0001004434-24-000049 | 10-Q | XBRL Viewer | Affiliated Managers Group INC

Debt

9 Months Ended

Sep. 30, 2024

The following table summarizes the Company’s Debt:


	December 31, 2023	September 30, 2024
Senior bank debt	$349.9	$—
Senior notes	1,096.9	1,091.7
Junior subordinated notes	751.8	1,189.0
Junior convertible securities	338.9	339.0
Debt	$2,537.5	$2,619.7

The Company’s senior bank debt, senior notes, junior subordinated notes, and junior convertible securities are carried at

amortized cost. Unamortized discounts and debt issuance costs associated with the Company’s debt instruments, with the

exception of its senior unsecured multicurrency revolving credit facility (the “revolver”), are presented on the Consolidated

Balance Sheets as an adjustment to the carrying value of the associated debt.

Senior Bank Debt

During the nine months ended September 30, 2024, the Company repaid the $350.0 million outstanding under its senior

unsecured term loan facility (the “term loan”).

As of September 30, 2024, the Company had a $1.25 billion revolver (together with the term loan, the “credit facilities”).

The revolver matures on October 25, 2027 and the term loan terminated upon payment in full. Subject to certain conditions, the

Company may increase the commitments under the revolver by up to an additional $500.0 million. The Company pays interest

on any outstanding obligations under the revolver at a specified rate, currently based either on an applicable term-SOFR plus a

SOFR adjustment of 0.10%, or prime rate, plus a marginal rate determined based on its credit rating. Through the repayment

dates, the interest rate for the Company’s outstanding borrowings under the term loan was term-SOFR plus a SOFR adjustment

of 0.10%, plus the marginal rate of 0.85%. As of December 31, 2023 and September 30, 2024, the Company had no

outstanding borrowings under the revolver.

Senior Notes

In the first quarter of 2024, the Company’s $400.0 million 4.25% senior notes matured and were fully repaid.

As of September 30, 2024, the Company had senior notes outstanding. The carrying values of the senior notes are accreted

to their principal amount at maturity over the remaining life of the underlying instrument. The principal terms of the senior

notes outstanding as of September 30, 2024 are presented and described below:


	2025 Senior Notes	2030 Senior Notes	2034 Senior Notes
Issue date	February 2015	June 2020	August 2024
Maturity date	August 2025	June 2030	August 2034
Par value (in millions)	$350.0	$350.0	$400.0
Stated coupon	3.50%	3.30%	5.50%
Coupon frequency	Semi-annually	Semi-annually	Semi-annually
Call price	As defined	As defined	As defined

On August 20, 2024, the Company issued $400.0 million aggregate principal amount of senior unsecured notes with a

maturity date of August 20, 2034 (the “2034 senior notes”). Interest is payable beginning February 20, 2025. In addition to

customary event of default provisions, the indenture governing the 2034 senior notes limits the Company's ability to

consolidate, merge, or sell all or substantially all of its assets and requires the Company to make an offer to repurchase the 2034

senior notes upon certain change of control triggering events.

The senior notes may be redeemed, in whole or in part, at a make-whole redemption price (plus accrued and unpaid

interest), at any time, in the case of the 2025 senior notes, at any time prior to March 15, 2030, in the case of the 2030 senior

notes, and at any time prior to May 20, 2034, in the case of the 2034 senior notes. The make-whole redemption price, in each

case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and

interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption

date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the

2025 and 2034 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable

treasury rate plus 0.40%, in the case of the 2030 senior notes. In addition, the 2030 and 2034 senior notes may be redeemed, in

whole or in part, at any time, on or after March 15, 2030 and May 20, 2034, respectively, at a redemption price equal to 100%

of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the

redemption date.

Junior Subordinated Notes

As of September 30, 2024, the Company had junior subordinated notes outstanding, the respective principal terms of which

are presented and described below:


	2059 Junior Subordinated Notes	2060 Junior Subordinated Notes	2061 Junior Subordinated Notes	2064 Junior Subordinated Notes
Issue date	March 2019	September 2020	July 2021	March 2024
Maturity date	March 2059	September 2060	September 2061	March 2064
Par value (in millions)	$300.0	$275.0	$200.0	$450.0
Stated coupon	5.875%	4.75%	4.20%	6.75%
Coupon frequency	Quarterly	Quarterly	Quarterly	Quarterly
Call price	As defined	As defined	As defined	As defined
NYSE Symbol	MGR	MGRB	MGRD	MGRE

On March 20, 2024, the Company issued $450.0 million of junior subordinated notes with a maturity date of March 30,

2064 (the “2064 junior subordinated notes”). Interest was payable beginning June 30, 2024. The 2064 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. As of September 30, 2024, the 2059 junior subordinated notes

could be redeemed at any time, in whole or in part. The other junior subordinated notes may be redeemed at any time, in whole

or in part, on or after September 30, 2025, in the case of the 2060 junior subordinated notes, on or after September 30, 2026, in

the case of the 2061 junior subordinated notes, and on or after March 30, 2029, in the case of the 2064 junior subordinated

notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being

redeemed, plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the

applicable junior subordinated notes may also 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 applicable notes.

The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the

terms of the junior subordinated notes.

Junior Convertible Securities

As of September 30, 2024, the Company had $341.7 million of principal outstanding in its 5.15% junior convertible trust

preferred securities (the “junior convertible securities”), maturing in 2037. The junior convertible securities bear interest at a

rate of 5.15% per annum, payable quarterly in cash.

As of December 31, 2023 and September 30, 2024, the unamortized issuance costs related to the junior convertible

securities were $2.9 million and $2.7 million, respectively.

The following table presents interest expense recorded in connection with the junior convertible securities:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Contractual interest expense	$4.4	$4.4	$13.2	$13.2
Amortization of debt issuance costs	0.1	0.1	0.2	0.2
Total	$4.5	$4.5	$13.4	$13.4

Effective interest rate	5.21%	5.21%	5.21%	5.21%

Holders of the junior convertible securities have no rights to put these securities to the Company. The holder may convert

the securities to 0.2558 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion

price of $195.47 per share. The conversion rate is subject to adjustments as described in the Amended and Restated Declaration

of Trust of AMG Capital Trust II and the related indenture, both dated October 17, 2007 and filed as exhibits to the Company’s

most recent Annual Report on Form 10-K. Upon conversion, holders will receive cash or shares of the Company’s common

stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities if the

closing price of its common stock for 20 trading days in a period of 30 consecutive trading days exceeds 130% of the then

prevailing conversion price, and may also repurchase junior convertible securities in the open market or in privately negotiated

transactions from time to time at management’s discretion. The Company did not repurchase any of its junior convertible

securities during the nine months ended September 30, 2023 and 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s

common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings 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 September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Numerator
Net income (controlling interest)	$217.0	$123.6	$476.8	$349.5
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	17.1	5.2	39.4	1.0
Interest expense on junior convertible securities, net of taxes	3.4	3.4	10.1	10.1
Net income (controlling interest), as adjusted	$237.5	$132.2	$526.3	$360.6
Denominator
Average shares outstanding (basic)	34.9	30.1	35.6	31.4
Effect of dilutive instruments:
Stock options and restricted stock units	1.7	1.7	1.7	1.9
Hypothetical issuance of shares to settle Redeemable non-controlling interests	5.1	1.5	3.9	0.2
Junior convertible securities	1.7	1.7	1.7	1.7
Average shares outstanding (diluted)	43.4	35.0	42.9	35.2

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met

certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted). The following

is a summary of items excluded from the denominator in the table above:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Stock options and restricted stock units	0.2	0.2	0.3	0.2
Shares issuable to settle Redeemable non-controlling interests	0.1	2.3	0.7	3.6

For the three and nine months ended September 30, 2024, under its authorized share repurchase programs, the Company

repurchased 0.6 million and 3.6 million shares of its common stock at an average price per share of $163.23 and $158.62,

respectively.

Debt - Senior Bank Debt (Details) - USD ($)	9 Months Ended
Debt - Senior Bank Debt (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Repayments of long-term debt	$ 750,000,000.0	$ 25,000,000.0
Term Loan \| Senior bank debt
Debt Instrument [Line Items]
Repayments of long-term debt	$ 350,000,000
Basis spread on debt variable rate	0.10%
Term Loan \| Senior bank debt \| Debt Instrument, Adjustment Rate
Debt Instrument [Line Items]
Basis spread on debt variable rate	0.10%
Term Loan \| Senior bank debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on debt variable rate	0.85%
Revolver \| Senior bank debt
Debt Instrument [Line Items]
Available borrowing	$ 1,250,000,000
Additional borrowing amount	500,000,000.0
Borrowings outstanding	$ 0		$ 0

Commitments and Contingencies - Schedule of Contingent Consideration (Details) $ in Millions	Sep. 30, 2024 USD ($)
Deferred payment obligations
Total	$ 43.3
2024	21.7
2025	21.6
Contingent payment obligations
Total	6.5
2024	0.0
2025	6.5
Co-Investor
Deferred payment obligations
Total	0.0
Contingent payment obligations
Total	0.1
Co-Investor \| Maximum
Contingent payment obligations
Total	24.9
Controlling Interest
Deferred payment obligations
Total	43.3
Contingent payment obligations
Total	6.4
Controlling Interest \| Maximum
Contingent payment obligations
Total	$ 110.0

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share [Abstract]
Number or shares repurchased during period (in shares)	0.6	3.6
Average price of shares repurchased during period (in dollars per share)	$ 163.23	$ 158.62

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock at Cost	Non- controlling Interests
Beginning balance at Dec. 31, 2022	$ 4,175.6	$ 0.6	$ 695.5	$ (203.4)	$ 5,718.2	$ (2,980.6)	$ 945.3
Increase (Decrease) in Stockholders' Equity
Net income	661.9				476.8		185.1
Other comprehensive income (loss), net of tax	21.5			23.5			(2.0)
Share-based compensation	43.9		43.9
Common stock issued under share-based incentive plans	(31.3)		(47.2)			15.9
Share repurchases	(218.0)		59.1			(277.1)
Dividends	(1.2)				(1.2)
Affiliate equity activity:
Affiliate equity compensation	41.1		7.7				33.4
Issuances	16.3		(13.3)				29.6
Purchases	3.8		6.7				(2.9)
Changes in redemption value of Redeemable non-controlling interests	(46.9)		(46.9)
Transfers to Redeemable non-controlling interests	(0.1)						(0.1)
Capital contributions and other	14.4						14.4
Distributions to non-controlling interests	(216.4)						(216.4)
Effect of deconsolidation of Affiliates	(0.4)		16.8				(17.2)
Ending balance at Sep. 30, 2023	4,464.2	0.6	722.3	(179.9)	6,193.8	(3,241.8)	969.2
Beginning balance at Jun. 30, 2023	4,368.4	0.6	651.9	(161.2)	5,977.2	(3,070.5)	970.4
Increase (Decrease) in Stockholders' Equity
Net income	286.0				217.0		69.0
Other comprehensive income (loss), net of tax	(30.3)			(18.7)			(11.6)
Share-based compensation	14.5		14.5
Common stock issued under share-based incentive plans	(6.1)		(7.9)			1.8
Share repurchases	(173.1)					(173.1)
Dividends	(0.4)				(0.4)
Affiliate equity activity:
Affiliate equity compensation	12.5		1.0				11.5
Issuances	1.6		(5.0)				6.6
Purchases	(0.6)		0.7				(1.3)
Changes in redemption value of Redeemable non-controlling interests	50.3		50.3
Capital contributions and other	1.8						1.8
Distributions to non-controlling interests	(60.0)						(60.0)
Effect of deconsolidation of Affiliates	(0.4)		16.8				(17.2)
Ending balance at Sep. 30, 2023	4,464.2	0.6	722.3	(179.9)	6,193.8	(3,241.8)	969.2
Beginning balance at Dec. 31, 2023	4,570.1	0.6	741.4	(167.6)	6,389.6	(3,376.1)	982.2
Increase (Decrease) in Stockholders' Equity
Net income	519.5				349.5		170.0
Other comprehensive income (loss), net of tax	44.4			28.4			16.0
Share-based compensation	42.1		42.1
Common stock issued under share-based incentive plans	(77.0)		(43.5)			(33.5)
Share repurchases	(584.9)					(584.9)
Dividends	(1.0)				(1.0)
Affiliate equity activity:
Affiliate equity compensation	42.6		11.7				30.9
Issuances	7.5		(3.8)				11.3
Purchases	(14.8)		6.1				(20.9)
Changes in redemption value of Redeemable non-controlling interests	(42.7)		(42.7)
Transfers to Redeemable non-controlling interests	(1.7)						(1.7)
Capital contributions and other	(23.6)						(23.6)
Distributions to non-controlling interests	(206.5)						(206.5)
Ending balance at Sep. 30, 2024	4,274.0	0.6	711.3	(139.2)	6,738.1	(3,994.5)	957.7
Beginning balance at Jun. 30, 2024	4,262.7	0.6	712.8	(163.7)	6,614.7	(3,833.5)	931.8
Increase (Decrease) in Stockholders' Equity
Net income	185.8				123.6		62.2
Other comprehensive income (loss), net of tax	40.2			24.5			15.7
Share-based compensation	10.2		10.2
Common stock issued under share-based incentive plans	(58.2)		(0.8)			(57.4)
Share repurchases	(103.6)					(103.6)
Dividends	(0.2)				(0.2)
Affiliate equity activity:
Affiliate equity compensation	11.3		1.6				9.7
Purchases	(1.2)		(0.5)				(0.7)
Changes in redemption value of Redeemable non-controlling interests	(12.0)		(12.0)
Capital contributions and other	(2.1)						(2.1)
Distributions to non-controlling interests	(58.9)						(58.9)
Ending balance at Sep. 30, 2024	$ 4,274.0	$ 0.6	$ 711.3	$ (139.2)	$ 6,738.1	$ (3,994.5)	$ 957.7

Redeemable Non-Controlling Interests

9 Months Ended

Sep. 30, 2024

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 by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to

becoming redeemable, the Company’s Affiliate equity is included in Non-controlling interests. Upon becoming redeemable,

these interests are reclassified to Redeemable non-controlling interests at their current redemption values. Changes in the

current redemption value are recorded to Additional paid-in capital. When the Company has an unconditional obligation to

purchase Affiliate equity interests, the interests are reclassified from Redeemable non-controlling interests to Other liabilities at

current fair value. Changes in fair value are recorded to Other expenses (net).

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


		Redeemable Non-controlling Interests
Balance, as of December 31, 2023(1)		$393.4
Increase attributable to consolidated Affiliate sponsored investment products		1.5
Transfers to Other liabilities		(42.2)
Transfers from Non-controlling interests		1.7
Changes in redemption value		42.7
Balance, as of September 30, 2024(1)		$397.1

___________________________

(1)As of December 31, 2023 and September 30, 2024, Redeemable non-controlling interests include consolidated Affiliate

sponsored investment products primarily attributable to third-party investors of $11.8 million and $13.3 million,

respectively.

Debt - Schedule of Principal Terms of Senior and Junior Subordinated Notes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Aug. 20, 2024	Mar. 20, 2024
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.50%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.30%
Senior notes \| 2034 Senior Notes
Debt Instrument [Line Items]
Par value	$ 400.0	$ 400.0
Stated coupon	5.50%
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300.0
Stated coupon	5.875%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275.0
Stated coupon	4.75%
Junior subordinated notes \| 2061 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 200.0
Stated coupon	4.20%
Junior subordinated notes \| 2064 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 450.0		$ 450.0
Stated coupon	6.75%

Equity Method Investments in Affiliates (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments in Affiliates

Equity method investments in Affiliates (net) consisted of the following:


	December 31, 2023	September 30, 2024
Goodwill	$1,323.3	$1,348.1
Definite-lived acquired client relationships (net)	652.5	568.1
Indefinite-lived acquired client relationships (net)	122.6	122.4
Undistributed earnings and tangible capital	190.1	109.8
Equity method investments in Affiliates (net)	$2,288.5	$2,148.4

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


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2023	$2,288.5
Investments in Affiliates	12.3
Earnings	292.6
Intangible amortization and impairments	(104.3)
Distributions of earnings	(357.3)
Foreign currency translation	16.6
Balance, as of September 30, 2024	$2,148.4

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 10.2	$ 14.5	$ 42.1	$ 43.9
Tax benefit	$ 1.2	$ 1.9	$ 5.2	$ 5.5

Equity Method Investments in Affiliates - Schedule of Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,532.0	$ 2,523.6
Equity method investments in Affiliates (net)	2,148.4	2,288.5
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Goodwill	1,348.1	1,323.3
Definite-lived acquired client relationships (net)	568.1	652.5
Indefinite-lived acquired client relationships (net)	122.4	122.6
Undistributed earnings and tangible capital	109.8	190.1
Equity method investments in Affiliates (net)	$ 2,148.4	$ 2,288.5

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Equity Method Investments in Affiliates

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

In the second quarter of 2024, the Company completed its minority investment in Suma Capital (“Suma”), a pan-

European private markets firm that invests in the transition to a lower carbon economy. Following the close of the

transaction, Suma partners continue to hold a significant majority of the equity of the firm and direct its day-to-day

operations.

The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated

Financial Statements one quarter in arrears.

Equity method investments in Affiliates (net) consisted of the following:


	December 31, 2023	September 30, 2024
Goodwill	$1,323.3	$1,348.1
Definite-lived acquired client relationships (net)	652.5	568.1
Indefinite-lived acquired client relationships (net)	122.6	122.4
Undistributed earnings and tangible capital	190.1	109.8
Equity method investments in Affiliates (net)	$2,288.5	$2,148.4

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


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2023	$2,288.5
Investments in Affiliates	12.3
Earnings	292.6
Intangible amortization and impairments	(104.3)
Distributions of earnings	(357.3)
Foreign currency translation	16.6
Balance, as of September 30, 2024	$2,148.4

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are

amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships

of $21.2 million and $63.0 million for the three and nine months ended September 30, 2023, respectively, and $22.7 million and

$64.4 million for the three and nine months ended September 30, 2024, respectively. Based on relationships existing as of

September 30, 2024, the Company estimates the amortization expense attributable to its Affiliates will be approximately $23

million for the remainder of 2024, approximately $75 million in 2025, approximately $70 million in each of 2026 and 2027,

approximately $60 million in 2028, and approximately $45 million in 2029.

In the second quarter of 2024, the Company recorded a $39.9 million expense to reduce the carrying value of an Affiliate to

fair value. The decline in the fair value was a result of an anticipated decline in assets under management, which decreased the

forecasted income associated with the investment. The fair value of the investment was determined using a discounted cash

flow analysis, a Level 3 fair value measurement that included a projected compounded growth in assets under management over

the next ten years of (2.5)%, long-term growth rate of 3%, discount rates of 12% and 20% for asset- and performance-based

fees, respectively, and a market participant tax rate of 21%. 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.

The Company had 22 Affiliates accounted for under the equity method as of December 31, 2023 and September 30,

2024. The majority of these Affiliates are partnerships with structured interests that define how the Company will

participate in Affiliate earnings, typically based upon a fixed percentage of revenue reduced by, in some cases, certain

agreed-upon expenses. The partnership agreements do not define a fixed percentage for the Company’s ownership of the

equity of the Affiliate. These percentages would be subject to a separate future negotiation if an Affiliate were to be sold

or liquidated.

Investments in Marketable Securities - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cost	$ 37.6	$ 35.3
Unrealized gains	4.7	2.6
Unrealized losses	(0.3)	(0.0)
Fair value	$ 42.0	$ 37.9

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-14

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2023	$ 2,288.5
Distributions of earnings	(357.3)	$ (421.7)
Balance, as of September 30, 2024	2,148.4
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2023	2,288.5
Investments in Affiliates	12.3
Earnings	292.6
Intangible amortization and impairments	(104.3)
Distributions of earnings	(357.3)
Foreign currency translation	16.6
Balance, as of September 30, 2024	$ 2,148.4

Investments in Affiliates and Affiliate Sponsored Investment Products

9 Months Ended

Sep. 30, 2024

Variable Interest Entities [Abstract]

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 VRE

under the equity method. Investments with readily determinable fair values in which the Company does not have rights to

exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included

in Investment and other 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 and any co-investor’s

equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income.

Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of

any tangible or intangible net assets, are included in 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 or Other liabilities on the Consolidated Balance Sheets. The Company periodically

issues, sells, and purchases 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 in 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 (net) in the Consolidated Statements of Income and the

carrying value of the Affiliate is recorded in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets.

The Company periodically performs assessments to determine if the fair value of an investment may have declined below

its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be

other-than-temporary. The Company performs these assessments if certain triggering events occur or annually during the

fourth quarter. The Company first considers whether certain qualitative factors indicate an increased likelihood of a decline in

the fair value of an Affiliate during the reporting period. If such a decline is identified, and it is likely that an investment’s fair

value may have declined below its carrying value, the Company performs a quantitative assessment to determine if an

impairment exists. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the

Affiliate to fair value.

The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity

method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2023		September 30, 2024
	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	$1,492.4	$2,198.2	$1,173.6	$2,042.7

As of December 31, 2023 and September 30, 2024, the carrying value and maximum exposure to loss for all of the

Company’s Affiliates accounted for under the equity method was $2,288.5 million and $2,148.4 million, respectively, including

Affiliates accounted for under the equity method considered VREs of $90.3 million and $105.7 million, respectively.

Affiliate Sponsored Investment Products

The Company’s Affiliates sponsor various investment products where the Affiliate also acts 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 generally does not

consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager,

have the power to direct the activities of the investment product and have an exposure to the economics of the VIE that is more

than insignificant, though generally only for a short period while the product is established and has yet to attract significant

third-party investors. When 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, with corresponding changes in the investments’ fair values included in Investment and other income.

Purchases and sales of securities are included in purchases and sales by consolidated Affiliate sponsored investment products in

the Consolidated Statements of Cash Flows, respectively, 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 Affiliates’ interests 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, 2023		September 30, 2024
	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	$5,788.3	$29.8	$5,332.2	$24.4

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt	$ 2,619.7	$ 2,537.5
Senior bank debt
Debt Instrument [Line Items]
Debt	0.0	349.9
Senior notes
Debt Instrument [Line Items]
Debt	1,091.7	1,096.9
Junior subordinated notes
Debt Instrument [Line Items]
Debt	1,189.0	751.8
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 339.0	$ 338.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)

9 Months Ended

Sep. 30, 2024

Variable Interest Entities [Abstract]

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

The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity

method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2023		September 30, 2024
	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	$1,492.4	$2,198.2	$1,173.6	$2,042.7

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, 2023		September 30, 2024
	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	$5,788.3	$29.8	$5,332.2	$24.4

- 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

Investments in Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

equity securities:


	December 31, 2023	September 30, 2024
Cost	$35.3	$37.6
Unrealized gains	2.6	4.7
Unrealized losses	(0.0)	(0.3)
Fair value	$37.9	$42.0

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

U.S. Treasury securities classified as available-for-sale, all of which matured during the nine months ended September 30,

2024, and consolidated Affiliate sponsored investment products classified as trading:


	Available-for-Sale		Trading
	December 31, 2023	September 30, 2024	December 31, 2023	September 30, 2024
Cost	$405.4	$—	$17.9	$23.3
Unrealized gains	0.0	—	—	0.8
Unrealized losses	(0.1)	—	(0.1)	—
Fair value	$405.3	$—	$17.8	$24.1

Basis of Presentation and Use of Estimates	9 Months Ended
Basis of Presentation and Use of Estimates	Sep. 30, 2024
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. (“AMG” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“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. 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, 2023 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.

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 4,262.7	$ 4,368.4	$ 4,570.1	$ 4,175.6
Other comprehensive income before reclassifications			43.8
Amounts reclassified			0.6
Other comprehensive income (loss), net of tax	40.2	(30.3)	44.4	21.5
Ending balance	4,274.0	4,464.2	4,274.0	4,464.2
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(255.9)
Ending balance	(211.5)		(211.5)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(255.3)
Other comprehensive income before reclassifications			42.6
Amounts reclassified			0.0
Other comprehensive income (loss), net of tax	39.2	(30.6)	42.6	20.6
Ending balance	(212.7)		(212.7)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(0.1)
Other comprehensive income before reclassifications			0.8
Amounts reclassified			0.6
Other comprehensive income (loss), net of tax	1.0	(0.3)	1.4	0.5
Ending balance	1.3		1.3
Unrealized Gains (Losses) on Investment Available-for-Sale Debt Securities
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(0.5)
Other comprehensive income before reclassifications			0.4
Amounts reclassified			0.0
Other comprehensive income (loss), net of tax	0.0	$ 0.6	0.4	$ 0.4
Ending balance	$ (0.1)		$ (0.1)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Other Investments - Investments Measured at NAV as a Practical Expedient (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
NAV of investments at fair value
Unfunded Commitments	$ 215.7	$ 187.2
Life of funds (generally up to)	15 years
Private equity funds
NAV of investments at fair value
Unfunded Commitments	$ 215.7	187.2
Investments in other strategies
NAV of investments at fair value
Unfunded Commitments	0.0	0.0
Fair Value Measured at NAV
NAV of investments at fair value
Fair Value	482.4	430.5
Fair Value Measured at NAV \| Controlling Interest
NAV of investments at fair value
Fair Value	363.4	324.9
Fair Value Measured at NAV \| Private equity funds
NAV of investments at fair value
Fair Value	477.5	424.4
Fair Value Measured at NAV \| Investments in other strategies
NAV of investments at fair value
Fair Value	$ 4.9	$ 6.1

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 54B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,523,600,000
Foreign currency translation	8,400,000
Ending balance	2,532,000,000
Goodwill impairment	$ 0

- Definition

+ References

+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation

The following table presents share-based compensation expense:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Share-based compensation expense	$14.5	$10.2	$43.9	$42.1
Tax benefit	1.9	1.2	5.5	5.2

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, 2023	0.9	$138.51
Units granted	0.2	159.32
Units vested	(0.3)	129.72
Units forfeited	(0.0)	149.00
Performance condition changes	0.0	154.72
Unvested units—September 30, 2024	0.8	147.40

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, 2023	3.2	$76.74
Options granted	—	—
Options exercised	(1.3)	74.82
Options forfeited	(0.0)	185.98
Options expired	(0.0)	152.36
Performance condition changes	0.0	129.17
Unexercised options outstanding—September 30, 2024	1.9	78.02	2.1
Exercisable at September 30, 2024	1.5	75.89	1.9

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Marketable Securities [Line Items]
Net unrealized gain (loss)	$ 2.0	$ (2.1)	$ 3.5	$ 1.3
Proceeds from maturity of AFS securities	100.0	178.4	825.2	280.1
Purchase of available-for-sale securities	0.0	245.3	413.9	420.3
Debt securities, net unrealized gain	0.8	$ 0.0	1.4	$ 0.0
Variable Interest Entity, Primary Beneficiary
Marketable Securities [Line Items]
Fair value of deconsolidated investment in affiliate, equity securities	$ 11.9		$ 11.9		$ 15.8

Other Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Other Investments and Unfunded Commitments

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


	December 31, 2023		September 30, 2024
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Private equity funds(1)	$424.4	$187.2	$477.5	$215.7
Investments in other strategies(2)	6.1	—	4.9	—
Total(3)	$430.5	$187.2	$482.4	$215.7

___________________________

(1)The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current

period calls and distributions). 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 equity and credit.

Investments are generally redeemable on a daily, monthly, or quarterly basis.

(3)Fair value attributable to the controlling interest was $324.9 million and $363.4 million as of December 31, 2023 and

September 30, 2024, respectively.

Schedule of Investments without Readily Determinable Fair Value

The following table summarizes the cost, cumulative unrealized gains, and

carrying amount of investments without readily determinable fair values:


	December 31, 2023	September 30, 2024
Cost	$8.5	$8.5
Cumulative unrealized gains	41.9	41.9
Carrying amount	$50.4	$50.4

The following table presents the changes in Other investments:


	For the Three Months Ended September 30,
	2023			2024
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period	$406.6	$50.4	$457.0	$479.9	$50.4	$530.3
Purchases and commitments	16.0	—	16.0	13.6	—	13.6
Sales and distributions	(20.5)	—	(20.5)	(20.4)	—	(20.4)
Net realized and unrealized gains	5.4	—	5.4	9.3	—	9.3
Balance, end of period	$407.5	$50.4	$457.9	$482.4	$50.4	$532.8


	For the Nine Months Ended September 30,
	2023			2024
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period	$371.2	$50.4	$421.6	$430.5	$50.4	$480.9
Purchases and commitments	62.0	—	62.0	78.1	—	78.1
Sales and distributions	(49.4)	—	(49.4)	(47.1)	—	(47.1)
Net realized and unrealized gains	23.7	—	23.7	20.9	—	20.9
Balance, end of period	$407.5	$50.4	$457.9	$482.4	$50.4	$532.8

Other Investments

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

Other Investments

Other investments consists primarily of investments in funds advised by the Company’s Affiliates that are carried at net

asset value (“NAV”) as a practical expedient and other investments without readily determinable fair values. Any gain or loss

related to these investments is recorded in Investment and other income in the Consolidated Statements of Income.

Investments Measured at NAV as a Practical Expedient

The Company’s Affiliates sponsor funds in which the Company and its Affiliates may make general partner and seed

capital investments. These funds generally operate in partnership form and apply the specialized fair value accounting for

investment companies. The Company accounts for its interests in these funds using the equity method of accounting and is

required to retain the specialized fair value accounting of the investment companies. Because the funds’ investments do not

have readily determinable fair values, the Company uses the NAV of these investments as a practical expedient for their fair

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


	December 31, 2023		September 30, 2024
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Private equity funds(1)	$424.4	$187.2	$477.5	$215.7
Investments in other strategies(2)	6.1	—	4.9	—
Total(3)	$430.5	$187.2	$482.4	$215.7

___________________________

(1)The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current

period calls and distributions). 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 equity and credit.

Investments are generally redeemable on a daily, monthly, or quarterly basis.

(3)Fair value attributable to the controlling interest was $324.9 million and $363.4 million as of December 31, 2023 and

September 30, 2024, respectively.

Investments Without Readily Determinable Fair Values

The Company made an investment in a private corporation where it does not exercise significant influence. Because this

investment does not have a readily determinable fair value, the Company has elected to measure this investment at its cost

minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical

or similar investments in the private corporation. The following table summarizes the cost, cumulative unrealized gains, and

carrying amount of investments without readily determinable fair values:


	December 31, 2023	September 30, 2024
Cost	$8.5	$8.5
Cumulative unrealized gains	41.9	41.9
Carrying amount	$50.4	$50.4

For the three and nine months ended September 30, 2024, the Company recorded no gains or losses on the underlying

investment.

The following table presents the changes in Other investments:


	For the Three Months Ended September 30,
	2023			2024
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period	$406.6	$50.4	$457.0	$479.9	$50.4	$530.3
Purchases and commitments	16.0	—	16.0	13.6	—	13.6
Sales and distributions	(20.5)	—	(20.5)	(20.4)	—	(20.4)
Net realized and unrealized gains	5.4	—	5.4	9.3	—	9.3
Balance, end of period	$407.5	$50.4	$457.9	$482.4	$50.4	$532.8


	For the Nine Months Ended September 30,
	2023			2024
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period	$371.2	$50.4	$421.6	$430.5	$50.4	$480.9
Purchases and commitments	62.0	—	62.0	78.1	—	78.1
Sales and distributions	(49.4)	—	(49.4)	(47.1)	—	(47.1)
Net realized and unrealized gains	23.7	—	23.7	20.9	—	20.9
Balance, end of period	$407.5	$50.4	$457.9	$482.4	$50.4	$532.8

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s Debt:


	December 31, 2023	September 30, 2024
Senior bank debt	$349.9	$—
Senior notes	1,096.9	1,091.7
Junior subordinated notes	751.8	1,189.0
Junior convertible securities	338.9	339.0
Debt	$2,537.5	$2,619.7

Schedule of Principal Terms of Senior and Junior Subordinated Notes

The principal terms of the senior

notes outstanding as of September 30, 2024 are presented and described below:


	2025 Senior Notes	2030 Senior Notes	2034 Senior Notes
Issue date	February 2015	June 2020	August 2024
Maturity date	August 2025	June 2030	August 2034
Par value (in millions)	$350.0	$350.0	$400.0
Stated coupon	3.50%	3.30%	5.50%
Coupon frequency	Semi-annually	Semi-annually	Semi-annually
Call price	As defined	As defined	As defined

As of September 30, 2024, the Company had junior subordinated notes outstanding, the respective principal terms of which

are presented and described below:


	2059 Junior Subordinated Notes	2060 Junior Subordinated Notes	2061 Junior Subordinated Notes	2064 Junior Subordinated Notes
Issue date	March 2019	September 2020	July 2021	March 2024
Maturity date	March 2059	September 2060	September 2061	March 2064
Par value (in millions)	$300.0	$275.0	$200.0	$450.0
Stated coupon	5.875%	4.75%	4.20%	6.75%
Coupon frequency	Quarterly	Quarterly	Quarterly	Quarterly
Call price	As defined	As defined	As defined	As defined
NYSE Symbol	MGR	MGRB	MGRD	MGRE

Schedule of Convertible Securities

The following table presents interest expense recorded in connection with the junior convertible securities:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Contractual interest expense	$4.4	$4.4	$13.2	$13.2
Amortization of debt issuance costs	0.1	0.1	0.2	0.2
Total	$4.5	$4.5	$13.4	$13.4

Effective interest rate	5.21%	5.21%	5.21%	5.21%

- 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
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Contingent Payment Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 7.9	$ 23.4	$ 14.7	$ 21.0
Purchases and issuances	0.0	0.0	0.0	0.0
Settlements and reductions	0.0	0.0	0.0	0.0
Net realized and unrealized (gains) losses	(1.4)	(5.2)	(8.2)	(2.8)
Balance, end of period	6.5	18.2	6.5	18.2
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	(1.4)	(5.2)	(8.2)	(2.8)
Affiliate Equity Purchase Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	53.9	68.4	53.9	24.5
Purchases and issuances	10.1	4.7	66.3	75.7
Settlements and reductions	(5.0)	(25.4)	(62.1)	(49.7)
Net realized and unrealized (gains) losses	(0.1)	(2.5)	0.8	(5.3)
Balance, end of period	58.9	45.2	58.9	45.2
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$ (0.5)	$ (2.4)	$ 0.4	$ (4.5)

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 215.7
Deferred payment obligation	43.3
Equity Method Investee
Commitments and Contingencies
Deferred payment obligation	5.1
Payments for Achievement of Financial Targets
Commitments and Contingencies
Payment contingent on not meeting financial targets	12.5
Payment contingent on exercise of option to reduce ownership percentage	25.0
Payments for Achievement of Financial Targets \| Equity Method Investee
Commitments and Contingencies
Total contingent payments	243.1
Contingent payments in remainder of fiscal year	4.0
Contingent payments, 2025 through 2028	239.1
Payments For Contingent Financing
Commitments and Contingencies
Total contingent payments	$ 50.0

Affiliate Equity

9 Months Ended

Sep. 30, 2024

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.

Distributions paid to non-controlling interest Affiliate equity holders were $216.4 million and $206.5 million for the nine

months ended September 30, 2023 and 2024, respectively.

The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated

Affiliate partners and other parties under agreements that provide the Company a conditional right to call and Affiliate equity

holders the conditional right to put their Affiliate equity interests to the Company at certain intervals. The Company has the

right to settle a portion of these purchases in shares of its common stock. For Affiliates accounted for under the equity method,

the Company does not typically have such put and call arrangements. For the nine months ended September 30, 2023 and

2024, the amount of cash paid for purchases was $41.7 million and $60.4 million, respectively. For the nine months ended

September 30, 2023 and 2024, the total amount of cash received for issuances was $13.4 million and $6.3 million, respectively.

Sales and purchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to

its consolidated Affiliate partners and other parties as a form of compensation. If the equity is issued for consideration below

the fair value of the equity, or purchased 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 September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Controlling interest	$0.0	$2.4	$6.1	$15.6
Non-controlling interests	11.5	9.7	33.4	30.9
Total	$11.5	$12.1	$39.5	$46.5

The following table presents unrecognized Affiliate equity compensation expense:


	Controlling Interest	Remaining Life	Non-controlling Interests	Remaining Life
December 31, 2023	$30.6	5 years	$235.7	6 years
September 30, 2024	39.0	4 years	217.6	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. The total receivable was $5.9 million and $4.5 million as

of December 31, 2023 and September 30, 2024, respectively, and was included in Other assets on the Consolidated Balance

Sheets. The total payable was $53.9 million and $58.9 million as of December 31, 2023 and September 30, 2024, 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 recorded 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 occurred during the applicable periods:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Net income (controlling interest)	$217.0	$123.6	$476.8	$349.5
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(4.5)	—	(13.1)	(2.6)
Increase (decrease) in controlling interest paid-in capital from Affiliate equity purchases	1.9	(0.5)	(36.1)	(22.9)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$214.4	$123.1	$427.6	$324.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 185.8	$ 286.0	$ 519.5	$ 661.9
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	39.2	(30.6)	42.6	20.6
Change in net realized and unrealized gain (loss) on derivative financial instruments	1.0	(0.3)	1.4	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities	0.0	0.6	0.4	0.4
Other comprehensive income (loss), net of tax	40.2	(30.3)	44.4	21.5
Comprehensive income	226.0	255.7	563.9	683.4
Comprehensive income (non-controlling interests)	(77.9)	(57.4)	(186.0)	(183.1)
Comprehensive income (controlling interest)	$ 148.1	$ 198.3	$ 377.9	$ 500.3

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entities
Carrying value of equity method investment in affiliate	$ 2,148.4	$ 2,288.5
Carrying amount and maximum exposure to loss equity method investments considered VREs	105.7	90.3
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Unconsolidated VIE Net Assets	1,173.6	1,492.4
Carrying Value and Maximum Exposure to Loss	$ 2,042.7	$ 2,198.2

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,010.7	$ 813.6
Receivables	457.1	368.4
Investments in marketable securities	66.1	461.0
Goodwill	2,532.0	2,523.6
Acquired client relationships (net)	1,807.1	1,812.4
Equity method investments in Affiliates (net)	2,148.4	2,288.5
Fixed assets (net)	61.0	67.3
Other investments	532.8	480.9
Other assets	287.8	243.9
Total assets	8,903.0	9,059.6
Liabilities and Equity
Payables and accrued liabilities	625.7	628.5
Debt	2,619.7	2,537.5
Deferred income tax liability (net)	522.0	463.8
Other liabilities	464.5	466.3
Total liabilities	4,231.9	4,096.1
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	397.1	393.4
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31, 2023 and September 30, 2024)	0.6	0.6
Additional paid-in capital	711.3	741.4
Accumulated other comprehensive loss	(139.2)	(167.6)
Retained earnings	6,738.1	6,389.6
Total stockholders' equity before treasury stock	7,310.8	6,964.0
Less: Treasury stock, at cost (25.3 shares and 28.4 shares as of December 31, 2023 and September 30, 2024, respectively)	(3,994.5)	(3,376.1)
Total stockholders' equity	3,316.3	3,587.9
Non-controlling interests	957.7	982.2
Total equity	4,274.0	4,570.1
Total liabilities and equity	$ 8,903.0	$ 9,059.6

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial Assets
Investments in equity securities	$ 42.0	$ 37.9
Investments in debt securities	24.1	423.1
Financial Liabilities
Contingent payment obligations	6.5	14.7
Affiliate equity purchase obligations	58.9	53.9
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Investments in equity securities	42.0	37.9
Investments in debt securities	0.0	0.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Significant Other Observable Inputs (Level 2)
Financial Assets
Investments in equity securities	0.0	0.0
Investments in debt securities	24.1	423.1
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in equity securities	0.0	0.0
Investments in debt securities	0.0	0.0
Financial Liabilities
Contingent payment obligations	6.5	14.7
Affiliate equity purchase obligations	$ 58.9	$ 53.9

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

As of September 30, 2024, the Company was obligated to make deferred payments and was contingently liable to make

payments in connection with certain of its consolidated Affiliates, which are included in Other liabilities, as follows:


				Earliest Payable
	Controlling Interest	Co-Investor	Total	2024	2025
Deferred payment obligations	$43.3	$—	$43.3	$21.7	$21.6
Contingent payment obligations(1)	6.4	0.1	6.5	—	6.5

___________________________

(1)Fair value as of September 30, 2024. The Company is contingently liable to make maximum contingent payments of up to

$110.0 million ($24.9 million attributable to the co-investor), all of which may become payable in 2025.

Goodwill and Acquired Client Relationships - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Cash received in Veritable Transaction		$ 287.4
Affiliate Transaction gain	$ 0.0	$ 133.1	$ 0.0	$ 133.1
Third Party
Estimated Future Amortization Expense of Finite-Lived Intangibles
Subsidiary, ownership percentage, sold		1		1
Acquired Client Relationships
Intangible Assets
Amortization and impairment expenses of intangible assets	7.3	$ 12.5	21.8	$ 37.5
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	7.0		7.0
Finite-lived intangible, future amortization expense in year one	25.0		25.0
Finite-lived intangible, future amortization expense in year two	25.0		25.0
Finite-lived intangible, future amortization expense in year three	25.0		25.0
Finite-lived intangible, future amortization expense in year four	25.0		25.0
Finite-lived intangible, future amortization expense in year five	$ 15.0		$ 15.0

Affiliate Equity (Tables)

9 Months Ended

Sep. 30, 2024

Affiliate Equity [Abstract]

Schedule of Affiliate Equity Compensation

The following table presents Affiliate equity compensation expense:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Controlling interest	$0.0	$2.4	$6.1	$15.6
Non-controlling interests	11.5	9.7	33.4	30.9
Total	$11.5	$12.1	$39.5	$46.5

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, 2023	$30.6	5 years	$235.7	6 years
September 30, 2024	39.0	4 years	217.6	6 years

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

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 occurred during the applicable periods:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Net income (controlling interest)	$217.0	$123.6	$476.8	$349.5
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(4.5)	—	(13.1)	(2.6)
Increase (decrease) in controlling interest paid-in capital from Affiliate equity purchases	1.9	(0.5)	(36.1)	(22.9)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$214.4	$123.1	$427.6	$324.0

Share-Based Compensation - Restricted Stock Units Transactions (Details) - Restricted Stock Units shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Unvested units - beginning balance (in shares) \| shares	0.9
Units granted (in shares) \| shares	0.2
Units vested (in shares) \| shares	(0.3)
Units forfeited (in shares) \| shares	(0.0)
Performance condition changes (in shares) \| shares	(0.0)
Unvested units - ending balance (in shares) \| shares	0.8
Weighted Average Grant Date Value
Unvested units - beginning balance (in dollars per share) \| $ / shares	$ 138.51
Units granted (in dollars per share) \| $ / shares	159.32
Units vested (in dollars per share) \| $ / shares	129.72
Units forfeited (in dollars per share) \| $ / shares	149.00
Performance condition changes (in dollars per share) \| $ / shares	154.72
Unvested units - ending balance (in dollars per share) \| $ / shares	$ 147.40

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 12.1	$ 11.5	$ 46.5	$ 39.5
Non- controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	9.7	11.5	$ 30.9	33.4
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life			6 years		6 years
Non-controlling Interests	217.6		$ 217.6		$ 235.7
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	2.4	$ 0.0	15.6	$ 6.1
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 39.0		$ 39.0		$ 30.6
Remaining Life			4 years		5 years

Fair Value Measurements - Other Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 1,097.3	$ 1,099.4
Junior subordinated notes	1,216.0	765.9
Junior convertible securities	341.7	341.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	1,075.8	1,049.8
Junior subordinated notes	1,129.6	612.0
Junior convertible securities	$ 375.9	$ 340.9

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 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		30,225,132
Entity Central Index Key	0001004434
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Stock ($0.01 par value)
Document 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
Document Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Document Information [Line Items]
Title of 12(b) Security	4.750% Junior Subordinated Notes due 2060
Trading Symbol	MGRB
Security Exchange Name	NYSE
4.200% Junior Subordinated Notes due 2061
Document Information [Line Items]
Title of 12(b) Security	4.200% Junior Subordinated Notes due 2061
Trading Symbol	MGRD
Security Exchange Name	NYSE
6.750% Junior Subordinated Notes due 2064
Document Information [Line Items]
Title of 12(b) Security	6.750% Junior Subordinated Notes due 2064
Trading Symbol	MGRE
Security Exchange Name	NYSE

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The following table presents share-based compensation expense:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Share-based compensation expense	$14.5	$10.2	$43.9	$42.1
Tax benefit	1.9	1.2	5.5	5.2

As of December 31, 2023, the Company had unrecognized share-based compensation expense of $54.4 million. As of

September 30, 2024, the Company had unrecognized share-based compensation expense of $48.7 million, which will be

recognized over a weighted average period of approximately two years (assuming no forfeitures).

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, 2023	0.9	$138.51
Units granted	0.2	159.32
Units vested	(0.3)	129.72
Units forfeited	(0.0)	149.00
Performance condition changes	0.0	154.72
Unvested units—September 30, 2024	0.8	147.40

For the nine months ended September 30, 2023 and 2024, the Company granted restricted stock units with fair values of

$49.2 million and $31.3 million, respectively. These restricted stock units were valued based on the closing price of the

Company’s common stock on the grant date and the number of shares expected to vest. Restricted stock units 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. For awards with performance conditions, the number of restricted stock units expected to vest

may change over time depending upon the performance level achieved.

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, 2023	3.2	$76.74
Options granted	—	—
Options exercised	(1.3)	74.82
Options forfeited	(0.0)	185.98
Options expired	(0.0)	152.36
Performance condition changes	0.0	129.17
Unexercised options outstanding—September 30, 2024	1.9	78.02	2.1
Exercisable at September 30, 2024	1.5	75.89	1.9

The Company did not grant any stock options during the nine months ended September 30, 2023 and 2024. Stock options

generally vest over a period of three years to five years and expire seven years after the grant date. All stock options have been

granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of

the Company’s outstanding stock options contain both service and performance conditions. For awards with performance

conditions, the number of stock options expected to vest may change over time depending upon the performance level achieved.

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Stock Options
Unexercised options outstanding - beginning balance (in shares) \| shares	3.2
Options granted (in shares) \| shares	0.0
Options exercised (in shares) \| shares	(1.3)
Options forfeited (in shares) \| shares	(0.0)
Options expired (in shares) \| shares	(0.0)
Performance condition changes (in shares) \| shares	0.0
Unexercised options outstanding - ending balance (in shares) \| shares	1.9
Stock Options, Exercisable at the end of the period (in shares) \| shares	1.5
Weighted Average Exercise Price
Unexercised options outstanding - beginning balance (in dollars per share) \| $ / shares	$ 76.74
Options granted (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	74.82
Options forfeited (in dollars per share) \| $ / shares	185.98
Options expired (in dollars per share) \| $ / shares	152.36
Performance condition changes (in dollars per share) \| $ / shares	129.17
Unexercised options outstanding - ending balance (in dollars per share) \| $ / shares	78.02
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 75.89
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	2 years 1 month 6 days
Exercisable at the end of the period	1 year 10 months 24 days

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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 September 30, 2024,

these unfunded commitments were $215.7 million and may be called in future periods.

As of September 30, 2024, the Company was obligated to make deferred payments and was contingently liable to make

payments in connection with certain of its consolidated Affiliates, which are included in Other liabilities, as follows:


				Earliest Payable
	Controlling Interest	Co-Investor	Total	2024	2025
Deferred payment obligations	$43.3	$—	$43.3	$21.7	$21.6
Contingent payment obligations(1)	6.4	0.1	6.5	—	6.5

___________________________

(1)Fair value as of September 30, 2024. The Company is contingently liable to make maximum contingent payments of up to

$110.0 million ($24.9 million attributable to the co-investor), all of which may become payable in 2025.

As of September 30, 2024, the Company was obligated to make deferred payments of $5.1 million related to certain of its

investments in Affiliates accounted for under the equity method, all of which is payable during the remainder of 2024.

Deferred payment obligations are included in Other liabilities.

As of September 30, 2024, the Company was contingently liable to make payments of $243.1 million related to the

achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which

$4.0 million may become payable during the remainder of 2024 and $239.1 million may become payable from 2025 through

2028.

As of September 30, 2024, the Company has agreed to provide one of its Affiliates accounted for under the equity method

up to $50.0 million of contingent financing.

In the event that certain financial targets are not met, the Company may receive payments from one of its Affiliates

accounted for under the equity method of up to $12.5 million and also has the option to reduce its ownership interest and

receive an incremental payment of $25.0 million.

Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the

Company over time. See Note 14.

The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of

minimum financial or capital requirements. The Company’s management is not aware of any significant violations of such

requirements.

Income Taxes

9 Months Ended

Sep. 30, 2024

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 September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Controlling interest(1)	$75.9	$29.5	$149.9	$123.7
Non-controlling interests	1.8	1.8	5.5	6.3
Income tax expense	$77.7	$31.3	$155.4	$130.0
Income before income taxes (controlling interest)	$292.9	$153.1	$626.7	$473.2

Effective tax rate (controlling interest)(2)	25.9%	19.3%	23.9%	26.1%

___________________________

(1)For the three months ended September 30, 2023 and 2024, income tax expense (controlling interest) included intangible-

related deferred tax (benefit) expense of $(13.5) million and $16.4 million, respectively. For the nine months ended

September 30, 2023 and 2024, income tax expense (controlling interest) included intangible-related deferred tax expense of

$16.4 million and $50.6 million, respectively.

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

The Company’s effective tax rate (controlling interest) for the three months ended September 30, 2023 was higher than the

marginal tax rate of 24.5%, primarily due to the increase in the UK corporate tax rate in 2023. The Company’s effective tax

rate (controlling interest) for the nine months ended September 30, 2023 was lower than the marginal tax rate primarily due to

discrete foreign tax benefits and tax windfalls attributable to share-based compensation.

The Company’s effective tax rate (controlling interest) for the three months ended September 30, 2024 was lower than the

marginal tax rate of 24.5%, primarily due to tax windfalls attributable to share-based compensation. The Company’s effective

tax rate (controlling interest) for the nine months ended September 30, 2024 was higher than the marginal tax rate of 24.5%,

primarily due to an expense to reduce the carrying value of an Affiliate to fair value for which no tax benefit was recorded.

The Company’s effective tax rate reflects the relative contributions of earnings in the jurisdictions in which the Company

and its Affiliates operate and is impacted by changes in the jurisdictional mix of income before taxes.

The Company continues to monitor and evaluate legislative developments related to the Organization for Economic Co-

operation and Development’s Pillar Two directive (“Pillar Two”), which establishes a framework for a global minimum

corporate tax rate of 15%. Several countries in which the Company or its Affiliates operate have adopted legislation to

implement Pillar Two and several others are expected to enact similar rules in the future. The Company currently does not

expect Pillar Two to have a material impact on its Consolidated Financial Statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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)	0.2	0.2	0.2	0.3
Shares issuable to settle Redeemable non-controlling interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2.3	0.1	3.6	0.7

Debt - Senior Notes and Junior Subordinated Notes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Aug. 20, 2024	Mar. 20, 2024
Debt Instrument [Line Items]
Repayments of long-term debt		$ 750.0	$ 25.0
Junior subordinated notes \| On or after March 30, 2029
Debt Instrument [Line Items]
Redemption price percentage		100.00%
Junior subordinated notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage		100.00%
Junior subordinated notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage		102.00%
4.25% senior notes \| Senior notes
Debt Instrument [Line Items]
Repayments of long-term debt	$ 400.0
Debt interest rate	4.25%
2034 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Debt interest rate		5.50%
Face amount		$ 400.0		$ 400.0
Redemption price percentage		100.00%
2025 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Debt interest rate		3.50%
Face amount		$ 350.0
Redemption price percentage		100.00%
Applicable basis spread over redemption price percentage		0.25%
2030 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Debt interest rate		3.30%
Face amount		$ 350.0
Redemption price percentage		100.00%
Applicable basis spread over redemption price percentage		0.40%
6.750% Junior Subordinated Notes due 2064 \| Junior subordinated notes
Debt Instrument [Line Items]
Debt interest rate		6.75%
Face amount		$ 450.0			$ 450.0
6.750% Junior Subordinated Notes due 2064 \| Junior subordinated notes \| On or after March 30, 2029
Debt Instrument [Line Items]
Redemption price percentage		100.00%

Equity Method Investments in Affiliates - Additional Information (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) yr affiliate	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) yr affiliate	Sep. 30, 2023 USD ($)	Dec. 31, 2023 affiliate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Number of affiliates \| affiliate	22			22		22
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of intangible assets	$ 7.3		$ 12.5	$ 21.8	$ 37.5
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	7.0			7.0
Finite-lived intangible, future amortization expense in year one	25.0			25.0
Finite-lived intangible, future amortization expense in year two	25.0			25.0
Finite-lived intangible, future amortization expense in year three	25.0			25.0
Finite-lived intangible, future amortization expense in year four	25.0			25.0
Finite-lived intangible, future amortization expense in year five	$ 15.0			$ 15.0
Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment expense		$ 39.9
Equity Method Investee \| Measurement Input, Growth Rate Period
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investment, measurement input \| yr	10			10
Equity Method Investee \| Measurement Input, Growth Rate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investment, measurement input	(0.025)			(0.025)
Equity Method Investee \| Measurement Input, Long-Term Growth Rate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investment, measurement input	0.03			0.03
Equity Method Investee \| Measurement Input, Discount Rate, Asset Based Fees
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investment, measurement input	0.12			0.12
Equity Method Investee \| Measurement Input, Discount Rate, Performance Based Fees
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investment, measurement input	0.20			0.20
Equity Method Investee \| Measurement Input, Market Participant Tax Rates
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investment, measurement input	0.21			0.21
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of intangible assets	$ 22.7		$ 21.2	$ 64.4	$ 63.0
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	23.0			23.0
Finite-lived intangible, future amortization expense in year one	75.0			75.0
Finite-lived intangible, future amortization expense in year two	70.0			70.0
Finite-lived intangible, future amortization expense in year three	70.0			70.0
Finite-lived intangible, future amortization expense in year four	60.0			60.0
Finite-lived intangible, future amortization expense in year five	$ 45.0			$ 45.0

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01	$ 0.03	$ 0.03

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Provision
Income tax expense	$ 31.3	$ 77.7	$ 130.0	$ 155.4
Deferred income tax (benefit) expense related to intangibles	16.4	(13.5)	50.6	16.4
Non- controlling Interests
Income Tax Provision
Income tax expense	1.8	1.8	6.3	5.5
Controlling Interest
Income Tax Provision
Income tax expense	29.5	75.9	123.7	149.9
Income before income taxes (controlling interest)	$ 153.1	$ 292.9	$ 473.2	$ 626.7
Effective tax rate (controlling interests)	19.30%	25.90%	26.10%	23.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Contingent payment obligations \| Monte Carlo Simulation
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 6.5	$ 14.7
Contingent payment obligations \| Monte Carlo Simulation \| Volatility \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.10	0.19
Contingent payment obligations \| Monte Carlo Simulation \| Volatility \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.18	0.25
Contingent payment obligations \| Monte Carlo Simulation \| Volatility \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.11	0.21
Contingent payment obligations \| Monte Carlo Simulation \| Discount rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.05	0.06
Contingent payment obligations \| Monte Carlo Simulation \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.05	0.06
Affiliate equity purchase obligations \| Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 58.9	$ 53.9
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.14	0.14
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.18	0.17
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.15	0.14
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	(0.05)	(0.06)
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.08	0.07
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0	0.01

Debt - Junior Convertible Securities (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) d $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt	$ 2,619.7	$ 2,537.5
Junior convertible securities
Debt Instrument [Line Items]
Debt	339.0	338.9
Junior Convertible Trust Preferred Securities \| Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 341.7
Debt interest rate	5.15%
Unamortized debt issuance costs	$ 2.7	$ 2.9
Conversion ratio per share of common stock	0.2558
Face amount of convertible security (in dollars per share) \| $ / shares	$ 50.00
Adjusted conversion price (in dollars per share) \| $ / shares	$ 195.47
Convertible debt, threshold trading days \| d	20
Convertible debt, threshold consecutive trading days \| d	30
Debt instrument, convertible, threshold percentage	1.30

Other Investments - Investments without Readily Determinable Fair Value (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Cost	$ 8,500,000	$ 8,500,000		$ 8,500,000
Cumulative unrealized gains	41,900,000	41,900,000		41,900,000
Carrying amount	50,400,000	50,400,000	$ 50,400,000	$ 50,400,000	$ 50,400,000	$ 50,400,000	$ 50,400,000
Upward adjustments	0	0
Downward adjustments	$ 0	$ 0

Redeemable Non-Controlling Interests (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023(1)		$393.4
Increase attributable to consolidated Affiliate sponsored investment products		1.5
Transfers to Other liabilities		(42.2)
Transfers from Non-controlling interests		1.7
Changes in redemption value		42.7
Balance, as of September 30, 2024(1)		$397.1

___________________________

(1)As of December 31, 2023 and September 30, 2024, Redeemable non-controlling interests include consolidated Affiliate

sponsored investment products primarily attributable to third-party investors of $11.8 million and $13.3 million,

respectively.

Goodwill and Acquired Client Relationships (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents the changes in the Company’s consolidated Goodwill:


		Goodwill
Balance, as of December 31, 2023		$2,523.6
Foreign currency translation		8.4
Balance, as of September 30, 2024		$2,532.0

As of September 30, 2024 the Company completed its annual impairment assessment on goodwill and no impairment was

indicated.

Schedule of Changes in the Components of Acquired Client Relationships

The following table presents the changes in the Company’s components of Acquired client relationships (net):


	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, 2023	$1,260.5	$(1,051.2)	$209.3	$1,603.1	$1,812.4
Intangible amortization and impairments	—	(21.8)	(21.8)	—	(21.8)
Foreign currency translation	4.0	(4.0)	—	16.5	16.5
Balance, as of September 30, 2024	$1,264.5	$(1,077.0)	$187.5	$1,619.6	$1,807.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Consolidated revenue	$ 516.4	$ 525.2	$ 1,516.6	$ 1,555.2
Consolidated expenses:
Compensation and related expenses	220.8	211.8	676.5	663.0
Selling, general and administrative	97.0	91.1	278.1	273.4
Intangible amortization and impairments	7.3	12.5	21.8	37.5
Interest expense	34.7	31.1	98.1	92.4
Depreciation and other amortization	3.3	3.0	9.4	10.0
Other expenses (net)	11.6	7.9	31.5	36.2
Total consolidated expenses	374.7	357.4	1,115.4	1,112.5
Equity method income (net)	52.6	39.8	188.3	154.3
Affiliate Transaction gain	0.0	133.1	0.0	133.1
Investment and other income	22.8	23.0	60.0	87.2
Income before income taxes	217.1	363.7	649.5	817.3
Income tax expense	31.3	77.7	130.0	155.4
Net income	185.8	286.0	519.5	661.9
Net income (non-controlling interests)	(62.2)	(69.0)	(170.0)	(185.1)
Net income (controlling interest)	$ 123.6	$ 217.0	$ 349.5	$ 476.8
Average shares outstanding (basic) (in shares)	30.1	34.9	31.4	35.6
Average shares outstanding (diluted) (in shares)	35.0	43.4	35.2	42.9
Earnings per share (basic) (in dollars per share)	$ 4.11	$ 6.22	$ 11.11	$ 13.41
Earnings per share (diluted) (in dollars per share)	$ 3.78	$ 5.48	$ 10.25	$ 12.28

Investments in Marketable Securities - Debt Securities, Available-for-Sale (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale
Cost	$ 0.0	$ 405.4
Unrealized gains	0.0	0.0
Unrealized losses	0.0	(0.1)
Fair value	0.0	405.3
Trading
Cost	23.3	17.9
Unrealized gains	0.8	0.0
Unrealized losses	0.0	(0.1)
Fair value	$ 24.1	$ 17.8

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Controlling interest(1)	$75.9	$29.5	$149.9	$123.7
Non-controlling interests	1.8	1.8	5.5	6.3
Income tax expense	$77.7	$31.3	$155.4	$130.0
Income before income taxes (controlling interest)	$292.9	$153.1	$626.7	$473.2

Effective tax rate (controlling interest)(2)	25.9%	19.3%	23.9%	26.1%

___________________________

(1)For the three months ended September 30, 2023 and 2024, income tax expense (controlling interest) included intangible-

related deferred tax (benefit) expense of $(13.5) million and $16.4 million, respectively. For the nine months ended

September 30, 2023 and 2024, income tax expense (controlling interest) included intangible-related deferred tax expense of

$16.4 million and $50.6 million, respectively.

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

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 39.6	$ (27.3)	$ 46.7	$ 28.3
Tax (Expense) Benefit	0.6	(3.0)	(2.3)	(6.8)
Other comprehensive income (loss), net of tax	40.2	(30.3)	44.4	21.5
Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	38.6	(27.6)	44.8	27.5
Tax (Expense) Benefit	0.6	(3.0)	(2.2)	(6.9)
Other comprehensive income (loss), net of tax	39.2	(30.6)	42.6	20.6
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	1.0	(0.3)	1.4	0.5
Tax (Expense) Benefit	0.0	(0.0)	0.0	(0.0)
Other comprehensive income (loss), net of tax	1.0	(0.3)	1.4	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.0	0.6	0.5	0.3
Tax (Expense) Benefit	0.0	(0.0)	(0.1)	0.1
Other comprehensive income (loss), net of tax	$ 0.0	$ 0.6	$ 0.4	$ 0.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Related Party Transactions (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transactions
Other liabilities	$ 464.5	$ 466.3
Common stock, voting rights, percent	0.05
Related Party
Related Party Transactions
Other liabilities	$ 58.9	53.9
Related Party \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	$ 15.0	$ 18.5

- Definition

Amount of liabilities classified as other.

+ References + Details

Other Investments - Schedule of Changes in Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Investments [Roll Forward]
Balance, beginning of period	$ 530.3	$ 457.0	$ 480.9	$ 421.6
Purchases and commitments	13.6	16.0	78.1	62.0
Sales and distributions	(20.4)	(20.5)	(47.1)	(49.4)
Net realized and unrealized gains	9.3	5.4	20.9	23.7
Balance, end of period	532.8	457.9	532.8	457.9
Equity Securities Without Readily Determinable Fair Value [Roll Forward]
Balance, beginning of period	50.4	50.4	50.4	50.4
Purchases and commitments	0.0	0.0	0.0	0.0
Sales and distributions	0.0	0.0	0.0	0.0
Net realized and unrealized gains	0.0	0.0	0.0	0.0
Balance, end of period	50.4	50.4	50.4	50.4
Fair Value Measured at NAV
Other Investments [Roll Forward]
Balance, beginning of period	479.9	406.6	430.5	371.2
Purchases and commitments	13.6	16.0	78.1	62.0
Sales and distributions	(20.4)	(20.5)	(47.1)	(49.4)
Net realized and unrealized gains	9.3	5.4	20.9	23.7
Balance, end of period	$ 482.4	$ 407.5	$ 482.4	$ 407.5

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


		Fair Value Measurements
	December 31, 2023	Fair Value Measurements
	December 31, 2023	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 equity securities(1)	$37.9	$37.9	$—	$—
Investments in debt securities(1)	423.1	—	423.1	—
Financial Liabilities(2)
Contingent payment obligations	$14.7	$—	$—	$14.7
Affiliate equity purchase obligations	53.9	—	—	53.9


		Fair Value Measurements
	September 30, 2024	Fair Value Measurements
	September 30, 2024	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 equity securities(1)	$42.0	$42.0	$—	$—
Investments in debt securities(1)	24.1	—	24.1	—
Financial Liabilities(2)
Contingent payment obligations	$6.5	$—	$—	$6.5
Affiliate equity purchase obligations	58.9	—	—	58.9

___________________________

(1)Amounts are recorded in Investments in marketable securities on the Consolidated Balance Sheets.

(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.

Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:


	For the Three Months Ended September 30,
	2023		2024
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$23.4	$68.4	$7.9	$53.9
Purchases and issuances(1)	—	4.7	—	10.1
Settlements and reductions	—	(25.4)	—	(5.0)
Net realized and unrealized gains(2)	(5.2)	(2.5)	(1.4)	(0.1)
Balance, end of period	$18.2	$45.2	$6.5	$58.9

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1)	$(5.2)	$(2.4)	$(1.4)	$(0.5)


	For the Nine Months Ended September 30,
	2023		2024
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$21.0	$24.5	$14.7	$53.9
Purchases and issuances(1)	—	75.7	—	66.3
Settlements and reductions	—	(49.7)	—	(62.1)
Net realized and unrealized (gains) losses(2)	(2.8)	(5.3)	(8.2)	0.8
Balance, end of period	$18.2	$45.2	$6.5	$58.9

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1)	$(2.8)	$(4.5)	$(8.2)	$0.4

___________________________

(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) in the Consolidated

Statements of Income and the accretion of these obligations is included in Interest expense in the Consolidated Statements

of Income.

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, 2023			September 30, 2024
	Valuation Techniques	Unobservable Input	Fair Value	Range	Weighted Average(1)	Fair Value	Range	Weighted Average(1)
Contingent payment obligations	Monte Carlo Simulation	Volatility	$14.7	19% - 25%	21%	$6.5	10% - 18%	11%
		Discount rates		6%	6%		5%	5%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$53.9	(6)% - 7%	1%	$58.9	(5)% - 8%	0%
		Discount rates		14% - 17%	14%		14% - 18%	15%

___________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset- and performance-based fees.

Contingent payment obligations represent the fair value of the expected future settlement amounts related to the

Company’s investments in its consolidated Affiliates. Changes to assumed volatility and discount rates change the fair value of

contingent payment obligations. Increases to the volatility rates used would result in higher fair values, while increases to the

discount rates used would result in lower fair values.

Affiliate equity purchase obligations include agreements to purchase Affiliate equity and represent the fair value of the

expected future settlement amounts. Changes to assumed growth rates and discount rates change the fair value of the Affiliate

equity purchase obligations. Increases to the assumed growth rates would result in higher fair values, while increases to the

discount rates used would result in lower fair values.

Other 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, 2023		September 30, 2024
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes	$1,099.4	$1,049.8	$1,097.3	$1,075.8	Level 2
Junior subordinated notes	765.9	612.0	1,216.0	1,129.6	Level 2
Junior convertible securities	341.7	340.9	341.7	375.9	Level 2

The Company has other financial assets and liabilities that are not required to be carried at fair value, but are required to be

disclosed at fair value. The carrying amount of Cash and cash equivalents, Receivables, Payables and accrued liabilities, and

certain Other liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of the

credit facilities (as defined in Note 7) approximates fair value because the credit facilities have variable interest based on

selected short-term rates.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 5,332.2	$ 5,788.3
Carrying Value and Maximum Exposure to Loss	$ 24.4	$ 29.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Schedule of Convertible Securities (Details) - Junior Convertible Trust Preferred Securities - Junior convertible securities - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 4.4	$ 4.4	$ 13.2	$ 13.2
Amortization of debt issuance costs	0.1	0.1	0.2	0.2
Total	$ 4.5	$ 4.5	$ 13.4	$ 13.4
Effective interest rate	5.21%	5.21%	5.21%	5.21%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accounting Standards and Policies (Policies)	9 Months Ended
Accounting Standards and Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The Consolidated Financial Statements of Affiliated Managers Group, Inc. (“AMG” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“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. 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, 2023 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 and Recent Accounting Developments	Recently Adopted Accounting Standards Effective January 1, 2024, the Company adopted Accounting Standard Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Developments In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company currently does not expect the adoption to have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. The Company currently does not expect the adoption to have a material impact on its Consolidated Financial Statements. In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which clarifies how an entity should apply the scope guidance to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718. The standard is effective for interim and annual periods beginning after December 15, 2024 for the Company, and is effective for interim and annual periods beginning after December 15, 2025 for the Company’s Affiliates. The Company currently does not expect the adoption to have a material impact on its Consolidated Financial Statements.
Investments in Affiliates and Affiliate Sponsored Investments Products	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 VRE under the equity method. Investments with readily determinable fair values in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other 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 and any co-investor’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of any tangible or intangible net assets, are included in 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 or Other liabilities on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases 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 in 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 (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is recorded in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than-temporary. The Company performs these assessments if certain triggering events occur or annually during the fourth quarter. The Company first considers whether certain qualitative factors indicate an increased likelihood of a decline in the fair value of an Affiliate during the reporting period. If such a decline is identified, and it is likely that an investment’s fair value may have declined below its carrying value, the Company performs a quantitative assessment to determine if an impairment exists. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the Affiliate to fair value. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts 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 generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the VIE that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant third-party investors. When 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, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are included in purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows, respectively, 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 Affiliates’ interests in the unconsolidated net assets of the respective products.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) 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 September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Numerator
Net income (controlling interest)	$217.0	$123.6	$476.8	$349.5
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	17.1	5.2	39.4	1.0
Interest expense on junior convertible securities, net of taxes	3.4	3.4	10.1	10.1
Net income (controlling interest), as adjusted	$237.5	$132.2	$526.3	$360.6
Denominator
Average shares outstanding (basic)	34.9	30.1	35.6	31.4
Effect of dilutive instruments:
Stock options and restricted stock units	1.7	1.7	1.7	1.9
Hypothetical issuance of shares to settle Redeemable non-controlling interests	5.1	1.5	3.9	0.2
Junior convertible securities	1.7	1.7	1.7	1.7
Average shares outstanding (diluted)	43.4	35.0	42.9	35.2

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

The following

is a summary of items excluded from the denominator in the table above:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2024	2023	2024
Stock options and restricted stock units	0.2	0.2	0.3	0.2
Shares issuable to settle Redeemable non-controlling interests	0.1	2.3	0.7	3.6

Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)

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


	For the Three Months Ended September 30,
	2023			2024
	Pre-Tax	Tax (Expense) Benefit	Net of Tax	Pre-Tax	Tax Benefit	Net of Tax
Foreign currency translation gain (loss)	$(27.6)	$(3.0)	$(30.6)	$38.6	$0.6	$39.2
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.3)	0.0	(0.3)	1.0	—	1.0
Change in net unrealized gain (loss) on available-for-sale debt securities	0.6	0.0	0.6	0.0	—	0.0
Other comprehensive income (loss)	$(27.3)	$(3.0)	$(30.3)	$39.6	$0.6	$40.2


	For the Nine Months Ended September 30,
	2023			2024
	Pre-Tax	Tax (Expense) Benefit	Net of Tax	Pre-Tax	Tax Expense	Net of Tax
Foreign currency translation gain	$27.5	$(6.9)	$20.6	$44.8	$(2.2)	$42.6
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	0.0	0.5	1.4	—	1.4
Change in net unrealized gain (loss) on available-for-sale debt securities	0.3	0.1	0.4	0.5	(0.1)	0.4
Other comprehensive income	$28.3	$(6.8)	$21.5	$46.7	$(2.3)	$44.4

Schedule of Components of Accumulated Other Comprehensive Loss

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


	Foreign Currency Translation Adjustment	Realized and Unrealized Gains (Losses) on Derivative Financial Instruments	Unrealized Gains (Losses) on Investment Available-for- Sale Debt Securities	Total
Balance, as of December 31, 2023	$(255.3)	$(0.1)	$(0.5)	$(255.9)
Other comprehensive income before reclassifications	42.6	0.8	0.4	43.8
Amounts reclassified	—	0.6	—	0.6
Net other comprehensive income	42.6	1.4	0.4	44.4
Balance, as of September 30, 2024	$(212.7)	$1.3	$(0.1)	$(211.5)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from (used in) operating activities:
Net income	$ 519.5	$ 661.9
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	21.8	37.5
Depreciation and other amortization	9.4	10.0
Deferred income tax expense	59.5	13.0
Equity method income (net)	(188.3)	(154.3)
Affiliate Transaction gain	0.0	(133.1)
Distributions received from equity method investments	357.3	421.7
Share-based compensation and Affiliate equity compensation expense	88.6	83.4
Net realized and unrealized gains on investment securities	(30.7)	(68.7)
Other non-cash items	(3.8)	(3.7)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(61.8)	(32.6)
Sales of securities by consolidated Affiliate sponsored investment products	48.1	38.9
Increase in receivables	(76.5)	(116.4)
Decrease in other assets	13.8	23.3
Decrease in payables, accrued liabilities, and other liabilities	(37.3)	(161.5)
Cash flow from operating activities	719.6	619.4
Cash flow from (used in) investing activities:
Investments in Affiliates, net of cash acquired	(5.9)	(93.8)
Proceeds from Affiliate Transaction	0.0	294.0
Purchase of fixed assets	(2.3)	(6.6)
Purchase of investment securities	(496.4)	(477.6)
Maturities and sales of investment securities	875.2	761.9
Cash flow from investing activities	370.6	477.9
Cash flow from (used in) financing activities:
Borrowings of senior bank debt, senior notes, and junior subordinated notes	847.6	25.0
Repayments of senior bank debt and senior notes	(750.0)	(25.0)
Repurchases of common stock (net)	(589.5)	(213.6)
Dividends paid on common stock	(1.0)	(1.2)
Distributions to non-controlling interests	(206.5)	(216.4)
Affiliate equity purchases (net)	(54.1)	(28.3)
Redemptions of consolidated Affiliate sponsored investment products (net)	(6.3)	(9.7)
Other financing items	(144.3)	(54.8)
Cash flow used in financing activities	(904.1)	(524.0)
Effect of foreign currency exchange rate changes on cash and cash equivalents	5.7	(0.2)
Net increase in cash and cash equivalents	191.8	573.1
Cash and cash equivalents at beginning of period	813.6	429.2
Effect of (deconsolidation) consolidation of Affiliates and Affiliate sponsored investment products	5.3	(3.1)
Cash and cash equivalents at end of period	$ 1,010.7	$ 999.2

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance			$ 393.4
Increase attributable to consolidated Affiliate sponsored investment products			1.5
Transfers to Other liabilities			(42.2)
Transfers from Non-controlling interests			1.7
Changes in redemption value	$ 12.0	$ (50.3)	42.7	$ 46.9
Balance, ending balance	397.1		$ 397.1
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
Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance			$ 11.8
Balance, ending balance	$ 13.3		$ 13.3

Goodwill and Acquired Client Relationships - Schedule of Changes in the Components of Acquired Client Relationships (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total
Beginning balance, Net Book Value			$ 1,812.4
Intangible amortization and impairments	$ (7.3)	$ (12.5)	(21.8)	$ (37.5)
Ending balance, Net Book Value	1,807.1		1,807.1
Acquired Client Relationships
Indefinite-lived
Beginning balance, Net Book Value			1,603.1
Foreign currency translation			16.5
Ending balance, Net Book Value	1,619.6		1,619.6
Total
Beginning balance, Net Book Value			1,812.4
Intangible amortization and impairments			21.8
Foreign currency translation			16.5
Ending balance, Net Book Value	1,807.1		1,807.1
Acquired Client Relationships
Definite-lived
Beginning balance, Gross Book Value			1,260.5
Beginning balance, Accumulated Amortization			(1,051.2)
Beginning balance, Net Book Value			209.3
Intangible amortization and impairments	(7.3)	$ (12.5)	(21.8)	$ (37.5)
Foreign currency translation, Gross Book Value			4.0
Foreign currency translation, Accumulated Amortization			(4.0)
Foreign currency translation, Net Book Value			0.0
Ending balance, Gross Book Value	1,264.5		1,264.5
Ending balance, Accumulated Amortization	(1,077.0)		(1,077.0)
Ending balance, Net Book Value	$ 187.5		$ 187.5

Affiliate Equity - Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 123.6	$ 217.0	$ 349.5	$ 476.8
Decrease in controlling interest paid-in capital from Affiliate equity issuances	0.0	(4.5)	(2.6)	(13.1)
Increase (decrease) in controlling interest paid-in capital from Affiliate equity purchases	(0.5)	1.9	(22.9)	(36.1)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$ 123.1	$ 214.4	$ 324.0	$ 427.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Share-Based Compensation - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation
Unrecognized share-based compensation expense	$ 48,700,000		$ 54,400,000
Unrecognized share-based compensation expense, period for recognition	2 years
Stock options granted, fair value	$ 0	$ 0
Restricted Stock Units
Share-based Compensation
Restricted stocks granted, fair value	$ 31,300,000	$ 49,200,000
Restricted Stock Units \| Minimum
Share-based Compensation
Stock options, vesting period	3 years
Restricted Stock Units \| Maximum
Share-based Compensation
Stock options, vesting period	4 years
Stock Options
Share-based Compensation
Stock options, expiration period	7 years
Stock Options \| Minimum
Share-based Compensation
Stock options, vesting period	3 years
Stock Options \| Maximum
Share-based Compensation
Stock options, vesting period	5 years

Comprehensive Income

9 Months Ended

Sep. 30, 2024

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

Comprehensive Income

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


	For the Three Months Ended September 30,
	2023			2024
	Pre-Tax	Tax (Expense) Benefit	Net of Tax	Pre-Tax	Tax Benefit	Net of Tax
Foreign currency translation gain (loss)	$(27.6)	$(3.0)	$(30.6)	$38.6	$0.6	$39.2
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.3)	0.0	(0.3)	1.0	—	1.0
Change in net unrealized gain (loss) on available-for-sale debt securities	0.6	0.0	0.6	0.0	—	0.0
Other comprehensive income (loss)	$(27.3)	$(3.0)	$(30.3)	$39.6	$0.6	$40.2


	For the Nine Months Ended September 30,
	2023			2024
	Pre-Tax	Tax (Expense) Benefit	Net of Tax	Pre-Tax	Tax Expense	Net of Tax
Foreign currency translation gain	$27.5	$(6.9)	$20.6	$44.8	$(2.2)	$42.6
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	0.0	0.5	1.4	—	1.4
Change in net unrealized gain (loss) on available-for-sale debt securities	0.3	0.1	0.4	0.5	(0.1)	0.4
Other comprehensive income	$28.3	$(6.8)	$21.5	$46.7	$(2.3)	$44.4

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


	Foreign Currency Translation Adjustment	Realized and Unrealized Gains (Losses) on Derivative Financial Instruments	Unrealized Gains (Losses) on Investment Available-for- Sale Debt Securities	Total
Balance, as of December 31, 2023	$(255.3)	$(0.1)	$(0.5)	$(255.9)
Other comprehensive income before reclassifications	42.6	0.8	0.4	43.8
Amounts reclassified	—	0.6	—	0.6
Net other comprehensive income	42.6	1.4	0.4	44.4
Balance, as of September 30, 2024	$(212.7)	$1.3	$(0.1)	$(211.5)

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 206.5	$ 216.4
Payments to acquire interest in affiliates	60.4	41.7
Issuance of interest in affiliates	6.3	$ 13.4
Other assets	287.8		$ 243.9
Other liabilities	464.5		466.3
Related Party
Affiliate Equity [Line Items]
Other assets	4.5		5.9
Other liabilities	$ 58.9		$ 53.9

- Definition

Amount of liabilities classified as other.

+ References + Details

Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income (controlling interest)	$ 123.6	$ 217.0	$ 349.5	$ 476.8
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	5.2	17.1	1.0	39.4
Interest expense on junior convertible securities, net of taxes	3.4	3.4	10.1	10.1
Net income (controlling interest), as adjusted	$ 132.2	$ 237.5	$ 360.6	$ 526.3
Denominator
Average shares outstanding (basic) (in shares)	30.1	34.9	31.4	35.6
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	1.7	1.7	1.9	1.7
Hypothetical issuance of shares to settle Redeemable non-controlling interests (in shares)	1.5	5.1	0.2	3.9
Junior convertible securities (in shares)	1.7	1.7	1.7	1.7
Average shares outstanding (diluted) (in shares)	35.0	43.4	35.2	42.9

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retains 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 included in Other liabilities and were $18.5 million and $15.0 million as of December 31, 2023 and September 30, 2024, respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company’s executive officers and directors may invest from time to time in funds advised or products offered by its Affiliates, or receive other investment services provided by its Affiliates, on substantially the same terms as other participating investors. In addition, 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. 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. Also, from time to time, the Company may enter into ordinary course engagements for capital markets, banking, brokerage, and other services with beneficial owners of 5% or more of the Company’s voting securities. The Company has related party transactions in association with its deferred and contingent payment obligations, and Affiliate equity transactions, as more fully described in Notes 8, 13, and 14.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

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


		Fair Value Measurements
	December 31, 2023	Fair Value Measurements
	December 31, 2023	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 equity securities(1)	$37.9	$37.9	$—	$—
Investments in debt securities(1)	423.1	—	423.1	—
Financial Liabilities(2)
Contingent payment obligations	$14.7	$—	$—	$14.7
Affiliate equity purchase obligations	53.9	—	—	53.9


		Fair Value Measurements
	September 30, 2024	Fair Value Measurements
	September 30, 2024	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 equity securities(1)	$42.0	$42.0	$—	$—
Investments in debt securities(1)	24.1	—	24.1	—
Financial Liabilities(2)
Contingent payment obligations	$6.5	$—	$—	$6.5
Affiliate equity purchase obligations	58.9	—	—	58.9

___________________________

(1)Amounts are recorded in Investments in marketable securities on the Consolidated Balance Sheets.

(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.

Schedule of Changes in Level 3 Assets and Liabilities for Affiliate Equity Repurchase Obligation

The following table presents the changes in Level 3 liabilities:


	For the Three Months Ended September 30,
	2023		2024
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$23.4	$68.4	$7.9	$53.9
Purchases and issuances(1)	—	4.7	—	10.1
Settlements and reductions	—	(25.4)	—	(5.0)
Net realized and unrealized gains(2)	(5.2)	(2.5)	(1.4)	(0.1)
Balance, end of period	$18.2	$45.2	$6.5	$58.9

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1)	$(5.2)	$(2.4)	$(1.4)	$(0.5)


	For the Nine Months Ended September 30,
	2023		2024
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$21.0	$24.5	$14.7	$53.9
Purchases and issuances(1)	—	75.7	—	66.3
Settlements and reductions	—	(49.7)	—	(62.1)
Net realized and unrealized (gains) losses(2)	(2.8)	(5.3)	(8.2)	0.8
Balance, end of period	$18.2	$45.2	$6.5	$58.9

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1)	$(2.8)	$(4.5)	$(8.2)	$0.4

___________________________

(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) in the Consolidated

Statements of Income and the accretion of these obligations is included in Interest expense in the Consolidated Statements

of Income.

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, 2023			September 30, 2024
	Valuation Techniques	Unobservable Input	Fair Value	Range	Weighted Average(1)	Fair Value	Range	Weighted Average(1)
Contingent payment obligations	Monte Carlo Simulation	Volatility	$14.7	19% - 25%	21%	$6.5	10% - 18%	11%
		Discount rates		6%	6%		5%	5%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$53.9	(6)% - 7%	1%	$58.9	(5)% - 8%	0%
		Discount rates		14% - 17%	14%		14% - 18%	15%

___________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset- and performance-based fees.

Schedule of Other 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, 2023		September 30, 2024
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes	$1,099.4	$1,049.8	$1,097.3	$1,075.8	Level 2
Junior subordinated notes	765.9	612.0	1,216.0	1,129.6	Level 2
Junior convertible securities	341.7	340.9	341.7	375.9	Level 2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2024	Dec. 31, 2023
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 issued (in shares)	58.5	58.5
Treasury stock, at cost (in shares)	28.4	25.3

Accounting Standards and Policies	9 Months Ended
Accounting Standards and Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Standards and Policies	Accounting Standards and Policies Recently Adopted Accounting Standards Effective January 1, 2024, the Company adopted Accounting Standard Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Developments In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company currently does not expect the adoption to have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. The Company currently does not expect the adoption to have a material impact on its Consolidated Financial Statements. In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which clarifies how an entity should apply the scope guidance to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718. The standard is effective for interim and annual periods beginning after December 15, 2024 for the Company, and is effective for interim and annual periods beginning after December 15, 2025 for the Company’s Affiliates. The Company currently does not expect the adoption to have a material impact on its Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Goodwill and Acquired Client Relationships

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

The following table presents the changes in the Company’s consolidated Goodwill:


		Goodwill
Balance, as of December 31, 2023		$2,523.6
Foreign currency translation		8.4
Balance, as of September 30, 2024		$2,532.0

As of September 30, 2024 the Company completed its annual impairment assessment on goodwill and no impairment was

indicated.

The following table presents the changes in the Company’s components of Acquired client relationships (net):


	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, 2023	$1,260.5	$(1,051.2)	$209.3	$1,603.1	$1,812.4
Intangible amortization and impairments	—	(21.8)	(21.8)	—	(21.8)
Foreign currency translation	4.0	(4.0)	—	16.5	16.5
Balance, as of September 30, 2024	$1,264.5	$(1,077.0)	$187.5	$1,619.6	$1,807.1

Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected

period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments in the

Consolidated Statements of Income for these relationships of $12.5 million and $37.5 million for the three and nine months

ended September 30, 2023, respectively, and $7.3 million and $21.8 million for the three and nine months ended September 30,

2024, respectively. Based on relationships existing as of September 30, 2024, the Company estimates that its consolidated

amortization expense will be approximately $7 million for the remainder of 2024, approximately $25 million in each of 2025,

2026, 2027, and 2028, and approximately $15 million in 2029.

Veritable Transaction

In the third quarter of 2023, the Company completed the sale of its equity interest in Veritable, LP (“Veritable”), one of the

Company’s consolidated Affiliates. Pursuant to the terms of the agreement, under which a third party acquired 100% of the

outstanding equity interests in Veritable, the Company received $287.4 million in cash, net of transaction costs. Veritable was

included in the Company’s results through the closing date, and the Company’s gain on the transaction was $133.1 million,

which was recorded in Affiliate Transaction gain in the Consolidated Statements of Income.

Investments in Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

Equity Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

equity securities:


	December 31, 2023	September 30, 2024
Cost	$35.3	$37.6
Unrealized gains	2.6	4.7
Unrealized losses	(0.0)	(0.3)
Fair value	$37.9	$42.0

As of December 31, 2023 and September 30, 2024, investments in equity securities include consolidated Affiliate

sponsored investment products with fair values of $15.8 million and $11.9 million, respectively.

For the three months ended September 30, 2023, the Company recognized net unrealized losses on equity securities still

held as of September 30, 2023 of $2.1 million. For the nine months ended September 30, 2023, the Company recognized net

unrealized gains on equity securities still held as of September 30, 2023 of $1.3 million. For the three and nine months ended

September 30, 2024, the Company recognized net unrealized gains on equity securities still held as of September 30, 2024 of

$2.0 million and $3.5 million, respectively.

Debt Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

U.S. Treasury securities classified as available-for-sale, all of which matured during the nine months ended September 30,

2024, and consolidated Affiliate sponsored investment products classified as trading:


	Available-for-Sale		Trading
	December 31, 2023	September 30, 2024	December 31, 2023	September 30, 2024
Cost	$405.4	$—	$17.9	$23.3
Unrealized gains	0.0	—	—	0.8
Unrealized losses	(0.1)	—	(0.1)	—
Fair value	$405.3	$—	$17.8	$24.1

For the three and nine months ended September 30, 2023, the Company received $178.4 million and $280.1 million of

proceeds from the maturity of available-for sale securities, respectively, and purchased $245.3 million and $420.3 million of

available-for-sale securities, respectively. For the three months ended September 30, 2024, the Company received $100.0

million of proceeds from the maturity of available-for-sale securities and purchased no available-for-sale securities. For the

nine months ended September 30, 2024, the Company received $825.2 million of proceeds from the maturity of available-for-

sale securities and purchased $413.9 million of available-for-sale securities.

For the three and nine months ended September 30, 2023, the Company recognized net unrealized gains on debt securities

classified as trading still held as of September 30, 2023 of $0.0 million and $0.0 million, respectively. For the three and nine

months ended September 30, 2024, the Company recognized net unrealized gains on debt securities classified as trading still

held as of September 30, 2024 of $0.8 million and $1.4 million, respectively.