Affiliated Managers (MGR) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
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, 2017
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		55,960,350
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 570.9	$ 554.1	$ 1,115.2	$ 1,099.5
Operating expenses:
Compensation and related expenses	242.2	232.1	484.2	458.7
Selling, general and administrative	89.1	96.6	177.8	192.5
Intangible amortization and impairments	22	28.6	43.9	55.3
Depreciation and other amortization	4.9	5	10.1	10
Other operating expenses (net)	11.8	10	21.7	22.5
Total operating expense (net)	370	372.3	737.7	739
Operating income before equity method investments	200.9	181.8	377.5	360.5
Income from equity method investments	75	65.2	160.9	133.2
Operating income	275.9	247	538.4	493.7
Non-operating (income) and expenses:
Investment and other income	(15.7)	(11.6)	(29.2)	(15.6)
Interest expense	22.4	21.9	44.3	44
Imputed interest expense and contingent payment arrangements	2.3	0.8	3.1	(1.1)
Total non-operating (income) and expenses	9	11.1	18.2	27.3
Income before income taxes	266.9	235.9	520.2	466.4
Income taxes	62.5	52.3	122.2	109.4
Net income	204.4	183.6	398	357
Net income (non-controlling interests)	(78.1)	(75.3)	(149.2)	(144.7)
Net income (controlling interest)	$ 126.3	$ 108.3	$ 248.8	$ 212.3
Average shares outstanding—basic (in shares)	56.3	53.8	56.5	53.9
Average shares outstanding—diluted (in shares)	58.7	56.7	59	56.7
Earnings per share—basic (in dollars per share)	$ 2.24	$ 2.01	$ 4.40	$ 3.94
Earnings per share—diluted (in dollars per share)	2.22	1.98	4.35	3.88
Dividends per share (in dollars per share)	$ 0.20	$ 0	$ 0.40	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 204.4	$ 183.6	$ 398	$ 357
Controlling interest:
Foreign currency translation gain (loss)	20.2	(36.7)	31.5	(33.8)
Change in net realized and unrealized gain (loss) on derivative securities, net of tax	(1.3)	0.9	(1.9)	(0.1)
Change in net unrealized gain (loss) on investment securities, net of tax	(4.6)	(13.8)	(1.1)	(24.3)
Other comprehensive income (loss) (controlling interest)	14.3	(49.6)	28.5	(58.2)
Non-controlling interest:
Foreign currency translation gain (loss)	6.7	(17.2)	7.6	(22.1)
Change in net realized and unrealized gain (loss) on derivative securities, net of tax	0.7	(0.6)	1	(0.7)
Change in net unrealized gain (loss) on investment securities, net of tax	0.6	(0.2)	2	(0.5)
Other comprehensive income (loss) (non-controlling interest)	8	(18)	10.6	(23.3)
Other comprehensive income (loss)	22.3	(67.6)	39.1	(81.5)
Comprehensive income	226.7	116	437.1	275.5
Comprehensive income (non-controlling interests)	(86.1)	(57.3)	(159.8)	(121.4)
Comprehensive income (controlling interest)	$ 140.6	$ 58.7	$ 277.3	$ 154.1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 364.6	$ 430.8
Receivables	440.3	383.3
Investments in marketable securities	103.6	122.4
Other investments	151.8	147.5
Fixed assets (net)	109.7	110.1
Goodwill	2,647.5	2,628.1
Acquired client relationships (net)	1,476.1	1,497.4
Equity method investments in Affiliates	3,278.7	3,368.3
Other assets	60	61.2
Total assets	8,632.3	8,749.1
Liabilities and Equity
Payables and accrued liabilities	618.3	729.3
Senior bank debt	788.8	868.6
Senior notes	940.6	939.4
Convertible securities	303	301.6
Deferred income taxes	677	660.8
Other liabilities	203.6	149.4
Total liabilities	3,531.3	3,649.1
Commitments and contingencies
Redeemable non-controlling interests	730.6	673.5
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares outstanding in 2016 and 2017)	0.6	0.6
Additional paid-in capital	912.3	1,073.5
Accumulated other comprehensive loss	(94.4)	(122.9)
Retained earnings	3,280.3	3,054.4
Total stockholders' equity before treasury stock	4,098.8	4,005.6
Less: Treasury stock, at cost (1.8 shares in 2016 and 2.6 shares in 2017)	(498.8)	(386)
Total stockholders' equity	3,600	3,619.6
Non-controlling interests	770.4	806.9
Total equity	4,370.4	4,426.5
Total liabilities and equity	$ 8,632.3	$ 8,749.1

CONSOLIDATED BALANCE SHEETS CON

CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares shares in Millions	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153	153
Common stock, shares outstanding (in shares)	58.5	58.5
Treasury stock, at cost (in shares)	2.6	1.8

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2015		55.8
Beginning Balance at Dec. 31, 2015	$ 3,769.1	$ 0.6	$ 694.9	$ (18.1)	$ 2,581.6	$ (421.9)	$ 932
Increase (Decrease) in Stockholders' Equity
Net income	357				212.3		144.7
Other comprehensive income	(81.5)			(58.2)			(23.3)
Share-based compensation	20		20
Common stock issued under share-based incentive plans	1.2		(29.5)			30.7
Share repurchases	(33.4)					(33.4)
Issuance costs and other	(1)		(1)
Affiliate equity activity:
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	625.1	(76.3)	2,793.9	(424.6)	865.8
Beginning Balance (in shares) at Dec. 31, 2016	58.5	58.5
Beginning Balance at Dec. 31, 2016	$ 4,426.5	$ 0.6	1,073.5	(122.9)	3,054.4	(386)	806.9
Increase (Decrease) in Stockholders' Equity
Net income	398				248.8		149.2
Other comprehensive income	39.1			28.5			10.6
Share-based compensation	19.7		19.7
Common stock issued under share-based incentive plans	10.3		(79.1)			89.4
Share repurchases	(202.2)					(202.2)
Dividends	(22.9)				(22.9)
Issuance costs and other	0.3		0.3
Affiliate equity activity:
Affiliate equity expense	28.5		7.1				21.4
Issuances	2.3		(0.2)				2.5
Repurchases	33.8		33.8
Changes in redemption value of Redeemable non-controlling interests	(142.8)		(142.8)
Transfers to Redeemable non-controlling interests	(47.2)						(47.2)
Capital contributions by Affiliate equity holders	5.6						5.6
Distributions to non-controlling interests	$ (178.6)						(178.6)
Ending Balance (in shares) at Jun. 30, 2017	58.5	58.5
Ending Balance at Jun. 30, 2017	$ 4,370.4	$ 0.6	$ 912.3	$ (94.4)	$ 3,280.3	$ (498.8)	$ 770.4

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flow from (used in) operating activities:
Net income	$ 398	$ 357
Adjustments to reconcile Net income to net Cash flow from operating activities:
Intangible amortization and impairments	43.9	55.3
Depreciation and other amortization	10.1	10
Deferred income tax provision	56	50.4
Income from equity method investments, net of amortization	(160.9)	(133.2)
Distributions of earnings received from equity method investments	283.5	205.1
Amortization of issuance costs	2.3	2.4
Share-based compensation and Affiliate equity expense	48.2	33.2
Other non-cash items	(21.9)	(5)
Changes in assets and liabilities:
Purchases of trading securities by Affiliate sponsored consolidated products	(16.4)	(41.8)
Sales of trading securities by Affiliate sponsored consolidated products	15	40
Increase in receivables	(75.8)	(50)
Increase in other assets	(4)	(5.8)
Decrease in payables, accrued liabilities and other liabilities	(134)	(176.2)
Cash flow from operating activities	444	341.4
Cash flow from (used in) investing activities:
Investments in Affiliates	(30.3)	(551.4)
Purchase of fixed assets	(7.2)	(8.6)
Purchase of investment securities	(13.6)	(8)
Sale of investment securities	52.1	28
Cash flow from (used in) investing activities	1	(540)
Cash flow from (used in) financing activities:
Borrowings of senior debt	205	585
Repayments of senior debt	(285)	(330)
Issuance of common stock	29.5	7.7
Dividends paid on common stock	(22.6)	0
Repurchase of common stock	(170.2)	(33.4)
Distributions to non-controlling interests	(178.6)	(189)
Affiliate equity issuances and repurchases	(77.1)	(71.7)
Settlement of forward equity sale agreement	5.2	0
Other financing items	(23.4)	17
Cash flow used in financing activities	(517.2)	(14.4)
Effect of foreign exchange rate changes on cash and cash equivalents	6	(15.7)
Net decrease in cash and cash equivalents	(66.2)	(228.7)
Cash and cash equivalents at beginning of period	430.8	563.8
Net cash inflows upon the consolidation and deconsolidation of Affiliate sponsored products	0	25.3
Cash and cash equivalents at end of period	$ 364.6	$ 360.4

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	6 Months Ended
	Jun. 30, 2017
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 normal and recurring adjustments considered necessary for a fair statement of the results have been included and all intercompany balances and transactions have been eliminated. During the quarter, the Company changed its Consolidated Statement of Income presentation to include Income from equity method investments in Operating income, as its equity method Affiliates are integral to the Company’s operations. This change, along with other reclassifications, has 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, 2016 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	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Developments	Recent Accounting Developments Effective January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting and ASU 2016-06, Derivatives, and Hedging: Contingent Put and Call Options in Debt Instruments. 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, and subsequently issued several related amendments. The new standard provides a comprehensive model for revenue recognition and is effective for interim and fiscal periods beginning after December 15, 2017. The standard may be adopted using either the full or modified retrospective method. The Company continues to evaluate the impact of this standard on the timing of the recognition of its Revenue and how certain costs will be presented, but does not expect the adoption of this standard to have a significant impact on the timing of the recognition of Revenue. 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 with any changes recognized through earnings. The standard is effective for interim and fiscal periods beginning after December 15, 2017 and must be adopted using a modified retrospective method. The impact of this standard on the Company’s Consolidated Financial Statements will depend on the equity investments held by the Company at the time of adoption. 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 and must be adopted using a modified retrospective method. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how cash receipts and cash payments are classified in the statement of cash flows. The standard is effective for interim and fiscal periods beginning after December 15, 2017 and must be adopted using a full retrospective method. The Company does not expect the adoption of this standard to have a significant impact on its Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company will apply the standard prospectively upon adoption. The impact of this standard on the Company’s Consolidated Financial Statements will depend on acquisitions (or disposals) of assets or businesses by the Company in periods following adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for interim and fiscal periods beginning after December 15, 2019. The Company will apply the standard prospectively upon adoption. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation, which simplifies modification accounting related to share-based arrangements. Under the new standard, modification assessments will not be required if fair value, vesting conditions and classification would be unaffected by a modification. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company will apply the standard prospectively upon adoption. The Company does not expect the adoption of this standard to have a significant impact on its Consolidated Financial Statements.

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
	Jun. 30, 2017
Marketable Securities [Abstract]
Investments in Marketable Securities	Investments in Marketable Securities Investments in marketable securities at December 31, 2016 and June 30, 2017 were $122.4 million and $103.6 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 $ 66.1 $ 36.0 $ 34.4 $ 43.2 Unrealized gains 17.6 17.5 6.6 8.0 Unrealized losses (1.8 ) — (0.5 ) (1.1 ) Fair Value $ 81.9 $ 53.5 $ 40.5 $ 50.1 In the three and six months ended June 30, 2016 , the Company received proceeds of $28.6 million and $34.4 million , respectively, from the sale of investments classified as available-for-sale and recorded gains of $7.5 million and $ 9.2 million , respectively. In the three and six months ended June 30, 2017 , the Company received proceeds of $13.1 million and $43.3 million , respectively, from the sale of investments classified as available-for-sale and recorded gains of $6.0 million and $11.8 million , respectively. There were no significant realized gains or losses on investments classified as trading in the three and six months ended June 30, 2016 . In the three and six months ended June 30, 2017, the Company received proceeds of $7.9 million and $15.0 million , respectively, from the sale of investments classified as trading and recorded net gains of $2.4 million and $3.3 million , respectively. The realized gains and losses on securities held in Affiliate sponsored consolidated products were recorded in Other operating expenses (net), other realized gains and losses were recorded in Investment and other income.

Investments in Affiliates and A

Investments in Affiliates and Affiliate Sponsored Investments Products	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities
Investments in Affiliates and Affiliate Sponsored Investments Products	Investments in Affiliates and Affiliate Sponsored Investment Products Investments in Affiliates The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying structure of and relationship with each Affiliate. A limited number of the Company’s Affiliates are considered voting rights entities (“VREs”) because the total equity investment at risk is sufficient to enable the entities to finance their activities independently and the entities’ equity holders have the right to receive residual returns, the obligation to absorb losses and the right to direct the activities of the entity that most significantly impact its economic performance. Most of the Company’s Affiliates considered VREs are accounted for under the equity method because the Company lacks control, but is deemed to have significant influence. Substantially all of the Company’s Affiliates are considered variable interest entities (“VIEs”) because they are structured as partnerships (or similar entities) and the limited partners lack substantive kick-out and substantive participation rights over the general partner. The Company consolidates a VIE when it is the general partner (or similar role) and, therefore, the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the right to receive benefits from or the obligation to absorb losses of the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates are considered VIEs. The Company applies the equity method of accounting to a VIE when it is not the primary beneficiary. The unconsolidated assets, net of liabilities and non-controlling interests of equity method Affiliates considered VIEs, and the Company’s maximum risk of loss were as follows: December 31, 2016 June 30, 2017 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the Equity Method $ 1,047.6 $ 2,846.8 $ 895.2 $ 2,753.3 Affiliate Sponsored Investment Products The Company’s consolidated Affiliates sponsor various investment products for which they also act as the investment advisor. These investment products are primarily owned by third-party investors; however, certain products are funded with seed capital investments from Affiliates. Third-party investors are generally entitled to substantially all of the economics of these products. Certain of the Company’s Affiliate sponsored investment products are considered VIEs because they are structured as partnerships (or similar entities) and the limited partners lack substantive kick-out and substantive participation rights over the general partner. The Company's Affiliates’ involvement with sponsored investment products is generally limited to that of a service provider, and their seed capital investments, if any, represent an insignificant interest in the relevant investment products’ net assets. The Company’s and its consolidated Affiliates’ exposure to risk in these entities is generally limited to any capital contribution made or required to be made and any earned but uncollected management and performance fees. As a result, in most cases these VIEs are not consolidated and are accounted for under the equity method because neither the Company nor its Affiliates are deemed to be the primary beneficiary. The net assets of Affiliate sponsored investment products that were considered VIEs accounted for under the equity method and the Company’s maximum risk of loss were as follows: December 31, 2016 June 30, 2017 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 $ 1,756.6 $ 9.4 $ 1,919.4 $ 10.1

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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. Third Avenue Management LLC (“Third Avenue”), one of the Company’s consolidated Affiliates, was named as a defendant in various legal actions relating to the liquidation and closure of the Third Avenue Focused Credit Fund. The Company was named as a co-defendant in one of these actions, as a purported control person. In 2016, Third Avenue recorded a reserve of $15.0 million in connection with the proposed resolution of all claims, including against the Company, related to the Focused Credit Fund. During the quarter, a proposed settlement of these claims, including those against the Company, was approved by the applicable courts, and the settlement payment is expected to be funded by Third Avenue and its insurers in the third quarter of 2017. The amount of the previously recorded reserve has not changed as a result of the settlement. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of June 30, 2017 , these unfunded commitments were $92.1 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 $11.1 million of these commitments if they are called. As of June 30, 2017 , the Company was contingently liable, upon the achievement by certain Affiliates of specified financial targets, to make payments related to the Company’s investments in the Affiliates through 2019. For its consolidated Affiliates, the Company was contingently liable for up to $21.7 million , and expected to make payments of $8.9 million ( $1.6 million in 2017). The present value of these expected payments was $7.8 million as of June 30, 2017 . For its equity method Affiliates, the Company was contingently liable for up to $170.0 million , and expected to make no payments. Affiliate equity interests provide holders with a conditional right to put their interests to the Company over time. See Note 12. 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. 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
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 $ 64.1 $ 64.1 $ — $ — Investments in marketable securities (1) Trading securities 40.5 40.5 — — Available-for-sale securities 81.9 81.9 — — Other investments 3.4 3.4 — — Foreign currency forward contracts (2) 0.6 — 0.6 — Financial Liabilities (2) Contingent payment arrangements $ 8.6 $ — $ — $ 8.6 Affiliate equity obligations 12.1 — — 12.1 Foreign currency forward contracts 0.5 — 0.5 — 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 $ 33.0 $ 33.0 $ — $ — Investments in marketable securities (1) Trading securities 50.1 50.1 — — Available-for-sale securities 53.5 53.5 — — Foreign currency forward contracts (2) 0.8 — 0.8 — Financial Liabilities (2) Contingent payment arrangements $ 7.8 $ — $ — $ 7.8 Affiliate equity obligations 70.7 — — 70.7 Foreign currency forward contracts 1.2 — 1.2 — __________________________ (1) Principally investments in equity securities. (2) Amounts are presented within Other assets or Other liabilities. 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, without enacted liquidity fees or redemption gates that are valued at net asset value (“NAV”). Investments in marketable securities consist primarily of investments in publicly traded securities and funds advised by Affiliates that are valued at NAV. Publicly traded securities and funds advised by Affiliates valued using unadjusted quoted market prices for identical instruments in active markets are classified as level 1. Publicly traded securities valued using quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active 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 increases in the discount rate result 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 increases in the discount rate result 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 and six months ended June 30, 2016 and 2017 . Level 3 Financial Assets and Liabilities The following tables present the changes in level 3 liabilities: For the Three Months Ended June 30, 2016 2017 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 7.8 $ 35.6 $ 8.9 $ 91.5 Net (gains) losses 0.2 (1) — 1.7 (1) — Purchases and issuances — 9.7 — 50.8 Settlements and reductions — (18.3 ) (2.8 ) (71.6 ) Balance, end of period $ 8.0 $ 27.0 $ 7.8 $ 70.7 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ 0.2 (1) $ — $ 1.7 (1) $ — For the Six Months Ended June 30, 2016 2017 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 10.2 $ 62.3 $ 8.6 $ 12.1 Net (gains) losses (2.2 ) (1) — 2.0 (1) — Purchases and issuances — 39.8 — 150.4 Settlements and reductions — (75.1 ) (2.8 ) (91.8 ) Balance, end of period $ 8.0 $ 27.0 $ 7.8 $ 70.7 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ (2.2 ) (1) $ — 2.0 (1) $ — ___________________________ (1) Accretion and changes in the expected value of 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, 2017 Range at June 30, 2017 Contingent payment arrangements Discounted cash flow Growth rates $ 8.6 3% - 8% $ 7.8 8% - 9% Discount rates 14% - 15% 14% - 15% Affiliate equity obligations Discounted cash flow Growth rates 12.1 4% - 10% 70.7 1% - 10% Discount rates 15% - 16% 12% - 16% Investments Measured at NAV as a Practical Expedient The Company’s Affiliates sponsor investment products in which the Company and Affiliates may make general partner and seed capital investments. The Company uses the NAV of these investments as a practical expedient for their fair value. The following table summarizes the nature of the Company’s investments, unfunded commitments and any related liquidity restrictions or other factors that may impact the ultimate value realized: December 31, 2016 June 30, 2017 Category of Investment Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private equity funds (1) $ 137.8 $ 92.2 $ 147.3 $ 92.1 Other funds (2) 9.7 — 4.5 — Other investments $ 147.5 $ 92.2 $ 151.8 $ 92.1 ___________________________ (1) The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions)to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, 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 Receivables and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable, which is reported in Other assets, approximates fair value because interest rates and other terms are at market rates. The carrying value of the credit facilities, which is reported in 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, 2016 June 30, 2017 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 945.1 $ 936.0 $ 945.4 $ 968.5 Level 2 Convertible securities 307.5 466.9 308.6 510.5 Level 2

Goodwill and Acquired Client Re

Goodwill and Acquired Client Relationships	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Client Relationships	Goodwill and Acquired Client Relationships The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net): Goodwill Total Balance, as of December 31, 2016 $ 2,628.1 Foreign currency translation 19.4 Balance, as of June 30, 2017 $ 2,647.5 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, 2016 $ 1,290.0 $ (788.1 ) $ 501.9 $ 995.5 $ 1,497.4 Intangible amortization and impairments — (43.9 ) (43.9 ) — (43.9 ) Foreign currency translation 3.2 — 3.2 19.4 22.6 Balance, as of June 30, 2017 $ 1,293.2 $ (832.0 ) $ 461.2 $ 1,014.9 $ 1,476.1 Definite-lived acquired client relationships are amortized over their expected useful lives. As of June 30, 2017 , these relationships were being amortized over a weighted average life of approximately twelve years. The Company recorded amortization expense, in Intangible amortization and impairments, for these relationships of $26.7 million and $53.4 million for the three and six months ended June 30, 2016 , respectively, and $22.0 million and $43.9 million for the three and six months ended June 30, 2017 , respectively. Based on relationships existing as of June 30, 2017 , the Company estimates that its consolidated annual amortization expense will be approximately $85 million in each of 2017, 2018 and 2019, $50 million in 2020 and $30 million in 2021.

Equity Method Investments in Af

Equity Method Investments in Affiliates	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in Affiliates	Equity Method Investments in Affiliates The following table presents the change in Equity method investments in Affiliates: Total Balance, as of December 31, 2016 $ 3,368.3 Equity method earnings 206.7 Equity method intangible amortization (45.8 ) Distributions of earnings from equity method investments (283.5 ) Investments 29.8 Foreign currency translation 3.6 Other (0.4 ) Balance, as of June 30, 2017 $ 3,278.7 In the six months ended June 30, 2017, there were no new material investments. In the six months ended June 30, 2016, the Company completed investments in Systematica Investments L.P. and Baring Private Equity Asia, both of which closed on January 4, 2016. The purchase price allocations were completed using financial models that included assumptions of expected market performance, net client cash flows and discount rates. The majority of the consideration paid is deductible for U.S. tax purposes over a 15-year life. The aggregate purchase price allocation for the investments was as follows: Total Consideration paid $ 551.0 Definite-lived acquired client relationships $ 223.1 Indefinite-lived acquired client relationships 7.3 Deferred tax liability (32.0 ) Goodwill 352.6 $ 551.0 For these new investments, the Company recorded amortization expense on the definite-lived acquired client relationships of $4.5 million and $7.4 million in the three and six months ended June 30, 2016, respectively, and $3.7 million and $7.4 million in the three and six months ended June 30, 2017, respectively. As of June 30, 2017 , the definite-lived relationships at all of the Company’s equity method Affiliates were being amortized over a weighted average life of approximately 13 years. The Company recognized amortization expense for these relationships of $14.8 million and $29.0 million for the three and six months ended June 30, 2016, respectively, and $24.0 million and $45.8 million for the three and six months ended June 30, 2017, respectively. Based on relationships existing as of June 30, 2017 , the Company estimates the annual amortization expense attributable to its current equity-method Affiliates to be approximately $85 million for each of the next five years. The financial results of certain equity method Affiliates are recognized in the Consolidated Financial Statements one quarter in arrears. The Company has determined that one if its equity method Affiliates is significant under Rule 10-01(b)(1) of Regulation S-X. For the three and six months ended June 30, 2016 , this equity method Affiliate recognized revenue of $ 222.4 million and $ 428.5 million, respectively, and net income of $ 122.9 million and $ 234.6 million, respectively. For the three and six months ended June 30, 2017 , this equity method Affiliate recognized revenue of $259.2 million and $524.8 million , respectively, and net income of $144.4 million and $293.0 million , respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
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 $67.8 million and $65.1 million at December 31, 2016 and June 30, 2017 , respectively. The total non-controlling interest was $2.5 million and $1.3 million at December 31, 2016 and June 30, 2017 , respectively. The Company and its Affiliates earn asset based revenue, performance fees, distribution service, and other fees and incur distribution and servicing and other expenses for services provided to Affiliate sponsored investment products. In addition, Affiliate management owners and Company officers may serve as trustees or directors of certain investment vehicles from which an Affiliate earns advisory fee revenue. The Company has liabilities to related parties for contingent payment arrangements in connection with certain business combinations. The net present value of the total amounts payable were $8.6 million and $7.8 million as of December 31, 2016 and June 30, 2017 , respectively, and were included in Other liabilities. The Company has related party transactions in association with its Affiliate equity transactions, as more fully described in Notes 11 and 12.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2017
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, 2016 2017 2016 2017 Share-based compensation $ 10.8 $ 10.3 $ 20.0 $ 19.7 Tax benefit 4.2 4.0 7.7 7.6 The Company has $66.4 million and $83.4 million of unrecognized share-based compensation as of December 31, 2016 and June 30, 2017 , respectively, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures). Stock Options The following table summarizes transactions in the Company’s stock options: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Unexercised options outstanding - December 31, 2016 1.4 $ 108.53 Options granted 0.0 152.36 Options exercised (0.6 ) 96.52 Options forfeited 0.0 140.26 Unexercised options outstanding - June 30, 2017 0.8 116.71 3.6 Exercisable at June 30, 2017 0.4 107.81 1.6 For the six months ended June 30, 2016 and 2017, the Company granted stock options with fair values of $16.0 million and $0.4 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, 2016 and 2017, the weighted average fair value of options granted was $38.90 and $46.49 , per option, respectively, based on the weighted-average grant date assumptions stated below. For the Six Months Ended June 30, 2016 2017 Dividend yield — % 0.5 % Expected volatility 30.6 % 30.1 % Risk-free interest rate 1.6 % 2.2 % Expected life of options (in years) 5.7 5.7 Forfeiture rate — % — % Restricted Stock The following table summarizes transactions in the Company’s restricted stock units: Restricted Stock Units Weighted Average Grant Date Value Unvested units - December 31, 2016 0.6 $ 168.84 Units granted 0.2 152.89 Units vested (0.2 ) 167.72 Units forfeited (0.0 ) 170.52 Unvested units - June 30, 2017 0.6 162.92 For the six months ended June 30, 2016 and 2017, the Company granted awards with fair values of $27.7 million and $36.4 million , respectively. These awards were valued based on the closing price of the Company’s common stock on the grant date and contain vesting conditions requiring service over a period of three to four years. In certain circumstances, awards also require certain performance conditions to be satisfied.

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	6 Months Ended
	Jun. 30, 2017
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 consolidated Affiliates, consistent with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five and 15 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. 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, 2016 $ 673.5 Changes attributable to consolidated products 6.2 Repurchases of redeemable Affiliate equity (139.1 ) Transfers from non-controlling interests 47.2 Changes in redemption value 142.8 Balance, as of June 30, 2017 $ 730.6

Affiliate Equity

Affiliate Equity	6 Months Ended
	Jun. 30, 2017
Affiliate Equity [Abstract]
Affiliate Equity	Affiliate Equity Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. For the six months ended June 30, 2016 and 2017, distributions paid to Affiliate equity holders were $189.0 million and $178.6 million , respectively. The Company periodically repurchases Affiliate equity interests from and issues Affiliate equity interests to its Affiliate equity holders. For the six months ended June 30, 2016 and 2017, the amount of cash paid for repurchases was $75.3 million and $85.1 million , respectively. For the six months ended June 30, 2016 and 2017, the total amount of cash received for issuances was $3.6 million and $8.0 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 requisite 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, 2016 2017 2016 2017 Controlling interest $ 2.4 $ 3.1 $ 4.5 $ 7.1 Non-controlling interests 4.8 8.8 8.7 21.4 Total $ 7.2 $ 11.9 $ 13.2 $ 28.5 The following is a summary of unrecognized Affiliate equity expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2016 $ 31.3 4 years $ 70.7 5 years June 30, 2017 32.8 4 years 83.8 5 years The Company records amounts receivable from and payable to Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total amount receivable was $22.9 million and $13.9 million at December 31, 2016 and June 30, 2017 , respectively, and was included in Other assets. The total amount payable was $12.1 million and $70.7 million as of December 31, 2016 and June 30, 2017 , 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 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, 2016 2017 2016 2017 Net income (controlling interest) $ 108.3 $ 126.3 $ 212.3 $ 248.8 Increase / (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances (2.5 ) 0.9 (3.4 ) (0.3 ) Decrease in controlling interest paid-in capital related to Affiliate equity repurchases (3.8 ) (16.5 ) (21.3 ) (69.1 ) Net income attributable to controlling interest and transfers from Non-controlling interests $ 102.0 $ 110.7 $ 187.6 $ 179.4

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
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 the non-controlling interests as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2017 2016 2017 Controlling interest: Current tax $ 27.2 $ 40.0 $ 54.8 $ 62.4 Intangible-related deferred taxes 21.3 19.1 43.4 38.9 Other deferred taxes 1.8 1.6 7.3 17.2 Total controlling interest 50.3 60.7 105.5 118.5 Non-controlling interests: Current tax $ 2.2 $ 1.9 $ 4.2 $ 3.8 Deferred taxes (0.2 ) (0.1 ) (0.3 ) (0.1 ) Total non-controlling interests 2.0 1.8 3.9 3.7 Provision for income taxes $ 52.3 $ 62.5 $ 109.4 $ 122.2 Income before income taxes (controlling interest) $ 158.7 $ 187.0 $ 317.8 $ 367.3 Effective tax rate attributable to controlling interest (1) 31.7 % 32.5 % 33.2 % 32.3 % __________________________ (1) Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
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, 2016 2017 2016 2017 Numerator Net income (controlling interest) $ 108.3 $ 126.3 $ 212.3 $ 248.8 Interest expense on convertible securities, net of taxes 3.9 3.9 7.7 7.8 Net income (controlling interest), as adjusted $ 112.2 $ 130.2 $ 220.0 $ 256.6 Denominator Average shares outstanding (basic) 53.8 56.3 53.9 56.5 Effect of dilutive instruments: Stock options and restricted stock 0.7 0.2 0.6 0.3 Junior convertible securities 2.2 2.2 2.2 2.2 Average shares outstanding (diluted) 56.7 58.7 56.7 59.0 As of June 30, 2017, the Company had unsettled market share repurchases for 0.2 million shares of its common stock, which were acquired under a $32.0 million accelerated share repurchase program that was completed on July 28, 2017. Average shares outstanding (diluted) in the table above exclude share awards that have not satisfied performance conditions and the anti-dilutive effect of the following shares: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2017 2016 2017 Stock options and restricted stock units 0.2 0.2 0.3 0.2 The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intent to settle these potential purchases in cash, the calculation of diluted earnings per share excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases.

Comprehensive Income

Comprehensive Income	6 Months Ended
	Jun. 30, 2017
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 (loss): For the Three Months Ended June 30, 2016 2017 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (53.9 ) $ — $ (53.9 ) $ 26.9 $ — $ 26.9 Change in net realized and unrealized gain (loss) on derivative securities 0.3 (0.0 ) 0.3 (0.6 ) (0.0) (0.6 ) Change in net unrealized gain (loss) on investment securities (23.0 ) 9.0 (14.0 ) (7.1 ) 3.1 (4.0 ) Other comprehensive income (loss) $ (76.6 ) $ 9.0 $ (67.6 ) $ 19.2 $ 3.1 $ 22.3 For the Six Months Ended June 30, 2016 2017 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (55.9 ) $ — $ (55.9 ) $ 39.1 $ — $ 39.1 Change in net realized and unrealized gain (loss) on derivative securities (0.8 ) (0.0 ) (0.8 ) (0.9 ) 0.0 (0.9 ) Change in net unrealized gain (loss) on investment securities (40.4 ) 15.6 (24.8 ) 0.2 0.7 0.9 Other comprehensive income (loss) $ (97.1 ) $ 15.6 $ (81.5 ) $ 38.4 $ 0.7 $ 39.1 The components of accumulated other comprehensive income (loss), net of taxes, were 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, 2016 $ (213.9 ) $ 0.4 $ 9.8 $ (203.7 ) Other comprehensive gain (loss) before reclassifications 39.1 (0.8 ) 10.6 48.9 Amounts reclassified — (0.1 ) (9.7 ) (9.8 ) Net other comprehensive gain (loss) 39.1 (0.9 ) 0.9 39.1 Balance, as of June 30, 2017 $ (174.8 ) $ (0.5 ) $ 10.7 $ (164.6 ) __________________________ (1) See Note 3 for amounts reclassified from Other comprehensive income (loss).

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information In the first quarter of 2017, the Company’s Chief Operating Decision Maker (the “CODM”) changed the manner in which he assesses the Company’s performance. In 2016, the CODM assessed the performance of the Company in three business segments representing three distribution channels. Given an increase in the number of the Company’s Affiliates accounted for under the equity method of accounting and changes in the way asset management services are delivered, during the first quarter of 2017, the CODM began to assess the performance of the Company as a single global active asset management company. As a result, the CODM now reviews information organized around one operating segment to evaluate and manage the Company’s business operations. Therefore, the Company has determined that it has one reportable segment. In connection with this change, the Company completed impairment assessments based on its former three distribution channels, as well as its single global active asset management reporting unit, and determined that there were no impairments under either approach.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 5, 2017, the Company contributed its interest in Forbes Family Trust to Wealth Partners Capital Group, LLC (“WPCG”), in return for a minority equity interest in WPCG. WPCG is a new venture which will invest, through partner firms, in smaller wealth management firms. On July 12, 2017, the Company delivered a notice to redeem all $200.0 million principal amount outstanding of its 6.375% senior unsecured notes due 2042 at a redemption price equal to 100% of the principal amount. The Company will redeem the senior unsecured notes on August 15, 2017.

Basis of Presentation and Use25

Basis of Presentation and Use of Estimates (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the results have been included and all intercompany balances and transactions have been eliminated. During the quarter, the Company changed its Consolidated Statement of Income presentation to include Income from equity method investments in Operating income, as its equity method Affiliates are integral to the Company’s operations. This change, along with other reclassifications, has 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, 2016 includes additional information about its operations, financial position and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated
Use of Estimates	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.
Recent Accounting Developments	Recent Accounting Developments Effective January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting and ASU 2016-06, Derivatives, and Hedging: Contingent Put and Call Options in Debt Instruments. 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, and subsequently issued several related amendments. The new standard provides a comprehensive model for revenue recognition and is effective for interim and fiscal periods beginning after December 15, 2017. The standard may be adopted using either the full or modified retrospective method. The Company continues to evaluate the impact of this standard on the timing of the recognition of its Revenue and how certain costs will be presented, but does not expect the adoption of this standard to have a significant impact on the timing of the recognition of Revenue. 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 with any changes recognized through earnings. The standard is effective for interim and fiscal periods beginning after December 15, 2017 and must be adopted using a modified retrospective method. The impact of this standard on the Company’s Consolidated Financial Statements will depend on the equity investments held by the Company at the time of adoption. 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 and must be adopted using a modified retrospective method. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how cash receipts and cash payments are classified in the statement of cash flows. The standard is effective for interim and fiscal periods beginning after December 15, 2017 and must be adopted using a full retrospective method. The Company does not expect the adoption of this standard to have a significant impact on its Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company will apply the standard prospectively upon adoption. The impact of this standard on the Company’s Consolidated Financial Statements will depend on acquisitions (or disposals) of assets or businesses by the Company in periods following adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for interim and fiscal periods beginning after December 15, 2019. The Company will apply the standard prospectively upon adoption. The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation, which simplifies modification accounting related to share-based arrangements. Under the new standard, modification assessments will not be required if fair value, vesting conditions and classification would be unaffected by a modification. The standard is effective for interim and fiscal periods beginning after December 15, 2017. The Company will apply the standard prospectively upon adoption. The Company does not expect the adoption of this standard to have a significant impact on its Consolidated Financial Statements.
Investments in Affiliates and Affiliate Sponsored Investments Products	Investments in Affiliates The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying structure of and relationship with each Affiliate. A limited number of the Company’s Affiliates are considered voting rights entities (“VREs”) because the total equity investment at risk is sufficient to enable the entities to finance their activities independently and the entities’ equity holders have the right to receive residual returns, the obligation to absorb losses and the right to direct the activities of the entity that most significantly impact its economic performance. Most of the Company’s Affiliates considered VREs are accounted for under the equity method because the Company lacks control, but is deemed to have significant influence. Substantially all of the Company’s Affiliates are considered variable interest entities (“VIEs”) because they are structured as partnerships (or similar entities) and the limited partners lack substantive kick-out and substantive participation rights over the general partner. The Company consolidates a VIE when it is the general partner (or similar role) and, therefore, the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the right to receive benefits from or the obligation to absorb losses of the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates are considered VIEs. The Company applies the equity method of accounting to a VIE when it is not the primary beneficiary. Affiliate Sponsored Investment Products The Company’s consolidated Affiliates sponsor various investment products for which they also act as the investment advisor. These investment products are primarily owned by third-party investors; however, certain products are funded with seed capital investments from Affiliates. Third-party investors are generally entitled to substantially all of the economics of these products. Certain of the Company’s Affiliate sponsored investment products are considered VIEs because they are structured as partnerships (or similar entities) and the limited partners lack substantive kick-out and substantive participation rights over the general partner. The Company's Affiliates’ involvement with sponsored investment products is generally limited to that of a service provider, and their seed capital investments, if any, represent an insignificant interest in the relevant investment products’ net assets. The Company’s and its consolidated Affiliates’ exposure to risk in these entities is generally limited to any capital contribution made or required to be made and any earned but uncollected management and performance fees. As a result, in most cases these VIEs are not consolidated and are accounted for under the equity method because neither the Company nor its Affiliates are deemed to be the primary beneficiary.
Fair Value Measurement	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, without enacted liquidity fees or redemption gates that are valued at net asset value (“NAV”). Investments in marketable securities consist primarily of investments in publicly traded securities and funds advised by Affiliates that are valued at NAV. Publicly traded securities and funds advised by Affiliates valued using unadjusted quoted market prices for identical instruments in active markets are classified as level 1. Publicly traded securities valued using quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active 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 increases in the discount rate result 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 increases in the discount rate result 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.

Investments in Marketable Sec26

Investments in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2017
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 $ 66.1 $ 36.0 $ 34.4 $ 43.2 Unrealized gains 17.6 17.5 6.6 8.0 Unrealized losses (1.8 ) — (0.5 ) (1.1 ) Fair Value $ 81.9 $ 53.5 $ 40.5 $ 50.1

Investments in Affiliates and27

Investments in Affiliates and Affiliate Sponsored Investments Products (Tables)	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities
Schedule of Unconsolidated Assets and Liabilities of Equity Method Investments and Company's Risk of Loss	The net assets of Affiliate sponsored investment products that were considered VIEs accounted for under the equity method and the Company’s maximum risk of loss were as follows: December 31, 2016 June 30, 2017 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 $ 1,756.6 $ 9.4 $ 1,919.4 $ 10.1 The unconsolidated assets, net of liabilities and non-controlling interests of equity method Affiliates considered VIEs, and the Company’s maximum risk of loss were as follows: December 31, 2016 June 30, 2017 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the Equity Method $ 1,047.6 $ 2,846.8 $ 895.2 $ 2,753.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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 $ 64.1 $ 64.1 $ — $ — Investments in marketable securities (1) Trading securities 40.5 40.5 — — Available-for-sale securities 81.9 81.9 — — Other investments 3.4 3.4 — — Foreign currency forward contracts (2) 0.6 — 0.6 — Financial Liabilities (2) Contingent payment arrangements $ 8.6 $ — $ — $ 8.6 Affiliate equity obligations 12.1 — — 12.1 Foreign currency forward contracts 0.5 — 0.5 — 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 $ 33.0 $ 33.0 $ — $ — Investments in marketable securities (1) Trading securities 50.1 50.1 — — Available-for-sale securities 53.5 53.5 — — Foreign currency forward contracts (2) 0.8 — 0.8 — Financial Liabilities (2) Contingent payment arrangements $ 7.8 $ — $ — $ 7.8 Affiliate equity obligations 70.7 — — 70.7 Foreign currency forward contracts 1.2 — 1.2 — __________________________ (1) Principally investments in equity securities. (2) Amounts are presented within Other assets or Other liabilities.
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, 2016 2017 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 7.8 $ 35.6 $ 8.9 $ 91.5 Net (gains) losses 0.2 (1) — 1.7 (1) — Purchases and issuances — 9.7 — 50.8 Settlements and reductions — (18.3 ) (2.8 ) (71.6 ) Balance, end of period $ 8.0 $ 27.0 $ 7.8 $ 70.7 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ 0.2 (1) $ — $ 1.7 (1) $ — For the Six Months Ended June 30, 2016 2017 Contingent Payment Arrangements Affiliate Equity Obligations Contingent Payment Arrangements Affiliate Equity Obligations Balance, beginning of period $ 10.2 $ 62.3 $ 8.6 $ 12.1 Net (gains) losses (2.2 ) (1) — 2.0 (1) — Purchases and issuances — 39.8 — 150.4 Settlements and reductions — (75.1 ) (2.8 ) (91.8 ) Balance, end of period $ 8.0 $ 27.0 $ 7.8 $ 70.7 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ (2.2 ) (1) $ — 2.0 (1) $ — ___________________________ (1) Accretion and changes in the expected value of 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, 2017 Range at June 30, 2017 Contingent payment arrangements Discounted cash flow Growth rates $ 8.6 3% - 8% $ 7.8 8% - 9% Discount rates 14% - 15% 14% - 15% Affiliate equity obligations Discounted cash flow Growth rates 12.1 4% - 10% 70.7 1% - 10% Discount rates 15% - 16% 12% - 16%
Summary of Investments in Certain Entities that Calculate Net Asset Value	The following table summarizes the nature of the Company’s investments, unfunded commitments and any related liquidity restrictions or other factors that may impact the ultimate value realized: December 31, 2016 June 30, 2017 Category of Investment Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private equity funds (1) $ 137.8 $ 92.2 $ 147.3 $ 92.1 Other funds (2) 9.7 — 4.5 — Other investments $ 147.5 $ 92.2 $ 151.8 $ 92.1 ___________________________ (1) The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions)to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, 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, 2016 June 30, 2017 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 945.1 $ 936.0 $ 945.4 $ 968.5 Level 2 Convertible securities 307.5 466.9 308.6 510.5 Level 2

Goodwill and Acquired Client 29

Goodwill and Acquired Client Relationships (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net): Goodwill Total Balance, as of December 31, 2016 $ 2,628.1 Foreign currency translation 19.4 Balance, as of June 30, 2017 $ 2,647.5
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, 2016 $ 1,290.0 $ (788.1 ) $ 501.9 $ 995.5 $ 1,497.4 Intangible amortization and impairments — (43.9 ) (43.9 ) — (43.9 ) Foreign currency translation 3.2 — 3.2 19.4 22.6 Balance, as of June 30, 2017 $ 1,293.2 $ (832.0 ) $ 461.2 $ 1,014.9 $ 1,476.1

Equity Method Investments in 30

Equity Method Investments in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Changes in Equity Method Investments in Affiliates	The following table presents the change in Equity method investments in Affiliates: Total Balance, as of December 31, 2016 $ 3,368.3 Equity method earnings 206.7 Equity method intangible amortization (45.8 ) Distributions of earnings from equity method investments (283.5 ) Investments 29.8 Foreign currency translation 3.6 Other (0.4 ) Balance, as of June 30, 2017 $ 3,278.7
Schedule of Aggregate Purchase Price Allocation of Equity Method Investments	The aggregate purchase price allocation for the investments was as follows: Total Consideration paid $ 551.0 Definite-lived acquired client relationships $ 223.1 Indefinite-lived acquired client relationships 7.3 Deferred tax liability (32.0 ) Goodwill 352.6 $ 551.0

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 2017 2016 2017 Share-based compensation $ 10.8 $ 10.3 $ 20.0 $ 19.7 Tax benefit 4.2 4.0 7.7 7.6
Schedule of Company Stock Option Transactions	The following table summarizes transactions in the Company’s stock options: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Unexercised options outstanding - December 31, 2016 1.4 $ 108.53 Options granted 0.0 152.36 Options exercised (0.6 ) 96.52 Options forfeited 0.0 140.26 Unexercised options outstanding - June 30, 2017 0.8 116.71 3.6 Exercisable at June 30, 2017 0.4 107.81 1.6
Schedule of Fair Value of Options Granted and Assumptions	For the six months ended June 30, 2016 and 2017, the weighted average fair value of options granted was $38.90 and $46.49 , per option, respectively, based on the weighted-average grant date assumptions stated below. For the Six Months Ended June 30, 2016 2017 Dividend yield — % 0.5 % Expected volatility 30.6 % 30.1 % Risk-free interest rate 1.6 % 2.2 % Expected life of options (in years) 5.7 5.7 Forfeiture rate — % — %
Schedule of Company Restricted Stock Unit Transactions	The following table summarizes transactions in the Company’s restricted stock units: Restricted Stock Units Weighted Average Grant Date Value Unvested units - December 31, 2016 0.6 $ 168.84 Units granted 0.2 152.89 Units vested (0.2 ) 167.72 Units forfeited (0.0 ) 170.52 Unvested units - June 30, 2017 0.6 162.92

Redeemable Non-Controlling In32

Redeemable Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 $ 673.5 Changes attributable to consolidated products 6.2 Repurchases of redeemable Affiliate equity (139.1 ) Transfers from non-controlling interests 47.2 Changes in redemption value 142.8 Balance, as of June 30, 2017 $ 730.6

Affiliate Equity (Tables)

Affiliate Equity (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 2017 2016 2017 Controlling interest $ 2.4 $ 3.1 $ 4.5 $ 7.1 Non-controlling interests 4.8 8.8 8.7 21.4 Total $ 7.2 $ 11.9 $ 13.2 $ 28.5
Summary of Affiliate Equity Unrecognized Compensation Expense [Table Text Block]	The following is a summary of unrecognized Affiliate equity expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2016 $ 31.3 4 years $ 70.7 5 years June 30, 2017 32.8 4 years 83.8 5 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, 2016 2017 2016 2017 Net income (controlling interest) $ 108.3 $ 126.3 $ 212.3 $ 248.8 Increase / (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances (2.5 ) 0.9 (3.4 ) (0.3 ) Decrease in controlling interest paid-in capital related to Affiliate equity repurchases (3.8 ) (16.5 ) (21.3 ) (69.1 ) Net income attributable to controlling interest and transfers from Non-controlling interests $ 102.0 $ 110.7 $ 187.6 $ 179.4

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2017
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 the non-controlling interests as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2017 2016 2017 Controlling interest: Current tax $ 27.2 $ 40.0 $ 54.8 $ 62.4 Intangible-related deferred taxes 21.3 19.1 43.4 38.9 Other deferred taxes 1.8 1.6 7.3 17.2 Total controlling interest 50.3 60.7 105.5 118.5 Non-controlling interests: Current tax $ 2.2 $ 1.9 $ 4.2 $ 3.8 Deferred taxes (0.2 ) (0.1 ) (0.3 ) (0.1 ) Total non-controlling interests 2.0 1.8 3.9 3.7 Provision for income taxes $ 52.3 $ 62.5 $ 109.4 $ 122.2 Income before income taxes (controlling interest) $ 158.7 $ 187.0 $ 317.8 $ 367.3 Effective tax rate attributable to controlling interest (1) 31.7 % 32.5 % 33.2 % 32.3 % __________________________ (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, 2017
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, 2016 2017 2016 2017 Numerator Net income (controlling interest) $ 108.3 $ 126.3 $ 212.3 $ 248.8 Interest expense on convertible securities, net of taxes 3.9 3.9 7.7 7.8 Net income (controlling interest), as adjusted $ 112.2 $ 130.2 $ 220.0 $ 256.6 Denominator Average shares outstanding (basic) 53.8 56.3 53.9 56.5 Effect of dilutive instruments: Stock options and restricted stock 0.7 0.2 0.6 0.3 Junior convertible securities 2.2 2.2 2.2 2.2 Average shares outstanding (diluted) 56.7 58.7 56.7 59.0
Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings Per Share	Average shares outstanding (diluted) in the table above exclude share awards that have not satisfied performance conditions and the anti-dilutive effect of the following shares: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2017 2016 2017 Stock options and restricted stock units 0.2 0.2 0.3 0.2

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2017
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 (loss): For the Three Months Ended June 30, 2016 2017 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (53.9 ) $ — $ (53.9 ) $ 26.9 $ — $ 26.9 Change in net realized and unrealized gain (loss) on derivative securities 0.3 (0.0 ) 0.3 (0.6 ) (0.0) (0.6 ) Change in net unrealized gain (loss) on investment securities (23.0 ) 9.0 (14.0 ) (7.1 ) 3.1 (4.0 ) Other comprehensive income (loss) $ (76.6 ) $ 9.0 $ (67.6 ) $ 19.2 $ 3.1 $ 22.3 For the Six Months Ended June 30, 2016 2017 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Benefit Net of Tax Foreign currency translation adjustment $ (55.9 ) $ — $ (55.9 ) $ 39.1 $ — $ 39.1 Change in net realized and unrealized gain (loss) on derivative securities (0.8 ) (0.0 ) (0.8 ) (0.9 ) 0.0 (0.9 ) Change in net unrealized gain (loss) on investment securities (40.4 ) 15.6 (24.8 ) 0.2 0.7 0.9 Other comprehensive income (loss) $ (97.1 ) $ 15.6 $ (81.5 ) $ 38.4 $ 0.7 $ 39.1
Schedule of Components of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive income (loss), net of taxes, were 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, 2016 $ (213.9 ) $ 0.4 $ 9.8 $ (203.7 ) Other comprehensive gain (loss) before reclassifications 39.1 (0.8 ) 10.6 48.9 Amounts reclassified — (0.1 ) (9.7 ) (9.8 ) Net other comprehensive gain (loss) 39.1 (0.9 ) 0.9 39.1 Balance, as of June 30, 2017 $ (174.8 ) $ (0.5 ) $ 10.7 $ (164.6 ) __________________________ (1) See Note 3 for amounts reclassified from Other comprehensive income (loss).

Investments in Marketable Sec37

Investments in Marketable Securities - Schedule of Available-For-Sale and Trading Securities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Available-for-Sale
Cost	$ 36		$ 66.1
Unrealized gains	17.5		17.6
Unrealized losses	0		(1.8)
Fair Value	53.5		81.9
Trading
Cost			$ 43.2	$ 34.4
Unrealized gains	8	$ 6.6
Unrealized losses	(1.1)	(0.5)
Fair Value	$ 50.1	$ 40.5

Investments in Marketable Sec38

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments in marketable securities	$ 103.6		$ 103.6		$ 122.4
Proceeds from sale of available-for-sale securities	13.1	$ 28.6	43.3	$ 34.4
Realized gains on available-for-sale securities	6	$ 7.5	11.8	$ 9.2
Proceeds from sale of trading securities	7.9		15
Realized gains on trading securities	$ 2.4		$ 3.3

Investments in Affiliates and39

Investments in Affiliates and Affiliate Sponsored Investments Products - Affiliated Accounted For Under Equity Method (Details) - Affiliates accounted for under the Equity Method - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 895.2	$ 1,047.6
Carrying Value and Maximum Exposure to Loss	$ 2,753.3	$ 2,846.8

Investments in Affiliates and40

Investments in Affiliates and Affiliate Sponsored Investments Products - Affiliated Sponsored Investment Products (Details) - Affiliate sponsored investment products - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 1,919.4	$ 1,756.6
Carrying Value and Maximum Exposure to Loss	$ 10.1	$ 9.4

Commitments and Contingencies (

Commitments and Contingencies (Details)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)claim
Commitments and Contingencies
Co-investment commitments in partnership		$ 92,100,000
Prior Owner
Commitments and Contingencies
Reimbursable amount of investment commitments		11,100,000
Consolidated Affiliates
Commitments and Contingencies
Contingent liability		21,700,000
Expected payments of contingent liability		8,900,000
Present value of expected payments of contingent liabilities		7,800,000
Consolidated Affiliates | Scenario, Forecast
Commitments and Contingencies
Expected payments of contingent liability	$ 1,600,000
Equity Method Investee
Commitments and Contingencies
Contingent liability		$ 170,000,000
Equity Method Investee | Scenario, Forecast
Commitments and Contingencies
Expected payments of contingent liability	$ 0
Third Avenue Focused Credit Fund | Affiliated Entity | Third Avenue
Commitments and Contingencies
Number of pending claims | claim			1
Loss contingency reserve			$ 15,000,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Investments in marketable securities
Trading securities		$ 50.1		$ 40.5
Fair Value Measured On A Recurring Basis
Financial Assets
Cash equivalents		33	$ 64.1
Investments in marketable securities
Trading securities	[1]	50.1	40.5
Available-for-sale securities	[1]	53.5	81.9
Other investments			3.4
Foreign currency forward contracts	[2]	0.8	0.6
Financial Liabilities
Contingent payment arrangements	[2]	7.8	8.6
Affiliate equity obligations	[2]	70.7	12.1
Foreign currency forward contracts	[2]	1.2	0.5
Fair Value Measured On A Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Cash equivalents		33	64.1
Investments in marketable securities
Trading securities	[1]	50.1	40.5
Available-for-sale securities	[1]	53.5	81.9
Other investments			3.4
Foreign currency forward contracts	[2]	0	0
Financial Liabilities
Contingent payment arrangements	[2]	0	0
Affiliate equity obligations	[2]	0	0
Foreign currency forward contracts	[2]	0	0
Fair Value Measured On A Recurring Basis | Significant Other Observable Inputs (Level 2)
Financial Assets
Cash equivalents		0	0
Investments in marketable securities
Trading securities	[1]	0	0
Available-for-sale securities	[1]	0	0
Other investments			0
Foreign currency forward contracts	[2]	0.8	0.6
Financial Liabilities
Contingent payment arrangements	[2]	0	0
Affiliate equity obligations	[2]	0	0
Foreign currency forward contracts	[2]	1.2	0.5
Fair Value Measured On A Recurring Basis | Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents		0	0
Investments in marketable securities
Trading securities	[1]	0	0
Available-for-sale securities	[1]	0	0
Other investments			0
Foreign currency forward contracts	[2]	0	0
Financial Liabilities
Contingent payment arrangements	[2]	7.8	8.6
Affiliate equity obligations	[2]	70.7	12.1
Foreign currency forward contracts	[2]	$ 0	$ 0
[1]	Principally investments in equity securities.
[2]	Amounts are presented within Other assets or Other liabilities.

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Contingent Payment Arrangements
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 8.9	$ 7.8	$ 8.6	$ 10.2
Net (gains) losses	[1]	1.7	0.2	2	(2.2)
Purchases and issuances		0	0	0	0
Settlements and reductions		(2.8)	0	(2.8)	0
Balance, end of period		7.8	8	7.8	8
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	[1]	1.7	0.2	2	(2.2)
Affiliate Equity Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		91.5	35.6	12.1	62.3
Net (gains) losses		0	0	0	0
Purchases and issuances		50.8	9.7	150.4	39.8
Settlements and reductions		(71.6)	(18.3)	(91.8)	(75.1)
Balance, end of period		70.7	27	70.7	27
Net change in unrealized (gains) losses relating to instruments still held at the reporting date		$ 0	$ 0	$ 0	$ 0
[1]	Accretion and changes in the expected value of the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Discounted Cash Flow - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Contingent Payment Arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 7.8	$ 8.6
Contingent Payment Arrangements | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	8.00%	3.00%
Discount rate (as a percent)	14.00%	14.00%
Contingent Payment Arrangements | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	9.00%	8.00%
Discount rate (as a percent)	15.00%	15.00%
Affiliate Equity Obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 70.7	$ 12.1
Affiliate Equity Obligations | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	1.00%	4.00%
Discount rate (as a percent)	12.00%	15.00%
Affiliate Equity Obligations | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	10.00%	10.00%
Discount rate (as a percent)	16.00%	16.00%

Fair Value Measurements - Inves

Fair Value Measurements - Investments Measured at Net Asset Value as Practical Expedient (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
NAV of investments at fair value
Life of funds (in years)		15 years
Other Investments
NAV of investments at fair value
Fair Value		$ 151.8	$ 147.5
Unfunded Commitments		92.1	92.2
Private Equity Funds
NAV of investments at fair value
Fair Value	[1]	147.3	137.8
Unfunded Commitments	[1]	92.1	92.2
Other Funds
NAV of investments at fair value
Fair Value	[2]	4.5	9.7
Unfunded Commitments	[2]	$ 0	$ 0
[1]	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions)to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, 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 - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 945.4	$ 945.1
Convertible securities	308.6	307.5
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	968.5	936
Convertible securities	$ 510.5	$ 466.9

Goodwill and Acquired Client 47

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Goodwill [Roll Forward]
Balance, as of December 31, 2016	$ 2,628.1
Foreign currency translation	19.4
Balance, as of June 30, 2017	$ 2,647.5

Goodwill and Acquired Client 48

Goodwill and Acquired Client Relationships - Schedule of Changes in the Components of Acquired Client Relationships (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Total
Beginning balance, net book value	$ 1,497.4
Ending balance, net book value	1,476.1
Acquired Client Relationships
Definite-lived
Beginning balance, gross book value	1,290
Beginning balance, accumulated amortization	(788.1)
Beginning balance, net book value	501.9
Amortization and impairments	(43.9)
Foreign currency translation	3.2
Ending balance, gross book value	1,293.2
Ending balance, accumulated amortization	(832)
Ending balance, net book value	461.2
Indefinite-lived
Beginning balance, net book value	995.5
Intangible amortization and impairments	0
Foreign currency translation	19.4
Ending balance, net book value	1,014.9
Total
Beginning balance, net book value	1,497.4
Amortization and impairments	(43.9)
Foreign currency translation	22.6
Ending balance, net book value	$ 1,476.1

Goodwill and Acquired Client 49

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 22	$ 28.6	$ 43.9	$ 55.3
Acquired Client Relationships
Intangible Assets
Weighted average life			12 years
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Finite-lived intangible, future amortization expense in 2017	85		$ 85
Finite-lived intangible, future amortization expense in 2018	85		85
Finite-lived intangible, future amortization expense in 2019	85		85
Finite-lived intangible, future amortization expense in 2020	50		50
Finite-lived intangible, future amortization expense in 2021	30		30
Acquired Client Relationships | Intangible amortization and impairments
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 22	$ 26.7	$ 43.9	$ 53.4

Equity Method Investments in 50

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2016	$ 3,368.3
Distributions of earnings from equity method investments	(283.5)	$ (205.1)
Balance, as of June 30, 2017	3,278.7
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2016	3,368.3
Equity method earnings	206.7
Equity method intangible amortization	(45.8)
Distributions of earnings from equity method investments	(283.5)
Investments	29.8
Foreign currency translation	3.6
Other	(0.4)
Balance, as of June 30, 2017	$ 3,278.7

Equity Method Investments in 51

Equity Method Investments in Affiliates - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Jan. 04, 2016
Schedule of Equity Method Investments [Line Items]
Deferred Tax Liability	$ (677)		$ (677)		$ (660.8)
Goodwill	2,647.5		2,647.5		2,628.1
Intangible amortization and impairments	22	$ 28.6	43.9	$ 55.3
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Definite-lived acquired client relationships	461.2		461.2		501.9
Indefinite-lived acquired client relationships	1,014.9		1,014.9		$ 995.5
Equity Method Investee | Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Intangible amortization and impairments	24	14.8	45.8	29
Equity Method Investee | Systematica Investment LP and Baring Private Equity Asia
Schedule of Equity Method Investments [Line Items]
Consideration paid						$ 551
Deferred Tax Liability						(32)
Goodwill						352.6
Equity Method Investments						551
Equity Method Investee | Systematica Investment LP and Baring Private Equity Asia | Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Definite-lived acquired client relationships						223.1
Indefinite-lived acquired client relationships						$ 7.3
Intangible amortization and impairments	$ 3.7	$ 4.5	$ 7.4	$ 7.4

Equity Method Investments in 52

Equity Method Investments in Affiliates - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Amortization expense during the period	$ 22	$ 28.6	$ 43.9	$ 55.3
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Weighted average client-acquired relationships			12 years
Finite-lived intangible, future amortization expense, next twelve months	85		$ 85
Finite-lived intangible, future amortization expense, year 2	85		85
Finite-lived intangible, future amortization expense, year 3	85		85
Finite-lived intangible, future amortization expense, year 4	50		50
Finite-lived intangible, future amortization expense, year 5	30		30
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from equity method investments	259.2	222.4	524.8	428.5
Net income from equity method investments	144.4	122.9	$ 293	234.6
Equity Method Investee | Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Weighted average client-acquired relationships			13 years
Amortization expense during the period	24	14.8	$ 45.8	29
Finite-lived intangible, future amortization expense, next twelve months	85		85
Finite-lived intangible, future amortization expense, year 2	85		85
Finite-lived intangible, future amortization expense, year 3	85		85
Finite-lived intangible, future amortization expense, year 4	85		85
Finite-lived intangible, future amortization expense, year 5	85		85
Systematica Investment LP and Baring Private Equity Asia | Equity Method Investee | Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization expense during the period	$ 3.7	$ 4.5	$ 7.4	$ 7.4

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Related Party Transactions
Other liabilities	$ 203.6	$ 149.4
Non-controlling interests	770.4	806.9
Prior Owner | Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	65.1	67.8
Non-controlling interests	1.3	2.5
Affiliated Entity | Other Liabilities
Related Party Transactions
Contingent payment arrangements liability	$ 7.8	$ 8.6

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 10.3	$ 10.8	$ 19.7	$ 20
Tax benefit	4	$ 4.2	7.6	$ 7.7
Compensation expense related to share-based compensation	$ 83.4		$ 83.4		$ 66.4
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, 2017$ / sharesshares
Stock Options
Unexercised options outstanding at the beginning of the period (in shares) | shares	1.4
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	(0.6)
Options forfeited (in shares) | shares	0
Unexercised options outstanding at the end of the period (in shares) | shares	0.8
Exercisable at the end of the period (in shares) | shares	0.4
Weighted Average Exercise Price
Unexercised options outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 108.53
Options granted (in dollars per share) | $ / shares	152.36
Options exercised (in dollars per share) | $ / shares	96.52
Options forfeited (in dollars per share) | $ / shares	140.26
Unexercised options outstanding at the end of the period (in dollars per share) | $ / shares	116.71
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 107.81
Weighted Average Remaining Contractual Life
Unexercised options outstanding at the end of the period (in years)	3 years 7 months
Exercisable at the end of the period (in years)	1 year 7 months

Share-Based Compensation - Sc56

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, 2017	Jun. 30, 2016
Share-based Compensation
Stock options granted, fair value	$ 0.4	$ 16
Stock options, expiration period (in years)	7 years
Stock options granted, weighted average fair value (in dollar per share)	$ 46.49	$ 38.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield	0.50%	0.00%
Expected volatility	30.10%	30.60%
Risk-fee interest rate	2.20%	1.60%
Expected life of options (in years)	5 years 8 months 12 days	5 years 8 months 12 days
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

Share-Based Compensation - Sc57

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, 2017	Jun. 30, 2016
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)	(0.2)
Units forfeited (in shares)	0
Unvested units at the end of the period (in shares)	0.6
Weighted Average Grant Date Value
Unvested units at the beginning of the period (in dollars per share)	$ 168.84
Units granted (in dollars per share)	152.89
Units vested (in dollars per share)	167.72
Units forfeited (in dollars per share)	170.52
Unvested units at the end of the period (in dollars per share)	$ 162.92
Restricted stocks granted, fair value	$ 36.4	$ 27.7
Minimum
Weighted Average Grant Date Value
Restricted stock, vesting period (in years)	3 years
Maximum
Weighted Average Grant Date Value
Restricted stock, vesting period (in years)	4 years

Redeemable Non-Controlling In58

Redeemable Non-Controlling Interests (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)affiliate	Jun. 30, 2016USD ($)
Noncontrolling Interest [Line Items]
Number of affiliates that provide ratable equity portion of interest to holders | affiliate	1
Redeemable Noncontrolling Interest [Roll Forward]
Balance, as of December 31, 2016	$ 673.5
Changes attributable to consolidated products	6.2
Repurchases of redeemable Affiliate equity	(139.1)
Transfers from non-controlling interests	47.2	$ 20.3
Changes in redemption value	142.8
Balance, as of June 30, 2017	$ 730.6
Minimum
Noncontrolling Interest [Line Items]
Term of conditional right to put interest	5 years
Maximum
Noncontrolling Interest [Line Items]
Term of conditional right to put interest	15 years

Affiliated Equity (Details)

Affiliated Equity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 178.6	$ 189
Payments to acquire interest in affiliates	85.1	75.3
Issuance of interest in affiliates	8	$ 3.6
Other Assets
Affiliate Equity [Line Items]
Due from affiliates	13.9		$ 22.9
Other Liabilities
Affiliate Equity [Line Items]
Due to affiliates	$ 70.7		$ 12.1

Affiliate Equity - Summary of A

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Affiliate Equity [Line Items]
Affiliate equity expense	$ 11.9	$ 7.2	$ 28.5	$ 13.2
Non- controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	8.8	4.8	$ 21.4	$ 8.7
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life (in years)			5 years	5 years
Non-Controlling Interest			$ 83.8	$ 70.7
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	$ 3.1	$ 2.4	7.1	4.5
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest			$ 32.8	$ 31.3
Remaining Life (in years)			4 years	4 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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 126.3	$ 108.3	$ 248.8	$ 212.3
Increase / (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances	0.9	(2.5)	(0.3)	(3.4)
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(16.5)	(3.8)	(69.1)	(21.3)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$ 110.7	$ 102	$ 179.4	$ 187.6

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Provision
Deferred taxes				$ 56	$ 50.4
Provision for income taxes		$ 62.5	$ 52.3	122.2	109.4
Non- controlling Interests
Income Tax Provision
Current tax		1.9	2.2	3.8	4.2
Deferred taxes		(0.1)	(0.2)	(0.1)	(0.3)
Provision for income taxes		1.8	2	3.7	3.9
Controlling Interest
Income Tax Provision
Current tax		40	27.2	62.4	54.8
Intangible-related deferred taxes		19.1	21.3	38.9	43.4
Other deferred taxes		1.6	1.8	17.2	7.3
Provision for income taxes		60.7	50.3	118.5	105.5
Income before income taxes (controlling interest)		$ 187	$ 158.7	$ 367.3	$ 317.8
Effective tax rate attributable to controlling interests	[1]	32.50%	31.70%	32.30%	33.20%
[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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator
Net income (controlling interest)	$ 126.3	$ 108.3	$ 248.8	$ 212.3
Interest expense on convertible securities, net of taxes	3.9	3.9	7.8	7.7
Net income (controlling interest), as adjusted	$ 130.2	$ 112.2	$ 256.6	$ 220
Denominator
Average shares outstanding—basic (in shares)	56.3	53.8	56.5	53.9
Effect of dilutive instruments:
Stock options and restricted stock (in shares)	0.2	0.7	0.3	0.6
Junior convertible securities (in shares)	2.2	2.2	2.2	2.2
Average shares outstanding—diluted (in shares)	58.7	56.7	59	56.7

Earnings Per Share - Accelerate

Earnings Per Share - Accelerated Share Repurchase Program (Details) - Accelerated Share Repurchase Program shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)shares
Accelerated Share Repurchases [Line Items]
Treasury stocks repurchased (in shares) | shares	0.2
Authorized amount under share repurchase program | $	$ 32

Earnings Per Share - Schedule65

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
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	0.2	0.2	0.3

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, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 19.2	$ (76.6)	$ 38.4		$ (97.1)
Tax Benefit (Expense)	3.1	9	0.7		15.6
Other comprehensive income (loss)	22.3	(67.6)	39.1		(81.5)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	26.9	(53.9)	39.1		(55.9)
Tax Benefit (Expense)	0	0	0		0
Other comprehensive income (loss)	26.9	(53.9)	39.1		(55.9)
Change in net realized and unrealized gain (loss) on derivative securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(0.6)	0.3	(0.9)		(0.8)
Tax Benefit (Expense)	0	0	0		0
Other comprehensive income (loss)	(0.6)	0.3	(0.9)		(0.8)
Change in net unrealized gain (loss) on investment securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(7.1)	(23)	0.2		(40.4)
Tax Benefit (Expense)	3.1	9	0.7		15.6
Other comprehensive income (loss)	$ (4)	$ (14)	$ 0.9	[1]	$ (24.8)
[1]	See Note 3 for amounts reclassified from Other comprehensive income (loss).

Comprehensive Income - Schedule

Comprehensive Income - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance				$ 4,426.5		$ 3,769.1
Other comprehensive gain (loss) before reclassifications				48.9
Amounts reclassified				(9.8)
Other comprehensive income (loss)		$ 22.3	$ (67.6)	39.1		(81.5)
Ending Balance		4,370.4	3,784.5	4,370.4		3,784.5
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance				(213.9)
Other comprehensive gain (loss) before reclassifications				39.1
Amounts reclassified				0
Other comprehensive income (loss)		26.9	(53.9)	39.1		(55.9)
Ending Balance		(174.8)		(174.8)
Realized and Unrealized Gains (Losses) on Derivative Securities
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance				0.4
Other comprehensive gain (loss) before reclassifications				(0.8)
Amounts reclassified				(0.1)
Other comprehensive income (loss)		(0.6)	0.3	(0.9)		(0.8)
Ending Balance		(0.5)		(0.5)
Change in net unrealized gain (loss) on investment securities
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance	[1]			9.8
Other comprehensive gain (loss) before reclassifications	[1]			10.6
Amounts reclassified	[1]			(9.7)
Other comprehensive income (loss)		(4)	$ (14)	0.9	[1]	$ (24.8)
Ending Balance	[1]	10.7		10.7
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Components of Accumulated other comprehensive income, net of taxes
Beginning Balance				(203.7)
Ending Balance		$ (164.6)		$ (164.6)
[1]	See Note 3 for amounts reclassified from Other comprehensive income (loss).

Segment Information (Details)

Segment Information (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting [Abstract]
Number of business segments		3
Number of operating segments	1
Number of reporting segments	1

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Senior Notes - Senior Notes 6.375% due 2042 $ in Millions	Jul. 12, 2017USD ($)
Subsequent Event [Line Items]
Debt, principal amount outstanding	$ 200
Debt, interest rate, stated percentage	6.375%
Debt, redemption price as a percentage of principle amount	100.00%