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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Feb. 16, 2012	Jun. 30, 2011
Document and Entity Information
Entity Registrant Name	AFFILIATED MANAGERS GROUP INC
Entity Central Index Key	0001004434
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 5,227,844,602
Entity Common Stock, Shares Outstanding		51,763,612
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenue	$ 1,704.8	$ 1,358.2	$ 841.8
Operating expenses:
Compensation and related expenses	718.8	594.5	402.6
Selling, general and administrative	350.8	284.6	126.8
Amortization of intangible assets	97.7	60.0	32.9
Depreciation and other amortization	15.0	14.1	12.7
Other operating expenses	36.4	31.0	26.9
Total operating expenses	1,218.7	984.2	601.9
Operating income	486.1	374.0	239.9
Non-operating (income) and expenses:
Investment and other (income) loss	5.0	(22.9)	(24.9)
Income from equity method investments	(72.7)	(77.5)	(31.6)
Investment (income) loss from Affiliate investments in partnerships		4.5	(27.4)
Interest expense	73.8	66.2	64.6
Imputed interest expense and contingent payment arrangements	27.3	24.9	13.5
Total non-operating (income) and expenses	33.4	(4.8)	(5.8)
Income before income taxes	452.7	378.8	245.7
Income taxes	93.1	91.5	32.8
Net income	359.6	287.3	212.9
Net income (non-controlling interests)	(194.7)	(153.1)	(126.7)
Net (income) loss (non-controlling interests in partnerships)		4.4	(26.7)
Net income (controlling interest)	$ 164.9	$ 138.6	$ 59.5
Earnings per share - basic (in dollars per share)	$ 3.18	$ 2.92	$ 1.44
Earnings per share - diluted (in dollars per share)	$ 3.11	$ 2.81	$ 1.38
Average shares outstanding - basic (in shares)	51.8	47.4	41.4
Average shares outstanding - diluted (in shares)	53.0	49.4	43.3

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Net income	$ 359.6	$ 287.3	$ 212.9
Other comprehensive income (loss):
Foreign currency translation adjustment	(10.2)	24.8	46.8
Change in net realized and unrealized gain (loss) on derivative securities, net of tax	(5.9)	3.7
Change in net unrealized gain (loss) on investment securities, net of tax	(34.4)	26.0	3.2
Other comprehensive income (loss)	(50.5)	54.5	50.0
Comprehensive income	309.1	341.8	262.9
Comprehensive income (non-controlling interests)	(194.7)	(148.7)	(153.4)
Comprehensive income (controlling interest)	$ 114.4	$ 193.1	$ 109.5

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

Gross appreciation or the gross loss in value of the total unsold securities. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

+ Details

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

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+ Details

- Definition

Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.

+ References

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+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 449.5	$ 313.3
Investment advisory fees receivable	214.9	236.4
Investments in marketable securities	100.4	116.0
Unsettled fund share receivables	34.5	42.0
Prepaid expenses and other current assets	77.1	63.2
Total current assets	876.4	770.9
Fixed assets, net	69.1	67.7
Equity investments in Affiliates	615.8	678.9
Acquired client relationships, net	1,321.1	1,420.6
Goodwill	2,117.3	2,121.9
Other assets	219.2	219.8
Total assets	5,218.9	5,279.8
Current liabilities:
Accounts payable and accrued liabilities	343.6	252.8
Unsettled fund share payables	40.8	39.8
Payables to related parties	33.2	114.8
Total current liabilities	417.6	407.4
Senior bank debt	250.0	460.0
Senior convertible securities	435.6	422.1
Junior convertible trust preferred securities	512.6	509.9
Deferred income taxes	506.0	495.4
Other long-term liabilities	145.7	203.4
Total liabilities	2,267.5	2,498.2
Redeemable non-controlling interests	451.8	406.3
Equity:
Common stock ($.01 par value, 153.0 shares authorized; 53.9 shares outstanding in 2010 and 2011)	0.5	0.5
Additional paid-in capital	927.5	980.5
Accumulated other comprehensive income	50.0	100.5
Retained earnings	1,176.7	1,011.8
Total stockholders' equity before treasury stock	2,154.7	2,093.3
Less: treasury stock, at cost (2.3 shares in 2010 and 2.5 shares in 2011)	(288.7)	(293.3)
Total stockholders' equity	1,866.0	1,800.0
Non-controlling interests	633.6	575.3
Total equity	2,499.6	2,375.3
Total liabilities and equity	$ 5,218.9	$ 5,279.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2011	Dec. 31, 2010
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	153.0	153.0
Common stock, shares outstanding	53.9	53.9
Treasury stock, shares	2.5	2.3

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Non-controlling interests	Non-controlling interests in partnerships
Balance at Dec. 31, 2008	$ 1,171.1	$ 0.5	$ 817.7	$ (4.0)	$ 813.7	$ (703.0)	$ 180.7	$ 65.5
Increase (Decrease) in Stockholders' Equity
Stock issued under option and other incentive plans	36.1		(75.3)			111.4
Tax benefit of option exercises	11.8		11.8
Issuance costs	(0.7)		(0.7)
Changes in Affiliate equity value	(122.9)		(132.8)				9.9
Settlement of forward equity sale agreements	144.3		(25.3)			169.6
Share-based payment arrangements	16.7		16.7
Distributions to non-controlling interests	(119.6)						(119.6)
Investments in Affiliates	84.1						84.1
Other changes in non-controlling interests in partnerships	(2.1)							(2.1)
Net income	212.9				59.5		126.7	26.7
Other comprehensive income	50.0			50.0
Balance at Dec. 31, 2009	1,481.7	0.5	612.1	46.0	873.2	(422.0)	281.8	90.1
Increase (Decrease) in Stockholders' Equity
Stock issued under option and other incentive plans	45.4		(83.3)			128.7
Tax benefit of option exercises	14.6		14.6
Issuance costs	(0.9)		(0.9)
Changes in Affiliate equity value	(74.0)		(76.9)				2.9
Settlement of forward equity sale agreements	294.7		294.7
Share-based payment arrangements	26.0		26.0
Conversion of zero coupon convertible notes	47.4		47.4
Distributions to non-controlling interests	(101.0)						(101.0)
Investments in Affiliates	385.3		146.8				238.5
Other changes in non-controlling interests in partnerships	(85.7)							(85.7)
Net income	287.3				138.6		153.1	(4.4)
Other comprehensive income	54.5			54.5
Balance at Dec. 31, 2010	2,375.3	0.5	980.5	100.5	1,011.8	(293.3)	575.3	0.0
Increase (Decrease) in Stockholders' Equity
Stock issued under option and other incentive plans	28.0		(37.6)			65.6
Tax benefit of option exercises	8.2		8.2
Issuance costs	(0.3)		(0.3)
Changes in Affiliate equity value	(25.6)		(63.0)				37.4
Share-based payment arrangements	39.7		39.7
Distributions to non-controlling interests	(173.8)						(173.8)
Investments in Affiliates	0.0
Repurchase of common shares	(61.0)					(61.0)
Net income	359.6				164.9		194.7
Other comprehensive income	(50.5)			(50.5)
Balance at Dec. 31, 2011	$ 2,499.6	$ 0.5	$ 927.5	$ 50.0	$ 1,176.7	$ (288.7)	$ 633.6	$ 0.0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flow from operating activities:
Net income	$ 359.6	$ 287.3	$ 212.9
Adjustments to reconcile Net income to net cash flow from operating activities:
Amortization of intangible assets	97.7	60.0	32.9
Amortization of issuance costs	8.1	7.6	7.3
Depreciation and other amortization	15.0	14.1	12.7
Deferred income tax provision	35.2	35.4	28.7
Imputed interest expense and contingent payment arrangements	27.3	24.9	13.5
Income from equity method investments, net of amortization	(72.7)	(77.5)	(31.6)
Distributions received from equity method investments	128.3	65.8	55.5
Tax benefit from exercise of stock options	1.1	4.5	4.3
Share-based compensation	30.3	19.5	8.6
Affiliate equity expense	22.1	14.5	13.2
Other adjustments	21.3	8.5	(42.6)
Changes in assets and liabilities:
(Increase) decrease in investment advisory fees receivable	22.5	(49.2)	(6.5)
(Increase) decrease in prepaids and other current assets	(1.5)	(3.4)	(8.1)
(Increase) decrease in other assets	(2.8)	(1.3)	3.3
Decrease in unsettled fund shares receivable	5.9	14.1
Increase (decrease) in unsettled fund shares payable	2.0	(10.5)
Increase (decrease) in accounts payable, accrued liabilities and other long-term liabilities	9.1	66.4	(60.9)
Cash flow from operating activities	708.5	480.7	243.2
Cash flow used in investing activities:
Investments in Affiliates	(13.3)	(916.1)	(139.3)
Purchase of fixed assets	(16.1)	(8.8)	(2.6)
Purchase of investment securities	(49.2)	(64.0)	(47.7)
Sale of investment securities	10.9	15.1	8.1
Cash flow used in investing activities	(67.7)	(973.8)	(181.5)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	360.0	1,191.5	142.0
Repayments of senior bank debt	(570.0)	(731.5)	(375.5)
Issuance of common stock	28.0	46.4	37.1
Repurchase of common stock	(61.0)
Issuance costs	(13.6)	(0.9)	(1.3)
Excess tax benefit from exercise of stock options	7.1	10.1	7.5
Settlement of treasury lock	(0.8)
Settlement of forward equity sale agreement		294.7	144.3
Note payments	(72.5)	(28.8)	3.2
Distributions to non-controlling interests	(167.6)	(100.7)	(120.0)
Affiliate equity issuances and repurchases	(13.4)	(135.8)	(39.5)
Cash flow from (used in) financing activities	(503.8)	545.0	(202.2)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.8)	1.9	3.6
Net increase (decrease) in cash and cash equivalents	136.2	53.8	(136.9)
Cash and cash equivalents at beginning of period	313.3	259.5	396.4
Cash and cash equivalents at end of period	449.5	313.3	259.5
Supplemental disclosure of cash flow information:
Interest paid	75.9	61.6	58.0
Income taxes paid	46.6	49.2	17.8
Supplemental disclosure of non-cash financing activities:
Payables recorded for Affiliate equity repurchases	$ 32.1	46.1	78.4
Payables recorded under contingent payment arrangements		77.6	$ 60.0
Stock issued for conversion of zero coupon senior convertible note		47.5
Stock issued for investments in Affiliates		146.9
Stock issued for settlement of forward equity sale agreement		$ 44.5

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Business and Summary of Significant Accounting Policies

Business and Summary of Significant Accounting Policies

1. Business and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

Affiliated Managers Group, Inc. ("AMG" or the "Company") is a global asset management company with equity investments in a diverse group of boutique investment management firms ("Affiliates"). AMG's Affiliates provide investment management services globally to mutual funds, institutional clients and high net worth individuals. Fees for services are largely asset-based and, as a result, the Company's revenue may fluctuate based on the performance of financial markets.

Affiliates are either organized as limited partnerships, limited liability partnerships, limited liability companies, or corporations. AMG generally has contractual arrangements with its Affiliates whereby a percentage of revenue is customarily allocable to fund Affiliate operating expenses, including compensation (the "Operating Allocation"), while the remaining portion of revenue (the "Owners' Allocation") is allocable to AMG and the other partners or members, generally with a priority to AMG. In certain other cases, the Affiliate is not subject to a revenue sharing arrangement, but instead operates on a profit-based model. In these cases, AMG participates fully in any increase or decrease in the revenue or expenses of such firms. In situations where AMG holds a minority equity interest, AMG generally has a revenue sharing arrangement that allocates to AMG a percentage of the Affiliate's revenue. The remaining revenue is used to pay operating expenses and profit distributions to the other owners.

The financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). All dollar amounts, except per share data in the text and tables herein, are stated in millions unless otherwise indicated. Certain reclassifications have been made to prior years' financial statements to conform to the current year's presentation.

(b) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

(c) Principles of Consolidation

The Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine the appropriate method of accounting. Majority-owned or otherwise controlled investments are consolidated. In many of its Affiliate investments, AMG is, directly or indirectly, the sole general partner (in the case of Affiliates which are limited partnerships), managing partner (in the case of Affiliates which are limited liability partnerships), sole manager member (in the case of Affiliates which are limited liability companies) or principal shareholder (in the case of Affiliates which are corporations). As a result, the Company generally consolidates its Affiliate investments. Investments that are determined to be variable interest entities ("VIEs") are consolidated if AMG or a consolidated Affiliate is the primary beneficiary of the investment.

For consolidated Affiliates, the portion of the income allocated to owners other than AMG is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Non-controlling interests on the Consolidated Balance Sheets includes capital and undistributed income owned by the managers of the consolidated Affiliates. All material intercompany balances and transactions have been eliminated.

AMG applies the equity method of accounting to investments where AMG or an Affiliate does not hold a majority equity interest but has the ability to exercise significant influence (generally at least a 20% interest or a general partner interest) over operating and financial matters. AMG or an Affiliate also applies the equity method when their unaffiliated minority shareholders or partners have certain rights to remove AMG or an Affiliate or have rights to participate in substantive operating decisions (e.g. approval of annual operating budgets, major financings, selection of senior management, etc.). For equity method investments, AMG's or the Affiliate's portion of income before taxes is included in Income from equity method investments. Other investments in which AMG or an Affiliate own less than a 20% interest and does not exercise significant influence are accounted for under the cost method. Under the cost method, income is recognized as dividends when, and if, declared.

The effect of any changes in the Company's equity interests in its consolidated Affiliates resulting from the issuance or repurchase of an Affiliate's equity by the Company or one of its Affiliates is included as a component of stockholders' equity, net of the related income tax effect in the period of the change.

(d) Cash and Cash Equivalents

The Company considers all 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.

(e) Investments in Marketable Securities

Investments in marketable securities are classified as either trading or available-for-sale and carried at fair value. Unrealized gains or losses on investments classified as available-for-sale are reported, net of tax, as a separate component of Accumulated other comprehensive income in Equity until realized. Unrealized gains or losses related to trading securities are reported within Other operating expenses in the period they occur. If a decline in the fair value of an available-for-sale investment is determined to be other than temporary, the carrying amount of the asset is reduced to its fair value, and the difference is charged to income in the period incurred.

(f) Other Investments

Assets of consolidated partnerships are reported within Prepaid expenses and other current assets. A majority of these assets are held by investors that are unrelated to the Company, and are therefore reported within Redeemable non-controlling interests. Income from these partnerships is presented as Investment (income) loss from Affiliate investments in partnerships (prior to 2011) and is presented in Investment and other (income) loss in 2011. The portion of this income or loss that is attributable to investors that are unrelated to the Company is reported as Net (income) loss (non-controlling interests in partnerships).

Investments in partnerships that are not consolidated are reported within Other assets, with income from these partnerships presented as Investment and other (income) loss. Investments accounted for under the cost method are reported within Other assets, with dividend income presented, when and if declared, as Investment and other (income) loss.

(g) 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 three to ten years. Computer software developed or obtained for internal use is amortized using the straight-line method over the estimated useful life of the software, generally three years or less. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease, and the building is amortized over 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 is not depreciated.

(h) Leases

The Company and its Affiliates currently lease office space and equipment under various leasing arrangements. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements classified as operating leases contain renewal options, rent escalation clauses or other inducements provided by the landlord. Rent expense is accrued to recognize lease escalation provisions and inducements provided by the landlord, if any, on a straight-line basis over the lease term.

(i) Equity Investments in Affiliates

For equity method investments, the Company's portion of income or loss before taxes is included in Income from equity method investments. The Company's share of income taxes incurred directly by Affiliates accounted for under the equity method are recorded within Income taxes—current because these taxes generally represent the Company's share of the taxes incurred by the Affiliate. Deferred income taxes incurred as a direct result of the Company's investment in Affiliates accounted for under the equity method have been included in Income taxes—intangible-related deferred (see Note 13). The associated deferred tax liabilities have been classified as a component of Deferred income taxes in the Consolidated Balance Sheet.

The Company periodically evaluates its equity method investments for impairment. In such impairment evaluations, the Company assesses if the fair value of the investment has declined below its carrying value for a period considered to be other than temporary. If the Company determines that a decline in fair value below the carrying value of the investment is other than temporary, then the reduction in carrying value would be recognized in Income from equity method investments in the Consolidated Statements of Income.

(j) Acquired Client Relationships and Goodwill

Each acquired Affiliate 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 each acquired Affiliate's 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 among 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 mutual fund acquired client relationships meet the criteria to be considered indefinite-lived assets because the Company expects both the renewal of these contracts and the cash flows generated by these assets to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead reviews these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived assets may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred which indicate that the indefinite life criteria are no longer met. If the indefinite life criteria are no longer met, the Company would assesses whether the carrying value of the assets exceeds its fair value, and an impairment loss would be recorded in an amount equal to any such excess.

The expected useful lives of definite-lived acquired client relationships are analyzed each period and determined based on an analysis of 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 the relationships. The Company tests for the possible impairment of definite-lived intangible assets annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset is not recoverable. If such indicators exist, the Company compares the undiscounted cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the undiscounted cash flow amount, an impairment charge is recorded in the Consolidated Statements of Income for amounts necessary 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 individually identified and separately recognized, and is reported within the segments in which the business operates. Goodwill is not amortized, but is instead reviewed for impairment. The Company assesses goodwill for impairment at least annually during the third quarter, or more frequently whenever events or circumstances occur indicating that the recorded goodwill may be impaired. If the carrying amount of goodwill exceeds the fair value, an impairment loss may be recorded.

(k) Revenue Recognition

The Company's consolidated revenue primarily represents advisory fees billed monthly, quarterly and annually by Affiliates for managing the assets of clients. Asset-based advisory fees are recognized monthly as services are rendered and are based upon a percentage of the value of client assets managed. Any fees collected in advance are deferred and recognized as income over the period earned. Performance based advisory fees are generally assessed as a percentage of the investment performance realized on a client's account, generally over an annual period. Performance-based advisory fees are recognized when they are earned (i.e. when they become billable to customers) based on the contractual terms of agreements and when collection is reasonably assured. Also included in revenue are commissions earned by broker dealers, recorded on a trade date basis, and other service fees recorded as earned.

(l) Issuance Costs

Issuance costs incurred in securing credit facility financing are amortized over the remaining term of the credit facility. Costs incurred to issue the 2008 senior convertible notes and the junior convertible trust preferred securities are amortized over the earlier of the period to the first investor put date or the stated term of the security. Costs associated with financial instruments that are not required to be accounted for separately as derivative instruments are charged directly to stockholders' equity.

(m) Derivative Financial Instruments

The Company is exposed to interest rate risk inherent in its variable rate debt obligations. The Company's risk management strategy may utilize financial instruments, specifically interest rate derivative contracts to hedge certain interest rate exposures. For example, the Company may agree with a counter party (typically a major commercial bank) to exchange the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional principal amount. In entering into these contracts, the Company intends to offset cash flow gains and losses that occur on its existing debt obligations with cash flow gains and losses on the contracts hedging these obligations.

From time to time, derivatives are used to hedge the anticipated issuance of fixed-rate debt. These exposures are hedged with treasury rate locks (e.g., a 10-year treasury lock hedging the anticipated underlying U.S. Treasury interest rate related to issuance of 10-year debt). The contracts are designated as cash flow hedges.

The Company records all derivatives on the balance sheet at fair value. If the Company's derivatives qualify as cash flow hedges, the effective portion of the unrealized gain or loss is recorded in Accumulated other comprehensive income as a separate component of stockholders' equity and reclassified into earnings when the hedged cash flows are recorded in earnings. Hedge effectiveness is generally measured by comparing the present value of the cumulative change in the expected future variable cash flows of the hedged contract with the present value of the cumulative change in the expected future variable cash flows of the hedged item. To the extent that the critical terms of the hedged item and the derivative are not identical, hedge ineffectiveness would be reported in earnings as Interest expense.

(n) Contingent Payment Arrangements

The Company periodically enters into contingent payment arrangements in connection with its business combinations. In these arrangements, the Company agrees to pay additional consideration to the sellers to the extent that certain levels of revenue growth are achieved. The Company estimates the fair value of the obligation at the time the business combination is consummated, and accretes the obligation to its expected payment amount over time. If the Company's expected payment amount changes, the obligation is increased or reduced in the current period. Both the changes to expected payments and the accretion of these obligations to their expected payment amounts are reflected within Imputed interest expense and contingent payment arrangements in the Company's Consolidated Statements of Income.

(o) Income Taxes

The Company accounts for income taxes using the liability method. Under this method, deferred taxes are recognized for the expected future tax consequences of temporary differences between the book carrying amounts and tax bases of the Company's assets and liabilities. Historically, deferred tax liabilities have been attributable to intangible assets and convertible securities. Deferred tax assets have been attributable to state and foreign loss carryforwards, deferred revenue, and accrued liabilities.

In measuring the amount of deferred taxes each period, the Company must project the impact on its future tax payments of any reversal of deferred tax liabilities (which would increase the Company's tax payments), and any use of its state and foreign carryforwards (which would decrease its tax payments). In forming these estimates, the Company makes assumptions about future federal, state and foreign income tax rates and the apportionment of future taxable income to jurisdictions in which the Company has operations. An increase or decrease in federal or state income tax rates could have a material impact on the Company's deferred income tax liabilities and assets and would result in a current income tax charge or benefit.

The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and other charges relating to unrecognized tax benefits as additional tax expense.

In the case of the Company's deferred tax assets, the Company regularly assesses the need for valuation allowances, which would reduce these assets to their recoverable amounts. In forming these estimates, the Company makes assumptions of future taxable income that may be generated to utilize these assets, which have limited lives. If the Company determines that these assets will be realized, the Company records an adjustment to the valuation allowance, which would decrease tax expense in the period such determination was made. Likewise, should the Company determine that it would be unable to realize additional amounts of deferred tax assets, an adjustment to the valuation allowance would be charged to tax expense in the period such determination was made.

(p) Foreign Currency Translation

The assets and liabilities of Affiliates whose functional currency is not the United States dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. The revenue and expenses of these Affiliates are translated into U.S. dollars using average exchange rates for the relevant period. Because of the permanent nature of the Company's investments, net translation exchange gains and losses are excluded from Net income but are recorded in other comprehensive income. Foreign currency transaction gains and losses are reflected in Investment and other income.

(q) Share-Based Compensation Plans

The Company recognizes as an expense the cost of all share-based payments to directors, senior management and employees, including grants of stock options, to be recognized in the financial statements based on their fair values over the requisite service period.

The Company reports any tax benefits realized upon the exercise of stock options that are in excess of the expense recognized for reporting purposes as a financing activity in the Company's Consolidated Statements of Cash Flows. If the tax benefit realized is less than the expense, the tax shortfall is recognized in stockholders' equity. To the extent the expense exceeds available windfall tax benefits, it is recognized in the Consolidated Statements of Income. The Company was permitted to calculate its cumulative windfall tax benefits for the purposes of accounting for future tax shortfalls. The Company elected to apply the long-form method for determining the pool of windfall tax benefits.

(r) Recent Accounting Developments

In September 2011, the Financial Accounting Standards Board issued new guidance on testing goodwill for impairment. The new guidance provides the option of performing a qualitative assessment before proceeding with a quantitative goodwill impairment test. Following an assessment of qualitative factors, if an entity determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, including goodwill, then a quantitative assessment is unnecessary. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The Company early-adopted this guidance for its annual goodwill impairment testing which was performed in the third quarter of 2011. Adoption of this new guidance did not have a material impact on the Company's Consolidated Financial Statements.

In June 2011, the Financial Accounting Standards Board issued new guidance on the presentation of comprehensive income. This new guidance requires the components of Net income and Other comprehensive income to be either presented in one continuous statement, or in two separate, but consecutive statements. The new guidance does not change the items that are recognized in Net income or Other comprehensive income. This new guidance is effective for interim and fiscal periods beginning after December 15, 2011. The Company early-adopted this guidance in the fourth quarter of 2011. Adoption of this new guidance did not have a material impact on the Company's Consolidated Financial Statements.

In May 2011, the Financial Accounting Standards Board issued an update to the fair value measurements and disclosures guidance. The new guidance clarifies existing fair value measurement principles and expands certain disclosure requirements, particularly for measurements categorized as Level 3. The amendment is effective for interim and fiscal periods beginning after December 15, 2011. Adoption of this new guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2011

Concentrations of Credit Risk

Concentrations of Credit Risk

2. Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. The Company maintains cash and cash equivalents, investments and, at times, certain financial instruments with various financial institutions. These financial institutions are typically located in cities in which AMG and its Affiliates operate. For AMG and certain Affiliates, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13531-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6442-108592

+ Details

Investments

12 Months Ended

Dec. 31, 2011

Investments

Investments

3. Investments

Investments in Marketable Securities

Investment in marketable securities at December 31, 2010 and 2011 were $116.0 million and $100.4 million, respectively. These investments are comprised of the Company's investments in Value Partners Group Limited ("Value Partners"), a publicly-traded asset management firm based in Hong Kong, and investments held by Affiliates.

Available-for-Sale Investments

The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale at December 31, 2010 and 2011:

- December 31, 2010

			Gross Unrealized

	Cost		Gains		Losses		Fair Value
Equity securities	$	55.0	$	45.6	$	—	$	100.6

- December 31, 2011

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	97.6	$	1.4	$	(12.7	)	$	86.3

As of December 31, 2011, the Company has invested $79.6 million in Value Partners, representing 7.8% of the outstanding common stock. In the fourth quarter of 2011, the investment in Value Partners declined, resulting in an unrealized loss at December 31, 2011. The Company intends to hold this investment for a reasonable period of time sufficient for a forecasted recovery of fair value.

The Company did not realize any gains or losses on investments classified as available-for-sale for the years ended December 31, 2010 and 2011.

Trading Securities

The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as trading securities at December 31, 2010 and 2011:

- December 31, 2010

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	14.1	$	1.5	$	(0.4	)	$	15.2
Debt securities		0.2		—		—			0.2

Total	$	14.3	$	1.5	$	(0.4	)	$	15.4

- December 31, 2011

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	13.5	$	0.9	$	(0.3	)	$	14.1
Debt securities		—		—		—			—

Total	$	13.5	$	0.9	$	(0.3	)	$	14.1

The following is a summary of the Company's realized gains and losses on investments classified as trading securities at December 31, 2010 and 2011:

	December 31,

	2010		2011
Gains	$	0.5	$	0.9
Losses		—		(0.7	)

Net realized gains (losses)	$	0.5	$	0.2

Cost Method Investments

As of December 31, 2010 and 2011, the Company has invested $27.4 million and $14.6 million, respectively. During the twelve months ended December 31, 2011, the Company determined that the value of a cost method investment had been reduced to zero and recorded a $12.8 million expense in Investment and other (income) loss (allocated to the Company's High Net Worth distribution channel—see Note 26).

Other Investments

Other investments consist of investments in funds advised by Affiliates. As of December 31, 2010 and 2011, the Company's other investments were $124.5 million and $145.3 million, respectively. These assets are reported within Prepaid expenses and other current assets ($18.3 million and $31.2 million at December 31, 2010 and 2011, respectively) and Other assets ($106.2 million and $114.1 million at December 31, 2010 and 2011, respectively) in the Consolidated Balance Sheets. The income or loss related to these investments is classified within Investment and other income in the Consolidated Statements of Income.

Unsettled Fund Share Receivables and Payables

12 Months Ended

Dec. 31, 2011

Unsettled Fund Share Receivables and Payables

Unsettled Fund Share Receivables and Payables

4. Unsettled Fund Share Receivables and Payables

Unsettled fund share receivables and payables are created by the normal settlement periods on transactions initiated by certain clients of Affiliate funds domiciled in the United Kingdom. The gross presentation of the receivable and offsetting payable reflects the legal relationship between the underlying investor and the Company.

Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements

Fair Value Measurements

5. Fair Value Measurements

The Company determines the fair value of certain investment securities and other financial and nonfinancial 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 the most advantageous market, 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 reflecting the Company's own assumptions concerning unobservable inputs to the valuation model. These inputs require significant management judgment and reflect the Company's estimation of assumptions that market participants would use in pricing the asset or liability.

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

			Fair Value Measurements

	December 31, 2010		Fair Value Measurements
	December 31, 2010		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	36.0	$	36.0	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities		15.4		15.2		0.2		—
Available for sale securities		100.6		99.2		1.4		—
Other investments⁽²⁾		124.5		16.9		21.9		85.7
Interest rate derivatives		5.9		—		5.9		—
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	77.6	$	—	$	—	$	77.6
Obligations to related parties⁽⁴⁾		79.6		—		—		79.6

			Fair Value Measurements

	December 31, 2011		Fair Value Measurements
	December 31, 2011		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	23.2	$	23.2	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities		14.1		14.1		—		—
Available for sale securities		86.3		86.3		—		—
Other investments⁽²⁾		145.3		31.1		10.8		103.4
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	87.1	$	—	$	—	$	87.1
Obligations to related parties⁽⁴⁾		92.0		—		—		92.0
Interest rate derivatives		2.9		—		2.9		—

(1): Principally investments in equity securities.
(2): Other investments are reported within Prepaid expenses and other current assets and Other assets.
(3): Contingent payment arrangements reported in Accounts payable and accrued liabilities and Other long-term liabilities.
(4): Obligations to related parties are presented within Payables to related party and Other long-term liabilities.

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

Cash equivalents consist primarily of highly liquid investments in money market funds. Cash investments in actively traded money market funds are classified as Level 1.

Investments in marketable securities consist primarily of investments in funds advised by Affiliates which are valued using NAV and in publicly traded securities. Investments in actively traded funds that calculate daily NAVs and actively traded public securities are classified as Level 1. Investments in other funds that hold investments with observable market prices are classified as Level 2.

Other investments are valued using net asset value ("NAV"). Investments in actively traded funds that calculate daily NAVs are classified as Level 1. Investments in non-public funds that hold investments with observable market prices are classified as Level 2. Investments in funds that hold illiquid securities or that are subject to redemption restrictions are classified as Level 3. The fair value of Level 3 assets is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).

Interest rate derivatives include treasury rate lock contracts and interest rate swaps. The fair value of these assets is determined by model-derived valuations in which all significant inputs were observable in active markets.

Contingent payment arrangements represents the present value of the expected future settlement of contingent payment arrangements related to the Company's business combinations. The fair value of these obligations is determined using an income approach with assumptions made about future cash flows and discount rates.

Obligations to related parties include agreements to repurchase Affiliate equity and liabilities offsetting certain investments which are held by the Company but economically attributable to a related party. The fair value of the agreements to repurchase Affiliate equity is determined using an income approach with assumptions made about future cash flows and discount rates. The liability to a related party is measured based upon certain investments held by the Company, the fair value of which is determined using NAV.

The following table presents the changes in Level 3 assets and liabilities for the years ended December 31, 2010 and 2011:

	Level 3 Financial Assets and Financial Liabilities at Fair Value

Year Ended December 31, 2010	Balance, beginning of period		Net realized gains/losses			Net unrealized gains/losses relating to instruments still held at the reporting date			Purchases and issuances			Settlements and reductions			Net transfers in and/or out of Level 3			Balance, end of period
Other investments	$	4.0	$	—		$	5.2	⁽¹⁾	$	84.5		$	(4.3	)	$	(3.7	)	$	85.7
Contingent payment arrangements		27.1		—			11.0	⁽²⁾		66.6	⁽³⁾		(27.1	)		—			77.6
Obligations to related parties		78.7		(1.0	)⁽⁴⁾		4.8	⁽⁴⁾		87.2			(90.1	)		—			79.6

	Level 3 Financial Assets and Financial Liabilities at Fair Value

Year Ended December 31, 2011	Balance, beginning of period		Net realized gains/losses			Net unrealized gains/losses relating to instruments still held at the reporting date			Purchases and issuances		Settlements and reductions			Net transfers in and/or out of Level 3		Balance, end of period
Other investments	$	85.7	$	(0.2	)	$	9.6	⁽¹⁾	$	17.7	$	(9.4	)	$	—	$	103.4
Contingent payment arrangements		77.6		—			9.5	⁽²⁾		—		—			—		87.1
Obligations to related parties		79.6		0.4			1.7	⁽⁴⁾		52.8		(42.5	)		—		92.0

(1): In the periods prior to 2011, losses on other investments are recorded in Investment loss from Affiliate investments in partnerships. In 2011, gains and losses on Other investments are recorded in Investment and other (income) loss.
(2): Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income (loss).
(3): In 2011, the Company changed its contingent payment arrangements for the year ended December 31, 2010 by $6.4 million (see Note 18).
(4): Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other (income) loss.

There were no significant transfers of financial assets or liabilities between Level 2 and Level 1 in the twelve-month periods ended December 31, 2010 and 2011.

The Company relies on the NAV of certain investments as their fair value. The NAVs that have been provided by the investees have been derived from the fair values of the underlying investments as of the measurement dates. The following table summarizes, as of December 31, 2010 and 2011, the nature of these investments and any related liquidation restrictions or other factors which may impact the ultimate value realized:

	December 31, 2010				December 31, 2011

Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity fund-of-funds⁽¹⁾	$	85.7	$	89.2	$	103.4	$	80.5
Other funds⁽²⁾		55.2		—		47.2		—

	$	140.9	$	89.2	$	150.6	$	80.5

(1): These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, generally 15 years.
(2): These are multi-disciplinary funds that invest across various asset classes and strategies including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

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

The carrying value of senior bank debt approximates fair value because the debt is a credit facility with variable interest based on selected short-term rates. The fair market value of the 2008 senior convertible notes and the junior convertible trust preferred securities at December 31, 2011 (based on market prices) was $500.0 million and $594.3 million, respectively.

- 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/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2011

Variable Interest Entities

Variable Interest Entities

6. Variable Interest Entities

Sponsored Investment Funds

The Company's Affiliates act as the investment manager for certain investment funds that are considered variable interest entities ("VIEs"). In addition to an Affiliate's involvement as the investment manager, Affiliates may also hold investments in these products. Affiliates are not the primary beneficiary of these VIEs as their involvement is limited to that of a service provider and their investment, if any, represents an insignificant interest in the fund's assets under management. As a result, the Company's variable interests will not absorb the majority of the variability of the entity's net assets and therefore the Company has not consolidated these entities.

Trust Preferred Vehicles

The Company established wholly-owned trusts in connection with the 2006 and 2007 issuances of junior convertible trust preferred securities. These entities are considered VIEs and the Company is not the primary beneficiary, therefore these entities are not consolidated in the Company's financial statements.

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

	As of December 31,

	2010				2011
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Sponsored investment funds	$	3,350.7	$	0.8	$	3,618.4	$	1.1
Trust preferred vehicles		9.0		9.0		9.0		9.0

Fixed Assets and Lease Commitments

12 Months Ended

Dec. 31, 2011

Fixed Assets and Lease Commitments

Fixed Assets and Lease Commitments

7. Fixed Assets and Lease Commitments

Fixed assets consisted of the following:

	December 31,

	2010			2011
Building and leasehold improvements	$	56.2		$	59.1
Office equipment		33.0			34.1
Furniture and fixtures		14.7			20.6
Land and improvements		17.0			17.9
Computer software		19.3			20.5

Fixed assets, at cost		140.2			152.2
Accumulated depreciation and amortization		(72.5	)		(83.1	)

Fixed assets, net	$	67.7		$	69.1

The Company and its Affiliates lease office space and computer equipment for their operations. At December 31, 2011, the Company's aggregate future minimum payments for operating leases having initial or noncancelable lease terms greater than one year are payable as follows:

	Required Minimum Payments

2012	$	25.7
2013		25.0
2014		21.4
2015		18.8
2016		12.8
Thereafter		42.5

Consolidated rent expense for 2009, 2010 and 2011 was $19.6 million, $23.3 million and $29.9 million, respectively.

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2011

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

8. Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:

	December 31,

	2010		2011
Accrued compensation	$	117.0	$	136.2
Accrued professional fees		17.7		24.3
Accrued distributions		23.5		25.0
Accounts payable		39.8		90.1
Other		54.8		68.0

	$	252.8	$	343.6

Benefit Plans

12 Months Ended

Dec. 31, 2011

Benefit Plans

Benefit Plans

9. Benefit Plans

The Company has three defined contribution plans consisting of a qualified employee profit-sharing plan covering substantially all of its full-time employees and several of its Affiliates, and non-qualified plans for certain senior employees. AMG's other Affiliates generally have separate defined contribution retirement plans. Under each of the qualified plans, AMG and each participating Affiliate, as the case may be, are able to make discretionary contributions for the benefit of qualified plan participants up to Internal Revenue Service limits.

The Company has established a Deferred Compensation Plan that provides officers and directors of the Company the opportunity to voluntarily defer base salary, bonus payments and director fees, as applicable, on a pre-tax basis, and invest such deferred amounts in one or more specified measurement funds. While the Company has no obligation to do so, the Deferred Compensation Plan also provides the Company the opportunity to make discretionary contributions; in the event any such contributions are made, contributed amounts will be subject to vesting and forfeiture provisions.

Consolidated expenses related to the Company's benefit plans in 2009, 2010 and 2011 were $9.7 million, $12.1 million and $12.0 million, respectively.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
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-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Senior Bank Debt

12 Months Ended

Dec. 31, 2011

Senior Bank Debt

Senior Bank Debt

10. Senior Bank Debt

The Company entered into a $1.0 billion senior unsecured credit facility in November 2011 (the "amended credit facility"), consisting of a $750.0 million revolving credit facility (the "revolver") and a $250.0 million term loan (the "term loan"), the principal terms of which are similar to the Company's previous senior unsecured revolving credit facility. The term loan and $720.0 million of the revolver have a five-year maturity (maturing November 3, 2016); the remaining $30.0 million of the revolver matures January 12, 2015. Subject to certain conditions, the Company may increase the revolver and the term loan by up to $150.0 million and $250.0 million, respectively. The term loan borrowings were used to repay the outstanding balance under the previous revolving credit facility ($210.0 million) and for general corporate purposes.

The amended credit facility is unsecured and contains financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on indebtedness, liens, cash dividends, asset dispositions and fundamental corporate changes. As of December 31, 2011, the Company was in compliance with all terms of its credit facility.

As further described in Note 14, the Company has entered into interest rate swap contracts to exchange a fixed rate for the variable rate on a portion of its credit facility.

Convertible Securities

12 Months Ended

Dec. 31, 2011

Convertible Securities

Convertible Securities

11. Convertible Securities

At December 31, 2011, the Company has one senior convertible security outstanding ("2008 senior convertible notes") and two junior convertible trust preferred securities outstanding, one issued in 2006 (the "2006 junior convertible trust preferred securities") and a second issued in 2007 (the "2007 junior convertible trust preferred securities"). The carrying values of the Company's convertible securities are as follows:

	December 31, 2010				December 31, 2011

	Carrying Value		Principal amount at maturity		Carrying Value		Principal amount at maturity
Senior convertible securities:
2008 senior convertible notes⁽¹⁾	$	422.1	$	460.0	$	435.6	$	460.0

Junior convertible trust preferred securities:
2007 junior convertible trust preferred securities⁽¹⁾	$	296.3	$	430.8	$	297.8	$	430.8
2006 junior convertible trust preferred securities⁽¹⁾		213.6		300.0		214.8		300.0

Total junior convertible securities	$	509.9	$	730.8	$	512.6	$	730.8

(1): Carrying value is accreted to the principal amount at maturity over an expected life of five years for the 2008 senior convertible notes and 30 years for each of the junior convertible trust preferred securities.

The principal terms of these securities are summarized below.

	2008 Senior Convertible Notes⁽¹⁾			2007 Junior Convertible Trust Preferred Securities⁽²⁾			2006 Junior Convertible Trust Preferred Securities⁽³⁾

Issue date		August 2008			October 2007			April 2006
Maturity date		August 2038			October 2037			April 2036
Next potential put date		August 2013			N/A			N/A
Denomination	$	1,000		$	50		$	50
Current conversion rate		7.959			0.250			0.333
Price	$	125.65		$	200.00		$	150.00
Stated coupon		3.95	%		5.15	%		5.10	%
Coupon frequency		Semi-annually			Quarterly			Quarterly
Tax deduction rate⁽⁴⁾		9.38	%		8.00	%		7.50	%

(1): The Company may redeem the notes for cash (subject to the holders' rights to convert) at any time on or after August 15, 2013.
(2): The Company may redeem the 2007 junior convertible trust preferred securities on or after October 15, 2012 if the closing price of the Company's common stock exceeds $260 per share for a specified period of time.

(3): The Company may redeem the 2006 junior convertible trust preferred securities if the closing price of the Company's common stock exceeds $195 per share for a specified period of time.
(4): These convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported Interest expense. These deductions result in annual deferred tax liabilities of approximately $23.2 million. These deferred tax liabilities will be reclassified directly to stockholders' equity if the Company's common stock is trading above certain thresholds at the time of the conversion of the securities.

Forward Equity Sale Agreements

12 Months Ended

Dec. 31, 2011

Forward Equity Sale Agreements

Forward Equity Sale Agreements

12. Forward Equity Sale Agreements

During 2008 and 2009, the Company entered into three forward equity sale agreements with major securities firms to sell shares of its common stock (up to $200.0 million under each agreement). During 2009, the Company settled $147.2 million of forward equity sales by issuing 1.8 million shares of its common stock. During 2010, the Company settled $349.3 million of forward equity sales by issuing 5.5 million shares of its common stock.

In July 2011, the Company entered into a forward equity sale agreement with two major securities firms under which it may sell shares of common stock with an aggregate sales prices of up to $300.0 million. This agreement replaced all previous forward equity sale agreements. As of December 31, 2011, no forward equity sales have occurred.

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

Income Taxes

13. Income Taxes

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

	Year Ended December 31,

	2009			2010			2011
Controlling Interests:
Current tax	$	(0.7	)	$	42.1		$	45.0
Intangible related deferred taxes		38.6			47.5			43.2
Other deferred taxes		(9.9	)		(9.3	)		(4.0	)

Total controlling interests		28.0			80.3			84.2

Non-Controlling Interests:
Current tax	$	4.8		$	14.0		$	12.9
Deferred taxes		—			(2.8	)		(4.0	)

Total non-controlling interests		4.8			11.2			8.9

Provision for income taxes	$	32.8		$	91.5		$	93.1

Income before income taxes (controlling interest)	$	87.5		$	218.9		$	249.1

Effective tax rate attributable to controlling interests⁽¹⁾		32.0	%		36.7	%		33.8	%

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

A summary of the consolidated provision for income taxes is as follows:

	Year Ended December 31,

	2009			2010			2011
Current:
Federal	$	(11.2	)	$	12.8		$	7.7
State		8.4			9.9			9.7
Foreign		6.8			33.4			40.5

Total current		4.0			56.1			57.9

Deferred:
Federal		31.8			43.2			47.4
State		0.6			2.7			4.4
Foreign		(3.6	)		(10.5	)		(16.6	)

Total deferred		28.8			35.4			35.2

Provision for income taxes	$	32.8		$	91.5		$	93.1

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

	Year Ended December 31,

	2009		2010		2011
Domestic	$	180.9	$	186.3	$	243.8
International		64.8		192.6		208.9

	$	245.7	$	378.9	$	452.7

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

	Year Ended December 31,

	2009			2010			2011
Tax at U.S. federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefit		8.9			2.0			2.4
Non-deductible expenses		0.7			0.1			0.5
Valuation allowance		(9.2	)		1.0			(1.1	)
Effect of foreign operations		(3.4	)		0.5			—
Foreign basis differences		—			(0.7	)		(0.9	)
Effect of changes in tax law, rates		—			(1.2	)		(2.1	)
Effect of income from non-controlling interests		(18.7	)		(12.5	)		(13.2	)

		13.3	%		24.2	%		20.6	%

In 2008, the state of Massachusetts enacted legislation that required combined tax reporting for the Company and all its subsidiaries beginning in 2009. In 2009, regulations under this legislation changed the methodology for measuring net operating losses, resulting in a $3.7 million reduction of the state net operating loss carryforwards and the valuation allowance. During 2010 and 2011, the Company realized a deferred tax benefit of $4.1 million and $7.6 million, respectively, from the revaluation of its deferred taxes as a result of a reduction of corporate tax rates in the United Kingdom.

The Company does not provide for deferred taxes on the excess of the financial reporting basis over the tax basis in its investments in foreign subsidiaries that are permanent in duration. That excess totaled approximately $25.0 million as of December 31, 2011. The additional deferred taxes that have not been provided are approximately $2.1 million for 2011, and $9.5 million cumulatively.

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

	December 31,

	2010			2011
Deferred Tax Assets
State net operating loss carryforwards	$	30.6		$	26.5
Foreign tax credit carryforwards		17.3			15.1
Deferred compensation		10.3			17.5
Tax benefit of uncertain tax positions		10.8			11.6
Accrued expenses		8.5			11.6
Capital loss carryforwards		1.5			1.5

Total deferred tax assets		79.0			83.8
Valuation allowance		(38.4	)		(35.6	)

Deferred tax assets, net of valuation allowance	$	40.6		$	48.2

Deferred Tax Liabilities
Intangible asset amortization	$	(209.3	)	$	(247.1	)
Convertible securities interest		(154.5	)		(171.1	)
Non-deductible intangible amortization		(143.1	)		(127.2	)
Deferred revenue		(26.3	)		(5.6	)
Other		(2.8	)		(3.2	)

Total deferred tax liabilities		(536.0	)		(554.2	)

Net deferred tax liability	$	(495.4	)	$	(506.0	)

Deferred tax liabilities are primarily the result of tax deductions for the Company's intangible assets and convertible securities. The Company amortizes most of its intangible assets for tax purposes only, reducing its tax basis below its carrying value for financial statement purposes and generating deferred taxes each reporting period. The Company's 2008 senior convertible notes and junior convertible trust preferred securities also generate deferred taxes because the Company's tax deductions are higher than the interest expense recorded for financial statement purposes.

At December 31, 2011, the Company has state net operating loss carryforwards that expire over a 15-year period beginning in 2011. The Company also has foreign tax credit carryforwards that expire over a 10-year period beginning in 2011. The valuation allowances at December 31, 2010 and December 31, 2011 were principally related to the Company's ability to generate sufficient taxable income prior to the expiration of these carryforwards.

The Company carried a liability for uncertain tax positions of $21.9 million, $24.6 million and $21.3 million as of December 31, 2009, 2010 and 2011, respectively. These amounts included $4.4 million, $3.2 million and $1.6 million of interest and related charges, respectively. At December 31, 2009, 2010 and 2011, these liabilities included $13.9 million, $16.7 million and $12.6 million, respectively, for tax positions that, if recognized, would affect the Company's effective tax rate. The Company does not anticipate that this liability will change significantly over the next twelve months.

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

	2009			2010			2011

Balance as of January 1	$	21.9		$	21.9		$	24.6
Additions based on tax positions related to current year		4.0			7.0			4.8
Additions based on tax positions of prior years		0.2			—			—
Reductions for tax provisions of prior years		—			(1.2	)		—
Settlements		—			—			(1.2	)
Reductions related to lapses of statutes of limitations		(5.0	)		(3.4	)		(6.7	)
Additions (reductions) related to foreign exchange rates		0.8			0.3			(0.3	)

Balance as of December 31	$	21.9		$	24.6		$	21.2

The Company periodically has tax examinations in the United States and foreign jurisdictions. Examination outcomes, and any related settlements, are subject to significant uncertainty. The completion of examinations may result in the payment of additional taxes and/or the recognition of tax benefits. The Company is generally no longer subject to income tax examinations by any tax authorities for years before 2006.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
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-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2011

Derivative Financial Instruments

Derivative Financial Instruments

14. Derivative Financial Instruments

From time to time, the Company seeks to offset its exposure to changing interest rates under its debt financing arrangements by entering into interest rate hedging contracts. The Company does not hold or issue derivative financial instruments for speculative purposes.

In 2010, the Company entered into interest rate swap agreements as summarized in the table below:

	Notional Amount				Receiving	Start Date	Expiration Date

Counterparty A	$	25.0	1.67	%	3-Month LIBOR	October 2010	October 2015
Counterparty A	$	25.0	1.65	%	3-Month LIBOR	October 2010	October 2015
Counterparty B	$	25.0	1.59	%	3-Month LIBOR	October 2010	October 2015
Counterparty B	$	25.0	2.14	%	3-Month LIBOR	October 2010	October 2017

In November 2010, the Company entered into a series of treasury rate lock contracts with a total notional value of $100.0 million which were settled in February 2011 for a net pre-tax gain of $4.0 million (each contract was designated and qualified as a cash flow hedge). In the third quarter 2011, the Company entered into a series of treasury rate lock contracts with a total notional value of $75.0 million which were settled for a net pre-tax loss of $4.7 million in October 2011 (each contract was designated and qualified as a cash flow hedge). These contracts were intended to hedge the risks associated with changes in interest rates on a fixed-rate debt issuance that is anticipated to occur prior to the end of the second quarter of 2012. The net loss on these contracts ($0.7 million) is reflected as a component of Other comprehensive income and will be recognized as an increase to Interest expense over the life of the expected fixed rate debt issuance, or recorded within other income and loss in the event that the Company determines that it is not probable that it will issue the anticipated fixed rate debt.

The Company's derivative contracts contain provisions that may require the Company or the counterparties to post collateral based upon the current fair value of the derivative contracts. As of December 31, 2011, the Company had posted collateral of $3.5 million related to its interest rate swap contracts.

The Company records all derivative instruments on the balance sheet at fair value. As cash flow hedges, the effective portion of the unrealized gain or loss on the derivative instruments is recorded in accumulated other comprehensive income as a separate component of stockholders' equity. Hedge effectiveness is measured by comparing the present value of the cumulative change in the expected future variable cash flows of the hedged contract with the present value of the cumulative change in the expected future variable cash flows of the hedged item. To the extent that the critical terms of the hedged item and the derivative are not identical, hedge ineffectiveness would be reported in earnings as Interest expense. Hedge ineffectiveness was not material in any periods presented. The Company does not expect to reclassify any material portion of the unrealized gain into earnings in the next twelve months.

The following summarizes the location and amount of derivative instrument gains and (losses), before taxes reported in the Consolidated Statements of Comprehensive Income:

	2009		2010		2011

Cash Flow Hedges
Interest rate swaps⁽¹⁾	$	—	$	2.5	$	(5.4	)
Treasury rate locks⁽¹⁾		—		3.4		(4.3	)

Total	$	—	$	5.9	$	(9.7	)

(1): Presented within Other comprehensive income.

The following summarizes the location and fair values of derivative instruments on the Consolidated Balance Sheets:

	December 31,

	2010		2011
Cash Flow Hedges
Interest rate swaps⁽¹⁾	$	2.5	$	(2.9	)
Treasury rate locks⁽²⁾		3.4		—

Total	$	5.9	$	(2.9	)

(1): Presented within Other assets and Other long-term liabilities as of December 31, 2010 and 2011, respectively.
(2): Presented within Prepaid expenses and other current assets.

The Company does not hold or issue derivative financial instruments for trading purposes. Interest rate swaps and treasury rate locks are intended to enable the Company to achieve a level of variable-rate and fixed-rate debt that is acceptable to management and to limit interest rate exposure.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
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+ Details

Comprehensive Income

12 Months Ended

Dec. 31, 2011

Comprehensive Income

Comprehensive Income

15. Comprehensive Income

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

	Year Ended December 31, 2009

	Pre-Tax		Tax Expense			Net of Tax
Foreign currency translation adjustment	$	46.8	$	—		$	46.8
Change in net unrealized gain on investment securities		5.3		(2.1	)		3.2

Other comprehensive income	$	52.1	$	(2.1	)	$	50.0

	Year Ended December 31, 2010

	Pre-Tax		Tax Expense			Net of Tax
Foreign currency translation adjustment	$	24.8	$	—		$	24.8
Change in net realized and unrealized gain on derivative securities		5.9		(2.2	)		3.7
Change in net unrealized gain on investment securities		41.3		(15.3	)		26.0

Other comprehensive income	$	72.0	$	(17.5	)	$	54.5

	Year Ended December 31, 2011

	Pre-Tax			Tax Benefit		Net of Tax
Foreign currency translation adjustment	$	(10.2	)	$	—	$	(10.2	)
Change in net realized and unrealized loss on derivative securities		(9.7	)		3.8		(5.9	)
Change in net unrealized loss on investment securities		(56.6	)		22.2		(34.4	)

Other comprehensive loss	$	(76.5	)	$	26.0	$	(50.5	)

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

	December 31, 2010		Other Comprehensive Income			December 31, 2011

Foreign currency translation adjustments	$	67.9	$	(10.2	)	$	57.7
Realized and unrealized gains (losses) on derivative securities		3.7		(5.9	)		(2.2	)
Unrealized gain (loss) on investment securities		28.9		(34.4	)		(5.5	)

Accumulated other comprehensive income	$	100.5	$	(50.5	)	$	50.0

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies

Commitments and Contingencies

16. Commitments and Contingencies

The Company and its Affiliates are subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Each of these matters is 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 for matters for which the outcome is probable and can be reasonably estimated. Management believes that any liability in excess of these accruals upon the ultimate resolution of these matters will not have a material adverse effect on the Company.

Certain Affiliates operate under regulatory authorities which require that they maintain minimum financial or capital requirements. Management is not aware of any violations of such financial requirements occurring during the period.

In connection with its investment in Pantheon Ventures, the Company has committed to co-invest in certain investment partnerships where it serves as the general partner. As of December 31, 2011, these commitments totaled approximately $80.5 million and may be called in future periods. Russell Investments (Pantheon Ventures' former owner) is contractually obligated to reimburse the Company for $47.6 million of these commitments if they are called.

Under past acquisition agreements, the Company is contingently liable, upon achievement of specified financial targets, to make payments of up to $491.4 million through 2017. In 2011, the Company reduced its current estimate of payments to be made under these agreements and recognized a gain of $4.8 million ($3.1 million of which is attributable to the controlling interest). This gain has been classified within Imputed interest expense and contingent payment arrangements in the Consolidated Statements of Income. Based on estimates as of December 31, 2011, the Company expects to make payments of approximately $108.0 million to settle these contingent obligations, of which $80.1 million is expected to be settled in 2012 and the remainder to be settled between 2014 and 2015.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Affiliate Equity

12 Months Ended

Dec. 31, 2011

Affiliate Equity

Affiliate Equity

17. Affiliate Equity

The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from its Affiliate partners. In these transactions, if the equity is issued for consideration below the fair value of the equity or repurchased for consideration above the fair value of the equity, then such difference is recorded as compensation expense over the requisite service period. The Company recognized compensation expenses related to Affiliate equity of $16.8 million, $26.2 million, and $29.0 million (of which $13.2 million, $14.5 million, and $22.1 million were attributable to the controlling interest) in 2009, 2010 and 2011, respectively.

Many of the Company's operating agreements provide the Company a conditional right to call and Affiliate partners the conditional right to put their retained equity interests at certain intervals. The purchase price of these conditional purchases are generally calculated based upon a multiple of the Affiliate's cash flow distributions, which is intended to represent fair value. Affiliate management partners 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 current redemption value of these interests has been presented as Redeemable non-controlling interests on the Company's Consolidated Balance Sheets. Changes in the current redemption value are recorded to Additional paid-in capital. The following table presents the changes in Redeemable non-controlling interests during the period:

	2010			2011

Balance as of January 1	$	369.0		$	406.3
Issuance of Redeemable non-controlling interest		19.0			52.5
Repurchase of Redeemable non-controlling interest		(97.3	)		(57.8	)
Changes in redemption value		115.6			50.8

Balance as of December 31	$	406.3		$	451.8

During the years ended 2009, 2010 and 2011, the Company acquired interests from and transferred interests to Affiliate management partners. The following schedule discloses the effect of changes in the Company's ownership interests in its Affiliates on the controlling interest's equity:

	For the Years Ended December 31,

	2009			2010			2011
Net income (controlling interest)	$	59.5		$	138.6		$	164.9
Increase (decrease) in controlling interest paid-in capital from the sale of Affiliate equity		(58.2	)		(45.4	)		(28.1	)

Change from Net income (controlling interest) and net transfers with non-controlling interests	$	1.3		$	93.2		$	136.8

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2011

Goodwill and Acquired Client Relationships

Goodwill and Acquired Client Relationships

18. Goodwill and Acquired Client Relationships

The following table presents the change in Goodwill during 2010 and 2011:

	Mutual Fund			Institutional			High Net Worth			Total

Balance, as of December 31, 2009	$	561.7		$	603.0		$	248.5		$	1,413.2
Goodwill acquired		219.1			466.6			7.0			692.7
Foreign currency translation		5.9			4.0			6.1			16.0

Balance, as of December 31, 2010	$	786.7		$	1,073.6		$	261.6		$	2,121.9
Goodwill acquired		—			0.1			1.3			1.4
Foreign currency translation		(1.7	)		(2.3	)		(2.0	)		(6.0	)

Balance, as of December 31, 2011	$	785.0		$	1,071.4		$	260.9		$	2,117.3

During 2011, the Company revised its balance sheet for the year ended December 31, 2010 related to the finalization of its purchase price allocation for certain of its 2010 business combinations ($4.5 million), and to correct the initial estimate of its contingent payment obligation ($4.8 million). The net effect of these changes reduced goodwill by $9.3 million and was not material to the Consolidated Financial Statements.

The following table reflects the components of intangible assets of the Company's Affiliates that are consolidated as of December 31, 2010 and 2011:

	2010				2011

	Carrying Amount		Accumulated Amortization		Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Definite-lived acquired client relationships	$	971.2	$	228.6	$	970.5	$	317.0
Non-amortized intangible assets:
Indefinite-lived acquired client relationships		678.0		—		667.6		—
Goodwill		2,121.9		—		2,117.3		—

For the Company's Affiliates that are consolidated, definite-lived acquired client relationships are amortized over their expected useful lives. As of December 31, 2011, these relationships were being amortized over a weighted average life of approximately ten years. The Company estimates that its consolidated annual amortization expense will be approximately $88.5 million for the next five years, assuming no additional investments in new or existing Affiliates.

The definite-lived acquired client relationships attributable to the Company's equity method investments are amortized over their expected useful lives. As of December 31, 2011, these relationships were being amortized over approximately seven years. Amortization expense for these relationships was $32.9 million for the twelve months ended December 31, 2011. Assuming no additional investments in new or existing Affiliates, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates for the next five years as follows:

Year Ending December 31,	Estimated Amortization Expense

2012	$	32.6
2013		32.6
2014		11.1
2015		2.9
2016		0.2

During 2011, the Company completed impairment assessments on its goodwill and definite-lived and indefinite-lived acquired client relationships. The Company determined that fair value of the indefinite-lived intangible assets at one of its Affiliates, a growth oriented manager of U.S. equity mutual funds had declined below its carrying value and, accordingly, it reduced the carrying value to its current fair value. This impairment, which totaled $9.2 million, has been presented within Amortization of intangible assets in the Company's Consolidated Statements of Income. Further declines in the fair value of this asset will likely result in future impairments. No impairments were identified related to the Company's goodwill or other definite-lived or indefinite-lived intangible assets.

- Definition

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

+ References + Details

Equity Investments in Affiliates

12 Months Ended

Dec. 31, 2011

Equity Investments in Affiliates

Equity Investments in Affiliates

19. Equity Investments in Affiliates

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

	2009		2010		2011

Revenue⁽¹⁾⁽²⁾	$	361.6	$	619.5	$	581.0
Net income		178.9		444.2		387.9

	2010		2011

Current assets⁽²⁾	$	7,259.3	$	8,193.1
Noncurrent assets		35.6		29.1
Current liabilities		1,471.0		1,022.7
Noncurrent liabilities and Non-controlling interest⁽²⁾		5,338.3		6,754.3

(1): Revenue includes advisory fees for asset management services, investment income and dividends from consolidated investment partnerships.
(2): For its investments in BlueMountain and ValueAct, the Company is entitled to a share of revenue but no portion of the assets held by investors that are unrelated to the Company (which include consolidated investment partnerships).

The Company's share of undistributed earnings from equity method investments totaled $32.5 million as of December 31, 2011.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References + Details

Net Income (non-controlling interests)

12 Months Ended

Dec. 31, 2011

Net Income (non-controlling interests)

Net Income (non-controlling interests)

20. Net Income (non-controlling interests)

Net income (non-controlling interests) in the Consolidated Statements of Income includes the income allocated to owners of consolidated Affiliates, other than AMG. For the years ended December 31, 2009, 2010 and 2011, this income was $126.7 million, $153.1 million and $194.7 million, respectively. Non-controlling interests on the Consolidated Balance Sheets includes capital and undistributed profits owned by the managers of the consolidated Affiliates (including profits allocated to managers from the Owners' Allocation and Operating Allocation).

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References + Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity

Stockholders' Equity

21. Stockholders' Equity

Preferred Stock

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

Common Stock

The Company's Board of Directors has authorized the issuance of up to 150.0 million shares of Voting Common Stock and 3.0 million shares of Class B Non-Voting Common Stock. As more fully described in Note 12, the Company is party to a forward equity sale agreement to issue new shares of the Company's common stock.

The Company's Board of Directors has also authorized share repurchase programs in recent periods. The maximum number of shares that may yet be repurchased under outstanding programs is 2.9 million. The timing and amount of issuances and repurchases are determined at the discretion of AMG's management.

A summary of the Company's recent share repurchase activity is as follows:

Period		Average Price

2009	—		—
2010	—		—
2011	0.7	$	83.63

Financial Instruments

The Company's 2008 senior convertible notes and junior convertible trust preferred securities contain an embedded right for holders to receive shares of the Company's common stock under certain conditions. These arrangements, as well as the forward equity sale agreement, meet the definition of equity and are not required to be accounted for separately as derivative instruments.

Stock Option and Incentive Plans

The Company established the 1997 Stock Option and Incentive Plan (as amended and restated, the "1997 Plan"), under which it was authorized to grant options to employees, officers and directors. In 2002, stockholders approved an amendment to increase the number of shares of common stock authorized for issuance under this plan to 7.9 million.

In 2002, the Company's Board of Directors established the 2002 Stock Option and Incentive Plan (as amended and restated, the "2002 Plan"), under which the Company was authorized to grant 3.4 million non-qualified stock options and certain other awards to employees and directors. This plan requires that the majority of grants under the plan in any three-year period must be issued to employees of the Company who are not executive officers or directors of the Company. This plan was approved by the Company's Board of Directors.

In May 2006, the stockholders of the Company approved the 2006 Stock Option and Incentive Plan (the "2006 Plan"), under which the Company was authorized to grant 3.0 million stock options or stock appreciation rights to senior management, employees and directors.

In May 2011, the stockholders of the company approved the 2011 Stock Option and Incentive Plan (the "2011 Plan"), under which the Company was authorized to grant 4.0 million stock options or stock appreciation rights to senior management, employees, consultants and directors.

The plans are administered by a committee of the Board of Directors. Under the plans, options generally vest over a period of three to five years and expire seven to ten years after the grant date. All options have been granted with exercise prices equal to the fair market value of the Company's common stock on the date of grant.

The following table summarizes the transactions of the Company's stock option and incentive plans:

			Weighted Average Exercise Price

Unexercised options outstanding—January 1, 2011	5.1		$	62.34
Options granted	0.6			99.42
Options exercised	(0.6	)		46.87
Options expired	—			—
Options forfeited	(0.0	)		110.42

Unexercised options outstanding—December 31, 2011	5.1			68.18	4.5

Exercisable at December 31, 2011	3.0			61.66	3.8

The fair value of options granted is estimated using the Black-Scholes option pricing model. The weighted average fair value of options granted during the years ended December 31, 2009, 2010 and 2011 was $17.03, $23.54 and $30.27 per option, respectively, based on the assumptions stated below.

	Year Ended December 31,

	2009			2010			2011
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility⁽¹⁾		30.7	%		32.4	%		33.1	%
Risk-free interest rate⁽²⁾		1.8	%		1.6	%		1.3	%
Expected life of options (in years)⁽³⁾		4.0			4.5			4.8
Forfeiture rate⁽³⁾		5.0	%		5.0	%		2.5	%

(1): Based on historical and implied volatility.
(2): Based on the U.S. Treasury yield curve in effect at the date of grant.

(3): Based on the Company's historical data and expected exercise behavior.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of options exercised during the years ended December 31, 2009, 2010 and 2011 was $32.2 million, $42.3 million and $35.4 million, respectively. As of December 31, 2011, the intrinsic value of exercisable options outstanding was $103.6 million and 3.5 million options are available for future grant under the Company's option plans.

In addition, under the Company's Executive Incentive Plan and Deferred Compensation Plan, the Company periodically grants awards denominated in the Company's common stock. The Company granted awards with fair values of $20.9 million, $1.0 million, and $3.3 million in 2009, 2010 and 2011, respectively.

Further to its retention and incentive objectives, the Company granted awards under the Company's Long-Term Equity Incentive Plan with aggregate fair values of $21.0 million and $14.6 million during 2010 and 2011, respectively. These awards represent profits interests in the Company's Affiliates, and recipients of these awards have rights to cash flows beginning in 2018. Recipients may require the Company to purchase their interests starting in 2014.

During the year ended December 31, 2011, the cash received and the actual tax benefit recognized for options exercised were $28.0 million and $8.2 million, respectively. During the year ended December 31, 2011, the excess tax benefit classified as a financing cash flow was $7.1 million. During the year ended December 31, 2010, the cash received and the actual tax benefit recognized for options exercised were $46.4 million and $14.6 million, respectively. During the year ended December 31, 2010, the excess tax benefit classified as a financing cash flow was $10.1 million.

A summary of recent share based compensation expense is as follows:

Period	Share Based Compensation Expense		Tax Benefit

2009	$	8.6	$	3.3
2010		19.5		7.5
2011		30.3		11.6

As of December 31, 2010, there was $75.4 million of compensation expense related to share-based compensation arrangements which will be recognized over a weighted average period of approximately four years (assuming no forfeitures). As of December 31, 2011, there was $80.0 million of compensation expense related to share-based compensation arrangements which will be recognized over a weighted average period of approximately three years (assuming no forfeitures).

Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Earnings Per Share

22. Earnings Per Share

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

	Year Ended December 31,

	2009		2010		2011
Numerator:
Net income (controlling interest)	$	59.5	$	138.6	$	164.9
Interest expense on convertible securities, net of taxes		0.1		0.1		—

Net income (controlling interest), as adjusted	$	59.6	$	138.7	$	164.9

Denominator:
Average shares outstanding—basic		41.4		47.4		51.8
Effect of dilutive instruments:
Stock options and other awards		0.5		1.0		1.2
Forward sale		0.5		0.6		—
Senior convertible securities		0.9		0.4		—

Average shares outstanding—diluted		43.3		49.4		53.0

As more fully discussed in Notes 10 and 11, the Company had convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of diluted earnings per share. 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.

The Company did not repurchase any shares of common stock during the years ended December 31, 2009 and 2010. For the twelve months ended December 31, 2011, the Company repurchased approximately 0.7 million shares of common stock under the share repurchase programs approved by the Company's Board of Directors.

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

	Year Ended December 31,

	2009		2010		2011
Stock options		3.1		1.3		1.2
Senior convertible securities		3.6		3.6		3.6
Junior convertible trust preferred securities		4.2		4.2		4.2

As discussed further in Note 17, the Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company's intent to settle these potential repurchases in cash, the calculation of diluted earnings per share excludes any potential dilutive effect from possible share settlements.

Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2011

Financial Instruments and Risk Management

Financial Instruments and Risk Management

23. Financial Instruments and Risk Management

The Company is exposed to market risks brought on by changes in interest and currency exchange rates. The Company has not entered into foreign currency transactions or derivative financial instruments to reduce risks associated with changes in currency exchange rates. The Company may use derivative financial instruments to reduce risks associated with changes in interest rates.

Notional amounts and credit exposures of derivatives

The notional amount of derivatives does not represent amounts that are exchanged by the parties, and thus are not a measure of the Company's exposure. The amounts exchanged are calculated on the basis of the notional or contract amounts, as well as on other terms of the interest rate derivatives and the volatility of these rates and prices.

The Company would be exposed to credit-related losses in the event of nonperformance by the counter parties that issued the financial instruments, although the Company does not expect that the counter parties to interest rate derivatives will fail to meet their obligations, given their typically high credit ratings. The credit exposure of derivative contracts is represented by the positive fair value of contracts at the reporting date, reduced by the effects of master netting agreements and collateral posted by the counterparty.

Interest Rate Risk Management

From time to time, the Company enters into derivative financial instruments to reduce exposure to interest rate risk. The Company does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are intended to enable the Company to achieve a level of variable-rate or fixed-rate debt that is acceptable to management and to limit interest rate exposure. The Company agrees with another party to exchange the difference between fixed-rate and floating rate interest amounts calculated by reference to an agreed notional principal amount.

Fair Value

Fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Quoted market prices are used when available; otherwise, management estimates fair value based on prices of financial instruments with similar characteristics or by using valuation techniques such as discounted cash flow models. Valuation techniques involve uncertainties and require assumptions and judgments regarding prepayments, credit risk and discount rates. Changes in these assumptions will result in different valuation estimates. The fair value presented would not necessarily be realized in an immediate sale nor are there typically plans to settle liabilities prior to contractual maturity. Additionally, current authoritative guidance allows companies to use a wide range of valuation techniques; therefore, it may be difficult to compare the Company's fair value information to other companies' fair value information.

The carrying amount of cash, cash equivalents and short-term investments approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable approximate fair value because interest rates and other terms are at market rates. The carrying value of notes payable approximates fair value principally because of the short-term nature of the notes. The carrying value of senior bank debt approximates fair value because the debt is a credit facility with variable interest based on selected short-term rates. The fair market value of the senior convertible securities and the junior convertible trust preferred securities at December 31, 2011 was $500.0 million and $594.3 million, respectively.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

24. Selected Quarterly Financial Data (Unaudited)

The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2010 and 2011.

	2010

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	251.0	$	332.0	$	354.4	$	420.8
Operating income		68.5		95.8		95.6		114.1
Income before income taxes		64.7		75.1		93.0		146.0
Net income (controlling interest)		17.4		25.2		34.0		62.0
Earnings per share—diluted	$	0.38	$	0.53	$	0.65	$	1.18

	2011

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	426.3	$	462.3	$	413.8	$	402.4
Operating income		124.9		140.0		126.0		95.2
Income before income taxes		116.1		127.7		99.9		109.0
Net income (controlling interest)⁽¹⁾		39.1		45.4		40.1		40.3
Earnings per share—diluted	$	0.74	$	0.85	$	0.76	$	0.77

(1): During the third quarter of 2011, the Company recorded a deferred tax benefit of $3.9 million ($2.6 million attributable to the controlling interest) from the revaluation of its deferred taxes as a result of a reduction of corporate tax rates in the United Kingdom. In the fourth quarter of 2011, the Company determined that the revaluation of the tax benefit should have been $7.6 million ($5.2 million to the controlling interest). The net effect of this change, which was reflected as an out-of-period adjustment in the fourth quarter, reduced Income taxes by $3.7 million ($2.6 million to the controlling interest) and was not material to the Consolidated Financial Statements.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions

Related Party Transactions

25. Related Party Transactions

The Company periodically records amounts receivable and payable to Affiliate partners in connection with the transfer of Affiliate equity interests. The Company also has liabilities to related parties for deferred purchase price and contingent payment arrangements in connection with certain business combinations.

Total receivable at December 31, 2010 was $42.9 million, which is included in Other assets. The total receivable at December 31, 2011 was $41.3 million, of which $1.4 million is included in Prepaid expenses and other current assets and $39.9 million is included in Other assets. The total payable as of December 31, 2010 was $183.0 million, of which $114.8 million is included in current liabilities and $68.2 million is included in Other long-term liabilities. The total payable as of December 31, 2011 was $84.1 million, of which $33.2 million is included in current liabilities and $50.9 million is included in Other long-term liabilities.

In certain cases, Affiliate management owners and Company officers may serve as trustees or directors of certain mutual funds from which the Affiliate earns advisory fee revenue.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. 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/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
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-Paragraph 6
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information

Segment Information

26. Segment Information

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

Revenue in the Mutual Fund distribution channel is earned from advisory and sub-advisory relationships with all domestically-registered investment products as well as non-institutional investment products that are registered abroad. Revenue in the Institutional distribution channel is earned from relationships with foundations and endowments, defined benefit and defined contribution plans and Taft-Hartley plans. Revenue in the High Net Worth distribution channel is earned from relationships with wealthy individuals, family trusts and managed account programs.

Revenue earned from client relationships managed by Affiliates accounted for under the equity method is not consolidated with the Company's reported Revenue but instead is included (net of operating expenses, including amortization) in Income from equity method investments, and reported in the distribution channel in which the Affiliate operates. Income tax attributable to the profits of the Company's equity method Affiliates is reported within the Company's consolidated income tax provision.

In firms with revenue sharing arrangements, a certain percentage of revenue is allocated for use by management of an Affiliate in paying operating expenses of that Affiliate, including salaries and bonuses, and is called an "Operating Allocation." In reporting segment operating expenses, Affiliate expenses are allocated to a particular segment on a pro rata basis with respect to the revenue generated by that Affiliate in such segment. Generally, as revenue increases, additional compensation is typically paid to Affiliate management partners from the Operating Allocation. As a result, the contractual expense allocation pursuant to a revenue sharing arrangement may result in the characterization of any growth in profit margin beyond the Company's Owners' Allocation as an operating expense. All other operating expenses (excluding intangible amortization) and interest expense have been allocated to segments based on the proportion of cash flow distributions reported by Affiliates in each segment.

Statements of Income

	2009

	Mutual Fund			Institutional			High Net Worth			Total
Revenue	$	313.2		$	415.6		$	113.0		$	841.8
Operating expenses:
Depreciation and other amortization		7.1			29.3			9.2			45.6
Other operating expenses		202.1			277.8			76.4			556.3

		209.2			307.1			85.6			601.9

Operating income		104.0			108.5			27.4			239.9

Non-operating (income) and expenses:
Investment and other (income) loss		(15.1	)		(6.3	)		(3.5	)		(24.9	)
Income from equity method investments		(1.0	)		(28.5	)		(2.1	)		(31.6	)
Investment (income) loss from Affiliate investments in partnerships		(0.2	)		(1.2	)		(26.0	)		(27.4	)
Interest expense		21.8			45.9			10.4			78.1

		5.5			9.9			(21.2	)		(5.8	)

Income before income taxes		98.5			98.6			48.6			245.7
Income taxes		13.9			15.0			3.9			32.8

Net income		84.6			83.6			44.7			212.9
Net income (non-controlling interests)		(54.7	)		(58.7	)		(13.3	)		(126.7	)
Net (income) loss (non-controlling interests in partnerships)		(0.2	)		(1.3	)		(25.2	)		(26.7	)

Net income (controlling interest)	$	29.7		$	23.6		$	6.2		$	59.5

Total assets	$	1,182.9		$	1,703.0		$	505.0		$	3,390.9
Goodwill	$	561.7		$	603.0		$	248.5		$	1,413.2

	2010

	Mutual Fund			Institutional			High Net Worth			Total
Revenue	$	578.8		$	649.2		$	130.2		$	1,358.2
Operating expenses:
Depreciation and other amortization		15.3			49.6			9.2			74.1
Other operating expenses		401.2			424.9			84.0			910.1

		416.5			474.5			93.2			984.2

Operating income		162.3			174.7			37.0			374.0

Non-operating (income) and expenses:
Investment and other (income) loss		(7.7	)		(11.0	)		(4.2	)		(22.9	)
Income from equity method investments		0.4			(70.4	)		(7.5	)		(77.5	)
Investment (income) loss from Affiliate investments in partnerships		0.1			0.2			4.2			4.5
Interest expense		32.4			49.6			9.1			91.1

		25.2			(31.6	)		1.6			(4.8	)

Income before income taxes		137.1			206.3			35.4			378.8
Income taxes		36.2			47.1			8.2			91.5

Net income		100.9			159.2			27.2			287.3
Net income (non-controlling interests)		(54.7	)		(81.6	)		(16.8	)		(153.1	)
Net (income) loss (non-controlling interests in partnerships)		0.1			0.2			4.1			4.4

Net income (controlling interest)	$	46.3		$	77.8		$	14.5		$	138.6

Total assets	$	1,848.4		$	2,997.4		$	434.0		$	5,279.8
Goodwill	$	786.7		$	1,073.6		$	261.6		$	2,121.9

	2011

	Mutual Fund			Institutional			High Net Worth			Total
Revenue	$	723.7		$	841.4		$	139.7		$	1,704.8
Operating expenses:
Depreciation and other amortization		28.0			76.9			7.8			112.7
Other operating expenses		492.4			524.9			88.7			1,106.0

		520.4			601.8			96.5			1,218.7

Operating income		203.3			239.6			43.2			486.1

Non-operating (income) and expenses:
Investment and other (income) loss		0.6			(6.9	)		11.3			5.0
Income from equity method investments		(7.9	)		(57.2	)		(7.6	)		(72.7	)
Investment (income) loss from Affiliate investments in partnerships		—			—			—			—
Interest expense		37.6			54.8			8.7			101.1

		30.3			(9.3	)		12.4			33.4

Income before income taxes		173.0			248.9			30.8			452.7
Income taxes		34.4			53.4			5.3			93.1

Net income		138.6			195.5			25.5			359.6
Net income (non-controlling interests)		(73.1	)		(105.3	)		(16.3	)		(194.7	)
Net (income) loss (non-controlling interests in partnerships)		—			—			—			—

Net income (controlling interest)	$	65.5		$	90.2		$	9.2		$	164.9

Total assets	$	1,920.6		$	2,836.2		$	462.1		$	5,218.9
Goodwill	$	785.0		$	1,071.4		$	260.9		$	2,117.3

In 2009, 2010 and 2011, revenue attributable to clients domiciled outside the U.S. was approximately 18%, 33% and 39% of total revenue, respectively.

As of December 31, 2009, equity method investments of $12.1 million, $602.1 million and $44.1 million were included in the total assets of the Mutual Fund, Institutional and High Net Worth segments, respectively. As of December 31, 2010, equity method investments of $9.1 million, $630.1 million and $39.7 million were included in the total assets of the Mutual Fund, Institutional and High Net Worth segments, respectively. As of December 31, 2011, equity method investments of $75.6 million, $490.6 million and $49.6 million were included in the total assets of the Mutual Fund, Institutional and High Net Worth segments, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2011

Schedule II Valuation and Qualifying Accounts

Schedule II Valuation and Qualifying Accounts

Schedule II
Valuation and Qualifying Accounts

(in millions)	Balance Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts		Deductions		Balance End of Period

Income Tax Valuation Allowance
Year Ending December 31,
2011	$	38.4	$	—	$	—	$	2.8	$	35.6
2010		33.1		5.3		—		—		38.4
2009		39.8		0.9		—		7.6		33.1
Other Allowances⁽¹⁾
Year Ending December 31,
2011	$	8.5	$	1.2	$	—	$	0.1	$	9.6
2010		13.2		—		—		4.7		8.5
2009		19.0		0.3		—		6.1		13.2

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

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Business and Summary of Significant Accounting Policies

Use of Estimates

Use of Estimates

Principles of Consolidation

Principles of Consolidation

Cash and Cash Equivalents

Cash and Cash Equivalents

Investments in Marketable Securities

Investments in Marketable Securities

Other Investments

Other Investments

Fixed Assets

Fixed Assets

Leases

Leases

Equity Investments in Affiliates

Equity Investments in Affiliates

Acquired Client Relationships and Goodwill

Acquired Client Relationships and Goodwill

Revenue Recognition

Revenue Recognition

Issuance Costs

Issuance Costs

Derivative Financial Instruments

Derivative Financial Instruments

Contingent Payment Arrangements

Contingent Payment Arrangements

Income Taxes

Income Taxes

Foreign Currency Translation

Foreign Currency Translation

Share-Based Compensation Plans

Share-Based Compensation Plans

Investments (Tables)

12 Months Ended

Dec. 31, 2011

Investments

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

- December 31, 2010

			Gross Unrealized

	Cost		Gains		Losses		Fair Value
Equity securities	$	55.0	$	45.6	$	—	$	100.6

- December 31, 2011

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	97.6	$	1.4	$	(12.7	)	$	86.3

Summary of the cost, gross unrealized gains and losses and fair value of investments classified as trading securities

- December 31, 2010

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	14.1	$	1.5	$	(0.4	)	$	15.2
Debt securities		0.2		—		—			0.2

Total	$	14.3	$	1.5	$	(0.4	)	$	15.4

- December 31, 2011

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	13.5	$	0.9	$	(0.3	)	$	14.1
Debt securities		—		—		—			—

Total	$	13.5	$	0.9	$	(0.3	)	$	14.1

Summary of the Company's realized gains and losses on investments classified as trading securities

	December 31,

	2010		2011
Gains	$	0.5	$	0.9
Losses		—		(0.7	)

Net realized gains (losses)	$	0.5	$	0.2

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-1
-Paragraph 21
-Subparagraph a, b
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Tabular disclosure of trading securities (and certain trading assets) which consist of all investments in certain debt and equity securities (and other assets) that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for which an entity has elected the fair value option. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price, but this category of investments may also include items which are not intended to be sold in the near term or for which the fair value option has been elected.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph a(2), b(1)-b(5)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 17
-Subparagraph a(1), b(1)-b(5)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.2)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6467456&loc=d3e113888-111728

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (c),(e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Measurements

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

			Fair Value Measurements

	December 31, 2010		Fair Value Measurements
	December 31, 2010		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	36.0	$	36.0	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities		15.4		15.2		0.2		—
Available for sale securities		100.6		99.2		1.4		—
Other investments⁽²⁾		124.5		16.9		21.9		85.7
Interest rate derivatives		5.9		—		5.9		—
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	77.6	$	—	$	—	$	77.6
Obligations to related parties⁽⁴⁾		79.6		—		—		79.6

			Fair Value Measurements

	December 31, 2011		Fair Value Measurements
	December 31, 2011		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	23.2	$	23.2	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities		14.1		14.1		—		—
Available for sale securities		86.3		86.3		—		—
Other investments⁽²⁾		145.3		31.1		10.8		103.4
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	87.1	$	—	$	—	$	87.1
Obligations to related parties⁽⁴⁾		92.0		—		—		92.0
Interest rate derivatives		2.9		—		2.9		—

(1): Principally investments in equity securities.
(2): Other investments are reported within Prepaid expenses and other current assets and Other assets.
(3): Contingent payment arrangements reported in Accounts payable and accrued liabilities and Other long-term liabilities.
(4): Obligations to related parties are presented within Payables to related party and Other long-term liabilities.

Schedule of changes in Level 3 assets and liabilities

	Level 3 Financial Assets and Financial Liabilities at Fair Value

Year Ended December 31, 2010	Balance, beginning of period		Net realized gains/losses			Net unrealized gains/losses relating to instruments still held at the reporting date			Purchases and issuances			Settlements and reductions			Net transfers in and/or out of Level 3			Balance, end of period
Other investments	$	4.0	$	—		$	5.2	⁽¹⁾	$	84.5		$	(4.3	)	$	(3.7	)	$	85.7
Contingent payment arrangements		27.1		—			11.0	⁽²⁾		66.6	⁽³⁾		(27.1	)		—			77.6
Obligations to related parties		78.7		(1.0	)⁽⁴⁾		4.8	⁽⁴⁾		87.2			(90.1	)		—			79.6

	Level 3 Financial Assets and Financial Liabilities at Fair Value

Year Ended December 31, 2011	Balance, beginning of period		Net realized gains/losses			Net unrealized gains/losses relating to instruments still held at the reporting date			Purchases and issuances		Settlements and reductions			Net transfers in and/or out of Level 3		Balance, end of period
Other investments	$	85.7	$	(0.2	)	$	9.6	⁽¹⁾	$	17.7	$	(9.4	)	$	—	$	103.4
Contingent payment arrangements		77.6		—			9.5	⁽²⁾		—		—			—		87.1
Obligations to related parties		79.6		0.4			1.7	⁽⁴⁾		52.8		(42.5	)		—		92.0

(1): In the periods prior to 2011, losses on other investments are recorded in Investment loss from Affiliate investments in partnerships. In 2011, gains and losses on Other investments are recorded in Investment and other (income) loss.
(2): Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income (loss).
(3): In 2011, the Company changed its contingent payment arrangements for the year ended December 31, 2010 by $6.4 million (see Note 18).
(4): Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other (income) loss.

Schedule of investments

	December 31, 2010				December 31, 2011

Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity fund-of-funds⁽¹⁾	$	85.7	$	89.2	$	103.4	$	80.5
Other funds⁽²⁾		55.2		—		47.2		—

	$	140.9	$	89.2	$	150.6	$	80.5

(1): These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, generally 15 years.
(2): These are multi-disciplinary funds that invest across various asset classes and strategies including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2011

Variable Interest Entities

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

	As of December 31,

	2010				2011
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Sponsored investment funds	$	3,350.7	$	0.8	$	3,618.4	$	1.1
Trust preferred vehicles		9.0		9.0		9.0		9.0

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph g
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 2, 14, 15, 16, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 35
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5728-111685

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5747-111685

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Variable Interest Entity
-URI http://asc.fasb.org/extlink&oid=6528138

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph C4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 22B

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 22E

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 23A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 24

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6759159-111685

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228884-111685

+ Details

Fixed Assets and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2011

Fixed Assets and Lease Commitments

Schedule of fixed assets

	December 31,

	2010			2011
Building and leasehold improvements	$	56.2		$	59.1
Office equipment		33.0			34.1
Furniture and fixtures		14.7			20.6
Land and improvements		17.0			17.9
Computer software		19.3			20.5

Fixed assets, at cost		140.2			152.2
Accumulated depreciation and amortization		(72.5	)		(83.1	)

Fixed assets, net	$	67.7		$	69.1

Schedule of aggregate future minimum payments for operating leases

	Required Minimum Payments

2012	$	25.7
2013		25.0
2014		21.4
2015		18.8
2016		12.8
Thereafter		42.5

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Accounts Payable and Accrued Liabilities

Schedule of accounts payable and accrued liabilities

	December 31,

	2010		2011
Accrued compensation	$	117.0	$	136.2
Accrued professional fees		17.7		24.3
Accrued distributions		23.5		25.0
Accounts payable		39.8		90.1
Other		54.8		68.0

	$	252.8	$	343.6

Convertible Securities (Tables)

12 Months Ended

Dec. 31, 2011

Convertible Securities

Schedule of carrying amount and fair value of convertible notes

	December 31, 2010				December 31, 2011

	Carrying Value		Principal amount at maturity		Carrying Value		Principal amount at maturity
Senior convertible securities:
2008 senior convertible notes⁽¹⁾	$	422.1	$	460.0	$	435.6	$	460.0

Junior convertible trust preferred securities:
2007 junior convertible trust preferred securities⁽¹⁾	$	296.3	$	430.8	$	297.8	$	430.8
2006 junior convertible trust preferred securities⁽¹⁾		213.6		300.0		214.8		300.0

Total junior convertible securities	$	509.9	$	730.8	$	512.6	$	730.8

(1): Carrying value is accreted to the principal amount at maturity over an expected life of five years for the 2008 senior convertible notes and 30 years for each of the junior convertible trust preferred securities.

Schedule of principal terms of convertible notes

	2008 Senior Convertible Notes⁽¹⁾			2007 Junior Convertible Trust Preferred Securities⁽²⁾			2006 Junior Convertible Trust Preferred Securities⁽³⁾

Issue date		August 2008			October 2007			April 2006
Maturity date		August 2038			October 2037			April 2036
Next potential put date		August 2013			N/A			N/A
Denomination	$	1,000		$	50		$	50
Current conversion rate		7.959			0.250			0.333
Price	$	125.65		$	200.00		$	150.00
Stated coupon		3.95	%		5.15	%		5.10	%
Coupon frequency		Semi-annually			Quarterly			Quarterly
Tax deduction rate⁽⁴⁾		9.38	%		8.00	%		7.50	%

(1): The Company may redeem the notes for cash (subject to the holders' rights to convert) at any time on or after August 15, 2013.
(2): The Company may redeem the 2007 junior convertible trust preferred securities on or after October 15, 2012 if the closing price of the Company's common stock exceeds $260 per share for a specified period of time.

(3): The Company may redeem the 2006 junior convertible trust preferred securities if the closing price of the Company's common stock exceeds $195 per share for a specified period of time.
(4): These convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported Interest expense. These deductions result in annual deferred tax liabilities of approximately $23.2 million. These deferred tax liabilities will be reclassified directly to stockholders' equity if the Company's common stock is trading above certain thresholds at the time of the conversion of the securities.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes

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

	Year Ended December 31,

	2009			2010			2011
Controlling Interests:
Current tax	$	(0.7	)	$	42.1		$	45.0
Intangible related deferred taxes		38.6			47.5			43.2
Other deferred taxes		(9.9	)		(9.3	)		(4.0	)

Total controlling interests		28.0			80.3			84.2

Non-Controlling Interests:
Current tax	$	4.8		$	14.0		$	12.9
Deferred taxes		—			(2.8	)		(4.0	)

Total non-controlling interests		4.8			11.2			8.9

Provision for income taxes	$	32.8		$	91.5		$	93.1

Income before income taxes (controlling interest)	$	87.5		$	218.9		$	249.1

Effective tax rate attributable to controlling interests⁽¹⁾		32.0	%		36.7	%		33.8	%

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

Schedule of consolidated provision for income taxes

	Year Ended December 31,

	2009			2010			2011
Current:
Federal	$	(11.2	)	$	12.8		$	7.7
State		8.4			9.9			9.7
Foreign		6.8			33.4			40.5

Total current		4.0			56.1			57.9

Deferred:
Federal		31.8			43.2			47.4
State		0.6			2.7			4.4
Foreign		(3.6	)		(10.5	)		(16.6	)

Total deferred		28.8			35.4			35.2

Provision for income taxes	$	32.8		$	91.5		$	93.1

Schedule of components of income before income taxes

	Year Ended December 31,

	2009		2010		2011
Domestic	$	180.9	$	186.3	$	243.8
International		64.8		192.6		208.9

	$	245.7	$	378.9	$	452.7

Schedule of effective income tax rate computed by using income before income taxes and applying U.S. federal income tax rate

	Year Ended December 31,

	2009			2010			2011
Tax at U.S. federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefit		8.9			2.0			2.4
Non-deductible expenses		0.7			0.1			0.5
Valuation allowance		(9.2	)		1.0			(1.1	)
Effect of foreign operations		(3.4	)		0.5			—
Foreign basis differences		—			(0.7	)		(0.9	)
Effect of changes in tax law, rates		—			(1.2	)		(2.1	)
Effect of income from non-controlling interests		(18.7	)		(12.5	)		(13.2	)

		13.3	%		24.2	%		20.6	%

Schedule of components of deferred tax assets and liabilities

	December 31,

	2010			2011
Deferred Tax Assets
State net operating loss carryforwards	$	30.6		$	26.5
Foreign tax credit carryforwards		17.3			15.1
Deferred compensation		10.3			17.5
Tax benefit of uncertain tax positions		10.8			11.6
Accrued expenses		8.5			11.6
Capital loss carryforwards		1.5			1.5

Total deferred tax assets		79.0			83.8
Valuation allowance		(38.4	)		(35.6	)

Deferred tax assets, net of valuation allowance	$	40.6		$	48.2

Deferred Tax Liabilities
Intangible asset amortization	$	(209.3	)	$	(247.1	)
Convertible securities interest		(154.5	)		(171.1	)
Non-deductible intangible amortization		(143.1	)		(127.2	)
Deferred revenue		(26.3	)		(5.6	)
Other		(2.8	)		(3.2	)

Total deferred tax liabilities		(536.0	)		(554.2	)

Net deferred tax liability	$	(495.4	)	$	(506.0	)

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits

	2009			2010			2011

Balance as of January 1	$	21.9		$	21.9		$	24.6
Additions based on tax positions related to current year		4.0			7.0			4.8
Additions based on tax positions of prior years		0.2			—			—
Reductions for tax provisions of prior years		—			(1.2	)		—
Settlements		—			—			(1.2	)
Reductions related to lapses of statutes of limitations		(5.0	)		(3.4	)		(6.7	)
Additions (reductions) related to foreign exchange rates		0.8			0.3			(0.3	)

Balance as of December 31	$	21.9		$	24.6		$	21.2

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References + Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Derivative Financial Instruments

Schedule of interest rate swap agreements

	Notional Amount				Receiving	Start Date	Expiration Date

Counterparty A	$	25.0	1.67	%	3-Month LIBOR	October 2010	October 2015
Counterparty A	$	25.0	1.65	%	3-Month LIBOR	October 2010	October 2015
Counterparty B	$	25.0	1.59	%	3-Month LIBOR	October 2010	October 2015
Counterparty B	$	25.0	2.14	%	3-Month LIBOR	October 2010	October 2017

Schedule of location and amount of derivative instrument gains and (losses) before taxes

	2009		2010		2011

Cash Flow Hedges
Interest rate swaps⁽¹⁾	$	—	$	2.5	$	(5.4	)
Treasury rate locks⁽¹⁾		—		3.4		(4.3	)

Total	$	—	$	5.9	$	(9.7	)

(1) Presented within Other comprehensive income.

Schedule of location and fair values of derivative instruments on the Consolidated Balance Sheet

	December 31,

	2010		2011
Cash Flow Hedges
Interest rate swaps⁽¹⁾	$	2.5	$	(2.9	)
Treasury rate locks⁽²⁾		3.4		—

Total	$	5.9	$	(2.9	)

(1): Presented within Other assets and Other long-term liabilities as of December 31, 2010 and 2011, respectively.
(2): Presented within Prepaid expenses and other current assets.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2011

Comprehensive Income

Summary of comprehensive income, net of applicable taxes

	Year Ended December 31, 2009

	Pre-Tax		Tax Expense			Net of Tax
Foreign currency translation adjustment	$	46.8	$	—		$	46.8
Change in net unrealized gain on investment securities		5.3		(2.1	)		3.2

Other comprehensive income	$	52.1	$	(2.1	)	$	50.0

	Year Ended December 31, 2010

	Pre-Tax		Tax Expense			Net of Tax
Foreign currency translation adjustment	$	24.8	$	—		$	24.8
Change in net realized and unrealized gain on derivative securities		5.9		(2.2	)		3.7
Change in net unrealized gain on investment securities		41.3		(15.3	)		26.0

Other comprehensive income	$	72.0	$	(17.5	)	$	54.5

	Year Ended December 31, 2011

	Pre-Tax			Tax Benefit		Net of Tax
Foreign currency translation adjustment	$	(10.2	)	$	—	$	(10.2	)
Change in net realized and unrealized loss on derivative securities		(9.7	)		3.8		(5.9	)
Change in net unrealized loss on investment securities		(56.6	)		22.2		(34.4	)

Other comprehensive loss	$	(76.5	)	$	26.0	$	(50.5	)

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

	December 31, 2010		Other Comprehensive Income			December 31, 2011

Foreign currency translation adjustments	$	67.9	$	(10.2	)	$	57.7
Realized and unrealized gains (losses) on derivative securities		3.7		(5.9	)		(2.2	)
Unrealized gain (loss) on investment securities		28.9		(34.4	)		(5.5	)

Accumulated other comprehensive income	$	100.5	$	(50.5	)	$	50.0

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2011

Affiliate Equity

Schedule of the changes in redeemable non-controlling interests

	2010			2011

Balance as of January 1	$	369.0		$	406.3
Issuance of Redeemable non-controlling interest		19.0			52.5
Repurchase of Redeemable non-controlling interest		(97.3	)		(57.8	)
Changes in redemption value		115.6			50.8

Balance as of December 31	$	406.3		$	451.8

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

	For the Years Ended December 31,

	2009			2010			2011
Net income (controlling interest)	$	59.5		$	138.6		$	164.9
Increase (decrease) in controlling interest paid-in capital from the sale of Affiliate equity		(58.2	)		(45.4	)		(28.1	)

Change from Net income (controlling interest) and net transfers with non-controlling interests	$	1.3		$	93.2		$	136.8

- Definition

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 41
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 42
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
-Appendix A

+ Details

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2011

Goodwill and Acquired Client Relationships

Schedule of changes in goodwill

	Mutual Fund			Institutional			High Net Worth			Total

Balance, as of December 31, 2009	$	561.7		$	603.0		$	248.5		$	1,413.2
Goodwill acquired		219.1			466.6			7.0			692.7
Foreign currency translation		5.9			4.0			6.1			16.0

Balance, as of December 31, 2010	$	786.7		$	1,073.6		$	261.6		$	2,121.9
Goodwill acquired		—			0.1			1.3			1.4
Foreign currency translation		(1.7	)		(2.3	)		(2.0	)		(6.0	)

Balance, as of December 31, 2011	$	785.0		$	1,071.4		$	260.9		$	2,117.3

Schedule of components of intangible assets

	2010				2011

	Carrying Amount		Accumulated Amortization		Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Definite-lived acquired client relationships	$	971.2	$	228.6	$	970.5	$	317.0
Non-amortized intangible assets:
Indefinite-lived acquired client relationships		678.0		—		667.6		—
Goodwill		2,121.9		—		2,117.3		—

Schedule of annual amortization expense attributable to current equity method Affiliates for next five years

Year Ending December 31,	Estimated Amortization Expense

2012	$	32.6
2013		32.6
2014		11.1
2015		2.9
2016		0.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Equity Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2011

Equity Investments in Affiliates

Schedule of financial information for Affiliates accounted for under the equity method

	2009		2010		2011

Revenue⁽¹⁾⁽²⁾	$	361.6	$	619.5	$	581.0
Net income		178.9		444.2		387.9

	2010		2011

Current assets⁽²⁾	$	7,259.3	$	8,193.1
Noncurrent assets		35.6		29.1
Current liabilities		1,471.0		1,022.7
Noncurrent liabilities and Non-controlling interest⁽²⁾		5,338.3		6,754.3

(1): Revenue includes advisory fees for asset management services, investment income and dividends from consolidated investment partnerships.
(2): For its investments in BlueMountain and ValueAct, the Company is entitled to a share of revenue but no portion of the assets held by investors that are unrelated to the Company (which include consolidated investment partnerships).

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2011

Stockholders' Equity

Schedule of recent share repurchase activity

Period		Average Price

2009	—		—
2010	—		—
2011	0.7	$	83.63

Schedule of transactions of the Company's stock option and incentive plans

			Weighted Average Exercise Price

Unexercised options outstanding—January 1, 2011	5.1		$	62.34
Options granted	0.6			99.42
Options exercised	(0.6	)		46.87
Options expired	—			—
Options forfeited	(0.0	)		110.42

Unexercised options outstanding—December 31, 2011	5.1			68.18	4.5

Exercisable at December 31, 2011	3.0			61.66	3.8

Schedule of assumptions used to determine fair value of options granted

	Year Ended December 31,

	2009			2010			2011
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility⁽¹⁾		30.7	%		32.4	%		33.1	%
Risk-free interest rate⁽²⁾		1.8	%		1.6	%		1.3	%
Expected life of options (in years)⁽³⁾		4.0			4.5			4.8
Forfeiture rate⁽³⁾		5.0	%		5.0	%		2.5	%

(1): Based on historical and implied volatility.
(2): Based on the U.S. Treasury yield curve in effect at the date of grant.

(3): Based on the Company's historical data and expected exercise behavior.

Summary of recent share based compensation expense

Period	Share Based Compensation Expense		Tax Benefit

2009	$	8.6	$	3.3
2010		19.5		7.5
2011		30.3		11.6

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share

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

	Year Ended December 31,

	2009		2010		2011
Numerator:
Net income (controlling interest)	$	59.5	$	138.6	$	164.9
Interest expense on convertible securities, net of taxes		0.1		0.1		—

Net income (controlling interest), as adjusted	$	59.6	$	138.7	$	164.9

Denominator:
Average shares outstanding—basic		41.4		47.4		51.8
Effect of dilutive instruments:
Stock options and other awards		0.5		1.0		1.2
Forward sale		0.5		0.6		—
Senior convertible securities		0.9		0.4		—

Average shares outstanding—diluted		43.3		49.4		53.0

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

	Year Ended December 31,

	2009		2010		2011
Stock options		3.1		1.3		1.2
Senior convertible securities		3.6		3.6		3.6
Junior convertible trust preferred securities		4.2		4.2		4.2

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2011

Selected Quarterly Financial Data (Unaudited)

Schedule of quarterly results of operations

	2010

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	251.0	$	332.0	$	354.4	$	420.8
Operating income		68.5		95.8		95.6		114.1
Income before income taxes		64.7		75.1		93.0		146.0
Net income (controlling interest)		17.4		25.2		34.0		62.0
Earnings per share—diluted	$	0.38	$	0.53	$	0.65	$	1.18

	2011

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	426.3	$	462.3	$	413.8	$	402.4
Operating income		124.9		140.0		126.0		95.2
Income before income taxes		116.1		127.7		99.9		109.0
Net income (controlling interest)⁽¹⁾		39.1		45.4		40.1		40.3
Earnings per share—diluted	$	0.74	$	0.85	$	0.76	$	0.77

(1): During the third quarter of 2011, the Company recorded a deferred tax benefit of $3.9 million ($2.6 million attributable to the controlling interest) from the revaluation of its deferred taxes as a result of a reduction of corporate tax rates in the United Kingdom. In the fourth quarter of 2011, the Company determined that the revaluation of the tax benefit should have been $7.6 million ($5.2 million to the controlling interest). The net effect of this change, which was reflected as an out-of-period adjustment in the fourth quarter, reduced Income taxes by $3.7 million ($2.6 million to the controlling interest) and was not material to the Consolidated Financial Statements.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information

Schedule of segment information

Statements of Income

	2009

	Mutual Fund			Institutional			High Net Worth			Total
Revenue	$	313.2		$	415.6		$	113.0		$	841.8
Operating expenses:
Depreciation and other amortization		7.1			29.3			9.2			45.6
Other operating expenses		202.1			277.8			76.4			556.3

		209.2			307.1			85.6			601.9

Operating income		104.0			108.5			27.4			239.9

Non-operating (income) and expenses:
Investment and other (income) loss		(15.1	)		(6.3	)		(3.5	)		(24.9	)
Income from equity method investments		(1.0	)		(28.5	)		(2.1	)		(31.6	)
Investment (income) loss from Affiliate investments in partnerships		(0.2	)		(1.2	)		(26.0	)		(27.4	)
Interest expense		21.8			45.9			10.4			78.1

		5.5			9.9			(21.2	)		(5.8	)

Income before income taxes		98.5			98.6			48.6			245.7
Income taxes		13.9			15.0			3.9			32.8

Net income		84.6			83.6			44.7			212.9
Net income (non-controlling interests)		(54.7	)		(58.7	)		(13.3	)		(126.7	)
Net (income) loss (non-controlling interests in partnerships)		(0.2	)		(1.3	)		(25.2	)		(26.7	)

Net income (controlling interest)	$	29.7		$	23.6		$	6.2		$	59.5

Total assets	$	1,182.9		$	1,703.0		$	505.0		$	3,390.9
Goodwill	$	561.7		$	603.0		$	248.5		$	1,413.2

	2010

	Mutual Fund			Institutional			High Net Worth			Total
Revenue	$	578.8		$	649.2		$	130.2		$	1,358.2
Operating expenses:
Depreciation and other amortization		15.3			49.6			9.2			74.1
Other operating expenses		401.2			424.9			84.0			910.1

		416.5			474.5			93.2			984.2

Operating income		162.3			174.7			37.0			374.0

Non-operating (income) and expenses:
Investment and other (income) loss		(7.7	)		(11.0	)		(4.2	)		(22.9	)
Income from equity method investments		0.4			(70.4	)		(7.5	)		(77.5	)
Investment (income) loss from Affiliate investments in partnerships		0.1			0.2			4.2			4.5
Interest expense		32.4			49.6			9.1			91.1

		25.2			(31.6	)		1.6			(4.8	)

Income before income taxes		137.1			206.3			35.4			378.8
Income taxes		36.2			47.1			8.2			91.5

Net income		100.9			159.2			27.2			287.3
Net income (non-controlling interests)		(54.7	)		(81.6	)		(16.8	)		(153.1	)
Net (income) loss (non-controlling interests in partnerships)		0.1			0.2			4.1			4.4

Net income (controlling interest)	$	46.3		$	77.8		$	14.5		$	138.6

Total assets	$	1,848.4		$	2,997.4		$	434.0		$	5,279.8
Goodwill	$	786.7		$	1,073.6		$	261.6		$	2,121.9

	2011

	Mutual Fund			Institutional			High Net Worth			Total
Revenue	$	723.7		$	841.4		$	139.7		$	1,704.8
Operating expenses:
Depreciation and other amortization		28.0			76.9			7.8			112.7
Other operating expenses		492.4			524.9			88.7			1,106.0

		520.4			601.8			96.5			1,218.7

Operating income		203.3			239.6			43.2			486.1

Non-operating (income) and expenses:
Investment and other (income) loss		0.6			(6.9	)		11.3			5.0
Income from equity method investments		(7.9	)		(57.2	)		(7.6	)		(72.7	)
Investment (income) loss from Affiliate investments in partnerships		—			—			—			—
Interest expense		37.6			54.8			8.7			101.1

		30.3			(9.3	)		12.4			33.4

Income before income taxes		173.0			248.9			30.8			452.7
Income taxes		34.4			53.4			5.3			93.1

Net income		138.6			195.5			25.5			359.6
Net income (non-controlling interests)		(73.1	)		(105.3	)		(16.3	)		(194.7	)
Net (income) loss (non-controlling interests in partnerships)		—			—			—			—

Net income (controlling interest)	$	65.5		$	90.2		$	9.2		$	164.9

Total assets	$	1,920.6		$	2,836.2		$	462.1		$	5,218.9
Goodwill	$	785.0		$	1,071.4		$	260.9		$	2,117.3

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2011 Y M
Principles of Consolidation
Minimum ownership percentage for applying equity method accounting to investments	20.00%
Maximum ownership percentage for applying cost method accounting to investments	20.00%
Cash and Cash Equivalents
Maximum term of original maturity to classify instruments as cash equivalents (in months) \| M	3
Office equipment and furniture and fixtures
Fixed Assets
Estimated useful life, minimum (in years)	3
Estimated useful life, maximum (in years)	10
Computer software
Fixed Assets
Estimated useful life, maximum (in years)	3
Building
Fixed Assets
Estimated useful life (in years)	39

Investments (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Cost of investments in marketable securities, gross unrealized gains and losses
Total investment	$ 100.4	$ 116.0
Value Partners Group Limited ("Value Partners")
Cost of investments in marketable securities, gross unrealized gains and losses
Total investment	$ 79.6
Outstanding common stock (as a percent)	7.80%

Investments (Details 2) - Equity securities - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale
Cost	$ 97.6	$ 55.0
Gross Unrealized Gains	1.4	45.6
Gross Unrealized Losses	(12.7)
Fair Value	$ 86.3	$ 100.6

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References + Details

Investments (Details 3) - USD ($) $ in Millions	12 Months Ended
Investments (Details 3) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Summary of the cost, gross unrealized gains and losses and fair value of investments classified as trading securities
Cost	$ 13.5	$ 14.3
Gross Unrealized Gains	0.9	1.5
Gross Unrealized Losses	(0.3)	(0.4)
Fair Value	14.1	15.4
Summary of the Company's realized gains and losses on investments classified as trading securities
Gains	0.9	0.5
Losses	(0.7)
Net realized gains (losses)	$ 0.2	0.5
Cost Method Investments
Maximum percentage of ownership interest	20.00%
Value of cost method investments	$ 14.6	27.4
Write-off of cost method investments	12.8
Other Investments
Other investments	145.3	124.5
Other investments reported within Prepaid expenses and other current assets	31.2	18.3
Other investments reported within Other assets	114.1	106.2
Equity securities
Summary of the cost, gross unrealized gains and losses and fair value of investments classified as trading securities
Cost	13.5	14.1
Gross Unrealized Gains	0.9	1.5
Gross Unrealized Losses	(0.3)	(0.4)
Fair Value	$ 14.1	15.2
Debt securities
Summary of the cost, gross unrealized gains and losses and fair value of investments classified as trading securities
Cost		0.2
Fair Value		$ 0.2

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Financial Assets
Trading securities	$ 14.1	$ 15.4
Other investments	150.6	140.9
Fair value measured on a recurring basis \| Fair value
Financial Assets
Cash equivalents	23.2	36.0
Trading securities	14.1	15.4
Available for sale securities	86.3	100.6
Other investments	145.3	124.5
Interest rate derivatives		5.9
Financial Liabilities
Contingent payment arrangements	87.1	77.6
Obligations to related parties	92.0	79.6
Interest rate derivatives	2.9
Fair value measured on a recurring basis \| Level 1
Financial Assets
Cash equivalents	23.2	36.0
Trading securities	14.1	15.2
Available for sale securities	86.3	99.2
Other investments	31.1	16.9
Fair value measured on a recurring basis \| Level 2
Financial Assets
Trading securities		0.2
Available for sale securities		1.4
Other investments	10.8	21.9
Interest rate derivatives		5.9
Financial Liabilities
Interest rate derivatives	2.9
Fair value measured on a recurring basis \| Level 3
Financial Assets
Other investments	103.4	85.7
Financial Liabilities
Contingent payment arrangements	87.1	77.6
Obligations to related parties	$ 92.0	$ 79.6

Fair Value Measurements (Details 2) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details 2) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Changes in level 3 assets and liabilities
Change in contingent payment arrangements	$ 6.4
Other investments
Changes in level 3 assets and liabilities
Balance at the beginning of the period	85.7	$ 4.0
Net realized gains/losses	(0.2)
Net unrealized gains/losses relating to instruments still held at the reporting date	9.6	5.2
Purchases and issuances	17.7	84.5
Settlements and reductions	(9.4)	(4.3)
Net transfers in and/or out of Level 3		(3.7)
Balance at the end of period	103.4	85.7
Contingent payment arrangements
Changes in level 3 assets and liabilities
Balance at the beginning of the period	77.6	27.1
Net unrealized gains/losses relating to instruments still held at the reporting date	9.5	11.0
Purchases and issuances		66.6
Settlements and reductions		(27.1)
Balance at the end of period	87.1	77.6
Obligations to related parties
Changes in level 3 assets and liabilities
Balance at the beginning of the period	79.6	78.7
Net realized gains/losses	0.4	(1.0)
Net unrealized gains/losses relating to instruments still held at the reporting date	1.7	4.8
Purchases and issuances	52.8	87.2
Settlements and reductions	(42.5)	(90.1)
Balance at the end of period	$ 92.0	$ 79.6

Fair Value Measurements (Details 3) $ in Millions	Dec. 31, 2011 USD ($) Y	Dec. 31, 2010 USD ($) Y
NAV of investments at fair value
Fair Value	$ 150.6	$ 140.9
Unfunded Commitments	80.5	89.2
Fair market value of 2008 senior convertible notes	500.0
Fair market value of junior convertible trust preferred securities	594.3
Private equity fund-of-funds
NAV of investments at fair value
Fair Value	103.4	85.7
Unfunded Commitments	$ 80.5	$ 89.2
Liquidation of underlying assets over the life of the funds (in years) \| Y	15	15
Other funds
NAV of investments at fair value
Fair Value	$ 47.2	$ 55.2

Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Sponsored investment funds
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 3,618.4	$ 3,350.7
Carrying Value and Maximum Exposure to Loss	1.1	0.8
Trust preferred vehicles
Variable Interest Entities
Unconsolidated VIE Net Assets	9.0	9.0
Carrying Value and Maximum Exposure to Loss	$ 9.0	$ 9.0

Fixed Assets and Lease Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Fixed assets
Fixed assets, at cost	$ 152.2	$ 140.2
Accumulated depreciation and amortization	(83.1)	(72.5)
Fixed assets, net	69.1	67.7
Future minimum payments for operating leases
2012	25.7
2013	25.0
2014	21.4
2015	18.8
2016	12.8
Thereafter	42.5
Consolidated rent expense	29.9	23.3	$ 19.6
Building and leasehold improvements
Fixed assets
Fixed assets, at cost	59.1	56.2
Office equipment
Fixed assets
Fixed assets, at cost	34.1	33.0
Furniture and fixtures
Fixed assets
Fixed assets, at cost	20.6	14.7
Land and improvements
Fixed assets
Fixed assets, at cost	17.9	17.0
Computer software
Fixed assets
Fixed assets, at cost	$ 20.5	$ 19.3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Accounts Payable and Accrued Liabilities
Accrued compensation	$ 136.2	$ 117.0
Accrued professional fees	24.3	17.7
Accrued distributions	25.0	23.5
Accounts payable	90.1	39.8
Other	68.0	54.8
Accounts payable and accrued liabilities	$ 343.6	$ 252.8

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Benefit Plans (Details) $ in Millions	12 Months Ended
Benefit Plans (Details) $ in Millions	Dec. 31, 2011 USD ($) plan	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Benefit Plans
Number of defined contribution plans \| plan	3
Consolidated expenses related to benefit plans \| $	$ 12.0	$ 12.1	$ 9.7

Senior Bank Debt (Details) $ in Millions	1 Months Ended	12 Months Ended
Senior Bank Debt (Details) $ in Millions	Nov. 30, 2011 USD ($)	Dec. 31, 2011 USD ($) Y	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Senior Bank Debt
Repayments on line of credit facility		$ 570.0	$ 731.5	$ 375.5
Amended credit facility
Senior Bank Debt
Maximum borrowing capacity		1,000.0
Revolving credit facility
Senior Bank Debt
Maximum borrowing capacity		750.0
Principal amount maturing on November 3, 2016		$ 720.0
Term of debt (in years) \| Y		5
Remaining principal amount maturing on January 12, 2015		$ 30.0
Option to increase the borrowing capacity under revolving credit facility		150.0
Previous revolving credit facility
Senior Bank Debt
Repayments on line of credit facility	$ 210.0
Term loan
Senior Bank Debt
Maximum borrowing capacity		$ 250.0
Term of debt (in years) \| Y		5
Option to increase the borrowing capacity under revolving credit facility		$ 250.0

Convertible Securities (Details)	12 Months Ended
Convertible Securities (Details)	Dec. 31, 2011 USD ($) Y security $ / shares	Dec. 31, 2010 USD ($)
Convertible Securities
Carrying Value	$ 435,600,000	$ 422,100,000
Carrying Value	512,600,000	509,900,000
Principal amount at maturity	$ 730,800,000	730,800,000
2008 senior convertible notes
Debt
Number of securities outstanding \| security	1
Convertible Securities
Carrying Value	$ 435,600,000	422,100,000
Principal amount at maturity	$ 460,000,000	460,000,000
Term of debt (in years) \| Y	5
Principal terms of Convertible Debt Securities
Denomination	$ 1,000
Current conversion rate	7.959
Price (in dollars per share) \| $ / shares	$ 125.65
Stated coupon (as a percent)	3.95%
Tax deduction rate (as a percent)	9.38%
Deferred tax liabilities	$ 23,200,000
Junior convertible trust preferred securities
Debt
Number of securities outstanding \| security	2
2007 junior convertible trust preferred securities
Convertible Securities
Carrying Value	$ 297,800,000	296,300,000
Principal amount at maturity	$ 430,800,000	430,800,000
Term of debt (in years) \| Y	30
Principal terms of Convertible Debt Securities
Denomination	$ 50
Current conversion rate	0.250
Price (in dollars per share) \| $ / shares	$ 200.00
Stated coupon (as a percent)	5.15%
Tax deduction rate (as a percent)	8.00%
Deferred tax liabilities	$ 23,200,000
Minimum stock price for convertible notes to be redeemed (in dollars per share) \| $ / shares	$ 260
2006 junior convertible trust preferred securities
Convertible Securities
Carrying Value	$ 214,800,000	213,600,000
Principal amount at maturity	$ 300,000,000	$ 300,000,000
Term of debt (in years) \| Y	30
Principal terms of Convertible Debt Securities
Denomination	$ 50
Current conversion rate	0.333
Price (in dollars per share) \| $ / shares	$ 150.00
Stated coupon (as a percent)	5.10%
Tax deduction rate (as a percent)	7.50%
Deferred tax liabilities	$ 23,200,000
Minimum stock price for convertible notes to be redeemed (in dollars per share) \| $ / shares	$ 195

Forward Equity Sale Agreements (Details) shares in Millions, $ in Millions	1 Months Ended		12 Months Ended	24 Months Ended
	Jul. 31, 2011 USD ($) agreement	Mar. 31, 2009 USD ($) shares	Dec. 31, 2010 USD ($) shares	Dec. 31, 2009 USD ($) agreement
Forward equity sale agreements
Number of agreements under the forward equity sale agreements \| agreement	2			3
Value of common stock to sell under each agreement, maximum	$ 300.0			$ 200.0
Forward Equity Sale Agreements
Amount settled		$ 147.2	$ 349.3
Issued shares of common stock (in shares) \| shares		1.8	5.5

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income tax provision
Current tax	$ 57.9	$ 56.1	$ 4.0
Deferred taxes	35.2	35.4	28.7
Provision for income taxes	93.1	91.5	32.8
Controlling Interests:
Income tax provision
Current tax	45.0	42.1	(0.7)
Intangible related deferred taxes	43.2	47.5	38.6
Other deferred taxes	(4.0)	(9.3)	(9.9)
Provision for income taxes	84.2	80.3	28.0
Income before income taxes (controlling interest)	$ 249.1	$ 218.9	$ 87.5
Effective tax rate attributable to controlling interests (as a percent)	33.80%	36.70%	32.00%
Non-Controlling interests
Income tax provision
Current tax	$ 12.9	$ 14.0	$ 4.8
Deferred taxes	(4.0)	(2.8)
Provision for income taxes	$ 8.9	$ 11.2	$ 4.8

Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Current:
Federal	$ 7.7	$ 12.8	$ (11.2)
State	9.7	9.9	8.4
Foreign	40.5	33.4	6.8
Total Current	57.9	56.1	4.0
Deferred:
Federal	47.4	43.2	31.8
State	4.4	2.7	0.6
Foreign	(16.6)	(10.5)	(3.6)
Total Deferred	35.2	35.4	28.7
Provision for income taxes	$ 93.1	$ 91.5	$ 32.8

Income Taxes (Details 3) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Millions	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Components of income before income taxes
Domestic			$ 243.8	$ 186.3	$ 180.9
International			208.9	192.6	64.8
Total			$ 452.7	$ 378.9	$ 245.7
Reconciliation of effective income tax rate and rate applying the U.S. federal income tax rate
Tax at U.S. federal income tax rate (as a percent)			35.00%	35.00%	35.00%
State income taxes, net of federal benefit (as a percent)			2.40%	2.00%	8.90%
Non-deductible expenses (as a percent)			0.50%	0.10%	0.70%
Valuation allowance (as a percent)			(1.10%)	1.00%	(9.20%)
Effect of foreign operations (as a percent)				0.50%	(3.40%)
Foreign basis differences (as a percent)			(0.90%)	(0.70%)
Effect of changes in tax law, rates (as a percent)			(2.10%)	(1.20%)
Effect of income from non-controlling interests (as a percent)			(13.20%)	(12.50%)	(18.70%)
Total effective income tax rate (as a percent)			20.60%	24.20%	13.30%
Reduction of state net operating loss carryforwards and valuation allowance					$ 3.7
Deferred tax benefit due to revaluation of deferred taxes as a result of a reduction in corporate tax rates in the United Kingdom	$ 3.7	$ 3.9	$ 7.6	$ 4.1
Excess of the financial reporting over the tax basis in investments in foreign subsidiaries	25.0		25.0
Additional deferred taxes not provided on the investments in foreign subsidiaries over the tax basis	2.1		2.1
Cumulative deferred taxes not provided on the investments in foreign subsidiaries over the tax basis	$ 9.5		$ 9.5

Income Taxes (Details 4) $ in Millions	Dec. 31, 2011 USD ($) Y	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Deferred Tax Assets
State net operating loss carryforwards	$ 26.5	$ 30.6
Foreign tax credit carryforwards	15.1	17.3
Deferred compensation	17.5	10.3
Tax benefit of uncertain tax positions	11.6	10.8
Accrued expenses	11.6	8.5
Capital loss carryforwards	1.5	1.5
Total deferred tax assets	83.8	79.0
Valuation allowance	(35.6)	(38.4)
Deferred tax assets, net of valuation allowance	48.2	40.6
Deferred Tax Liabilities
Intangible asset amortization	(247.1)	(209.3)
Convertible securities interest	(171.1)	(154.5)
Non-deductible intangible amortization	(127.2)	(143.1)
Deferred revenue	(5.6)	(26.3)
Other	(3.2)	(2.8)
Total deferred tax liabilities	(554.2)	(536.0)
Net deferred tax liability	$ (506.0)	(495.4)
State net operating loss carryforwards, expiration period (in years) \| Y	15
Foreign tax credit carryforwards, expiration period (in years) \| Y	10
Liability for uncertain tax positions including interest and related charges	$ 21.3	24.6	$ 21.9
Accrued income tax interest and related charges	1.6	3.2	4.4
Unrecognized tax benefits that, if recognized, would affect effective tax rate	$ 12.6	$ 16.7	$ 13.9

Income Taxes (Details 5) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 5) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	$ 24.6	$ 21.9	$ 21.9
Additions based on tax positions related to current year	4.8	7.0	4.0
Additions based on tax positions of prior years			0.2
Reductions for tax provisions of prior years		(1.2)
Settlements	(1.2)
Reductions related to lapses of statutes of limitations	(6.7)	(3.4)	(5.0)
Additions (reductions) related to foreign exchange rates	(0.3)	0.3	0.8
Balance at the end of the period	$ 21.2	$ 24.6	$ 21.9

Derivative Financial Instruments (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2011	Feb. 28, 2011	Dec. 31, 2011	Dec. 31, 2010	Sep. 30, 2011	Nov. 30, 2010
Interest rate swaps
Derivative financial instruments
Fair value of collateral posted			$ 3.5
Interest rate swaps \| Counterparty A paying 1.67% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements				$ 25.0
Derivative reference rate				3-Month LIBOR
Interest rate swaps \| Counterparty A paying 1.65% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements				$ 25.0
Derivative reference rate				3-Month LIBOR
Interest rate swaps \| Counterparty B paying 1.59% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements				$ 25.0
Derivative reference rate				3-Month LIBOR
Interest rate swaps \| Counterparty B paying 2.14% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements				$ 25.0
Derivative reference rate				3-Month LIBOR
Treasury rate locks
Derivative financial instruments
Notional amount of interest rate derivative agreements					$ 75.0	$ 100.0
Net pre-tax unrealized gain (loss) on the derivative instruments	$ (4.7)	$ 4.0
Amount of Gain (Loss) Recognized in Other Comprehensive Income			$ 0.7

Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Treasury rate locks
Summary of the location and amount of derivative instrument gains and losses (before taxes) reported in the Consolidated Statements of Income
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ (0.7)
Cash Flow Hedges
Summary of the location and amount of derivative instrument gains and losses (before taxes) reported in the Consolidated Statements of Income
Amount of Gain (Loss) Recognized in Other Comprehensive Income	(9.7)	$ 5.9
Cash Flow Hedges \| Interest rate swaps
Summary of the location and amount of derivative instrument gains and losses (before taxes) reported in the Consolidated Statements of Income
Amount of Gain (Loss) Recognized in Other Comprehensive Income	(5.4)	2.5
Cash Flow Hedges \| Treasury rate locks
Summary of the location and amount of derivative instrument gains and losses (before taxes) reported in the Consolidated Statements of Income
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ (4.3)	$ 3.4

Derivative Financial Instruments (Details 3) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Fair values of derivative instruments
Cash Flow Hedges, Fair value of derivative assets	$ (2.9)	$ 5.9
Interest rate swaps
Fair values of derivative instruments
Cash Flow Hedges, Fair value of derivative assets	$ (2.9)	2.5
Treasury rate locks
Fair values of derivative instruments
Cash Flow Hedges, Fair value of derivative assets		$ 3.4

Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Other Comprehensive Income (Loss), Pre-Tax
Foreign currency translation adjustment, Pre-Tax	$ (10.2)	$ 24.8	$ 46.8
Change in net realized and unrealized gain on derivative securities, Pre-Tax	(9.7)	5.9
Change in net unrealized gain on investment securities, Pre-Tax	(56.6)	41.3	5.3
Other comprehensive income, Pre-Tax	(76.5)	72.0	52.1
Other Comprehensive Income (Loss), Tax Expenses
Change in net realized and unrealized gain on derivative securities, Tax Expense	3.8	(2.2)
Change in net unrealized gain on investment securities, Tax Expense	22.2	(15.3)	(2.1)
Other comprehensive income, Tax Expense	26.0	(17.5)	(2.1)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment, Net of Tax	(10.2)	24.8	46.8
Change in net realized and unrealized gain on derivative securities, Net of Tax	(5.9)	3.7
Change in net unrealized gain on investment securities, Net of Tax	(34.4)	26.0	3.2
Other comprehensive income (loss), Net of Tax	$ (50.5)	$ 54.5	$ 50.0

Comprehensive Income (Details 2) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Foreign currency translation adjustments	$ 57.7	$ 67.9
Realized and unrealized gains (losses) on derivative securities	(2.2)	3.7
Unrealized gain (loss) on investment securities	(5.5)	28.9
Accumulated other comprehensive income	50.0	$ 100.5
Other Comprehensive Income, foreign currency translation adjustments
Foreign currency translation adjustments	(10.2)
Other Comprehensive Income, realized and unrealized gain (loss) on derivatives
Realized and unrealized gains (losses) on derivative securities	(5.9)
Other Comprehensive Income, unrealized gain (loss) on investment securities
Unrealized gain (loss) on investment securities	(34.4)
Other Comprehensive Income, accumulated other comprehensive income
Accumulated other comprehensive income	$ (50.5)

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

+ Details

- Definition

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

+ References

+ Details

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2011 USD ($)
Commitments and Contingencies
Acquisition agreements contingency liability	$ 491.4
Recognized gain under past acquisition agreements	4.8
Recognized gain attributable to the controlling interest under past acquisition agreements	3.1
Expected payments to settle contingent obligations	108.0
Expected payments to settle contingent obligations in 2012	80.1
Pantheon
Commitments and Contingencies
Co-investment commitments in partnership	80.5
Pantheon \| Russell
Commitments and Contingencies
Reimbursable amount of investment commitments	$ 47.6

Affiliate Equity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Affiliate Equity (Details) - USD ($) $ in Millions	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Affiliate Equity
Compensation expenses related to Affiliate equity									$ 29.0	$ 26.2	$ 16.8
Compensation expenses related to Affiliate equity, attributable to controlling interest									22.1	14.5	13.2
Changes in redeemable non-controlling interests during the period
Balance at the beginning of the period				$ 406.3				$ 369.0	406.3	369.0
Issuance of Redeemable non-controlling interest									52.5	19.0
Repurchase of Redeemable non-controlling interest									(57.8)	(97.3)
Changes in redemption value									50.8	115.6
Balance at the end of the period	$ 451.8				$ 406.3				451.8	406.3	369.0
Effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity
Net income (controlling interest)	$ 40.3	$ 40.1	$ 45.4	$ 39.1	$ 62.0	$ 34.0	$ 25.2	$ 17.4	164.9	138.6	59.5
Increase (decrease) in controlling interest paid-in capital from the sale of Affiliate equity									(28.1)	(45.4)	(58.2)
Change from Net income (controlling interest) and net transfers with non-controlling interests									$ 136.8	$ 93.2	$ 1.3

Goodwill and Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Changes in goodwill
Balance at the beginning of the period	$ 2,121.9	$ 1,413.3
Goodwill acquired	1.4	692.7
Foreign currency translation	(6.0)	16.0
Balance at the end of the period	2,117.3	2,121.9
Adjustment to goodwill related to business combination	4.5
Out-of-period adjustment to the initial estimate of contingent payment obligation	6.4
Reduction in goodwill	9.3
Mutual Fund
Changes in goodwill
Balance at the beginning of the period	786.7	561.7
Goodwill acquired		219.1
Foreign currency translation	(1.7)	5.9
Balance at the end of the period	785.0	786.7
Institutional
Changes in goodwill
Balance at the beginning of the period	1,073.6	603.0
Goodwill acquired	0.1	466.6
Foreign currency translation	(2.3)	4.0
Balance at the end of the period	1,071.4	1,073.6
High Net Worth
Changes in goodwill
Balance at the beginning of the period	261.6	248.5
Goodwill acquired	1.3	7.0
Foreign currency translation	(2.0)	6.1
Balance at the end of the period	$ 260.9	$ 261.6

Goodwill and Acquired Client Relationships (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Y	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Amortized intangible assets:
Goodwill	$ 2,117.3	$ 2,121.9	$ 1,413.3
Annual amortization expense attributable to current equity method Affiliates for next five years
2012	32.6
2013	32.6
2014	11.1
2015	2.9
2016	0.2
Indefinite-lived acquired client relationships
Non-amortized intangible assets:
Indefinite lived Intangible assets, Carrying Amount	667.6	678.0
Definite-lived acquired client relationships
Amortized intangible assets:
Intangible assets, Carrying Amount	970.5	971.2
Intangible assets, Accumulated Amortization	$ 317.0	$ 228.6
Amortization expenses
Weighted average life (in years) \| Y	10
Annual amortization expense for the next five years	$ 88.5
Number of annual periods of expected amortization expense (in years) \| Y	5
Acquired client relationships under equity method investments
Amortization expenses
Weighted average life (in years) \| Y	7
Number of annual periods of expected amortization expense (in years) \| Y	5
Amortization expense during the period	$ 32.9
Impairment of the indefinite-lived intangible assets	$ 9.2

Equity Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summarized financial information for Affiliates accounted for under the equity method
Revenue	$ 581.0	$ 619.5	$ 361.6
Net income	387.9	444.2	$ 178.9
Current assets	8,193.1	7,259.3
Noncurrent assets	29.1	35.6
Current liabilities	1,022.7	1,471.0
Noncurrent liabilities and Non-controlling interest	6,754.3	$ 5,338.3
Undistributed earnings from equity method investments	$ 32.5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph bb
-Article 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph w
-Article 1

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph g
-Subparagraph 1, 2

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(g))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

The amount of noncurrent assets reported by an equity method investment of the entity.

+ References

+ Details

Net income (non-controlling interests) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Net Income (non-controlling interests)
Net income (non-controlling interests)	$ 194.7	$ 153.1	$ 126.7

Stockholders' Equity (Details) - $ / shares	12 Months Ended
Stockholders' Equity (Details) - $ / shares	Dec. 31, 2011	Dec. 31, 2010
Share repurchase activity
Shares Repurchase	700,000
Common stock, shares authorized	153,000,000	153,000,000
Common Stock
Stockholders' equity
Maximum number of shares yet to be repurchased	2,900,000
Share repurchase activity
Shares Repurchase	700,000
Average Price (in dollars per share)	$ 83.63
Voting Common Stock
Share repurchase activity
Common stock, shares authorized	150,000,000
Class B Non-Voting Common Stock
Share repurchase activity
Common stock, shares authorized	3,000,000
Preferred Stock
Share repurchase activity
Preferred stock, shares authorized	5,000,000

Stockholders' Equity (Details 2) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Y $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 USD ($)	May 31, 2011 shares	May 31, 2006 shares	Dec. 31, 2002 shares
Weighted Average Remaining Contractual Life (years)
Excess tax benefit classified as financing cash flow \| $	$ 7.1	$ 10.1	$ 7.5
Stock Option and Incentive Plan
Stock option and incentive plans
Vesting period of grants, minimum (in years)	P3Y
Vesting period of grants, maximum (in years)	P5Y
Summary of transactions of stock option and incentive plans:
Unexercised options outstanding at the beginning of the period (in shares)	5.1
Options granted (in shares)	0.6
Options exercised (in shares)	(0.6)
Options forfeited (in shares)	0.0
Unexercised options outstanding at the end of the period (in shares)	5.1	5.1
Exercisable at the end of the period (in shares)	3.0
Weighted Average Exercise Price
Unexercised options outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 62.34
Options granted (in dollars per share) \| $ / shares	99.42
Options exercised (in dollars per share) \| $ / shares	46.87
Options forfeited (in dollars per share) \| $ / shares	110.42
Unexercised options outstanding at the end of the period (in dollars per share) \| $ / shares	68.18	$ 62.34
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 61.66
Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding at the end of the period (in years) \| Y	4.5
Exercisable at the end of the period (in years) \| Y	3.8
Total intrinsic value of options exercised \| $	$ 35.4	$ 42.3	32.2
Intrinsic value of exercisable options \| $	$ 103.6
Options available for future grant under the Company's option plans (in shares)	3.5
Cash received for options exercised \| $	$ 28.0	46.4
Actual tax benefit recognized for options exercised \| $	8.2	14.6
Excess tax benefit classified as financing cash flow \| $	$ 7.1	10.1
Stock Option and Incentive Plan \| Maximum
Stock option and incentive plans
Expiration period of grants (in years)	P10Y
Stock Option and Incentive Plan \| Minimum
Stock option and incentive plans
Expiration period of grants (in years)	P7Y
1997 Plan
Stock option and incentive plans
Shares authorized for issuance						7.9
2002 Plan
Stock option and incentive plans
Shares authorized for issuance						3.4
The rolling period the plan requires the majority of the grants to be to employees of the Company who are not executive officers or directors of the Company (in years)	3 years
2006 Plan
Stock option and incentive plans
Shares authorized for issuance					3.0
2011 Plan
Stock option and incentive plans
Shares authorized for issuance				4.0
Long-Term Executive Incentive and Deferred Compensation Plans
Weighted Average Remaining Contractual Life (years)
Aggregate fair value of awards \| $	$ 3.3	1.0	$ 20.9
Service period for recognition of expense for awards (in years)	4 years
Long-Term Equity Incentive Plan
Weighted Average Remaining Contractual Life (years)
Aggregate fair value of awards \| $	$ 14.6	$ 21.0

Stockholders' Equity (Details 3) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Y $ / shares	Dec. 31, 2010 USD ($) Y $ / shares	Dec. 31, 2009 USD ($) Y $ / shares
Recent share based compensation expense
Share Based Compensation Expense	$ 30.3	$ 19.5	$ 8.6
Tax Benefit	11.6	7.5	$ 3.3
Compensation expense related to share-based compensation	$ 80.0	$ 75.4
Weighted average period over which compensation expense will be recognized (in years) \| Y	3	4
Stock Option and Incentive Plan
Options granted
Weighted average fair value of options granted (in dollars per share) \| $ / shares	$ 30.27	$ 23.54	$ 17.03
Assumptions used to determine fair value of options granted
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility (as a percent)	33.10%	32.40%	30.70%
Risk-free interest rate (as a percent)	1.30%	1.60%	1.80%
Expected life of options (in years) \| Y	4.8	4.5	4.0
Forfeiture rate (as a percent)	2.50%	5.00%	5.00%

Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Numerator:
Net income (controlling interest)	$ 40.3	$ 40.1	$ 45.4	$ 39.1	$ 62.0	$ 34.0	$ 25.2	$ 17.4	$ 164.9	$ 138.6	$ 59.5
Interest expense on convertible securities, net of taxes										0.1	0.1
Net income (controlling interest), as adjusted									$ 164.9	$ 138.7	$ 59.6
Denominator:
Average shares outstanding - basic (in shares)									51.8	47.4	41.4
Effect of dilutive instruments:
Stock options and other awards (in shares)									1.2	1.0	0.5
Forward sale (in shares)										0.6	0.5
Senior convertible securities (in shares)										0.4	0.9
Average shares outstanding - diluted (in shares)									53.0	49.4	43.3
Shares repurchased under share repurchase programs									0.7
Stock options
Anti-dilutive securities
Anti-dilutive potential exercise of options excluded from computation of diluted earnings per share (in shares)									1.2	1.3	3.1
Senior convertible notes
Anti-dilutive securities
Anti-dilutive potential exercise of options excluded from computation of diluted earnings per share (in shares)									3.6	3.6	3.6
Junior convertible trust preferred securities
Anti-dilutive securities
Anti-dilutive potential exercise of options excluded from computation of diluted earnings per share (in shares)									4.2	4.2	4.2

Financial Instruments and Risk Management (Details) $ in Millions	Dec. 31, 2011 USD ($)
2008 senior convertible notes
Fair Value
Fair market value of securities	$ 500.0
Junior convertible trust preferred securities
Fair Value
Fair market value of securities	$ 594.3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Selected Quarterly Financial Data (Unaudited)
Revenue	$ 402.4	$ 413.8	$ 462.3	$ 426.3	$ 420.8	$ 354.4	$ 332.0	$ 251.0	$ 1,704.8	$ 1,358.2	$ 841.8
Operating income	95.2	126.0	140.0	124.9	114.1	95.6	95.8	68.5	486.1	374.0	239.9
Income before income taxes	109.0	99.9	127.7	116.1	146.0	93.0	75.1	64.7	452.7	378.8	245.7
Net income (controlling interest)	$ 40.3	$ 40.1	$ 45.4	$ 39.1	$ 62.0	$ 34.0	$ 25.2	$ 17.4	$ 164.9	$ 138.6	$ 59.5
Earnings per share - diluted (in dollars per share)	$ 0.77	$ 0.76	$ 0.85	$ 0.74	$ 1.18	$ 0.65	$ 0.53	$ 0.38	$ 3.11	$ 2.81	$ 1.38
Deferred tax benefit due to revaluation of deferred taxes as a result of a reduction in corporate tax rates in the United Kingdom	$ 3.7	$ 3.9							$ 7.6	$ 4.1
Deferred tax benefit due to revaluation of deferred taxes as a result of a reduction in corporate tax rates in the United Kingdom attributable to the controlling interest	2.6	$ 2.6
Revised deferred tax benefit due to revaluation of deferred taxes as a result of a reduction in corporate tax rates in the United Kingdom	7.6
Revised deferred tax benefit due to revaluation of deferred taxes as a result of a reduction in corporate tax rates in the United Kingdom attributable to the controlling interest	$ 5.2

Related Party Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Related Party Transactions
Payable to related parties, current	$ 33.2	$ 114.8
Affiliate partners
Related Party Transactions
Receivables from related parties	41.3	42.9
Receivable from related parties, included in Prepaid expenses and other current assets	1.4
Receivable from related parties, included in Other Assets	39.9	42.9
Payable to related parties, current	33.2	114.8
Payable to related parties, included in Other long-term liabilities	50.9	68.2
Payable to related parties	$ 84.1	$ 183.0

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k
-Subparagraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 16, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

- Definition

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

+ References + Details

- Definition

Aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due after one year (or one business cycle).

+ References + Details

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References + Details

Segment Information (Details) $ in Millions	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Millions	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Sep. 30, 2010 USD ($)	Jun. 30, 2010 USD ($)	Mar. 31, 2010 USD ($)	Dec. 31, 2011 USD ($) Segment Channel	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Segment Information
Number of operating segments \| Segment									3
Number of principal distribution channels \| Channel									3
Revenue attributable to clients domiciled outside the United States (as a percent)									39.00%	33.00%	18.00%
Statements of Income
Revenue	$ 402.4	$ 413.8	$ 462.3	$ 426.3	$ 420.8	$ 354.4	$ 332.0	$ 251.0	$ 1,704.8	$ 1,358.2	$ 841.8
Operating expenses:
Depreciation and other amortization									112.7	74.1	45.6
Other operating expenses									1,106.0	910.1	556.3
Total operating expenses									1,218.7	984.2	601.9
Operating income	95.2	126.0	140.0	124.9	114.1	95.6	95.8	68.5	486.1	374.0	239.9
Non-operating (income) and expenses:
Investment and other (income) loss									5.0	(22.9)	(24.9)
Income from equity method investments, net of amortization									(72.7)	(77.5)	(31.6)
Investment (income) loss from Affiliate investments in partnerships										4.5	(27.4)
Interest expense									101.1	91.1	78.1
Total non-operating (income) and expenses									33.4	(4.8)	(5.8)
Income before income taxes	109.0	99.9	127.7	116.1	146.0	93.0	75.1	64.7	452.7	378.8	245.7
Income taxes									93.1	91.5	32.8
Net income									359.6	287.3	212.9
Net income (non-controlling interests)									(194.7)	(153.1)	(126.7)
Net (income) loss (non-controlling interests in partnerships)										4.4	(26.7)
Net income (controlling interest)	40.3	$ 40.1	$ 45.4	$ 39.1	62.0	$ 34.0	$ 25.2	$ 17.4	164.9	138.6	59.5
Balance Sheet Information
Assets	5,218.9				5,279.8				5,218.9	5,279.8	3,390.9
Goodwill	2,117.3				2,121.9				2,117.3	2,121.9	1,413.3
Mutual Fund
Statements of Income
Revenue									723.7	578.8	313.2
Operating expenses:
Depreciation and other amortization									28.0	15.3	7.1
Other operating expenses									492.4	401.2	202.1
Total operating expenses									520.4	416.5	209.2
Operating income									203.3	162.3	104.0
Non-operating (income) and expenses:
Investment and other (income) loss									0.6	(7.7)	(15.1)
Income from equity method investments, net of amortization									(7.9)	0.4	(1.0)
Investment (income) loss from Affiliate investments in partnerships										0.1	(0.2)
Interest expense									37.6	32.4	21.8
Total non-operating (income) and expenses									30.3	25.2	5.5
Income before income taxes									173.0	137.1	98.5
Income taxes									34.4	36.2	13.9
Net income									138.6	100.9	84.6
Net income (non-controlling interests)									(73.1)	(54.7)	(54.7)
Net (income) loss (non-controlling interests in partnerships)										0.1	(0.2)
Net income (controlling interest)									65.5	46.3	29.7
Balance Sheet Information
Assets	1,920.6				1,848.4				1,920.6	1,848.4	1,182.9
Goodwill	785.0				786.7				785.0	786.7	561.7
Equity method investments included in total assets	75.6				9.1				75.6	9.1	12.1
Institutional
Statements of Income
Revenue									841.4	649.2	415.6
Operating expenses:
Depreciation and other amortization									76.9	49.6	29.3
Other operating expenses									524.9	424.9	277.8
Total operating expenses									601.8	474.5	307.1
Operating income									239.6	174.7	108.5
Non-operating (income) and expenses:
Investment and other (income) loss									(6.9)	(11.0)	(6.3)
Income from equity method investments, net of amortization									(57.2)	(70.4)	(28.5)
Investment (income) loss from Affiliate investments in partnerships										0.2	(1.2)
Interest expense									54.8	49.6	45.9
Total non-operating (income) and expenses									(9.3)	(31.6)	9.9
Income before income taxes									248.9	206.3	98.6
Income taxes									53.4	47.1	15.0
Net income									195.5	159.2	83.6
Net income (non-controlling interests)									(105.3)	(81.6)	(58.7)
Net (income) loss (non-controlling interests in partnerships)										0.2	(1.3)
Net income (controlling interest)									90.2	77.8	23.6
Balance Sheet Information
Assets	2,836.2				2,997.4				2,836.2	2,997.4	1,703.0
Goodwill	1,071.4				1,073.6				1,071.4	1,073.6	603.0
Equity method investments included in total assets	490.6				630.1				490.6	630.1	602.1
High Net Worth
Statements of Income
Revenue									139.7	130.2	113.0
Operating expenses:
Depreciation and other amortization									7.8	9.2	9.2
Other operating expenses									88.7	84.0	76.4
Total operating expenses									96.5	93.2	85.6
Operating income									43.2	37.0	27.4
Non-operating (income) and expenses:
Investment and other (income) loss									11.3	(4.2)	(3.5)
Income from equity method investments, net of amortization									(7.6)	(7.5)	(2.1)
Investment (income) loss from Affiliate investments in partnerships										4.2	(26.0)
Interest expense									8.7	9.1	10.4
Total non-operating (income) and expenses									12.4	1.6	(21.2)
Income before income taxes									30.8	35.4	48.6
Income taxes									5.3	8.2	3.9
Net income									25.5	27.2	44.7
Net income (non-controlling interests)									(16.3)	(16.8)	(13.3)
Net (income) loss (non-controlling interests in partnerships)										4.1	(25.2)
Net income (controlling interest)									9.2	14.5	6.2
Balance Sheet Information
Assets	462.1				434.0				462.1	434.0	505.0
Goodwill	260.9				261.6				260.9	261.6	248.5
Equity method investments included in total assets	$ 49.6				$ 39.7				$ 49.6	$ 39.7	$ 44.1

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Tax Valuation Allowance
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	$ 38.4	$ 33.1	$ 39.8
Additions Charged to Costs and Expenses		5.3	0.9
Additions Charged to Other Accounts	0.0
Deductions	2.8		7.6
Balance End of Period	35.6	38.4	33.1
Other Allowances
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	8.5	13.2	19.0
Additions Charged to Costs and Expenses	1.2		0.3
Deductions	0.1	4.7	6.1
Balance End of Period	$ 9.6	$ 8.5	$ 13.2