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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Feb. 15, 2013	Jun. 30, 2012
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, 2012
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			$ 5,586,100,782
Entity Common Stock, Shares Outstanding		52,576,768
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CONSOLIDATED STATEMENTS OF INCOME
Revenue	$ 1,805.5	$ 1,704.8	$ 1,358.2
Operating expenses:
Compensation and related expenses	784.7	718.8	594.5
Selling, general and administrative	366.9	350.8	284.6
Intangible amortization and impairments	200.0	97.7	60.0
Depreciation and other amortization	14.1	15.0	14.1
Other operating expenses	39.4	36.4	31.0
Total operating expenses	1,405.1	1,218.7	984.2
Operating income	400.4	486.1	374.0
Income from equity method investments	(129.7)	(72.7)	(77.5)
Other non-operating (income) and expenses:
Investment and other (income) loss	(22.0)	5.0	(18.4)
Interest expense	83.0	73.8	66.2
Imputed interest expense and contingent payment arrangements	(26.1)	27.3	24.9
Total non-operating (income) and expenses	34.9	106.1	72.7
Income before income taxes	495.2	452.7	378.8
Income taxes	83.8	93.1	91.5
Net income	411.4	359.6	287.3
Net income (non-controlling interests)	(237.4)	(194.7)	(148.7)
Net income (controlling interest)	$ 174.0	$ 164.9	$ 138.6
Earnings per share - basic (in dollars per share)	$ 3.36	$ 3.18	$ 2.92
Earnings per share - diluted (in dollars per share)	$ 3.28	$ 3.11	$ 2.81
Average shares outstanding - basic (in shares)	51.7	51.8	47.4
Average shares outstanding - diluted (in shares)	53.0	53.0	49.4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 411.4	$ 359.6	$ 287.3
Other comprehensive income (loss):
Foreign currency translation adjustment	18.5	(10.2)	24.8
Change in net realized and unrealized gain (loss) on derivative securities, net of tax	(0.7)	(5.9)	3.7
Change in net unrealized gain (loss) on investment securities, net of tax	13.5	(34.4)	26.0
Other comprehensive income (loss)	31.3	(50.5)	54.5
Comprehensive income	442.7	309.1	341.8
Comprehensive income (non-controlling interests)	(239.6)	(194.7)	(148.7)
Comprehensive income (controlling interest)	$ 203.1	$ 114.4	$ 193.1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 430.4	$ 449.5
Investment advisory fees receivable	255.5	214.9
Investments in marketable securities	128.9	100.4
Unsettled fund share receivables	40.1	34.5
Prepaid expenses and other current assets	57.4	77.1
Total current assets	912.3	876.4
Fixed assets, net	81.5	69.1
Equity investments in Affiliates	1,031.3	615.8
Acquired client relationships, net	1,585.5	1,321.1
Goodwill	2,355.2	2,117.3
Other assets	221.3	219.2
Total assets	6,187.1	5,218.9
Current liabilities:
Accounts payable and accrued liabilities	324.7	343.6
Unsettled fund share payables	39.8	40.8
Payables to related parties	11.3	33.2
Total current liabilities	375.8	417.6
Senior bank debt	325.0	250.0
Senior notes	340.0
Senior convertible securities	450.1	435.6
Junior convertible trust preferred securities	515.5	512.6
Deferred income taxes	497.1	506.0
Other long-term liabilities	164.7	145.7
Total liabilities	2,668.2	2,267.5
Redeemable non-controlling interests	477.5	451.8
Equity:
Common stock ($.01 par value, 153.0 shares authorized; 53.9 shares outstanding in 2011 and 2012)	0.5	0.5
Additional paid-in capital	868.5	927.5
Accumulated other comprehensive income	79.1	50.0
Retained earnings	1,350.7	1,176.7
Total stockholders' equity before treasury stock	2,298.8	2,154.7
Less: treasury stock, at cost (2.5 shares in 2011 and 1.7 shares in 2012)	(214.6)	(288.7)
Total stockholders' equity	2,084.2	1,866.0
Non-controlling interests	957.2	633.6
Total equity	3,041.4	2,499.6
Total liabilities and equity	$ 6,187.1	$ 5,218.9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2012	Dec. 31, 2011
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	1.7	2.5

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Non-controlling interests
Balance at Dec. 31, 2009	$ 1,481.7	$ 0.5	$ 612.1	$ 46.0	$ 873.2	$ (422.0)	$ 371.9
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		148.7
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
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)
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
Increase (Decrease) in Stockholders' Equity
Stock issued under option and other incentive plans	73.0		(62.0)			135.0
Tax benefit of option exercises	25.5		25.5
Changes in Affiliate equity value	(50.2)		(72.1)				21.9
Share-based payment arrangements	49.6		49.6
Distributions to non-controlling interests	(185.5)						(185.5)
Investments in Affiliates	247.6						247.6
Repurchase of common shares	(60.9)					(60.9)
Net income	411.4				174.0		237.4
Other comprehensive income	31.3			29.1			2.2
Balance at Dec. 31, 2012	$ 3,041.4	$ 0.5	$ 868.5	$ 79.1	$ 1,350.7	$ (214.6)	$ 957.2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flow from operating activities:
Net income	$ 411.4	$ 359.6	$ 287.3
Adjustments to reconcile Net income to net cash flow from operating activities:
Intangible amortization and impairments	200.0	97.7	60.0
Amortization of issuance costs	8.2	8.1	7.6
Depreciation and other amortization	14.1	15.0	14.1
Deferred income tax provision	11.1	35.2	35.4
Imputed interest expense and contingent payment arrangements	(26.1)	27.3	24.9
Income from equity method investments, net of amortization	(129.7)	(72.7)	(77.5)
Distributions received from equity method investments	104.7	128.3	65.8
Tax benefit from exercise of stock options	3.5	1.1	4.5
Share-based compensation	47.6	30.3	19.5
Affiliate equity expense	21.7	22.1	14.5
Other adjustments	12.6	21.3	8.5
Changes in assets and liabilities:
(Increase) decrease in investment advisory fees receivable	(34.8)	22.5	(49.2)
(Increase) decrease in prepaid and other current assets	(4.2)	(2.8)	(3.4)
(Increase) decrease in other assets	(2.8)	(1.5)	(1.3)
(Increase) decrease in unsettled fund shares receivable	(4.5)	5.9	14.1
Increase (decrease) in unsettled fund shares payable	(2.3)	2.0	(10.5)
Increase (decrease) in accounts payable, accrued liabilities and other long-term liabilities	2.7	9.1	66.4
Cash flow from operating activities	633.2	708.5	480.7
Cash flow used in investing activities:
Investments in Affiliates	(797.4)	(13.3)	(916.1)
Purchase of fixed assets	(20.0)	(16.1)	(8.8)
Purchase of investment securities	(19.1)	(49.2)	(64.0)
Sale of investment securities	34.2	10.9	15.1
Cash flow used in investing activities	(802.3)	(67.7)	(973.8)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	630.0	360.0	1,191.5
Repayments of senior bank debt	(555.0)	(570.0)	(731.5)
Issuance of senior notes	340.0
Issuance of common stock	73.4	28.0	46.4
Repurchase of common stock	(60.9)	(61.0)
Issuance costs	(10.4)	(13.6)	(0.9)
Excess tax benefit from exercise of stock options	22.0	7.1	10.1
Settlement of treasury lock		(0.8)
Settlement of forward equity sale agreement			294.7
Note payments	(3.6)	(72.5)	(28.8)
Distributions to non-controlling interests	(181.4)	(167.6)	(100.7)
Affiliate equity issuances and repurchases	(107.9)	(13.4)	(135.8)
Cash flow from (used in) financing activities	146.2	(503.8)	545.0
Effect of foreign exchange rate changes on cash and cash equivalents	3.8	(0.8)	1.9
Net increase (decrease) in cash and cash equivalents	(19.1)	136.2	53.8
Cash and cash equivalents at beginning of period	449.5	313.3	259.5
Cash and cash equivalents at end of period	430.4	449.5	313.3
Supplemental disclosure of cash flow information:
Interest paid	79.8	75.9	61.6
Income taxes paid	51.6	46.6	49.2
Supplemental disclosure of non-cash financing activities:
Payables recorded for Affiliate equity repurchases	10.6	$ 32.1	46.1
Payables recorded under contingent payment arrangements	$ 28.9		77.6
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
Business and Summary of Significant Accounting Policies	Dec. 31, 2012
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 institutional clients, mutual funds 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 ("revenue sharing arrangements") with its Affiliates. In many cases, a percentage of revenue is allocable to fund Affiliate operating expenses, including compensation (the "Operating Allocation"), while the remaining revenue (the "Owners' Allocation") is allocable to AMG and the other partners or members, generally with a priority to AMG. In other revenue sharing arrangements, AMG owns a minority interest that allocates to AMG a percentage of the Affiliate's revenue, with the remainng revenue available to the Affiliate to pay operating expenses and profit distributions to the other owners. 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. The financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ("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 and disclosures in 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. The current redemption value of non-controlling interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. All material intercompany balances and transactions have been eliminated. AMG applies the equity method of accounting to investments where AMG does not hold a majority equity interest but has the ability to exercise significant influence over operating and financial matters. AMG also applies the equity method when their unaffiliated minority shareholders or partners have certain rights to remove AMG 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 portion of income before taxes is included in Income from equity method investments. Other investments in which AMG owns 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 and other (income) loss. The portion of this income or loss that is attributable to investors that are unrelated to the Company is reported within Net income (non-controlling interests). 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. 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 assess whether the carrying value of the assets exceeds its fair value, an impairment loss would be recorded in an amount equal to any such excess and these assets would be reclassified to definite-lived. 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, 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 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 debt are amortized over the shorter of the period to the first investor put or the Company's estimate of the expected 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. 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 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. If the Company's derivatives do not qualify as cash flow or fair value hedges, changes in the fair value of the derivatives are recognized as a gain or loss in Investment and other (income) loss. (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. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time a business combination is consummated and records a liability on its Consolidated Balance Sheet. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company's expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss. Both gains and losses resulting from 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. For Affiliates accounted for under the equity method, the Company records an obligation when a payment becomes probable with a corresponding increase to the carrying value of the Affiliate. (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. Deferred tax liabilities are generally attributable to intangible assets, convertible securities and deferred revenue. Deferred tax assets are generally attributable to state and foreign loss carryforwards, deferred compensation and the benefit of uncertain tax positions. 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 loss 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 U.S. 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 expenses for all share-based payments based on their grant date 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 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 Company adopted this guidance in the first quarter of 2012. Adoption of this new guidance did not have a significant impact on the Company's Consolidated Financial Statements. In July 2012, the Financial Accounting Standards Board issued new guidance that provides the option of performing a qualitative assessment before proceeding with a quantitative impairment test for indefinite-lived intangible assets. Following an assessment of qualitative factors, if an entity determines that it is more likely than not that the fair value of the indefinite-lived asset is greater than its carrying amount, then a quantitative assessment is unnecessary. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company early-adopted this guidance in the fourth quarter of 2012. Adoption of this new guidance did not have a significant impact on the Company's Consolidated Financial Statements. In February 2013, the Financial Accounting Standards Board issued an update to the guidance for reporting reclassifications out of accumulated other comprehensive income. The new guidance requires companies to present in a single note or on the face of the financial statements, the impact of amounts reclassified from accumulated other comprehensive income and the income statement line items affected by the reclassification. The new guidance is effective for interim and fiscal periods beginning after December 15, 2012. Adoption of this new guidance is not expected to have a significant impact on the Company's Consolidated Financial Statements.

Concentrations of Credit Risk	12 Months Ended
Concentrations of Credit Risk	Dec. 31, 2012
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 countries 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 Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 2: 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=7491637&loc=d3e13531-108611

Reference 3: 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 4: 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

Reference 5: 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 6: 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=7491637&loc=d3e13537-108611

Reference 7: 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 8: 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.

+ Details

Investments

12 Months Ended

Dec. 31, 2012

Investments

Investments

3. Investments

Investments in Marketable Securities

Investment in marketable securities at December 31, 2011 and 2012 were $100.4 million and $128.9 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, 2011 and 2012:

- December 31, 2011

			Gross Unrealized

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

- December 31, 2012

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	103.2	$	15.3	$	(3.2	)	$	115.3

As of December 31, 2012, the Company has invested $90.6 million in Value Partners, representing 7.8% of the outstanding common stock.

The following is a summary of the Company's realized gains and losses on investments classified as available-for-sale:

	For the Years Ended December 31,

	2010		2011		2012
Gains	$	—	$	—	$	0.1
Losses		—		—		—

Net realized gains	$	—	$	—	$	0.1

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, 2011 and 2012:

- December 31, 2011

			Gross Unrealized

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

- December 31, 2012

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	10.3	$	6.5	$	(3.2	)	$	13.6

The following is a summary of the Company's realized gains and losses on investments classified as trading securities:

	For the Years Ended December 31,

	2010		2011			2012
Gains	$	0.5	$	0.9		$	1.5
Losses		—		(0.7	)		(0.3	)

Net realized gains	$	0.5	$	0.2		$	1.2

Other Investments

Other investments consist of investments in funds advised by Affiliates. As of December 31, 2011 and 2012, the Company's other investments were $145.3 million and $155.4 million, respectively. These assets are reported within Prepaid expenses and other current assets ($31.2 million and $21.5 million at December 31, 2011 and 2012, respectively) and Other assets ($114.1 million and $133.9 million at December 31, 2011 and 2012, 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
Unsettled Fund Share Receivables and Payables	Dec. 31, 2012
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, 2012

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 an orderly transaction between market participants at the measurement date, utilizing a hierarchy of three different valuation techniques:


	Level 1—		Unadjusted quoted market prices for identical instruments in active markets;
	Level 2—		Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs, or significant value drivers, are observable; and
	Level 3—		Prices reflect the Company's own assumptions concerning unobservable inputs to the valuation model. These inputs require significant management judgment and reflect the Company's 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, 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⁽⁵⁾		2.9		—		2.9		—

			Fair Value Measurements

	December 31, 2012		Fair Value Measurements
	December 31, 2012		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	13.5	$	13.5	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities		13.6		13.6		—		—
Available for sale securities		115.3		115.3		—		—
Other investments⁽²⁾		155.4		15.7		20.8		118.9
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	31.0	$	—	$	—	$	31.0
Obligations to related parties⁽⁴⁾		77.8		—		—		77.8
Interest rate derivatives⁽⁵⁾		4.0		—		4.0		—

(1): Principally investments in equity securities.
(2): Other investments are reported within Prepaid expenses and other current assets and Other assets.

(3): Net present value of expected payments under contingent payment arrangements are 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.
(5): Interest rate derivatives are presented within 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 daily redeeming money market funds are classified as Level 1.

Investments in marketable securities consist primarily of investments in publicly traded securities and in funds advised by Affiliates which are valued using net asset value ("NAV"). Publicly traded securities and investments in daily redeeming funds that calculate NAVs are classified as Level 1.

Other investments are valued using NAV. Investments in daily redeeming funds that calculate NAVs are classified as Level 1. Investments in funds that permit redemptions monthly or quarterly are classified as Level 2. Investments in funds that are subject to longer redemption restrictions are classified as Level 3. The fair value of Level 3 assets is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).

Interest rate derivatives include 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 represent the present value of the expected future settlement of contingent payment arrangements related to the Company's investments in Affiliates. The significant unobservable inputs used in the fair value measurement of these obligations are growth and discount rates. Increases in the growth rate would result in a higher obligation while an increase in the discount rate would result in a lower obligation.

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 significant unobservable inputs used in the fair value measurement of the agreements to repurchase Affiliate equity are growth and discount rates. Increases in the growth rate would result in a higher obligation while an increase in the discount rate would result in a lower obligation. The liability to a related party is measured based upon certain investments held by the Company, the fair value of which is determined using NAV one quarter in arrears.

The following table presents certain quantitative information about the significant unobservable inputs in valuing our Level 3 financial liabilities:

	Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at December 31, 2012		Valuation Techniques	Unobservable Input	Range
Contingent payment arrangements	$	31.0	Discounted cash flow	Growth rates	6.0% - 12.0%
				Discount rates	14.0% - 18.0%
Affiliate equity repurchase obligations		9.4	Discounted cash flow	Growth rates	(10.0)% - 17.0%
				Discount rates	15.0% - 24.0%

The following table presents the changes in Level 3 assets and liabilities for the years ended December 31, 2011 and 2012:

	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	⁽³⁾		52.8		(42.5	)		—		92.0

	Level 3 Financial Assets and Financial Liabilities at Fair Value

Year Ended December 31, 2012	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	$	103.4	$	(3.2	)	$	11.0	⁽¹⁾	$	18.8	$	(11.1	)	$	—	$	118.9
Contingent payment arrangements		87.1		(0.6	)		(40.2	)⁽²⁾		24.8		(40.1	)		—		31.0
Obligations to related parties		92.0		1.0			0.8	⁽³⁾		32.1		(48.1	)		—		77.8

(1): Gains and losses on Other investments are recorded in Investment and other income.
(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.
(3): Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.

It is the Company's policy to value financial assets or liabilities transferred as of the beginning of the period in which the transfer occurs. There were no significant transfers of financial assets or liabilities in 2011 or 2012.

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, 2011 and 2012, the nature of these investments and any related liquidation restrictions or other factors which may impact the ultimate value realized:

	December 31, 2011				December 31, 2012

Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity fund-of-funds⁽¹⁾	$	103.4	$	80.5	$	118.9	$	75.4
Other funds⁽²⁾		47.2		—		68.9		—

	$	150.6	$	80.5	$	187.8	$	75.4

(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 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 approximates 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 notes at December 31, 2012 was $351.8 million. The fair market value of the 2008 senior convertible notes and the junior convertible trust preferred securities at December 31, 2011 were $500.0 million and $594.3 million, respectively. The fair market value of the 2008 senior convertible notes and the junior convertible trust preferred securities at December 31, 2012 were $510.6 million and $719.9 million, respectively. The senior bank debt, senior notes, senior convertible notes and junior convertible securities are classified as Level 2 because the fair value was determined utilizing market quotes in non-active markets.

- 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 Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-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 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 11: 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 12: 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 13: 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.

+ Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2012

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:

	December 31, 2011				December 31, 2012

Category of Investment	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	$	3,618.4	$	1.1	$	7,186.9	$	0.8
Trust preferred vehicles		9.0		9.0		9.0		9.0

Fixed Assets and Lease Commitments

12 Months Ended

Dec. 31, 2012

Fixed Assets and Lease Commitments

Fixed Assets and Lease Commitments

7. Fixed Assets and Lease Commitments

Fixed assets consisted of the following:

	December 31,

	2011			2012
Building and leasehold improvements	$	59.1		$	74.7
Office equipment		34.1			38.9
Furniture and fixtures		20.6			16.3
Land and improvements		17.9			18.1
Computer software		20.5			21.4

Fixed assets, at cost		152.2			169.4
Accumulated depreciation and amortization		(83.1	)		(87.9	)

Fixed assets, net	$	69.1		$	81.5

The Company and its Affiliates lease office space and computer equipment for their operations. At December 31, 2012, the Company's aggregate future minimum payments for operating leases having initial or non-cancelable lease terms greater than one year are payable as follows:

	Required Minimum Payments

2013	$	26.9
2014		26.4
2015		24.0
2016		18.3
2017		16.3
Thereafter		64.0

Consolidated rent expense for 2010, 2011 and 2012 was $23.3 million, $29.9 million and $30.5 million, respectively.

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2012

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,

	2011		2012
Accrued compensation	$	136.2	$	138.8
Accrued professional fees		24.3		28.7
Accrued interest		15.9		19.3
Accrued distributions		25.0		13.2
Accounts payable		90.1		59.5
Other		52.1		65.2

	$	343.6	$	324.7

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2012
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 2010, 2011 and 2012 were $12.1 million, $12.0 million and $12.7 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 Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 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 Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-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 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 10: 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 11: 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 12: 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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-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 14: 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.

+ Details

Senior Bank Debt	12 Months Ended
Senior Bank Debt	Dec. 31, 2012
Senior Bank Debt
Senior Bank Debt	10. Senior Bank Debt The Company has a $1,075.0 million senior unsecured credit facility (the "credit facility"), consisting of an $825.0 million revolving credit facility (the "revolver") and a $250.0 million term loan (the "term loan"). The Company pays interest on any outstanding obligations at specified rates (based either on the LIBOR rate or the prime rate as in effect from time to time). A portion of the revolver ($30.0 million) matures in January 2015 with the balance of $795.0 million and the term loan maturing in November 2016. Subject to certain conditions, the Company may increase the revolver and the term loan by up to $75.0 million and $250.0 million, respectively. The 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 and 2012, the Company had outstanding borrowings of $250.0 million and $325.0 million, respectively. As further described in Note 15, 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.

Senior Notes

12 Months Ended

Dec. 31, 2012

Senior Notes

Senior Notes

11. Senior Notes

At December 31, 2012, the Company has two senior notes outstanding. The principal terms of these notes are summarized below.

	2022 Senior Notes			2042 Senior Notes

Issue date		October 2012			August 2012
Maturity date		October 2022			August 2042
Potential Call Date		October 2015			August 2017
Par value (in millions)	$	140.0		$	200.0
Call Price		At Par			At Par
Stated coupon		5.25	%		6.375	%
Coupon frequency		Quarterly			Quarterly

The Company used the net proceeds from both the 2022 senior notes and the 2042 senior notes to repay outstanding indebtedness under its revolver.

Convertible Securities

12 Months Ended

Dec. 31, 2012

Convertible Securities

Convertible Securities

12. Convertible Securities

At December 31, 2012, 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, 2011				December 31, 2012

	Carrying Value		Principal amount at maturity		Carrying Value		Principal amount at maturity
Senior convertible securities:
2008 senior convertible notes⁽¹⁾	$	435.6	$	460.0	$	450.1	$	460.0

Junior convertible trust preferred securities:
2007 junior convertible trust preferred securities⁽¹⁾	$	297.8	$	430.8	$	299.4	$	430.8
2006 junior convertible trust preferred securities⁽¹⁾		214.8		300.0		216.1		300.0

Total junior convertible securities	$	512.6	$	730.8	$	515.5	$	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
Current conversion 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 (subject to the holders' rights to convert) at any time on or after August 15, 2013. The holders may require the Company to repurchase the notes in August of 2013, 2018, 2023, 2028 and 2033.
(2): The Company may redeem the 2007 junior convertible trust preferred securities 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 $24.5 million. These deferred tax liabilities will be reclassified directly to stockholders' equity if the Company's common stock is trading above certain thresholds at the time of the conversion of the securities.

Forward Equity Sale Agreement	12 Months Ended
Forward Equity Sale Agreement	Dec. 31, 2012
Forward Equity Sale Agreement
Forward Equity Sale Agreement	13. Forward Equity Sale Agreement In August 2012, the Company amended its forward equity agreement to increase the amount of shares of common stock it may sell to an aggregate of $400.0 million. During 2012, the Company entered into contracts to sell a notional amount of $147.2 million at an average share price of $121.37. The Company has the ability to settle the contracts either by delivering shares of common stock and receiving cash or net settling for cash or shares of common stock. All contracts remain outstanding.

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes

Income Taxes

14. 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:

	For the Years Ended December 31,

	2010			2011			2012
Controlling Interests:
Current tax	$	42.1		$	45.0		$	61.0
Intangible related deferred taxes		47.5			43.2			22.7
Other deferred taxes		(9.3	)		(4.0	)		(12.1	)

Total controlling interests		80.3			84.2			71.6

Non-controlling Interests:
Current tax	$	14.0		$	12.9		$	11.7
Deferred taxes		(2.8	)		(4.0	)		0.5

Total non-controlling interests		11.2			8.9			12.2

Provision for income taxes	$	91.5		$	93.1		$	83.8

Income before income taxes (controlling interest)	$	218.9		$	249.1		$	245.6

Effective tax rate attributable to controlling interests⁽¹⁾		36.7	%		33.8	%		29.2	%

(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:

	For the Years Ended December 31,

	2010			2011			2012
Current:
Federal	$	12.8		$	7.7		$	19.4
State		9.9			9.7			11.3
Foreign		33.4			40.5			42.0

Total current		56.1			57.9			72.7

Deferred:
Federal		43.2			47.4			19.4
State		2.7			4.4			3.0
Foreign		(10.5	)		(16.6	)		(11.3	)

Total deferred		35.4			35.2			11.1

Provision for income taxes	$	91.5		$	93.1		$	83.8

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

	For the Years Ended December 31,

	2010		2011		2012
Domestic	$	186.3	$	243.8	$	238.6
International		192.6		208.9		256.6

	$	378.9	$	452.7	$	495.2

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:

	For the Years Ended December 31,

	2010			2011			2012
Tax at U.S. federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefit		2.0			2.4			4.6
Non-deductible expenses		0.1			0.5			0.8
Valuation allowance		1.0			(1.1	)		(5.9	)
Effect of foreign operations		0.5			—			(2.9	)
Foreign basis differences		(0.7	)		(0.9	)		(0.4	)
Effect of changes in tax law, rates		(1.2	)		(2.1	)		(2.0	)
Effect of income from non-controlling interests		(12.5	)		(13.2	)		(12.2	)

		24.2	%		20.6	%		17.0	%

During 2010, the Company increased its deferred tax valuation allowance $2.2 million, principally for exposure to foreign tax credit carryforwards increasing its effective tax rate 1.0%. In both 2011 and 2012, the Company reversed $2.8 million of its valuation allowance, principally for state net operating losses that expired. In 2012, the Company also reduced the allowance $11.5 million for foreign tax credit carryforwards and benefits of uncertain tax positions from improved projections of taxes in the U.S.

During 2010, 2011 and 2012, the Company realized a deferred tax benefit of $4.1 million, $7.6 million, and $7.3 million, respectively, from the re-valuation of its deferred taxes from a change in enacted tax rates in the United Kingdom. These changes, which reduced taxes attributable to both the controlling and non-controlling interest, decreased the Company's effective tax rate 1.9%, 3.1% and 3.0% in 2010, 2011 and 2012, respectively. Excluding the non-controlling interest tax benefits, the changes decreased the effective tax rate of the controlling interest 1.2%, 2.1% and 2.0% in 2010, 2011 and 2012, respectively.

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. This amount becomes taxable upon a repatriation of assets from a sale or liquidation of the subsidiary. As of December 31, 2012, the amount of such temporary difference was approximately $25.8 million. The deferred taxes not recognized at December 31, 2012 for this temporary difference are approximately $9.8 million.

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

	December 31,

	2011			2012
Deferred Tax Assets
State net operating loss carryforwards	$	26.5		$	23.9
Deferred compensation		17.5			23.9
Foreign tax credit carryforwards		15.1			20.1
Tax benefit of uncertain tax positions		11.6			17.6
Accrued expenses		11.6			6.0
Capital loss carryforwards		1.5			1.5

Total deferred tax assets		83.8			93.0
Valuation allowance		(35.6	)		(21.3	)

Deferred tax assets, net of valuation allowance	$	48.2		$	71.7

Deferred Tax Liabilities
Intangible asset amortization	$	(247.1	)	$	(238.2	)
Convertible securities interest		(171.1	)		(189.2	)
Non-deductible intangible amortization		(127.2	)		(120.1	)
Deferred revenue		(5.6	)		(18.5	)
Other		(3.2	)		(2.8	)

Total deferred tax liabilities		(554.2	)		(568.8	)

Net deferred tax liability	$	(506.0	)	$	(497.1	)

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, 2012, the Company has state net operating loss carryforwards that expire over a 15-year period beginning in 2013. The Company also has foreign tax credit carryforwards that expire over a 10-year period beginning in 2013. The valuation allowances at December 31, 2011 and December 31, 2012 were principally related to the Company's projections of taxable income prior to the expiration of these state and federal carryforwards.

The Company carried a liability for uncertain tax positions of $24.6 million, $21.3 million and $22.6 million as of December 31, 2010, 2011 and 2012, respectively. These amounts included $3.2 million, $1.6 million and $2.2 million of interest and related charges, respectively. At December 31, 2010, 2011 and 2012, these liabilities also included $16.7 million, $12.6 million and $19.4 million, respectively, for tax positions that, if recognized, would affect the Company's effective tax rate.

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

	For the Years Ended December 31,

	2010			2011			2012
Balance, as of January 1	$	21.9		$	24.6		$	21.2
Additions based on current year tax positions		7.0			4.8			5.9
Additions based on prior years' tax positions		—			—			5.2
Reductions for prior years' tax provisions		(1.2	)		—			(5.4	)
Settlements		—			(1.2	)		—
Reductions related to lapses of statutes of limitations		(3.4	)		(6.7	)		(4.6	)
Additions (reductions) related to foreign exchange rates		0.3			(0.3	)		0.3

Balance, as of December 31	$	24.6		$	21.2		$	22.6

During 2012, this liability decreased $5.4 million as a result of the recognition of tax benefits from the transfer of interests in an Affiliate. This decrease was offset by a $5.2 million provision for added foreign exposure for prior years. The Company does not anticipate that this liability will change significantly over the next twelve months.

The Company periodically has tax examinations in the U.S. and foreign jurisdictions. Examination outcomes, and any related settlements, are subject to significant uncertainty. The completion of examinations may result in the payment of additional taxes and/or the recognition of tax benefits. The Company is generally no longer subject to income tax examinations by any tax authorities for years before 2007.

- 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 FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: 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.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-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.

+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2012

Derivative Financial Instruments

Derivative Financial Instruments

15. 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.

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

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, 2012, the Company had posted collateral of $5.3 million related to its interest rate swap contracts.

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

	For the Years Ended December 31,

Cash Flow Hedges	2010		2011			2012
Interest rate swaps	$	2.5	$	(5.4	)	$	(1.1	)
Treasury rate locks		3.4		(4.3	)		—

Total	$	5.9	$	(9.7	)	$	(1.1	)

Hedge ineffectiveness was not material in any periods presented.

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

	December 31,

Cash Flow Hedges	2011			2012
Interest rate swaps⁽¹⁾	$	(2.9	)	$	(4.0	)

(1): Presented within Other long-term liabilities.

The Company does not generally 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.

During the fourth quarter of 2012, the Company entered into Standard & Poor's 500 Index puts to limit the effect of a possible market downturn on its 2012 earnings. The Company recognized an expense of $1.2 million for these positions, which had a notional value of $150.0 million; the contracts expired on December 31, 2012, and no gain was recognized.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
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-Paragraph 1
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+ Details

Comprehensive Income

12 Months Ended

Dec. 31, 2012

Comprehensive Income

Comprehensive Income

16. Comprehensive Income

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

	For the 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

	For the 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	)

	For the Year Ended December 31, 2012

	Pre-Tax			Tax Expense			Net of Tax
Foreign currency translation adjustment	$	18.5		$	—		$	18.5
Change in net realized and unrealized loss on derivative securities		(1.1	)		0.4			(0.7	)
Change in net unrealized gain on investment securities		21.6			(8.1	)		13.5

Other comprehensive income	$	39.0		$	(7.7	)	$	31.3

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

	December 31, 2011			Other Comprehensive Income			December 31, 2012

Foreign currency translation adjustments	$	57.7		$	18.5		$	76.2
Realized and unrealized losses on derivative securities		(2.2	)		(0.7	)		(2.9	)
Unrealized gain (loss) on investment securities		(5.5	)		13.5			8.0

Accumulated other comprehensive income		50.0			31.3			81.3
Accumulated other comprehensive income (non-controlling interests)		—			(2.2	)		(2.2	)

Accumulated other comprehensive income (controlling interest)	$	50.0		$	29.1		$	79.1

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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-Number 130
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2012
Commitments and Contingencies
Commitments and Contingencies	17. 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 the amount of the liability 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 significant violations of such financial requirements occurring during the period. In connection with a past acquisition agreement, the Company has committed to co-invest in certain investment partnerships where it serves as the general partner. As of December 31, 2012, these commitments totaled approximately $75.4 million and may be called in future periods. The Company is contractually entitled to reimbursement from the prior owner for $36.8 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 $468.2 million through 2017. As of December 31, 2012, the Company expects to make payments of $200.8 million to settle these contingent obligations (including $142.0 million related to the Company's equity method investments). The net present value of the expected payments for consolidated Affiliates totals $34.2 million as of December 31, 2012. The Company expects to make $3.2 million of payments in 2013. During 2012, the Company recognized net gains of $53.8 million ($35.8 million attributable to the controlling interest) as a result of changes to expected payments for consolidated Affiliates. These net gains have been classified within Imputed interest expense and contingent payment arrangements in the Consolidated Statements of Income.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

Business Combinations

12 Months Ended

Dec. 31, 2012

Business Combinations

Business Combinations

18. Business Combinations

On June 29, 2012, the Company completed majority investments in Veritable, LP ("Veritable") and Yacktman Asset Management LP ("Yacktman"). As discussed in Note 21, the Company also completed an additional minority investment in BlueMountain Capital Management LLC ("BlueMountain").

The Company completed its purchase price allocation for Veritable by using a financial model that includes assumptions of market performance, net client cash flows and discount rates. The excess of the enterprise value over the net assets acquired was recorded as goodwill, of which 100% was attributed to the Company's High Net Worth segment. The consideration paid (less net tangible assets acquired) is deductible for U.S. tax purposes over a 15-year life.

The Company completed its purchase price allocation for Yacktman by using a financial model that includes assumptions of market performance, net client cash flows and discount rates. The excess of the enterprise value over the net assets acquired was recorded as goodwill, of which 91% and 9% was attributed to the Company's Mutual Fund and High Net Worth segments, respectively. The consideration paid (less net tangible assets acquired) is deductible for U.S. tax purposes over a 15-year life. As part of this investment, the Company is contingently liable to make payments of up to $75.0 million over the next three to five years upon the achievement of specified revenue targets. The Company currently projects contingent payments totaling $55.6 million, and as of December 31, 2012, the present value of these payments was $31.0 million.

The purchase price allocations for these investments are as follows:

	Veritable		Yacktman

Consideration paid	$	116.8	$	301.0
Non-controlling interests		30.2		217.4
Contingent payment obligations		—		24.8

Enterprise value	$	147.0	$	543.2

Acquired client relationships	$	85.1	$	367.5
Tangible assets, net		2.7		9.0
Goodwill		59.2		166.7

	$	147.0	$	543.2

Unaudited pro forma financial results are set forth below, giving consideration to the investments and acquisitions in 2012, as if such transactions occurred as of January 1, 2011, assuming the revenue sharing arrangements had been in effect for the entire period and after making certain other pro forma adjustments.

	For the Years Ended December 31,

	2011		2012
Revenue	$	1,810.9	$	1,881.0
Net income (controlling interest)		179.6		186.0
Earnings per share—basic	$	3.47	$	3.60
Earnings per share—diluted	$	3.39	$	3.51

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

New Affiliate investments during the twelve months ended December 31, 2012, contributed $88.0 million and $14.5 million to the Company's revenue and earnings, respectively.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Affiliate Equity

12 Months Ended

Dec. 31, 2012

Affiliate Equity

Affiliate Equity

19. Affiliate Equity

The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from its Affiliate partners. These transactions generally occur at fair value. However, 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 $26.2 million, $29.0 million, and $38.0 million (of which $14.5 million, $22.1 million, and $21.6 million were attributable to the controlling interest) in 2010, 2011 and 2012, 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:

	December 31,

	2011			2012
Balance, as of January 1	$	406.3		$	451.8
Issuance of Redeemable non-controlling interests		52.5			11.2
Repurchase of Redeemable non-controlling interests		(57.8	)		(28.4	)
Changes in redemption value		50.8			42.9

Balance, as of December 31	$	451.8		$	477.5

During the years ended 2010, 2011 and 2012, 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,

	2010			2011			2012
Net income (controlling interest)	$	138.6		$	164.9		$	174.0
Increase (decrease) in controlling interest paid-in capital from the sale of Affiliate equity		(45.4	)		(28.1	)		(44.0	)

Change from Net income (controlling interest) and net transfers with non-controlling interests	$	93.2		$	136.8		$	130.0

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2012

Goodwill and Acquired Client Relationships

Goodwill and Acquired Client Relationships

20. Goodwill and Acquired Client Relationships

The following table presents the change in Goodwill during 2011 and 2012:

	Institutional			Mutual Fund			High Net Worth			Total

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

Balance, as of December 31, 2011	$	1,071.4		$	785.0		$	260.9		$	2,117.3
Goodwill acquired		0.3			151.3			74.3			225.9
Foreign currency translation		6.8			3.2			2.0			12.0

Balance, as of December 31, 2012	$	1,078.5		$	939.5		$	337.2		$	2,355.2

The following table reflects the components of intangible assets of the Company's Affiliates that are consolidated as of December 31, 2011 and 2012:

	Acquired Client Relationships

	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2010	$	971.1		$	(228.5	)	$	742.6		$	678.0		$	1,420.6
New Investments		—			—			—			—			—
Amortization and impairments		—			(88.5	)		(88.5	)		(9.2	)		(97.7	)
Foreign currency translation		(0.6	)		—			(0.6	)		(1.2	)		(1.8	)

Balance, as of December 31, 2011	$	970.5		$	(317.0	)	$	653.5		$	667.6		$	1,321.1
New Investments		131.1			—			131.1			321.5			452.6
Amortization and impairments		—			(97.8	)		(97.8	)		(102.2	)		(200.0	)
Foreign currency translation		1.1			—			1.1			10.7			11.8
Transfers and other		6.9			31.3			38.2			(38.2	)		—

Balance, as of December 31, 2012	$	1,109.6		$	(383.5	)	$	726.1		$	859.4		$	1,585.5

During 2011, the Company completed impairment assessments on its goodwill and definite-lived acquired client relationships and no impairments were indicated. During 2011, 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, recognized an impairment of $9.2 million.

During 2012, the Company completed impairment assessments on its goodwill and definite-lived acquired client relationships and no impairments were indicated. During 2012, the Company determined that the fair value of the indefinite-lived intangible asset at one of its Affiliates, a manager of growth-oriented U.S. equity mutual funds, had declined below its carrying value and, accordingly, recognized an impairment of $102.2 million. The fair value of this asset ($38.2 million) was calculated using a discounted cash flow analysis, a Level 3 fair value measurement. The significant assumptions used in the valuation were assets under management (declining approximately 10% annually) and a discount rate of 15%. While the Company generally considers investment advisory contracts between its Affiliates and their sponsored registered investment companies to have an indefinite life, it was determined that the useful life of this asset was no longer indefinite. Accordingly, in 2012, the Company reclassified the remaining acquired client relationships to definite-lived and began to recognize amortization related to the asset.

For the Company's Affiliates that are consolidated, definite-lived acquired client relationships are amortized over their expected useful lives. As of December 31, 2012, these relationships were being amortized over a weighted average life of approximately eleven years. The Company estimates that its consolidated annual amortization expense will be approximately $100 million for the next five years, assuming no additional investments in new or existing Affiliates.

- 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, 2012

Equity Investments in Affiliates

Equity Investments in Affiliates

21. Equity Investments in Affiliates

During the quarter ended September 30, 2012, the Company announced and closed an additional investment in BlueMountain, a leading global credit alternatives manager. The Company continues to hold a minority interest and accounts for the investment under the equity method of accounting. The Company's purchase price allocation was measured using a financial model that includes assumptions of expected market performance and net client cash flows. The Company allocated $131.7 million to acquired client relationships. The consideration paid will be deductible for U.S. tax purposes over a 15-year life.

For the Affiliates in which the Company holds a significant but non-controlling interest, the equity method of accounting is applied. 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, 2012, these relationships were being amortized over a weighted average life of approximately nine years. The Company recognized amortization expense for these relationships of $32.9 million for twelve months ended December 31, 2011 as compared to $36.9 million and for the twelve months ended December 31, 2012. 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

2013	$	41.5
2014		20.0
2015		11.7
2016		8.9
2017		8.9

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

	For the Years Ended December 31,

	2010		2011		2012
Revenue⁽¹⁾⁽²⁾	$	619.5	$	581.0	$	1,005.4
Net income		444.2		387.9		783.3

	December 31,

	2011		2012
Current assets⁽²⁾	$	8,193.1	$	11,957.8
Noncurrent assets		29.1		34.7
Current liabilities		1,022.7		1,361.5
Noncurrent liabilities and Non-controlling interest⁽²⁾		6,754.3		9,857.6

(1): Revenue includes advisory fees for asset management services, investment income and dividends from consolidated investment partnerships.
(2): For its investments in AQR, 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 $87.0 million as of December 31, 2012.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Net Income (non-controlling interests)	12 Months Ended
Net Income (non-controlling interests)	Dec. 31, 2012
Net Income (non-controlling interests)
Net Income (non-controlling interests)	22. 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, 2010, 2011 and 2012, this income was $153.1 million, $194.7 million and $237.4 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, 2012

Stockholders' Equity

Stockholders' Equity

23. 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 13, 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 2.3 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

2010	—		—
2011	0.7	$	83.63
2012	0.6	$	107.44

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.

Share-Based Compensation

12 Months Ended

Dec. 31, 2012

Share-Based Compensation.

Share-Based Compensation

24. Share-Based Compensation

Share-Based Incentive Plans

The Company has established various Stock Option and Incentive Plans under which it is authorized to grant stock options and stock appreciation rights. As of December 31, 2012, there were 3,449,781 options available for grant under the plans.

The Company established an Executive Incentive Plan to align executive incentives with increases in stockholder value. The stockholders of the Company most recently approved an amendment to the plan in 2010 at the Company's annual meeting. Compensation payable under this plan is intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code. The Company also has a Deferred Compensation Plan to provide additional retirement plan flexibility for our officers. The plan provides officers and directors the opportunity to voluntarily defer compensation on a pre-tax basis, and to notionally invest such deferred amounts in one or more specified measurement funds. The Company has a Long-Term Stock and Investment Plan (the "Long-Term Stock and Investment Plan"), under which the Company may grant cash awards that can be notionally invested in one or more specified measurement funds.

The Company implemented the Long-Term Equity Incentive Plans in 2010, 2011 and 2012 under which the Company grants equity interests to employees and officers. Under the plans, equity interests may be granted to management from time to time, with vesting, forfeiture and repurchase arrangements established under the plans at the time of grant. The equity interest structure is similar to the equity structure employed with the Company's Affiliate principals, with a ratable portion of ownership interests in all Affiliates transferred to a partnership, with grants of equity interests that have rights to cash flow deferred seven years from the date of grant.

Stock Options

Pursuant to the option plans discussed above, stock options generally vest over a period of three to five years and expire seven to ten years after the grant date. All options have been granted with exercise prices equal to the fair market value of the Company's common stock on the date of grant.

The following table summarizes the transactions of the Company's stock options:

			Weighted Average Exercise Price

Unexercised options outstanding—January 1, 2012	5.1		$	68.18
Options granted	0.1			121.90
Options exercised	(1.4	)		54.45
Options forfeited	0.0			85.72

Unexercised options outstanding—December 31, 2012	3.8			74.04	4.1

Exercisable at December 31, 2012	2.5			68.64	3.6

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, 2010, 2011 and 2012 was $23.54, $30.27 and $40.43 per option, respectively, based on the assumptions stated below.

	For the Years Ended December 31,

	2010			2011			2012
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility⁽¹⁾		32.4	%		33.1	%		36.8	%
Risk-free interest rate⁽²⁾		1.6	%		1.3	%		0.7	%
Expected life of options (in years)⁽³⁾		4.5			4.8			5.0
Forfeiture rate⁽³⁾		4.8	%		2.4	%		1.4	%

(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, 2010, 2011 and 2012 was $42.3 million, $35.4 million and $86.8 million, respectively. As of December 31, 2012, the intrinsic value of exercisable options outstanding was $154.2 million and 3.4 million options are available for future grant under the Company's option plans.

Restricted Stock

Under the Company's Executive Incentive Plan and Long-Term Stock and Investment Plan, the Company periodically grants awards denominated in the Company's common stock. The Company granted awards with fair values of $1.0 million, $3.3 million, and $18.1 million in 2010, 2011 and 2012, respectively. The Company may elect to settle the awards in shares of the Company's common stock or cash. The grant date fair value of the awards is based on the closing price of the Company's common stock on the date of grant.

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

			Weighted Average Grant Date Value

Units outstanding—January 1, 2012	0.4		$	52.66
Units granted	0.2			127.33
Units issued	(0.2	)		48.54
Units forfeited	(0.0	)		52.33

Units outstanding—December 31, 2012	0.4			84.53

Long-Term Equity Incentive Plan

Further to its retention and incentive objectives, the Company granted awards under the Company's Long-Term Equity Incentive Plans with aggregate fair values of $21.0 million, $14.6 million and $25.9 million during 2010, 2011 and 2012, 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 2016.

Share-Based Incentive Compensation

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, 2012, the cash received and the actual tax benefit recognized for options exercised were $73.4 million and $25.5 million, respectively. During the year ended December 31, 2012, the excess tax benefit classified as a financing cash flow was $22.0 million.

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

Period	Share-Based Compensation Expense		Tax Benefit

2010	$	19.5	$	7.5
2011		30.3		11.6
2012		47.6		18.2

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). As of December 31, 2012, there was $78.4 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).

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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.

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share

Earnings Per Share

25. 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.

	For the Years Ended December 31,

	2010		2011		2012
Numerator
Net income (controlling interest)	$	138.6	$	164.9	$	174.0
Interest expense on convertible securities, net of taxes		0.1		—		—

Net income (controlling interest), as adjusted	$	138.7	$	164.9	$	174.0

Denominator
Average shares outstanding—basic		47.4		51.8		51.7
Effect of dilutive instruments:
Stock options and other awards		1.0		1.2		1.3
Forward sale		0.6		—		—
Senior convertible securities		0.4		—		—

Average shares outstanding—diluted		49.4		53.0		53.0

As more fully discussed in Notes 10 and 12, 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, 2010. For the twelve months ended December 31, 2011 and 2012, the Company repurchased approximately 0.7 million and 0.6 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:

	For the Years Ended December 31,

	2010		2011		2012
Stock options and other awards		1.3		1.2		0.7
Senior convertible securities		3.6		3.6		3.6
Junior convertible trust preferred securities		4.2		4.2		4.2
Forward equity sales		—		—		0.2

As discussed further in Note 19, 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
Financial Instruments and Risk Management	Dec. 31, 2012
Financial Instruments and Risk Management
Financial Instruments and Risk Management	26. 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.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

27. 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, 2011 and 2012.

	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)		39.1		45.4		40.1		40.3
Earnings per share—diluted	$	0.74	$	0.85	$	0.76	$	0.77

	2012

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	417.6	$	429.6	$	467.3	$	491.0
Operating income		108.8		25.0		139.7		126.9
Income before income taxes		117.7		62.9		137.5		177.1
Net income (controlling interest)		37.5		6.6		54.9		75.0
Earnings per share—diluted	$	0.71	$	0.12	$	1.04	$	1.40

- 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
Related Party Transactions	Dec. 31, 2012
Related Party Transactions
Related Party Transactions	28. 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. 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 receivable at December 31, 2012 was $36.9 million, of which $1.9 million is included in Prepaid expenses and other current assets and $35.0 million is included in Other assets. The total payable as of December 31, 2011 was $147.5 million, of which $33.2 million is included in current liabilities and $114.3 million is included in Other long-term liabilities. The total payable as of December 31, 2012 was $133.6 million, of which $11.3 million is included in current liabilities and $122.3 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. 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 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 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: 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.

+ Details

Segment Information

12 Months Ended

Dec. 31, 2012

Segment Information

Segment Information

29. Segment Information

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

Revenue in the Institutional distribution channel is earned from relationships with public and private client entities, including pension plans, foundations, endowments and sovereign wealth funds. 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 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

	Year Ended December 31, 2010

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

		474.5			416.5			93.2			984.2

Operating income		174.7			162.3			37.0			374.0

Income from equity method investments		(70.4	)		0.4			(7.5	)		(77.5	)

Other non-operating (income) and expenses:
Investment and other (income) loss		(10.8	)		(7.6	)		—			(18.4	)
Interest expense		36.1			23.5			6.6			66.2
Imputed interest and contingent payment arrangements		13.5			8.9			2.5			24.9

		38.8			24.8			9.1			72.7

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

Net income		159.2			100.9			27.2			287.3
Net income (non-controlling interests)		(81.4	)		(54.6	)		(12.7	)		(148.7	)

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

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

	Year Ended December 31, 2011

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

		601.8			520.4			96.5			1,218.7

Operating income		239.6			203.3			43.2			486.1

Income from equity method investments		(57.2	)		(7.9	)		(7.6	)		(72.7	)

Other non-operating (income) and expenses:
Investment and other (income) loss		(6.9	)		0.6			11.3			5.0
Interest expense		39.7			27.7			6.4			73.8
Imputed interest and contingent payment arrangements		15.1			9.9			2.3			27.3

		47.9			38.2			20.0			106.1

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

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

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

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

	Year Ended December 31, 2012

	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	861.3		$	774.4		$	169.8			1,805.5
Operating expenses:
Depreciation, intangible amortization and impairments		75.4			128.9			9.8			214.1
Other operating expenses		554.2			526.5			110.3			1,191.0

		629.6			655.4			120.1			1,405.1

Operating income		231.7			119.0			49.7			400.4

Income from equity method investments		(103.9	)		(12.7	)		(13.1	)		(129.7	)

Other non-operating (income) and expenses:
Investment and other (income) loss		(13.6	)		(6.6	)		(1.8	)		(22.0	)
Interest expense		50.7			24.0			8.3			83.0
Imputed interest and contingent payment arrangements		(8.1	)		(19.5	)		1.5			(26.1	)

		29.0			(2.1	)		8.0			34.9

Income before income taxes		306.6			133.8			54.8			495.2
Income taxes		63.7			10.7			9.4			83.8

Net income		242.9			123.1			45.4			411.4
Net income (non-controlling interests)		(116.9	)		(95.8	)		(24.7	)		(237.4	)

Net income (controlling interest)	$	126.0		$	27.3		$	20.7		$	174.0

Total assets	$	3,176.5		$	2,354.8		$	655.8		$	6,187.1
Goodwill	$	1,078.5		$	939.5		$	337.2		$	2,355.2

In 2010, 2011 and 2012, revenue attributable to clients domiciled outside the U.S. was approximately 33%, 39% and 41% of total revenue, respectively.

As of December 31, 2010, equity method investments of $630.1 million, $9.1 million and $39.7 million were included in the total assets of the Institutional, Mutual Fund and High Net Worth segments, respectively. As of December 31, 2011, equity method investments of $490.6 million, $75.6 million and $49.6 million were included in the total assets of the Institutional, Mutual Fund and High Net Worth segments, respectively. As of December 31, 2012, equity method investments of $879.6 million, $81.2 million and $70.5 million were included in the total assets of the Institutional, Mutual Fund 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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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.

+ Details

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2012

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,
2012	$	35.6	$	—	$	—	$	14.3	$	21.3
2011		38.4		—		—		2.8		35.6
2010		33.1		5.3		—		—		38.4
Other Allowances⁽¹⁾
Year Ending December 31,
2012	$	9.6	$	0.1	$	—	$	1.3	$	8.4
2011		8.5		1.2		—		0.1		9.6
2010		13.2		—		—		4.7		8.5

(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, 2012
Business and Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Principles of Consolidation	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. The current redemption value of non-controlling interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. All material intercompany balances and transactions have been eliminated. AMG applies the equity method of accounting to investments where AMG does not hold a majority equity interest but has the ability to exercise significant influence over operating and financial matters. AMG also applies the equity method when their unaffiliated minority shareholders or partners have certain rights to remove AMG 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 portion of income before taxes is included in Income from equity method investments. Other investments in which AMG owns 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.
Cash and Cash Equivalents	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.
Investments in Marketable Securities	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.
Other Investments	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 and other (income) loss. The portion of this income or loss that is attributable to investors that are unrelated to the Company is reported within Net income (non-controlling interests). 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.
Fixed Assets	Fixed Assets Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from 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.
Leases	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.
Equity Investments in Affiliates	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. 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.
Acquired Client Relationships and Goodwill	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 assess whether the carrying value of the assets exceeds its fair value, an impairment loss would be recorded in an amount equal to any such excess and these assets would be reclassified to definite-lived. 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, 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.
Revenue Recognition	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 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.
Issuance Costs	Issuance Costs Issuance costs incurred in securing credit facility financing are amortized over the remaining term of the credit facility. Costs incurred to issue debt are amortized over the shorter of the period to the first investor put or the Company's estimate of the expected 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.
Derivative Financial Instruments	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. 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 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. If the Company's derivatives do not qualify as cash flow or fair value hedges, changes in the fair value of the derivatives are recognized as a gain or loss in Investment and other (income) loss.
Contingent Payment Arrangements	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. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time a business combination is consummated and records a liability on its Consolidated Balance Sheet. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company's expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss. Both gains and losses resulting from 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. For Affiliates accounted for under the equity method, the Company records an obligation when a payment becomes probable with a corresponding increase to the carrying value of the Affiliate.
Income Taxes	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. Deferred tax liabilities are generally attributable to intangible assets, convertible securities and deferred revenue. Deferred tax assets are generally attributable to state and foreign loss carryforwards, deferred compensation and the benefit of uncertain tax positions. 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 loss 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.
Foreign Currency Translation	Foreign Currency Translation The assets and liabilities of Affiliates whose functional currency is not the U.S. 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.
Share-Based Compensation Plans	Share-Based Compensation Plans The Company recognizes expenses for all share-based payments based on their grant date fair values over the requisite service period. 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.

Investments (Tables)

12 Months Ended

Dec. 31, 2012

Investments

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

- December 31, 2011

			Gross Unrealized

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

- December 31, 2012

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	103.2	$	15.3	$	(3.2	)	$	115.3

Summary of the Company's realized gains and losses on investments classified as available-for-sale

	For the Years Ended December 31,

	2010		2011		2012
Gains	$	—	$	—	$	0.1
Losses		—		—		—

Net realized gains	$	—	$	—	$	0.1

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

- December 31, 2011

			Gross Unrealized

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

- December 31, 2012

			Gross Unrealized

			Gross Unrealized					Fair Value
	Cost		Gains		Losses			Fair Value
Equity securities	$	10.3	$	6.5	$	(3.2	)	$	13.6

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

	For the Years Ended December 31,

	2010		2011			2012
Gains	$	0.5	$	0.9		$	1.5
Losses		—		(0.7	)		(0.3	)

Net realized gains	$	0.5	$	0.2		$	1.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19, 20, 21
-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
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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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.

+ 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 Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Principles Board Opinion (APB)
-Number 18
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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
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-Name Accounting Standards Codification
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6526789

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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements

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

			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⁽⁵⁾		2.9		—		2.9		—

			Fair Value Measurements

	December 31, 2012		Fair Value Measurements
	December 31, 2012		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	13.5	$	13.5	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities		13.6		13.6		—		—
Available for sale securities		115.3		115.3		—		—
Other investments⁽²⁾		155.4		15.7		20.8		118.9
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	31.0	$	—	$	—	$	31.0
Obligations to related parties⁽⁴⁾		77.8		—		—		77.8
Interest rate derivatives⁽⁵⁾		4.0		—		4.0		—

(1): Principally investments in equity securities.
(2): Other investments are reported within Prepaid expenses and other current assets and Other assets.

(3): Net present value of expected payments under contingent payment arrangements are 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.
(5): Interest rate derivatives are presented within Other long-term liabilities.

Schedule of presents certain quantitative information about the significant unobservable inputs used in valuing our Level 3 financial liabilities:

	Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at December 31, 2012		Valuation Techniques	Unobservable Input	Range
Contingent payment arrangements	$	31.0	Discounted cash flow	Growth rates	6.0% - 12.0%
				Discount rates	14.0% - 18.0%
Affiliate equity repurchase obligations		9.4	Discounted cash flow	Growth rates	(10.0)% - 17.0%
				Discount rates	15.0% - 24.0%

Schedule of changes in Level 3 financial assets and financial liabilities

	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	⁽³⁾		52.8		(42.5	)		—		92.0

	Level 3 Financial Assets and Financial Liabilities at Fair Value

Year Ended December 31, 2012	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	$	103.4	$	(3.2	)	$	11.0	⁽¹⁾	$	18.8	$	(11.1	)	$	—	$	118.9
Contingent payment arrangements		87.1		(0.6	)		(40.2	)⁽²⁾		24.8		(40.1	)		—		31.0
Obligations to related parties		92.0		1.0			0.8	⁽³⁾		32.1		(48.1	)		—		77.8

(1): Gains and losses on Other investments are recorded in Investment and other income.
(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.
(3): Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.

Schedule of investments

	December 31, 2011				December 31, 2012

Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity fund-of-funds⁽¹⁾	$	103.4	$	80.5	$	118.9	$	75.4
Other funds⁽²⁾		47.2		—		68.9		—

	$	150.6	$	80.5	$	187.8	$	75.4

(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, 2012

Variable Interest Entities

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

	December 31, 2011				December 31, 2012

Category of Investment	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	$	3,618.4	$	1.1	$	7,186.9	$	0.8
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 Accounting Standards Codification
-Topic 810
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6528138

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 35
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-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 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Paragraph 24
-Appendix D

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 22B
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-Number 167
-Paragraph 23A
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Number 167
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+ Details

Fixed Assets and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2012

Fixed Assets and Lease Commitments

Schedule of fixed assets

	December 31,

	2011			2012
Building and leasehold improvements	$	59.1		$	74.7
Office equipment		34.1			38.9
Furniture and fixtures		20.6			16.3
Land and improvements		17.9			18.1
Computer software		20.5			21.4

Fixed assets, at cost		152.2			169.4
Accumulated depreciation and amortization		(83.1	)		(87.9	)

Fixed assets, net	$	69.1		$	81.5

Schedule of aggregate future minimum payments for operating leases

	Required Minimum Payments

2013	$	26.9
2014		26.4
2015		24.0
2016		18.3
2017		16.3
Thereafter		64.0

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2012

Accounts Payable and Accrued Liabilities

Schedule of accounts payable and accrued liabilities

	December 31,

	2011		2012
Accrued compensation	$	136.2	$	138.8
Accrued professional fees		24.3		28.7
Accrued interest		15.9		19.3
Accrued distributions		25.0		13.2
Accounts payable		90.1		59.5
Other		52.1		65.2

	$	343.6	$	324.7

Senior Notes (Tables)

12 Months Ended

Dec. 31, 2012

Senior Notes

Summary of principal terms of senior notes

	2022 Senior Notes			2042 Senior Notes

Issue date		October 2012			August 2012
Maturity date		October 2022			August 2042
Potential Call Date		October 2015			August 2017
Par value (in millions)	$	140.0		$	200.0
Call Price		At Par			At Par
Stated coupon		5.25	%		6.375	%
Coupon frequency		Quarterly			Quarterly

Convertible Securities (Tables)

12 Months Ended

Dec. 31, 2012

Convertible Securities

Schedule of carrying amount and fair value of convertible notes

	December 31, 2011				December 31, 2012

	Carrying Value		Principal amount at maturity		Carrying Value		Principal amount at maturity
Senior convertible securities:
2008 senior convertible notes⁽¹⁾	$	435.6	$	460.0	$	450.1	$	460.0

Junior convertible trust preferred securities:
2007 junior convertible trust preferred securities⁽¹⁾	$	297.8	$	430.8	$	299.4	$	430.8
2006 junior convertible trust preferred securities⁽¹⁾		214.8		300.0		216.1		300.0

Total junior convertible securities	$	512.6	$	730.8	$	515.5	$	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
Current conversion 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 (subject to the holders' rights to convert) at any time on or after August 15, 2013. The holders may require the Company to repurchase the notes in August of 2013, 2018, 2023, 2028 and 2033.
(2): The Company may redeem the 2007 junior convertible trust preferred securities 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 $24.5 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, 2012

Income Taxes

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

	For the Years Ended December 31,

	2010			2011			2012
Controlling Interests:
Current tax	$	42.1		$	45.0		$	61.0
Intangible related deferred taxes		47.5			43.2			22.7
Other deferred taxes		(9.3	)		(4.0	)		(12.1	)

Total controlling interests		80.3			84.2			71.6

Non-controlling Interests:
Current tax	$	14.0		$	12.9		$	11.7
Deferred taxes		(2.8	)		(4.0	)		0.5

Total non-controlling interests		11.2			8.9			12.2

Provision for income taxes	$	91.5		$	93.1		$	83.8

Income before income taxes (controlling interest)	$	218.9		$	249.1		$	245.6

Effective tax rate attributable to controlling interests⁽¹⁾		36.7	%		33.8	%		29.2	%

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

Schedule of consolidated provision for income taxes

	For the Years Ended December 31,

	2010			2011			2012
Current:
Federal	$	12.8		$	7.7		$	19.4
State		9.9			9.7			11.3
Foreign		33.4			40.5			42.0

Total current		56.1			57.9			72.7

Deferred:
Federal		43.2			47.4			19.4
State		2.7			4.4			3.0
Foreign		(10.5	)		(16.6	)		(11.3	)

Total deferred		35.4			35.2			11.1

Provision for income taxes	$	91.5		$	93.1		$	83.8

Schedule of components of income before income taxes

	For the Years Ended December 31,

	2010		2011		2012
Domestic	$	186.3	$	243.8	$	238.6
International		192.6		208.9		256.6

	$	378.9	$	452.7	$	495.2

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

	For the Years Ended December 31,

	2010			2011			2012
Tax at U.S. federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefit		2.0			2.4			4.6
Non-deductible expenses		0.1			0.5			0.8
Valuation allowance		1.0			(1.1	)		(5.9	)
Effect of foreign operations		0.5			—			(2.9	)
Foreign basis differences		(0.7	)		(0.9	)		(0.4	)
Effect of changes in tax law, rates		(1.2	)		(2.1	)		(2.0	)
Effect of income from non-controlling interests		(12.5	)		(13.2	)		(12.2	)

		24.2	%		20.6	%		17.0	%

Schedule of components of deferred tax assets and liabilities

	December 31,

	2011			2012
Deferred Tax Assets
State net operating loss carryforwards	$	26.5		$	23.9
Deferred compensation		17.5			23.9
Foreign tax credit carryforwards		15.1			20.1
Tax benefit of uncertain tax positions		11.6			17.6
Accrued expenses		11.6			6.0
Capital loss carryforwards		1.5			1.5

Total deferred tax assets		83.8			93.0
Valuation allowance		(35.6	)		(21.3	)

Deferred tax assets, net of valuation allowance	$	48.2		$	71.7

Deferred Tax Liabilities
Intangible asset amortization	$	(247.1	)	$	(238.2	)
Convertible securities interest		(171.1	)		(189.2	)
Non-deductible intangible amortization		(127.2	)		(120.1	)
Deferred revenue		(5.6	)		(18.5	)
Other		(3.2	)		(2.8	)

Total deferred tax liabilities		(554.2	)		(568.8	)

Net deferred tax liability	$	(506.0	)	$	(497.1	)

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

	For the Years Ended December 31,

	2010			2011			2012
Balance, as of January 1	$	21.9		$	24.6		$	21.2
Additions based on current year tax positions		7.0			4.8			5.9
Additions based on prior years' tax positions		—			—			5.2
Reductions for prior years' tax provisions		(1.2	)		—			(5.4	)
Settlements		—			(1.2	)		—
Reductions related to lapses of statutes of limitations		(3.4	)		(6.7	)		(4.6	)
Additions (reductions) related to foreign exchange rates		0.3			(0.3	)		0.3

Balance, as of December 31	$	24.6		$	21.2		$	22.6

- 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, 2012

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 amount of derivative instrument gains and (losses) before taxes

	For the Years Ended December 31,

Cash Flow Hedges	2010		2011			2012
Interest rate swaps	$	2.5	$	(5.4	)	$	(1.1	)
Treasury rate locks		3.4		(4.3	)		—

Total	$	5.9	$	(9.7	)	$	(1.1	)

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

	December 31,

Cash Flow Hedges	2011			2012
Interest rate swaps⁽¹⁾	$	(2.9	)	$	(4.0	)

(1): Presented within Other long-term liabilities.

- 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, 2012

Comprehensive Income

Summary of the tax effects allocated to each component of Other comprehensive income

	For the 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

	For the 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	)

	For the Year Ended December 31, 2012

	Pre-Tax			Tax Expense			Net of Tax
Foreign currency translation adjustment	$	18.5		$	—		$	18.5
Change in net realized and unrealized loss on derivative securities		(1.1	)		0.4			(0.7	)
Change in net unrealized gain on investment securities		21.6			(8.1	)		13.5

Other comprehensive income	$	39.0		$	(7.7	)	$	31.3

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

	December 31, 2011			Other Comprehensive Income			December 31, 2012

Foreign currency translation adjustments	$	57.7		$	18.5		$	76.2
Realized and unrealized losses on derivative securities		(2.2	)		(0.7	)		(2.9	)
Unrealized gain (loss) on investment securities		(5.5	)		13.5			8.0

Accumulated other comprehensive income		50.0			31.3			81.3
Accumulated other comprehensive income (non-controlling interests)		—			(2.2	)		(2.2	)

Accumulated other comprehensive income (controlling interest)	$	50.0		$	29.1		$	79.1

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2012

Business Combinations

Schedule purchase price allocation for investments

	Veritable		Yacktman

Consideration paid	$	116.8	$	301.0
Non-controlling interests		30.2		217.4
Contingent payment obligations		—		24.8

Enterprise value	$	147.0	$	543.2

Acquired client relationships	$	85.1	$	367.5
Tangible assets, net		2.7		9.0
Goodwill		59.2		166.7

	$	147.0	$	543.2

Schedule of Unaudited pro forma financial results assuming the revenue sharing arrangements had been in effect for the entire period and after making certain other pro forma adjustments

	For the Years Ended December 31,

	2011		2012
Revenue	$	1,810.9	$	1,881.0
Net income (controlling interest)		179.6		186.0
Earnings per share—basic	$	3.47	$	3.60
Earnings per share—diluted	$	3.39	$	3.51

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2012

Affiliate Equity

Schedule of the changes in redeemable non-controlling interests

	December 31,

	2011			2012
Balance, as of January 1	$	406.3		$	451.8
Issuance of Redeemable non-controlling interests		52.5			11.2
Repurchase of Redeemable non-controlling interests		(57.8	)		(28.4	)
Changes in redemption value		50.8			42.9

Balance, as of December 31	$	451.8		$	477.5

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,

	2010			2011			2012
Net income (controlling interest)	$	138.6		$	164.9		$	174.0
Increase (decrease) in controlling interest paid-in capital from the sale of Affiliate equity		(45.4	)		(28.1	)		(44.0	)

Change from Net income (controlling interest) and net transfers with non-controlling interests	$	93.2		$	136.8		$	130.0

- 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 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 2: 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 3: 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 4: 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 5: 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 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, 2012

Goodwill and Acquired Client Relationships

Schedule of changes in goodwill

	Institutional			Mutual Fund			High Net Worth			Total

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

Balance, as of December 31, 2011	$	1,071.4		$	785.0		$	260.9		$	2,117.3
Goodwill acquired		0.3			151.3			74.3			225.9
Foreign currency translation		6.8			3.2			2.0			12.0

Balance, as of December 31, 2012	$	1,078.5		$	939.5		$	337.2		$	2,355.2

Schedule of changes in and the components of acquired client relationships

	Acquired Client Relationships

	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2010	$	971.1		$	(228.5	)	$	742.6		$	678.0		$	1,420.6
New Investments		—			—			—			—			—
Amortization and impairments		—			(88.5	)		(88.5	)		(9.2	)		(97.7	)
Foreign currency translation		(0.6	)		—			(0.6	)		(1.2	)		(1.8	)

Balance, as of December 31, 2011	$	970.5		$	(317.0	)	$	653.5		$	667.6		$	1,321.1
New Investments		131.1			—			131.1			321.5			452.6
Amortization and impairments		—			(97.8	)		(97.8	)		(102.2	)		(200.0	)
Foreign currency translation		1.1			—			1.1			10.7			11.8
Transfers and other		6.9			31.3			38.2			(38.2	)		—

Balance, as of December 31, 2012	$	1,109.6		$	(383.5	)	$	726.1		$	859.4		$	1,585.5

- Definition

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

+ References + Details

Equity Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2012

Equity Investments in Affiliates

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

Year Ending December 31,	Estimated Amortization Expense

2013	$	41.5
2014		20.0
2015		11.7
2016		8.9
2017		8.9

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

	For the Years Ended December 31,

	2010		2011		2012
Revenue⁽¹⁾⁽²⁾	$	619.5	$	581.0	$	1,005.4
Net income		444.2		387.9		783.3

	December 31,

	2011		2012
Current assets⁽²⁾	$	8,193.1	$	11,957.8
Noncurrent assets		29.1		34.7
Current liabilities		1,022.7		1,361.5
Noncurrent liabilities and Non-controlling interest⁽²⁾		6,754.3		9,857.6

(1): Revenue includes advisory fees for asset management services, investment income and dividends from consolidated investment partnerships.
(2): For its investments in AQR, 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, 2012

Stockholders' Equity

Schedule of recent share repurchase activity

Period		Average Price

2010	—		—
2011	0.7	$	83.63
2012	0.6	$	107.44

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Share-Based Compensation.

Schedule of transactions of the Company's stock options

			Weighted Average Exercise Price

Unexercised options outstanding—January 1, 2012	5.1		$	68.18
Options granted	0.1			121.90
Options exercised	(1.4	)		54.45
Options forfeited	0.0			85.72

Unexercised options outstanding—December 31, 2012	3.8			74.04	4.1

Exercisable at December 31, 2012	2.5			68.64	3.6

Schedule of assumptions used to determine fair value of options granted

	For the Years Ended December 31,

	2010			2011			2012
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility⁽¹⁾		32.4	%		33.1	%		36.8	%
Risk-free interest rate⁽²⁾		1.6	%		1.3	%		0.7	%
Expected life of options (in years)⁽³⁾		4.5			4.8			5.0
Forfeiture rate⁽³⁾		4.8	%		2.4	%		1.4	%

(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 transactions of the Company's restricted stock

			Weighted Average Grant Date Value

Units outstanding—January 1, 2012	0.4		$	52.66
Units granted	0.2			127.33
Units issued	(0.2	)		48.54
Units forfeited	(0.0	)		52.33

Units outstanding—December 31, 2012	0.4			84.53

Summary of recent share based compensation expense

Period	Share-Based Compensation Expense		Tax Benefit

2010	$	19.5	$	7.5
2011		30.3		11.6
2012		47.6		18.2

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2012

Earnings Per Share

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

	For the Years Ended December 31,

	2010		2011		2012
Numerator
Net income (controlling interest)	$	138.6	$	164.9	$	174.0
Interest expense on convertible securities, net of taxes		0.1		—		—

Net income (controlling interest), as adjusted	$	138.7	$	164.9	$	174.0

Denominator
Average shares outstanding—basic		47.4		51.8		51.7
Effect of dilutive instruments:
Stock options and other awards		1.0		1.2		1.3
Forward sale		0.6		—		—
Senior convertible securities		0.4		—		—

Average shares outstanding—diluted		49.4		53.0		53.0

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

	For the Years Ended December 31,

	2010		2011		2012
Stock options and other awards		1.3		1.2		0.7
Senior convertible securities		3.6		3.6		3.6
Junior convertible trust preferred securities		4.2		4.2		4.2
Forward equity sales		—		—		0.2

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial Data (Unaudited)

Schedule of quarterly results of operations

	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)		39.1		45.4		40.1		40.3
Earnings per share—diluted	$	0.74	$	0.85	$	0.76	$	0.77

	2012

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	417.6	$	429.6	$	467.3	$	491.0
Operating income		108.8		25.0		139.7		126.9
Income before income taxes		117.7		62.9		137.5		177.1
Net income (controlling interest)		37.5		6.6		54.9		75.0
Earnings per share—diluted	$	0.71	$	0.12	$	1.04	$	1.40

Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Segment Information

Schedule of segment information

	Year Ended December 31, 2010

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

		474.5			416.5			93.2			984.2

Operating income		174.7			162.3			37.0			374.0

Income from equity method investments		(70.4	)		0.4			(7.5	)		(77.5	)

Other non-operating (income) and expenses:
Investment and other (income) loss		(10.8	)		(7.6	)		—			(18.4	)
Interest expense		36.1			23.5			6.6			66.2
Imputed interest and contingent payment arrangements		13.5			8.9			2.5			24.9

		38.8			24.8			9.1			72.7

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

Net income		159.2			100.9			27.2			287.3
Net income (non-controlling interests)		(81.4	)		(54.6	)		(12.7	)		(148.7	)

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

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

	Year Ended December 31, 2011

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

		601.8			520.4			96.5			1,218.7

Operating income		239.6			203.3			43.2			486.1

Income from equity method investments		(57.2	)		(7.9	)		(7.6	)		(72.7	)

Other non-operating (income) and expenses:
Investment and other (income) loss		(6.9	)		0.6			11.3			5.0
Interest expense		39.7			27.7			6.4			73.8
Imputed interest and contingent payment arrangements		15.1			9.9			2.3			27.3

		47.9			38.2			20.0			106.1

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

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

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

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

	Year Ended December 31, 2012

	Institutional			Mutual Fund			High Net Worth			Total
Revenue	$	861.3		$	774.4		$	169.8			1,805.5
Operating expenses:
Depreciation, intangible amortization and impairments		75.4			128.9			9.8			214.1
Other operating expenses		554.2			526.5			110.3			1,191.0

		629.6			655.4			120.1			1,405.1

Operating income		231.7			119.0			49.7			400.4

Income from equity method investments		(103.9	)		(12.7	)		(13.1	)		(129.7	)

Other non-operating (income) and expenses:
Investment and other (income) loss		(13.6	)		(6.6	)		(1.8	)		(22.0	)
Interest expense		50.7			24.0			8.3			83.0
Imputed interest and contingent payment arrangements		(8.1	)		(19.5	)		1.5			(26.1	)

		29.0			(2.1	)		8.0			34.9

Income before income taxes		306.6			133.8			54.8			495.2
Income taxes		63.7			10.7			9.4			83.8

Net income		242.9			123.1			45.4			411.4
Net income (non-controlling interests)		(116.9	)		(95.8	)		(24.7	)		(237.4	)

Net income (controlling interest)	$	126.0		$	27.3		$	20.7		$	174.0

Total assets	$	3,176.5		$	2,354.8		$	655.8		$	6,187.1
Goodwill	$	1,078.5		$	939.5		$	337.2		$	2,355.2

- 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, 2012
Office equipment and furniture and fixtures \| Minimum
Fixed Assets
Estimated useful life	3 years
Office equipment and furniture and fixtures \| Maximum
Fixed Assets
Estimated useful life	10 years
Computer software \| Maximum
Fixed Assets
Estimated useful life	3 years
Building
Fixed Assets
Estimated useful life	39 years

Investments (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Cost of investments in marketable securities, gross unrealized gains and losses
Total investment	$ 128.9	$ 100.4
Value Partners Group Limited ("Value Partners")
Cost of investments in marketable securities, gross unrealized gains and losses
Total investment	$ 90.6
Outstanding common stock (as a percent)	7.80%

Investments (Details 2) - USD ($) $ in Millions	12 Months Ended
Investments (Details 2) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Summary of the Company's realized gains and losses on investments classified as available-for-sale
Gains	$ 0.1
Net realized gains	0.1
Equity securities
Summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale
Cost	103.2	$ 97.6
Gross Unrealized Gains	15.3	1.4
Gross Unrealized Losses	(3.2)	(12.7)
Fair Value	$ 115.3	$ 86.3

- 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, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of the Company's realized gains and losses on investments classified as trading securities
Gains	$ 1.5	$ 0.9	$ 0.5
Losses	(0.3)	(0.7)
Net realized gains	1.2	0.2	$ 0.5
Other Investments
Other investments	155.4	145.3
Other investments reported within Prepaid expenses and other current assets	21.5	31.2
Other investments reported within Other assets	133.9	114.1
Equity securities
Summary of the cost, gross unrealized gains and losses and fair value of investments classified as trading securities
Cost	10.3	13.5
Gross Unrealized Gains	6.5	0.9
Gross Unrealized Losses	(3.2)	(0.3)
Fair Value	$ 13.6	$ 14.1

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Financial Assets
Other investments	$ 187.8	$ 150.6
Fair value measured on a recurring basis \| Fair value
Financial Assets
Cash equivalents	13.5	23.2
Trading securities	13.6	14.1
Available-for-sale securities	115.3	86.3
Other investments	155.4	145.3
Financial Liabilities
Contingent payment arrangements	31.0	87.1
Obligations to related parties	77.8	92.0
Interest rate derivatives	4.0	2.9
Fair value measured on a recurring basis \| Level 1
Financial Assets
Cash equivalents	13.5	23.2
Trading securities	13.6	14.1
Available-for-sale securities	115.3	86.3
Other investments	15.7	31.1
Fair value measured on a recurring basis \| Level 2
Financial Assets
Other investments	20.8	10.8
Financial Liabilities
Interest rate derivatives	4.0	2.9
Fair value measured on a recurring basis \| Level 3
Financial Assets
Other investments	118.9	103.4
Financial Liabilities
Contingent payment arrangements	31.0	87.1
Obligations to related parties	$ 77.8	$ 92.0

Fair Value Measurements (Details 2) $ in Millions	12 Months Ended
Fair Value Measurements (Details 2) $ in Millions	Dec. 31, 2012 USD ($)
Contingent payment arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 31.0
Contingent payment arrangements \| Discounted cash flow \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	6.00%
Discount rate (as a percent)	14.00%
Contingent payment arrangements \| Discounted cash flow \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	12.00%
Discount rate (as a percent)	18.00%
Affiliate equity repurchase obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 9.4
Affiliate equity repurchase obligations \| Discounted cash flow \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	(10.00%)
Discount rate (as a percent)	15.00%
Affiliate equity repurchase obligations \| Discounted cash flow \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	17.00%
Discount rate (as a percent)	24.00%

Fair Value Measurements (Details 3) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details 3) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Other investments
Changes in level 3 assets and liabilities
Balance at the beginning of the period	$ 103.4	$ 85.7
Net realized gains/losses	(3.2)	(0.2)
Net unrealized gains/losses relating to instruments still held at the reporting date	11.0	9.6
Purchases and issuances	18.8	17.7
Settlements and reductions	(11.1)	(9.4)
Balance at the end of period	118.9	103.4
Contingent payment arrangements
Changes in level 3 assets and liabilities
Balance at the beginning of the period	87.1	77.6
Net realized gains/losses	(0.6)
Net unrealized gains/losses relating to instruments still held at the reporting date	(40.2)	9.5
Purchases and issuances	24.8
Settlements and reductions	(40.1)
Balance at the end of period	31.0	87.1
Obligations to related parties
Changes in level 3 assets and liabilities
Balance at the beginning of the period	92.0	79.6
Net realized gains/losses	1.0	0.4
Net unrealized gains/losses relating to instruments still held at the reporting date	0.8	1.7
Purchases and issuances	32.1	52.8
Settlements and reductions	(48.1)	(42.5)
Balance at the end of period	$ 77.8	$ 92.0

Fair Value Measurements (Details 4) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details 4) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
NAV of investments at fair value
Fair Value	$ 187.8	$ 150.6
Unfunded Commitments	75.4	80.5
Fair market value of senior notes	351.8
Fair market value of 2008 senior convertible notes	510.6	500.0
Fair market value of junior convertible trust preferred securities	719.9	594.3
Private equity fund-of-funds
NAV of investments at fair value
Fair Value	118.9	103.4
Unfunded Commitments	$ 75.4	80.5
Liquidation of underlying assets over the life of the funds	15 years
Other funds
NAV of investments at fair value
Fair Value	$ 68.9	$ 47.2

Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Sponsored investment funds
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 7,186.9	$ 3,618.4
Carrying Value and Maximum Exposure to Loss	0.8	1.1
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, 2012	Dec. 31, 2011	Dec. 31, 2010
Fixed assets
Fixed assets, at cost	$ 169.4	$ 152.2
Accumulated depreciation and amortization	(87.9)	(83.1)
Fixed assets, net	81.5	69.1
Future minimum payments for operating leases
2013	26.9
2014	26.4
2015	24.0
2016	18.3
2017	16.3
Thereafter	64.0
Consolidated rent expense	30.5	29.9	$ 23.3
Building and leasehold improvements
Fixed assets
Fixed assets, at cost	74.7	59.1
Office equipment
Fixed assets
Fixed assets, at cost	38.9	34.1
Furniture and fixtures
Fixed assets
Fixed assets, at cost	16.3	20.6
Land and improvements
Fixed assets
Fixed assets, at cost	18.1	17.9
Computer software
Fixed assets
Fixed assets, at cost	$ 21.4	$ 20.5

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Accounts Payable and Accrued Liabilities
Accrued compensation	$ 138.8	$ 136.2
Accrued professional fees	28.7	24.3
Accrued interest	19.3	15.9
Accrued distributions	13.2	25.0
Accounts payable	59.5	90.1
Other	65.2	52.1
Accounts payable and accrued liabilities	$ 324.7	$ 343.6

- 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

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. 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 of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes 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.

+ References + Details

Benefit Plans (Details) $ in Millions	12 Months Ended
Benefit Plans (Details) $ in Millions	Dec. 31, 2012 USD ($) plan	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Benefit Plans
Number of defined contribution plans \| plan	3
Consolidated expenses related to benefit plans \| $	$ 12.7	$ 12.0	$ 12.1

Senior Bank Debt (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Credit facility
Senior Bank Debt
Maximum borrowing capacity	$ 1,075.0
Revolving credit facility
Senior Bank Debt
Maximum borrowing capacity	825.0
Portion of the principal balance maturing in January 2015	30.0
Principal balance maturing in November 2016	795.0
Option to increase the borrowing capacity under revolving credit facility	75.0
Line of credit facility amount outstanding	325.0	$ 250.0
Term loan
Senior Bank Debt
Maximum borrowing capacity	250.0
Option to increase the borrowing capacity under revolving credit facility	$ 250.0

Senior Notes (Details) $ in Millions	12 Months Ended
Senior Notes (Details) $ in Millions	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)
Senior Notes
Number of senior notes outstanding \| item	2
Senior Notes
Par value	$ 730.8	$ 730.8
2022 Senior Notes
Senior Notes
Par value	$ 140.0
Interest rate (as a percent)	5.25%
2042 senior notes
Senior Notes
Par value	$ 200.0
Interest rate (as a percent)	6.375%

Convertible Securities (Details)	12 Months Ended
Convertible Securities (Details)	Dec. 31, 2012 USD ($) item $ / shares	Dec. 31, 2011 USD ($)
Convertible Securities
Carrying Value	$ 450,100,000	$ 435,600,000
Carrying Value	515,500,000	512,600,000
Principal amount at maturity	730,800,000	730,800,000
Principal terms of Convertible Debt Securities
Deferred tax liabilities	$ 24,500,000
2008 senior convertible notes
Debt
Number of securities outstanding \| item	1
Convertible Securities
Carrying Value	$ 450,100,000	435,600,000
Principal amount at maturity	460,000,000	460,000,000
Principal terms of Convertible Debt Securities
Denomination	$ 1,000
Current conversion rate	7.959
Current conversion price (in dollars per share) \| $ / shares	$ 125.65
Stated coupon (as a percent)	3.95%
Tax deduction rate (as a percent)	9.38%
Junior convertible trust preferred securities
Debt
Number of securities outstanding \| item	2
2007 junior convertible trust preferred securities
Convertible Securities
Carrying Value	$ 299,400,000	297,800,000
Principal amount at maturity	430,800,000	430,800,000
Principal terms of Convertible Debt Securities
Denomination	$ 50
Current conversion rate	0.250
Current conversion price (in dollars per share) \| $ / shares	$ 200.00
Stated coupon (as a percent)	5.15%
Tax deduction rate (as a percent)	8.00%
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	$ 216,100,000	214,800,000
Principal amount at maturity	300,000,000	$ 300,000,000
Principal terms of Convertible Debt Securities
Denomination	$ 50
Current conversion rate	0.333
Current conversion price (in dollars per share) \| $ / shares	$ 150.00
Stated coupon (as a percent)	5.10%
Tax deduction rate (as a percent)	7.50%
Minimum stock price for convertible notes to be redeemed (in dollars per share) \| $ / shares	$ 195

Forward Equity Sale Agreement (Details) - Amended and restated forward equity sale agreement $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2012 USD ($)	Dec. 31, 2012 USD ($) $ / shares
Forward equity sale agreement
Value of common stock to sell under each agreement, maximum	$ 400.0
Notional amount sold		$ 147.2
Average share price (in dollars per share) \| $ / shares		121.37

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income tax provision
Current tax	$ 72.7	$ 57.9	$ 56.1
Deferred taxes	11.1	35.2	35.4
Provision for income taxes	83.8	93.1	91.5
Controlling Interests:
Income tax provision
Current tax	61.0	45.0	42.1
Intangible related deferred taxes	22.7	43.2	47.5
Other deferred taxes	(12.1)	(4.0)	(9.3)
Provision for income taxes	71.6	84.2	80.3
Income before income taxes (controlling interest)	$ 245.6	$ 249.1	$ 218.9
Effective tax rate attributable to controlling interests (as a percent)	29.20%	33.80%	36.70%
Non-controlling interests
Income tax provision
Current tax	$ 11.7	$ 12.9	$ 14.0
Deferred taxes	0.5	(4.0)	(2.8)
Provision for income taxes	$ 12.2	$ 8.9	$ 11.2

Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Current:
Federal	$ 19.4	$ 7.7	$ 12.8
State	11.3	9.7	9.9
Foreign	42.0	40.5	33.4
Total current	72.7	57.9	56.1
Deferred:
Federal	19.4	47.4	43.2
State	3.0	4.4	2.7
Foreign	(11.3)	(16.6)	(10.5)
Total deferred	11.1	35.2	35.4
Provision for income taxes	$ 83.8	$ 93.1	$ 91.5

Income Taxes (Details 3) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Components of income before income taxes
Domestic	$ 238.6	$ 243.8	$ 186.3
International	256.6	208.9	192.6
Total	$ 495.2	$ 452.7	$ 378.9
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)	4.60%	2.40%	2.00%
Non-deductible expenses (as a percent)	0.80%	0.50%	0.10%
Valuation allowance (as a percent)	(5.90%)	(1.10%)	1.00%
Effect of foreign operations (as a percent)	(2.90%)		0.50%
Foreign basis differences (as a percent)	(0.40%)	(0.90%)	(0.70%)
Effect of changes in tax law, rates (as a percent)	(2.00%)	(2.10%)	(1.20%)
Effect of income from non-controlling interests (as a percent)	(12.20%)	(13.20%)	(12.50%)
Total effective income tax rate (as a percent)	17.00%	20.60%	24.20%
Increase (reduction) in valuation allowance due to foreign tax credit carryforwards	$ 11.5		$ 2.2
Deferred tax benefit due to re-valuation of deferred taxes from a change in enacted tax rates in the United Kingdom	$ 7.3	$ 7.6	$ 4.1
Effect of changes in tax law, rates non-controlling interest (as a percent)	3.00%	3.10%	1.90%
Reversal of valuation allowance for state net operating losses	$ 2.8	$ 2.8
Temporary difference due to repatriation of assets from a sale or liquidation of the subsidiary	25.8
Amount of deferred taxes not recognized	$ 9.8

Income Taxes (Details 4) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 4) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Deferred Tax Assets
State net operating loss carryforwards	$ 23.9	$ 26.5
Deferred compensation	23.9	17.5
Foreign tax credit carryforwards	20.1	15.1
Tax benefit of uncertain tax positions	17.6	11.6
Accrued expenses	6.0	11.6
Capital loss carryforwards	1.5	1.5
Total deferred tax assets	93.0	83.8
Valuation allowance	(21.3)	(35.6)
Deferred tax assets, net of valuation allowance	71.7	48.2
Deferred Tax Liabilities
Intangible asset amortization	(238.2)	(247.1)
Convertible securities interest	(189.2)	(171.1)
Non-deductible intangible amortization	(120.1)	(127.2)
Deferred revenue	(18.5)	(5.6)
Other	(2.8)	(3.2)
Total deferred tax liabilities	(568.8)	(554.2)
Net deferred tax liability	$ (497.1)	(506.0)
State net operating loss carryforwards, expiration period	15 years
Foreign tax credit carryforwards, expiration period	10 years
Liability for uncertain tax positions including interest and related charges	$ 22.6	21.3	$ 24.6
Accrued income tax interest and related charges	2.2	1.6	3.2
Unrecognized tax benefits that, if recognized, would affect effective tax rate	$ 19.4	$ 12.6	$ 16.7

Income Taxes (Details 5) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 5) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	$ 21.2	$ 24.6	$ 21.9
Additions based on current year tax positions	5.9	4.8	7.0
Additions based on prior years' tax positions	5.2
Reductions for prior years' tax provisions	(5.4)		(1.2)
Settlements		(1.2)
Reductions related to lapses of statutes of limitations	(4.6)	(6.7)	(3.4)
Additions (reductions) related to foreign exchange rates	0.3	(0.3)	0.3
Balance at the end of the period	$ 22.6	$ 21.2	$ 24.6

Derivative Financial Instruments (Details) - Interest rate swaps $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($)
Derivative financial instruments
Fair value of collateral posted	$ 5.3
Counterparty A paying 1.67% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements	$ 25.0
Derivative reference rate	3-Month LIBOR
Counterparty A paying 1.65% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements	$ 25.0
Derivative reference rate	3-Month LIBOR
Counterparty B paying 1.59% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements	$ 25.0
Derivative reference rate	3-Month LIBOR
Counterparty B paying 2.14% interest
Derivative financial instruments
Notional amount of interest rate derivative agreements	$ 25.0
Derivative reference rate	3-Month LIBOR

Derivative Financial Instruments (Details 2) - Cash Flow Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
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	$ (1.1)	$ (9.7)	$ 5.9
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	$ (1.1)	(5.4)	2.5
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	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair values of derivative instruments
Cash Flow Hedges, Fair value of derivative assets	$ (4.0)	$ (2.9)
Expense recognized	1.2
Notional amount	150.0
Interest rate swaps
Fair values of derivative instruments
Cash Flow Hedges, Fair value of derivative assets	$ (4.0)	$ (2.9)

- Definition

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References + Details

Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Other Comprehensive Income (Loss), Pre-Tax
Foreign currency translation adjustment, Pre-Tax	$ 18.5	$ (10.2)	$ 24.8
Change in net realized and unrealized gain (loss) on derivative securities, Pre-Tax	(1.1)	(9.7)	5.9
Change in net unrealized gain (loss) on investment securities, Pre-Tax	21.6	(56.6)	41.3
Other comprehensive income (loss), Pre-Tax	39.0	(76.5)	72.0
Other Comprehensive Income (Loss), Tax Expenses
Change in net realized and unrealized gain (loss) on derivative securities, Tax Benefit (Expense)	0.4	3.8	(2.2)
Change in net unrealized gain (loss) on investment securities, Tax Benefit (Expense)	(8.1)	22.2	(15.3)
Other comprehensive income (loss), Tax Benefit (Expense)	(7.7)	26.0	(17.5)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment, Net of Tax	18.5	(10.2)	24.8
Change in net realized and unrealized gain (loss) on derivative securities, net of tax	(0.7)	(5.9)	3.7
Change in net unrealized gain (loss) on investment securities, Net of Tax	13.5	(34.4)	26.0
Other comprehensive income (loss), Net of Tax	$ 31.3	$ (50.5)	$ 54.5

Comprehensive Income (Details 2) - USD ($) $ in Millions	12 Months Ended
Comprehensive Income (Details 2) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Comprehensive Income
Foreign currency translation adjustments	$ 76.2	$ 57.7
Realized and unrealized losses on derivative securities	(2.9)	(2.2)
Unrealized gain (loss) on investment securities	8.0	(5.5)
Accumulated other comprehensive income	81.3	50.0
Accumulated other comprehensive income (non-controlling interests)	(2.2)
Accumulated other comprehensive income (controlling interest)	79.1	50.0
Foreign currency translation adjustment	18.5	(10.2)	$ 24.8
Change in net realized and unrealized gains (losses) on derivative securities, net of tax	(0.7)	(5.9)	3.7
Change in net unrealized gain (loss) on investment securities, Net of Tax	13.5	(34.4)	26.0
Other comprehensive income (loss)	31.3	$ (50.5)	$ 54.5
Other comprehensive income (non-controlling interests)	(2.2)
Other comprehensive income (controlling interest)	$ 29.1

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies
Co-investment commitments in partnership		$ 75.4
Acquisition agreements contingency liability		468.2
Expected payments to settle contingent obligations	$ 3.2	200.8
Net present value of expected payments to settle contingent obligations		34.2
Expected payments related to equity method investments		142.0
Recognized net gains under past acquisition agreements		53.8
Recognized net gains attributable to the controlling interest		35.8
Pantheon's prior owner
Commitments and Contingencies
Reimbursable amount of investment commitments		$ 36.8

Business Combinations (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 29, 2012	Dec. 31, 2012	Dec. 31, 2011
Unaudited pro forma financial results
Revenue		$ 1,881.0	$ 1,810.9
Net Income (controlling interest)		$ 186.0	$ 179.6
Earnings per share - basic (in dollars per share)		$ 3.60	$ 3.47
Earnings per share - diluted (in dollars per share)		$ 3.51	$ 3.39
New Affiliate investments contribution
New Affiliate investments contributed revenue		$ 88.0
New Affiliate investments contributed earnings		14.5
Veritable, LP
Business Combinations
Tax deduction period for goodwill and client relationships amortization expense	15 years
Purchase price allocations
Consideration paid	$ 116.8
Non-controlling interests	30.2
Enterprise value	147.0
Acquired client relationships	85.1
Tangible assets, net	2.7
Goodwill	59.2
Total	$ 147.0
Veritable, LP \| High Net Worth
Business Combinations
Goodwill percentage attributable to segments	100.00%
Yacktman
Business Combinations
Tax deduction period for goodwill and client relationships amortization expense	15 years
Maximum contingent payments to be made		$ 75.0
Contingencies amount to be recognized after period of acquisition, minimum		3 years
Contingencies amount to be recognized after period of acquisition, maximum		5 years
Projected amount of the contingent payment obligation		$ 55.6
Purchase price allocations
Consideration paid	$ 301.0
Non-controlling interests	217.4
Contingent payment obligations	24.8	$ (31.0)
Enterprise value	543.2
Acquired client relationships	367.5
Tangible assets, net	9.0
Goodwill	166.7
Total	$ 543.2
Yacktman \| Mutual Fund
Business Combinations
Goodwill percentage attributable to segments	91.00%
Yacktman \| High Net Worth
Business Combinations
Goodwill percentage attributable to segments	9.00%

Affiliate Equity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Affiliate Equity (Details) - USD ($) $ in Millions	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Affiliate Equity
Compensation expenses related to Affiliate equity									$ 38.0	$ 29.0	$ 26.2
Compensation expenses related to Affiliate equity, attributable to controlling interest									21.6	22.1	14.5
Changes in redeemable non-controlling interests during the period
Balance at the beginning of the period				$ 451.8				$ 406.3	451.8	406.3
Issuance of Redeemable non-controlling interest									11.2	52.5
Repurchase of Redeemable non-controlling interest									(28.4)	(57.8)
Changes in redemption value									42.9	50.8
Balance at the end of the period	$ 477.5				$ 451.8				477.5	451.8	406.3
Effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity
Net income (controlling interest)	$ 75.0	$ 54.9	$ 6.6	$ 37.5	$ 40.3	$ 40.1	$ 45.4	$ 39.1	174.0	164.9	138.6
Increase (decrease) in controlling interest paid-in capital from the sale of Affiliate equity									(44.0)	(28.1)	(45.4)
Change from Net income (controlling interest) and net transfers with non-controlling interests									$ 130.0	$ 136.8	$ 93.2

Goodwill and Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Changes in goodwill
Balance at the beginning of the period	$ 2,117.3	$ 2,121.9
Goodwill acquired	225.9	1.4
Foreign currency translation	12.0	(6.0)
Balance at the end of the period	2,355.2	2,117.3
Institutional
Changes in goodwill
Balance at the beginning of the period	1,071.4	1,073.6
Goodwill acquired	0.3	0.1
Foreign currency translation	6.8	(2.3)
Balance at the end of the period	1,078.5	1,071.4
Mutual Fund
Changes in goodwill
Balance at the beginning of the period	785.0	786.7
Goodwill acquired	151.3
Foreign currency translation	3.2	(1.7)
Balance at the end of the period	939.5	785.0
High Net Worth
Changes in goodwill
Balance at the beginning of the period	260.9	261.6
Goodwill acquired	74.3	1.3
Foreign currency translation	2.0	(2.0)
Balance at the end of the period	$ 337.2	$ 260.9

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-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 Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-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 141R
-Paragraph 68
-Subparagraph l
-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 Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 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.

+ Details

Goodwill and Acquired Client Relationships (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Total intangible assets
Total, Net book value balance at the beginning of the period	$ 1,321.1	$ 1,420.6
Total, New investments	452.6
Total, Amortization and Impairment	(200.0)	(97.7)
Total, Foreign currency translation	11.8	(1.8)
Total, Net book value balance at the end of the period	1,585.5	1,321.1
Acquired client relationships-mutual fund management contracts
Indefinite-lived
Amortization and Impairment	(102.2)
Net book value balance at the end of the period	$ 38.2
Impairment of the indefinite-lived intangible assets		9.2
Indefinite-lived intangible assets fair value assumptions, weighted average annual growth rate (as a percent)	10.00%
Indefinite-lived intangible assets fair value assumptions, discount rate (as a percent)	15.00%
Acquired client relationships
Definite-lived
Gross book value balance at the beginning of the period	$ 970.5	971.1
Accumulated amortization balance at the beginning of the period	(317.0)	(228.5)
Net book value balance at the beginning of the period	653.5	742.6
New investments	131.1
Amortization and impairment	(97.8)	(88.5)
Foreign currency translation	1.1	(0.6)
Transfers and other	38.2
Transfers and other	6.9
Transfers and other	31.3
Gross book value balance at the end of the period	1,109.6	970.5
Accumulated amortization balance at the end of the period	(383.5)	(317.0)
Net book value balance at the end of the period	726.1	653.5
Indefinite-lived
Net book value balance at the beginning of the period	667.6	678.0
New investments	321.5
Amortization and Impairment	(102.2)	(9.2)
Foreign currency translation	10.7	(1.2)
Transfers and other	(38.2)
Net book value balance at the end of the period	$ 859.4	$ 667.6
Amortization expenses
Weighted average life	11 years
Annual amortization expense for the next five years	$ 100.0
Number of annual periods of expected amortization expense	5 years

Equity Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Equity Method Investments
Amortization expense during the period	$ 200.0	$ 97.7	$ 60.0
Annual amortization expense attributable to current equity method Affiliates for next five years
2013	41.5
2014	20.0
2015	11.7
2016	8.9
2017	8.9
Summarized financial information for Affiliates accounted for under the equity method
Revenue	1,005.4	581.0	619.5
Net income	783.3	387.9	$ 444.2
Current assets	11,957.8	8,193.1
Noncurrent assets	34.7	29.1
Current liabilities	1,361.5	1,022.7
Noncurrent liabilities and Non-controlling interest	9,857.6	6,754.3
Undistributed earnings from equity method investments	87.0
Blue Mountain Capital Management
Schedule of Equity Method Investments
Purchase price allocated to acquired client relationship	$ 131.7
Period of consideration paid	15 years
Acquired client relationships under equity method investments
Schedule of Equity Method Investments
Weighted average life	9 years
Amortization expense during the period	$ 36.9	$ 32.9

Net income (non-controlling interests) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Net Income (non-controlling interests)
Net income (non-controlling interests)	$ 237.4	$ 194.7	$ 148.7

Stockholders' Equity (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Share repurchase activity
Shares Repurchase	0.6	0.7
Common stock, shares authorized	153.0	153.0
Common Stock
Stockholders' equity
Maximum number of shares yet to be repurchased	2.3
Share repurchase activity
Shares Repurchase	0.6	0.7
Average Price (in dollars per share)	$ 107.44	$ 83.63
Voting Common Stock
Share repurchase activity
Common stock, shares authorized	150.0
Class B Non-Voting Common Stock
Share repurchase activity
Common stock, shares authorized	3.0
Preferred Stock
Share repurchase activity
Preferred stock, shares authorized	5.0

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Weighted Average Remaining Contractual Life
Excess tax benefit classified as financing cash flow	$ 22.0	$ 7.1	$ 10.1
Stock Option and Incentive Plan
Summary of transactions of stock option and incentive plans:
Unexercised options outstanding at the beginning of the period (in shares)	5,100,000
Options granted (in shares)	100,000
Options exercised (in shares)	(1,400,000)
Options forfeited (in shares)	0
Unexercised options outstanding at the end of the period (in shares)	3,800,000	5,100,000
Exercisable at the end of the period (in shares)	2,500,000
Weighted Average Exercise Price
Unexercised options outstanding at the beginning of the period (in dollars per share)	$ 68.18
Options granted (in dollars per share)	121.90
Options exercised (in dollars per share)	54.45
Options forfeited (in dollars per share)	85.72
Unexercised options outstanding at the end of the period (in dollars per share)	74.04	$ 68.18
Exercisable at the end of the period (in dollars per share)	$ 68.64
Weighted Average Remaining Contractual Life
Unexercised options outstanding at the end of the period	4 years 1 month 7 days
Exercisable at the end of the period	3 years 7 months 6 days
Total intrinsic value of options exercised	$ 86.8	$ 35.4	42.3
Intrinsic value of exercisable options	$ 154.2
Options available for future grant under the Company's option plans (in shares)	3,449,781
Cash received for options exercised	$ 73.4	28.0
Actual tax benefit recognized for options exercised	25.5	8.2
Excess tax benefit classified as financing cash flow	$ 22.0	7.1
Stock Option and Incentive Plan \| Minimum
Stock option and incentive plans
Vesting period of grants	3 years
Expiration period of grants	7 years
Stock Option and Incentive Plan \| Maximum
Stock option and incentive plans
Vesting period of grants	5 years
Expiration period of grants	10 years
Long-Term Executive Incentive and Deferred Compensation Plans
Weighted Average Remaining Contractual Life
Aggregate fair value of awards	$ 18.1	3.3	1.0
Long-Term Equity Incentive Plan
Weighted Average Remaining Contractual Life
Aggregate fair value of awards	$ 25.9	$ 14.6	$ 21.0

Share-Based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Recent share based compensation expense
Share Based Compensation Expense	$ 47.6	$ 30.3	$ 19.5
Tax Benefit	18.2	11.6	$ 7.5
Compensation expense related to share-based compensation	$ 78.4	$ 80.0
Weighted average period over which compensation expense will be recognized	3 years	3 years
Stock Option and Incentive Plan
Options granted
Weighted average fair value of options granted (in dollars per share)	$ 40.43	$ 30.27	$ 23.54
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)	36.80%	33.10%	32.40%
Risk-free interest rate (as a percent)	0.70%	1.30%	1.60%
Expected life of options	5 years	4 years 9 months 18 days	4 years 6 months
Forfeiture rate (as a percent)	1.40%	2.40%	4.80%

Share-Based Compensation (Details 3) shares in Millions	12 Months Ended
Share-Based Compensation (Details 3) shares in Millions	Dec. 31, 2012 item $ / shares shares
Long-Term Equity Incentive Plan
Stock option and incentive plans
Period during which cash flow deferred	7 years
Restricted stock
Restricted Stock
Units outstanding at the beginning of the period (in shares) \| shares	0.4
Units granted (in shares) \| shares	0.2
Units issued (in shares) \| shares	(0.2)
Units forfeitured (in shares) \| shares	0.0
Units outstanding at the end of the period (in shares) \| shares	0.4
Weighted Average Grant Date Value
Units outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 52.66
Units granted (in dollars per share) \| $ / shares	127.33
Units issued (in dollars per share) \| $ / shares	48.54
Units forfeitured (in dollars per share) \| $ / shares	52.33
Units outstanding at the end of the period (in dollars per share) \| $ / shares	$ 84.53
Long-Term Stock and Investment Plan \| Minimum
Stock option and incentive plans
Number of specified measurement funds in which deferred compensation can be notionally invested \| item	1
Number of specified measurement funds in which cash awards can be notionally invested \| item	1

Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Numerator:
Net income (controlling interest)	$ 75.0	$ 54.9	$ 6.6	$ 37.5	$ 40.3	$ 40.1	$ 45.4	$ 39.1	$ 174.0	$ 164.9	$ 138.6
Interest expense on convertible securities, net of taxes											0.1
Net income (controlling interest), as adjusted									$ 174.0	$ 164.9	$ 138.7
Denominator:
Average shares outstanding - basic									51.7	51.8	47.4
Effect of dilutive instruments:
Stock options and other awards (in shares)									1.3	1.2	1.0
Forward sale (in shares)											0.6
Senior convertible securities (in shares)											0.4
Average shares outstanding - diluted									53.0	53.0	49.4
Stock transactions:
Shares repurchased under share repurchase programs									0.6	0.7
Stock options and other awards
Anti-dilutive securities
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)									0.7	1.2	1.3
Senior convertible securities
Anti-dilutive securities
Anti-dilutive securities 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 securities excluded from computation of diluted earnings per share (in shares)									4.2	4.2	4.2
Forward equity sales
Anti-dilutive securities
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)									0.2

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Selected Quarterly Financial Data (Unaudited)
Revenue	$ 491.0	$ 467.3	$ 429.6	$ 417.6	$ 402.4	$ 413.8	$ 462.3	$ 426.3	$ 1,805.5	$ 1,704.8	$ 1,358.2
Operating income	126.9	139.7	25.0	108.8	95.2	126.0	140.0	124.9	400.4	486.1	374.0
Income before income taxes	177.1	137.5	62.9	117.7	109.0	99.9	127.7	116.1	495.2	452.7	378.8
Net income (controlling interest)	$ 75.0	$ 54.9	$ 6.6	$ 37.5	$ 40.3	$ 40.1	$ 45.4	$ 39.1	$ 174.0	$ 164.9	$ 138.6
Earnings per share - diluted (in dollars per share)	$ 1.40	$ 1.04	$ 0.12	$ 0.71	$ 0.77	$ 0.76	$ 0.85	$ 0.74	$ 3.28	$ 3.11	$ 2.81

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Related Party Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions
Payable to related parties, current	$ 11.3	$ 33.2
Affiliate partners
Related Party Transactions
Receivables from related parties	36.9	41.3
Receivable from related parties, included in Prepaid expenses and other current assets	1.9	1.4
Receivable from related parties, included in Other Assets	35.0	39.9
Payable to related parties	133.6	147.5
Payable to related parties, current	11.3	33.2
Payable to related parties, included in Other long-term liabilities	$ 122.3	$ 114.3

- 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 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 2: 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 3: 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 4: 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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 3
-Article 7

Reference 6: 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 7: 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Subparagraph 1
-Article 4

+ 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, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2012 USD ($) Segment Channel	Dec. 31, 2011 USD ($)	Dec. 31, 2010 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)									41.00%	39.00%	33.00%
Statements of Income
Revenue	$ 491.0	$ 467.3	$ 429.6	$ 417.6	$ 402.4	$ 413.8	$ 462.3	$ 426.3	$ 1,805.5	$ 1,704.8	$ 1,358.2
Operating expenses:
Depreciation, intangible amortization and impairments									214.1	112.7	74.1
Other operating expenses									1,191.0	1,106.0	910.1
Total operating expenses									1,405.1	1,218.7	984.2
Operating income	126.9	139.7	25.0	108.8	95.2	126.0	140.0	124.9	400.4	486.1	374.0
Income from equity method investments									(129.7)	(72.7)	(77.5)
Other non-operating (income) and expenses:
Investment and other (income) loss									(22.0)	5.0	(18.4)
Interest expense									83.0	73.8	66.2
Imputed interest and contingent payment arrangements									(26.1)	27.3	24.9
Total non-operating (income) and expenses									34.9	106.1	72.7
Income before income taxes	177.1	137.5	62.9	117.7	109.0	99.9	127.7	116.1	495.2	452.7	378.8
Income taxes									83.8	93.1	91.5
Net income									411.4	359.6	287.3
Net income (non-controlling interests)									(237.4)	(194.7)	(148.7)
Net income (controlling interest)	75.0	$ 54.9	$ 6.6	$ 37.5	40.3	$ 40.1	$ 45.4	$ 39.1	174.0	164.9	138.6
Balance Sheet Information
Total assets	6,187.1				5,218.9				6,187.1	5,218.9	5,279.8
Goodwill	2,355.2				2,117.3				2,355.2	2,117.3	2,121.9
Institutional
Statements of Income
Revenue									861.3	841.4	649.2
Operating expenses:
Depreciation, intangible amortization and impairments									75.4	76.9	49.6
Other operating expenses									554.2	524.9	424.9
Total operating expenses									629.6	601.8	474.5
Operating income									231.7	239.6	174.7
Income from equity method investments									(103.9)	(57.2)	(70.4)
Other non-operating (income) and expenses:
Investment and other (income) loss									(13.6)	(6.9)	(10.8)
Interest expense									50.7	39.7	36.1
Imputed interest and contingent payment arrangements									(8.1)	15.1	13.5
Total non-operating (income) and expenses									29.0	47.9	38.8
Income before income taxes									306.6	248.9	206.3
Income taxes									63.7	53.4	47.1
Net income									242.9	195.5	159.2
Net income (non-controlling interests)									(116.9)	(105.3)	(81.4)
Net income (controlling interest)									126.0	90.2	77.8
Balance Sheet Information
Total assets	3,176.5				2,836.2				3,176.5	2,836.2	2,997.4
Goodwill	1,078.5				1,071.4				1,078.5	1,071.4	1,073.6
Equity method investments included in total assets	879.6				490.6				879.6	490.6	630.1
Mutual Fund
Statements of Income
Revenue									774.4	723.7	578.8
Operating expenses:
Depreciation, intangible amortization and impairments									128.9	28.0	15.3
Other operating expenses									526.5	492.4	401.2
Total operating expenses									655.4	520.4	416.5
Operating income									119.0	203.3	162.3
Income from equity method investments									(12.7)	(7.9)	0.4
Other non-operating (income) and expenses:
Investment and other (income) loss									(6.6)	0.6	(7.6)
Interest expense									24.0	27.7	23.5
Imputed interest and contingent payment arrangements									(19.5)	9.9	8.9
Total non-operating (income) and expenses									(2.1)	38.2	24.8
Income before income taxes									133.8	173.0	137.1
Income taxes									10.7	34.4	36.2
Net income									123.1	138.6	100.9
Net income (non-controlling interests)									(95.8)	(73.1)	(54.6)
Net income (controlling interest)									27.3	65.5	46.3
Balance Sheet Information
Total assets	2,354.8				1,920.6				2,354.8	1,920.6	1,848.4
Goodwill	939.5				785.0				939.5	785.0	786.7
Equity method investments included in total assets	81.2				75.6				81.2	75.6	9.1
High Net Worth
Statements of Income
Revenue									169.8	139.7	130.2
Operating expenses:
Depreciation, intangible amortization and impairments									9.8	7.8	9.2
Other operating expenses									110.3	88.7	84.0
Total operating expenses									120.1	96.5	93.2
Operating income									49.7	43.2	37.0
Income from equity method investments									(13.1)	(7.6)	(7.5)
Other non-operating (income) and expenses:
Investment and other (income) loss									(1.8)	11.3
Interest expense									8.3	6.4	6.6
Imputed interest and contingent payment arrangements									1.5	2.3	2.5
Total non-operating (income) and expenses									8.0	20.0	9.1
Income before income taxes									54.8	30.8	35.4
Income taxes									9.4	5.3	8.2
Net income									45.4	25.5	27.2
Net income (non-controlling interests)									(24.7)	(16.3)	(12.7)
Net income (controlling interest)									20.7	9.2	14.5
Balance Sheet Information
Total assets	655.8				462.1				655.8	462.1	434.0
Goodwill	337.2				260.9				337.2	260.9	261.6
Equity method investments included in total assets	$ 70.5				$ 49.6				$ 70.5	$ 49.6	$ 39.7

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Tax Valuation Allowance
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	$ 35.6	$ 38.4	$ 33.1
Additions Charged to Costs and Expenses			5.3
Deductions	14.3	2.8
Balance End of Period	21.3	35.6	38.4
Other Allowances
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	9.6	8.5	13.2
Additions Charged to Costs and Expenses	0.1	1.2
Deductions	1.3	0.1	4.7
Balance End of Period	$ 8.4	$ 9.6	$ 8.5