair value	$ 0.5	$ 0.5
Stock options, expiration period	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield	1.20%	0.70%
Expected volatility	31.90%	24.60%
Risk-free interest rate	2.60%	2.60%
Expected life of options (in years)	5 years 8 months 12 days	5 years 8 months 12 days
Forfeiture rate	0.00%	0.00%
Stock Options \| Minimum
Share-based Compensation
Stock options, vesting period	3 years
Stock Options \| Maximum
Share-based Compensation
Stock options, vesting period	4 years

Share-Based Compensation - Schedule of Company Restricted Stock Units Transactions (Details) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Restricted Stock Units
Unvested units - December 31, 2018 (in shares)	0.6
Units granted (in shares)	0.3
Units vested (in shares)	(0.2)
Units forfeited (in shares)	(0.0)
Unvested units - June 30, 2019 (in shares)	0.7
Weighted Average Grant Date Value
Unvested units - December 31, 2018 (in dollars per share)	$ 172.74
Units granted (in dollars per share)	110.02
Units vested (in dollars per share)	169.23
Units forfeited (in dollars per share)	163.21
Unvested units - June 30, 2019 (in dollars per share)	$ 143.94
Restricted stocks granted, fair value	$ 36.0	$ 36.7
Minimum
Weighted Average Grant Date Value
Restricted stock, vesting period	3 years
Maximum
Weighted Average Grant Date Value
Restricted stock, vesting period	4 years

Redeemable Non-Controlling Interests (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Redeemable Noncontrolling Interest [Roll Forward]

Balance, as of December 31, 2018

^[1]

$ 833.7

Changes attributable to consolidated Affiliate sponsored investment products

(84.3)

Transfers to Other liabilities

(73.0)

Transfers from Non-controlling interests

$ 7.1

$ 18.5

54.4

$ 23.4

Changes in redemption value

(3.6)

Balance, as of June 30, 2019

727.2

Affiliate sponsored investment products

Redeemable Noncontrolling Interest [Roll Forward]

Balance, as of December 31, 2018

91.0

Balance, as of June 30, 2019

$ 6.7

Minimum

Noncontrolling Interest [Line Items]

Term of conditional right to put interest

5 years

Maximum

Noncontrolling Interest [Line Items]

Term of conditional right to put interest

15 years

[1]	As of December 31, 2018 and June 30, 2019, Redeemable non-controlling interests includes consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $91.0 million and $6.7 million, respectively.

Affiliated Equity - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 192.7	$ 205.3
Payments to acquire interest in affiliates	51.8	57.1
Issuance of interest in affiliates	9.9	$ 6.2
Other Assets
Affiliate Equity [Line Items]
Due from affiliates	19.1		$ 16.2
Other Liabilities
Affiliate Equity [Line Items]
Due to affiliates	$ 57.4		$ 36.2

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Affiliate Equity [Line Items]
Affiliate equity expense	$ 12.4	$ 8.3	$ 23.0	$ 27.7
Non-controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	9.6	6.1	$ 18.0	22.9
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life			6 years		6 years
Non-controlling Interests			$ 134.4		$ 118.3
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	$ 2.8	$ 2.2	5.0	$ 4.8
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest			$ 42.2		$ 38.7
Remaining Life			5 years		5 years

Affiliate Equity - Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Affiliate Equity [Abstract]
Net income (loss) (controlling interest)	$ 107.7	$ 117.0	$ (93.1)	$ 270.0
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(0.2)	(2.3)	(0.9)	(3.3)
Increase / (decrease) in controlling interest paid-in capital from Affiliate equity repurchases	(13.3)	1.0	(30.6)	(32.1)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$ 94.2	$ 115.7	$ (124.6)	$ 234.6

- Definition

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

+ References + Details

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Income Tax Provision

Deferred taxes

$ (80.5)

$ 18.7

Income tax expense (benefit)

$ 35.7

$ 34.1

(26.1)

97.5

Non-controlling Interests

Income Tax Provision

Current taxes

2.4

2.5

5.6

5.3

Deferred taxes

(0.1)

0.0

(0.2)

Income tax expense (benefit)

2.3

2.5

5.4

5.1

Controlling Interest

Income Tax Provision

Current taxes

27.9

26.2

48.8

73.5

Intangible-related deferred taxes

6.6

4.7

(87.1)

17.9

Other deferred taxes

(1.1)

0.7

6.8

1.0

Income tax expense (benefit)

33.4

31.6

(31.5)

92.4

Income (loss) before income taxes (controlling interest)

$ 141.1

$ 148.6

$ (124.6)

$ 362.4

Effective tax rate (controlling interest)

^[1]

23.70%

21.30%

25.30%

25.50%

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

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator
Net income (loss) (controlling interest)	$ 107.7	$ 117.0	$ (93.1)	$ 270.0
Interest expense on junior convertible securities, net of taxes	0.0	0.0	0.0	9.5
Net income (loss) (controlling interest), as adjusted	$ 107.7	$ 117.0	$ (93.1)	$ 279.5
Denominator
Average shares outstanding (basic) (in shares)	51.0	54.0	51.5	54.3
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	0.0	0.2	0.0	0.3
Junior convertible securities (in shares)	0.0	0.0	0.0	2.2
Average shares outstanding (diluted) (in shares)	51.0	54.2	51.5	56.8

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.6	0.2	0.5	0.2
Junior convertible securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2.2	2.2	2.2	0.0

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Earnings Per Share [Abstract]
Number or shares repurchased during period (in shares)	0.6	1.4
Average price of shares repurchased during period (in dollars per share)	$ 89.07	$ 99.33

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 11.4	$ (20.2)	$ 7.1	$ 9.2
Tax Benefit (Expense)	(6.9)	0.0	6.1	0.0
Other comprehensive income (loss), net of tax	4.5	(20.2)	13.2	9.2
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	12.1	(20.2)	6.6	8.9
Tax Benefit (Expense)	(6.9)	0.0	6.1	0.0
Other comprehensive income (loss), net of tax	5.2	(20.2)	12.7	8.9
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(0.7)	0.0	0.5	0.3
Tax Benefit (Expense)	0.0	0.0	0.0	0.0
Other comprehensive income (loss), net of tax	$ (0.7)	$ 0.0	$ 0.5	$ 0.3

Comprehensive Income - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance	$ 3,760.3	$ 4,422.6	$ 4,134.9	$ 4,578.5
Other comprehensive income (loss), net of tax	4.5	(20.2)	13.2	9.2
Ending Balance	3,825.8	4,357.4	3,825.8	4,357.4
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance			(188.0)
Other comprehensive income before reclassifications			12.7
Amounts reclassified			0.0
Other comprehensive income (loss), net of tax	5.2	$ (20.2)	12.7	$ 8.9
Ending Balance	(175.3)		(175.3)
Realized and Unrealized Gains (Losses) on Derivative Securities
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance			(0.5)
Other comprehensive income before reclassifications			0.7
Amounts reclassified			(0.2)
Other comprehensive income (loss), net of tax			0.5
Ending Balance	0.0		0.0
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance			(188.5)
Other comprehensive income before reclassifications			13.4
Amounts reclassified			(0.2)
Other comprehensive income (loss), net of tax			13.2
Ending Balance	$ (175.3)		$ (175.3)

Comprehensive Income - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 01, 2019	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of stranded tax effects related to currency translation adjustments from AOCI to Retained Earnings		$ (6.6)
ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of stranded tax effects related to currency translation adjustments from AOCI to Retained Earnings	$ 6.6