Affiliated Managers (MGR) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
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	Jun. 30, 2016
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		53,872,047
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenue	$ 554.1	$ 646.6	$ 1,099.5	$ 1,281.6
Operating expenses:
Compensation and related expenses	232.1	292.2	458.7	544.9
Selling, general and administrative	96.6	114.3	192.5	223
Intangible amortization and impairments	28.6	28.1	55.3	55.9
Depreciation and other amortization	5	4.6	10	9
Other operating expenses	10	12.2	22.5	22.1
Total operating expenses	372.3	451.4	739	854.9
Operating income	181.8	195.2	360.5	426.7
Income from equity method investments	65.2	60.1	133.2	113.2
Other non-operating (income) and expenses:
Investment and other income	(11.6)	(16)	(15.6)	(16.7)
Interest expense	21.9	22.5	44	44.7
Imputed interest expense and contingent payment arrangements	0.8	(13.2)	(1.1)	(40.4)
Total non-operating (income) and expenses	11.1	(6.7)	27.3	(12.4)
Income before income taxes	235.9	262	466.4	552.3
Income taxes	53.2	72.1	109.7	141.7
Net income	182.7	189.9	356.7	410.6
Net income (non-controlling interests)	(75.3)	(61.2)	(144.7)	(153.9)
Net income (controlling interest)	$ 107.4	$ 128.7	$ 212	$ 256.7
Average shares outstanding—basic (in shares)	53.8	54.6	53.9	54.7
Average shares outstanding—diluted (in shares)	56.5	57.5	56.5	57.7
Earnings per share—basic (in dollars per share)	$ 2	$ 2.36	$ 3.93	$ 4.70
Earnings per share—diluted (in dollars per share)	$ 1.97	$ 2.31	$ 3.89	$ 4.58

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 182.7	$ 189.9	$ 356.7	$ 410.6
Other comprehensive income (loss):
Foreign currency translation adjustment	(53.9)	48.5	(55.9)	(11.6)
Change in net realized and unrealized gain (loss) on derivative securities, net of tax	0.3	(0.7)	(0.8)	2
Change in net unrealized gain (loss) on investment securities, net of tax	(14)	47.9	(24.8)	56.6
Other comprehensive income (loss)	(67.6)	95.7	(81.5)	47
Comprehensive income	115.1	285.6	275.2	457.6
Comprehensive income (non-controlling interests)	(57.3)	(44.4)	(121.4)	(151.2)
Comprehensive income (controlling interest)	$ 57.8	$ 241.2	$ 153.8	$ 306.4

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 360.4	$ 563.8
Receivables	471.8	391.2
Investments in marketable securities	203.6	199.9
Other investments	142.5	149.3
Fixed assets, net	112.1	114.1
Goodwill	2,653.5	2,668.4
Acquired client relationships, net	1,584.4	1,686.4
Equity method investments in Affiliates	2,450.4	1,937.1
Other assets	56	59.2
Total assets	8,034.7	7,769.4
Liabilities and Equity
Payables and accrued liabilities	578.1	729.4
Senior bank debt	898.4	643.3
Senior notes	938.2	937.1
Convertible securities	300.3	299
Deferred income taxes	610.5	565.7
Other liabilities	179.7	213.3
Total liabilities	3,505.2	3,387.8
Commitments and contingencies
Redeemable non-controlling interests	745	612.5
Equity:
Common stock	0.6	0.6
Additional paid-in capital	527.7	597.2
Accumulated other comprehensive loss	(76.3)	(18.1)
Retained earnings	2,891.3	2,679.3
Total stockholders' equity before treasury stock	3,343.3	3,259
Less: Treasury stock, at cost	(424.6)	(421.9)
Total stockholders' equity	2,918.7	2,837.1
Non-controlling interests	865.8	932
Total equity	3,784.5	3,769.1
Total liabilities and equity	$ 8,034.7	$ 7,769.4

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Non-controlling Interests
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	410.6				256.7		153.9
Other comprehensive loss	47			44.3			2.7
Share-based compensation	17		17
Common stock issued under share-based incentive plans	49.3		(123.4)			172.7
Tax benefit from share-based incentive plans	42.3		42.3
Share repurchases	(278.7)					(278.7)
Investments in Affiliates	15.3						15.3
Affiliate equity expense	47.4		4.1				43.3
Issuances	2.7		2.1				0.6
Repurchases	24.3		24.3				0
Changes in Redemption value of Redeemable non-controlling interests	(137.3)		(137.3)
Transfers to Redeemable non-controlling interests	(22.8)						(22.8)
Capital Contributions by Affiliate equity holders	6.5						6.5
Distributions to non-controlling interests	(230)						(230)
Ending Balance (in shares) at Jun. 30, 2015		55.8
Ending Balance at Jun. 30, 2015	3,636.8	$ 0.6	501.3	76.1	2,420	(346.9)	985.7
Beginning Balance (in shares) at Dec. 31, 2015		55.8
Beginning Balance at Dec. 31, 2015	3,769.1	$ 0.6	597.2	(18.1)	2,679.3	(421.9)	932
Increase (Decrease) in Stockholders' Equity
Net income	356.7				212		144.7
Other comprehensive loss	(81.5)			(58.2)			(23.3)
Share-based compensation	20		20
Common stock issued under share-based incentive plans	1.1		(29.6)			30.7
Tax benefit from share-based incentive plans	0.4		0.4
Share repurchases	(33.4)					(33.4)
Issuance costs and other	(1)		(1)
Affiliate equity expense	11.5		2.8				8.7
Issuances	5.5		(6)				11.5
Repurchases	13.1		12.6				0.5
Changes in Redemption value of Redeemable non-controlling interests	(68.7)		(68.7)
Transfers to Redeemable non-controlling interests	(20.3)						(20.3)
Capital Contributions by Affiliate equity holders	1						1
Distributions to non-controlling interests	(189)						(189)
Ending Balance (in shares) at Jun. 30, 2016		55.8
Ending Balance at Jun. 30, 2016	$ 3,784.5	$ 0.6	$ 527.7	$ (76.3)	$ 2,891.3	$ (424.6)	$ 865.8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flow from (used in) operating activities:
Net income	$ 356.7	$ 410.6
Adjustments to reconcile Net income to net Cash flow from operating activities:
Intangible amortization and impairments	55.3	55.9
Depreciation and other amortization	10	9
Deferred income tax provision	50.4	59.7
Imputed interest expense and contingent payment arrangements	(1.1)	(40.4)
Income from equity method investments, net of amortization	(133.2)	(113.2)
Distributions received from equity method investments	205.1	222.7
Amortization of issuance costs	2.4	4
Share-based compensation and Affiliate equity expense	33.2	67.1
Other non-cash items	(3.9)	(6.6)
Changes in assets and liabilities:
Increase in receivables	(50)	(54.3)
Increase in other assets	(47.6)	(5.2)
Decrease in payables, accrued liabilities and other liabilities	(136.2)	(138.8)
Cash flow from operating activities	341.1	470.5
Cash flow from (used in) investing activities:
Investments in Affiliates	(551.4)	(32)
Purchase of fixed assets	(8.6)	(11.7)
Purchase of investment securities	(8)	(4.8)
Sale of investment securities	28	18.2
Cash flow used in investing activities	(540)	(30.3)
Cash flow from (used in) financing activities:
Borrowings of senior debt	585	523.3
Repayments of senior debt and convertible securities	(330)	(556)
Issuance of common stock	7.7	53.2
Repurchase of common stock	(33.4)	(314.8)
Note and contingent payments	3	9.4
Distributions to non-controlling interests	(189)	(230)
Affiliate equity issuances and repurchases	(71.7)	(25.1)
Excess tax benefit from share-based compensation	0.4	42.3
Other financing items	13.9	(3.3)
Cash flow from (used in) financing activities	(14.1)	(501)
Effect of foreign exchange rate changes on cash and cash equivalents	(15.7)	(1.3)
Net decrease in cash and cash equivalents	(228.7)	(62.1)
Cash and cash equivalents at beginning of period	563.8	550.6
Cash and cash equivalents at end of period	$ 360.4	$ 488.5

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The Consolidated Financial Statements of Affiliated Managers Group, Inc. (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, 2015 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated. Principles of Consolidation The Company assesses consolidation requirements pursuant to ASU 2015-02: Consolidation, which was adopted using the modified retrospective method and resulted in an effective date of adoption of January 1, 2016. In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine if its investments are considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently and when the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial and investing decisions of the investment or holds the majority voting interest. The Company consolidates VIEs when it has a controlling financial interest, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments in Affiliates For the Company’s consolidated Affiliates, the portion of the Owners’ Allocation allocated to Affiliate management is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Non-controlling interests on the Consolidated Balance Sheets include capital and undistributed Operating and Owners’ Allocation owned by Affiliate management of the Company’s consolidated Affiliates. 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. The current redemption value of non-controlling interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. AMG applies the equity method of accounting to investments where AMG does not hold a controlling equity interest but has the ability to exercise significant influence over operating and financial matters. 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. Affiliate Sponsored Investment Products The Company’s consolidated Affiliates sponsor various investment products where they also act as the investment advisor, and in some cases these products are considered VIEs. These investment products are typically owned primarily by third-party investors; however, certain products are capitalized with seed capital investments from Affiliates. Investors are generally entitled to substantially all of the economics of these VIEs, except for the management and performance fees earned by Affiliates or any gains or losses attributable to Affiliates’ investments in these products. As a result, Affiliates do not generally consolidate these VIEs unless the Affiliate’s interest in the product is considered substantial. When consolidating these VIEs, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets with corresponding changes in the investments’ fair values reflected in Other operating expenses in the Consolidated Statements of Income. Purchases and sales of securities are presented within Decrease in payables, accrued liabilities and other liabilities and Increase in other assets, respectively, in the Consolidated Statements of Cash Flows. When Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated.

Recent Accounting Developments

Recent Accounting Developments	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Developments	Recent Accounting Developments On January 1, 2016, the Company adopted several updates to accounting standards as follows: • Accounting Standards Update (“ASU”) 2015-02, Consolidation: Amendments to the Consolidation Analysis (“ASU 2015-02: Consolidation”); • ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs; • ASU 2015-07, Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent); and • ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. The adoption of these updates did not have a significant impact on the Company’s Consolidated Financial Statements. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, Revenue from Contracts with Customers, as amended. The new standard provides a comprehensive model for revenue recognition. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, Fair Value: Recognition and Measurement of Financial Assets and Liabilities. Under the new standard, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize assets and liabilities arising from most operating leases on the statement of financial position. The standard is effective for interim and fiscal periods beginning after December 15, 2018. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards and classification in the statement of cash flows. The standard is effective for interim and fiscal periods beginning after December 15, 2016. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting, which simplifies the equity method of accounting by eliminating the need to apply the equity method retroactively to an investment that subsequently qualifies for such accounting treatment. The standard is effective for interim and fiscal periods beginning after December 15, 2016. The Company is evaluating the impact of this standard on its Consolidated Financial Statements.

Principles of Consolidation

Principles of Consolidation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Basis of Presentation and Use of Estimates 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, 2015 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated. Principles of Consolidation The Company assesses consolidation requirements pursuant to ASU 2015-02: Consolidation, which was adopted using the modified retrospective method and resulted in an effective date of adoption of January 1, 2016. In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine if its investments are considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently and when the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial and investing decisions of the investment or holds the majority voting interest. The Company consolidates VIEs when it has a controlling financial interest, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments in Affiliates For the Company’s consolidated Affiliates, the portion of the Owners’ Allocation allocated to Affiliate management is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Non-controlling interests on the Consolidated Balance Sheets include capital and undistributed Operating and Owners’ Allocation owned by Affiliate management of the Company’s consolidated Affiliates. 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. The current redemption value of non-controlling interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. AMG applies the equity method of accounting to investments where AMG does not hold a controlling equity interest but has the ability to exercise significant influence over operating and financial matters. 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. Affiliate Sponsored Investment Products The Company’s consolidated Affiliates sponsor various investment products where they also act as the investment advisor, and in some cases these products are considered VIEs. These investment products are typically owned primarily by third-party investors; however, certain products are capitalized with seed capital investments from Affiliates. Investors are generally entitled to substantially all of the economics of these VIEs, except for the management and performance fees earned by Affiliates or any gains or losses attributable to Affiliates’ investments in these products. As a result, Affiliates do not generally consolidate these VIEs unless the Affiliate’s interest in the product is considered substantial. When consolidating these VIEs, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets with corresponding changes in the investments’ fair values reflected in Other operating expenses in the Consolidated Statements of Income. Purchases and sales of securities are presented within Decrease in payables, accrued liabilities and other liabilities and Increase in other assets, respectively, in the Consolidated Statements of Cash Flows. When Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated.

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
	Jun. 30, 2016
Marketable Securities [Abstract]
Investments in Marketable Securities	Investments in Marketable Securities Investments in marketable securities at December 31, 2015 and June 30, 2016 were $199.9 million and $203.6 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: Available-for-Sale Trading December 31, June 30, December 31, June 30, Cost $ 104.7 $ 73.1 $ 19.8 $ 96.8 Unrealized Gains 77.6 36.0 1.9 5.2 Unrealized Losses (1.8 ) (1.5 ) (2.3 ) (6.0 ) Fair Value $ 180.5 $ 107.6 $ 19.4 $ 96.0 In the six months ended June 30, 2015 , the Company realized gains on investments classified as available-for-sale of $7.9 million , all of which occurred in the three months ended June 30, 2015 . In the three and six months ended June 30, 2016 , the Company realized gains on investments classified as available-for-sale of $ 7.5 million and $9.2 million , 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 six months ended June 30, 2015 and 2016 .

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities The Company’s consolidated Affiliates act as investment managers for certain investment entities that are considered VIEs, and in connection with the adoption of ASU 2015-02: Consolidation, certain investment entities previously accounted for as VIEs no longer met the criteria for being a VIE and certain VREs became VIEs and were either consolidated or disclosed as VIEs. The Company's Affiliates’ involvement with unconsolidated VIEs is generally limited to that of a service provider, and their investment, if any, represents an insignificant interest in the relevant investment entities’ assets under management. The Company's Affiliates’ exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. The net assets and liabilities of unconsolidated VIEs and the Company’s maximum risk of loss were as follows: December 31, 2015 June 30, 2016 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 Affiliate sponsored investment products $ 6,688.9 $ 1.4 $ 1,550.0 $ 1.1 In addition, several of the Company’s Affiliates accounted for under the equity method are considered VIEs. The unconsolidated assets, net of liabilities and non-controlling interests, of these Affiliates were approximately $1.2 billion and $1.3 billion as of December 31, 2015 and June 30, 2016 , respectively. The Company’s carrying value and maximum exposure to loss for these Affiliates was approximately $1.9 billion and $2.4 billion as of December 31, 2015 and June 30, 2016 , respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Senior Bank Debt The Company has a senior unsecured multicurrency revolving credit facility (the “revolver”) and a senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”). In June 2016, the Company amended the revolver to increase commitments from $1.3 billion to $1.45 billion , and amended the term loan to increase borrowings from $350.0 million to $385.0 million . Subject to certain conditions, the Company may further increase the commitments under the revolver by up to $350.0 million and borrow up to an additional $65.0 million under the term loan. The credit facilities both mature on September 30, 2020. 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.

Forward Equity and Equity Distr

Forward Equity and Equity Distribution Program	6 Months Ended
	Jun. 30, 2016
Forward Equity Sale Agreements
Forward Equity and Equity Distribution Program	Forward Equity and Equity Distribution Program In June 2016, the Company entered into an agreement to sell approximately 2.9 million shares of the Company’s common stock at a price of $167.25 per share (a “forward equity agreement”). The Company has the option to cash or net share settle all or a portion of the agreement in one or more transactions over the next twelve months. As of June 30, 2016, no portion of this forward equity agreement had been settled. Separately, the Company entered into equity distribution and forward equity agreements with several major securities firms under which the Company, from time to time, may issue and sell shares (immediately or on a forward basis) having an aggregate sales price of up to $500.0 million . These agreements replaced the Company’s previous forward equity program. As of June 30, 2016, no sales have occurred under these agreements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. The Company and its consolidated Affiliates have no significant accruals as of June 30, 2016 . Third Avenue Management LLC (“Third Avenue”), one of the Company’s consolidated Affiliates, has been named as a defendant in various legal actions relating to the liquidation and closure of the Third Avenue Focused Credit Fund. The Company has been named as a co-defendant in one of these actions, as a purported control person. Third Avenue and the Company believe that the claims in these actions are without merit and intend to defend against them vigorously. The Company and certain Affiliates operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any significant violations of such requirements. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of June 30, 2016 , these unfunded commitments were $87.5 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 of one of the Company’s Affiliates for $15.3 million of these commitments if they are called. As of June 30, 2016 , the Company was contingently liable, upon achievement by certain Affiliates of specified financial targets, to make payments through 2019 of up to $84.9 million associated with its consolidated Affiliates and $316.5 million associated with its equity method Affiliates. As of June 30, 2016, the Company expects to make payments of $10.3 million (none in 2016) of the $84.9 million related to consolidated Affiliates and no payments in 2016 related to its equity method Affiliates. Affiliate equity interests provide holders with a conditional right to put their interests to the Company over time (see Note 14). In addition, in connection with an investment in an Affiliate accounted for under the equity method, the Company entered into an arrangement with a minority owner of the Affiliate that gives such owner the right to sell a portion of its ownership interest in the Affiliate to the Company annually beginning in 2018. The purchase price of these conditional purchases will be at fair market value on the date of the transaction.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
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 $ 65.9 $ 65.9 $ — $ — Investments in marketable securities (1) Trading securities 19.4 19.4 — — Available-for-sale securities 180.5 180.5 — — Other investments (2) 23.3 20.7 2.6 — Financial Liabilities Contingent payment arrangements (3) $ 10.2 $ — $ — $ 10.2 Affiliate equity obligations (3)(4) 62.3 — — 62.3 Fair Value Measurements June 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 $ 27.3 $ 27.3 $ — $ — Investments in marketable securities (1) Trading securities 96.0 96.0 — — Available-for-sale securities 107.6 107.6 — — Other investments (2) 6.4 4.0 2.4 — Financial Liabilities Contingent payment arrangements (3) $ 8.0 $ — $ — $ 8.0 Affiliate equity obligations (3)(4) 27.0 — — 27.0 Foreign currency forward contracts (3) 0.8 — 0.8 — __________________________ (1) Principally investments in equity securities. (2) The Company adopted ASU 2015-07 and no longer includes $126.0 million and $136.1 million as of December 31, 2015 and June 30, 2016 , respectively, of investments in certain entities for which fair value was measured using net asset value (“NAV”) as a practical expedient. (3) Amounts are presented within Other liabilities. (4) The Company adopted ASU 2015-07 and no longer includes $75.0 million and $73.2 million as of December 31, 2015 and June 30, 2016 , respectively, of liabilities for which fair value was measured using NAV as a practical expedient. These liabilities were previously included in Obligations to related parties and upon removal, the remaining liabilities were re-labeled Affiliate equity obligations. 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 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 that 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. 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. Affiliate equity obligations include agreements to repurchase Affiliate equity. 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. 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 significant transfers of financial assets or liabilities between Level 1 and Level 2 in the three months ended June 30, 2015 and 2016 . Level 3 Financial Assets and Liabilities The following tables present the changes in Level 3 liabilities: For the Three Months Ended June 30, 2015 2016 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 31.5 $ 16.8 $ 7.8 $ 35.6 Net (gains) losses (13.8 ) (1) — 0.2 (1) — Purchases and issuances 6.5 49.6 — 9.7 Settlements and reductions (17.5 ) (8.1 ) — (18.3 ) Balance, end of period $ 6.7 $ 58.3 $ 8.0 $ 27.0 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ (13.8 ) (1) $ — $ 0.2 (1) $ — 2016 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 59.3 $ 21.5 $ 10.2 $ 62.3 Net gains/losses (41.6 ) (1) — (2.2 ) (1) — Purchases and issuances 6.5 65.0 — 39.8 Settlements and reductions (17.5 ) (28.2 ) — (75.1 ) Balance, end of period $ 6.7 $ 58.3 $ 8.0 $ 27.0 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ (41.6 ) (1) $ — (2.2 ) (1) $ — ___________________________ (1) Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements. 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 June 30, 2016 Range at June 30, 2016 Contingent payment arrangements Discounted cash flow Growth rates $ 10.2 3% - 8% $ 8.0 6% - 8% Discount rates 15% 15% Affiliate equity obligations Discounted cash flow Growth rates 62.3 1% - 9% 27.0 4% - 12% Discount rates 14% - 15% 12% - 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 assets and liabilities as of the measurement dates. The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized: December 31, 2015 June 30, 2016 Category of Investment Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private equity funds (1) $ 126.0 $ 76.8 $ 136.1 $ 87.5 Other funds (2) 72.3 — 33.5 — $ 198.3 $ 76.8 $ 169.6 $ 87.5 ___________________________ (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, monthly 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, 2015 June 30, 2016 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 944.6 $ 966.3 $ 944.9 $ 982.4 Level 2 Convertible securities 305.2 483.6 306.3 470.7 Level 2

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2016
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, net for the Company’s consolidated Affiliates: Goodwill Institutional Mutual Fund High Net Worth Total Balance, as of December 31, 2015 $ 1,141.3 $ 1,119.5 $ 407.6 $ 2,668.4 Foreign currency translation 2.1 (21.4 ) 4.4 (14.9 ) Balance, as of June 30, 2016 $ 1,143.4 $ 1,098.1 $ 412.0 $ 2,653.5 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, 2015 $ 1,301.8 $ (680.4 ) $ 621.4 $ 1,065.0 $ 1,686.4 Intangible amortization and impairments — (53.4 ) (53.4 ) (1.9 ) (55.3 ) Foreign currency translation (7.0 ) — (7.0 ) (39.7 ) (46.7 ) Balance, as of June 30, 2016 $ 1,294.8 $ (733.8 ) $ 561.0 $ 1,023.4 $ 1,584.4 Definite-lived acquired client relationships are amortized over their expected useful lives. As of June 30, 2016 , these relationships were being amortized over a weighted average life of approximately ten years. The Company recognized amortization expense for these relationships of $28.1 million and $55.9 million for the three and six months ended June 30, 2015 , respectively, as compared to $26.7 million and $53.4 million for the three and six months ended June 30, 2016 , respectively. Based on relationships existing as of June 30, 2016 , the Company estimates that its consolidated annual amortization expense will be approximately $110 million for each of the next five years. As of June 30, 2016, the fair values of the indefinite-lived intangible assets at two of the Company’s Affiliates, both managers of global equity funds, have recently experienced declines, and further declines in the fair values of these assets could result in future impairments. Equity Method Investments in Affiliates The Company completed minority investments in Systematica Investments L.P. and Baring Private Equity Asia (“Baring”) on January 4, 2016 for $551.4 million in the aggregate. The Company’s purchase price allocations were measured using financial models that include assumptions of expected market performance, net client flows and discount rates. The consideration paid to Baring will be deductible for U.S. tax purposes over a 15 -year life. The intangible assets at the Company’s equity method Affiliates consist of definite-lived and indefinite-lived acquired client relationships and goodwill. As of June 30, 2016 , the definite-lived relationships were being amortized over a weighted average life of approximately twelve years. The Company recognized amortization expense for these relationships of $8.7 million and $17.5 million for the three and six months ended June 30, 2015 , respectively, as compared to $14.8 million and $29.0 million for the three and six months ended June 30, 2016 , respectively. Based on relationships existing as of June 30, 2016 , the Company estimates the annual amortization expense will be approximately $60 million for each of the next five years.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s Affiliates retained an interest in certain of the Affiliate’s private equity investment partnerships. The prior owner’s interest is presented in the Company’s Consolidated Balance Sheets as either a liability in Other liabilities or as Non-controlling interests, depending on the structure of the prior owner’s investments in the partnerships. The total liability was $75.0 million and $73.2 million at December 31, 2015 and June 30, 2016, respectively. The total non-controlling interest was $5.1 million and $4.0 million at December 31, 2015 and June 30, 2016, respectively. 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. The Company had liabilities to related parties for contingent payment arrangements in connection with certain business combinations. The total payable was $10.2 million and $8.0 million as of December 31, 2015 and June 30, 2016, respectively, and was included in Other liabilities. For the three months ended June 30, 2015, the Company made payments of $17.5 million associated with these liabilities. In 2016, no such payments have been made. For the three and six months ended June 30, 2015 , the Company adjusted its estimate of its contingent payment obligations and, accordingly, recorded gains attributable to the controlling interest of $15.0 million and $44.7 million , respectively. For the six months ended June 30, 2016, the Company adjusted its estimates of its contingent payment obligations and, accordingly, recorded gains attributable to the controlling interest of $2.8 million , all of which occurred in the three months ended March 31, 2016. These amounts are included in Imputed interest expense and contingent payment arrangements in the Consolidated Statements of Income. See Notes 13 and 14 for information on transactions in Affiliate equity.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The following is a summary of share-based compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Share-based compensation $ 9.1 $ 10.8 $ 17.0 $ 20.0 Tax benefit 3.5 4.2 6.6 7.7 The Company has $70.6 million and $94.1 million of unrecognized share-based compensation as of December 31, 2015 and June 30, 2016 , 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, 2015 1.4 $ 96.18 Options granted 0.4 122.40 Options exercised (0.1 ) 77.77 Unexercised options outstanding - June 30, 2016 1.7 103.78 2.9 Exercisable at June 30, 2016 1.2 95.93 1.7 For the six months ended June 30, 2015 and 2016, the Company granted stock options with fair values of $0.5 million and $16.0 million , respectively. Stock options generally vest over a period of three to four years and expire seven years after the grant date. All options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. In certain circumstances, option awards also require certain performance conditions to be satisfied in order for the options to be exercised. The fair value of options granted was estimated using the Black-Scholes option pricing model. For the six months ended June 30, 2015 and 2016, the weighted average fair value of options granted was $54.13 and $38.90 , per option, respectively, based on the weighted-average grant date assumptions stated below. For the Six Months Ended June 30, 2015 2016 Dividend yield — % — % Expected volatility (1) 27.9 % 30.6 % Risk-free interest rate (2) 1.3 % 1.6 % Expected life of options (in years) (3) 5.0 5.7 Forfeiture rate — % — % ___________________________ (1) Expected volatility is based on historical and implied volatility. (2) Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of the grant. (3) Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior. Restricted Stock The following table summarizes the transactions of the Company’s restricted stock units: Restricted Stock Units Weighted Average Grant Date Value Unvested units - December 31, 2015 0.6 $ 192.04 Units granted 0.2 122.43 Units vested (0.1 ) 176.59 Units forfeited (0.1 ) 180.30 Unvested units - June 30, 2016 0.6 169.40 For the six months ended June 30, 2015 and 2016, the Company granted awards with fair values of $48.6 million and $27.7 million , respectively. These awards were valued based on the closing price of the Company’s common stock on the date of grant and contain vesting conditions requiring service over a period of four years. In certain circumstances, awards also require certain performance conditions to be satisfied, and the Company may elect to settle the awards in shares of the Company’s common stock or cash.

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Redeemable Non-Controlling Interests	Redeemable Non-Controlling Interests Affiliate equity interests provide holders with a ratable portion of ownership in one of the Company’s Affiliates. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five and fifteen years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). The current redemption value of the Company’s Affiliate equity interests is 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: Redeemable Non-controlling Interests Balance, as of December 31, 2015 $ 612.5 Increase attributable to consolidated products 81.4 Repurchases of redeemable Affiliate equity (37.9 ) Transfers from Non-controlling interests 20.3 Changes in redemption value 68.7 Balance, as of June 30, 2016 $ 745.0

Affiliate Equity

Affiliate Equity	6 Months Ended
	Jun. 30, 2016
Affiliate Equity [Abstract]
Affiliate Equity	Affiliate Equity The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. For the six months ended June 30, 2015 and 2016, distributions paid to Affiliate equity holders were $230.0 million and $189.0 million , respectively. Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its Affiliate partners, employees and officers as a form of compensation. 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 service period. The following is a summary of Affiliate equity expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Controlling interest $ 2.8 $ 2.4 $ 6.7 $ 4.5 Tax benefit (1.1 ) (0.9 ) (2.6 ) (1.7 ) Controlling interest, net 1.7 1.5 4.1 2.8 Non-controlling interests 37.9 4.8 43.3 8.7 Total $ 39.6 $ 6.3 $ 47.4 $ 11.5 The following is a summary of unrecognized Affiliate equity expense: Period Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2015 $ 22.4 3 years $ 51.9 5 years June 30, 2016 30.5 4 years 72.7 6 years The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from Affiliate equity holders. For the six months end June 30, 2015 and 2016, the amount of cash paid for repurchases was $31.1 million and $75.3 million , respectively. For the six months ended June 30, 2015 and 2016, the total amount of cash received for issuances was $6.0 million and $3.6 million , respectively. The Company records amounts receivable from and payable to Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total receivable was $22.6 million and $16.9 million at December 31, 2015 and June 30, 2016 , respectively, and was included in Other assets. The total payable was $62.3 million and $27.0 million as of December 31, 2015 and June 30, 2016 , respectively, and was included in Other liabilities. Effects of Changes in the Company’s Ownership in Affiliates The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recognized in the Company’s Consolidated Statements of Income or Comprehensive Income. While the Company presents the current redemption value of Affiliate equity within Redeemable Non-Controlling Interests with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table discloses the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the periods: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Net income (controlling interest) $ 128.7 $ 107.4 $ 256.7 $ 212.0 Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances 0.5 (2.5 ) 1.0 (3.4 ) Decrease in controlling interest paid-in capital related to Affiliate equity repurchases (29.1 ) (3.8 ) (32.6 ) (21.3 ) Net income attributable to controlling interest and transfers (to) or from Non-controlling interests $ 100.1 $ 101.1 $ 225.1 $ 187.3

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
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 June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Controlling interest: Current tax $ 43.4 $ 28.1 $ 75.4 $ 55.1 Intangible-related deferred taxes 20.7 21.3 41.1 43.4 Other deferred taxes 5.1 1.8 18.9 7.3 Total controlling interest 69.2 51.2 135.4 105.8 Non-controlling interests: Current tax $ 3.1 $ 2.2 $ 6.6 $ 4.2 Deferred taxes (0.2 ) (0.2 ) (0.3 ) (0.3 ) Total non-controlling interests 2.9 2.0 6.3 3.9 Provision for income taxes $ 72.1 $ 53.2 $ 141.7 $ 109.7 Income before income taxes (controlling interest) $ 197.9 $ 158.7 $ 392.1 $ 317.8 Effective tax rate attributable to controlling interest (1) 35.0 % 32.3 % 34.5 % 33.3 % __________________________ (1) Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest). The Effective tax rate attributable to the controlling interest was 35.0% and 34.5% for the three and six months ended June 30, 2015, respectively, as compared to 32.3% and 33.3% for the three and six months ended June 30, 2016, respectively. The decrease resulted primarily from a decrease in Income before income taxes attributable to the controlling interest as well as the effect of foreign operations. Income tax expense for the three months ended June 30, 2015 and 2016 each included the benefit of indefinite deferrals of foreign earnings of $6.3 million . Income tax expense for the six months ended June 30, 2015 and 2016 each included the benefit of indefinite deferrals of foreign earnings of $12.5 million . As of December 31, 2015 and June 30, 2016 , the Company carried a liability for uncertain tax positions of $26.9 million and $26.6 million , respectively. Included in these amounts was $1.8 million and $1.6 million as of December 31, 2015 and June 30, 2016 , respectively, for interest and related charges. At December 31, 2015 and June 30, 2016 , this liability also included $25.3 million and $25.4 million , respectively, 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	6 Months Ended
	Jun. 30, 2016
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 June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Numerator Net income (controlling interest) $ 128.7 $ 107.4 $ 256.7 $ 212.0 Convertible securities interest expense, net 3.8 3.9 7.6 7.7 Net income (controlling interest), as adjusted $ 132.5 $ 111.3 $ 264.3 $ 219.7 Denominator Average shares outstanding (basic) 54.6 53.8 54.7 53.9 Effect of dilutive instruments: Stock options and restricted stock 0.7 0.5 0.8 0.4 Junior convertible securities 2.2 2.2 2.2 2.2 Average shares outstanding (diluted) 57.5 56.5 57.7 56.5 For the three months ended March 31, 2016, the Company repurchased 0.2 million shares of common stock, at an average share price of $161.16 , under a share repurchase program approved by the Company’s Board of Directors. Average shares outstanding (diluted) in the table above exclude the anti-dilutive effect of the following items: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Stock options and restricted stock units 0.1 0.2 0.1 0.3 Shares subject to forward sale agreement — 2.9 — 2.9

Comprehensive Income

Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income	Comprehensive Income The following tables show the tax effects allocated to each component of Other comprehensive income: For the Three Months Ended June 30, 2015 2016 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ 48.5 $ — $ 48.5 $ (53.9 ) $ — $ (53.9 ) Change in net realized and unrealized gain (loss) on derivative securities (0.6 ) (0.1 ) (0.7 ) 0.3 (0.0) 0.3 Change in net unrealized gain (loss) on investment securities 76.5 (28.6 ) 47.9 (23.0 ) 9.0 (14.0 ) Other comprehensive income (loss) $ 124.4 $ (28.7 ) $ 95.7 $ (76.6 ) $ 9.0 $ (67.6 ) For the Six Months Ended June 30, 2015 2016 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (11.6 ) $ — $ (11.6 ) $ (55.9 ) $ — $ (55.9 ) Change in net realized and unrealized gain (loss) on derivative securities 2.2 (0.2 ) 2.0 (0.8 ) (0.0) (0.8 ) Change in net unrealized gain (loss) on investment securities 90.7 (34.1 ) 56.6 (40.4 ) 15.6 (24.8 ) Other comprehensive income (loss) $ 81.3 $ (34.3 ) $ 47.0 $ (97.1 ) $ 15.6 $ (81.5 ) The components of accumulated other comprehensive income (loss), net of taxes, attributable to the controlling interest and non-controlling interests 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, 2015 $ (98.6 ) $ 0.3 $ 45.0 $ (53.3 ) Other comprehensive loss before reclassifications (55.9 ) (0.4 ) (34.4 ) (90.7 ) Amounts reclassified — (0.4 ) 9.6 9.2 Net other comprehensive loss (55.9 ) (0.8 ) (24.8 ) (81.5 ) Balance, as of June 30, 2016 $ (154.5 ) $ (0.5 ) $ 20.2 $ (134.8 ) __________________________ (1) See Note 4 for amounts reclassified from Other comprehensive income.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information Management has 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 tables summarize the Company’s financial results for each of its business segments: For the Three Months Ended June 30, 2015 2016 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 255.4 $ 59.6 $ 220.1 $ 51.1 Mutual Fund 323.0 56.1 264.9 44.8 High Net Worth 68.2 13.0 69.1 11.5 Total $ 646.6 $ 128.7 $ 554.1 $ 107.4 For the Six Months Ended June 30, 2015 2016 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 508.3 $ 108.3 $ 447.4 $ 111.0 Mutual Fund 641.3 123.8 515.2 78.1 High Net Worth 132.0 24.6 136.9 22.9 Total $ 1,281.6 $ 256.7 $ 1,099.5 $ 212.0 Total Assets December 31, 2015 June 30, 2016 Institutional $ 3,717.1 $ 3,676.1 Mutual Fund 3,070.5 3,362.8 High Net Worth 981.8 995.8 Total $ 7,769.4 $ 8,034.7

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 1, 2016, the Company completed minority investments in Capula Investment Management LLP, Mount Lucas Management LP and CapeView Capital LLP for approximately $310 million in the aggregate. The Company’s previously announced acquisitions of minority investments in Winton Capital Group Ltd. and Partner Fund Management, L.P. are expected to close by December 31, 2016.

Basis of Presentation and Use26

Basis of Presentation and Use of Estimates (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting and Use of Estimates	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, 2015 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.
Recent Accounting Developments	Recent Accounting Developments On January 1, 2016, the Company adopted several updates to accounting standards as follows: • Accounting Standards Update (“ASU”) 2015-02, Consolidation: Amendments to the Consolidation Analysis (“ASU 2015-02: Consolidation”); • ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs; • ASU 2015-07, Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent); and • ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. The adoption of these updates did not have a significant impact on the Company’s Consolidated Financial Statements. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, Revenue from Contracts with Customers, as amended. The new standard provides a comprehensive model for revenue recognition. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, Fair Value: Recognition and Measurement of Financial Assets and Liabilities. Under the new standard, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize assets and liabilities arising from most operating leases on the statement of financial position. The standard is effective for interim and fiscal periods beginning after December 15, 2018. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards and classification in the statement of cash flows. The standard is effective for interim and fiscal periods beginning after December 15, 2016. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting, which simplifies the equity method of accounting by eliminating the need to apply the equity method retroactively to an investment that subsequently qualifies for such accounting treatment. The standard is effective for interim and fiscal periods beginning after December 15, 2016. The Company is evaluating the impact of this standard on its Consolidated Financial Statements.
Principles of Consolidation	Principles of Consolidation The Company assesses consolidation requirements pursuant to ASU 2015-02: Consolidation, which was adopted using the modified retrospective method and resulted in an effective date of adoption of January 1, 2016. In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine if its investments are considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently and when the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial and investing decisions of the investment or holds the majority voting interest. The Company consolidates VIEs when it has a controlling financial interest, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments in Affiliates For the Company’s consolidated Affiliates, the portion of the Owners’ Allocation allocated to Affiliate management is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Non-controlling interests on the Consolidated Balance Sheets include capital and undistributed Operating and Owners’ Allocation owned by Affiliate management of the Company’s consolidated Affiliates. 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. The current redemption value of non-controlling interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. AMG applies the equity method of accounting to investments where AMG does not hold a controlling equity interest but has the ability to exercise significant influence over operating and financial matters. 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. Affiliate Sponsored Investment Products The Company’s consolidated Affiliates sponsor various investment products where they also act as the investment advisor, and in some cases these products are considered VIEs. These investment products are typically owned primarily by third-party investors; however, certain products are capitalized with seed capital investments from Affiliates. Investors are generally entitled to substantially all of the economics of these VIEs, except for the management and performance fees earned by Affiliates or any gains or losses attributable to Affiliates’ investments in these products. As a result, Affiliates do not generally consolidate these VIEs unless the Affiliate’s interest in the product is considered substantial. When consolidating these VIEs, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets with corresponding changes in the investments’ fair values reflected in Other operating expenses in the Consolidated Statements of Income. Purchases and sales of securities are presented within Decrease in payables, accrued liabilities and other liabilities and Increase in other assets, respectively, in the Consolidated Statements of Cash Flows. When Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated.

Investments in Marketable Sec27

Investments in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2016
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: Available-for-Sale Trading December 31, June 30, December 31, June 30, Cost $ 104.7 $ 73.1 $ 19.8 $ 96.8 Unrealized Gains 77.6 36.0 1.9 5.2 Unrealized Losses (1.8 ) (1.5 ) (2.3 ) (6.0 ) Fair Value $ 180.5 $ 107.6 $ 19.4 $ 96.0

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities
Schedule of Unconsolidated VIE's and Company Risk	The net assets and liabilities of unconsolidated VIEs and the Company’s maximum risk of loss were as follows: December 31, 2015 June 30, 2016 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 Affiliate sponsored investment products $ 6,688.9 $ 1.4 $ 1,550.0 $ 1.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
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 $ 65.9 $ 65.9 $ — $ — Investments in marketable securities (1) Trading securities 19.4 19.4 — — Available-for-sale securities 180.5 180.5 — — Other investments (2) 23.3 20.7 2.6 — Financial Liabilities Contingent payment arrangements (3) $ 10.2 $ — $ — $ 10.2 Affiliate equity obligations (3)(4) 62.3 — — 62.3 Fair Value Measurements June 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 $ 27.3 $ 27.3 $ — $ — Investments in marketable securities (1) Trading securities 96.0 96.0 — — Available-for-sale securities 107.6 107.6 — — Other investments (2) 6.4 4.0 2.4 — Financial Liabilities Contingent payment arrangements (3) $ 8.0 $ — $ — $ 8.0 Affiliate equity obligations (3)(4) 27.0 — — 27.0 Foreign currency forward contracts (3) 0.8 — 0.8 — __________________________ (1) Principally investments in equity securities. (2) The Company adopted ASU 2015-07 and no longer includes $126.0 million and $136.1 million as of December 31, 2015 and June 30, 2016 , respectively, of investments in certain entities for which fair value was measured using net asset value (“NAV”) as a practical expedient. (3) Amounts are presented within Other liabilities. (4) The Company adopted ASU 2015-07 and no longer includes $75.0 million and $73.2 million as of December 31, 2015 and June 30, 2016 , respectively, of liabilities for which fair value was measured using NAV as a practical expedient. These liabilities were previously included in Obligations to related parties and upon removal, the remaining liabilities were re-labeled Affiliate equity obligations.
Schedule of Changes in Level 3 Assets and Liabilities	The following tables present the changes in Level 3 liabilities: For the Three Months Ended June 30, 2015 2016 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 31.5 $ 16.8 $ 7.8 $ 35.6 Net (gains) losses (13.8 ) (1) — 0.2 (1) — Purchases and issuances 6.5 49.6 — 9.7 Settlements and reductions (17.5 ) (8.1 ) — (18.3 ) Balance, end of period $ 6.7 $ 58.3 $ 8.0 $ 27.0 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ (13.8 ) (1) $ — $ 0.2 (1) $ — 2016 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 59.3 $ 21.5 $ 10.2 $ 62.3 Net gains/losses (41.6 ) (1) — (2.2 ) (1) — Purchases and issuances 6.5 65.0 — 39.8 Settlements and reductions (17.5 ) (28.2 ) — (75.1 ) Balance, end of period $ 6.7 $ 58.3 $ 8.0 $ 27.0 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ (41.6 ) (1) $ — (2.2 ) (1) $ — ___________________________ (1) Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.
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 June 30, 2016 Range at June 30, 2016 Contingent payment arrangements Discounted cash flow Growth rates $ 10.2 3% - 8% $ 8.0 6% - 8% Discount rates 15% 15% Affiliate equity obligations Discounted cash flow Growth rates 62.3 1% - 9% 27.0 4% - 12% Discount rates 14% - 15% 12% - 16%
Summary of Investments in Certain Entities that Calculate Net Asset Value	The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized: December 31, 2015 June 30, 2016 Category of Investment Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private equity funds (1) $ 126.0 $ 76.8 $ 136.1 $ 87.5 Other funds (2) 72.3 — 33.5 — $ 198.3 $ 76.8 $ 169.6 $ 87.5 ___________________________ (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, monthly 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, 2015 June 30, 2016 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 944.6 $ 966.3 $ 944.9 $ 982.4 Level 2 Convertible securities 305.2 483.6 306.3 470.7 Level 2

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
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, net for the Company’s consolidated Affiliates: Goodwill Institutional Mutual Fund High Net Worth Total Balance, as of December 31, 2015 $ 1,141.3 $ 1,119.5 $ 407.6 $ 2,668.4 Foreign currency translation 2.1 (21.4 ) 4.4 (14.9 ) Balance, as of June 30, 2016 $ 1,143.4 $ 1,098.1 $ 412.0 $ 2,653.5
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, 2015 $ 1,301.8 $ (680.4 ) $ 621.4 $ 1,065.0 $ 1,686.4 Intangible amortization and impairments — (53.4 ) (53.4 ) (1.9 ) (55.3 ) Foreign currency translation (7.0 ) — (7.0 ) (39.7 ) (46.7 ) Balance, as of June 30, 2016 $ 1,294.8 $ (733.8 ) $ 561.0 $ 1,023.4 $ 1,584.4

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share-Based Compensation	The following is a summary of share-based compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Share-based compensation $ 9.1 $ 10.8 $ 17.0 $ 20.0 Tax benefit 3.5 4.2 6.6 7.7
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, 2015 1.4 $ 96.18 Options granted 0.4 122.40 Options exercised (0.1 ) 77.77 Unexercised options outstanding - June 30, 2016 1.7 103.78 2.9 Exercisable at June 30, 2016 1.2 95.93 1.7
Schedule of Fair Value of Options Granted and Assumptions	For the six months ended June 30, 2015 and 2016, the weighted average fair value of options granted was $54.13 and $38.90 , per option, respectively, based on the weighted-average grant date assumptions stated below. For the Six Months Ended June 30, 2015 2016 Dividend yield — % — % Expected volatility (1) 27.9 % 30.6 % Risk-free interest rate (2) 1.3 % 1.6 % Expected life of options (in years) (3) 5.0 5.7 Forfeiture rate — % — % ___________________________ (1) Expected volatility is based on historical and implied volatility. (2) Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of the grant. (3) Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior.
Schedule of Company Restricted Stock Unit Transactions	The following table summarizes the transactions of the Company’s restricted stock units: Restricted Stock Units Weighted Average Grant Date Value Unvested units - December 31, 2015 0.6 $ 192.04 Units granted 0.2 122.43 Units vested (0.1 ) 176.59 Units forfeited (0.1 ) 180.30 Unvested units - June 30, 2016 0.6 169.40

Redeemable Non-Controlling In32

Redeemable Non-Controlling Interests Redeemable Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Schedule of Changes in Redeemable Non-Controlling Interests	The following table presents the changes in Redeemable non-controlling interests: Redeemable Non-controlling Interests Balance, as of December 31, 2015 $ 612.5 Increase attributable to consolidated products 81.4 Repurchases of redeemable Affiliate equity (37.9 ) Transfers from Non-controlling interests 20.3 Changes in redemption value 68.7 Balance, as of June 30, 2016 $ 745.0

Affiliate Equity (Tables)

Affiliate Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Affiliate Equity [Abstract]
Summary of Affiliate Equity Compensation	The following is a summary of Affiliate equity expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Controlling interest $ 2.8 $ 2.4 $ 6.7 $ 4.5 Tax benefit (1.1 ) (0.9 ) (2.6 ) (1.7 ) Controlling interest, net 1.7 1.5 4.1 2.8 Non-controlling interests 37.9 4.8 43.3 8.7 Total $ 39.6 $ 6.3 $ 47.4 $ 11.5
Summary of Affiliate Equity Unrecognized Compensation Expense [Table Text Block]	The following is a summary of unrecognized Affiliate equity expense: Period Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2015 $ 22.4 3 years $ 51.9 5 years June 30, 2016 30.5 4 years 72.7 6 years
Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity	While the Company presents the current redemption value of Affiliate equity within Redeemable Non-Controlling Interests with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table discloses the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the periods: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Net income (controlling interest) $ 128.7 $ 107.4 $ 256.7 $ 212.0 Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances 0.5 (2.5 ) 1.0 (3.4 ) Decrease in controlling interest paid-in capital related to Affiliate equity repurchases (29.1 ) (3.8 ) (32.6 ) (21.3 ) Net income attributable to controlling interest and transfers (to) or from Non-controlling interests $ 100.1 $ 101.1 $ 225.1 $ 187.3

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Controlling interest: Current tax $ 43.4 $ 28.1 $ 75.4 $ 55.1 Intangible-related deferred taxes 20.7 21.3 41.1 43.4 Other deferred taxes 5.1 1.8 18.9 7.3 Total controlling interest 69.2 51.2 135.4 105.8 Non-controlling interests: Current tax $ 3.1 $ 2.2 $ 6.6 $ 4.2 Deferred taxes (0.2 ) (0.2 ) (0.3 ) (0.3 ) Total non-controlling interests 2.9 2.0 6.3 3.9 Provision for income taxes $ 72.1 $ 53.2 $ 141.7 $ 109.7 Income before income taxes (controlling interest) $ 197.9 $ 158.7 $ 392.1 $ 317.8 Effective tax rate attributable to controlling interest (1) 35.0 % 32.3 % 34.5 % 33.3 % __________________________ (1) Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Numerator Net income (controlling interest) $ 128.7 $ 107.4 $ 256.7 $ 212.0 Convertible securities interest expense, net 3.8 3.9 7.6 7.7 Net income (controlling interest), as adjusted $ 132.5 $ 111.3 $ 264.3 $ 219.7 Denominator Average shares outstanding (basic) 54.6 53.8 54.7 53.9 Effect of dilutive instruments: Stock options and restricted stock 0.7 0.5 0.8 0.4 Junior convertible securities 2.2 2.2 2.2 2.2 Average shares outstanding (diluted) 57.5 56.5 57.7 56.5
Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share	Average shares outstanding (diluted) in the table above exclude the anti-dilutive effect of the following items: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 Stock options and restricted stock units 0.1 0.2 0.1 0.3 Shares subject to forward sale agreement — 2.9 — 2.9

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income	The following tables show the tax effects allocated to each component of Other comprehensive income: For the Three Months Ended June 30, 2015 2016 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ 48.5 $ — $ 48.5 $ (53.9 ) $ — $ (53.9 ) Change in net realized and unrealized gain (loss) on derivative securities (0.6 ) (0.1 ) (0.7 ) 0.3 (0.0) 0.3 Change in net unrealized gain (loss) on investment securities 76.5 (28.6 ) 47.9 (23.0 ) 9.0 (14.0 ) Other comprehensive income (loss) $ 124.4 $ (28.7 ) $ 95.7 $ (76.6 ) $ 9.0 $ (67.6 ) For the Six Months Ended June 30, 2015 2016 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (11.6 ) $ — $ (11.6 ) $ (55.9 ) $ — $ (55.9 ) Change in net realized and unrealized gain (loss) on derivative securities 2.2 (0.2 ) 2.0 (0.8 ) (0.0) (0.8 ) Change in net unrealized gain (loss) on investment securities 90.7 (34.1 ) 56.6 (40.4 ) 15.6 (24.8 ) Other comprehensive income (loss) $ 81.3 $ (34.3 ) $ 47.0 $ (97.1 ) $ 15.6 $ (81.5 )
Schedule of Components of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive income (loss), net of taxes, attributable to the controlling interest and non-controlling interests 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, 2015 $ (98.6 ) $ 0.3 $ 45.0 $ (53.3 ) Other comprehensive loss before reclassifications (55.9 ) (0.4 ) (34.4 ) (90.7 ) Amounts reclassified — (0.4 ) 9.6 9.2 Net other comprehensive loss (55.9 ) (0.8 ) (24.8 ) (81.5 ) Balance, as of June 30, 2016 $ (154.5 ) $ (0.5 ) $ 20.2 $ (134.8 ) __________________________ (1) See Note 4 for amounts reclassified from Other comprehensive income.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables summarize the Company’s financial results for each of its business segments: For the Three Months Ended June 30, 2015 2016 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 255.4 $ 59.6 $ 220.1 $ 51.1 Mutual Fund 323.0 56.1 264.9 44.8 High Net Worth 68.2 13.0 69.1 11.5 Total $ 646.6 $ 128.7 $ 554.1 $ 107.4 For the Six Months Ended June 30, 2015 2016 Revenue Net income (controlling interest) Revenue Net income (controlling interest) Institutional $ 508.3 $ 108.3 $ 447.4 $ 111.0 Mutual Fund 641.3 123.8 515.2 78.1 High Net Worth 132.0 24.6 136.9 22.9 Total $ 1,281.6 $ 256.7 $ 1,099.5 $ 212.0 Total Assets December 31, 2015 June 30, 2016 Institutional $ 3,717.1 $ 3,676.1 Mutual Fund 3,070.5 3,362.8 High Net Worth 981.8 995.8 Total $ 7,769.4 $ 8,034.7

Investments in Marketable Sec38

Investments in Marketable Securities - Schedule of Available-For-Sale and Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Available-for-Sale
Cost	$ 73.1		$ 73.1		$ 104.7
Unrealized Gains	36		36		77.6
Unrealized Losses	(1.5)		(1.5)		(1.8)
Fair Value	107.6		107.6		180.5
Trading
Cost	96.8		96.8		19.8
Unrealized Gains			5.2		1.9
Unrealized Losses			(6)		(2.3)
Fair Value	96		96		19.4
Investments in marketable securities	203.6		203.6		$ 199.9
Realized gains on investments classified as available-for-sale	$ 7.5	$ 7.9	$ 9.2	$ 7.9

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Unconsolidated VIE's and Company Risk (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Variable Interest Entities
Equity method investments in Affiliates	$ 2,450.4	$ 1,937.1
Affiliated Sponsored Investment Products
Variable Interest Entities
Unconsolidated VIE net assets	1,550	6,688.9
Carrying value and maximum exposure to loss	1.1	1.4
Variable Interest Entities Previously Accounted for Under the Equity Method
Variable Interest Entities
Unconsolidated VIE net assets	1,300	1,200
Equity method investments in Affiliates	$ 2,400	$ 1,900

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2016	May 31, 2016
Senior Unsecured Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 1,450	$ 1,300
Maximum borrowing capacity, additional amount	350
Senior Unsecured Term Loan
Debt Instrument
Principal Amount at Maturity	385	$ 350
Maximum borrowing capacity, additional amount	$ 65

Forward Equity and Equity Dis41

Forward Equity and Equity Distribution Program (Details) - Common Stock $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $	$ 500
Underwriters
Class of Stock [Line Items]
Number of common shares issued (in shares) | shares	2.9
Common stock price (in dollars per share) | $ / shares	$ 167.25
IPO
Class of Stock [Line Items]
Number of common shares issued (in shares) | shares	2.9
Common stock price (in dollars per share) | $ / shares	$ 167.25

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2016USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 87,500,000
Expected payments of contingent liability	10,300,000
Prior Owner
Commitments and Contingencies
Reimbursable amount of investment commitments	15,300,000
Consolidated Affiliates
Commitments and Contingencies
Contingent liability	84,900,000
Expected payments of contingent liability	84,900,000
Equity Method Investee
Commitments and Contingencies
Contingent liability	316,500,000
Expected payments of contingent liability	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Investments in marketable securities
Trading securities		$ 96	$ 19.4
Financial Liabilities
Investments removed from fair value measurement on recurring basis		(169.6)	(198.3)
Fair Value Measured On A Recurring Basis
Financial Assets
Cash equivalents		27.3	65.9
Investments in marketable securities
Trading securities	[1]	96	19.4
Available-for-sale securities	[1]	107.6	180.5
Financial Liabilities
Contingent payment arrangements	[2]	8	10.2
Affiliate equity obligations	[3]	27	62.3
Foreign currency forward contracts	[2]	0.8
Investments removed from fair value measurement on recurring basis	[4]	(6.4)	(23.3)
Fair Value Measured On A Recurring Basis | Accounting Standards Update 2015-07
Financial Liabilities
Investments removed from fair value measurement on recurring basis	[4]	136.1	126
Obligations to related parties removed from fair value measurement on recurring basis	[4]	73.2	75
Fair Value Measured On A Recurring Basis | Quoted Prices In Active Markets For Identical Assets (Level 1)
Financial Assets
Cash equivalents		27.3	65.9
Investments in marketable securities
Trading securities	[1]	96	19.4
Available-for-sale securities	[1]	107.6	180.5
Financial Liabilities
Contingent payment arrangements	[2]	0	0
Affiliate equity obligations	[3]	0	0
Foreign currency forward contracts	[2]	0
Investments removed from fair value measurement on recurring basis	[4]	(4)	(20.7)
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
Financial Liabilities
Contingent payment arrangements	[2]	0	0
Affiliate equity obligations	[3]	0	0
Foreign currency forward contracts	[2]	0.8
Investments removed from fair value measurement on recurring basis	[4]	(2.4)	(2.6)
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
Financial Liabilities
Contingent payment arrangements	[2]	8	10.2
Affiliate equity obligations	[3]	27	62.3
Foreign currency forward contracts	[2]	0
Investments removed from fair value measurement on recurring basis	[4]	$ 0	$ 0
[1]	Principally investments in equity securities.
[2]	Amounts are presented within Other liabilities.
[3]	Amounts are presented within Other liabilities.(4) The Company adopted ASU 2015-07 and no longer includes $75.0 million and $73.2 million as of December 31, 2015 and June 30, 2016, respectively, of liabilities for which fair value was measured using NAV as a practical expedient. These liabilities were previously included in Obligations to related parties and upon removal, the remaining liabilities were re-labeled Affiliate equity obligations.
[4]	The Company adopted ASU 2015-07 and no longer includes $126.0 million and $136.1 million as of December 31, 2015 and June 30, 2016, respectively, of investments in certain entities for which fair value was measured using net asset value (“NAV”) as a practical expedient.

Fair Value Measurements - Sch44

Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Contingent Payment Arrangements
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 7.8	$ 31.5	$ 10.2	$ 59.3
Net (gains) losses	[1]	0.2	(13.8)	(2.2)	(41.6)
Purchases and issuances		0	6.5	0	6.5
Settlements and reductions		0	(17.5)	0	(17.5)
Balance, end of period		8	6.7	8	6.7
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	[1]	0.2	(13.8)	(2.2)	(41.6)
Affiliate Equity Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		35.6	16.8	62.3	21.5
Net (gains) losses		0	0	0	0
Purchases and issuances		9.7	49.6	39.8	65
Settlements and reductions		(18.3)	(8.1)	(75.1)	(28.2)
Balance, end of period		27	58.3	27	58.3
Net change in unrealized (gains) losses relating to instruments still held at the reporting date		$ 0	$ 0	$ 0	$ 0
[1]	Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.

Fair Value Measurements - Sch45

Fair Value Measurements - Schedule of Quantitative Information used in Valuing Level 3 Liabilities (Details) - Discounted Cash Flow - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Contingent Payment Arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 8	$ 10.2
Discount rate (as a percent)	15.00%	15.00%
Contingent Payment Arrangements | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	6.00%	3.00%
Contingent Payment Arrangements | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	8.00%	8.00%
Affiliate Equity Obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 27	$ 62.3
Affiliate Equity Obligations | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	4.00%	1.00%
Discount rate (as a percent)	12.00%	14.00%
Affiliate Equity Obligations | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	12.00%	9.00%
Discount rate (as a percent)	16.00%	15.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Investments in Certain Entities that Calculate Net Asset Value (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
NAV of investments at fair value
Fair value		$ 169.6	$ 198.3
Unfunded commitments		$ 87.5	76.8
Life of funds (in years)		15 years
Private Equity Funds
NAV of investments at fair value
Fair value	[1]	$ 136.1	126
Unfunded commitments	[1]	87.5	76.8
Other Funds
NAV of investments at fair value
Fair value	[2]	33.5	72.3
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, monthly or quarterly basis.

Fair Value Measurements - Sum47

Fair Value Measurements - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 944.9	$ 944.6
Convertible securities	306.3	305.2
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	982.4	966.3
Convertible securities	$ 470.7	$ 483.6

Intangible Assets - Schedule of

Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,668.4
Foreign currency translation	(14.9)
Ending balance	2,653.5
Institutional
Goodwill [Roll Forward]
Beginning balance	1,141.3
Foreign currency translation	2.1
Ending balance	1,143.4
Mutual Fund
Goodwill [Roll Forward]
Beginning balance	1,119.5
Foreign currency translation	(21.4)
Ending balance	1,098.1
High Net Worth
Goodwill [Roll Forward]
Beginning balance	407.6
Foreign currency translation	4.4
Ending balance	$ 412

Intangible Assets - Schedule 49

Intangible Assets - Schedule of Changes in the Components of Acquired Client Relationships (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Total
Beginning balance, net	$ 1,686.4
Ending balance, net	1,584.4
Acquired Client Relationships
Definite-lived
Beginning balance, gross	1,301.8
Beginning balance, accumulated amortization	(680.4)
Beginning balance, net	621.4
Amortization and impairments	(53.4)
Foreign currency translation	(7)
Ending balance, gross	1,294.8
Ending balance, accumulated amortization	(733.8)
Ending balance, net	561
Indefinite-lived
Beginning balance, net	1,065
Amortization and impairments	(1.9)
Foreign currency translation	(39.7)
Ending balance, net	1,023.4
Total
Beginning balance, net	1,686.4
Amortization and impairments	(55.3)
Foreign currency translation	(46.7)
Ending balance, net	$ 1,584.4

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	Jan. 04, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Intangible Assets
Amortization and impairment expenses of intangible assets		$ 28.6	$ 28.1	$ 55.3	$ 55.9
Acquired Client Relationships
Intangible Assets
Weighted average life				10 years
Amortization and impairment expenses of intangible assets		26.7	28.1	$ 53.4	55.9
Number of future annual periods of amortization expense (in years)				5 years
Annual amortization expense attributable to current equity method Affiliates for next five years
2,016		110		$ 110
2,017		110		110
2,018		110		110
2,019		110		110
2,020		110		$ 110
Acquired Client Relationships | Affiliated Entity
Intangible Assets
Weighted average life				12 years
Amortization and impairment expenses of intangible assets		14.8	$ 8.7	$ 29	$ 17.5
Annual amortization expense attributable to current equity method Affiliates for next five years
2,016		60		60
2,017		60		60
2,018		60		60
2,019		60		60
2,020		$ 60		$ 60
Systematica Investment LP and Baring Private Equity Asia [Member] | Acquired Client Relationships Under Equity Method Investments
Intangible Assets
Business acquisition, finite-lived intangibles	$ 551.4
Baring | Acquired Client Relationships Under Equity Method Investments
Intangible Assets
Business acquisition, goodwill, amortization period for tax deductions (in years)	15 years

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transactions
Other liabilities	$ 179.7			$ 179.7		$ 213.3
Non-controlling interests	865.8			865.8		932
Imputed interest expense and contingent payment arrangements	(0.8)		$ 13.2	1.1	$ 40.4
Prior Owner | Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	73.2			73.2		75
Non-controlling interests	4			4		5.1
Affiliated Entity
Related Party Transactions
Imputed interest expense and contingent payment arrangements			(15)		$ (44.7)
Affiliated Entity | Imputed interest expense and contingent payment arrangements
Related Party Transactions
Imputed interest expense and contingent payment arrangements		$ (2.8)
Affiliated Entity | Other Liabilities
Related Party Transactions
Contingent payment arrangements liability	$ 8			8		$ 10.2
Payments for contingent payment arrangements liabilities			$ 17.5	$ 0

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 10.8	$ 9.1	$ 20	$ 17
Tax benefit	4.2	$ 3.5	7.7	$ 6.6
Compensation expense related to share-based compensation	$ 94.1		$ 94.1		$ 70.6
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	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Stock Options
Unexercised options outstanding at the beginning of the period (in shares) | shares	1.4
Options granted (in shares) | shares	0.4
Options exercised (in shares) | shares	(0.1)
Unexercised options outstanding at the end of the period (in shares) | shares	1.7
Exercisable at the end of the period (in shares) | shares	1.2
Weighted Average Exercise Price
Unexercised options outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 96.18
Options granted (in dollars per share) | $ / shares	122.40
Options exercised (in dollars per share) | $ / shares	77.77
Unexercised options outstanding at the end of the period (in dollars per share) | $ / shares	103.78
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 95.93
Weighted Average Remaining Contractual Life
Unexercised options outstanding at the end of the period (in years)	2 years 10 months 12 days
Exercisable at the end of the period (in years)	1 year 8 months 18 days

Share-Based Compensation - Sc54

Share-Based Compensation - Schedule of Fair Value Options Granted and Assumptions (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation
Stock options granted, fair value		$ 16	$ 0.5
Stock options, expiration period (in years)		7 years
Stock options granted, weighted average fair value (in dollar per share)		$ 38.90	$ 54.13
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield		0.00%	0.00%
Expected volatility	[1]	30.60%	27.90%
Risk-fee interest rate	[2]	1.60%	1.30%
Expected life of options (in years)	[3]	5 years 8 months 12 days	5 years
Forfeiture rate		0.00%	0.00%
Minimum
Share-based Compensation
Stock options, vesting period (in years)		3 years
Maximum
Share-based Compensation
Stock options, vesting period (in years)		4 years
[1]	Expected volatility is based on historical and implied volatility.
[2]	Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of the grant.
[3]	Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior.

Share-Based Compensation - Sc55

Share-Based Compensation - Schedule of Company Restricted Stock Unit Transactions (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Restricted Stock Units
Unvested units at the beginning of the period (in shares)	0.6
Units granted (in shares)	0.2
Units vested (in shares)	(0.1)
Units forfeited (in shares)	(0.1)
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)	$ 192.04
Units granted (in dollars per share)	122.43
Units vested (in dollars per share)	176.59
Units forfeited (in dollars per share)	180.30
Unvested units at the end of the period (in dollars per share)	$ 169.40
Restricted stocks granted, fair value	$ 27.7	$ 48.6
Restricted stock, vesting period (in years)	4 years

Redeemable Non-Controlling In56

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Redeemable Noncontrolling Interest [Roll Forward]
Balance, as of December 31, 2015	$ 612.5
Increase attributable to consolidated products	81.4
Repurchases of redeemable Affiliate equity	(37.9)
Transfers from Non-controlling interests	20.3	$ 22.8
Changes in redemption value	68.7
Balance, as of June 30, 2016	$ 745

Affiliated Equity (Details)

Affiliated Equity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 189	$ 230
Payments to acquire interest in affiliates	75.3	31.1
Issuance of interest in affiliates	3.6	$ 6
Other Assets
Affiliate Equity [Line Items]
Due from affiliates	16.9		$ 22.6
Other Liabilities
Affiliate Equity [Line Items]
Due to affiliates	$ 27		$ 62.3

Affiliate Equity - Summary of A

Affiliate Equity - Summary of Affiliate Equity-Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Affiliate Equity [Line Items]
Non-controlling interests	$ 4.8	$ 37.9	$ 8.7	$ 43.3
Affiliate equity expense	6.3	39.6	11.5	47.4
Non-controlling Interests
Affiliate Equity [Line Items]
Affiliate equity expense			$ 8.7	$ 43.3
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life (in years)			6 years	5 years
Non-Controlling Interest			$ 72.7	$ 51.9
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	2.4	2.8	4.5	6.7
Tax benefit	(0.9)	(1.1)	(1.7)	(2.6)
Controlling interest, net	$ 1.5	$ 1.7	2.8	4.1
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest			$ 30.5	$ 22.4
Remaining Life (in years)			4 years	3 years

Affiliate Equity - Schedule of

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 107.4	$ 128.7	$ 212	$ 256.7
Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances	(2.5)	0.5	(3.4)	1
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(3.8)	(29.1)	(21.3)	(32.6)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$ 101.1	$ 100.1	$ 187.3	$ 225.1

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Provision
Deferred taxes				$ 50.4	$ 59.7
Provision for income taxes		$ 53.2	$ 72.1	109.7	141.7
Non-controlling Interests
Income Tax Provision
Current tax		2.2	3.1	4.2	6.6
Deferred taxes		(0.2)	(0.2)	(0.3)	(0.3)
Provision for income taxes		2	2.9	3.9	6.3
Controlling Interest
Income Tax Provision
Current tax		28.1	43.4	55.1	75.4
Intangible-related deferred taxes		21.3	20.7	43.4	41.1
Other deferred taxes		1.8	5.1	7.3	18.9
Provision for income taxes		51.2	69.2	105.8	135.4
Income before income taxes (controlling interest)		$ 158.7	$ 197.9	$ 317.8	$ 392.1
Effective tax rate attributable to controlling interests	[1]	32.30%	35.00%	33.30%	34.50%
[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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Provision
Income tax benefit of indefinite reinvestment of earnings of foreign subsidiaries		$ 6.3	$ 6.3	$ 12.5	$ 12.5
Liability for uncertain tax positions including interest and related charges		26.6		26.6		$ 26.9
Accrued income tax interest and related charges		1.6		1.6		1.8
Unrecognized tax benefits that would impact effective tax rate		$ 25.4		$ 25.4		$ 25.3
Controlling Interest
Income Tax Provision
Effective tax rate attributable to controlling interests	[1]	32.30%	35.00%	33.30%	34.50%
[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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator
Net income (controlling interest)	$ 107.4	$ 128.7	$ 212	$ 256.7
Convertible securities interest expense, net	3.9	3.8	7.7	7.6
Net income (controlling interest), as adjusted	$ 111.3	$ 132.5	$ 219.7	$ 264.3
Denominator
Average shares outstanding—basic (in shares)	53.8	54.6	53.9	54.7
Effect of dilutive instruments:
Stock options and restricted stock (in shares)	0.5	0.7	0.4	0.8
Junior convertible securities (in shares)	2.2	2.2	2.2	2.2
Average shares outstanding—diluted (in shares)	56.5	57.5	56.5	57.7

Earnings Per Share (Details)

Earnings Per Share (Details) - Common Stock - Program Approved by the Board of Directors shares in Millions	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares repurchased under the Program (in shares) | shares	0.2
Average share price of shares repurchased under the Program (in dollars per share) | $ / shares	$ 161.16

Earnings Per Share - Schedule64

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock options and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.1	0.3	0.1
Shares subject to forward sale agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2.9	0	2.9	0

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pre-Tax
Foreign currency translation adjustment	$ (53.9)	$ 48.5	$ (55.9)	$ (11.6)
Change in net realized and unrealized gain (loss) on derivative securities	0.3	(0.6)	(0.8)	2.2
Change in net unrealized gain (loss) on investment securities	(23)	76.5	(40.4)	90.7
Other comprehensive income (loss)	(76.6)	124.4	(97.1)	81.3
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	(0.2)
Change in net unrealized gain (loss) on investment securities	9	(28.6)	15.6	(34.1)
Other comprehensive income (loss)	9	(28.7)	15.6	(34.3)
Net of Tax
Foreign currency translation adjustment	(53.9)	48.5	(55.9)	(11.6)
Change in net realized and unrealized gain (loss) on derivative securities	0.3	(0.7)	(0.8)	2
Change in net unrealized gain (loss) on investment securities	(14)	47.9	(24.8)	56.6
Other comprehensive income (loss)	$ (67.6)	$ 95.7	$ (81.5)	$ 47

Comprehensive Income - Schedule

Comprehensive Income - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Components of Accumulated other comprehensive income, net of taxes
Balance, as of December 31, 2015		$ (53.3)
Other comprehensive loss before reclassifications		(90.7)
Amounts reclassified		9.2
Net other comprehensive loss		(81.5)	$ 47
Balance, as of June 30, 2016		(134.8)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Balance, as of December 31, 2015		(98.6)
Other comprehensive loss before reclassifications		(55.9)
Amounts reclassified		0
Net other comprehensive loss		(55.9)
Balance, as of June 30, 2016		(154.5)
Realized and Unrealized Gains (Losses) on Derivative Securities
Components of Accumulated other comprehensive income, net of taxes
Balance, as of December 31, 2015		0.3
Other comprehensive loss before reclassifications		(0.4)
Amounts reclassified		(0.4)
Net other comprehensive loss		(0.8)
Balance, as of June 30, 2016		(0.5)
Unrealized Gains (Losses) on Investment Securities
Components of Accumulated other comprehensive income, net of taxes
Balance, as of December 31, 2015	[1]	45
Other comprehensive loss before reclassifications	[1]	(34.4)
Amounts reclassified	[1]	9.6
Net other comprehensive loss	[1]	(24.8)
Balance, as of June 30, 2016	[1]	$ 20.2
[1]	See Note 4 for amounts reclassified from Other comprehensive income.

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segmentchannel	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			3
Number of principal distribution channels | channel			3
Statements of Income
Revenue	$ 554.1	$ 646.6	$ 1,099.5	$ 1,281.6
Net income (controlling interest)	107.4	128.7	212	256.7
Balance Sheet Information
Total Assets	8,034.7		8,034.7		$ 7,769.4
Operating Segments | Institutional
Statements of Income
Revenue	220.1	255.4	447.4	508.3
Net income (controlling interest)	51.1	59.6	111	108.3
Balance Sheet Information
Total Assets	3,676.1		3,676.1		3,717.1
Operating Segments | Mutual Fund
Statements of Income
Revenue	264.9	323	515.2	641.3
Net income (controlling interest)	44.8	56.1	78.1	123.8
Balance Sheet Information
Total Assets	3,362.8		3,362.8		3,070.5
Operating Segments | High Net Worth
Statements of Income
Revenue	69.1	68.2	136.9	132
Net income (controlling interest)	11.5	$ 13	22.9	$ 24.6
Balance Sheet Information
Total Assets	$ 995.8		$ 995.8		$ 981.8

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jul. 01, 2016USD ($)
Capula Investment Management LLP, Mount Lucas Management LP and CapeView Capital LLP | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, finite-lived intangibles	$ 310

Uncategorized Items - amg-20160

Label	Element	Value
Cash Assumed Upon Consolidation of Affiliate Sponsored Investments Products	amg_CashAssumedUponConsolidationofAffiliateSponsoredInvestmentsProducts	$ 0
Cash Assumed Upon Consolidation of Affiliate Sponsored Investments Products	amg_CashAssumedUponConsolidationofAffiliateSponsoredInvestmentsProducts	$ 25,300,000