0001004434-25-000010 | 10-K | XBRL Viewer | Affiliated Managers Group INC

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Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

The Company operates in one segment. Accordingly, the Company’s Consolidated revenue, Net income, and Total assets

reflect the revenue, profit, and assets of the Company’s single segment, respectively.

The Company’s President and Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM uses

Net income in assessing the performance and in determining the allocation of resources of the Company’s reportable segment.

The CODM is regularly provided expense information consistent with the expense categories presented in the Company’s

Consolidated Statements of Income.

The following tables present Consolidated revenue and Fixed assets (net) of the Company by geographic location. For

Affiliates, this information is primarily based on the location of the Affiliates’ headquarters.


	For the Years Ended December 31,
	2022	2023	2024
Consolidated revenue
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,852.6	$1,519.3	$1,485.2
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	434.8	498.3	500.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42.2	40.2	55.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,329.6	$2,057.8	$2,040.9


	December 31,
	2023	2024
Fixed assets (net)
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$56.3	$48.9
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10.7	8.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$67.3	$57.6

- Definition

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

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+ Details

Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Affiliates

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


	December 31,
	2023	2024
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,323.3	$1,363.2
Definite-lived acquired client relationships, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	652.5	546.1
Indefinite-lived acquired client relationships, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	122.6	124.1
Undistributed earnings and tangible capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	190.1	213.2
Equity method investments in Affiliates (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,288.5	$2,246.6

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


	Equity Method Investments in Affiliates (Net)
	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,139.5	$2,288.5
Investments in Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	349.8	14.3
Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	375.6	442.7
Intangible amortization and impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(95.6)	(130.0)
Distributions of earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(492.1)	(402.7)
Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.2)	(0.7)
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29.3	34.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(17.8)	—
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,288.5	$2,246.6

The following tables present summarized financial information for Affiliates accounted for under the equity method:


	For the Years Ended December 31,
	2022	2023	2024
Revenue(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$3,239.5	$3,115.6	$3,212.0
Net income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,358.7	1,313.0	1,506.4

___________________________

(1)Revenue and net income include asset- and performance-based fees, the impact of consolidated sponsored investment

products, and new Affiliate investments for the full-year, regardless of the date of the Company’s investment.


	December 31,
	2023	2024
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$3,269.1	$3,348.2
Liabilities and Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,467.3	1,262.9

Investments in Affiliates and Affiliate Sponsored Investment Products

12 Months Ended

Dec. 31, 2024

Variable Interest Entity [Abstract]

Investments in Affiliates and Affiliate Sponsored Investment Products

Investments in Affiliates

The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying

structure of and relationship with each Affiliate.

Substantially all of the Company’s consolidated Affiliates are considered VIEs. 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		December 31, 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	$1,820.4	$2,135.2

As of December 31, 2023 and 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 $2,246.6 million, respectively, including Affiliates accounted

for under the equity method considered VREs of $90.3 million and $111.4 million, respectively.

Affiliate Sponsored Investment Products

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		December 31, 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	$5,925.0	$28.0

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 12, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Entity Public Float			$ 4,658,342,250
Entity Common Stock, Shares Outstanding (in shares)		29,257,014
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after December 31, 2024, and delivered to stockholders in connection with the registrant’s annual meeting of stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001004434
Amendment Flag	false
Document Fiscal Period Focus	FY
Common Stock ($0.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
5.875% Junior Subordinated Notes due 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Entity 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
Entity 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
Entity Information [Line Items]
Title of 12(b) Security	6.750% Junior Subordinated Notes due 2064
Trading Symbol	MGRE
Security Exchange Name	NYSE

Goodwill and Acquired Client Relationships - Schedule of Changes in Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Intangible amortization and impairments
Net Book Value
Beginning balance, net book value	$ 1,812.4
Intangible amortization and impairments	(29.0)	$ (48.3)	$ (51.6)
Ending balance, net book value	1,777.8	1,812.4
Acquired client relationships
Net Book Value
Beginning balance, net book value	1,812.4	1,876.0
Veritable Transaction		(28.1)
Intangible amortization and impairments	(29.0)	(48.3)
Foreign currency translation	(5.6)	16.9
Transfers, net book value		(4.1)
Ending balance, net book value	1,777.8	1,812.4	1,876.0
Acquired client relationships
Indefinite-lived
Beginning balance, net book value	1,603.1	1,590.6
Foreign currency translation	(5.6)	16.6
Transfers, net book value		(4.1)
Ending balance, net book value	1,597.5	1,603.1	1,590.6
Acquired client relationships
Definite-lived
Beginning balance, gross book value	1,260.5	1,355.1
Beginning balance, accumulated amortization	(1,051.2)	(1,069.7)
Beginning balance, net book value	209.3	285.4
Veritable Transaction, gross book value		(85.1)
Veritable Transaction, accumulated amortization		57.0
Veritable Transaction, net book value		(28.1)
Intangible amortization and impairments	(29.0)	(48.3)	(49.1)
Foreign currency translation, gross book value	(5.0)	0.8
Foreign currency translation, accumulated depreciation	5.0	(0.5)
Foreign currency translation, net book value		0.3
Transfers, gross book value		(10.3)
Transfers		10.3
Ending balance, gross book value	1,255.5	1,260.5	1,355.1
Ending balance, accumulated amortization	(1,075.2)	(1,051.2)	(1,069.7)
Ending balance, net book value	180.3	$ 209.3	$ 285.4
Acquired client relationships \| Non-controlling interests
Net Book Value
Finite-lived intangible assets deconsolidated	$ 6.7

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	$ 5,925.0	$ 5,788.3
Carrying Value and Maximum Exposure to Loss	$ 28.0	$ 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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 740.6	$ 906.1	$ 1,388.1
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	1.5	41.1	(141.3)
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	0.3	(0.5)
Change in net unrealized gain (loss) on available-for-sale debt securities	0.1	0.5	(1.0)
Other comprehensive income (loss), net of tax	2.1	41.9	(142.8)
Comprehensive income	742.7	948.0	1,245.3
Comprehensive income (non-controlling interests)	(227.1)	(239.3)	(214.9)
Comprehensive income (controlling interest)	$ 515.6	$ 708.7	$ 1,030.4

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Level 3 $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Contingent Payment Obligations \| Monte Carlo simulation
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 5.7	$ 14.7
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.18
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input		0.19
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input		0.25
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.18	0.21
Contingent Payment Obligations \| Monte Carlo simulation \| Discount rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.04	0.06
Contingent Payment Obligations \| Monte Carlo simulation \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.04	0.06
Affiliate equity purchase obligations \| Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 54.8	$ 53.9
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.12	0.14
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.19	0.17
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.14	0.14
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	(0.04)	(0.06)
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.09	0.07
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.01	0.01

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Share Repurchase Activity

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


	Shares Repurchased	Average Price Per Share
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.5	$144.45
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.0	132.99
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.3	162.65

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	12 Months Ended
	Dec. 31, 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	(1.5)
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	1.7
Stock Options, Exercisable at the end of the period (in shares) \| shares	1.3
Weighted Average Exercise Price Per Option
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	74.78
Options forfeited (in dollars per share) \| $ / shares	0
Options expired (in dollars per share) \| $ / shares	174.26
Performance condition changes (in dollars per share) \| $ / shares	129.17
Unexercised stock options outstanding - ending balance (in dollars per share) \| $ / shares	78.45
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 76.12
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	1 year 9 months 18 days
Exercisable at the end of the period	1 year 7 months 6 days

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s Debt:


	December 31,
	2023	2024
Senior bank debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$349.9	$—
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,096.9	1,092.1
Junior subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	751.8	1,189.0
Junior convertible securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	338.9	339.1
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,537.5	$2,620.2

Schedule of Principal Terms of Senior and Junior Subordinated Notes

As of December 31, 2024, the Company had senior notes outstanding, the respective principal terms and effective interest

rates of which are presented 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$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
Effective interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.67%	3.39%	5.64%

As of December 31, 2024, the Company had junior subordinated notes outstanding, the respective principal terms and

effective interest rates of which are presented 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 . . . . . . . . . . . . . . . . . . . . . . . . . . .	$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
Effective interest rate . . . . . . . . . . . . . . . . .	5.91%	4.78%	4.23%	6.76%

Schedule of Convertible Securities

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


	For the Years Ended December 31,
	2022	2023	2024
Contractual interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$18.3	$17.6	$17.6
Amortization of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.2	0.2	0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$18.5	$17.8	$17.8

Effective interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	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))
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-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
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-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
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-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
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-SubTopic 10
-Section 50
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-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
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

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

+ Details

Investments - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cost	$ 30.0	$ 35.3
Unrealized gains	3.7	2.6
Unrealized losses	(1.4)	(0.0)
Fair value	$ 32.3	$ 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 944
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-Name Accounting Standards Codification
-Section 55
-Paragraph 14
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-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
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-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Restricted Stock Units Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Value Per Unit
Stocks granted, fair value	$ 50.5	$ 86.2	$ 54.6
Restricted Stock Units
Restricted Stock Units
Unvested units - beginning balance (in shares)	900,000
Units granted (in shares)	200,000
Units vested (in shares)	(300,000)
Units forfeited (in shares)	(0.0)
Performance condition changes (in shares)	0.0
Unvested units - ending balance (in shares)	800,000	900,000
Weighted Average Grant Date Value Per Unit
Unvested units - beginning balance (in dollars per share)	$ 138.51
Units granted (in dollars per share)	159.32
Units vested (in dollars per share)	129.72
Units forfeited (in dollars per share)	143.25
Performance condition changes (in dollars per share)	154.72
Unvested units - ending balance (in dollars per share)	$ 147.46	$ 138.51
Stocks granted, fair value	$ 31.3	$ 49.3	$ 47.1
Shares available for future grant (in shares)	2,200,000
Restricted Stock Units \| Minimum
Weighted Average Grant Date Value Per Unit
Stock vesting period	3 years
Restricted Stock Units \| Maximum
Weighted Average Grant Date Value Per Unit
Stock vesting period	4 years

Share-Based Compensation - Fair Value Options Granted and Assumptions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation
Stock options granted, fair value	$ 0.0	$ 0.0	$ 1.8
Intrinsic value of options exercised	150.7	0.2	1.2
Cash received for options exercised	0.3	$ 0.0	$ 2.6
Intrinsic value of exercisable options outstanding	$ 138.6
Stock options granted, weighted average fair value (in dollars per share)			$ 47.84
Stock Options
Share-based Compensation
Shares available for future grant (in shares)	1.1
Assumptions used to determine fair value of options granted
Dividend yield			0.00%
Expected volatility			36.80%
Risk-free interest rate			1.70%
Expected life of options (in years)			5 years 8 months 12 days
Forfeiture rate			0.00%
Stock Options \| Minimum
Share-based Compensation
Stock vesting period	3 years
Stock options, expiration period	7 years
Stock Options \| Maximum
Share-based Compensation
Stock vesting period	5 years

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Expense	$ 52.0	$ 59.4	$ 62.4
Tax Benefit	6.3	7.4	7.6
Excess tax benefit (deficiency) recognized from share-based incentive plans	10.3	4.4	$ 1.8
Compensation expense related to share-based compensation	$ 38.1	$ 54.4
Weighted average period over which compensation expense will be recognized	2 years

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial 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	Level 1	Level 2	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
	December 31, 2024	Fair Value Measurements
	December 31, 2024	Level 1	Level 2	Level 3
Financial Assets
Investments in equity securities(1) . . . . . . . . . . . . . . . . . . . .	$32.3	$32.3	$—	$—
Investments in debt securities(1) . . . . . . . . . . . . . . . . . . . . . .	24.3	—	24.3	—
Financial Liabilities(2)
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .	$5.7	$—	$—	$5.7
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .	54.8	—	—	54.8

___________________________

(1)Amounts are recorded in Investments.

(2)Amounts are recorded in Other liabilities.

Schedule of Changes in Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:


	For the Years Ended December 31,
	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) . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	113.7	—	110.0
Settlements and reductions . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(75.4)	—	(108.7)
Net realized and unrealized gains(2) . . . . . . . . . . . . . . . . . . . .	(6.3)	(8.9)	(9.0)	(0.4)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$14.7	$53.9	$5.7	$54.8

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) . . . . . . . . . . . . .	$(6.3)	$(4.0)	$(9.0)	$0.1

___________________________

(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) and the accretion of

these obligations is included in Interest expense.

Schedule of Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the

Company’s recurring Level 3 fair value measurements:


	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2023			December 31, 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%	$5.7	18%	18%
		Discount rates		6%	6%		4%	4%
Affiliate equity purchase obligations . .	Discounted cash flow	Growth rates(2)	$53.9	(6)% - 7%	1%	$54.8	(4)% - 9%	1%
		Discount rates		14% - 17%	14%		12% - 19%	14%

___________________________

(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 Financial Liabilities not Carried at Fair Value

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


	December 31, 2023		December 31, 2024
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . .	$1,099.4	$1,049.8	$1,097.4	$1,062.9	Level 2
Junior subordinated notes . . . . . . . . . . . . . . .	765.9	612.0	1,216.0	1,035.6	Level 2
Junior convertible securities . . . . . . . . . . . . .	341.7	340.9	341.7	372.2	Level 2

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)

12 Months Ended

Dec. 31, 2024

Variable Interest Entity [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		December 31, 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	$1,820.4	$2,135.2

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		December 31, 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	$5,925.0	$28.0

- 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

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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. 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 $14.5 million as of December 31, 2023 and 2024, respectively. From time to time, certain funds of the Company’s consolidated Affiliates may make tax distributions to partners subject to clawback. As of December 31, 2024, the total receivable was $59.2 million, and was included in Other assets, and the total payable was $87.8 million, and was included in Other liabilities. These amounts were primarily attributable to the non- controlling interests. 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 6, 15, and 16.

- 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

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The following table presents share-based compensation expense:


	Share-Based Compensation Expense	Tax Benefit
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$62.4	$7.6
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	59.4	7.4
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	52.0	6.3

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 Per Unit
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)	143.25
Performance condition changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	154.72
Unvested units–December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.8	$147.46

Schedule of Company Stock Option Transactions

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


	Stock Options	Weighted Average Exercise Price Per Option	Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding–December 31, 2023 . . . . . . . . . . . . . . . . . . .	3.2	$76.74
Options granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	—
Options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.5)	74.78
Options forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	—
Options expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.0)	174.26
Performance condition changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	129.17
Unexercised options outstanding–December 31, 2024 . . . . . . . . . . . . . . . . . . .	1.7	$78.45	1.8
Exercisable at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.3	$76.12	1.6

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The weighted average grant

date assumptions used to estimate the fair value of stock options granted were as follows:


		For the Year Ended December 31,
		2022
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.0%
Expected volatility(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		36.8%
Risk-free interest rate(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1.7%
Expected life of stock options (in years)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		5.7
Forfeiture rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.0%

___________________________

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

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

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

Equity Method Investments in Affiliates

12 Months Ended

Dec. 31, 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	2024
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,323.3	$1,363.2
Definite-lived acquired client relationships, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	652.5	546.1
Indefinite-lived acquired client relationships, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	122.6	124.1
Undistributed earnings and tangible capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	190.1	213.2
Equity method investments in Affiliates (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,288.5	$2,246.6

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


	Equity Method Investments in Affiliates (Net)
	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,139.5	$2,288.5
Investments in Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	349.8	14.3
Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	375.6	442.7
Intangible amortization and impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(95.6)	(130.0)
Distributions of earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(492.1)	(402.7)
Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.2)	(0.7)
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29.3	34.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(17.8)	—
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,288.5	$2,246.6

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 $109.1 million, $86.0 million, and $90.1 million for the years ended December 31, 2022, 2023, and 2024, respectively.

Based on relationships existing as of December 31, 2024, the Company estimates the amortization expense attributable to its

Affiliates will be 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.

For the year ended December 31, 2023, the Company recorded $9.6 million of expenses to reduce the carrying values of

certain of its Affiliates because it concluded that the fair value of its investments had declined below their carrying values and

that the declines were other-than-temporary.

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.

For the year ended December 31, 2024, the Company completed its annual assessment of its investments in Affiliates

accounted for under the equity method and no other impairments were indicated.

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

The following tables present summarized financial information for Affiliates accounted for under the equity method:


	For the Years Ended December 31,
	2022	2023	2024
Revenue(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$3,239.5	$3,115.6	$3,212.0
Net income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,358.7	1,313.0	1,506.4

___________________________

(1)Revenue and net income include asset- and performance-based fees, the impact of consolidated sponsored investment

products, and new Affiliate investments for the full-year, regardless of the date of the Company’s investment.


	December 31,
	2023	2024
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$3,269.1	$3,348.2
Liabilities and Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,467.3	1,262.9

In the fourth quarter of 2022, the Company completed the sale of its equity interest in Baring Private Equity Asia

("BPEA"), an Affiliate accounted for by the Company under the equity method, to EQT AB (“EQT”), a public company

listed on the Nasdaq Stockholm (EQT.ST) (the “BPEA Transaction”) in connection with the strategic combination of

BPEA and EQT. Pursuant to the terms of the Securities Purchase and Merger Agreement with EQT, under which the

Company and each of the other owners agreed to sell their respective equity interests in BPEA, the Company received

$223.6 million in cash, net of transaction costs, and 28.68 million EQT ordinary shares (25% of which were subject to a

six-month lock-up, which expired in April 2023, and all of which were sold by July 2023), and other investments. BPEA is

included in the Company’s results through the closing date, and the Company’s gain on the transaction was $641.9 million,

which is recorded in Affiliate Transaction gains.

On February 6, 2025, the Company announced the completion of its minority investment in NorthBridge Partners,

LLC (“NorthBridge”), a private markets manager specializing in industrial logistics real estate assets. Following the close

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

to-day operations. The financial results will be recognized in the Consolidated Financial Statements one quarter in arrears.

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

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


	Goodwill
	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,648.7	$2,523.6
Veritable Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(136.5)	—
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16.5	(18.7)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(5.1)	—
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,523.6	$2,504.9

___________________________

(1)Represents Goodwill allocated to Veritable as of the closing date, including $3.5 million attributable to the non-controlling

interests.

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, 2022 . . . . . . . .	$1,355.1	$(1,069.7)	$285.4	$1,590.6	$1,876.0
Veritable Transaction(1) . . . . . . . . . . . . . . . .	(85.1)	57.0	(28.1)	—	(28.1)
Intangible amortization and impairments . .	—	(48.3)	(48.3)	—	(48.3)
Foreign currency translation . . . . . . . . . . . .	0.8	(0.5)	0.3	16.6	16.9
Transfers(2) . . . . . . . . . . . . . . . . . . . . . . . . . .	(10.3)	10.3	—	(4.1)	(4.1)
Balance, as of December 31, 2023 . . . . . . . .	$1,260.5	$(1,051.2)	$209.3	$1,603.1	$1,812.4
Intangible amortization and impairments . .	—	(29.0)	(29.0)	—	(29.0)
Foreign currency translation . . . . . . . . . . . .	(5.0)	5.0	—	(5.6)	(5.6)
Balance, as of December 31, 2024 . . . . . . . .	$1,255.5	$(1,075.2)	$180.3	$1,597.5	$1,777.8

___________________________

(1)Represents acquired client relationships attributable to Veritable as of the closing date, including $6.7 million attributable

to the non-controlling interests.

(2)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

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 for these

relationships of $49.1 million, $48.3 million, and $29.0 million for the years ended December 31, 2022, 2023, and 2024,

respectively. Based on relationships existing as of December 31, 2024, the Company estimates that its consolidated

amortization expense will be approximately $25 million in each of 2025, 2026, 2027, and 2028, and approximately $15 million

in 2029. As of December 31, 2024, no impairments of definite-lived acquired client relationships were indicated.

As of December 31, 2024, no impairments of indefinite-lived acquired client relationships were indicated.

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, (the “Veritable Transaction”). 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 is included in the Company’s results through the closing date, and the Company’s gain on the

transaction was $133.1 million, which is recorded in Affiliate Transaction gains in the Consolidated Statements of Income.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 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 Years Ended December 31,
	2022	2023	2024
Controlling interest(1)	$347.4	$178.3	$174.8
Non-controlling interests	10.9	7.0	7.8
Income tax expense	$358.3	$185.3	$182.6
Income before income taxes (controlling interest)	$1,493.3	$851.2	$686.4
Effective tax rate (controlling interest)(2)	23.3%	20.9%	25.5%

___________________________

(1)For the years ended December 31, 2022, 2023, and 2024, income tax expense (controlling interest) included intangible-

related deferred tax expense of $32.0 million, $29.8 million, and $66.7 million, respectively.

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

Schedule of Consolidated Provision for Income Taxes

The consolidated provision for income taxes consisted of the following:


	For the Years Ended December 31,
	2022	2023	2024
Current
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$222.9	$105.2	$59.6
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30.6	10.8	16.6
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72.8	37.9	45.8
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	326.3	153.9	122.0
Deferred
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$30.4	$27.3	$52.5
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9.0	7.0	11.9
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(7.4)	(2.9)	(3.8)
Total deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32.0	31.4	60.6
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$358.3	$185.3	$182.6

Schedule of Components of Income before Income Taxes

For financial reporting purposes, Income before income taxes consisted of the following:


	For the Years Ended December 31,
	2022	2023	2024
Domestic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$639.0	$782.3	$678.5
International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,107.4	309.1	244.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,746.4	$1,091.4	$923.2

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

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:


	For the Years Ended December 31,
	2022	2023	2024
Statutory U.S. federal tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21.0%	21.0%	21.0%
State income taxes, net of federal benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.5	3.5	3.5
Foreign operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.7)	(4.1)	(0.1)
Compensation plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.8	1.1	0.7
Change in valuation allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	(0.1)	(0.5)
Unrecognized tax benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.4	0.6	0.2
BPEA Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.0)	—	—
Changes in U.S. tax provision to return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	(0.7)	0.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	(0.4)	0.2
Effective tax rate (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23.3%	20.9%	25.5%
Effect of income from non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . .	(2.8)	(3.9)	(5.7)
Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20.5%	17.0%	19.8%

___________________________

(1)The year ended December 31, 2022 is reflective of the BPEA Transaction gain of $641.9 million and realized and

unrealized gains on EQT ordinary shares of $43.8 million and $57.9 million, respectively.

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s Deferred

tax liability (net) are as follows:


	December 31,
	2023	2024
Deferred Tax Assets
Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$15.9	$13.7
State loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14.7	13.8
Foreign loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	19.8	17.7
Federal carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	3.4
Tax benefit of uncertain tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10.0	9.4
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	4.6
Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.8	2.4
Foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16.0	16.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	—
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	81.5	81.3
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(47.6)	(44.8)
Deferred tax assets, net of valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$33.9	$36.5
Deferred Tax Liabilities
Intangible asset amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(295.8)	$(353.0)
Non-deductible intangible amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(97.0)	(101.4)
Junior convertible securities interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(83.1)	(92.6)
Right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(3.7)	(1.9)
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(2.0)	(4.1)
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(10.4)	—
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(2.9)	(2.0)
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(494.9)	(555.0)
Deferred tax liability (net)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(461.0)	$(518.5)

___________________________

(1)As of December 31, 2023 and 2024, foreign loss carryforwards of $19.8 million (net of a $17.0 million valuation

allowance) and $17.7 million (net of a $15.7 million valuation allowance), respectively, are included in Other assets as they

represent a net deferred tax asset in a foreign jurisdiction.

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the changes in unrecognized tax benefits is as follows:


	For the Years Ended December 31,
	2022	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$52.4	$49.6	$37.8
Additions based on current year tax positions . . . . . . . . . . . . . . . . . . . . . . . . .	0.6	6.4	0.5
Additions based on prior years’ tax positions . . . . . . . . . . . . . . . . . . . . . . . . . .	4.4	1.0	3.5
Reduction for prior years’ tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.0)	(13.5)	(0.8)
Lapse of the statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(5.5)	(4.8)	(2.5)
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(1.3)	—
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.3)	0.4	(1.2)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$49.6	$37.8	$37.3

Goodwill and Acquired Client Relationships - Additional Information (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Intangible assets
Goodwill impairment		$ 0
Estimated Future Amortization Expense of Finite-Lived Intangibles
Cash received in Veritable Transaction	$ 287,400,000
Affiliate Transaction gains	$ 133,100,000		$ 0	$ 133,100,000	$ 641,900,000
Third Party
Estimated Future Amortization Expense of Finite-Lived Intangibles
Subsidiary, ownership percentage, sold	1
Acquired Client Relationships
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible impairments			0
Acquired Client Relationships
Intangible assets
Amortization and impairment expenses of intangible assets			29,000,000.0	$ 48,300,000	$ 49,100,000
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2025			25,000,000
Intangible future amortization expense in 2026			25,000,000
Intangible future amortization expense in 2027			25,000,000
Intangible future amortization expense in 2028			25,000,000
Intangible future amortization expense in 2029			15,000,000
Impairment of definite-lived intangible assets			$ 0

Debt - Schedule of Convertible Securities (Details) - Junior Convertible Trust Preferred Securities - Junior convertible securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 17.6	$ 17.6	$ 18.3
Amortization of debt issuance costs	0.2	0.2	0.2
Total	$ 17.8	$ 17.8	$ 18.5
Effective interest rate	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

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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying value of equity method investment in affiliate	$ 2,246.6	$ 2,288.5
Carrying amount and maximum exposure to loss equity method investments considered VREs	111.4	90.3
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	1,820.4	1,492.4
Carrying Value and Maximum Exposure to Loss	$ 2,135.2	$ 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

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income tax provision
Effective tax rate		19.80%	17.00%	20.50%
Affiliate Transaction gains	$ 133.1	$ 0.0	$ 133.1	$ 641.9
Unrealized gains		$ 3.7	$ 2.6
EQT AB (“EQT”)
Income tax provision
Equity securities, realized gain				43.8
Unrealized gains				$ 57.9
Controlling Interest
Income tax provision
Statutory U.S. federal tax rate		21.00%	21.00%	21.00%
State income taxes, net of federal benefit		3.50%	3.50%	3.50%
Foreign operations		(0.10%)	(4.10%)	(1.70%)
Compensation plans		0.70%	1.10%	0.80%
Change in valuation allowances		(0.50%)	(0.10%)	0.30%
Unrecognized tax benefits		0.20%	0.60%	0.40%
BPEA Transaction		0.00%	0.00%	(1.00%)
Changes in U.S. tax provision to return		0.50%	(0.70%)	0.00%
Other		0.20%	(0.40%)	0.00%
Effective tax rate		25.50%	20.90%	23.30%
Non-controlling interests
Income tax provision
Effect of income from non-controlling interests		(5.70%)	(3.90%)	(2.80%)

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

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


	Goodwill
	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,648.7	$2,523.6
Veritable Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(136.5)	—
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16.5	(18.7)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(5.1)	—
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,523.6	$2,504.9

___________________________

(1)Represents Goodwill allocated to Veritable as of the closing date, including $3.5 million attributable to the non-controlling

interests.

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, 2022 . . . . . . . .	$1,355.1	$(1,069.7)	$285.4	$1,590.6	$1,876.0
Veritable Transaction(1) . . . . . . . . . . . . . . . .	(85.1)	57.0	(28.1)	—	(28.1)
Intangible amortization and impairments . .	—	(48.3)	(48.3)	—	(48.3)
Foreign currency translation . . . . . . . . . . . .	0.8	(0.5)	0.3	16.6	16.9
Transfers(2) . . . . . . . . . . . . . . . . . . . . . . . . . .	(10.3)	10.3	—	(4.1)	(4.1)
Balance, as of December 31, 2023 . . . . . . . .	$1,260.5	$(1,051.2)	$209.3	$1,603.1	$1,812.4
Intangible amortization and impairments . .	—	(29.0)	(29.0)	—	(29.0)
Foreign currency translation . . . . . . . . . . . .	(5.0)	5.0	—	(5.6)	(5.6)
Balance, as of December 31, 2024 . . . . . . . .	$1,255.5	$(1,075.2)	$180.3	$1,597.5	$1,777.8

___________________________

(1)Represents acquired client relationships attributable to Veritable as of the closing date, including $6.7 million attributable

to the non-controlling interests.

(2)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

- 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

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company is authorized to issue up to 150.0 million shares of voting common stock and 3.0 million shares of class B

non-voting common stock.

The Company’s Board of Directors authorized share repurchase programs in October 2022, October 2023, and July 2024 to

repurchase up to 3.0 million, 3.3 million, and 5.4 million shares of its common stock, respectively, and these authorizations

have no expiry. Purchases may be made from time to time, at management’s discretion, in the open market or in privately

negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase programs

or other share repurchase strategies that may include derivative financial instruments. As of March 31, 2024, the Company had

repurchased all of the shares in the repurchase program authorized in October 2022. As of December 31, 2024, the Company

had repurchased all of the shares in the repurchase program authorized in October 2023 and there were a total of 5.3 million

shares available for repurchase under the Company’s July 2024 share repurchase program.

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


	Shares Repurchased	Average Price Per Share
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.5	$144.45
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.0	132.99
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.3	162.65

Equity Distribution Program

In the second quarter of 2022, the Company entered into equity distribution and forward equity agreements with several

major securities firms under which it may, from time to time, issue and sell shares of its common stock (immediately or on a

forward basis) having an aggregate sales price of up to $500.0 million (the “equity distribution program”). As of December 31,

2024, no sales had occurred under the equity distribution program.

Preferred Stock

The Company is authorized to issue up to 5.0 million shares of preferred stock. Any such preferred stock issued by the

Company may rank prior to common stock as to dividend rights, liquidation preference or both, may have full or limited voting

rights, and may be convertible into shares of common stock.

Financial Instruments

The Company’s junior convertible securities contain an embedded right for holders to receive shares of the Company’s

common stock under certain conditions. These arrangements, as well as the equity distribution program, meet the definition of

equity and are not required to be accounted for separately as derivative financial instruments.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Schedule of Investments in Marketable Securities and Other Investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 32.3	$ 37.9
Debt securities	24.3	423.1
Total investments in marketable securities	56.6	461.0
Investments measured at NAV as a practical expedient	488.6	430.5
Investments without readily determinable fair values	50.4	50.4	$ 50.4
Total other investments	539.0	480.9	$ 421.6
Investments	$ 595.6	$ 941.9

- 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
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+ Details

- Definition

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

+ References

+ Details

Equity Method Investments in Affiliates - Additional Information (Details) shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2024 USD ($) yr affiliate	Dec. 31, 2023 USD ($) affiliate	Dec. 31, 2022 USD ($)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Number of affiliates accounted for under the equity method \| affiliate			22	22
BPEA Transaction gain		$ 641.9
Baring Private Equity Asia (“BPEA”) \| EQT AB (“EQT”)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Merger agreement, cash proceeds		$ 223.6
Merger agreement, equity interests issuable, number of shares (in shares) \| shares		28,680
Percentage of shares restricted		0.25
Term of restricted shares		6 months
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Intangible amortization expense			$ 29.0	$ 48.3	$ 49.1
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2025			25.0
Intangible future amortization expense in 2026			25.0
Intangible future amortization expense in 2027			25.0
Intangible future amortization expense in 2028			25.0
Intangible future amortization expense in 2029			$ 15.0
Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment expense	$ 39.9			9.6
Equity Method Investee \| Growth rate period
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input \| yr			10
Equity Method Investee \| Growth rate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input			(0.025)
Equity Method Investee \| Long-term growth rate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input			0.03
Equity Method Investee \| Discount rates, asset based fees
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input			0.12
Equity Method Investee \| Discount rates, performance based fees
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input			0.20
Equity Method Investee \| Market participant tax rates
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input			0.21
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Intangible amortization expense			$ 90.1	$ 86.0	$ 109.1
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2025			75.0
Intangible future amortization expense in 2026			70.0
Intangible future amortization expense in 2027			70.0
Intangible future amortization expense in 2028			60.0
Intangible future amortization expense in 2029			$ 45.0

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 59.6	$ 52.7	$ 51.4
Non-controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	$ 39.4	$ 39.1	$ 46.4
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life	6 years	6 years	7 years
Non-controlling Interests	$ 206.0	$ 235.7	$ 284.6
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	20.2	13.6	5.0
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 36.7	$ 30.6	$ 31.4
Remaining Life	3 years	5 years	5 years

Income Taxes - Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income tax provision
Income tax expense	$ 182.6	$ 185.3	$ 358.3
Effective tax rate	19.80%	17.00%	20.50%
Non-controlling interests
Income tax provision
Income tax expense	$ 7.8	$ 7.0	$ 10.9
Controlling Interest
Income tax provision
Income tax expense	174.8	178.3	347.4
Income before income taxes (controlling interest)	$ 686.4	$ 851.2	$ 1,493.3
Effective tax rate	25.50%	20.90%	23.30%
Deferred income tax expense related to intangibles	$ 66.7	$ 29.8	$ 32.0

- Definition

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

+ References

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-Topic 270
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-Section 50
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

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-Name Accounting Standards Codification
-Section 45
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Segment and Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Consolidated revenue	$ 2,040.9	$ 2,057.8	$ 2,329.6
Fixed assets (net)	57.6	67.3
United States
Segment Reporting Information
Consolidated revenue	1,485.2	1,519.3	1,852.6
Fixed assets (net)	48.9	56.3
United Kingdom
Segment Reporting Information
Consolidated revenue	500.5	498.3	434.8
Fixed assets (net)	8.5	10.7
Other
Segment Reporting Information
Consolidated revenue	55.2	40.2	$ 42.2
Fixed assets (net)	$ 0.2	$ 0.3

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 5
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Expenses related to benefit plans	$ 24.9	$ 24.8	$ 20.9
Controlling Interest
Defined Benefit Plan Disclosure [Line Items]
Expenses related to benefit plans	$ 4.6	$ 3.6	$ 3.4

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All dollar amounts, except per share, per unit, and per option data in the text and tables herein, are stated in millions unless otherwise indicated. All intercompany balances and transactions have been eliminated.
Reclassifications	Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation 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 on the Consolidated Statements of Income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. See Note 4. 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 under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital on 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 its 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 product 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 on the Consolidated Balance Sheets, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers certain highly liquid investments, including money market mutual funds, with original maturities of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. Money market mutual funds with a floating net asset value (“NAV”) would not meet the definition of a cash equivalent if the fund has enacted liquidity fees or redemption gates.
Receivables	Receivables The Company’s Affiliates earn asset- and performance-based fees, which are billed based on the terms of the related contracts. Billed but uncollected asset- and performance-based fees are recorded in Receivables on the Consolidated Balance Sheets and are generally short-term in nature. Certain of the Company’s Affiliates in the UK act as intermediaries between clients and their sponsored investment products. Normal settlement periods on transactions initiated by these clients with the sponsored investment products result in unsettled fund share receivables and payables that are presented on a gross basis within Receivables and Payables and accrued liabilities on the Consolidated Balance Sheets. The gross presentation of these receivables and offsetting payables reflects the legal relationship between the underlying investor, the Company’s Affiliates, and the sponsored investment products.
Investments	Investments Investments in marketable securities Equity securities Equity securities are measured at fair value which reflects the cost of the investment as well as unrealized gains and losses which are recorded in Investment and other income. Realized gains and losses on equity securities are recorded in Investment and other income on the trade date on a specific identification basis, except for consolidated Affiliate sponsored investment products which use an average cost basis. Debt securities Investments in debt securities are classified as either trading, available-for-sale, or held-to-maturity based on the Company’s intent and ability to hold the security to maturity. Securities classified as trading are measured at fair value which reflects the cost of the investment as well as unrealized gains and losses which are recorded in Investment and other income. Securities classified as available-for-sale are measured at fair value which reflects amortized cost of the investment as well as unrealized gains and losses which are recorded in Accumulated other comprehensive loss as a separate component of stockholders’ equity on the Consolidated Balance Sheets. Securities classified as held-to-maturity are measured at amortized cost. Realized gains and losses on debt securities are recorded in Investment and other income. Other investments 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. 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. Investments Without Readily Determinable Fair Values When an investment does not have a readily determinable fair value and does not qualify for the practical expedient to estimate fair value, such as an investment in a private corporation where the Company does not exercise significant influence, the Company generally elects to measure such investments at cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Realized and unrealized gains and losses related to other investments are recorded in Investment and other income.
Fair Value Measurements	Fair Value Measurements The Company determines the fair value of certain investment securities and other financial and non-financial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date, utilizing a hierarchy of three different valuation techniques: Level 1 - Unadjusted quoted market prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs, or significant value drivers, are observable; and Level 3 - Prices that reflect the Company’s own assumptions concerning unobservable inputs to the valuation model. In these valuation models, the Company is required to make judgments about growth rates of assets under management, client attrition, asset- and performance-based fee rates, and expenses. These valuation models also require judgments about tax benefits, credit risk, interest rates, tax rates, discount rates, volatility, and discounts for lack of marketability. These inputs require significant management judgment and reflect the Company’s assumptions that the Company believes market participants would use in pricing the asset or liability.
Acquired Client Relationships and Goodwill	Acquired Client Relationships and Goodwill Each Affiliate in which the Company makes an investment has identifiable assets arising from contractual or other legal rights with their clients (“acquired client relationships”). In determining the value of acquired client relationships, the Company analyzes the net present value of these Affiliates’ existing client relationships based on a number of factors, including: the Affiliate’s historical and potential future operating performance; the Affiliate’s historical and potential future rates of attrition of existing clients; the stability and longevity of existing client relationships; the Affiliate’s recent, as well as long-term, investment performance; the characteristics of the firm’s products and investment styles; the stability and depth of the Affiliate’s management team; and the Affiliate’s history and perceived franchise or brand value. The Company has determined that certain of its acquired client relationships meet the criteria to be considered indefinite- lived assets because the Company expects the contracts to be renewed annually and, therefore, the cash flows generated by these contracts to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead assesses these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived acquired client relationship may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred that indicate that the indefinite life criteria are no longer met. The Company has determined that certain of its acquired client relationships meet the criteria to be considered definite- lived assets, including investment advisory contracts between its Affiliates and their underlying investors, and are amortized over their expected period of economic benefit. The expected period of economic benefit of definite-lived acquired client relationships is a judgment based on the historical and projected attrition rates of each Affiliate’s existing clients, and other factors that may influence the expected future economic benefit the Company will derive from these relationships. The expected lives of definite-lived acquired client relationships are analyzed annually or more frequently whenever events or circumstances have occurred that indicate the expected period of economic benefit may no longer be appropriate. The Company assesses for the possible impairment of indefinite- and definite-lived acquired client relationships annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indicators exist, the Company considers various qualitative and quantitative factors (including market multiples) to determine if the fair value of each asset is greater than its carrying value. If the carrying value is greater than the fair value, an expense would be recorded in Intangible amortization and impairments in the Consolidated Statements of Income to reduce the carrying value of the asset to fair value. Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not separately recognized. Goodwill is not amortized, but is instead reviewed for impairment. The Company performs an impairment assessment annually or more frequently whenever events or circumstances occur indicating that the carrying value of its single reporting unit is in excess of its fair value. In this assessment, the Company typically measures the fair value of its reporting unit using various qualitative and quantitative factors (including the Company’s market capitalization and market multiples for asset management businesses). If a potential impairment is more-likely-than-not, then the Company will perform a single step assessment with any excess of carrying value over fair value recorded as an expense in Intangible amortization and impairments.
Fixed Assets	Fixed Assets Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from two years to ten years and three years to ten years, respectively. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally two years to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease. Buildings are amortized over their expected useful lives, generally not to exceed 39 years. The costs of improvements that extend the life of a fixed asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Land and artwork are not depreciated; artwork is included in Other assets on the Consolidated Balance Sheets.
Leases	Leases Leases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under Accounting Standard Update (“ASU”) 2016-02 Leases (and related ASUs), the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Consolidated Balance Sheets. Right-of-use assets and lease liabilities are included in Other assets and Other liabilities, respectively. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease, and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) in the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right- of-use asset is amortized on a straight-line basis over the remaining lease term. Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments recorded in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses, or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is recorded in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently recorded in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease. The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non- lease components for their equipment leases in calculating their lease liabilities. Sublease income is recorded in Investment and other income.
Debt	Debt The Company’s debt instruments are carried at amortized cost. Unamortized discounts and debt issuance costs associated with its debt instruments, with the exception of the Company’s 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. The carrying value of the debt is accreted to the principal amount at maturity over the remaining life of the underlying debt. The accretion of the debt and the amortization of debt issuance costs, are recorded in Interest expense in the Consolidated Statements of Income, using the effective interest method. Unamortized issuance costs associated with the revolver are recorded in Other assets and amortized over the remaining term of the revolver to Interest expense. Gains and losses on repurchases or settlement of debt are recorded in Interest expense.
Derivative Financial Instruments	Derivative Financial Instruments The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates, and markets. The Company records derivatives on the Consolidated Balance Sheets at fair value. The Company assesses hedge effectiveness at derivative inception and on a quarterly basis. Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are recorded in earnings on a straight-line basis over the respective period of the contracts. For derivative financial instruments designated as cash flow hedges, the Company uses a qualitative method of assessing hedge effectiveness by comparing the notional amounts, timing of payments, currencies (for forward foreign currency contracts), and interest rates (for interest rate swaps). The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss), net of tax as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. If the qualitative assessment indicates ineffectiveness, then the Company performs a quantitative assessment which is generally measured by comparing the present value of the cumulative change in the expected future cash flows of the hedged contract with the present value of the cumulative change in the expected future cash flows of the hedged item. Upon termination of these instruments or the repayment of the Company’s outstanding Secured Overnight Financing Rate (“SOFR”)- based borrowings, any gain or loss recorded in Accumulated other comprehensive loss will be reclassified into earnings. Changes in the fair values of cash flow hedges are recorded in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. For net investment hedges, hedge effectiveness is measured using the spot rate method. The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss) as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. Changes in the fair values of the effective net investment hedges are recorded in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. If the Company’s or its Affiliates’ derivative financial instruments do not qualify as effective hedges, changes in the fair value of the derivatives are recorded as a gain or loss in Investment and other income.
Revenue Recognition	Revenue Recognition Consolidated revenue primarily represents asset- and performance-based fees earned by the Company and its consolidated Affiliates for managing the assets of clients. Substantially all of the Company’s and its Affiliates’ contracts contain a single performance obligation, which is the provision of investment management services. Investment management, broker-dealer, and administrative services are performed and consumed simultaneously and, therefore, the Company recognizes these asset- based fees ratably over time. Substantially all the Company’s asset-based fees for services are based on the value of client assets over time, which are typically determined using observable market data, or on committed capital. Services may be invoiced in advance or in arrears and are payable upon receipt. Any asset-based fees collected in advance are deferred and recognized as the services are performed and consumed. Consolidated revenue recognized by the Company is adjusted for any expense reimbursement arrangements. The Company’s Affiliates may periodically either waive or reduce fees in order to attract or retain client assets or for other reasons. Fee waivers or reductions are presented as a reduction to Consolidated revenue in the Consolidated Statements of Income. Performance-based fees, including carried interests, are recognized upon the satisfaction of performance obligations, the resolution of any constraints, which include exceeding performance benchmarks or hurdle rates that may extend over one or more reporting periods, and when it is improbable that there will be a significant reversal in the amount of revenue recognized. As a result, any performance-based fees or carried interest recognized in the current reporting period may relate to performance obligations satisfied in a previous reporting period. The Company and its Affiliates have contractual arrangements with third-parties to provide distribution-related services. Fees received and expenses incurred under these arrangements are primarily based on the value of client assets over time. Distribution-related fees are recorded in Consolidated revenue gross of any related expenses when the Company and its consolidated Affiliates are the principal in their role as primary obligor under their distribution-related services arrangements. Distribution-related expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Income. The Company and its Affiliates may enter into contracts for which the costs to obtain or fulfill the contract are based upon a percentage of the value of a client’s future assets under management. The Company records these variable costs when incurred because they are subject to market volatility and are not estimable upon the inception of a contract with a client. Any expenses paid in advance are capitalized and amortized on a systematic basis, consistent with the transfer of services, which is the equivalent of recognizing the costs as incurred.
Contingent Payment Obligations	Contingent Payment Obligations The Company periodically enters into contingent payment obligations in connection with its investments in Affiliates. In these obligations, the Company agrees to pay additional consideration to the sellers to the extent that certain specified financial targets are achieved. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time the investment in an Affiliate is consummated and records a liability in Other liabilities. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company’s expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss, respectively. Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations to their expected payment amounts are included in Interest expense. For Affiliates accounted for under the equity method, the Company records a liability in Other liabilities when a payment becomes probable, with a corresponding increase to the carrying value of the Affiliate in Equity method investments in Affiliates (net).
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial reporting bases of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in Income tax expense in the period when the change is enacted. The Company regularly assesses the recoverability of its deferred tax assets to determine whether these assets are more- likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If the Company determines it would not be able to realize its deferred tax assets, it records a valuation allowance to reflect the deferred tax assets at their current value. The recording of adjustments to the valuation allowance will generally increase or decrease Income tax expense. The Company records unrecognized tax benefits based on whether it is more-likely-than-not that the uncertain tax positions will be sustained on the basis of the technical merits of the position. If it is determined that an uncertain tax position is more- likely-than-not to be sustained, the Company records the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority in Income tax expense. Interest and penalties related to unrecognized tax benefits are also recorded in Income tax expense. The Company has elected to treat taxes due on U.S. inclusions in taxable income related to Global Intangible Low Taxed Income (“GILTI”) as a current period expense when incurred (the “period cost method”).
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expenses denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using average exchange rates for the relevant period. Because of the long-term nature of the Company’s investments in its Affiliates, net translation exchange gains and losses resulting from foreign currency translation are recorded in Accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in Investment and other income.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and derivative financial instruments. The Company and its Affiliates maintain cash and cash equivalents, investments, and, at times, certain derivative financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which the Company and its Affiliates operate. For the Company and certain of its Affiliates, cash deposits at a financial institution may, from time to time, exceed insurance limits (similar to Federal Deposit Insurance Corporation insurance limits).
Earnings Per Share	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 Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. The Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non- controlling interests would be anti-dilutive to diluted earnings per share. The Company had junior convertible securities outstanding during the periods presented and is required to apply the if- converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
Share-Based Compensation Plans	Share-Based Compensation Plans The Company recognizes expenses for all share-based compensation arrangements based on the number of awards expected to vest. The expense for awards without performance conditions is recognized on a straight-line basis over the requisite service period, including grants that are subject to graded vesting. The Company recognizes expenses for all other arrangements on a straight-line basis for each separately vesting portion of the award. Tax windfalls or shortfalls are recorded in Income tax expense and have been classified as operating activities in the Consolidated Statements of Cash Flows. Taxes paid by the Company when it withholds shares to satisfy tax withholding obligations are classified as a financing activity in the Consolidated Statements of Cash Flows.
Recently Adopted Accounting Standards and Developments	Recently Adopted Accounting Standards and Developments Recently Adopted Accounting Standards Effective January 1, 2024, the Company adopted Accounting Standard Update (“ASU”) 2022-03, Fair Value Measurement: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. Effective for the financial year ended December 31, 2024, the Company adopted ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. The adoption of these standards did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Developments 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. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires improved disclosure of the nature and disaggregation of income statement expenses. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements.

Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income (controlling interest)	$ 511.6	$ 672.9	$ 1,145.9
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax	20.5	49.0	82.9
Interest expense on junior convertible securities, net of taxes	13.4	13.4	14.0
Net income (controlling interest), as adjusted	$ 545.5	$ 735.3	$ 1,242.8
Denominator
Average shares outstanding (basic) (in shares)	31.1	35.1	38.5
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	1.7	1.7	1.3
Hypothetical issuance of shares to settle Redeemable non-controlling interests (in shares)	1.6	3.7	7.4
Junior convertible securities (in shares)	1.7	1.7	1.8
Average shares outstanding (diluted) (in shares)	36.1	42.2	49.0

Related Party Transactions (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transactions
Common stock, voting rights, percent	0.05
Other liabilities	$ 402.4	$ 466.3
Other assets	288.7	243.9
Related Party
Related Party Transactions
Other liabilities	54.8	53.9
Other assets	7.9	5.9
Related Party \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	14.5	$ 18.5
Related Party \| Affiliate Tax Distributions
Related Party Transactions
Other liabilities	87.8
Other assets	$ 59.2

- Definition

Amount of liabilities classified as other.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]				Accounting Standards Update 2020-06 [Member]
Dividends (in dollars per share)	$ 0.04	$ 0.04	$ 0.04

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Equity Method Investments in Affiliates - Financial Information for Affiliates Accounted for Under the Equity Method (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net income	$ 740.6	$ 906.1	$ 1,388.1
Assets	8,830.9	9,059.6
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenues	3,212.0	3,115.6	3,239.5
Net income	1,506.4	1,313.0	$ 1,358.7
Assets	3,348.2	3,269.1
Liabilities and Non-controlling interests	$ 1,262.9	$ 1,467.3

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

The following table summarizes the Company’s Investments:


	December 31,
	2023	2024
Investments in marketable securities
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$37.9	$32.3
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	423.1	24.3
Total investments in marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	461.0	56.6
Other investments
Investments measured at NAV as a practical expedient . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$430.5	$488.6
Investments without readily determinable fair values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50.4	50.4
Total other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	480.9	539.0
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$941.9	$595.6

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	2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$35.3	$30.0
Unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2.6	3.7
Unrealized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.0)	(1.4)
Fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$37.9	$32.3

As of December 31, 2023 and 2024, investments in equity securities include consolidated Affiliate sponsored investment

products with fair values of $15.8 million and $10.9 million, respectively.

For the years ended December 31, 2023 and 2024, the Company recognized net unrealized gains on equity securities still

held as of December 31, 2023 and 2024 of $2.9 million and $1.2 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 in 2024, and consolidated Affiliate sponsored

investment products classified as trading:


	Available-for-Sale		Trading
	December 31, 2023	December 31, 2024	December 31, 2023	December 31, 2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . .	$405.4	$—	$17.9	$24.6
Unrealized gains . . . . . . . . . . . . . . . .	0.0	—	—	—
Unrealized losses . . . . . . . . . . . . . . .	(0.1)	—	(0.1)	(0.3)
Fair value . . . . . . . . . . . . . . . . . . . .	$405.3	$—	$17.8	$24.3

For the years ended December 31, 2023 and 2024, the Company received $511.1 million and $825.2 million of proceeds

from the maturities of available-for-sale securities, respectively, and purchased $651.3 million and $413.9 million of available-

for-sale securities, respectively.

For the years ended December 31 2023 and 2024, the Company recognized net unrealized gains on debt securities

classified as trading still held as of December 31, 2023 and 2024 of $0.8 million and $0.5 million, respectively.

Other Investments

Investments Measured at NAV as a Practical Expedient

The following table summarizes the fair values of investments that are measured at NAV as a practical expedient and any

related unfunded commitments:


	December 31, 2023		December 31, 2024
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Investments with limited liquidity(1) . . . . . . . . . . . . . . . . . . . .	$424.4	$187.2	$486.9	$205.5
Investments with periodic liquidity(2) . . . . . . . . . . . . . . . . . . .	6.1	—	1.7	—
Total(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$430.5	$187.2	$488.6	$205.5

___________________________

(1)The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying

assets are liquidated over the life of the investments, which is generally up to 15 years. The Company accounts for the

majority of its interests in investments with limited liquidity one quarter in arrears (adjusted for current period calls and

distributions). These investments primarily invest in a broad range of private markets investments.

(2)Investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis. These funds primarily

invest in equities.

(3)Fair value attributable to the controlling interest was $324.9 million and $370.1 million as of December 31, 2023 and 2024,

respectively.

Investments Without Readily Determinable Fair Values

The following table summarizes the cost, cumulative unrealized gains, and carrying amount of the Company’s investment

in a private corporation where is does not exercise significant influence, and does not have a readily determinable fair value:


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

For the year ended December 31, 2024, the Company recorded no gains or losses on the underlying investment.

The following table presents the changes in other investments:


	For the Years Ended December 31,
	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 . . . . . . .	82.5	—	82.5	92.0	—	92.0
Sales and distributions . . . . . . . . . . . .	(57.4)	—	(57.4)	(62.2)	—	(62.2)
Net realized and unrealized gains . . .	34.2	—	34.2	28.3	—	28.3
Balance, end of period . . . . . . . . . . . .	$430.5	$50.4	$480.9	$488.6	$50.4	$539.0

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 4,570.1	$ 4,175.6	$ 3,710.6
Other comprehensive income (loss) before reclassifications	1.4	43.5
Amounts reclassified	0.7	(1.6)
Other comprehensive income (loss), net of tax	2.1	41.9	(142.8)
Ending balance	4,298.2	4,570.1	4,175.6
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(255.9)	(297.8)
Ending balance	(253.8)	(255.9)	(297.8)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(255.3)	(296.4)
Other comprehensive income (loss) before reclassifications	1.5	41.1
Amounts reclassified	0.0	0.0
Other comprehensive income (loss), net of tax	1.5	41.1	(141.3)
Ending balance	(253.8)	(255.3)	(296.4)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(0.1)	(0.4)
Other comprehensive income (loss) before reclassifications	(0.2)	1.9
Amounts reclassified	0.7	(1.6)
Other comprehensive income (loss), net of tax	0.5	0.3	(0.5)
Ending balance	0.4	(0.1)	(0.4)
Unrealized Gains (Losses) on Available-for-Sale Debt Securities
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(0.5)	(1.0)
Other comprehensive income (loss) before reclassifications	0.1	0.5
Amounts reclassified	0.0	0.0
Other comprehensive income (loss), net of tax	0.1	0.5	(1.0)
Ending balance	$ (0.4)	$ (0.5)	$ (1.0)

- 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
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+ 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

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+ Details

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2024

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

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

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


	For the Year Ended December 31, 2022
	Pre-Tax	Tax Benefit	Net of Tax
Foreign currency translation loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(144.1)	$2.8	$(141.3)
Change in net realized and unrealized gain (loss) on derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.5)	0.0	(0.5)
Change in net unrealized gain (loss) on available-for-sale debt securities . . . .	(1.3)	0.3	(1.0)
Other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(145.9)	$3.1	$(142.8)


	For the Year Ended December 31, 2023
	Pre-Tax	Tax (Expense) Benefit	Net of Tax
Foreign currency translation gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$44.8	$(3.7)	$41.1
Change in net realized and unrealized gain (loss) on derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	0.0	0.3
Change in net unrealized gain (loss) on available-for-sale debt securities . . . .	0.5	0.0	0.5
Other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$45.6	$(3.7)	$41.9


	For the Year Ended December 31, 2024
	Pre-Tax	Tax Expense	Net of Tax
Foreign currency translation gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$11.0	$(9.5)	$1.5
Change in net realized and unrealized gain (loss) on derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.5	—	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities . . . .	0.5	(0.4)	0.1
Other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$12.0	$(9.9)	$2.1

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 Available- for-Sale Debt Securities	Total
Balance, as of December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(296.4)	$(0.4)	$(1.0)	$(297.8)
Other comprehensive income before reclassifications . . . . . . . . . . . . . . .	41.1	1.9	0.5	43.5
Amounts reclassified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(1.6)	—	(1.6)
Net other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	41.1	0.3	0.5	41.9
Balance, as of December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(255.3)	$(0.1)	$(0.5)	$(255.9)
Other comprehensive income (loss) before reclassifications . . . . . . . . . .	1.5	(0.2)	0.1	1.4
Amounts reclassified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	0.7	—	0.7
Net other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.5	0.5	0.1	2.1
Balance, as of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(253.8)	$0.4	$(0.4)	$(253.8)

Lease Commitments

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Commitments

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements.

The following table presents total lease costs, net:


	For the Years Ended December 31,
	2022	2023	2024
Operating lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$38.5	$36.4	$34.6
Short-term lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.0	1.1	1.2
Variable lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	0.0	0.0
Sublease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(7.7)	(6.5)	(6.6)
Total lease costs, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$31.8	$31.0	$29.2

As of December 31, 2023 and 2024, the Company’s and its Affiliates’ weighted average operating lease term was seven

years and the weighted average operating lease discount rate was 3%.

As of December 31, 2024, the maturities of lease liabilities were as follows:


		Operating Leases
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$34.7
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		28.0
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		23.7
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		22.6
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		21.5
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		47.3
Total undiscounted lease liabilities(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$177.8

___________________________

(1)Total undiscounted lease liabilities were $25.3 million greater than the operating leases recorded in Other liabilities

primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases

that have not yet commenced.

Redeemable Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 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
	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$465.4	$393.4
Veritable Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(16.8)	—
(Decrease) increase attributable to consolidated Affiliate sponsored investment products . . . .	(8.3)	1.1
Transfers to Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(93.5)	(69.6)
Transfers (to) from Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(8.9)	1.7
Changes in redemption value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	55.5	23.9
Balance, end of period(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$393.4	$350.5

__________________________

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

investment products primarily attributable to third-party investors of $11.8 million and $12.9 million, respectively.

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt	$ 2,620.2	$ 2,537.5
Senior bank debt
Debt Instrument [Line Items]
Debt	0.0	349.9
Senior notes
Debt Instrument [Line Items]
Debt	1,092.1	1,096.9
Junior subordinated notes
Debt Instrument [Line Items]
Debt	1,189.0	751.8
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 339.1	$ 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

+ Details

- Definition

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

+ References + Details

Stockholders' Equity - Share Repurchase Activity (Details) - Common Stock - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares Repurchased (in shares)	4.3	3.0	4.5
Average Price Per Share (in dollars per share)	$ 162.65	$ 132.99	$ 144.45

- 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 505
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Additional Information (Details)	3 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) d $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt		$ 750,000,000.0	$ 25,000,000.0	$ 60,800,000
Debt		2,620,200,000	2,537,500,000
Senior bank debt
Debt Instrument [Line Items]
Debt		0	349,900,000
Senior bank debt \| Term Loan
Debt Instrument [Line Items]
Repayments of long-term debt		$ 350,000,000.0
Basis spread over variable debt rate		0.10%
Outstanding borrowings			$ 350,000,000.0
Weighted average interest rate on amount outstanding			6.31%
Senior bank debt \| Term Loan \| Debt Instrument, Adjustment Rate
Debt Instrument [Line Items]
Basis spread over variable debt rate		0.10%
Senior bank debt \| Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread over variable debt rate		0.85%
Senior bank debt \| Revolver
Debt Instrument [Line Items]
Available borrowing		$ 1,250,000,000
Additional borrowing amount		500,000,000.0
Outstanding borrowings		0	$ 0
Commitment fee amount		1,300,000	1,300,000
Senior notes
Debt Instrument [Line Items]
Debt		$ 1,092,100,000	1,096,900,000
Senior notes \| 2024 Senior Notes
Debt Instrument [Line Items]
Repayments of long-term debt	$ 400,000,000
Stated interest rate	4.25%
Senior notes \| 2034 Senior Notes
Debt Instrument [Line Items]
Stated interest rate		5.50%
Par value		$ 400,000,000.0			$ 400,000,000.0
Redemption price percentage		100.00%
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Stated interest rate		3.50%
Par value		$ 350,000,000.0
Redemption price percentage		100.00%
Applicable basis spread over redemption price percentage		0.25%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Stated interest rate		3.30%
Par value		$ 350,000,000.0
Redemption price percentage		100.00%
Applicable basis spread over redemption price percentage		0.40%
Junior subordinated notes
Debt Instrument [Line Items]
Debt		$ 1,189,000,000	751,800,000
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%
Junior subordinated notes \| 6.750% Junior Subordinated Notes due 2064
Debt Instrument [Line Items]
Stated interest rate		6.75%
Par value	$ 450,000,000	$ 450,000,000.0
Junior subordinated notes \| 6.750% Junior Subordinated Notes due 2064 \| On or after March 30, 2029
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior convertible securities
Debt Instrument [Line Items]
Debt		339,100,000	338,900,000
Junior convertible securities \| Junior Convertible Trust Preferred Securities
Debt Instrument [Line Items]
Debt		$ 341,700,000
Stated interest rate		5.15%
Unamortized debt issuance expense		$ 2,700,000	$ 2,900,000
Conversion ratio (in shares)		0.2558
Face amount of convertible security (in dollars per share) \| $ / shares		$ 50.00
Conversion price (in dollars per share) \| $ / shares		$ 195.47
Number of trading days closing price has exceeded threshold \| d		20
Number of consecutive trading days \| d		30
Debt instrument, convertible, threshold percentage		1.30
Deferred tax liability		$ 10,000,000

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance, beginning of period	$ 2,523.6	$ 2,648.7
Veritable Transaction	0.0	(136.5)
Foreign currency translation	(18.7)	16.5
Other	0.0	(5.1)
Balance, end of period	2,504.9	$ 2,523.6
Non-controlling interests
Goodwill [Roll Forward]
Veritable Transaction	$ (3.5)

- 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
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Equity Method Investments in Affiliates - Change in Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, beginning of period	$ 2,288.5
Distributions of earnings	(403.9)	$ (490.8)	$ (393.5)
Return of capital	(0.7)	(0.2)	(0.8)
Balance, end of period	2,246.6	2,288.5
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, beginning of period	2,288.5	2,139.5
Investments in Affiliates	14.3	349.8
Earnings	442.7	375.6
Intangible amortization and impairments	(130.0)	(95.6)
Distributions of earnings	(402.7)	(492.1)
Return of capital	(0.7)	(0.2)
Foreign currency translation	34.5	29.3
Other	0.0	(17.8)
Balance, end of period	$ 2,246.6	$ 2,288.5	$ 2,139.5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 950.0	$ 813.6
Receivables	409.7	368.4
Investments	595.6	941.9
Goodwill	2,504.9	2,523.6
Acquired client relationships (net)	1,777.8	1,812.4
Equity method investments in Affiliates (net)	2,246.6	2,288.5
Fixed assets (net)	57.6	67.3
Other assets	288.7	243.9
Total assets	8,830.9	9,059.6
Liabilities and Equity
Payable and accrued liabilities	639.1	628.5
Debt	2,620.2	2,537.5
Deferred tax liability (net)	520.5	463.8
Other liabilities	402.4	466.3
Total liabilities	4,182.2	4,096.1
Commitments and contingencies (Note 6)
Redeemable non-controlling interests	350.5	393.4
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31, 2023 and 2024)	0.6	0.6
Additional paid-in capital	733.1	741.4
Accumulated other comprehensive loss	(163.6)	(167.6)
Retained earnings	6,899.8	6,389.6
Total stockholders' equity before treasury stock	7,469.9	6,964.0
Less: Treasury stock, at cost (25.3 shares in 2023 and 28.9 shares in 2024)	(4,124.6)	(3,376.1)
Total stockholders' equity	3,345.3	3,587.9
Non-controlling interests	952.9	982.2
Total equity	4,298.2	4,570.1
Total liabilities and equity	$ 8,830.9	$ 9,059.6

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Foreign tax credits	$ 16.3	$ 16.0
Valuation allowance for deferred tax assets	44.8	47.6
Amount of temporary difference due to repatriation of earnings from sale or liquidation of subsidiary	375.5
Unrecognized tax benefits that, if recognized, would affect effective tax rate	37.3	37.8	$ 49.6
Accrued deferred tax assets for indirect tax benefits associated with uncertain tax positions	9.4	10.0
Interest and penalties related to unrecognized tax benefits	(0.5)	0.8	$ 2.6
Accrued income tax interest and related charges	13.9	14.4
Income Tax Valuation Allowance
Operating Loss Carryforwards [Line Items]
Decrease in valuation allowance	$ 2.8	$ 0.5
Minimum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period	5 years
Foreign operating loss carryforwards, expiration period	11 years
Foreign tax credits, expiration period	4 years
Maximum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period	9 years
Foreign operating loss carryforwards, expiration period	15 years
Foreign tax credits, expiration period	7 years
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 212.9
State \| Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	12.8
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	66.9
Foreign operating loss carryforward indefinitely	15.9
Foreign \| Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	15.7
Foreign \| Foreign Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	16.3
Foreign \| Expire Over Nine To Sixteen Year Period
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 51.0

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Fixed Assets, net of the Company by Geographic Location

The following tables present Consolidated revenue and Fixed assets (net) of the Company by geographic location. For

Affiliates, this information is primarily based on the location of the Affiliates’ headquarters.


	For the Years Ended December 31,
	2022	2023	2024
Consolidated revenue
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,852.6	$1,519.3	$1,485.2
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	434.8	498.3	500.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42.2	40.2	55.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,329.6	$2,057.8	$2,040.9


	December 31,
	2023	2024
Fixed assets (net)
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$56.3	$48.9
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10.7	8.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$67.3	$57.6

Investments - Schedule of Changes in Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Investments [Roll Forward]
Balance, beginning of period	$ 480.9	$ 421.6
Purchases and commitments	92.0	82.5
Sales and distributions	(62.2)	(57.4)
Net realized and unrealized gains	28.3	34.2
Balance, end of period	539.0	480.9
Equity Securities Without Readily Determinable Fair Value [Roll Forward]
Balance, beginning of period	50.4	50.4
Purchases and commitments	0.0	0.0
Sales and distributions	0.0	0.0
Net realized and unrealized gains	0.0	0.0
Balance, end of period	50.4	50.4
Fair Value Measured at NAV
Other Investments [Roll Forward]
Balance, beginning of period	430.5	371.2
Purchases and commitments	92.0	82.5
Sales and distributions	(62.2)	(57.4)
Net realized and unrealized gains	28.3	34.2
Balance, end of period	$ 488.6	$ 430.5

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 236.5
Deferred payment obligations	4.7
Fair value of contingent payment obligations	5.7
Maximum \| Co-Investor
Commitments and Contingencies
Fair value of contingent payment obligations	24.9
Controlling Interest \| Maximum
Commitments and Contingencies
Fair value of contingent payment obligations	110.0
Equity Method Investee
Commitments and Contingencies
Deferred payment obligations	4.0
Payments for Achievement of Financial Targets
Commitments and Contingencies
Total contingent payments	239.4
Contingent payments, year one	118.8
Contingent payments, year two	23.0
Contingent payments, year three	75.8
Contingent payments, year four	21.8
Payment contingent on not meeting financial targets (up to)	12.5
Payment contingent on exercise of option to reduce ownership percentage	25.0
Payments for Contingent Financing
Commitments and Contingencies
Total contingent payments	$ 50.0

Affiliate Equity

12 Months Ended

Dec. 31, 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 consolidated Affiliates generally pay quarterly distributions to Affiliate equity

holders. Distributions paid to non-controlling interest Affiliate equity holders were $341.9 million, $271.3 million, and $258.0

million for the years ended December 31, 2022, 2023, and 2024, respectively.

Affiliate equity interests provide the Company a conditional right to call (following an Affiliate equity holder’s departure)

and Affiliate equity holders have a conditional right to put their interests at certain intervals (including on an annual basis

following an Affiliate equity holder’s departure). 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. The purchase price of these conditional purchases are generally calculated based upon a multiple of cash flow

distributions, which is intended to represent fair value. Affiliate equity holders are also permitted to sell their equity interests to

other individuals or entities in certain cases, subject to the Company's approval or other restrictions. The Company, at its

option, may pay for Affiliate equity purchases in cash, shares of its common stock, or other forms of consideration, and can

consent to the transfer of these interests to other individuals or entities.

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

Affiliate partners and other parties. The amount of cash paid for purchases was $61.5 million, $67.4 million, and $106.5

million for the years ended December 31, 2022, 2023, and 2024, respectively. The total amount of cash received for issuances

was $15.2 million, $13.4 million, and $6.3 million for the years ended December 31, 2022, 2023, and 2024, 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 Years Ended December 31,
	2022	2023	2024
Controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$5.0	$13.6	$20.2
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	46.4	39.1	39.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$51.4	$52.7	$59.6

The following table presents unrecognized Affiliate equity compensation expense:


	Controlling Interest	Remaining Life	Non-controlling Interests	Remaining Life
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$31.4	5 years	$284.6	7 years
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30.6	5 years	235.7	6 years
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36.7	3 years	206.0	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 $7.9 million as

of December 31, 2023 and 2024, respectively, and was included in Other assets. The total payable was $53.9 million and $54.8

million as of December 31, 2023 and 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 Years Ended December 31,
	2022	2023	2024
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,145.9	$672.9	$511.6
Decrease in controlling interest paid-in capital from Affiliate equity issuances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.2)	(13.5)	(3.1)
Decrease in controlling interest paid-in capital from Affiliate equity purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(38.2)	(50.4)	(32.6)
Net income (controlling interest) including the net impact of Affiliate equity transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,107.5	$609.0	$475.9

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 258.0	$ 271.3	$ 341.9
Cash paid for purchases	106.5	67.4	61.5
Affiliate equity issuances	6.3	13.4	$ 15.2
Other assets	288.7	243.9
Other liabilities	402.4	466.3
Related Party
Affiliate Equity [Line Items]
Other assets	7.9	5.9
Other liabilities	$ 54.8	$ 53.9

- Definition

Amount of liabilities classified as other.

+ References + Details

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 12.0	$ 45.6	$ (145.9)
Tax (Expense) Benefit	(9.9)	(3.7)	3.1
Other comprehensive income (loss), net of tax	2.1	41.9	(142.8)
Foreign currency translation loss
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	11.0	44.8	(144.1)
Tax (Expense) Benefit	(9.5)	(3.7)	2.8
Other comprehensive income (loss), net of tax	1.5	41.1	(141.3)
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.5	0.3	(0.5)
Tax (Expense) Benefit	0.0	(0.0)	(0.0)
Other comprehensive income (loss), net of tax	0.5	0.3	(0.5)
Change in net unrealized gain (loss) on available-for-sale debt securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.5	0.5	(1.3)
Tax (Expense) Benefit	(0.4)	(0.0)	0.3
Other comprehensive income (loss), net of tax	$ 0.1	$ 0.5	$ (1.0)

- 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

Investments - Investments Measured at NAV as a Practical Expedient (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
NAV of investments at fair value
Fair Value	$ 488.6	$ 430.5
Unfunded Commitments	$ 205.5	187.2
Life of funds (generally up to)	15 years
Investments with limited liquidity
NAV of investments at fair value
Unfunded Commitments	$ 205.5	187.2
Investments with periodic liquidity
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	488.6	430.5
Fair Value Measured at NAV \| Controlling Interest
NAV of investments at fair value
Fair Value	370.1	324.9
Fair Value Measured at NAV \| Investments with limited liquidity
NAV of investments at fair value
Fair Value	486.9	424.4
Fair Value Measured at NAV \| Investments with periodic liquidity
NAV of investments at fair value
Fair Value	$ 1.7	$ 6.1

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

Comprehensive Income

12 Months Ended

Dec. 31, 2024

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

Comprehensive Income

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


	For the Year Ended December 31, 2022
	Pre-Tax	Tax Benefit	Net of Tax
Foreign currency translation loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(144.1)	$2.8	$(141.3)
Change in net realized and unrealized gain (loss) on derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.5)	0.0	(0.5)
Change in net unrealized gain (loss) on available-for-sale debt securities . . . .	(1.3)	0.3	(1.0)
Other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(145.9)	$3.1	$(142.8)


	For the Year Ended December 31, 2023
	Pre-Tax	Tax (Expense) Benefit	Net of Tax
Foreign currency translation gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$44.8	$(3.7)	$41.1
Change in net realized and unrealized gain (loss) on derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	0.0	0.3
Change in net unrealized gain (loss) on available-for-sale debt securities . . . .	0.5	0.0	0.5
Other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$45.6	$(3.7)	$41.9


	For the Year Ended December 31, 2024
	Pre-Tax	Tax Expense	Net of Tax
Foreign currency translation gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$11.0	$(9.5)	$1.5
Change in net realized and unrealized gain (loss) on derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.5	—	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities . . . .	0.5	(0.4)	0.1
Other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$12.0	$(9.9)	$2.1

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 Available- for-Sale Debt Securities	Total
Balance, as of December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(296.4)	$(0.4)	$(1.0)	$(297.8)
Other comprehensive income before reclassifications . . . . . . . . . . . . . . .	41.1	1.9	0.5	43.5
Amounts reclassified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(1.6)	—	(1.6)
Net other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	41.1	0.3	0.5	41.9
Balance, as of December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(255.3)	$(0.1)	$(0.5)	$(255.9)
Other comprehensive income (loss) before reclassifications . . . . . . . . . .	1.5	(0.2)	0.1	1.4
Amounts reclassified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	0.7	—	0.7
Net other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.5	0.5	0.1	2.1
Balance, as of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(253.8)	$0.4	$(0.4)	$(253.8)

Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Affiliate equity interests provide holders with an equity interest in one of the Company’s consolidated 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
	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$465.4	$393.4
Veritable Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(16.8)	—
(Decrease) increase attributable to consolidated Affiliate sponsored investment products . . . .	(8.3)	1.1
Transfers to Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(93.5)	(69.6)
Transfers (to) from Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(8.9)	1.7
Changes in redemption value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	55.5	23.9
Balance, end of period(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$393.4	$350.5

__________________________

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

investment products primarily attributable to third-party investors of $11.8 million and $12.9 million, respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock at Cost	Non-controlling Interests
Beginning balance at Dec. 31, 2021	$ 3,710.6	$ (76.1)	$ 0.6	$ 651.6	$ (80.6)	$ (87.9)	$ 4,569.5	$ 4.5	$ (2,347.4)	$ 924.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,388.1						1,145.9			242.2
Other comprehensive income (loss), net of tax	(142.8)					(115.5)				(27.3)
Share-based compensation	62.4			62.4
Common stock issued under share-based incentive plans	(17.1)			(38.6)					21.5
Share repurchases	(699.7)			(45.0)					(654.7)
Dividends	(1.7)						(1.7)
Affiliate equity activity:
Affiliate equity compensation	55.9			9.5						46.4
Issuances	19.2			(12.2)						31.4
Purchases	(12.0)			2.6						(14.6)
Changes in redemption value of Redeemable non-controlling interests	145.8			145.8
Transfer (to) from Redeemable non-controlling interests	(1.8)									(1.8)
Capital contributions and other	86.7									86.7
Distributions to non-controlling interests	(341.9)									(341.9)
Ending 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 [Roll Forward]
Net income	906.1						672.9			233.2
Other comprehensive income (loss), net of tax	41.9					35.8				6.1
Share-based compensation	59.4			59.4
Common stock issued under share-based incentive plans	(31.3)			(47.2)					15.9
Share repurchases	(352.3)			59.1					(411.4)
Dividends	(1.5)						(1.5)
Affiliate equity activity:
Affiliate equity compensation	52.5			13.4						39.1
Issuances	16.4			(13.7)						30.1
Purchases	8.1			13.6						(5.5)
Changes in redemption value of Redeemable non-controlling interests	(55.5)			(55.5)
Transfer (to) from Redeemable non-controlling interests	8.9									8.9
Capital contributions and other	13.5									13.5
Distributions to non-controlling interests	(271.3)									(271.3)
Effect of deconsolidation of Affiliates	(0.4)			16.8						(17.2)
Ending 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 [Roll Forward]
Net income	740.6						511.6			229.0
Other comprehensive income (loss), net of tax	2.1					4.0				(1.9)
Share-based compensation	52.0			52.0
Common stock issued under share-based incentive plans	(86.7)			(44.2)					(42.5)
Share repurchases	(706.0)								(706.0)
Dividends	(1.4)						(1.4)
Affiliate equity activity:
Affiliate equity compensation	55.0			15.6						39.4
Issuances	6.3			(4.3)						10.6
Purchases	(24.0)			(3.5)						(20.5)
Changes in redemption value of Redeemable non-controlling interests	(23.9)			(23.9)
Transfer (to) from Redeemable non-controlling interests	(1.7)									(1.7)
Capital contributions and other	(26.2)									(26.2)
Distributions to non-controlling interests	(258.0)									(258.0)
Ending balance at Dec. 31, 2024	$ 4,298.2		$ 0.6	$ 733.1		$ (163.6)	$ 6,899.8		$ (4,124.6)	$ 952.9

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies (a)Organization and Nature of Operations Affiliated Managers Group, Inc. (“AMG” or the “Company”) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner- owned firms, which the Company refers to as “Affiliates.” The Company’s Affiliates provide a comprehensive and diverse range of differentiated investment strategies designed to assist institutional and wealth clients worldwide in achieving their investment objectives. Each of the Company’s Affiliates operates through distinct legal entities, which affords the Company the flexibility to design a separate operating agreement for each Affiliate. Each operating agreement reflects the specific terms of the Company’s economic participation in the Affiliate, which, in each case, uses a “structured partnership interest.” The form of the Company’s structured partnership interests in Affiliates differs from Affiliate to Affiliate and ranges from structures where the Company contractually shares in the Affiliate’s revenue without regard to expenses, comprising Affiliates that contribute a majority of the Company’s Consolidated revenue, to others where the Company contractually shares in the Affiliate’s revenue less agreed-upon expenses. Further, the structure at a particular Affiliate, or the expenses that the Company agrees to share in, may change during the course of the Company’s investment. Where the Company shares in the Affiliate’s revenue without regard to expenses, the Affiliate allocates a specified percentage of its revenue to the Company and Affiliate management, while using the remainder for operating expenses and additional distributions to Affiliate management. The Company and Affiliate management, therefore, participate in any increase or decrease in revenue and only Affiliate management participates in any increase or decrease in expenses. Under these structured partnership interests, the Company’s contractual share of revenue generally has priority over distributions to Affiliate management. Where the Company shares in the Affiliate’s revenue less agreed-upon expenses, the Company benefits from any increase in revenue or any decrease in the agreed-upon expenses, but also has exposure to any decrease in revenue or any increase in such agreed-upon expenses. The degree of the Company’s exposure to agreed-upon expenses from these structured partnership interests varies by Affiliate, and includes several Affiliates in which the Company fully shares in the expenses of the business. (b)Basis of Presentation and Use of Estimates The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All dollar amounts, except per share, per unit, and per option data in the text and tables herein, are stated in millions unless otherwise indicated. All intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. 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. (c)Principles of Consolidation 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 on the Consolidated Statements of Income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. See Note 4. 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 under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital on 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 its 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 product 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 on the Consolidated Balance Sheets, 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. (d)Cash and Cash Equivalents The Company considers certain highly liquid investments, including money market mutual funds, with original maturities of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. Money market mutual funds with a floating net asset value (“NAV”) would not meet the definition of a cash equivalent if the fund has enacted liquidity fees or redemption gates. (e)Receivables The Company’s Affiliates earn asset- and performance-based fees, which are billed based on the terms of the related contracts. Billed but uncollected asset- and performance-based fees are recorded in Receivables on the Consolidated Balance Sheets and are generally short-term in nature. Certain of the Company’s Affiliates in the UK act as intermediaries between clients and their sponsored investment products. Normal settlement periods on transactions initiated by these clients with the sponsored investment products result in unsettled fund share receivables and payables that are presented on a gross basis within Receivables and Payables and accrued liabilities on the Consolidated Balance Sheets. The gross presentation of these receivables and offsetting payables reflects the legal relationship between the underlying investor, the Company’s Affiliates, and the sponsored investment products. (f)Investments Investments in marketable securities Equity securities Equity securities are measured at fair value which reflects the cost of the investment as well as unrealized gains and losses which are recorded in Investment and other income. Realized gains and losses on equity securities are recorded in Investment and other income on the trade date on a specific identification basis, except for consolidated Affiliate sponsored investment products which use an average cost basis. Debt securities Investments in debt securities are classified as either trading, available-for-sale, or held-to-maturity based on the Company’s intent and ability to hold the security to maturity. Securities classified as trading are measured at fair value which reflects the cost of the investment as well as unrealized gains and losses which are recorded in Investment and other income. Securities classified as available-for-sale are measured at fair value which reflects amortized cost of the investment as well as unrealized gains and losses which are recorded in Accumulated other comprehensive loss as a separate component of stockholders’ equity on the Consolidated Balance Sheets. Securities classified as held-to-maturity are measured at amortized cost. Realized gains and losses on debt securities are recorded in Investment and other income. Other investments 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. 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. Investments Without Readily Determinable Fair Values When an investment does not have a readily determinable fair value and does not qualify for the practical expedient to estimate fair value, such as an investment in a private corporation where the Company does not exercise significant influence, the Company generally elects to measure such investments at cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Realized and unrealized gains and losses related to other investments are recorded in Investment and other income. (g)Fair Value Measurements The Company determines the fair value of certain investment securities and other financial and non-financial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date, utilizing a hierarchy of three different valuation techniques: Level 1 - Unadjusted quoted market prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs, or significant value drivers, are observable; and Level 3 - Prices that reflect the Company’s own assumptions concerning unobservable inputs to the valuation model. In these valuation models, the Company is required to make judgments about growth rates of assets under management, client attrition, asset- and performance-based fee rates, and expenses. These valuation models also require judgments about tax benefits, credit risk, interest rates, tax rates, discount rates, volatility, and discounts for lack of marketability. These inputs require significant management judgment and reflect the Company’s assumptions that the Company believes market participants would use in pricing the asset or liability. (h)Acquired Client Relationships and Goodwill Each Affiliate in which the Company makes an investment has identifiable assets arising from contractual or other legal rights with their clients (“acquired client relationships”). In determining the value of acquired client relationships, the Company analyzes the net present value of these Affiliates’ existing client relationships based on a number of factors, including: the Affiliate’s historical and potential future operating performance; the Affiliate’s historical and potential future rates of attrition of existing clients; the stability and longevity of existing client relationships; the Affiliate’s recent, as well as long-term, investment performance; the characteristics of the firm’s products and investment styles; the stability and depth of the Affiliate’s management team; and the Affiliate’s history and perceived franchise or brand value. The Company has determined that certain of its acquired client relationships meet the criteria to be considered indefinite- lived assets because the Company expects the contracts to be renewed annually and, therefore, the cash flows generated by these contracts to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead assesses these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived acquired client relationship may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred that indicate that the indefinite life criteria are no longer met. The Company has determined that certain of its acquired client relationships meet the criteria to be considered definite- lived assets, including investment advisory contracts between its Affiliates and their underlying investors, and are amortized over their expected period of economic benefit. The expected period of economic benefit of definite-lived acquired client relationships is a judgment based on the historical and projected attrition rates of each Affiliate’s existing clients, and other factors that may influence the expected future economic benefit the Company will derive from these relationships. The expected lives of definite-lived acquired client relationships are analyzed annually or more frequently whenever events or circumstances have occurred that indicate the expected period of economic benefit may no longer be appropriate. The Company assesses for the possible impairment of indefinite- and definite-lived acquired client relationships annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indicators exist, the Company considers various qualitative and quantitative factors (including market multiples) to determine if the fair value of each asset is greater than its carrying value. If the carrying value is greater than the fair value, an expense would be recorded in Intangible amortization and impairments in the Consolidated Statements of Income to reduce the carrying value of the asset to fair value. Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not separately recognized. Goodwill is not amortized, but is instead reviewed for impairment. The Company performs an impairment assessment annually or more frequently whenever events or circumstances occur indicating that the carrying value of its single reporting unit is in excess of its fair value. In this assessment, the Company typically measures the fair value of its reporting unit using various qualitative and quantitative factors (including the Company’s market capitalization and market multiples for asset management businesses). If a potential impairment is more-likely-than-not, then the Company will perform a single step assessment with any excess of carrying value over fair value recorded as an expense in Intangible amortization and impairments. (i)Fixed Assets Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from two years to ten years and three years to ten years, respectively. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally two years to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease. Buildings are amortized over their expected useful lives, generally not to exceed 39 years. The costs of improvements that extend the life of a fixed asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Land and artwork are not depreciated; artwork is included in Other assets on the Consolidated Balance Sheets. (j)Leases Leases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under Accounting Standard Update (“ASU”) 2016-02 Leases (and related ASUs), the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Consolidated Balance Sheets. Right-of-use assets and lease liabilities are included in Other assets and Other liabilities, respectively. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease, and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) in the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right- of-use asset is amortized on a straight-line basis over the remaining lease term. Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments recorded in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses, or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is recorded in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently recorded in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease. The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non- lease components for their equipment leases in calculating their lease liabilities. Sublease income is recorded in Investment and other income. (k)Debt The Company’s debt instruments are carried at amortized cost. Unamortized discounts and debt issuance costs associated with its debt instruments, with the exception of the Company’s 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. The carrying value of the debt is accreted to the principal amount at maturity over the remaining life of the underlying debt. The accretion of the debt and the amortization of debt issuance costs, are recorded in Interest expense in the Consolidated Statements of Income, using the effective interest method. Unamortized issuance costs associated with the revolver are recorded in Other assets and amortized over the remaining term of the revolver to Interest expense. Gains and losses on repurchases or settlement of debt are recorded in Interest expense. (l)Derivative Financial Instruments The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates, and markets. The Company records derivatives on the Consolidated Balance Sheets at fair value. The Company assesses hedge effectiveness at derivative inception and on a quarterly basis. Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are recorded in earnings on a straight-line basis over the respective period of the contracts. For derivative financial instruments designated as cash flow hedges, the Company uses a qualitative method of assessing hedge effectiveness by comparing the notional amounts, timing of payments, currencies (for forward foreign currency contracts), and interest rates (for interest rate swaps). The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss), net of tax as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. If the qualitative assessment indicates ineffectiveness, then the Company performs a quantitative assessment which is generally measured by comparing the present value of the cumulative change in the expected future cash flows of the hedged contract with the present value of the cumulative change in the expected future cash flows of the hedged item. Upon termination of these instruments or the repayment of the Company’s outstanding Secured Overnight Financing Rate (“SOFR”)- based borrowings, any gain or loss recorded in Accumulated other comprehensive loss will be reclassified into earnings. Changes in the fair values of cash flow hedges are recorded in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. For net investment hedges, hedge effectiveness is measured using the spot rate method. The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss) as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. Changes in the fair values of the effective net investment hedges are recorded in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. If the Company’s or its Affiliates’ derivative financial instruments do not qualify as effective hedges, changes in the fair value of the derivatives are recorded as a gain or loss in Investment and other income. (m)Revenue Recognition Consolidated revenue primarily represents asset- and performance-based fees earned by the Company and its consolidated Affiliates for managing the assets of clients. Substantially all of the Company’s and its Affiliates’ contracts contain a single performance obligation, which is the provision of investment management services. Investment management, broker-dealer, and administrative services are performed and consumed simultaneously and, therefore, the Company recognizes these asset- based fees ratably over time. Substantially all the Company’s asset-based fees for services are based on the value of client assets over time, which are typically determined using observable market data, or on committed capital. Services may be invoiced in advance or in arrears and are payable upon receipt. Any asset-based fees collected in advance are deferred and recognized as the services are performed and consumed. Consolidated revenue recognized by the Company is adjusted for any expense reimbursement arrangements. The Company’s Affiliates may periodically either waive or reduce fees in order to attract or retain client assets or for other reasons. Fee waivers or reductions are presented as a reduction to Consolidated revenue in the Consolidated Statements of Income. Performance-based fees, including carried interests, are recognized upon the satisfaction of performance obligations, the resolution of any constraints, which include exceeding performance benchmarks or hurdle rates that may extend over one or more reporting periods, and when it is improbable that there will be a significant reversal in the amount of revenue recognized. As a result, any performance-based fees or carried interest recognized in the current reporting period may relate to performance obligations satisfied in a previous reporting period. The Company and its Affiliates have contractual arrangements with third-parties to provide distribution-related services. Fees received and expenses incurred under these arrangements are primarily based on the value of client assets over time. Distribution-related fees are recorded in Consolidated revenue gross of any related expenses when the Company and its consolidated Affiliates are the principal in their role as primary obligor under their distribution-related services arrangements. Distribution-related expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Income. The Company and its Affiliates may enter into contracts for which the costs to obtain or fulfill the contract are based upon a percentage of the value of a client’s future assets under management. The Company records these variable costs when incurred because they are subject to market volatility and are not estimable upon the inception of a contract with a client. Any expenses paid in advance are capitalized and amortized on a systematic basis, consistent with the transfer of services, which is the equivalent of recognizing the costs as incurred. (n)Contingent Payment Obligations The Company periodically enters into contingent payment obligations in connection with its investments in Affiliates. In these obligations, the Company agrees to pay additional consideration to the sellers to the extent that certain specified financial targets are achieved. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time the investment in an Affiliate is consummated and records a liability in Other liabilities. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company’s expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss, respectively. Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations to their expected payment amounts are included in Interest expense. For Affiliates accounted for under the equity method, the Company records a liability in Other liabilities when a payment becomes probable, with a corresponding increase to the carrying value of the Affiliate in Equity method investments in Affiliates (net). (o)Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial reporting bases of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in Income tax expense in the period when the change is enacted. The Company regularly assesses the recoverability of its deferred tax assets to determine whether these assets are more- likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If the Company determines it would not be able to realize its deferred tax assets, it records a valuation allowance to reflect the deferred tax assets at their current value. The recording of adjustments to the valuation allowance will generally increase or decrease Income tax expense. The Company records unrecognized tax benefits based on whether it is more-likely-than-not that the uncertain tax positions will be sustained on the basis of the technical merits of the position. If it is determined that an uncertain tax position is more- likely-than-not to be sustained, the Company records the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority in Income tax expense. Interest and penalties related to unrecognized tax benefits are also recorded in Income tax expense. The Company has elected to treat taxes due on U.S. inclusions in taxable income related to Global Intangible Low Taxed Income (“GILTI”) as a current period expense when incurred (the “period cost method”). (p)Foreign Currency Translation Assets and liabilities denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expenses denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using average exchange rates for the relevant period. Because of the long-term nature of the Company’s investments in its Affiliates, net translation exchange gains and losses resulting from foreign currency translation are recorded in Accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in Investment and other income. (q)Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and derivative financial instruments. The Company and its Affiliates maintain cash and cash equivalents, investments, and, at times, certain derivative financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which the Company and its Affiliates operate. For the Company and certain of its Affiliates, cash deposits at a financial institution may, from time to time, exceed insurance limits (similar to Federal Deposit Insurance Corporation insurance limits). (r)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 Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. The Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non- controlling interests would be anti-dilutive to diluted earnings per share. The Company had junior convertible securities outstanding during the periods presented and is required to apply the if- converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share. (s)Share-Based Compensation Plans The Company recognizes expenses for all share-based compensation arrangements based on the number of awards expected to vest. The expense for awards without performance conditions is recognized on a straight-line basis over the requisite service period, including grants that are subject to graded vesting. The Company recognizes expenses for all other arrangements on a straight-line basis for each separately vesting portion of the award. Tax windfalls or shortfalls are recorded in Income tax expense and have been classified as operating activities in the Consolidated Statements of Cash Flows. Taxes paid by the Company when it withholds shares to satisfy tax withholding obligations are classified as a financing activity in the Consolidated Statements of Cash Flows. (t)Recently Adopted Accounting Standards and Developments Recently Adopted Accounting Standards Effective January 1, 2024, the Company adopted Accounting Standard Update (“ASU”) 2022-03, Fair Value Measurement: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. Effective for the financial year ended December 31, 2024, the Company adopted ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. The adoption of these standards did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Developments 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. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires improved disclosure of the nature and disaggregation of income statement expenses. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements.

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Total Lease Costs (Net)

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements.

The following table presents total lease costs, net:


	For the Years Ended December 31,
	2022	2023	2024
Operating lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$38.5	$36.4	$34.6
Short-term lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.0	1.1	1.2
Variable lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	0.0	0.0
Sublease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(7.7)	(6.5)	(6.6)
Total lease costs, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$31.8	$31.0	$29.2

Schedule of the Company's Maturity of Lease Liabilities

As of December 31, 2024, the maturities of lease liabilities were as follows:


		Operating Leases
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$34.7
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		28.0
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		23.7
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		22.6
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		21.5
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		47.3
Total undiscounted lease liabilities(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$177.8

___________________________

(1)Total undiscounted lease liabilities were $25.3 million greater than the operating leases recorded in Other liabilities

primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases

that have not yet commenced.

Investments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Equity securities	$ 32.3	$ 37.9
Unrealized gains on equity securities	1.2	2.9
Proceeds from maturity of AFS securities	825.2	511.1
Purchase of available-for-sale securities	413.9	651.3
Debt securities net unrealized (loss) gain	0.5	0.8
Variable Interest Entity, Primary Beneficiary
Investments in and Advances to Affiliates [Line Items]
Equity securities	$ 10.9	$ 15.8

- Definition

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

+ References

+ Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Deferred compensation	$ 13.7	$ 15.9
State loss carryforwards	13.8	14.7
Foreign loss carryforwards	17.7	19.8
Federal carryforwards	3.4	0.0
Tax benefit of uncertain tax positions	9.4	10.0
Deferred income	4.6	0.0
Lease liabilities	2.4	4.8
Foreign tax credits	16.3	16.0
Other	0.0	0.3
Total deferred tax assets	81.3	81.5
Valuation allowance	(44.8)	(47.6)
Deferred tax assets, net of valuation allowance	36.5	33.9
Deferred Tax Liabilities
Intangible asset amortization	(353.0)	(295.8)
Non-deductible intangible amortization	(101.4)	(97.0)
Junior convertible securities interest	(92.6)	(83.1)
Right-of-use assets	(1.9)	(3.7)
Accrued expenses	(4.1)	(2.0)
Deferred income	0.0	(10.4)
Other	(2.0)	(2.9)
Total deferred tax liabilities	(555.0)	(494.9)
Deferred tax liability (net)	(518.5)	(461.0)
Carryforwards valuation allowance	$ 15.7	$ 17.0

Affiliate Equity - Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 511.6	$ 672.9	$ 1,145.9
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(3.1)	(13.5)	(0.2)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(32.6)	(50.4)	(38.2)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$ 475.9	$ 609.0	$ 1,107.5

- 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
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-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
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-Section 45
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Business and Summary of Significant Accounting Policies (Details)	Dec. 31, 2024
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Computer software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Computer software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	39 years

Income Taxes

12 Months Ended

Dec. 31, 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 Years Ended December 31,
	2022	2023	2024
Controlling interest(1)	$347.4	$178.3	$174.8
Non-controlling interests	10.9	7.0	7.8
Income tax expense	$358.3	$185.3	$182.6
Income before income taxes (controlling interest)	$1,493.3	$851.2	$686.4
Effective tax rate (controlling interest)(2)	23.3%	20.9%	25.5%

___________________________

(1)For the years ended December 31, 2022, 2023, and 2024, income tax expense (controlling interest) included intangible-

related deferred tax expense of $32.0 million, $29.8 million, and $66.7 million, respectively.

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

The consolidated provision for income taxes consisted of the following:


	For the Years Ended December 31,
	2022	2023	2024
Current
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$222.9	$105.2	$59.6
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30.6	10.8	16.6
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72.8	37.9	45.8
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	326.3	153.9	122.0
Deferred
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$30.4	$27.3	$52.5
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9.0	7.0	11.9
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(7.4)	(2.9)	(3.8)
Total deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32.0	31.4	60.6
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$358.3	$185.3	$182.6

For financial reporting purposes, Income before income taxes consisted of the following:


	For the Years Ended December 31,
	2022	2023	2024
Domestic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$639.0	$782.3	$678.5
International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,107.4	309.1	244.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,746.4	$1,091.4	$923.2

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:


	For the Years Ended December 31,
	2022	2023	2024
Statutory U.S. federal tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21.0%	21.0%	21.0%
State income taxes, net of federal benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.5	3.5	3.5
Foreign operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.7)	(4.1)	(0.1)
Compensation plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.8	1.1	0.7
Change in valuation allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	(0.1)	(0.5)
Unrecognized tax benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.4	0.6	0.2
BPEA Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.0)	—	—
Changes in U.S. tax provision to return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	(0.7)	0.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	(0.4)	0.2
Effective tax rate (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23.3%	20.9%	25.5%
Effect of income from non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . .	(2.8)	(3.9)	(5.7)
Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20.5%	17.0%	19.8%

___________________________

(1)The year ended December 31, 2022 is reflective of the BPEA Transaction gain of $641.9 million and realized and

unrealized gains on EQT ordinary shares of $43.8 million and $57.9 million, respectively.

The Company’s effective tax rate (controlling interest) in 2022 is lower than the marginal tax rate of 24.5%, primarily due

to the tax benefits of foreign operations and a state tax benefit related to the BPEA Transaction. The effective tax rate

(controlling interest) in 2023 is lower than the marginal tax rate of 24.5%, primarily due to discrete benefits from foreign

operations. The effective tax rate (controlling interest) in 2024 is higher than the marginal tax rate of 24.5%, primarily due to

an expense to reduce the carrying value of a foreign Affiliate to fair value for which no tax benefit was recorded, partially offset

by tax windfalls attributable to share-based compensation.

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.

Deferred tax liability (net) reflects the expected future tax consequences of temporary differences between the financial

reporting bases and tax bases of the Company’s assets and liabilities. The significant components of the Company’s Deferred

tax liability (net) are as follows:


	December 31,
	2023	2024
Deferred Tax Assets
Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$15.9	$13.7
State loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14.7	13.8
Foreign loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	19.8	17.7
Federal carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	3.4
Tax benefit of uncertain tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10.0	9.4
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	4.6
Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.8	2.4
Foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16.0	16.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.3	—
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	81.5	81.3
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(47.6)	(44.8)
Deferred tax assets, net of valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$33.9	$36.5
Deferred Tax Liabilities
Intangible asset amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(295.8)	$(353.0)
Non-deductible intangible amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(97.0)	(101.4)
Junior convertible securities interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(83.1)	(92.6)
Right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(3.7)	(1.9)
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(2.0)	(4.1)
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(10.4)	—
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(2.9)	(2.0)
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(494.9)	(555.0)
Deferred tax liability (net)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$(461.0)	$(518.5)

___________________________

(1)As of December 31, 2023 and 2024, foreign loss carryforwards of $19.8 million (net of a $17.0 million valuation

allowance) and $17.7 million (net of a $15.7 million valuation allowance), respectively, are included in Other assets as they

represent a net deferred tax asset in a foreign jurisdiction.

As of December 31, 2024, the Company had available state net operating loss carryforwards of $212.9 million, a majority

of which will expire over five years to nine years. As of December 31, 2024, the Company had foreign loss carryforwards of

$66.9 million, of which $51.0 million will expire over 11 years to 15 years and $15.9 million will carry forward indefinitely.

As of December 31, 2024, the Company had foreign tax credit carryforwards of $16.3 million, a majority of which will expire

over four years to seven years.

The Company believed it was more-likely-than-not that the benefit from certain state and foreign loss carryforwards and

foreign tax credit carryforwards would not be fully realized, and, as of December 31, 2024, had valuation allowances of $12.8

million, $15.7 million, and $16.3 million on the state and foreign loss carryforwards and the foreign tax credit carryforwards,

respectively. For the years ended December 31, 2023 and 2024, the Company decreased its valuation allowance $0.5 million

and $2.8 million, respectively.

The Company’s estimates and assumptions regarding the realization of its state and foreign loss carryforwards do not

contemplate certain changes in ownership of the Company’s stock which could limit the utilization of these carryforwards.

The Company provides for U.S. income taxes on all foreign earnings. The Company does not provide for U.S. income

taxes on the portion of the excess of the financial reporting bases over tax bases in the Company’s investments in foreign

subsidiaries considered permanent in duration. Such amount would generally become taxable upon the repatriation of assets

from, or a sale or liquidation of, the foreign subsidiaries. While a determination of the potential amount of unrecognized U.S.

income tax related to these amounts is not practicable because of the numerous assumptions associated with this hypothetical

calculation, as of December 31, 2024, the estimated amount of such difference was $375.5 million.

A reconciliation of the changes in unrecognized tax benefits is as follows:


	For the Years Ended December 31,
	2022	2023	2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$52.4	$49.6	$37.8
Additions based on current year tax positions . . . . . . . . . . . . . . . . . . . . . . . . .	0.6	6.4	0.5
Additions based on prior years’ tax positions . . . . . . . . . . . . . . . . . . . . . . . . . .	4.4	1.0	3.5
Reduction for prior years’ tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.0)	(13.5)	(0.8)
Lapse of the statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(5.5)	(4.8)	(2.5)
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(1.3)	—
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.3)	0.4	(1.2)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$49.6	$37.8	$37.3

Included in the balance of unrecognized tax benefits as of December 31, 2022, 2023, and 2024 were $49.6 million, $37.8

million, and $37.3 million, respectively, of tax benefits that, if recognized, would favorably affect the Company’s effective

tax rate (controlling interest). As of December 31, 2024, certain of these benefits, if realized, would be offset by the

utilization of indirect tax benefits, for which the Company had accrued deferred tax assets of $9.4 million.

The Company records accrued interest and penalties, if any, related to unrecognized tax benefits in Income tax expense.

For the years ended December 31, 2022, 2023, and 2024, interest and penalties related to unrecognized tax benefits were $2.6

million, $0.8 million, and $(0.5) million, respectively. As of December 31, 2023 and 2024, the Company had accrued

interest and penalties related to unrecognized tax benefits of $14.4 million and $13.9 million, respectively.

The Company is subject to U.S. federal, state and local, and foreign income tax in multiple jurisdictions and is

periodically subject to tax examinations in these jurisdictions. The completion of examinations may result in the payment of

additional taxes and/or the recognition of tax benefits. The Company is generally no longer subject to income tax

examinations by U.S. federal, state and local, or foreign taxing authorities for periods prior to 2018.

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 are adopting legislation to

implement Pillar Two. 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

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2024

Affiliate Equity [Abstract]

Schedule of Affiliate Equity Compensation

The following table presents Affiliate equity compensation expense:


	For the Years Ended December 31,
	2022	2023	2024
Controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$5.0	$13.6	$20.2
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	46.4	39.1	39.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$51.4	$52.7	$59.6

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
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$31.4	5 years	$284.6	7 years
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30.6	5 years	235.7	6 years
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36.7	3 years	206.0	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 Years Ended December 31,
	2022	2023	2024
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,145.9	$672.9	$511.6
Decrease in controlling interest paid-in capital from Affiliate equity issuances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.2)	(13.5)	(3.1)
Decrease in controlling interest paid-in capital from Affiliate equity purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(38.2)	(50.4)	(32.6)
Net income (controlling interest) including the net impact of Affiliate equity transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,107.5	$609.0	$475.9

Share-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Incentive Plans

The Company has established various plans under which it is authorized to grant restricted stock, restricted stock units,

stock options, and stock appreciation rights. The Company may also grant cash awards that can be notionally invested in one or

more specified measurement funds, including the Company’s common stock. Awards granted under the Company’s share-

based incentive plans typically participate in any dividends declared, but such amounts are deferred until delivery of the shares

and are forfeitable if the requisite service is not satisfied. Dividends may accrue in cash or may be reinvested in the Company’s

common stock.

Share-Based Compensation

The following table presents share-based compensation expense:


	Share-Based Compensation Expense	Tax Benefit
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$62.4	$7.6
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	59.4	7.4
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	52.0	6.3

The excess tax benefit recognized from share-based incentive plans was $1.8 million, $4.4 million, and $10.3 million for

the years ended December 31, 2022, 2023, and 2024, respectively.

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

December 31, 2024, the Company had unrecognized share-based compensation of $38.1 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 Per Unit
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)	143.25
Performance condition changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	154.72
Unvested units–December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.8	$147.46

The Company granted restricted stock units with fair values of $47.1 million, $49.3 million, and $31.3 million for the years

ended December 31, 2022, 2023, and 2024, 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 expected to be achieved.

The total fair value of shares vested was $54.6 million, $86.2 million, and $50.5 million for the years ended December 31,

2022, 2023, and 2024, respectively. As of December 31, 2024, the Company had 2.2 million shares available for grant under its

plans.

Stock Options

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


	Stock Options	Weighted Average Exercise Price Per Option	Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding–December 31, 2023 . . . . . . . . . . . . . . . . . . .	3.2	$76.74
Options granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	—
Options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.5)	74.78
Options forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	—
Options expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.0)	174.26
Performance condition changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.0	129.17
Unexercised options outstanding–December 31, 2024 . . . . . . . . . . . . . . . . . . .	1.7	$78.45	1.8
Exercisable at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.3	$76.12	1.6

The Company granted stock options with fair values of $1.8 million for the year ended December 31, 2022. The Company

did not grant any stock options for the years ended December 31, 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 expected to be achieved.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of stock options

exercised for the years ended December 31, 2022, 2023, and 2024 was $1.2 million, $0.2 million, and $150.7 million,

respectively. The cash received for stock options exercised was $2.6 million, zero, and $0.3 million for the years ended

December 31, 2022, 2023, and 2024, respectively. As of December 31, 2024, the intrinsic value of exercisable stock options

outstanding was $138.6 million, and 1.1 million options were available for grant under the Company’s option plans.

The weighted average fair value of stock options granted was $47.84 per option for the year ended December 31, 2022.

The Company uses the Black-Scholes option pricing model to determine the fair value of options. The weighted average grant

date assumptions used to estimate the fair value of stock options granted were as follows:


		For the Year Ended December 31,
		2022
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.0%
Expected volatility(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		36.8%
Risk-free interest rate(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1.7%
Expected life of stock options (in years)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		5.7
Forfeiture rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.0%

___________________________

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

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

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

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1

Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 213.6	$ 213.3
Accumulated depreciation and amortization	(156.0)	(146.0)
Fixed assets (net)	57.6	67.3
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	110.0	108.6
Software
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	45.2	45.7
Office equipment
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	20.2	20.7
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	17.5	17.5
Land, improvements and other
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 20.7	$ 20.8

Fixed Assets

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

Fixed assets (net) consisted of the following:


	December 31,
	2023	2024
Buildings and leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$108.6	$110.0
Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	45.7	45.2
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20.7	20.2
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17.5	17.5
Land, improvements and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20.8	20.7
Fixed assets, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	213.3	213.6
Accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(146.0)	(156.0)
Fixed assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$67.3	$57.6

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s Debt:


	December 31,
	2023	2024
Senior bank debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$349.9	$—
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,096.9	1,092.1
Junior subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	751.8	1,189.0
Junior convertible securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	338.9	339.1
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$2,537.5	$2,620.2

Senior Bank Debt

During the year ended December 31, 2024, the Company repaid the $350.0 million outstanding under its senior unsecured

term loan facility (the “term loan”).

As of December 31, 2024, the Company had a $1.25 billion revolver (together with the term loan, the “credit facilities”).

The Company amended and restated the revolver in November 2024, extending the maturity from October 25, 2027 to

November 15, 2029, and the term loan terminated upon payment in full in the third quarter of 2024. 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%.

The revolver contains financial covenants with respect to leverage and interest coverage, as well as customary affirmative

and negative covenants, including limitations on priority indebtedness, asset dispositions, and fundamental corporate changes,

and certain customary events of default.

As of December 31, 2023 and 2024, the Company had no outstanding borrowings under the revolver. As of December 31,

2023, the Company had outstanding borrowings under the term loan of $350.0 million, and the weighted average interest rate

on outstanding borrowings was 6.31%. The Company pays commitment fees on the unused portion of its revolver. For the

years ended December 31, 2023 and 2024, these fees amounted to $1.3 million.

Senior Notes

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

As of December 31, 2024, the Company had senior notes outstanding, the respective principal terms and effective interest

rates of which are presented 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$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
Effective interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.67%	3.39%	5.64%

In the third quarter of 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 December 31, 2024, the Company had junior subordinated notes outstanding, the respective principal terms and

effective interest rates of which are presented 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 . . . . . . . . . . . . . . . . . . . . . . . . . . .	$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
Effective interest rate . . . . . . . . . . . . . . . . .	5.91%	4.78%	4.23%	6.76%

In the first quarter of 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 December 31, 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 December 31, 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 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 Years Ended December 31,
	2022	2023	2024
Contractual interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$18.3	$17.6	$17.6
Amortization of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.2	0.2	0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$18.5	$17.8	$17.8

Effective interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	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 this 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 junior convertible securities are considered contingent payment

debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than

its reported interest expense. The Company estimates that these deductions will generate annual deferred tax liabilities of

approximately $10 million. The Company did not repurchase any of its junior convertible securities during the years ended

December 31, 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
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-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
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-Name Accounting Standards Codification
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-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
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance, beginning of period	$ 37.8	$ 49.6	$ 52.4
Additions based on current year tax positions	0.5	6.4	0.6
Additions based on prior years’ tax positions	3.5	1.0	4.4
Reduction for prior years’ tax positions	(0.8)	(13.5)	(1.0)
Lapse of the statute of limitations	(2.5)	(4.8)	(5.5)
Settlements	0.0	(1.3)	0.0
Foreign currency translation	(1.2)		(1.3)
Foreign currency translation		0.4
Balance, end of period	$ 37.3	$ 37.8	$ 49.6

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 678.5	$ 782.3	$ 639.0
International	244.7	309.1	1,107.4
Income before income taxes	$ 923.2	$ 1,091.4	$ 1,746.4

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Topic 280
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans The Company has a defined contribution plan that is a qualified employee profit-sharing plan, covering substantially all of its employees. Under this plan, the Company is able to make discretionary contributions for the benefit of its employees that are qualified plan participants, up to Internal Revenue Service (“IRS”) limits. The Company’s consolidated Affiliates generally have their own qualified defined contribution retirement plans covering their respective employees or, for several Affiliates, had their employees covered under the Company’s plan until February or March 2023, as applicable. In each case, the relevant Affiliate was able to make discretionary contributions for the benefit of its employees, as applicable, that were qualified plan participants, up to IRS limits. Consolidated expenses related to these plans were $20.9 million, $24.8 million, and $24.9 million for the years ended December 31, 2022, 2023, and 2024, respectively. The controlling interest’s portion of expenses related to these plans were $3.4 million, $3.6 million, and $4.6 million for the years ended December 31, 2022, 2023, and 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Payables and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Payables and accrued liabilities consisted of the following:


	December 31,
	2023	2024
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$309.3	$322.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	319.2	316.8
Payables and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$628.5	$639.1

Equity Method Investments in Affiliates - Schedule of Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,504.9	$ 2,523.6	$ 2,648.7
Equity method investments in Affiliates (net)	2,246.6	2,288.5
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Goodwill	1,363.2	1,323.3
Definite-lived acquired client relationships, net	546.1	652.5
Indefinite-lived acquired client relationships, net	124.1	122.6
Undistributed earnings and tangible capital	213.2	190.1
Equity method investments in Affiliates (net)	$ 2,246.6	$ 2,288.5	$ 2,139.5

- Definition

+ References

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 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	Level 1	Level 2	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
	December 31, 2024	Fair Value Measurements
	December 31, 2024	Level 1	Level 2	Level 3
Financial Assets
Investments in equity securities(1) . . . . . . . . . . . . . . . . . . . .	$32.3	$32.3	$—	$—
Investments in debt securities(1) . . . . . . . . . . . . . . . . . . . . . .	24.3	—	24.3	—
Financial Liabilities(2)
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .	$5.7	$—	$—	$5.7
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .	54.8	—	—	54.8

___________________________

(1)Amounts are recorded in Investments.

(2)Amounts are recorded in Other liabilities.

Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:


	For the Years Ended December 31,
	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) . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	113.7	—	110.0
Settlements and reductions . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(75.4)	—	(108.7)
Net realized and unrealized gains(2) . . . . . . . . . . . . . . . . . . . .	(6.3)	(8.9)	(9.0)	(0.4)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$14.7	$53.9	$5.7	$54.8

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) . . . . . . . . . . . . .	$(6.3)	$(4.0)	$(9.0)	$0.1

___________________________

(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) and the accretion of

these obligations is included in Interest expense.

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the

Company’s recurring Level 3 fair value measurements:


	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2023			December 31, 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%	$5.7	18%	18%
		Discount rates		6%	6%		4%	4%
Affiliate equity purchase obligations . .	Discounted cash flow	Growth rates(2)	$53.9	(6)% - 7%	1%	$54.8	(4)% - 9%	1%
		Discount rates		14% - 17%	14%		12% - 19%	14%

___________________________

(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. As of December 31, 2024, there

were no changes to growth or discount rates that had a significant impact to Affiliate equity purchase obligations recorded in

prior periods. Increases to the assumed growth rates used 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		December 31, 2024
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . .	$1,099.4	$1,049.8	$1,097.4	$1,062.9	Level 2
Junior subordinated notes . . . . . . . . . . . . . . .	765.9	612.0	1,216.0	1,035.6	Level 2
Junior convertible securities . . . . . . . . . . . . .	341.7	340.9	341.7	372.2	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 5) 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

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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Topic 820
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-Section 50
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings, and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. For matters for which the outcome is probable but not reasonably estimable or where the outcome is reasonably possible but not probable, the Company provides disclosure related to such matters, as necessary. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of December 31, 2024, these unfunded commitments were $236.5 million and may be called in future periods. As of December 31, 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. Deferred payment obligations were $4.7 million, all of which is payable in 2025. The fair value of contingent payment obligations was $5.7 million, all of which is payable in 2025. The Company is contingently liable to make maximum contingent payments of up to $110.0 million ($24.9 million attributable to a co-investor). As of December 31, 2024, the Company was obligated to make deferred payments of $4.0 million related to certain of its investments in Affiliates accounted for under the equity method, all of which is payable in 2025. Deferred payment obligations are included in Other liabilities. As of December 31, 2024, the Company was contingently liable to make payments of $239.4 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $118.8 million may become payable in 2025, $23.0 million may become payable in 2026, $75.8 million may become payable in 2027, and $21.8 million may become payable in 2028. As of December 31, 2024, the Company had 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 16. 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.

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.2	0.2
Shares issuable to settle Redeemable non-controlling interests
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	2.0	0.7	0.1

Earnings Per Share

12 Months Ended

Dec. 31, 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 Years Ended December 31,
	2022	2023	2024
Numerator
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,145.9	$672.9	$511.6
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	82.9	49.0	20.5
Interest expense on junior convertible securities, net of taxes . . . . . . . . . . . . .	14.0	13.4	13.4
Net income (controlling interest), as adjusted . . . . . . . . . . . . . . . . . . . . . . . . .	$1,242.8	$735.3	$545.5
Denominator
Average shares outstanding (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38.5	35.1	31.1
Effect of dilutive instruments:
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.3	1.7	1.7
Hypothetical issuance of shares to settle Redeemable non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	7.4	3.7	1.6
Junior convertible securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.8	1.7	1.7
Average shares outstanding (diluted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49.0	42.2	36.1

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 Years Ended December 31,
	2022	2023	2024
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.2	0.2	0.2
Shares issuable to settle Redeemable non-controlling interests . . . . . . . . . . . .	0.1	0.7	2.0

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Contingent Payment Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 14.7	$ 21.0
Purchases and issuances	0.0	0.0
Settlements and reductions	0.0	0.0
Net realized and unrealized gains	(9.0)	(6.3)
Balance, end of period	5.7	14.7
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	(9.0)	(6.3)
Affiliate Equity Purchase Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	53.9	24.5
Purchases and issuances	110.0	113.7
Settlements and reductions	(108.7)	(75.4)
Net realized and unrealized gains	(0.4)	(8.9)
Balance, end of period	54.8	53.9
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$ 0.1	$ (4.0)

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Valuation Allowance
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	$ 47.6	$ 48.1	$ 43.9
Additions Charged to Costs and Expenses	0.3	0.6	8.3
Additions (Reductions) Charged to Other Accounts	0.0	0.4	(1.1)
Deductions	(3.1)	(1.5)	(3.0)
Balance End of Period	44.8	47.6	48.1
Other Allowances
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	3.8	3.5	4.8
Additions Charged to Costs and Expenses	0.0	1.5	0.0
Additions (Reductions) Charged to Other Accounts	0.0	0.0	0.0
Deductions	(1.5)	(1.2)	(1.3)
Balance End of Period	$ 2.3	$ 3.8	$ 3.5

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

The following table summarizes the Company’s Investments:


	December 31,
	2023	2024
Investments in marketable securities
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$37.9	$32.3
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	423.1	24.3
Total investments in marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	461.0	56.6
Other investments
Investments measured at NAV as a practical expedient . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$430.5	$488.6
Investments without readily determinable fair values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50.4	50.4
Total other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	480.9	539.0
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$941.9	$595.6

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

equity securities:


	December 31,
	2023	2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$35.3	$30.0
Unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2.6	3.7
Unrealized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.0)	(1.4)
Fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$37.9	$32.3

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 in 2024, and consolidated Affiliate sponsored

investment products classified as trading:


	Available-for-Sale		Trading
	December 31, 2023	December 31, 2024	December 31, 2023	December 31, 2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . .	$405.4	$—	$17.9	$24.6
Unrealized gains . . . . . . . . . . . . . . . .	0.0	—	—	—
Unrealized losses . . . . . . . . . . . . . . .	(0.1)	—	(0.1)	(0.3)
Fair value . . . . . . . . . . . . . . . . . . . .	$405.3	$—	$17.8	$24.3

Summary of Fair Value of Investments and Unfunded Commitments

The following table summarizes the fair values of investments that are measured at NAV as a practical expedient and any

related unfunded commitments:


	December 31, 2023		December 31, 2024
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Investments with limited liquidity(1) . . . . . . . . . . . . . . . . . . . .	$424.4	$187.2	$486.9	$205.5
Investments with periodic liquidity(2) . . . . . . . . . . . . . . . . . . .	6.1	—	1.7	—
Total(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$430.5	$187.2	$488.6	$205.5

___________________________

(1)The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying

assets are liquidated over the life of the investments, which is generally up to 15 years. The Company accounts for the

majority of its interests in investments with limited liquidity one quarter in arrears (adjusted for current period calls and

distributions). These investments primarily invest in a broad range of private markets investments.

(2)Investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis. These funds primarily

invest in equities.

(3)Fair value attributable to the controlling interest was $324.9 million and $370.1 million as of December 31, 2023 and 2024,

respectively.

Schedule of Investments without Readily Determinable Fair Value

The following table summarizes the cost, cumulative unrealized gains, and carrying amount of the Company’s investment

in a private corporation where is does not exercise significant influence, and does not have a readily determinable fair value:


	December 31,
	2023	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 Years Ended December 31,
	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 . . . . . . .	82.5	—	82.5	92.0	—	92.0
Sales and distributions . . . . . . . . . . . .	(57.4)	—	(57.4)	(62.2)	—	(62.2)
Net realized and unrealized gains . . .	34.2	—	34.2	28.3	—	28.3
Balance, end of period . . . . . . . . . . . .	$430.5	$50.4	$480.9	$488.6	$50.4	$539.0

Fair Value Measurements - Other Financial Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,097.4	$ 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 [Line Items]
Senior notes	1,062.9	1,049.8
Junior subordinated notes	1,035.6	612.0
Junior convertible securities	$ 372.2	$ 340.9

Lease Commitments - Additional Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term - operating leases	7 years	7 years
Weighted average discount rate - operating leases	3.00%	3.00%

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets (net) consisted of the following:


	December 31,
	2023	2024
Buildings and leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$108.6	$110.0
Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	45.7	45.2
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20.7	20.2
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17.5	17.5
Land, improvements and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20.8	20.7
Fixed assets, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	213.3	213.6
Accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(146.0)	(156.0)
Fixed assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$67.3	$57.6

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts

Payables and Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Payables and Accrued Liabilities

Payables and accrued liabilities consisted of the following:


	December 31,
	2023	2024
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$309.3	$322.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	319.2	316.8
Payables and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$628.5	$639.1

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Consolidated revenue	$ 2,040.9	$ 2,057.8	$ 2,329.6
Consolidated expenses:
Compensation and related expenses	915.3	907.5	1,071.5
Selling, general and administrative	376.5	358.2	385.5
Intangible amortization and impairments	29.0	48.3	51.6
Interest expense	133.3	123.8	114.4
Depreciation and other amortization	13.4	13.0	15.8
Other expenses (net)	40.3	45.8	34.7
Total consolidated expenses	1,507.8	1,496.6	1,673.5
Equity method income (net)	312.7	280.0	338.1
Affiliate Transaction gains	0.0	133.1	641.9
Investment and other income	77.4	117.1	110.3
Income before income taxes	923.2	1,091.4	1,746.4
Income tax expense	182.6	185.3	358.3
Net income	740.6	906.1	1,388.1
Net income (non-controlling interests)	(229.0)	(233.2)	(242.2)
Net income (controlling interest)	$ 511.6	$ 672.9	$ 1,145.9
Average shares outstanding (basic) (in shares)	31.1	35.1	38.5
Average shares outstanding (diluted) (in shares)	36.1	42.2	49.0
Earnings per share (basic) (in dollars per share)	$ 16.45	$ 19.18	$ 29.77
Earnings per share (diluted) (in dollars per share)	$ 15.13	$ 17.42	$ 25.35

Debt - Principal Terms of Senior and Junior Subordinated Notes (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2024
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.50%
Effective interest rate	3.67%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.30%
Effective interest rate	3.39%
Senior notes \| 2034 Senior Notes
Debt Instrument [Line Items]
Par value	$ 400.0	$ 400.0
Stated coupon	5.50%
Effective interest rate	5.64%
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300.0
Stated coupon	5.875%
Effective interest rate	5.91%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275.0
Stated coupon	4.75%
Effective interest rate	4.78%
Junior subordinated notes \| 2061 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 200.0
Stated coupon	4.20%
Effective interest rate	4.23%
Junior subordinated notes \| 2064 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 450.0		$ 450.0
Stated coupon	6.75%
Effective interest rate	6.76%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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 Years Ended December 31,
	2022	2023	2024
Numerator
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,145.9	$672.9	$511.6
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	82.9	49.0	20.5
Interest expense on junior convertible securities, net of taxes . . . . . . . . . . . . .	14.0	13.4	13.4
Net income (controlling interest), as adjusted . . . . . . . . . . . . . . . . . . . . . . . . .	$1,242.8	$735.3	$545.5
Denominator
Average shares outstanding (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38.5	35.1	31.1
Effect of dilutive instruments:
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.3	1.7	1.7
Hypothetical issuance of shares to settle Redeemable non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	7.4	3.7	1.6
Junior convertible securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.8	1.7	1.7
Average shares outstanding (diluted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49.0	42.2	36.1

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 Years Ended December 31,
	2022	2023	2024
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.2	0.2	0.2
Shares issuable to settle Redeemable non-controlling interests . . . . . . . . . . . .	0.1	0.7	2.0

Investments - Debt Securities, Available-for-Sale (Details) - USD ($) $ in Millions	Dec. 31, 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	24.6	17.9
Unrealized gains	0.0	0.0
Unrealized losses	(0.3)	(0.1)
Fair value	$ 24.3	$ 17.8

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from (used in) operating activities:
Net income	$ 740.6	$ 906.1	$ 1,388.1
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	29.0	48.3	51.6
Depreciation and other amortization	13.4	13.0	15.8
Deferred income tax expense	60.6	31.4	32.0
Equity method income (net)	(312.7)	(280.0)	(338.1)
Distributions received from equity method investments	403.9	490.8	393.5
Affiliate Transaction gains	0.0	(133.1)	(641.9)
Share-based compensation and Affiliate equity compensation expense	111.6	112.1	113.8
Net realized and unrealized gains on investment securities	(39.3)	(84.2)	(103.5)
Other non-cash items	(3.9)	(10.8)	17.8
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(76.5)	(45.0)	(46.7)
Sales of securities by consolidated Affiliate sponsored investment products	62.2	54.3	33.8
Decrease (increase) in receivables	(44.2)	(48.4)	87.0
Decrease in other assets	6.6	9.2	41.6
Increase (decrease) in payables, accrued liabilities, and other liabilities	(19.2)	(189.4)	9.9
Cash flow from operating activities	932.1	874.3	1,054.7
Cash flow from (used in) investing activities:
Investments in Affiliates, net of cash acquired	(5.9)	(294.7)	(291.1)
Proceeds from Affiliate Transactions	0.0	294.0	223.6
Return of capital from equity method investments	0.7	0.2	0.8
Purchase of fixed assets	(3.4)	(12.4)	(11.4)
Purchase of investment securities	(510.4)	(731.1)	(312.0)
Maturities and sales of investment securities	898.1	1,008.5	280.2
Cash flow from (used in) investing activities	379.1	264.5	(109.9)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt, senior notes, and junior subordinated notes	847.6	25.0	0.0
Repayments of senior bank debt, junior convertible securities, and senior notes	(750.0)	(25.0)	(60.8)
Repurchase of common stock, net	(709.8)	(341.9)	(713.8)
Dividends paid on common stock	(1.4)	(1.5)	(1.6)
Distributions to non-controlling interests	(258.0)	(271.3)	(341.9)
Affiliate equity purchases	(106.5)	(67.4)	(61.5)
Affiliate equity issuances	6.3	13.4	15.2
Subscriptions (redemptions) to consolidated Affiliate sponsored investment products, net	(6.4)	(12.6)	13.0
Settlement of deferred payments, net	(98.7)	(21.7)	(201.0)
Other financing items	(99.0)	(55.3)	(50.5)
Cash flow used in financing activities	(1,175.9)	(758.3)	(1,402.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(4.2)	6.9	(22.6)
Net (decrease) increase in cash and cash equivalents	131.1	387.4	(480.7)
Cash and cash equivalents at beginning of period	813.6	429.2	908.5
Effect of consolidation (deconsolidation) of Affiliates and Affiliate sponsored investment products	5.3	(3.0)	1.4
Cash and cash equivalents at end of period	950.0	813.6	429.2
Supplemental disclosure of cash flow information:
Income taxes paid, net	142.5	314.5	120.2
Interest paid	138.2	110.4	109.4
Lease liabilities paid	39.4	37.7	41.8
Supplemental disclosure of non-cash investing and financing activities:
Payables recorded for investments in Affiliates and contingent payment obligations	7.0	57.6	31.2
Right-of-use assets obtained in exchange for new operating leases	8.8	17.5	69.4
Stock issued upon vesting of restricted stock units and exercise of stock options	114.4	55.0	41.2
Stock received for tax withholdings on share-based payments	87.1	31.4	19.4
Stock received for the exercise of stock options	113.9	0.6	2.3
Shares received for settlement of accelerated share repurchase agreement	0.0	14.1	0.0
Payables recorded for share repurchases	9.0	12.0	0.0
Payables recorded for Affiliate equity purchases	35.0	43.0	27.2
EQT ordinary shares received from BPEA Transaction	0.0	0.0	515.2
Other investments from BPEA Transaction	$ 0.0	$ 0.0	$ 51.7

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts


(in millions)	Balance Beginning of Period	Additions Charged to Costs and Expenses	Additions (Reductions) Charged to Other Accounts	Deductions	Balance End of Period
Income Tax Valuation Allowance
Year Ending December 31,
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$43.9	$8.3	$(1.1)	$(3.0)	$48.1
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	48.1	0.6	0.4	(1.5)	47.6
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	47.6	0.3	0.0	(3.1)	44.8

Other Allowances(1)
Year Ending December 31,
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$4.8	$—	$—	$(1.3)	$3.5
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.5	1.5	—	(1.2)	3.8
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.8	—	—	(1.5)	2.3

___________________________

(1)Other allowances primarily represents reserves on notes received in connection with transfers of the Company’s interests in

certain Affiliates, as well as other receivable amounts, which the Company considered uncollectible. Deductions represent

the reversal of such reserves upon collection of the amounts due.

Lease Commitments - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 34.7
2026	28.0
2027	23.7
2028	22.6
2029	21.5
Thereafter	47.3
Total undiscounted lease liabilities	177.8
Present value discounting of operating lease liabilities	$ 25.3

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 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, shares (in shares)	28.9	25.3

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Liabilities
Contingent payment obligations	$ 5.7
Fair Value Measured on a Recurring Basis
Financial Assets
Investments in equity securities	32.3	$ 37.9
Investments in debt securities	24.3	423.1
Financial Liabilities
Contingent payment obligations	5.7	14.7
Affiliate equity purchase obligations	54.8	53.9
Fair Value Measured on a Recurring Basis \| Level 1
Financial Assets
Investments in equity securities	32.3	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
Fair Value Measured on a Recurring Basis \| Level 2
Financial Assets
Investments in equity securities	0.0	0.0
Investments in debt securities	24.3	423.1
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Fair Value Measured on a Recurring Basis \| 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	5.7	14.7
Affiliate equity purchase obligations	$ 54.8	$ 53.9

Investments - Investments without Readily Determinable Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Cost	$ 8,500,000	$ 8,500,000
Cumulative unrealized gains	41,900,000	41,900,000
Carrying amount	50,400,000	$ 50,400,000	$ 50,400,000
Upward adjustments	0
Downward adjustments	$ 0

Payables and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 322.3	$ 309.3
Other	316.8	319.2
Payables and accrued liabilities	$ 639.1	$ 628.5

Stockholders' Equity - Additional Information (Details) - USD ($) shares in Millions	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2024	Jul. 31, 2024	Dec. 31, 2023	Oct. 31, 2023	Oct. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		153.0		153.0
Equity Distribution Program
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 500,000,000
Stock program, maximum amount authorized		$ 0
October 2022 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)						3.0
October 2023 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)					3.3
July 2024 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)			5.4
Stock repurchase plan, number of remaining shares to be repurchased (in shares)		5.3
Voting Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		150.0
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		3.0
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		5.0

Income Taxes - Schedule of Components of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 59.6	$ 105.2	$ 222.9
State	16.6	10.8	30.6
Foreign	45.8	37.9	72.8
Total current	122.0	153.9	326.3
Deferred
Federal	52.5	27.3	30.4
State	11.9	7.0	9.0
Foreign	(3.8)	(2.9)	(7.4)
Total deferred	60.6	31.4	32.0
Income tax expense	$ 182.6	$ 185.3	$ 358.3

Lease Commitments - Total Lease Costs (Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 34.6	$ 36.4	$ 38.5
Short-term lease costs	1.2	1.1	1.0
Variable lease costs	0.0	0.0	0.0
Sublease income	(6.6)	(6.5)	(7.7)
Total lease costs, net	$ 29.2	$ 31.0	$ 31.8

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Non-controlling Interests
Balance, beginning of period	$ 393.4	$ 465.4
Veritable Transaction	0.0	(16.8)
(Decrease) increase attributable to consolidated Affiliate sponsored investment products	1.1	(8.3)
Transfers to Other liabilities	(69.6)	(93.5)
Transfer (to) from Redeemable non-controlling interests	1.7	(8.9)	$ 1.8
Changes in redemption value	23.9	55.5
Balance, end of period	350.5	393.4	$ 465.4
Variable Interest Entity, Primary Beneficiary
Redeemable Non-controlling Interests
Balance, beginning of period	11.8
Balance, end of period	$ 12.9	$ 11.8
Minimum
Noncontrolling Interest [Line Items]
Term of conditional right put interest	5 years
Maximum
Noncontrolling Interest [Line Items]
Term of conditional right put interest	15 years

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (controlling interest)	$ 511.6	$ 672.9	$ 1,145.9

- Definition

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

+ References

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+ Details