Affiliated Managers (MGR) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document and Entity Information
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Central Index Key	1,004,434
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,036,984
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenue	$ 613.1	$ 640.3	$ 1,894.7	$ 1,869.7
Operating expenses:
Compensation and related expenses	243.7	258.1	788.7	766.5
Selling, general and administrative	107.5	114.4	330.5	359.5
Intangible amortization and impairments	30.5	28.7	86.4	84.2
Depreciation and other amortization	4.5	4.5	13.5	12.3
Other operating expenses	11.7	10.4	33.8	30.6
Total operating expenses	397.9	416.1	1,252.9	1,253.1
Operating income	215.2	224.2	641.8	616.6
Income from equity method investments	57.9	48.4	171.2	149.3
Other non-operating (income) and expenses:
Investment and other (income) expense	0.1	(2.6)	(16.6)	(19.2)
Interest expense	23.6	19	68.2	56.7
Imputed interest expense and contingent payment arrangements	0.3	2.8	(40)	27.6
Total non-operating (income) and expenses	24	19.2	11.6	65.1
Income before income taxes	249.1	253.4	801.4	700.8
Income taxes	56.8	63.5	198.5	173.4
Net income	192.3	189.9	602.9	527.4
Net income (non-controlling interests)	(83.3)	(86.7)	(237.2)	(247.9)
Net income (controlling interest)	$ 109	$ 103.2	$ 365.7	$ 279.5
Average shares outstanding—basic (in shares)	54.2	55.6	54.5	54.9
Average shares outstanding—diluted (in shares)	57	58.8	57.4	56.1
Earnings per share—basic (in dollars per share)	$ 2.01	$ 1.86	$ 6.71	$ 5.09
Earnings per share—diluted (in dollars per share)	$ 1.98	$ 1.82	$ 6.57	$ 4.98

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 192.3	$ 189.9	$ 602.9	$ 527.4
Other comprehensive income (loss):
Foreign currency translation adjustment	(46.1)	(34.2)	(57.9)	(22.6)
Change in net realized and unrealized gain on derivative securities, net of tax	(0.6)	0.3	1.6	0.6
Change in net unrealized gain (loss) on investment securities, net of tax	(53.1)	4.1	3.5	(4.6)
Other comprehensive loss	(99.8)	(29.8)	(52.8)	(26.6)
Comprehensive income	92.5	160.1	550.1	500.8
Comprehensive income (non-controlling interests)	(72.1)	(77.4)	(228.7)	(242.5)
Comprehensive income (controlling interest)	$ 20.4	$ 82.7	$ 321.4	$ 258.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 541.7	$ 550.6
Receivables	466.2	425.9
Investments in marketable securities	171.8	172.6
Other investments	158.3	167.2
Fixed assets, net	106.9	95.4
Goodwill	2,647.3	2,652.8
Acquired client relationships, net	1,699.7	1,778.4
Equity method investments in Affiliates	1,669.9	1,783.5
Other assets	73.4	71.7
Total assets	7,535.2	7,698.1
Liabilities and Equity
Payables and accrued liabilities	699.3	808.3
Senior bank debt	410	855
Senior notes	1,084.5	736.8
Convertible securities	304.7	303.1
Deferred income taxes	547.5	491.7
Other liabilities	188	214.5
Total liabilities	$ 3,234	$ 3,409.4
Commitments and contingencies
Redeemable non-controlling interests	$ 695.3	$ 645.5
Equity:
Common stock	0.6	0.6
Additional paid-in capital	540.3	672.2
Accumulated other comprehensive income (loss)	(12.5)	31.8
Retained earnings	2,529	2,163.3
Total stockholders' equity before treasury stock	3,057.4	2,867.9
Less: Treasury stock, at cost	(396.9)	(240.9)
Total stockholders' equity	2,660.5	2,627
Non-controlling interests	945.4	1,016.2
Total equity	3,605.9	3,643.2
Total liabilities and equity	$ 7,535.2	$ 7,698.1

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2013	53.9
Beginning Balance at Dec. 31, 2013	$ 3,144.6	$ 0.5	$ 479.9	$ 74	$ 1,711.2	$ (131.4)	$ 1,010.4
Increase (Decrease) in Stockholders' Equity
Net income	527.4				279.5		247.9
Share-based compensation	22.2		22.2
Common stock issued under share-based incentive plans	(8.9)		(110.2)			101.3
Tax benefit from share-based incentive plans	$ 58.9		58.9
Settlement of senior convertible securities (in shares)	1.9
Settlement of senior convertible securities	$ 276.5	0.1	276.4
Share repurchases	(51.7)					(51.7)
Forward equity	(45)		(45)
Investments in Affiliates	117.1						117.1
Affiliate equity activity	(34.3)		(50.9)				16.6
Distributions to non-controlling interests	(468.3)						(468.3)
Other comprehensive loss	$ (26.6)			(21.2)			(5.4)
Ending Balance (in shares) at Sep. 30, 2014	55.8
Ending Balance at Sep. 30, 2014	$ 3,511.9	0.6	631.3	52.8	1,990.7	(81.8)	918.3
Beginning Balance (in shares) at Dec. 31, 2014	55.8
Beginning Balance at Dec. 31, 2014	$ 3,643.2	0.6	672.2	31.8	2,163.3	(240.9)	1,016.2
Increase (Decrease) in Stockholders' Equity
Net income	602.9				365.7		237.2
Share-based compensation	25.5		25.5
Common stock issued under share-based incentive plans	50		(125.9)			175.9
Tax benefit from share-based incentive plans	43.1		43.1
Share repurchases	(331.9)					(331.9)
Affiliate equity activity	(37.2)		(74.6)				37.4
Distributions to non-controlling interests	(336.9)						(336.9)
Other comprehensive loss	$ (52.8)			(44.3)			(8.5)
Ending Balance (in shares) at Sep. 30, 2015	55.8
Ending Balance at Sep. 30, 2015	$ 3,605.9	$ 0.6	$ 540.3	$ (12.5)	$ 2,529	$ (396.9)	$ 945.4

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flow from (used in) operating activities:
Net income	$ 602.9	$ 527.4
Adjustments to reconcile Net income to net Cash flow from operating activities:
Intangible amortization and impairments	86.4	84.2
Depreciation and other amortization	13.5	12.3
Deferred income tax provision	77	48.3
Imputed interest expense and contingent payment arrangements	(40)	27.6
Income from equity method investments, net of amortization	(171.2)	(149.3)
Amortization of issuance costs	6.9	5.7
Distributions received from equity method investments	293.4	315.4
Share-based compensation and Affiliate equity expense	84.7	82.2
Other non-cash items	(6.3)	(0.9)
Changes in assets and liabilities:
Increase in receivables	(25)	(95.1)
(Increase) decrease in other assets	0.4	(6.8)
Increase (decrease) in payables, accrued liabilities and other liabilities	(66.5)	179.4
Cash flow from operating activities	856.2	1,030.4
Cash flow from (used in) investing activities:
Investments in Affiliates	(50)	(534.4)
Purchase of fixed assets	(25.5)	(13.7)
Purchase of investment securities	(9.4)	(16.8)
Sale of investment securities	22.5	13.9
Cash flow used in investing activities	(62.4)	(551)
Cash flow from (used in) financing activities:
Borrowings of senior debt	933.3	1,016.5
Repayments of senior debt and convertible securities	(1,031)	(895.6)
Issuance of common stock	54	37.9
Repurchase of common stock	(379.6)	(51.7)
Note and contingent payments	16.4	12.1
Distributions to non-controlling interests	(336.9)	(468.3)
Affiliate equity issuances and repurchases	(85.7)	(44.8)
Excess tax benefit from share-based compensation	43.1	58.6
Settlement of forward equity sale agreement	0	(45)
Other financing items	(8.5)	(5.2)
Cash flow used in financing activities	(794.9)	(385.5)
Effect of foreign exchange rate changes on cash and cash equivalents	(7.8)	(3.3)
Net decrease in cash and cash equivalents	(8.9)	90.6
Cash and cash equivalents at beginning of period	550.6	469.6
Cash and cash equivalents at end of period	541.7	560.2
Supplemental disclosure of non-cash financing activities:
Settlement of 2006 junior convertible securities	0	217.8
Stock issued under incentive plans	10.7	63.6
Stock received in settlement of liability	3.6	44.7
Payables recorded under contingent payment arrangements	12.9	0
Payables recorded for Affiliate equity repurchases	$ 32.7	$ 20.5

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results have been included. All intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.

Recent Accounting Developments

Recent Accounting Developments	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Developments	Recent Accounting Developments In February 2015, the Financial Accounting Standard Board (the “FASB”) issued a new standard that amended the current consolidation guidance. The new standard changes the analysis required to determine whether an entity is a variable interest entity and should be consolidated. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company is evaluating the impact of this new standard on its Consolidated Financial Statements. In April 2015, the FASB issued a new standard to reduce diversity in the presentation of debt issuance costs. The new standard requires debt issuance costs to be presented on the balance sheet as a deduction from the related debt. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company does not anticipate that this new standard will have a material impact on its Consolidated Financial Statements. In April 2015, the FASB issued a new standard amending the disclosure requirements for investments in certain entities that calculate net asset value per share. The new standard removes, from the fair value hierarchy, investments for which the net asset value is used as a practical measure of fair value. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company is evaluating the impact of this new standard on its financial statement disclosures. In September 2015, the FASB issued a new standard requiring an acquirer to recognize and disclose adjustments to provisional purchase price allocations, performed in connection with business combinations, in the reporting period that the adjustments are determined. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company is evaluating the impact of this new standard on its Consolidated Financial Statements.

Investments in Marketable Secur

Investments in Marketable Securities	9 Months Ended
	Sep. 30, 2015
Marketable Securities [Abstract]
Investments in Marketable Securities	Investments in Marketable Securities Investments in marketable securities at December 31, 2014 and September 30, 2015 were $172.6 million and $171.8 million , respectively. The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale and trading at December 31, 2014 and September 30, 2015 : Available-for-Sale Trading December 31, September 30, December 31, September 30, Cost $ 125.6 $ 106.4 $ 19.5 $ 21.9 Unrealized Gains 42.8 47.0 2.9 1.9 Unrealized Losses (18.1 ) (3.8 ) (0.1 ) (1.6 ) Fair Value $ 150.3 $ 149.6 $ 22.3 $ 22.2 For each of the three and nine months ended September 30, 2014, there were $ 1.8 million of realized gains on investments classified as available-for-sale. In the three and nine months ended September 30, 2015 , there were $0.7 million and $8.7 million of realized gains on investments classified as available-for-sale, respectively. These gains were recorded in Investment and other income. There were no significant realized gains or losses on investments classified as trading in the three and nine months ended September 30, 2014 and September 30, 2015 .

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities The Company’s consolidated Affiliates act as investment managers for certain investment funds that are considered variable interest entities (“VIEs”). These Affiliates are entitled to receive management fees and may be eligible, under certain circumstances, to receive performance fees. The Affiliates’ exposure to risk in these entities is generally limited to any equity investment and any uncollected management or performance fees, neither of which were material at December 31, 2014 and September 30, 2015 . These Affiliates do not have any investment performance guarantees to these VIEs. Consolidated Affiliates are not the primary beneficiaries of any 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 relevant fund’s assets under management. Since these Affiliates’ variable interests will not absorb the majority of the variability of the VIE’s net assets, these entities are not consolidated. The net assets and liabilities of these unconsolidated VIEs and the Company’s maximum risk of loss are as follows: December 31, 2014 September 30, 2015 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 $ 8,550.4 $ 1.2 $ 5,904.8 $ 1.1

Senior Debt

Senior Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Senior Debt	Senior Debt Senior Bank Debt On September 22, 2015, the Company entered into a $1.3 billion senior unsecured multicurrency revolving credit facility (the “revolver”) and a $350.0 million senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”). The credit facilities, which replaced previous credit facilities, both mature on September 30, 2020. Subject to certain conditions, the Company may increase commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $100.0 million under the term loan. The Company pays interest on any outstanding obligations under the revolver and on the term loan at specified rates, based either on the LIBOR rate or the prime rate as in effect from time to time. The credit facilities contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions and fundamental corporate changes, and certain customary events of default. Senior Notes On February 13, 2015, the Company issued $350.0 million aggregate principal amount of 3.50% senior unsecured notes due 2025 (the “2025 senior notes”). The 2025 senior notes pay interest semi-annually and may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest. In addition to customary event of default provisions, the indenture limits the Company’s ability to consolidate, merge or sell all or substantially all of its assets. On September 22, 2015, the Company delivered a notice to redeem all $140.0 million principal amount outstanding of its 5.25% senior unsecured notes due 2022 (the “2022 senior notes”) at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. As of the October 22, 2015 redemption date, all of the 2022 senior notes have been canceled and retired.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has committed to co-invest in certain investment partnerships. As of September 30, 2015 , these unfunded commitments were $74.8 million and may be called in future periods. In connection with a past acquisition agreement, the Company is contractually entitled to reimbursement from a prior owner for $15.5 million of these commitments if they are called. The Company is contingently liable, upon achievement by certain Affiliates of specified financial targets, to make payments through 2019 of up to $72.1 million associated with its consolidated Affiliates and $151.0 million associated with its equity method Affiliates. As of September 30, 2015 , the Company expected to make payments of $9.9 million (net present value of $7.1 million ) of the $72.1 million related to consolidated Affiliates and expected to make no payments related to the Company’s equity method Affiliates. The Company does not expect to make any payments associated with these contingent arrangements during the remainder of 2015.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Financial Assets Cash equivalents $ 59.1 $ 59.1 $ — $ — Investments in marketable securities (1) Trading securities 22.3 22.3 — — Available-for-sale securities 150.3 150.3 — — Other investments 167.2 13.6 19.4 134.2 Financial Liabilities Contingent payment arrangements (2) $ 59.3 $ — $ — $ 59.3 Obligations to related parties (2) 93.1 — — 93.1 Interest rate swaps 1.4 — 1.4 — Foreign currency forward contracts (3) 0.5 — 0.5 — Fair Value Measurements September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Financial Assets Cash equivalents $ 49.0 $ 49.0 $ — $ — Investments in marketable securities (1) Trading securities 22.2 22.2 — — Available-for-sale securities 149.6 149.6 — — Other investments 158.3 20.2 5.7 132.4 Foreign currency forward contracts (3) 0.8 — 0.8 — Financial Liabilities Contingent payment arrangements (2) $ 7.1 $ — $ — $ 7.1 Obligations to related parties (2) 97.8 — — 97.8 Interest rate swaps (2) 0.7 — 0.7 — Foreign currency forward contracts (3) 0.2 — 0.2 — __________________________ (1) Principally investments in equity securities. (2) Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets. (3) Amounts are presented within Other assets or Other liabilities in the accompanying Consolidated Balance Sheets. The following are descriptions of the significant financial assets and liabilities measured at fair value and the fair value methodologies used. Cash equivalents consist primarily of highly liquid investments in daily redeeming money market funds which are classified as Level 1. Investments in marketable securities consist primarily of investments in publicly traded securities and in funds advised by Affiliates that 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 consist primarily of funds advised by Affiliates and 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). Contingent payment arrangements represent the present value of the expected future settlement of contingent payment arrangements related to the Company’s investments in consolidated Affiliates. The significant unobservable inputs that are used in the fair value measurement of these obligations are growth and discount rates. Increases in the growth rate result in a higher obligation while an increase in the discount rate results in a lower obligation. Obligations to related parties include agreements to repurchase Affiliate equity and liabilities, offsetting certain investments that are held by the Company but economically attributable to a related party. The significant unobservable inputs that are used in the fair value measurement of the agreements to repurchase Affiliate equity are growth and discount rates. Increases in the growth rate result in a higher obligation while an increase in the discount rate results 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 (adjusted for current period calls and distributions). Interest rate swaps and foreign currency forward contracts use model-derived valuations in which all significant inputs are observable in active markets to determine fair value. 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 transfers of financial assets or liabilities between Level 1 and Level 2 in the three and nine months ended September 30, 2014 and 2015 . Level 3 Financial Assets and Liabilities The following tables present the changes in Level 3 assets and liabilities for the three and nine months ended September 30, 2014 and 2015 : For the Three Months Ended September 30, 2014 2015 Other Investments Contingent Payment Arrangements Obligations to Related Parties Other Investments Contingent Payment Arrangements Obligations to Related Parties Balance, beginning of period $ 139.5 $ 55.1 $ 98.4 $ 133.4 $ 6.7 $ 127.3 Net gains/losses 2.7 (1) 1.9 (2) 1.3 (3) 2.0 (1) 0.4 (2) 2.1 (3) Purchases and issuances 3.7 — 11.1 5.9 — 33.8 Settlements and reductions (8.2 ) — (18.1 ) (8.9 ) — (65.4 ) Net transfers in and/or out of Level 3 — — — — — — Balance, end of period $ 137.7 $ 57.0 $ 92.7 $ 132.4 $ 7.1 $ 97.8 Net unrealized gains/losses relating to instruments still held at the reporting date $ 4.4 (1) $ 1.9 (2) $ 0.2 (3) $ 6.0 (1) $ 0.4 (2) $ (0.3 ) (3) For the Nine Months Ended September 30, 2014 2015 Other Investments Contingent Payment Arrangements Obligations to Related Parties Other Investments Contingent Payment Arrangements Obligations to Related Parties Balance, beginning of period $ 131.8 $ 50.2 $ 76.9 $ 134.2 $ 59.3 $ 93.1 Net gains/losses 13.7 (1) 6.8 (2) 5.8 (3) 0.2 (1) (41.2 ) (2) 4.5 (3) Purchases and issuances 10.5 — 72.1 12.1 6.5 101.6 Settlements and reductions (18.3 ) — (62.1 ) (20.6 ) (17.5 ) (101.4 ) Net transfers in and/or out of Level 3 — — — 6.5 — — Balance, end of period $ 137.7 $ 57.0 $ 92.7 $ 132.4 $ 7.1 $ 97.8 Net unrealized gains/losses relating to instruments still held at the reporting date $ 17.1 (1) $ 6.8 (2) $ 2.2 (3) $ 9.6 (1) $ (41.2 ) (2) $ (4.4 ) (3) ___________________________ (1) Gains and losses on Other investments are recorded in Investment and other income. (2) Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements. (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. The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s Level 3 financial liabilities: Quantitative Information about Level 3 Fair Value Measurements Valuation Techniques Unobservable Input Fair Value at Range at Fair Value at September 30, 2015 Range at September 30, 2015 Contingent payment arrangements Discounted cash flow Growth rates $ 59.3 6% $ 7.1 (1)% - 9% Discount rates 15% 16% Affiliate equity obligations Discounted cash flow Growth rates 21.5 5% - 9% 31.8 3% - 10% Discount rates 15% - 16% 15% - 16% Investments in Certain Entities that Calculate Net Asset Value The Company uses 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, 2014 and September 30, 2015 , the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized: December 31, 2014 September 30, 2015 Category of Investment Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private equity funds (1) $ 134.2 $ 67.8 $ 132.4 $ 74.8 Other funds (2) 75.8 — 76.9 — $ 210.0 $ 67.8 $ 209.3 $ 74.8 ___________________________ (1) These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years . (2) These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis. Other Financial Assets and Liabilities Not Carried at Fair Value The carrying amount of Cash and cash equivalents, Receivables, and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable approximates fair value because interest rates and other terms are at market rates. The carrying value of Senior bank debt approximates fair value because the debt has variable interest based on selected short-term rates. The following table summarizes the Company’s other financial liabilities not carried at fair value: December 31, 2014 September 30, 2015 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 736.8 $ 786.2 $ 1,084.5 $ 1,102.4 Level 2 Convertible securities 303.1 532.1 304.7 483.6 Level 2

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Consolidated Affiliates The following tables present the change in Goodwill and components of Acquired client relationships during the nine months ended September 30, 2015 : Goodwill Institutional Mutual Fund High Net Worth Total Balance, as of December 31, 2014 $ 1,159.1 $ 1,125.3 $ 368.4 $ 2,652.8 New investments (1) 1.6 — 27.4 29.0 Foreign currency translation (21.8 ) 0.7 (13.4 ) (34.5 ) Balance, as of September 30, 2015 $ 1,138.9 $ 1,126.0 $ 382.4 $ 2,647.3 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, 2014 $ 1,255.1 $ (565.0 ) $ 690.1 $ 1,088.3 $ 1,778.4 New investments (1) 23.6 — 23.6 — 23.6 Intangible amortization and impairments — (86.4 ) (86.4 ) — (86.4 ) Foreign currency translation (3.6 ) — (3.6 ) (12.3 ) (15.9 ) Balance, as of September 30, 2015 $ 1,275.1 $ (651.4 ) $ 623.7 $ 1,076.0 $ 1,699.7 __________________________ (1) On April 1, 2015, the Company completed its investment in Baker Street Advisors, LLC. Definite-lived acquired client relationships are amortized over their expected useful lives. As of September 30, 2015 , these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expenses for these relationships of $28.7 million and $84.2 million for the three and nine months ended September 30, 2014 , respectively, as compared to $30.5 million and $86.4 million for the three and nine months ended September 30, 2015 , respectively. Based on relationships existing as of September 30, 2015 , the Company estimates that its consolidated annual amortization expense will be approximately $120 million for each of the next five years. The Company performed its annual goodwill assessment as of September 30, 2015 and no impairments were identified. Equity Method Investments in Affiliates The intangible assets at the Company’s equity method Affiliates consist of definite-lived and indefinite-lived acquired client relationships and goodwill. As of September 30, 2015 , the definite-lived relationships were being amortized over a weighted average life of approximately fourteen years. The Company recognized amortization expense for these relationships of $9.0 million and $23.3 million for the three and nine months ended September 30, 2014 , respectively, as compared to $8.6 million and $26.1 million for the three and nine months ended September 30, 2015 , respectively. Based on relationships existing as of September 30, 2015 , the Company estimates the annual amortization expense will be $34.1 million in 2015 and $31.9 million for each of the next four years.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation A summary of share-based compensation is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Share-based compensation $ 7.0 $ 8.4 $ 22.2 $ 25.5 Tax benefit 2.7 3.2 8.5 9.8 There was $56.8 million and $79.3 million of unrecognized share-based compensation as of December 31, 2014 and September 30, 2015 , respectively, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures). Stock Options The following table summarizes the transactions of the Company’s stock options: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Unexercised options outstanding—December 31, 2014 2.3 $ 83.42 Options granted 0.0 207.61 Options exercised (0.9 ) 65.45 Options forfeited (0.0 ) 101.29 Unexercised options outstanding—September 30, 2015 1.4 95.34 2.3 Exercisable at September 30, 2015 1.3 92.18 2.2 Restricted Stock The following table summarizes the transactions of the Company’s restricted stock units: Restricted Stock Weighted Average Grant Date Value Unvested units—December 31, 2014 0.4 $ 182.83 Units granted 0.3 197.97 Units vested (0.1 ) 173.72 Units forfeited (0.0 ) 189.73 Unvested units—September 30, 2015 0.6 192.22 Of the 0.3 million units granted in January 2015, 0.2 million contained service-based vesting conditions and the remaining 0.1 million vest if both a requisite service period and certain performance conditions have been satisfied. The fair values of the awards were based on the closing price of the Company’s common stock on the date of grant and will be recognized as compensation expense over a service period of four years .

Affiliate Equity

Affiliate Equity	9 Months Ended
	Sep. 30, 2015
Affiliate Equity [Abstract]
Affiliate Equity	Affiliate Equity A summary of Affiliate equity expense is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Affiliate equity expense $ 14.1 $ 9.2 $ 60.0 $ 59.2 Tax benefit 2.4 1.3 9.6 3.9 Affiliate equity expense attributable to the non-controlling interests was $7.9 million and $35.1 million in the three and nine months ended September 30, 2014 , respectively, as compared to $5.9 million and $49.0 million in the three and nine months ended September 30, 2015 , respectively. As of December 31, 2014 and September 30, 2015 , the Company had $71.1 million and $78.6 million , respectively, of unrecognized Affiliate equity expense, which will be recognized over a weighted average period of approximately four years (assuming no forfeitures). Of this unrecognized expense, $41.6 million and $54.3 million was attributable to the non-controlling interests, respectively. The Company has a conditional right to call and holders of non-controlling interests have a conditional right to put their equity interests at certain intervals. The current redemption value of these interests has been presented as Redeemable non-controlling interests on the 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: Redeemable Non-controlling Interests Balance, as of December 31, 2014 $ 645.5 Transactions in Redeemable non-controlling interests (92.5 ) Changes in redemption value 142.3 Balance, as of September 30, 2015 $ 695.3 During the three and nine months ended September 30, 2014 and 2015 , the Company acquired interests from, and transferred interests to, holders of Affiliate equity. The following schedule discloses the effect of changes in the Company’s ownership interest in its Affiliates on the controlling interest’s equity: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Net income (controlling interest) $ 103.2 $ 109.0 $ 279.5 $ 365.7 Decrease in controlling interest paid-in capital from purchases and sales of Affiliate equity (3.6 ) (17.4 ) (17.1 ) (49.0 ) Change from Net income (controlling interest) and net transfers with non-controlling interests $ 99.6 $ 91.6 $ 262.4 $ 316.7

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	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 Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Controlling interests: Current tax $ 41.7 $ 36.7 $ 114.3 $ 112.1 Intangible-related deferred taxes 19.0 21.1 54.2 62.3 Other deferred taxes (0.7 ) (3.6 ) (5.3 ) 15.2 Total controlling interests 60.0 54.2 163.2 189.6 Non-controlling interests: Current tax $ 3.7 $ 2.8 $ 10.8 $ 9.4 Deferred taxes (0.2 ) (0.2 ) (0.6 ) (0.5 ) Total non-controlling interests 3.5 2.6 10.2 8.9 Provision for income taxes $ 63.5 $ 56.8 $ 173.4 $ 198.5 Income before income taxes (controlling interest) $ 163.2 $ 163.2 $ 442.7 $ 555.3 Effective tax rate attributable to controlling interest (1) 36.8 % 33.2 % 36.9 % 34.1 % __________________________ (1) Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest). The effective tax rate attributable to controlling interest was 36.8 % and 36.9 % for the three and nine months ended September 30, 2014 , respectively, as compared to 33.2% and 34.1% for the three and nine months ended September 30, 2015 , respectively. The decrease resulted primarily from an indefinite reinvestment of $6.3 million and $18.8 million of non-U.S. earnings in the three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 , the Company carried a liability for uncertain tax positions of $27.4 million , including $2.1 million for interest and related charges. At September 30, 2015 , this liability also included $25.6 million for tax positions that, if recognized, would affect the Company’s effective tax rate. 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	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 Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Numerator Net income (controlling interest) $ 103.2 $ 109.0 $ 279.5 $ 365.7 Convertible securities interest expense, net 3.8 3.8 — 11.5 Net income (controlling interest), as adjusted $ 107.0 $ 112.8 $ 279.5 $ 377.2 Denominator Average shares outstanding (basic) 55.6 54.2 54.9 54.5 Effect of dilutive instruments: Stock options and restricted stock 1.1 0.6 1.1 0.7 Forward equity — — 0.1 — Junior convertible securities 2.1 2.2 — 2.2 Average shares outstanding (diluted) 58.8 57.0 56.1 57.4 The diluted earnings per share calculations in the table above exclude restricted stock units for which performance or market conditions were not met and the anti-dilutive effect of the following shares: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Stock options and restricted stock 0.2 0.0 0.2 0.0 Junior convertible securities — — 2.6 —

Comprehensive Income

Comprehensive Income	9 Months Ended
	Sep. 30, 2015
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income	Comprehensive Income The following table shows the tax effects allocated to each component of Other comprehensive income: For the Three Months Ended September 30, 2014 2015 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (34.2 ) $ — $ (34.2 ) $ (46.1 ) $ — $ (46.1 ) Change in net realized and unrealized gain (loss) on derivative securities 0.4 (0.1 ) 0.3 (0.6 ) 0.0 (0.6 ) Change in net unrealized gain (loss) on investment securities 6.7 (2.6 ) 4.1 (85.7 ) 32.6 (53.1 ) Other comprehensive income (loss) $ (27.1 ) $ (2.7 ) $ (29.8 ) $ (132.4 ) $ 32.6 $ (99.8 ) For the Nine Months Ended September 30, 2014 2015 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (22.6 ) $ — $ (22.6 ) $ (57.9 ) $ — $ (57.9 ) Change in net realized and unrealized gain (loss) on derivative securities 0.9 (0.3 ) 0.6 1.8 (0.2 ) 1.6 Change in net unrealized gain (loss) on investment securities (7.2 ) 2.6 (4.6 ) 5.0 (1.5 ) 3.5 Other comprehensive income (loss) $ (28.9 ) $ 2.3 $ (26.6 ) $ (51.1 ) $ (1.7 ) $ (52.8 ) The components of Accumulated other comprehensive income (loss), net of taxes, are as follows: Foreign Currency Translation Adjustment Realized and Unrealized Gains (Losses) on Derivative Securities Unrealized Gains (Losses) on Investment Securities (1) Total Balance, as of December 31, 2014 $ (5.4 ) $ (1.6 ) $ 22.9 $ 15.9 Other comprehensive income (loss) before reclassifications (57.9 ) 1.1 (5.0 ) (61.8 ) Amounts reclassified from other comprehensive income — 0.5 8.5 9.0 Net other comprehensive income (loss) (57.9 ) 1.6 3.5 (52.8 ) Balance, as of September 30, 2015 $ (63.3 ) (0.0 ) $ 26.4 $ (36.9 ) ________________________ (1) See Note 3 of the Consolidated Financial Statements for amounts reclassified from Other comprehensive income.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	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. The following table summarizes the Company’s financial results for each of the distribution channels: For the Three Months Ended September 30, 2014 2015 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 256.1 $ 46.3 $ 236.7 $ 52.2 Mutual Fund 319.6 47.0 310.1 45.8 High Net Worth 64.6 9.9 66.3 11.0 Total $ 640.3 $ 103.2 $ 613.1 $ 109.0 For the Nine Months Ended September 30, 2014 2015 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 766.2 $ 131.6 $ 745.1 $ 160.5 Mutual Fund 921.5 121.3 951.3 169.5 High Net Worth 182.0 26.6 198.3 35.7 Total $ 1,869.7 $ 279.5 $ 1,894.7 $ 365.7 Total Assets December 31, 2014 September 30, 2015 Institutional $ 3,739.8 $ 3,480.4 Mutual Fund 3,082.0 3,188.5 High Net Worth 876.3 866.3 Total $ 7,698.1 $ 7,535.2

Subsequent Events - New Investm

Subsequent Events - New Investments	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events - New Investments	Subsequent Events - New Investments On October 1, 2015, the Company completed a majority equity interest in myCIO Wealth Partners, LLC. On November 8, 2015, the Company announced that it will acquire minority equity interests in Systematica Investments LP, Abax Investments (Pty) Ltd and Ivory Investment Management, L.P.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results have been included. All intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.
Recent Accounting Developments	In February 2015, the Financial Accounting Standard Board (the “FASB”) issued a new standard that amended the current consolidation guidance. The new standard changes the analysis required to determine whether an entity is a variable interest entity and should be consolidated. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company is evaluating the impact of this new standard on its Consolidated Financial Statements. In April 2015, the FASB issued a new standard to reduce diversity in the presentation of debt issuance costs. The new standard requires debt issuance costs to be presented on the balance sheet as a deduction from the related debt. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company does not anticipate that this new standard will have a material impact on its Consolidated Financial Statements. In April 2015, the FASB issued a new standard amending the disclosure requirements for investments in certain entities that calculate net asset value per share. The new standard removes, from the fair value hierarchy, investments for which the net asset value is used as a practical measure of fair value. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company is evaluating the impact of this new standard on its financial statement disclosures. In September 2015, the FASB issued a new standard requiring an acquirer to recognize and disclose adjustments to provisional purchase price allocations, performed in connection with business combinations, in the reporting period that the adjustments are determined. The new standard is effective for interim and fiscal periods beginning after December 15, 2015. The Company is evaluating the impact of this new standard on its Consolidated Financial Statements.

Investments in Marketable Sec23

Investments in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Marketable Securities [Abstract]
Schedule of Available-For-Sale and Trading Securities	The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale and trading at December 31, 2014 and September 30, 2015 : Available-for-Sale Trading December 31, September 30, December 31, September 30, Cost $ 125.6 $ 106.4 $ 19.5 $ 21.9 Unrealized Gains 42.8 47.0 2.9 1.9 Unrealized Losses (18.1 ) (3.8 ) (0.1 ) (1.6 ) Fair Value $ 150.3 $ 149.6 $ 22.3 $ 22.2

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities
Schedule of Unconsolidated VIE's and Company Risk	The net assets and liabilities of these unconsolidated VIEs and the Company’s maximum risk of loss are as follows: December 31, 2014 September 30, 2015 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 $ 8,550.4 $ 1.2 $ 5,904.8 $ 1.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Financial Assets Cash equivalents $ 59.1 $ 59.1 $ — $ — Investments in marketable securities (1) Trading securities 22.3 22.3 — — Available-for-sale securities 150.3 150.3 — — Other investments 167.2 13.6 19.4 134.2 Financial Liabilities Contingent payment arrangements (2) $ 59.3 $ — $ — $ 59.3 Obligations to related parties (2) 93.1 — — 93.1 Interest rate swaps 1.4 — 1.4 — Foreign currency forward contracts (3) 0.5 — 0.5 — Fair Value Measurements September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Financial Assets Cash equivalents $ 49.0 $ 49.0 $ — $ — Investments in marketable securities (1) Trading securities 22.2 22.2 — — Available-for-sale securities 149.6 149.6 — — Other investments 158.3 20.2 5.7 132.4 Foreign currency forward contracts (3) 0.8 — 0.8 — Financial Liabilities Contingent payment arrangements (2) $ 7.1 $ — $ — $ 7.1 Obligations to related parties (2) 97.8 — — 97.8 Interest rate swaps (2) 0.7 — 0.7 — Foreign currency forward contracts (3) 0.2 — 0.2 — __________________________ (1) Principally investments in equity securities. (2) Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets. (3) Amounts are presented within Other assets or Other liabilities in the accompanying Consolidated Balance Sheets.
Schedule of Changes in Level 3 Assets	The following tables present the changes in Level 3 assets and liabilities for the three and nine months ended September 30, 2014 and 2015 : For the Three Months Ended September 30, 2014 2015 Other Investments Contingent Payment Arrangements Obligations to Related Parties Other Investments Contingent Payment Arrangements Obligations to Related Parties Balance, beginning of period $ 139.5 $ 55.1 $ 98.4 $ 133.4 $ 6.7 $ 127.3 Net gains/losses 2.7 (1) 1.9 (2) 1.3 (3) 2.0 (1) 0.4 (2) 2.1 (3) Purchases and issuances 3.7 — 11.1 5.9 — 33.8 Settlements and reductions (8.2 ) — (18.1 ) (8.9 ) — (65.4 ) Net transfers in and/or out of Level 3 — — — — — — Balance, end of period $ 137.7 $ 57.0 $ 92.7 $ 132.4 $ 7.1 $ 97.8 Net unrealized gains/losses relating to instruments still held at the reporting date $ 4.4 (1) $ 1.9 (2) $ 0.2 (3) $ 6.0 (1) $ 0.4 (2) $ (0.3 ) (3) For the Nine Months Ended September 30, 2014 2015 Other Investments Contingent Payment Arrangements Obligations to Related Parties Other Investments Contingent Payment Arrangements Obligations to Related Parties Balance, beginning of period $ 131.8 $ 50.2 $ 76.9 $ 134.2 $ 59.3 $ 93.1 Net gains/losses 13.7 (1) 6.8 (2) 5.8 (3) 0.2 (1) (41.2 ) (2) 4.5 (3) Purchases and issuances 10.5 — 72.1 12.1 6.5 101.6 Settlements and reductions (18.3 ) — (62.1 ) (20.6 ) (17.5 ) (101.4 ) Net transfers in and/or out of Level 3 — — — 6.5 — — Balance, end of period $ 137.7 $ 57.0 $ 92.7 $ 132.4 $ 7.1 $ 97.8 Net unrealized gains/losses relating to instruments still held at the reporting date $ 17.1 (1) $ 6.8 (2) $ 2.2 (3) $ 9.6 (1) $ (41.2 ) (2) $ (4.4 ) (3) ___________________________ (1) Gains and losses on Other investments are recorded in Investment and other income. (2) Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements. (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 Changes in Level 3 Liabilities	The following tables present the changes in Level 3 assets and liabilities for the three and nine months ended September 30, 2014 and 2015 : For the Three Months Ended September 30, 2014 2015 Other Investments Contingent Payment Arrangements Obligations to Related Parties Other Investments Contingent Payment Arrangements Obligations to Related Parties Balance, beginning of period $ 139.5 $ 55.1 $ 98.4 $ 133.4 $ 6.7 $ 127.3 Net gains/losses 2.7 (1) 1.9 (2) 1.3 (3) 2.0 (1) 0.4 (2) 2.1 (3) Purchases and issuances 3.7 — 11.1 5.9 — 33.8 Settlements and reductions (8.2 ) — (18.1 ) (8.9 ) — (65.4 ) Net transfers in and/or out of Level 3 — — — — — — Balance, end of period $ 137.7 $ 57.0 $ 92.7 $ 132.4 $ 7.1 $ 97.8 Net unrealized gains/losses relating to instruments still held at the reporting date $ 4.4 (1) $ 1.9 (2) $ 0.2 (3) $ 6.0 (1) $ 0.4 (2) $ (0.3 ) (3) For the Nine Months Ended September 30, 2014 2015 Other Investments Contingent Payment Arrangements Obligations to Related Parties Other Investments Contingent Payment Arrangements Obligations to Related Parties Balance, beginning of period $ 131.8 $ 50.2 $ 76.9 $ 134.2 $ 59.3 $ 93.1 Net gains/losses 13.7 (1) 6.8 (2) 5.8 (3) 0.2 (1) (41.2 ) (2) 4.5 (3) Purchases and issuances 10.5 — 72.1 12.1 6.5 101.6 Settlements and reductions (18.3 ) — (62.1 ) (20.6 ) (17.5 ) (101.4 ) Net transfers in and/or out of Level 3 — — — 6.5 — — Balance, end of period $ 137.7 $ 57.0 $ 92.7 $ 132.4 $ 7.1 $ 97.8 Net unrealized gains/losses relating to instruments still held at the reporting date $ 17.1 (1) $ 6.8 (2) $ 2.2 (3) $ 9.6 (1) $ (41.2 ) (2) $ (4.4 ) (3) ___________________________ (1) Gains and losses on Other investments are recorded in Investment and other income. (2) Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements. (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 Quantitative Information used in Valuing Level 3 Liabilities	The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s Level 3 financial liabilities: Quantitative Information about Level 3 Fair Value Measurements Valuation Techniques Unobservable Input Fair Value at Range at Fair Value at September 30, 2015 Range at September 30, 2015 Contingent payment arrangements Discounted cash flow Growth rates $ 59.3 6% $ 7.1 (1)% - 9% Discount rates 15% 16% Affiliate equity obligations Discounted cash flow Growth rates 21.5 5% - 9% 31.8 3% - 10% Discount rates 15% - 16% 15% - 16%
Summary of Investments in Certain Entities that Calculate Net Asset Value	The following table summarizes, as of December 31, 2014 and September 30, 2015 , the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized: December 31, 2014 September 30, 2015 Category of Investment Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private equity funds (1) $ 134.2 $ 67.8 $ 132.4 $ 74.8 Other funds (2) 75.8 — 76.9 — $ 210.0 $ 67.8 $ 209.3 $ 74.8 ___________________________ (1) These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years . (2) These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.
Summary of Financial Assets and Liabilities Not Carried at Fair Value	The following table summarizes the Company’s other financial liabilities not carried at fair value: December 31, 2014 September 30, 2015 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 736.8 $ 786.2 $ 1,084.5 $ 1,102.4 Level 2 Convertible securities 303.1 532.1 304.7 483.6 Level 2

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following tables present the change in Goodwill and components of Acquired client relationships during the nine months ended September 30, 2015 : Goodwill Institutional Mutual Fund High Net Worth Total Balance, as of December 31, 2014 $ 1,159.1 $ 1,125.3 $ 368.4 $ 2,652.8 New investments (1) 1.6 — 27.4 29.0 Foreign currency translation (21.8 ) 0.7 (13.4 ) (34.5 ) Balance, as of September 30, 2015 $ 1,138.9 $ 1,126.0 $ 382.4 $ 2,647.3
Schedule of Changes in 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, 2014 $ 1,255.1 $ (565.0 ) $ 690.1 $ 1,088.3 $ 1,778.4 New investments (1) 23.6 — 23.6 — 23.6 Intangible amortization and impairments — (86.4 ) (86.4 ) — (86.4 ) Foreign currency translation (3.6 ) — (3.6 ) (12.3 ) (15.9 ) Balance, as of September 30, 2015 $ 1,275.1 $ (651.4 ) $ 623.7 $ 1,076.0 $ 1,699.7 __________________________ (1) On April 1, 2015, the Company completed its investment in Baker Street Advisors, LLC.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share-Based Compensation	A summary of share-based compensation is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Share-based compensation $ 7.0 $ 8.4 $ 22.2 $ 25.5 Tax benefit 2.7 3.2 8.5 9.8
Schedule of Company Stock Option Transactions	The following table summarizes the transactions of the Company’s stock options: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Unexercised options outstanding—December 31, 2014 2.3 $ 83.42 Options granted 0.0 207.61 Options exercised (0.9 ) 65.45 Options forfeited (0.0 ) 101.29 Unexercised options outstanding—September 30, 2015 1.4 95.34 2.3 Exercisable at September 30, 2015 1.3 92.18 2.2
Schedule of Company Restricted Stock Unit Transactions	The following table summarizes the transactions of the Company’s restricted stock units: Restricted Stock Weighted Average Grant Date Value Unvested units—December 31, 2014 0.4 $ 182.83 Units granted 0.3 197.97 Units vested (0.1 ) 173.72 Units forfeited (0.0 ) 189.73 Unvested units—September 30, 2015 0.6 192.22

Affiliate Equity (Tables)

Affiliate Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Affiliate Equity [Abstract]
Summary of Affiliate Equity Compensation	A summary of Affiliate equity expense is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Affiliate equity expense $ 14.1 $ 9.2 $ 60.0 $ 59.2 Tax benefit 2.4 1.3 9.6 3.9
Schedule of Changes in Redeemable Non-Controlling Interests	The following table presents the changes in Redeemable non-controlling interests during the period: Redeemable Non-controlling Interests Balance, as of December 31, 2014 $ 645.5 Transactions in Redeemable non-controlling interests (92.5 ) Changes in redemption value 142.3 Balance, as of September 30, 2015 $ 695.3
Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity	The following schedule discloses the effect of changes in the Company’s ownership interest in its Affiliates on the controlling interest’s equity: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Net income (controlling interest) $ 103.2 $ 109.0 $ 279.5 $ 365.7 Decrease in controlling interest paid-in capital from purchases and sales of Affiliate equity (3.6 ) (17.4 ) (17.1 ) (49.0 ) Change from Net income (controlling interest) and net transfers with non-controlling interests $ 99.6 $ 91.6 $ 262.4 $ 316.7

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests	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 Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Controlling interests: Current tax $ 41.7 $ 36.7 $ 114.3 $ 112.1 Intangible-related deferred taxes 19.0 21.1 54.2 62.3 Other deferred taxes (0.7 ) (3.6 ) (5.3 ) 15.2 Total controlling interests 60.0 54.2 163.2 189.6 Non-controlling interests: Current tax $ 3.7 $ 2.8 $ 10.8 $ 9.4 Deferred taxes (0.2 ) (0.2 ) (0.6 ) (0.5 ) Total non-controlling interests 3.5 2.6 10.2 8.9 Provision for income taxes $ 63.5 $ 56.8 $ 173.4 $ 198.5 Income before income taxes (controlling interest) $ 163.2 $ 163.2 $ 442.7 $ 555.3 Effective tax rate attributable to controlling interest (1) 36.8 % 33.2 % 36.9 % 34.1 % __________________________ (1) Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Numerator Net income (controlling interest) $ 103.2 $ 109.0 $ 279.5 $ 365.7 Convertible securities interest expense, net 3.8 3.8 — 11.5 Net income (controlling interest), as adjusted $ 107.0 $ 112.8 $ 279.5 $ 377.2 Denominator Average shares outstanding (basic) 55.6 54.2 54.9 54.5 Effect of dilutive instruments: Stock options and restricted stock 1.1 0.6 1.1 0.7 Forward equity — — 0.1 — Junior convertible securities 2.1 2.2 — 2.2 Average shares outstanding (diluted) 58.8 57.0 56.1 57.4
Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share	The diluted earnings per share calculations in the table above exclude restricted stock units for which performance or market conditions were not met and the anti-dilutive effect of the following shares: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Stock options and restricted stock 0.2 0.0 0.2 0.0 Junior convertible securities — — 2.6 —

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2015
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income	The following table shows the tax effects allocated to each component of Other comprehensive income: For the Three Months Ended September 30, 2014 2015 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (34.2 ) $ — $ (34.2 ) $ (46.1 ) $ — $ (46.1 ) Change in net realized and unrealized gain (loss) on derivative securities 0.4 (0.1 ) 0.3 (0.6 ) 0.0 (0.6 ) Change in net unrealized gain (loss) on investment securities 6.7 (2.6 ) 4.1 (85.7 ) 32.6 (53.1 ) Other comprehensive income (loss) $ (27.1 ) $ (2.7 ) $ (29.8 ) $ (132.4 ) $ 32.6 $ (99.8 ) For the Nine Months Ended September 30, 2014 2015 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (22.6 ) $ — $ (22.6 ) $ (57.9 ) $ — $ (57.9 ) Change in net realized and unrealized gain (loss) on derivative securities 0.9 (0.3 ) 0.6 1.8 (0.2 ) 1.6 Change in net unrealized gain (loss) on investment securities (7.2 ) 2.6 (4.6 ) 5.0 (1.5 ) 3.5 Other comprehensive income (loss) $ (28.9 ) $ 2.3 $ (26.6 ) $ (51.1 ) $ (1.7 ) $ (52.8 )
Schedule of Components of Accumulated Other Comprehensive Income	The components of Accumulated other comprehensive income (loss), net of taxes, are as follows: Foreign Currency Translation Adjustment Realized and Unrealized Gains (Losses) on Derivative Securities Unrealized Gains (Losses) on Investment Securities (1) Total Balance, as of December 31, 2014 $ (5.4 ) $ (1.6 ) $ 22.9 $ 15.9 Other comprehensive income (loss) before reclassifications (57.9 ) 1.1 (5.0 ) (61.8 ) Amounts reclassified from other comprehensive income — 0.5 8.5 9.0 Net other comprehensive income (loss) (57.9 ) 1.6 3.5 (52.8 ) Balance, as of September 30, 2015 $ (63.3 ) (0.0 ) $ 26.4 $ (36.9 ) ________________________ (1) See Note 3 of the Consolidated Financial Statements for amounts reclassified from Other comprehensive income.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Information	The following table summarizes the Company’s financial results for each of the distribution channels: For the Three Months Ended September 30, 2014 2015 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 256.1 $ 46.3 $ 236.7 $ 52.2 Mutual Fund 319.6 47.0 310.1 45.8 High Net Worth 64.6 9.9 66.3 11.0 Total $ 640.3 $ 103.2 $ 613.1 $ 109.0 For the Nine Months Ended September 30, 2014 2015 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 766.2 $ 131.6 $ 745.1 $ 160.5 Mutual Fund 921.5 121.3 951.3 169.5 High Net Worth 182.0 26.6 198.3 35.7 Total $ 1,869.7 $ 279.5 $ 1,894.7 $ 365.7 Total Assets December 31, 2014 September 30, 2015 Institutional $ 3,739.8 $ 3,480.4 Mutual Fund 3,082.0 3,188.5 High Net Worth 876.3 866.3 Total $ 7,698.1 $ 7,535.2

Investments in Marketable Sec33

Investments in Marketable Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Marketable Securities [Abstract]
Investments in marketable securities	$ 171.8		$ 171.8		$ 172.6
Realized gains on investments classified as available-for-sale	$ 0.7	$ 1.8	$ 8.7	$ 1.8

Investments in Marketable Sec34

Investments in Marketable Securities - Schedule of Available-For-Sale and Trading Securities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Available-for-Sale
Cost	$ 106.4	$ 125.6
Unrealized Gains	47	42.8
Unrealized Losses	(3.8)	(18.1)
Fair Value	149.6	150.3
Trading
Cost	21.9	19.5
Unrealized Gains	1.9	2.9
Unrealized Losses	(1.6)	(0.1)
Fair Value	$ 22.2	$ 22.3

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Unconsolidated VIE's and Company Risk (Details) - Sponsored Investment Funds - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entities
Unconsolidated VIE net assets	$ 5,904.8	$ 8,550.4
Carrying value and maximum exposure to loss	$ 1.1	$ 1.2

Senior Debt (Details)

Senior Debt (Details) - USD ($)	Sep. 22, 2015	Sep. 30, 2015	Feb. 13, 2015	Dec. 31, 2014
Long-term debt
Senior notes		$ 1,084,500,000		$ 736,800,000
Credit Facilities | Line of Credit | Revolver
Long-term debt
Maximum borrowing capacity	$ 1,300,000,000
Potential increase in maximum borrowing capacity	500,000,000
Credit Facilities | Line of Credit | Term Loan
Long-term debt
Maximum borrowing capacity	350,000,000
Potential increase in maximum borrowing capacity	100,000,000
3.50% Senior Notes Due 2025 | Senior Notes
Long-term debt
Aggregate principal amount			$ 350,000,000
Interest rate			3.50%
5.25% Senior Notes Due 2022 | Senior Notes
Long-term debt
Senior notes	$ 140,000,000
Interest rate	5.25%
Redemption price as a percentage of principle amount	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 74.8
Expected payments to settle contingent obligations	9.9
Net present value of expected payments to settle contingent obligations	7.1
Prior Owner
Commitments and Contingencies
Reimbursable amount of investment commitments	15.5
Consolidated Affiliates
Commitments and Contingencies
Acquisition agreements contingency liability	72.1
Equity Method Affiliates
Commitments and Contingencies
Acquisition agreements contingency liability	$ 151

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Sep. 30, 2015		Dec. 31, 2014
Investments in marketable securities
Trading securities		$ 22.2		$ 22.3
Other investments		209.3		210
Fair Value Measured On A Recurring Basis
Financial Assets
Cash equivalents		49		59.1
Investments in marketable securities
Trading securities	[1]	22.2		22.3
Available-for-sale securities	[1]	149.6		150.3
Other investments		158.3		167.2
Foreign currency forward contracts	[2]	0.8
Financial Liabilities
Contingent payment arrangements	[3]	7.1		59.3
Obligations to related parties	[3]	97.8		93.1
Interest rate derivatives		0.7	[3]	1.4
Foreign currency forward contracts	[2]	0.2		0.5
Fair Value Measured On A Recurring Basis | Quoted Prices In Active Markets For Identical Assets (Level 1)
Financial Assets
Cash equivalents		49		59.1
Investments in marketable securities
Trading securities	[1]	22.2		22.3
Available-for-sale securities	[1]	149.6		150.3
Other investments		20.2		13.6
Foreign currency forward contracts	[2]	0
Financial Liabilities
Contingent payment arrangements	[3]	0		0
Obligations to related parties	[3]	0		0
Interest rate derivatives		0	[3]	0
Foreign currency forward contracts	[2]	0		0
Fair Value Measured On A Recurring Basis | Significant Other Observable Inputs (Level 2)
Financial Assets
Cash equivalents		0		0
Investments in marketable securities
Trading securities	[1]	0		0
Available-for-sale securities	[1]	0		0
Other investments		5.7		19.4
Foreign currency forward contracts	[2]	0.8
Financial Liabilities
Contingent payment arrangements	[3]	0		0
Obligations to related parties	[3]	0		0
Interest rate derivatives		0.7	[3]	1.4
Foreign currency forward contracts	[2]	0.2		0.5
Fair Value Measured On A Recurring Basis | Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents		0		0
Investments in marketable securities
Trading securities	[1]	0		0
Available-for-sale securities	[1]	0		0
Other investments		132.4		134.2
Foreign currency forward contracts	[2]	0
Financial Liabilities
Contingent payment arrangements	[3]	7.1		59.3
Obligations to related parties	[3]	97.8		93.1
Interest rate derivatives		0	[3]	0
Foreign currency forward contracts	[2]	$ 0		$ 0
[1]	Principally investments in equity securities.
[2]	Amounts are presented within Other assets or Other liabilities in the accompanying Consolidated Balance Sheets.
[3]	Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.

Fair Value Measurements - Sch39

Fair Value Measurements - Schedule of Changes in Level 3 Assets (Details) - Other Investments - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 133.4	$ 139.5	$ 134.2	$ 131.8
Net gains/losses	[1]	2	2.7	0.2	13.7
Purchases and issuances		5.9	3.7	12.1	10.5
Settlements and reductions		(8.9)	(8.2)	(20.6)	(18.3)
Net transfers in and/or out of Level 3		0	0	6.5	0
Balance, end of period		132.4	137.7	132.4	137.7
Net unrealized gains/losses relating to instruments still held at the reporting date	[1]	$ 6	$ 4.4	$ 9.6	$ 17.1
[1]	Gains and losses on Other investments are recorded in Investment and other income.

Fair Value Measurements - Sch40

Fair Value Measurements - Schedule of Changes in Level 3 Liabilities (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Contingent Payment Arrangements
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 6.7	$ 55.1	$ 59.3	$ 50.2
Net gains/losses	[1]	0.4	1.9	(41.2)	6.8
Purchases and issuances		0	0	6.5	0
Settlements and reductions		0	0	(17.5)	0
Net transfers in and/or out of Level 3		0	0	0	0
Balance, end of period		7.1	57	7.1	57
Net unrealized gains/losses relating to instruments still held at the reporting date	[1]	0.4	1.9	(41.2)	6.8
Obligations to Related Parties
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		127.3	98.4	93.1	76.9
Net gains/losses	[2]	2.1	1.3	4.5	5.8
Purchases and issuances		33.8	11.1	101.6	72.1
Settlements and reductions		(65.4)	(18.1)	(101.4)	(62.1)
Net transfers in and/or out of Level 3		0	0	0	0
Balance, end of period		97.8	92.7	97.8	92.7
Net unrealized gains/losses relating to instruments still held at the reporting date	[2]	$ (0.3)	$ 0.2	$ (4.4)	$ 2.2
[1]	Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.
[2]	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.

Fair Value Measurements - Sch41

Fair Value Measurements - Schedule of Quantitative Information used in Valuing Level 3 Liabilities (Details) - Discounted Cash Flow - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Contingent Payment Arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 7.1	$ 59.3
Contingent Payment Arrangements | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	(1.00%)	6.00%
Discount rate (as a percent)	16.00%	15.00%
Contingent Payment Arrangements | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	9.00%	6.00%
Discount rate (as a percent)	16.00%	15.00%
Affiliate Equity Repurchase Obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 31.8	$ 21.5
Affiliate Equity Repurchase Obligations | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	3.00%	5.00%
Discount rate (as a percent)	15.00%	15.00%
Affiliate Equity Repurchase Obligations | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	10.00%	9.00%
Discount rate (as a percent)	16.00%	16.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Investments in Certain Entities that Calculate Net Asset Value (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
NAV of investments at fair value
Fair value		$ 209.3	$ 210
Unfunded commitments		$ 74.8	67.8
Life of funds (in years)		15 years
Private Equity Funds
NAV of investments at fair value
Fair value	[1]	$ 132.4	134.2
Unfunded commitments	[1]	74.8	67.8
Other Funds
NAV of investments at fair value
Fair value	[2]	76.9	75.8
Unfunded commitments	[2]	$ 0	$ 0
[1]	These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years.
[2]	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

Fair Value Measurements - Sum43

Fair Value Measurements - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 1,084.5	$ 736.8
Convertible securities	304.7	303.1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	1,102.4	786.2
Convertible securities	$ 483.6	$ 532.1

Intangible Assets - Schedule of

Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,652.8
New investments	29	[1]
Foreign currency translation	(34.5)
Ending balance	2,647.3
Institutional
Goodwill [Roll Forward]
Beginning balance	1,159.1
New investments	1.6	[1]
Foreign currency translation	(21.8)
Ending balance	1,138.9
Mutual Fund
Goodwill [Roll Forward]
Beginning balance	1,125.3
New investments	0	[1]
Foreign currency translation	0.7
Ending balance	1,126
High Net Worth
Goodwill [Roll Forward]
Beginning balance	368.4
New investments	27.4	[1]
Foreign currency translation	(13.4)
Ending balance	$ 382.4
[1]	On April 1, 2015, the Company completed its investment in Baker Street Advisors, LLC.

Intangible Assets - Schedule 45

Intangible Assets - Schedule of Changes in the Components of Acquired Client Relationships (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Indefinite-lived
Beginning balance, net	$ 1,088.3
New investments	0	[1]
Amortization and impairments	0
Foreign currency translation	(12.3)
Ending balance, net	1,076
Total
Beginning balance, net	1,778.4
New investments	23.6	[1]
Amortization and impairments	(86.4)
Foreign currency translation	(15.9)
Ending balance, net	1,699.7
Acquired Client Relationships
Definite-lived
Beginning balance, gross	1,255.1
Beginning balance, accumulated amortization	(565)
Beginning balance, net	690.1
New investments	23.6	[1]
Amortization and impairments	(86.4)
Foreign currency translation	(3.6)
Ending balance, gross	1,275.1
Ending balance, accumulated amortization	(651.4)
Ending balance, net	$ 623.7
[1]	On April 1, 2015, the Company completed its investment in Baker Street Advisors, LLC.

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 30.5	$ 28.7	$ 86.4	$ 84.2
Acquired Client Relationships
Intangible Assets
Weighted average life			10 years
Amortization and impairment expenses of intangible assets	30.5	28.7	$ 86.4	84.2
Annual amortization expense attributable to current equity method Affiliates for next five years
2,015	120		120
2,016	120		120
2,017	120		120
2,018	120		120
2,019	120		$ 120
Acquired Client Relationships | Affiliated Entity
Intangible Assets
Weighted average life			14 years
Amortization and impairment expenses of intangible assets	8.6	$ 9	$ 26.1	$ 23.3
Annual amortization expense attributable to current equity method Affiliates for next five years
2,015	34.1		34.1
2,016	31.9		31.9
2,017	31.9		31.9
2,018	31.9		31.9
2,019	$ 31.9		$ 31.9

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 8.4	$ 7	$ 25.5	$ 22.2
Tax benefit	3.2	$ 2.7	9.8	$ 8.5
Compensation expense related to share-based compensation	$ 79.3		$ 79.3		$ 56.8
Weighted average period over which compensation expense will be recognized			3 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) - Stock Options shares in Millions	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Stock Options
Unexercised options outstanding at the beginning of the period (in shares)	2.3
Options granted (in shares)	0
Options exercised (in shares)	(0.9)
Options forfeited (in shares)	0
Unexercised options outstanding at the end of the period (in shares)	1.4
Exercisable at the end of the period (in shares)	1.3
Weighted Average Exercise Price
Unexercised options outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 83.42
Options granted (in dollars per share) | $ / shares	207.61
Options exercised (in dollars per share) | $ / shares	65.45
Options forfeited (in dollars per share) | $ / shares	101.29
Unexercised options outstanding at the end of the period (in dollars per share) | $ / shares	95.34
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 92.18
Weighted Average Remaining Contractual Life
Unexercised options outstanding at the end of the period (in years)	2 years 3 months 12 days
Exercisable at the end of the period (in years)	2 years 2 months 18 days

Share-Based Compensation - Sc49

Share-Based Compensation - Schedule of Company Restricted Stock Unit Transactions (Details) - $ / shares shares in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2015	Sep. 30, 2015
Weighted Average Grant Date Value
Weighted average period over which compensation expense will be recognized		3 years
Restricted Stock
Restricted Stock
Unvested units at the beginning of the period (in shares)	0.4	0.4
Units granted (in shares)	0.3	0.3
Units vested (in shares)		(0.1)
Units forfeited (in shares)		0
Unvested units at the end of the period (in shares)		0.6
Weighted Average Grant Date Value
Unvested units at the beginning of the period (in dollars per share)	$ 182.83	$ 182.83
Units granted (in dollars per share)		197.97
Units vested (in dollars per share)		173.72
Units forfeited (in dollars per share)		189.73
Unvested units at the end of the period (in dollars per share)		$ 192.22
Weighted average period over which compensation expense will be recognized		4 years
Service Vesting Restricted Stock
Restricted Stock
Units granted (in shares)	0.2
Service and Performance Vesting Restricted Stock
Restricted Stock
Units granted (in shares)	0.1

Affiliate Equity - Summary of A

Affiliate Equity - Summary of Affiliate Equity Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Affiliate Equity [Abstract]
Affiliate equity expense	$ 9.2	$ 14.1	$ 59.2	$ 60
Tax benefit	$ 1.3	$ 2.4	$ 3.9	$ 9.6

Affiliate Equity (Details)

Affiliate Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Affiliate Equity [Abstract]
Compensation expenses related to affiliate equity attributable to noncontrolling interest	$ 5.9	$ 7.9	$ 49	$ 35.1
Affiliate equity compensation cost not yet recognized	78.6		$ 78.6		$ 71.1
Period for recognition (in years)			4 years
Affiliate equity compensation cost not yet recognized attributable to noncontrolling interest	$ 54.3		$ 54.3		$ 41.6

Affiliate Equity - Schedule of

Affiliate Equity - Schedule of Changes in Redeemable Non-Controlling Interests (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Changes in redeemable non-controlling interests during the period
Balance, as of December 31, 2014	$ 645.5
Transactions in Redeemable non-controlling interests	(92.5)
Changes in redemption value	142.3
Balance, as of September 30, 2015	$ 695.3

Affiliate Equity - Schedule o53

Affiliate Equity - Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 109	$ 103.2	$ 365.7	$ 279.5
Decrease in controlling interest paid-in capital from purchases and sales of Affiliate equity	(17.4)	(3.6)	(49)	(17.1)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$ 91.6	$ 99.6	$ 316.7	$ 262.4

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Provision
Deferred taxes				$ 77	$ 48.3
Provision for income taxes		$ 56.8	$ 63.5	198.5	173.4
Noncontrolling Interest
Income Tax Provision
Current tax		2.8	3.7	9.4	10.8
Deferred taxes		(0.2)	(0.2)	(0.5)	(0.6)
Provision for income taxes		2.6	3.5	8.9	10.2
Controlling Interest
Income Tax Provision
Current tax		36.7	41.7	112.1	114.3
Intangible-related deferred taxes		21.1	19	62.3	54.2
Other deferred taxes		(3.6)	(0.7)	15.2	(5.3)
Provision for income taxes		54.2	60	189.6	163.2
Income before income taxes (controlling interest)		$ 163.2	$ 163.2	$ 555.3	$ 442.7
Effective tax rate attributable to controlling interests	[1]	33.20%	36.80%	34.10%	36.90%
[1]	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Provision
Indefinite reinvestment of non-US earnings		$ 6.3		$ 18.8
Liability for uncertain tax positions including interest and related charges		27.4		27.4
Accrued income tax interest and related charges		2.1		2.1
Unrecognized tax benefits that, if recognized, would affect effective tax rate		$ 25.6		$ 25.6
Controlling Interest
Income Tax Provision
Effective tax rate attributable to controlling interests	[1]	33.20%	36.80%	34.10%	36.90%
[1]	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator
Net income (controlling interest)	$ 109	$ 103.2	$ 365.7	$ 279.5
Convertible securities interest expense, net	3.8	3.8	11.5	0
Net income (controlling interest), as adjusted	$ 112.8	$ 107	$ 377.2	$ 279.5
Denominator
Average shares outstanding—basic (in shares)	54.2	55.6	54.5	54.9
Effect of dilutive instruments:
Stock options and restricted stock (in shares)	0.6	1.1	0.7	1.1
Forward equity (in shares)	0	0	0	0.1
Junior convertible securities (in shares)	2.2	2.1	2.2	0
Average shares outstanding—diluted (in shares)	57	58.8	57.4	56.1

Earnings Per Share - Schedule57

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock Options And Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount	0	0.2	0	0.2
Junior Convertible Trust Preferred Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount	0	0	0	2.6

Comprehensive Income - Summary

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income(Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pre-Tax
Foreign currency translation adjustment	$ (46.1)	$ (34.2)	$ (57.9)	$ (22.6)
Change in net realized and unrealized gain (loss) on derivative securities	(0.6)	0.4	1.8	0.9
Change in net unrealized gain (loss) on investment securities	(85.7)	6.7	5	(7.2)
Other comprehensive income (loss)	(132.4)	(27.1)	(51.1)	(28.9)
Tax Benefit (Expense)
Foreign currency translation adjustment	0	0	0	0
Change in net realized and unrealized gain (loss) on derivative securities	0	(0.1)	(0.2)	(0.3)
Change in net unrealized gain (loss) on investment securities	32.6	(2.6)	(1.5)	2.6
Other comprehensive income (loss)	32.6	(2.7)	(1.7)	2.3
Net of Tax
Foreign currency translation adjustment	(46.1)	(34.2)	(57.9)	(22.6)
Change in net realized and unrealized gain (loss) on derivative securities	(0.6)	0.3	1.6	0.6
Change in net unrealized gain (loss) on investment securities	(53.1)	4.1	3.5	(4.6)
Other comprehensive loss	$ (99.8)	$ (29.8)	$ (52.8)	$ (26.6)

Comprehensive Income - Schedule

Comprehensive Income - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period (in dollars)		$ 15.9
Other comprehensive income (loss) before reclassifications		(61.8)
Amounts reclassified from other comprehensive income		9
Net other comprehensive income (loss)		(52.8)	$ (26.6)
Balance at the end of the period (in dollars)		(36.9)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period (in dollars)		(5.4)
Other comprehensive income (loss) before reclassifications		(57.9)
Amounts reclassified from other comprehensive income		0
Net other comprehensive income (loss)		(57.9)
Balance at the end of the period (in dollars)		(63.3)
Realized and Unrealized Gains (Losses) on Derivative Securities
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period (in dollars)		(1.6)
Other comprehensive income (loss) before reclassifications		1.1
Amounts reclassified from other comprehensive income		0.5
Net other comprehensive income (loss)		1.6
Balance at the end of the period (in dollars)		0
Unrealized Gains (Losses) on Investment Securities
Components of Accumulated other comprehensive income, net of taxes
Balance at the beginning of the period (in dollars)	[1]	22.9
Other comprehensive income (loss) before reclassifications	[1]	(5)
Amounts reclassified from other comprehensive income	[1]	8.5
Net other comprehensive income (loss)	[1]	3.5
Balance at the end of the period (in dollars)	[1]	$ 26.4
[1]	See Note 3 of the Consolidated Financial Statements for amounts reclassified from Other comprehensive income.

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)SegmentChannel	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of operating segments | Segment			3
Number of principal distribution channels | Channel			3
Statements of Income
Revenue	$ 613.1	$ 640.3	$ 1,894.7	$ 1,869.7
Net income (controlling interest)	109	103.2	365.7	279.5
Balance Sheet Information
Total Assets	7,535.2		7,535.2		$ 7,698.1
Operating Segments | Institutional
Statements of Income
Revenue	236.7	256.1	745.1	766.2
Net income (controlling interest)	52.2	46.3	160.5	131.6
Balance Sheet Information
Total Assets	3,480.4		3,480.4		3,739.8
Operating Segments | Mutual Fund
Statements of Income
Revenue	310.1	319.6	951.3	921.5
Net income (controlling interest)	45.8	47	169.5	121.3
Balance Sheet Information
Total Assets	3,188.5		3,188.5		3,082
Operating Segments | High Net Worth
Statements of Income
Revenue	66.3	64.6	198.3	182
Net income (controlling interest)	11	$ 9.9	35.7	$ 26.6
Balance Sheet Information
Total Assets	$ 866.3		$ 866.3		$ 876.3