Affiliated Managers (MGR) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-13459
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3218510
Entity Address, Address Line One	777 South Flagler Drive
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	800
Local Phone Number	345-1100
Entity Information [Line Items]
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		41,205,816
Entity Central Index Key	0001004434
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Stock ($0.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
2059 Junior Subordinated Notes
Entity Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Entity Information [Line Items]
Title of 12(b) Security	4.750% Junior Subordinated Notes due 2060
Trading Symbol	MGRB
Security Exchange Name	NYSE
4.200% Junior Subordinated Notes due 2061
Entity Information [Line Items]
Title of 12(b) Security	4.200% Junior Subordinated Notes due 2061
Trading Symbol	MGRD
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Consolidated revenue	$ 586.3	$ 471.1	$ 1,145.4	$ 978.3
Consolidated expenses:
Compensation and related expenses	248.9	216.5	495.8	424.4
Selling, general and administrative	88.6	73.6	167.4	163.8
Intangible amortization and impairments	8.9	80.9	16.4	101.5
Interest expense	26.8	22.3	54.3	41.8
Depreciation and other amortization	4.1	5	8.4	10.1
Other expenses (net)	12.6	11.3	26.1	22.3
Total consolidated expenses	389.9	409.6	768.4	763.9
Equity method income (loss) (net)	37.6	17.4	89.2	(95.8)
Investment and other income (expense)	21.1	(12.1)	53.5	(9.7)
Income before income taxes	255.1	66.8	519.7	108.9
Income tax expense	70.9	3.3	121.5	5.5
Net income	184.2	63.5	398.2	103.4
Net income (non-controlling interests)	(75.2)	(32.8)	(139.3)	(88.3)
Net income (controlling interest)	$ 109	$ 30.7	$ 258.9	$ 15.1
Average shares outstanding (basic) (in shares)	41.6	47.2	42.1	47.5
Average shares outstanding (diluted) (in shares)	44.6	47.3	45	47.6
Earnings per share (basic) (in dollars per share)	$ 2.62	$ 0.65	$ 6.15	$ 0.32
Earnings per share (diluted) (in dollars per share)	$ 2.55	$ 0.65	$ 5.96	$ 0.32

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 184.2	$ 63.5	$ 398.2	$ 103.4
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	7.5	(23.2)	31.3	(76.1)
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.4	(1.3)	0.9	(2.3)
Other comprehensive income (loss), net of tax	7.9	(24.5)	32.2	(78.4)
Comprehensive income	192.1	39	430.4	25
Comprehensive income (non-controlling interests)	(74.1)	(32.2)	(138)	(71.5)
Comprehensive income (loss) (controlling interest)	$ 118	$ 6.8	$ 292.4	$ (46.5)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 777.9	$ 1,039.7
Receivables	711.8	421.6
Investments in marketable securities	62.8	74.9
Goodwill	2,669.7	2,661.4
Acquired client relationships (net)	1,036.8	1,048.8
Equity method investments in Affiliates (net)	2,119.1	2,074.8
Fixed assets (net)	75.8	79.6
Other investments	312.1	257.2
Other assets	255.7	230.9
Total assets	8,021.7	7,888.9
Liabilities and Equity
Payables and accrued liabilities	843.5	712.4
Debt	2,299.3	2,312.1
Deferred income tax liability (net)	497.1	423.4
Other liabilities	468.2	452.2
Total liabilities	4,108.1	3,900.1
Commitments and contingencies (Note 9)
Redeemable non-controlling interests	755.7	671.5
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares outstanding in 2020 and 2021)	0.6	0.6
Additional paid-in capital	539.3	728.9
Accumulated other comprehensive loss	(64.8)	(98.3)
Retained earnings	4,263.4	4,005.5
Total stockholders' equity before treasury stock	4,738.5	4,636.7
Less: Treasury stock, at cost (14.5 shares in 2020 and 17.2 shares in 2021)	(2,128.9)	(1,857)
Total stockholders' equity	2,609.6	2,779.7
Non-controlling interests	548.3	537.6
Total equity	3,157.9	3,317.3
Total liabilities and equity	$ 8,021.7	$ 7,888.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153,000,000	153,000,000
Common stock, shares outstanding (in shares)	58,500,000	58,500,000
Treasury stock, at cost (in shares)	17,200,000	14,500,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock at Cost	Non- controlling Interests
Beginning balance at Dec. 31, 2019	$ 3,499.1	$ 0.6	$ 707.2	$ (108.8)	$ 3,819.8	$ (1,481.3)	$ 561.6
Increase (Decrease) in Stockholders' Equity
Net income (loss)	103.4				15.1		88.3
Other comprehensive income (loss), net of tax	(78.4)			(61.6)			(16.8)
Share-based compensation	30.7		30.7
Common stock issued under share-based incentive plans	(6.4)		(39.8)			33.4
Share repurchases	(119.6)		(4.5)			(115.1)
Dividends	(15.6)				(15.6)
Affiliate equity activity:
Affiliate equity compensation	26.8		7.9				18.9
Issuances	16.8		(1.8)				18.6
Purchases	25.2		36.4				(11.2)
Changes in redemption value of Redeemable non-controlling interests	32.1		32.1
Transfers to Redeemable non-controlling interests	(5.4)						(5.4)
Capital contributions and other	4.9						4.9
Distributions to non-controlling interests	(171.7)						(171.7)
Ending balance at Jun. 30, 2020	3,341.9	0.6	768.2	(170.4)	3,819.3	(1,563)	487.2
Beginning balance at Mar. 31, 2020	3,508.9	0.6	860.7	(146.5)	3,789.1	(1,523.9)	528.9
Increase (Decrease) in Stockholders' Equity
Net income (loss)	63.5				30.7		32.8
Other comprehensive income (loss), net of tax	(24.5)			(23.9)			(0.6)
Share-based compensation	22.5		22.5
Common stock issued under share-based incentive plans	0		(6.4)			6.4
Share repurchases	(50)		(4.5)			(45.5)
Dividends	(0.5)				(0.5)
Affiliate equity activity:
Affiliate equity compensation	10.2		5.1				5.1
Issuances	4.6		0				4.6
Purchases	(9.5)		1.7				(11.2)
Changes in redemption value of Redeemable non-controlling interests	(110.9)		(110.9)
Transfers to Redeemable non-controlling interests	(0.3)						(0.3)
Distributions to non-controlling interests	(72.1)						(72.1)
Ending balance at Jun. 30, 2020	3,341.9	0.6	768.2	(170.4)	3,819.3	(1,563)	487.2
Beginning balance at Dec. 31, 2020	3,317.3	0.6	728.9	(98.3)	4,005.5	(1,857)	537.6
Increase (Decrease) in Stockholders' Equity
Net income (loss)	398.2				258.9		139.3
Other comprehensive income (loss), net of tax	32.2			33.5			(1.3)
Share-based compensation	23.3		23.3
Common stock issued under share-based incentive plans	(10.9)		(46.3)			35.4
Repurchases of junior convertible securities	(4.8)		(4.8)
Share repurchases	(290)		17.3			(307.3)
Dividends	(1)				(1)
Affiliate equity activity:
Affiliate equity compensation	34.7		7.1				27.6
Issuances	3.9		(16.7)				20.6
Purchases	24.1		8.3				15.8
Changes in redemption value of Redeemable non-controlling interests	(177.8)		(177.8)
Transfers to Redeemable non-controlling interests	(3.8)						(3.8)
Capital contributions and other	6						6
Distributions to non-controlling interests	(193.5)						(193.5)
Ending balance at Jun. 30, 2021	3,157.9	0.6	539.3	(64.8)	4,263.4	(2,128.9)	548.3
Beginning balance at Mar. 31, 2021	3,187.3	0.6	619.7	(73.8)	4,154.9	(2,050.2)	536.1
Increase (Decrease) in Stockholders' Equity
Net income (loss)	184.2				109		75.2
Other comprehensive income (loss), net of tax	7.9			9			(1.1)
Share-based compensation	13.6		13.6
Common stock issued under share-based incentive plans	(0.7)		(2)			1.3
Repurchases of junior convertible securities	(1.9)		(1.9)
Share repurchases	(80)		0			(80)
Dividends	(0.5)				(0.5)
Affiliate equity activity:
Affiliate equity compensation	9.5		2.7				6.8
Issuances	2.2		(17.3)				19.5
Purchases	(3.3)		(3.3)				0
Changes in redemption value of Redeemable non-controlling interests	(72.2)		(72.2)
Transfers to Redeemable non-controlling interests	(3.3)						(3.3)
Capital contributions and other	6						6
Distributions to non-controlling interests	(90.9)						(90.9)
Ending balance at Jun. 30, 2021	$ 3,157.9	$ 0.6	$ 539.3	$ (64.8)	$ 4,263.4	$ (2,128.9)	$ 548.3

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.33

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from (used in) operating activities:
Net income	$ 398.2	$ 103.4
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	16.4	101.5
Depreciation and other amortization	8.4	10.1
Deferred income tax (benefit) expense	68.2	(19.5)
Equity method loss (income) (net)	(89.2)	95.8
Distributions of earnings received from equity method investments	226.6	160.2
Share-based compensation and Affiliate equity expense	58	57.5
Other non-cash items	(40.5)	24.3
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(60.1)	(64.8)
Sales of securities by consolidated Affiliate sponsored investment products	38.8	62.3
Increase in receivables	(293.3)	(92.5)
Decrease (increase) in other assets	(15)	14
(Decrease) increase in payables, accrued liabilities, and other liabilities	234.4	(76.9)
Cash flow from operating activities	550.9	375.4
Cash flow from (used in) investing activities:
Investments in Affiliates	(144.8)	(2.4)
Purchase of fixed assets	(2.1)	(4.5)
Purchase of investment securities	(39.9)	(23.5)
Sale of investment securities	16.1	33.5
Cash flow from (used in) investing activities	(170.7)	3.1
Cash flow from (used in) financing activities:
Borrowings of senior bank debt, senior notes, and junior subordinated notes	0	599.8
Repayments of senior bank debt and junior convertible securities	(22.8)	(350)
Repurchases of common stock (net)	(394.9)	(113.3)
Dividends paid on common stock	(0.9)	(15.8)
Distributions to non-controlling interests	(193.5)	(171.7)
Affiliate equity (purchases) / issuances (net)	(44.8)	(143.5)
Other financing items	14.9	(31.8)
Cash flow used in financing activities	(642)	(226.3)
Effect of foreign currency exchange rate changes on cash and cash equivalents	3.9	(10.2)
Net increase (decrease) in cash and cash equivalents	(257.9)	142
Cash and cash equivalents at beginning of period	1,039.7	539.6
.
Effect of deconsolidation of Affiliate sponsored investment products	(3.9)	0
Cash and cash equivalents at end of period	$ 777.9	$ 681.6

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	6 Months Ended
	Jun. 30, 2021
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 U.S. (“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 full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 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 conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Accounting Standards and Polici

Accounting Standards and Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Accounting Standards and Policies	Accounting Standards and Policies Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standard Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes. The adoption of this standard did not have a significant impact on the Company’s Consolidated Financial Statements. Recent Accounting Developments

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
	Jun. 30, 2021
Marketable Securities [Abstract]
Investments in Marketable Securities	Investments in Marketable Securities The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of Investments in marketable securities: December 31, June 30, Cost $ 69.4 $ 54.0 Unrealized gains 5.5 9.3 Unrealized losses (0.0 ) (0.5) Fair value $ 74.9 $ 62.8 As of December 31, 2020 and June 30, 2021, Investments in marketable securities include consolidated Affiliate sponsored investment products with fair values of $52.3 million and $19.7 million, respectively.

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other investments consist of investments in funds advised by the Company’s Affiliates that are carried at net asset value (“NAV”) as a practical expedient and investments without readily determinable fair values. The income or loss related to these investments is recorded in Investment and other income (expense) on the Consolidated Statements of Income. Investments Measured at NAV as a Practical Expedient The Company’s Affiliates sponsor investment products in which the Company and its consolidated Affiliates may make general partner and seed capital investments. The Company uses the NAV of these investments as a practical expedient for their fair values. The following table summarizes the fair value of these investments and any related unfunded commitments: December 31, 2020 June 30, 2021 Category of Investment Fair Value Unfunded Fair Value Unfunded Private equity funds (1) $ 235.4 $ 122.2 $ 281.2 $ 128.5 Investments in other strategies (2) 8.0 — 17.1 — Total (3) $ 243.4 $ 122.2 $ 298.3 $ 128.5 ___________________________ (1) The Company accounts for the majority of its interests in private equity funds under the equity method of accounting and 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 third-party funds and 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 equity, credit, and real estate. Investments are generally redeemable on a daily, monthly, or quarterly basis. (3) Fair value attributable to the controlling interest was $164.4 million and $202.3 million as of December 31, 2020 and June 30, 2021, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 74.9 $ 25.7 $ 49.2 $ — Derivative financial instruments (1) 3.5 — 3.5 — Financial Liabilities (2) Affiliate equity purchase obligations $ 22.0 $ — $ — $ 22.0 Derivative financial instruments 4.2 — 4.2 — Fair Value Measurements June 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 62.8 $ 48.2 $ 14.6 $ — Derivative financial instruments (1) 1.6 — 1.6 — Financial Liabilities (2) Affiliate equity purchase obligations $ 47.9 $ — $ — $ 47.9 Derivative financial instruments 1.2 — 1.2 — __________________________ (1) Amounts are presented within Other assets on the Consolidated Balance Sheets. (2) Amounts are presented within Other liabilities on the Consolidated Balance Sheets. Level 3 Financial Liabilities The following table presents the changes in level 3 liabilities for Affiliate equity purchase obligations: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Balance, beginning of period $ 115.1 $ 66.1 $ 19.8 $ 22.0 Net realized and unrealized (gains) losses (1) (2.4) 1.3 (3.9) 2.2 Purchases and issuances (2) 13.0 12.3 207.0 83.0 Settlements and reductions (52.4) (31.8) (149.6) (59.3) Balance, end of period $ 73.3 $ 47.9 $ 73.3 $ 47.9 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ — $ — $ — $ — ___________________________ (1) Accretion expense for these arrangements and obligations is recorded in Interest expense in the Consolidated Statements of Income. (2) Includes transfers from Redeemable non-controlling interests. The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 fair value measurements: Quantitative Information About Level 3 Fair Value Measurements December 31, 2020 June 30, 2021 Valuation Unobservable Fair Value Range Weighted Average (1) Fair Value Range Weighted Average (1) Affiliate equity purchase obligations Discounted cash flow Growth rates (2) $ 22.0 (5)% - 8% 3 % $ 47.9 1% - 6% 4 % Discount rates 14% - 16% 15 % 15% - 16% 15 % ___________________________ (1) Calculated by comparing the relative fair value of an obligation to its respective total. (2) Represents growth rates of asset- and performance-based fees. Affiliate equity purchase obligations include agreements to purchase Affiliate equity. As of June 30, 2021, there were no changes to growth or discount rates that had a significant impact to Affiliate equity purchase obligations recorded in prior periods. Other Financial Assets and Liabilities Not Carried at Fair Value The Company has other financial assets and liabilities, which are not required to be carried at fair value, but the Company is required to disclose their fair values. The carrying amount of Cash and cash equivalents, Receivables, and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable, 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 approximates fair value because the credit facilities have 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, 2020 June 30, 2021 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 1,097.3 $ 1,206.6 $ 1,097.6 $ 1,186.4 Level 2 Junior subordinated notes 565.7 623.1 565.8 593.0 Level 2 Junior convertible securities 318.4 427.6 304.5 468.2 Level 2

Investments in Affiliates and A

Investments in Affiliates and Affiliate Sponsored Investment Products	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities
Investments in Affiliates and Affiliate Sponsored Investment Products	Investments in Affiliates and Affiliate Sponsored Investment Products In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Other investments in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income (expense). The Company consolidates VIEs when it is 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 obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate managements’ equity ownership, along with their share of any tangible or intangible net assets, are presented within Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities that are under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital in the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (loss) (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is reported in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. Deferred taxes recorded on intangible assets upon acquisition of an Affiliate accounted for under the equity method are presented on a gross basis within Equity method investments in Affiliates (net) and Deferred income tax liability (net) in the Consolidated Balance Sheets. The Company’s share of income taxes incurred directly by Affiliates accounted for under the equity method is recorded in Income tax expense in the Consolidated Statements of Income. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than temporary. Where the Company believes that such declines may have occurred, the Company determines the amount of impairment using valuation methods, such as discounted cash flow analyses. Impairments are recorded as an expense in Equity method income (loss) (net) to reduce the carrying value of the Affiliate to its fair value. The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows: December 31, 2020 June 30, 2021 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the equity method $ 1,384.2 $ 1,962.1 $ 1,113.5 $ 2,009.6 As of December 31, 2020 and June 30, 2021, the carrying value and maximum exposure to loss for all of the Company’s Affiliates accounted for under the equity method was $2,074.8 million and $2,119.1 million, respectively, including Affiliates accounted for under the equity method considered VREs of $112.7 million and $109.5 million, respectively. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where they also act as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company does not generally consolidate these products unless the Company’s or its consolidated Affiliate’s interest in the product is considered substantial. When the Company’s or its consolidated Affiliates’ interests are considered substantial and the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values included in Investment and other income (expense). Purchases and sales of securities are presented within purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation. The Company’s carrying value, and maximum exposure to loss from unconsolidated Affiliate sponsored investment products is its, or its consolidated Affiliates’ interest in the unconsolidated net assets of the respective products. The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows: December 31, 2020 June 30, 2021 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliate sponsored investment products $ 2,378.2 $ 0.9 $ 2,960.8 $ 13.1

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s Debt: December 31, June 30, Senior bank debt $ 349.8 $ 349.8 Senior notes 1,091.9 1,092.7 Junior subordinated notes 556.4 556.4 Junior convertible securities 314.0 300.4 Debt $ 2,312.1 $ 2,299.3 The Company’s senior notes, junior subordinated notes, and junior convertible securities are carried at amortized cost. Unamortized discounts and debt issuance costs are presented within the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt. The table above does not include $200.0 million of junior subordinated notes issued by the Company on July 13, 2021, as more fully described below. Senior Bank Debt The Company has a $1.25 billion senior unsecured multicurrency revolving credit facility (the “revolver”) and a $350.0 million senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”). In January 2021, the Company amended the term loan to adjust the marginal rate by 0.075% to 0.95% and to extend the maturity by three years. In June 2021, the Company further amended the term loan to reduce the marginal rate by 0.10% to 0.85%. The commercial terms of the term loan otherwise remain the same. The revolver matures on January 18, 2024, and the term loan, as amended, matures on January 18, 2026. Subject to certain conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $75.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on its credit rating. For the three months ended June 30, 2021, the interest rate for the Company’s borrowings under the term loan was LIBOR plus 0.85%. As of December 31, 2020 and June 30, 2021, the Company had no outstanding borrowings under the revolver. Senior Notes and Junior Subordinated Notes As of June 30, 2021, the Company had senior notes and junior subordinated notes outstanding. The carrying value of the senior notes and junior subordinated notes is accreted to the principal amount at maturity over the remaining life of the underlying instrument. The principal terms of the senior notes and junior subordinated notes outstanding as of June 30, 2021 were as follows: 2024 2025 2030 2059 2060 Issue date February 2014 February 2015 June 2020 March 2019 September 2020 Maturity date February 2024 August 2025 June 2030 March 2059 September 2060 Par value (in millions) $ 400.0 $ 350.0 $ 350.0 $ 300.0 $ 275.0 Stated coupon 4.25 % 3.50 % 3.30 % 5.875 % 4.75 % Coupon frequency Semi-annually Semi-annually Semi-annually Quarterly (3) Quarterly (3) Potential call date Any time (1) Any time (1) Any time (1) March 2024 (2) September 2025 (2) Call price As defined (1) As defined (1) As defined (1) As defined (2) As defined (2) Listing N.A. N.A. N.A. NYSE NYSE __________________________ (1) The 2024, 2025, and 2030 senior notes may be redeemed, in whole or in part, at any time, in the case of the 2024 and 2025 senior notes, and at any time prior to March 15, 2030, in the case of the 2030 senior notes. In each case, the senior notes may be redeemed at a make-whole redemption price plus accrued and unpaid interest. The make-whole redemption price, in each case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the 2024 and the 2025 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes. (2) The 2059 and 2060 junior subordinated notes may be redeemed at any time, in whole or in part, on or after March 30, 2024, in the case of the 2059 junior subordinated notes, and on or after September 30, 2025, in the case of the 2060 junior subordinated notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the applicable notes. (3) The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes. On July 13, 2021, the Company issued $200.0 million of additional junior subordinated notes with a maturity date of September 30, 2061, (the “2061 junior subordinated notes”). The 2061 junior subordinated notes bear interest at a fixed-rate of 4.20% per annum. The junior subordinated notes are listed on the New York Stock Exchange. Interest is payable quarterly, commencing on September 30, 2021, and the Company has the right to defer interest payments in accordance with the terms of the notes. The 2061 junior subordinated notes were issued at 100% of the principal amount and rank junior and subordinate in right of payment and upon liquidation to all of the Company’s current and future senior indebtedness. On or after September 30, 2026, at the Company’s option, the 2061 junior subordinated notes may be redeemed in whole or in part, at 100% of the principal amount, plus any accrued and unpaid interest. Prior to September 30, 2026, at the Company’s option, the 2061 junior subordinated notes may be redeemed in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the 2061 junior subordinated notes. Junior Convertible Securities As of June 30, 2021, the Company had 5.15% junior convertible trust preferred securities outstanding (the “junior convertible securities”) with a carrying value of $304.5 million. The carrying value is accreted to the principal amount at maturity ($409.8 million) over a remaining life of approximately 16 years. Holders of the junior convertible securities have no rights to put these securities to the Company. Upon conversion, holders will receive cash or shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities, subject to its stock trading at or above certain specified levels over specified times periods, and may also repurchase junior convertible

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates, and markets. In the first quarter of 2020, the Company terminated its pound sterling-denominated forward foreign currency contracts and its corresponding collar contracts, which were designated as net investment hedges, and upon settlement, the Company received net proceeds of $24.9 million. The net proceeds from the termination of the contracts are presented within sale of investment securities in the Consolidated Statements of Cash Flows. The Company has an interest rate swap contract (the “interest rate swap”) with a large financial institution (the “swap counterparty”), which will expire in March 2023. The interest rate swap, which is designated as a cash flow hedge, is used to exchange a portion of the Company’s LIBOR-based interest payments for fixed-rate interest payments. Under the contract, the Company receives payments based on one month LIBOR and makes payments based on an annual fixed-rate of 0.5135% on a notional amount of $250.0 million. The terms of the contract also require the Company and the swap counterparty to post cash collateral in certain circumstances throughout the duration of the contract. As of June 30, 2021, the Company held no cash collateral from the swap counterparty, and the swap counterparty held $1.6 million of cash collateral from the Company. Certain of the Company’s Affiliates use forward foreign currency contracts to hedge the risk of foreign exchange rate movements, which are designated as cash flow hedges. The Company assesses hedge effectiveness on a quarterly basis. For derivative financial instruments designated as cash flow hedges, the Company uses a qualitative method of assessing hedge effectiveness by comparing the notional amounts, timing of payments, currencies (for the forward foreign currency contracts), and interest rates (for the interest rate swap). Upon termination of these instruments or the repayment of the Company’s outstanding LIBOR-based borrowings, any gain or loss recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets will be reclassified into earnings. Changes in the fair values of cash flow hedges are reported in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. Changes in the fair values of the effective net investment hedges are reported in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis: December 31, 2020 June 30, 2021 Assets Liabilities Assets Liabilities Forward foreign currency contracts $ 3.5 $ (2.3) $ 1.6 $ — Interest rate swap — (1.9) — (1.2) Total $ 3.5 $ (4.2) $ 1.6 $ (1.2) The Company and certain of its consolidated Affiliates have entered into contracts that do not include set-off rights and are therefore presented on a gross basis in Other assets and Other liabilities; they were $3.5 million and $4.2 million, respectively, as of December 31, 2020, and $1.6 million and $1.2 million, respectively, as of June 30, 2021. The following table summarizes the effects of derivative financial instruments on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income: For the Three Months Ended June 30, 2020 2021 Loss Recognized in Other Comprehensive Income (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain (Loss) Recognized in Earnings from Excluded Components (1) Gain Recognized in Other Comprehensive Income Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain (Loss) Recognized in Earnings from Excluded Components (1) Forward foreign currency contracts $ (0.5) $ 0.2 $ — $ 0.3 $ 0.5 $ — Interest rate swap (1.2) — — 0.1 — — Total $ (1.7) $ 0.2 $ — $ 0.4 $ 0.5 $ — For the Six Months Ended June 30, 2020 2021 Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain Recognized in Earnings from Excluded Components (1) Gain Recognized in Other Comprehensive Income Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain (Loss) Recognized in Earnings from Excluded Components (1) Forward foreign currency contracts $ 64.5 $ 0.3 $ 2.8 $ 0.4 $ 1.0 $ — Put options (47.7) — — — — — Call options (1.3) — — — — — Interest rate swap (2.0) — — 0.6 — — Total $ 13.5 $ 0.3 $ 2.8 $ 1.0 $ 1.0 $ — ___________________________ (1) The excluded components of the forward foreign currency contracts were recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings, and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of June 30, 2021, these unfunded commitments were $128.5 million and may be called in future periods. As of June 30, 2021, the Company was contingently liable to make payments of $188.0 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $40.5 million may become payable in 2022 and $147.5 million may become payable from 2023 through 2029. As of June 30, 2021, the Company expected to make payments of approximately $13 million. In the event certain financial targets are not met at one of the Company’s Affiliates, the Company may receive payments of up to $12.5 million and also has the option to reduce its ownership interest and receive an incremental payment of $25.0 million. Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 15. In connection with one of the Company’s investments in an Affiliate accounted for under the equity method, a minority owner has the right to elect to sell a portion of its ownership interest in the Affiliate to the Company annually. If the minority owner sells its interest to the Company, the Company will continue to account for the Affiliate under the equity method. In the fourth quarter of 2020, the Company was notified by the minority owner that it may elect to sell a 5% interest in the Affiliate to the Company. In the first quarter of 2021, with the consent of the Company, the minority owner rescinded this notice. As of June 30, 2021, the minority owner maintained a 14% ownership interest in the Affiliate. The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. The Company’s management is not aware of any significant violations of such requirements. In July 2021, the Company entered into a definitive agreement to acquire a majority equity interest in Parnassus Investments (“Parnassus”), an ESG-dedicated fund manager. Following the close of the transaction, Parnassus partners will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations. The transaction, which is expected to close during the second half of 2021, is subject to customary closing conditions and regulatory approvals.

Goodwill and Acquired Client Re

Goodwill and Acquired Client Relationships	6 Months Ended
	Jun. 30, 2021
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 Balance, as of December 31, 2020 $ 2,661.4 Foreign currency translation 8.3 Balance, as of June 30, 2021 $ 2,669.7 Acquired Client Relationships (Net) Definite-lived Indefinite-lived Total Gross Book Accumulated Net Book Net Book Net Book Balance, as of December 31, 2020 $ 1,166.6 $ (1,026.8) $ 139.8 $ 909.0 $ 1,048.8 Intangible amortization and impairments — (16.4) (16.4) — (16.4) Foreign currency translation 3.9 (3.5) 0.4 4.0 4.4 Balance, as of June 30, 2021 $ 1,170.5 $ (1,046.7) $ 123.8 $ 913.0 $ 1,036.8 Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected period of economic benefit. The Company recorded amortization expense within Intangible amortization and impairments in the Consolidated Statements of Income for these relationships of $20.6 million and $41.2 million for the three and six months ended June 30, 2020, respectively, and $8.9 million and $16.4 million for the three and six months ended June 30, 2021, respectively. Based on relationships existing as of June 30, 2021, the Company estimates that its consolidated amortization expense will be approximately $15 million for the remainder of 2021, approximately $30 million in each of 2022 and 2023, approximately $15 million in 2024, and approximately $10 million in each of 2025 and 2026. In the second quarter of 2020, the Company agreed with a consolidated Affiliate to strategically reposition their business and to sell its equity interest in the Affiliate. The Company recorded an expense in Intangible amortization and impairments of $32.8 million attributable to the controlling interest ($60.3 million in aggregate) to reduce the carrying value of the Affiliate’s acquired client relationships to zero as of June 30, 2020. In the third quarter of 2020, the Company sold its interest in the Affiliate. As of June 30, 2021, no impairments of indefinite-lived acquired client relationships were indicated. If financial markets become depressed for a prolonged period as a result of the novel coronavirus global pandemic (“COVID-19”) or other factors, the fair values of these assets could drop below their carrying values resulting in future impairments.

Equity Method Investments in Af

Equity Method Investments in Affiliates	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in Affiliates	Equity Method Investments in AffiliatesIn the first and second quarters of 2021, the Company completed minority investments in Boston Common Asset Management LLC (“Boston Common”) and OCP Asia Limited (“OCP Asia”), respectively. The majority of the consideration paid for both Boston Common and OCP Asia is deductible for U.S. tax purposes over a 15 year life. The Company’s purchase price allocation for each investment was measured using financial models that included assumptions of expected market performance, net client cash flows, and discount rates. The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears. The following table presents the change in Equity method investments in Affiliates (net): Equity Method Investments in Affiliates (Net) Balance, as of December 31, 2020 $ 2,074.8 Investments in Affiliates 144.2 Earnings 153.7 Intangible amortization and impairments (64.5) Distributions of earnings (226.6) Foreign currency translation 28.4 Other 9.1 Balance, as of June 30, 2021 $ 2,119.1 Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are amortized over their expected period of economic benefit. The Company recognized amortization expense for these relationships of $36.9 million and $76.2 million for the three and six months ended June 30, 2020, respectively, and $29.3 million and $64.5 million for the three and six months ended June 30, 2021, respectively. Based on relationships existing as of June 30, 2021, the Company estimates the amortization expense attributable to its Affiliates will be approximately $60 million for the remainder of 2021, approximately $80 million in each of 2022 and 2023, and approximately $50 million in each of 2024, 2025, and 2026. In the first quarter of 2020, the Company recorded a $140.0 million expense to reduce the carrying value of an Affiliate to fair value. The decline in the fair value was a result of a decline in assets under management and a reduction in projected growth, which decreased the forecasted revenue associated with the investment. The fair value of the investment was determined using a probability-weighted discounted cash flow analysis, a level 3 fair value measurement, that included projected compounded growth in assets under management over the first five years of (2)%, discount rates of 11% and 20% for asset- and performance-based fees, respectively, and a market participant tax rate of 25%. Based on the discounted cash flow analysis, the Company concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-temporary. As of June 30, 2021, the estimated fair values of the Company’s Affiliates accounted for under the equity method exceeded their carrying values. If financial markets become depressed for a prolonged period as a result of COVID-19 or other factors, or the financial performance of an Affiliate worsens as a result of net client cash outflows or performance, regardless of the performance of financial markets, the fair values of these assets could drop below their carrying values for periods considered other-than-temporary, resulting in future impairments.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retains interests in certain of the Affiliate’s private equity partnerships and, as a result, is a related party of the Company. The prior owner’s interests are presented within Other liabilities and were $35.4 million and $32.8 million as of December 31, 2020 and June 30, 2021, respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company’s executive officers and directors may invest from time to time in funds advised or products offered by its Affiliates on substantially the same terms as other investors. In addition, the Company and its Affiliates earn asset- and performance-based fees and incur distribution and other expenses for services provided to Affiliate sponsored investment products. Affiliate management owners and the Company’s officers may serve as trustees or directors of certain investment vehicles from which the Company or an Affiliate earns fees.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The following table presents share-based compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Share-based compensation $ 22.5 $ 13.6 $ 30.7 $ 23.3 Tax benefit 4.1 2.2 5.6 4.4 As of December 31, 2020, the Company had unrecognized share-based compensation expense of $86.2 million. As of June 30, 2021, the Company had unrecognized share-based compensation expense of $85.4 million, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures). 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, 2020 1.2 $ 99.46 Units granted 0.2 139.23 Units vested (0.2) 154.47 Units forfeited (0.1) 105.45 Performance condition changes 0.0 110.02 Unvested units - June 30, 2021 1.1 93.52 For the six months ended June 30, 2020 and 2021, the Company granted restricted stock units with fair values of $30.5 million and $26.9 million, respectively. These restricted stock units were valued based on the closing price of the Company’s common stock on the grant date and the number of shares expected to vest. Restricted stock units containing vesting conditions generally require service over a period of three years to four years and may also require the satisfaction of certain performance conditions. For awards with performance conditions, the number of restricted stock units expected to vest may change over time depending upon the performance level achieved. Stock Options The following table summarizes transactions in the Company’s stock options: Stock Options Weighted Average Weighted Average Unexercised options outstanding - December 31, 2020 2.9 $ 82.14 Options granted 0.0 150.07 Options exercised (0.2) 119.64 Options forfeited (0.0 ) 91.86 Performance condition changes — — Unexercised options outstanding - June 30, 2021 2.7 79.66 5.0 Exercisable at June 30, 2021 0.2 136.09 1.6 For the six months ended June 30, 2020 and 2021, the Company granted stock options with fair values of $3.9 million and $1.8 million, respectively. Stock options generally vest over a period of three years to five years and expire seven years after the grant date. All stock options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of the Company’s outstanding stock options contain both service and performance conditions. For awards with performance conditions, the number of stock options expected to vest may change over time depending upon the performance level achieved. The weighted average fair value of options granted was $17.49 and $54.25, per option, for the six months ended June 30, 2020 and 2021, respectively. The Company uses the Black-Scholes option pricing model to determine the fair value of options. The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows: For the Six Months Ended June 30, 2020 2021 Dividend yield 1.7 % 0.0 % Expected volatility 29.4 % 37.3 % Risk-free interest rate 0.9 % 1.0 % Expected life of options (in years) 5.7 5.7 Forfeiture rate — % — %

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Redeemable Non-Controlling Interests	Redeemable Non-Controlling Interests Affiliate equity interests provide holders with an equity interest in one of the Company’s 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 years and 15 years from the date the equity interest is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to becoming redeemable, the Company’s Affiliate equity is presented within Non-controlling interests. Upon becoming redeemable, these interests are reclassified to Redeemable non-controlling interests at their current redemption values. Changes in the current redemption value are recorded to Additional paid-in capital. When the Company receives a put notice, and, therefore, has an unconditional obligation to purchase Affiliate equity interests, the interests are reclassified from Redeemable non-controlling interests to Other liabilities. The following table presents the changes in Redeemable non-controlling interests: Redeemable Non-controlling Interests Balance, as of December 31, 2020 (1) $ 671.5 Decrease attributable to consolidated Affiliate sponsored investment products (14.4) Transfers to Other liabilities (83.0) Transfers from Non-controlling interests 3.8 Changes in redemption value 177.8 Balance, as of June 30, 2021 (1) $ 755.7 ___________________________ (1) As of December 31, 2020 and June 30, 2021, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $35.4 million and $21.0 million, respectively.

Affiliate Equity

Affiliate Equity	6 Months Ended
	Jun. 30, 2021
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. Distributions paid to non-controlling interest Affiliate equity holders were $171.7 million and $193.5 million, for the six months ended June 30, 2020 and 2021, respectively. The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated Affiliate partners and its officers under agreements that provide the Company a conditional right to call and Affiliate equity holders the conditional right to put their Affiliate equity interests to the Company at certain intervals. For Affiliates accounted for under the equity method, the Company does not typically have such put and call arrangements. For the six months ended June 30, 2020 and 2021, the amount of cash paid for purchases was $160.6 million and $62.4 million, respectively. For the six months ended June 30, 2020 and 2021, the total amount of cash received for issuances was $17.1 million and $17.6 million, respectively. Sales and purchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its consolidated Affiliate partners and its officers as a form of compensation. If the equity is issued for consideration below the fair value of the equity, or purchased for consideration above the fair value of the equity, the difference is recorded as compensation expense in Compensation and related expenses in the Consolidated Statements of Income over the requisite service period. The following table presents Affiliate equity compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Controlling interest $ 5.1 $ 2.7 $ 7.9 $ 7.1 Non-controlling interests 5.1 6.8 18.9 27.6 Total $ 10.2 $ 9.5 $ 26.8 $ 34.7 The following table presents unrecognized Affiliate equity compensation expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2020 $ 35.9 4 years $ 109.7 5 years June 30, 2021 49.1 5 years 109.2 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 receivable was $9.6 million and $8.6 million as of December 31, 2020 and June 30, 2021, respectively, and was included in Other assets. The total payable was $22.0 million and $47.9 million as of December 31, 2020 and June 30, 2021, 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 the Consolidated Statements of 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 presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the applicable periods: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Net income (controlling interest) $ 30.7 $ 109.0 $ 15.1 $ 258.9 Decrease in controlling interest paid-in capital from Affiliate equity issuances — (17.0) (1.3) (17.5) Decrease in controlling interest paid-in capital from Affiliate equity purchases (5.5) (8.2) (160.6) (56.0) Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions $ 25.2 $ 83.8 $ (146.8) $ 185.4

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to the non-controlling interests. The following table presents the consolidated provision for income taxes: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Controlling interest: Current taxes $ 1.3 $ 17.8 $ 20.6 $ 48.4 Intangible-related deferred taxes (3.1) 31.0 (34.1) 39.9 Other deferred taxes 2.9 13.4 14.7 22.3 Total controlling interest 1.1 62.2 1.2 110.6 Non-controlling interests: Current taxes $ 2.2 $ 2.7 $ 4.4 $ 4.9 Deferred taxes 0.0 6.0 (0.1) 6.0 Total non-controlling interests 2.2 8.7 4.3 10.9 Income tax expense $ 3.3 $ 70.9 $ 5.5 $ 121.5 Income before income taxes (controlling interest) $ 31.8 $ 171.2 $ 16.3 $ 369.5 Effective tax rate (controlling interest) (1) 3.4 % 36.3 % 7.6 % 29.9 % ___________________________ (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, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), 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, 2020 2021 2020 2021 Numerator Net income (controlling interest) $ 30.7 $ 109.0 $ 15.1 $ 258.9 Interest expense on junior convertible securities, net of taxes — 4.6 — 9.4 Net income (controlling interest), as adjusted $ 30.7 $ 113.6 $ 15.1 $ 268.3 Denominator Average shares outstanding (basic) 47.2 41.6 47.5 42.1 Effect of dilutive instruments: Stock options and restricted stock units 0.1 0.9 0.1 0.8 Junior convertible securities — 2.1 — 2.1 Average shares outstanding (diluted) 47.3 44.6 47.6 45.0 Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and items that have an anti-dilutive effect on Earnings per share (diluted). The following is a summary of items excluded from the denominator in the table above: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Stock options and restricted stock units 3.2 0.3 3.2 0.3 Junior convertible securities 2.2 — 2.2 — The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intention to settle these potential purchases in cash, the calculation of Average shares outstanding (diluted) excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases. For the three and six months ended June 30, 2021, under its authorized share repurchase programs, the Company repurchased 0.5 million and 2.1 million shares of its common stock, respectively, at an average price per share of $158.83 and $135.92, respectively.

Comprehensive Income

Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income	Comprehensive Income The following table presents the tax effects allocated to each component of Other comprehensive income (loss): For the Three Months Ended June 30, 2020 2021 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Expense Net of Tax Foreign currency translation gain (loss) $ (23.9) $ 0.7 $ (23.2) $ 8.0 $ (0.5) $ 7.5 Change in net realized and unrealized gain (loss) on derivative financial instruments (1.6) 0.3 (1.3) 0.4 (0.0 ) 0.4 Other comprehensive income (loss) $ (25.5) $ 1.0 $ (24.5) $ 8.4 $ (0.5) $ 7.9 For the Six Months Ended June 30, 2020 2021 Pre-Tax Tax (Expense) Benefit Net of Tax Pre-Tax Tax Expense Net of Tax Foreign currency translation gain (loss) $ (64.9) $ (11.2) $ (76.1) $ 37.6 $ (6.3) $ 31.3 Change in net realized and unrealized gain (loss) on derivative financial instruments (2.8) 0.5 (2.3) 1.0 (0.1) 0.9 Other comprehensive income (loss) $ (67.7) $ (10.7) $ (78.4) $ 38.6 $ (6.4) $ 32.2 The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Realized and Total Balance, as of December 31, 2020 $ (161.9) $ (0.3) $ (162.2) Other comprehensive income before reclassifications 31.3 1.4 32.7 Amounts reclassified — (0.5) (0.5) Net other comprehensive income 31.3 0.9 32.2 Balance, as of June 30, 2021 $ (130.6) $ 0.6 $ (130.0)

Accounting Standards and Poli_2

Accounting Standards and Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [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 U.S. (“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 full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 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 conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Recently Adopted Accounting Standards and Recent Accounting Developments	Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standard Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes. The adoption of this standard did not have a significant impact on the Company’s Consolidated Financial Statements. Recent Accounting Developments
Investments in Affiliates and Affiliate Sponsored Investments Products	Investments in Affiliates and Affiliate Sponsored Investment Products In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Other investments in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income (expense). The Company consolidates VIEs when it is 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 obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate managements’ equity ownership, along with their share of any tangible or intangible net assets, are presented within Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities that are under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital in the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (loss) (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is reported in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. Deferred taxes recorded on intangible assets upon acquisition of an Affiliate accounted for under the equity method are presented on a gross basis within Equity method investments in Affiliates (net) and Deferred income tax liability (net) in the Consolidated Balance Sheets. The Company’s share of income taxes incurred directly by Affiliates accounted for under the equity method is recorded in Income tax expense in the Consolidated Statements of Income. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than temporary. Where the Company believes that such declines may have occurred, the Company determines the amount of impairment using valuation methods, such as discounted cash flow analyses. Impairments are recorded as an expense in Equity method income (loss) (net) to reduce the carrying value of the Affiliate to its fair value. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where they also act as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company does not generally consolidate these products unless the Company’s or its consolidated Affiliate’s interest in the product is considered substantial. When the Company’s or its consolidated Affiliates’ interests are considered substantial and the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values included in Investment and other income (expense). Purchases and sales of securities are presented within purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation.

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Marketable Securities [Abstract]
Schedule of Investments in Marketable Securities	The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of Investments in marketable securities: December 31, June 30, Cost $ 69.4 $ 54.0 Unrealized gains 5.5 9.3 Unrealized losses (0.0 ) (0.5) Fair value $ 74.9 $ 62.8

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Other Investments and Unfunded Commitments	The following table summarizes the fair value of these investments and any related unfunded commitments: December 31, 2020 June 30, 2021 Category of Investment Fair Value Unfunded Fair Value Unfunded Private equity funds (1) $ 235.4 $ 122.2 $ 281.2 $ 128.5 Investments in other strategies (2) 8.0 — 17.1 — Total (3) $ 243.4 $ 122.2 $ 298.3 $ 128.5 ___________________________ (1) The Company accounts for the majority of its interests in private equity funds under the equity method of accounting and 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 third-party funds and 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 equity, credit, and real estate. Investments are generally redeemable on a daily, monthly, or quarterly basis. (3) Fair value attributable to the controlling interest was $164.4 million and $202.3 million as of December 31, 2020 and June 30, 2021, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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 Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 74.9 $ 25.7 $ 49.2 $ — Derivative financial instruments (1) 3.5 — 3.5 — Financial Liabilities (2) Affiliate equity purchase obligations $ 22.0 $ — $ — $ 22.0 Derivative financial instruments 4.2 — 4.2 — Fair Value Measurements June 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 62.8 $ 48.2 $ 14.6 $ — Derivative financial instruments (1) 1.6 — 1.6 — Financial Liabilities (2) Affiliate equity purchase obligations $ 47.9 $ — $ — $ 47.9 Derivative financial instruments 1.2 — 1.2 — __________________________ (1) Amounts are presented within Other assets on the Consolidated Balance Sheets. (2) Amounts are presented within Other liabilities on the Consolidated Balance Sheets.
Schedule of Changes in Level 3 Assets and Liabilities for Affiliate equity repurchase obligation	The following table presents the changes in level 3 liabilities for Affiliate equity purchase obligations: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Balance, beginning of period $ 115.1 $ 66.1 $ 19.8 $ 22.0 Net realized and unrealized (gains) losses (1) (2.4) 1.3 (3.9) 2.2 Purchases and issuances (2) 13.0 12.3 207.0 83.0 Settlements and reductions (52.4) (31.8) (149.6) (59.3) Balance, end of period $ 73.3 $ 47.9 $ 73.3 $ 47.9 Net change in unrealized (gains) losses relating to instruments still held at the reporting date $ — $ — $ — $ — ___________________________ (1) Accretion expense for these arrangements and obligations is recorded in Interest expense in the Consolidated Statements of Income. (2) Includes transfers from Redeemable non-controlling interests.
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 fair value measurements: Quantitative Information About Level 3 Fair Value Measurements December 31, 2020 June 30, 2021 Valuation Unobservable Fair Value Range Weighted Average (1) Fair Value Range Weighted Average (1) Affiliate equity purchase obligations Discounted cash flow Growth rates (2) $ 22.0 (5)% - 8% 3 % $ 47.9 1% - 6% 4 % Discount rates 14% - 16% 15 % 15% - 16% 15 % ___________________________ (1) Calculated by comparing the relative fair value of an obligation to its respective total.
Schedule of Other 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, 2020 June 30, 2021 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 1,097.3 $ 1,206.6 $ 1,097.6 $ 1,186.4 Level 2 Junior subordinated notes 565.7 623.1 565.8 593.0 Level 2 Junior convertible securities 318.4 427.6 304.5 468.2 Level 2

Investments in Affiliates and_2

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities
Schedule of Unconsolidated Assets and Liabilities of Equity Method Investments and Company's Risk of Loss	The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows: December 31, 2020 June 30, 2021 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the equity method $ 1,384.2 $ 1,962.1 $ 1,113.5 $ 2,009.6 December 31, 2020 June 30, 2021 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliate sponsored investment products $ 2,378.2 $ 0.9 $ 2,960.8 $ 13.1

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s Debt: December 31, June 30, Senior bank debt $ 349.8 $ 349.8 Senior notes 1,091.9 1,092.7 Junior subordinated notes 556.4 556.4 Junior convertible securities 314.0 300.4 Debt $ 2,312.1 $ 2,299.3
Schedule of Principal Terms of Senior and Junior Subordinated Notes	The principal terms of the senior notes and junior subordinated notes outstanding as of June 30, 2021 were as follows: 2024 2025 2030 2059 2060 Issue date February 2014 February 2015 June 2020 March 2019 September 2020 Maturity date February 2024 August 2025 June 2030 March 2059 September 2060 Par value (in millions) $ 400.0 $ 350.0 $ 350.0 $ 300.0 $ 275.0 Stated coupon 4.25 % 3.50 % 3.30 % 5.875 % 4.75 % Coupon frequency Semi-annually Semi-annually Semi-annually Quarterly (3) Quarterly (3) Potential call date Any time (1) Any time (1) Any time (1) March 2024 (2) September 2025 (2) Call price As defined (1) As defined (1) As defined (1) As defined (2) As defined (2) Listing N.A. N.A. N.A. NYSE NYSE __________________________ (1) The 2024, 2025, and 2030 senior notes may be redeemed, in whole or in part, at any time, in the case of the 2024 and 2025 senior notes, and at any time prior to March 15, 2030, in the case of the 2030 senior notes. In each case, the senior notes may be redeemed at a make-whole redemption price plus accrued and unpaid interest. The make-whole redemption price, in each case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the 2024 and the 2025 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes. (2) The 2059 and 2060 junior subordinated notes may be redeemed at any time, in whole or in part, on or after March 30, 2024, in the case of the 2059 junior subordinated notes, and on or after September 30, 2025, in the case of the 2060 junior subordinated notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the applicable notes. (3) The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Company's Derivative Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis: December 31, 2020 June 30, 2021 Assets Liabilities Assets Liabilities Forward foreign currency contracts $ 3.5 $ (2.3) $ 1.6 $ — Interest rate swap — (1.9) — (1.2) Total $ 3.5 $ (4.2) $ 1.6 $ (1.2)
Schedule of Effect of Derivative Financial Instruments on the Consolidated Statements of Comprehensive Income and Statements of Income	The following table summarizes the effects of derivative financial instruments on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income: For the Three Months Ended June 30, 2020 2021 Loss Recognized in Other Comprehensive Income (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain (Loss) Recognized in Earnings from Excluded Components (1) Gain Recognized in Other Comprehensive Income Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain (Loss) Recognized in Earnings from Excluded Components (1) Forward foreign currency contracts $ (0.5) $ 0.2 $ — $ 0.3 $ 0.5 $ — Interest rate swap (1.2) — — 0.1 — — Total $ (1.7) $ 0.2 $ — $ 0.4 $ 0.5 $ — For the Six Months Ended June 30, 2020 2021 Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain Recognized in Earnings from Excluded Components (1) Gain Recognized in Other Comprehensive Income Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings Gain (Loss) Recognized in Earnings from Excluded Components (1) Forward foreign currency contracts $ 64.5 $ 0.3 $ 2.8 $ 0.4 $ 1.0 $ — Put options (47.7) — — — — — Call options (1.3) — — — — — Interest rate swap (2.0) — — 0.6 — — Total $ 13.5 $ 0.3 $ 2.8 $ 1.0 $ 1.0 $ — ___________________________ (1) The excluded components of the forward foreign currency contracts were recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense.

Goodwill and Acquired Client _2

Goodwill and Acquired Client Relationships (Tables)	6 Months Ended
	Jun. 30, 2021
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 Balance, as of December 31, 2020 $ 2,661.4 Foreign currency translation 8.3 Balance, as of June 30, 2021 $ 2,669.7
Schedule of Changes in the Components of Acquired Client Relationships	Acquired Client Relationships (Net) Definite-lived Indefinite-lived Total Gross Book Accumulated Net Book Net Book Net Book Balance, as of December 31, 2020 $ 1,166.6 $ (1,026.8) $ 139.8 $ 909.0 $ 1,048.8 Intangible amortization and impairments — (16.4) (16.4) — (16.4) Foreign currency translation 3.9 (3.5) 0.4 4.0 4.4 Balance, as of June 30, 2021 $ 1,170.5 $ (1,046.7) $ 123.8 $ 913.0 $ 1,036.8

Equity Method Investments in _2

Equity Method Investments in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2021
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 (net): Equity Method Investments in Affiliates (Net) Balance, as of December 31, 2020 $ 2,074.8 Investments in Affiliates 144.2 Earnings 153.7 Intangible amortization and impairments (64.5) Distributions of earnings (226.6) Foreign currency translation 28.4 Other 9.1 Balance, as of June 30, 2021 $ 2,119.1

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation	The following table presents share-based compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Share-based compensation $ 22.5 $ 13.6 $ 30.7 $ 23.3 Tax benefit 4.1 2.2 5.6 4.4
Schedule of Company Restricted Stock Units 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, 2020 1.2 $ 99.46 Units granted 0.2 139.23 Units vested (0.2) 154.47 Units forfeited (0.1) 105.45 Performance condition changes 0.0 110.02 Unvested units - June 30, 2021 1.1 93.52
Schedule of Company Stock Option Transactions	The following table summarizes transactions in the Company’s stock options: Stock Options Weighted Average Weighted Average Unexercised options outstanding - December 31, 2020 2.9 $ 82.14 Options granted 0.0 150.07 Options exercised (0.2) 119.64 Options forfeited (0.0 ) 91.86 Performance condition changes — — Unexercised options outstanding - June 30, 2021 2.7 79.66 5.0 Exercisable at June 30, 2021 0.2 136.09 1.6
Schedule of Fair Value of Options Granted and Assumptions	The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows: For the Six Months Ended June 30, 2020 2021 Dividend yield 1.7 % 0.0 % Expected volatility 29.4 % 37.3 % Risk-free interest rate 0.9 % 1.0 % Expected life of options (in years) 5.7 5.7 Forfeiture rate — % — %

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2020 (1) $ 671.5 Decrease attributable to consolidated Affiliate sponsored investment products (14.4) Transfers to Other liabilities (83.0) Transfers from Non-controlling interests 3.8 Changes in redemption value 177.8 Balance, as of June 30, 2021 (1) $ 755.7 ___________________________ (1) As of December 31, 2020 and June 30, 2021, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $35.4 million and $21.0 million, respectively.

Affiliate Equity (Tables)

Affiliate Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Affiliate Equity [Abstract]
Schedule of Affiliate Equity Compensation	The following table presents Affiliate equity compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Controlling interest $ 5.1 $ 2.7 $ 7.9 $ 7.1 Non-controlling interests 5.1 6.8 18.9 27.6 Total $ 10.2 $ 9.5 $ 26.8 $ 34.7
Schedule of Affiliate Equity Unrecognized Compensation Expense	The following table presents unrecognized Affiliate equity compensation expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2020 $ 35.9 4 years $ 109.7 5 years June 30, 2021 49.1 5 years 109.2 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 presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the applicable periods: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Net income (controlling interest) $ 30.7 $ 109.0 $ 15.1 $ 258.9 Decrease in controlling interest paid-in capital from Affiliate equity issuances — (17.0) (1.3) (17.5) Decrease in controlling interest paid-in capital from Affiliate equity purchases (5.5) (8.2) (160.6) (56.0) Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions $ 25.2 $ 83.8 $ (146.8) $ 185.4

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests	The following table presents the consolidated provision for income taxes: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Controlling interest: Current taxes $ 1.3 $ 17.8 $ 20.6 $ 48.4 Intangible-related deferred taxes (3.1) 31.0 (34.1) 39.9 Other deferred taxes 2.9 13.4 14.7 22.3 Total controlling interest 1.1 62.2 1.2 110.6 Non-controlling interests: Current taxes $ 2.2 $ 2.7 $ 4.4 $ 4.9 Deferred taxes 0.0 6.0 (0.1) 6.0 Total non-controlling interests 2.2 8.7 4.3 10.9 Income tax expense $ 3.3 $ 70.9 $ 5.5 $ 121.5 Income before income taxes (controlling interest) $ 31.8 $ 171.2 $ 16.3 $ 369.5 Effective tax rate (controlling interest) (1) 3.4 % 36.3 % 7.6 % 29.9 % ___________________________ (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, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) 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, 2020 2021 2020 2021 Numerator Net income (controlling interest) $ 30.7 $ 109.0 $ 15.1 $ 258.9 Interest expense on junior convertible securities, net of taxes — 4.6 — 9.4 Net income (controlling interest), as adjusted $ 30.7 $ 113.6 $ 15.1 $ 268.3 Denominator Average shares outstanding (basic) 47.2 41.6 47.5 42.1 Effect of dilutive instruments: Stock options and restricted stock units 0.1 0.9 0.1 0.8 Junior convertible securities — 2.1 — 2.1 Average shares outstanding (diluted) 47.3 44.6 47.6 45.0
Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share	The following is a summary of items excluded from the denominator in the table above: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2021 2020 2021 Stock options and restricted stock units 3.2 0.3 3.2 0.3 Junior convertible securities 2.2 — 2.2 —

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)	The following table presents the tax effects allocated to each component of Other comprehensive income (loss): For the Three Months Ended June 30, 2020 2021 Pre-Tax Tax Benefit Net of Tax Pre-Tax Tax Expense Net of Tax Foreign currency translation gain (loss) $ (23.9) $ 0.7 $ (23.2) $ 8.0 $ (0.5) $ 7.5 Change in net realized and unrealized gain (loss) on derivative financial instruments (1.6) 0.3 (1.3) 0.4 (0.0 ) 0.4 Other comprehensive income (loss) $ (25.5) $ 1.0 $ (24.5) $ 8.4 $ (0.5) $ 7.9 For the Six Months Ended June 30, 2020 2021 Pre-Tax Tax (Expense) Benefit Net of Tax Pre-Tax Tax Expense Net of Tax Foreign currency translation gain (loss) $ (64.9) $ (11.2) $ (76.1) $ 37.6 $ (6.3) $ 31.3 Change in net realized and unrealized gain (loss) on derivative financial instruments (2.8) 0.5 (2.3) 1.0 (0.1) 0.9 Other comprehensive income (loss) $ (67.7) $ (10.7) $ (78.4) $ 38.6 $ (6.4) $ 32.2
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Realized and Total Balance, as of December 31, 2020 $ (161.9) $ (0.3) $ (162.2) Other comprehensive income before reclassifications 31.3 1.4 32.7 Amounts reclassified — (0.5) (0.5) Net other comprehensive income 31.3 0.9 32.2 Balance, as of June 30, 2021 $ (130.6) $ 0.6 $ (130.0)

Investments in Marketable Sec_3

Investments in Marketable Securities - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Marketable Securities [Abstract]
Cost	$ 54	$ 69.4
Unrealized gains	9.3	5.5
Unrealized losses	(0.5)	0
Fair value	$ 62.8	$ 74.9

Investments in Marketable Sec_4

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary
Investments in and Advances to Affiliates [Line Items]
Fair value of deconsolidated investment in affiliate	$ 19.7	$ 52.3

Other Investments (Details)

Other Investments (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
NAV of investments at fair value
Unfunded Commitments	$ 122.2	$ 128.5
Life of funds (generally up to)		15 years
Investment without a readily determinable fair value	13.8	$ 13.8
Investment without a readily determinable fair value, upward price adjustment	5.3
Private equity funds
NAV of investments at fair value
Unfunded Commitments	122.2	128.5
Investments in other strategies
NAV of investments at fair value
Unfunded Commitments	0	0
Fair Value Measured at NAV
NAV of investments at fair value
Fair Value	243.4	298.3
Fair Value Measured at NAV | Controlling Interest
NAV of investments at fair value
Fair Value	164.4	202.3
Fair Value Measured at NAV | Private equity funds
NAV of investments at fair value
Fair Value	235.4	281.2
Fair Value Measured at NAV | Investments in other strategies
NAV of investments at fair value
Fair Value	$ 8	$ 17.1

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial Assets
Investments in marketable securities	$ 62.8	$ 74.9
Derivative financial instruments	1.6	3.5
Financial Liabilities
Affiliate equity purchase obligations	47.9	22
Derivative financial instruments	1.2	4.2
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Investments in marketable securities	48.2	25.7
Derivative financial instruments	0	0
Financial Liabilities
Affiliate equity purchase obligations	0	0
Derivative financial instruments	0	0
Significant Other Observable Inputs (Level 2)
Financial Assets
Investments in marketable securities	14.6	49.2
Derivative financial instruments	1.6	3.5
Financial Liabilities
Affiliate equity purchase obligations	0	0
Derivative financial instruments	1.2	4.2
Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	0	0
Derivative financial instruments	0	0
Financial Liabilities
Affiliate equity purchase obligations	47.9	22
Derivative financial instruments	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Affiliate equity purchase obligations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 66.1	$ 115.1	$ 22	$ 19.8
Net realized and unrealized (gains) losses	1.3	(2.4)	2.2	(3.9)
Purchases and issuances	12.3	13	83	207
Settlements and reductions	(31.8)	(52.4)	(59.3)	(149.6)
Balance, end of period	47.9	73.3	47.9	73.3
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Affiliate equity purchase obligations - Discounted cash flow $ in Millions	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 47.9	$ 22
Growth rates | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.01	(0.05)
Growth rates | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.06	0.08
Growth rates | Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.04	0.03
Discount rates | Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.15	0.14
Discount rates | Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.16	0.16
Discount rates | Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.15	0.15

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 1,097.6	$ 1,097.3
Junior subordinated notes	565.8	565.7
Junior convertible securities	304.5	318.4
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	1,186.4	1,206.6
Junior subordinated notes	593	623.1
Junior convertible securities	$ 468.2	$ 427.6

Investments in Affiliates and_3

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entities
Carrying value of equity method investment in affiliate	$ 2,119.1	$ 2,074.8
Carrying amount and maximum exposure to loss equity method investments considered VREs	109.5	112.7
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Unconsolidated VIE Net Assets	1,113.5	1,384.2
Carrying Value and Maximum Exposure to Loss	$ 2,009.6	$ 1,962.1

Investments in Affiliates and_4

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 2,960.8	$ 2,378.2
Carrying Value and Maximum Exposure to Loss	$ 13.1	$ 0.9

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt	$ 2,299.3	$ 2,312.1
Senior bank debt
Debt Instrument [Line Items]
Debt	349.8	349.8
Senior notes
Debt Instrument [Line Items]
Debt	1,092.7	1,091.9
Junior subordinated notes
Debt Instrument [Line Items]
Debt	300.4	556.4
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 556.4	$ 314

Debt - Additional Information (

Debt - Additional Information (Details)	Jul. 13, 2021USD ($)
Junior subordinated notes | 4.200% Junior Subordinated Notes due 2061 | Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 200,000,000

Debt - Senior Bank Debt (Detail

Debt - Senior Bank Debt (Details) - Senior bank debt - USD ($)	1 Months Ended		3 Months Ended
	Jun. 30, 2021	Jan. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Revolver
Debt Instrument [Line Items]
Label Role Total available borrowing	$ 1,250,000,000		$ 1,250,000,000
Additional borrowing amount	500,000,000		500,000,000
Borrowings outstanding	0		0	$ 0
Term Loan
Debt Instrument [Line Items]
Label Role Total available borrowing	$ 350,000,000		350,000,000
Debt instrument, interest rate, increase	0.10%	0.075%
Basis spread on debt variable rate	0.85%	0.95%
Debt instrument, term, increase		3 years
Additional borrowing amount	$ 75,000,000		$ 75,000,000
Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on debt variable rate			0.85%

Debt - Schedule of Principal Te

Debt - Schedule of Principal Terms of Senior and Junior Subordinated Notes (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Senior notes | 2024 Senior Notes
Debt Instrument [Line Items]
Par value	$ 400,000,000
Stated coupon	4.25%
Redemption price percentage	100.00%
Senior notes | 2024 Senior Notes | Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
Senior notes | 2025 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350,000,000
Stated coupon	3.50%
Redemption price percentage	100.00%
Senior notes | 2025 Senior Notes | Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
Senior notes | 2030 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350,000,000
Stated coupon	3.30%
Redemption price percentage	100.00%
Senior notes | 2030 Senior Notes | Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.40%
Junior subordinated notes | 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300,000,000
Stated coupon	5.875%
Junior subordinated notes | 2059 Junior Subordinated Notes | On or after March 30. 2024 (after September 30, 2025 - 2060 Junior Subordinated Notes)
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes | 2059 Junior Subordinated Notes | If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes | 2059 Junior Subordinated Notes | If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
Junior subordinated notes | 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275,000,000
Stated coupon	4.75%
Junior subordinated notes | 2060 Junior Subordinated Notes | On or after March 30. 2024 (after September 30, 2025 - 2060 Junior Subordinated Notes)
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes | 2060 Junior Subordinated Notes | If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes | 2060 Junior Subordinated Notes | If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%

Debt - Senior Notes and Junior

Debt - Senior Notes and Junior Subordinated Notes (Details) - 4.200% Junior Subordinated Notes due 2061 - Junior subordinated notes - Subsequent Event	Jul. 13, 2021USD ($)
Debt Instrument [Line Items]
Face amount	$ 200,000,000
Debt interest rate	4.20%
Issuance price, percentage of principal amount	1
On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%

Debt - Junior Convertible Secur

Debt - Junior Convertible Securities (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt	$ 2,299,300,000	$ 2,299,300,000		$ 2,312,100,000
Repayments of long-term debt		22,800,000	$ 350,000,000
Repurchase of junior convertible securities, equity impact	1,900,000	4,800,000
Additional Paid-In Capital
Debt Instrument [Line Items]
Repurchase of junior convertible securities, equity impact	1,900,000	4,800,000
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 556,400,000	$ 556,400,000		$ 314,000,000
Junior Convertible Trust Preferred Securities | Junior convertible securities
Debt Instrument [Line Items]
Debt interest rate	5.15%	5.15%
Debt	$ 304,500,000	$ 304,500,000
Face amount	$ 409,800,000	$ 409,800,000
Debt instrument, term		16 years
Repayments of long-term debt		$ 22,800,000
Repurchase of junior convertible securities, debt impact		15,400,000
Deferred tax liabilities, net, decrease resulting from repurchase of junior convertible securities		4,900,000
Junior Convertible Trust Preferred Securities | Junior convertible securities | Additional Paid-In Capital
Debt Instrument [Line Items]
Repurchase of junior convertible securities, equity impact		$ 4,800,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Other assets
Derivative [Line Items]
Derivative assets, gross		$ 1,600,000	$ 3,500,000
Other liabilities
Derivative [Line Items]
Derivative liabilities, gross		1,200,000	$ 4,200,000
Foreign contracts and collar contracts
Derivative [Line Items]
Proceeds from derivative termination	$ 24,900,000
Forward foreign currency contracts
Derivative [Line Items]
Cash collateral held from counterparty		0
Cash collateral held at counterparty		$ 1,600,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap
Derivative [Line Items]
Fixed interest rate		0.5135%
Derivative notional amount		$ 250,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Assets	$ 1.6	$ 3.5
Liabilities	(1.2)	(4.2)
Net Investment Hedging | Forward foreign currency contracts
Derivative [Line Items]
Assets	1.6	3.5
Liabilities	0	(2.3)
Cash Flow Hedging | Interest rate swap
Derivative [Line Items]
Assets	0	0
Liabilities	$ (1.2)	$ (1.9)

Derivative Financial Instrume_5

Derivative Financial Instruments - Effect on Statement of Comprehensive Income and Statement of Income (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income (Loss)	$ 0.4	$ (1.7)	$ 1	$ 13.5
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.5	0.2	1	0.3
Gain (Loss) Recognized in Earnings from Excluded Components	0	0	0	2.8
Forward foreign currency contracts | Net Investment Hedging
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income (Loss)	0.3	(0.5)	0.4	64.5
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.5	0.2	1	0.3
Gain (Loss) Recognized in Earnings from Excluded Components	0	0	0	2.8
Put options | Net Investment Hedging
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income (Loss)			0	(47.7)
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings			0	0
Gain (Loss) Recognized in Earnings from Excluded Components			0	0
Call options | Net Investment Hedging
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income (Loss)			0	(1.3)
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings			0	0
Gain (Loss) Recognized in Earnings from Excluded Components			0	0
Interest rate swap | Cash Flow Hedging
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income (Loss)	0.1	(1.2)	0.6	(2)
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0	0	0	0
Gain (Loss) Recognized in Earnings from Excluded Components	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Commitments and Contingencies
Co-investment commitments in partnership		$ 128.5
Equity Method Investee
Commitments and Contingencies
Total contingent payments		104.4
Contingent payments in year one		$ 77.5
Noncontrolling interest, sell of ownership percentage	5.00%
Undisclosed Affiliate | Equity Method Investee
Commitments and Contingencies
Ownership percentage by minority owner		14.00%
Payments for Achievement of Financial Targets
Commitments and Contingencies
Total contingent payments		$ 188
Contingent payments in year one		40.5
Contingent payments after year one		147.5
Expected payments		13
Payment contingent on not meeting financial targets (up to)		12.5
Payment contingent on exercise of option to reduce ownership percentage		$ 25

Goodwill and Acquired Client _3

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,661.4
Foreign currency translation	8.3
Ending balance	$ 2,669.7

Goodwill and Acquired Client _4

Goodwill and Acquired Client Relationships - Additional Information (Details) - Acquired Client Relationships - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Intangible Assets
Amortization and impairment expenses of intangible assets			$ 16,400,000
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	$ 15,000,000		15,000,000
Finite-lived intangible, future amortization expense in year one	30,000,000		30,000,000
Finite-lived intangible, future amortization expense in year two	30,000,000		30,000,000
Finite-lived intangible, future amortization expense in year three	15,000,000		15,000,000
Finite-lived intangible, future amortization expense in year four	10,000,000		10,000,000
Finite-lived intangible, future amortization expense in year five	10,000,000		10,000,000
Intangible impairments		$ 60,300,000	0
Indefinite-lived acquired client relationships	913,000,000	0	913,000,000	$ 0	$ 909,000,000
Intangible amortization and impairments
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 8,900,000	20,600,000	$ 16,400,000	$ 41,200,000
Controlling Interest
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible impairments		$ 32,800,000

Goodwill and Acquired Client _5

Goodwill and Acquired Client Relationships - Schedule of Changes in the Components of Acquired Client Relationships (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total
Beginning balance, net book value			$ 1,048,800,000
Intangible amortization and impairments	$ (8,900,000)	$ (80,900,000)	(16,400,000)	$ (101,500,000)
Ending balance, net book value	1,036,800,000		1,036,800,000
Acquired Client Relationships
Definite-lived
Beginning balance, gross book value			1,166,600,000
Beginning balance, accumulated amortization			(1,026,800,000)
Beginning balance, net book value			139,800,000
Intangible amortization and impairments			(16,400,000)
Foreign currency translation, gross			3,900,000
Foreign currency translation, accumulated amortization			(3,500,000)
Foreign currency translation, net			400,000
Ending balance, gross book value	1,170,500,000		1,170,500,000
Ending balance, accumulated amortization	(1,046,700,000)		(1,046,700,000)
Ending balance, net book value	123,800,000		123,800,000
Indefinite-lived
Beginning balance, net book value			909,000,000
Intangible impairments		(60,300,000)	0
Foreign currency translation			4,000,000
Ending balance, net book value	913,000,000	$ 0	913,000,000	$ 0
Total
Beginning balance, net book value			1,048,800,000
Intangible amortization and impairments			(16,400,000)
Foreign currency translation			4,400,000
Ending balance, net book value	$ 1,036,800,000		$ 1,036,800,000

Equity Method Investments in _3

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2020	$ 2,074.8
Distributions of earnings	(226.6)	$ (160.2)
Balance, as of June 30, 2021	2,119.1
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2020	2,074.8
Investments in Affiliates	144.2
Earnings	153.7
Intangible amortization and impairments	(64.5)
Distributions of earnings	(226.6)
Foreign currency translation	28.4
Other	9.1
Balance, as of June 30, 2021	$ 2,119.1

Equity Method Investments in _4

Equity Method Investments in Affiliates - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of Intangible Assets				$ 16.4
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	$ 15			15
Finite-lived intangible, future amortization expense in year one	30			30
Finite-lived intangible, future amortization expense in year two	30			30
Finite-lived intangible, future amortization expense in year three	15			15
Finite-lived intangible, future amortization expense in year four	10			10
Finite-lived intangible, future amortization expense in year five	10			10
Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment expense			$ 140
Average projected growth rate period			5 years
Average projected growth rate			(2.00%)
Discount rate for assets based fees			11.00%
Discount rate for performance fees			20.00%
Market participant tax rate			25.00%
Total contingent payments	104.4			104.4
Contingent payments in 2021	26.9			26.9
Contingent payments in year one	77.5			77.5
Equity Method Investee | Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of Intangible Assets	29.3	$ 36.9		64.5	$ 76.2
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	60			60
Finite-lived intangible, future amortization expense in year one	80			80
Finite-lived intangible, future amortization expense in year two	80			80
Finite-lived intangible, future amortization expense in year three	50			50
Finite-lived intangible, future amortization expense in year four	50			50
Finite-lived intangible, future amortization expense in year five	$ 50			$ 50

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions
Other liabilities	$ 468.2	$ 452.2
Prior Owner | Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	$ 32.8	$ 35.4

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation	$ 13.6	$ 22.5	$ 23.3	$ 30.7
Tax benefit	2.2	$ 4.1	4.4	$ 5.6
Compensation expense related to share-based compensation	$ 85.4		$ 85.4		$ 86.2
Weighted average period over which compensation expense will be recognized			3 years

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units Transactions (Details) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock Units
Unvested units - beginning balance (in shares)	1.2
Units granted (in shares)	0.2
Units vested (in shares)	(0.2)
Units forfeited (in shares)	(0.1)
Performance condition changes (in shares)	0
Unvested units - ending balance (in shares)	1.1
Weighted Average Grant Date Value
Unvested units - beginning balance (in dollars per share)	$ 99.46
Units granted (in dollars per share)	139.23
Units vested (in dollars per share)	154.47
Units forfeited (in dollars per share)	105.45
Performance condition changes (in dollars per share)	110.02
Unvested units - ending balance (in dollars per share)	$ 93.52
Restricted stocks granted, fair value	$ 26.9	$ 30.5
Minimum
Weighted Average Grant Date Value
Restricted stock, vesting period	3 years
Maximum
Weighted Average Grant Date Value
Restricted stock, vesting period	4 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Stock Options
Unexercised options outstanding - beginning balance (in shares) | shares	2.9
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	(0.2)
Options forfeited (in shares) | shares	0
Performance condition changes (in shares) | shares	0
Unexercised options outstanding - ending balance (in shares) | shares	2.7
Stock Options, Exercisable at the end of the period (in shares) | shares	0.2
Weighted Average Exercise Price
Unexercised options outstanding - beginning balance (in dollars per share) | $ / shares	$ 82.14
Options granted (in dollars per share) | $ / shares	150.07
Options exercised (in dollars per share) | $ / shares	119.64
Options forfeited (in dollars per share) | $ / shares	91.86
Performance condition changes (in dollars per share) | $ / shares	0
Unexercised options outstanding - ending balance (in dollars per share) | $ / shares	79.66
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) | $ / shares	$ 136.09
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	5 years
Exercisable at the end of the period	1 year 7 months 6 days

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Options Granted and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation
Stock options granted, fair value	$ 1.8	$ 3.9
Stock options granted, weighted average fair value (in dollars per share)	$ 54.25	$ 17.49
Stock Options
Share-based Compensation
Stock options, expiration period	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield	0.00%	1.70%
Expected volatility	37.30%	29.40%
Risk-free interest rate	1.00%	0.90%
Expected life of options (in years)	5 years 8 months 12 days	5 years 8 months 12 days
Forfeiture rate	0.00%	0.00%
Stock Options | Minimum
Share-based Compensation
Stock options, vesting period	3 years
Stock Options | Maximum
Share-based Compensation
Stock options, vesting period	5 years

Redeemable Non-Controlling In_3

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance			$ 671.5
Decrease attributable to consolidated Affiliate sponsored investment products			(14.4)
Transfers to Other liabilities			(83)
Transfers from Non-controlling interests	$ 3.3	$ 0.3	3.8	$ 5.4
Changes in redemption value	72.2	$ 110.9	177.8	$ (32.1)
Balance, ending balance	755.7		$ 755.7
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
Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance			$ 35.4
Balance, ending balance	$ 21		$ 21

Affiliated Equity - Additional

Affiliated Equity - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 193.5	$ 171.7
Payments to acquire interest in affiliates	62.4	160.6
Issuance of interest in affiliates	17.6	$ 17.1
Other assets
Affiliate Equity [Line Items]
Due from affiliates	8.6		$ 9.6
Other liabilities
Affiliate Equity [Line Items]
Due to affiliates	$ 47.9		$ 22

Affiliate Equity - Summary of A

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 9.5	$ 10.2	$ 34.7	$ 26.8
Non- controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	6.8	5.1	$ 27.6	18.9
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life			5 years		5 years
Non-controlling Interests	109.2		$ 109.2		$ 109.7
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	2.7	$ 5.1	7.1	$ 7.9
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 49.1		$ 49.1		$ 35.9
Remaining Life			5 years		4 years

Affiliate Equity - Changes in t

Affiliate Equity - 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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 109	$ 30.7	$ 258.9	$ 15.1
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(17)	0	(17.5)	(1.3)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(8.2)	(5.5)	(56)	(160.6)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$ 83.8	$ 25.2	$ 185.4	$ (146.8)

Income Taxes - Schedule of Cons

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Provision
Deferred taxes			$ 68.2	$ (19.5)
Income tax expense	$ 70.9	$ 3.3	121.5	5.5
Non- controlling Interests
Income Tax Provision
Current taxes	2.7	2.2	4.9	4.4
Deferred taxes	6	0	6	(0.1)
Income tax expense	8.7	2.2	10.9	4.3
Controlling Interest
Income Tax Provision
Current taxes	17.8	1.3	48.4	20.6
Intangible-related deferred taxes	31	(3.1)	39.9	(34.1)
Other deferred taxes	13.4	2.9	22.3	14.7
Income tax expense	62.2	1.1	110.6	1.2
Income before income taxes (controlling interest)	$ 171.2	$ 31.8	$ 369.5	$ 16.3
Effective tax rate (controlling interests)	36.30%	3.40%	29.90%	7.60%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Provision
Effective income tax rate reconciliation, change in enacted tax rate, amount	$ 19.2
Effective income tax rate reconciliation, release of uncertain tax position		$ 5.5
Effective income tax rate reconciliation, capital loss benefit carryback		$ 4.1
Controlling Interest
Income Tax Provision
Effective tax rate	36.30%	3.40%	29.90%	7.60%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income (controlling interest)	$ 109	$ 30.7	$ 258.9	$ 15.1
Interest expense on junior convertible securities, net of taxes	4.6	0	9.4	0
Net income (controlling interest), as adjusted	$ 113.6	$ 30.7	$ 268.3	$ 15.1
Denominator
Average shares outstanding (basic) (in shares)	41.6	47.2	42.1	47.5
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	0.9	0.1	0.8	0.1
Junior convertible securities (in shares)	2.1	0	2.1	0
Average shares outstanding (diluted) (in shares)	44.6	47.3	45	47.6

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.3	3.2	0.3	3.2
Junior convertible securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	2.2	0	2.2

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Earnings Per Share [Abstract]
Number or shares repurchased during period (in shares)	0.5	2.1
Average price of shares repurchased during period (in dollars per share)	$ 158.83	$ 135.92

Comprehensive Income - Summary

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 8.4	$ (25.5)	$ 38.6	$ (67.7)
Tax Expense	(0.5)	1	(6.4)	(10.7)
Other comprehensive income (loss), net of tax	7.9	(24.5)	32.2	(78.4)
Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	8	(23.9)	37.6	(64.9)
Tax Expense	(0.5)	0.7	(6.3)	(11.2)
Other comprehensive income (loss), net of tax	7.5	(23.2)	31.3	(76.1)
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.4	(1.6)	1	(2.8)
Tax Expense	0	0.3	(0.1)	0.5
Other comprehensive income (loss), net of tax	$ 0.4	$ (1.3)	$ 0.9	$ (2.3)

Comprehensive Income - Componen

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 3,187.3	$ 3,508.9	$ 3,317.3	$ 3,499.1
Other comprehensive income before reclassifications			32.7
Amounts reclassified			(0.5)
Other comprehensive income (loss), net of tax	7.9	(24.5)	32.2	(78.4)
Ending balance	3,157.9	3,341.9	3,157.9	3,341.9
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(162.2)
Ending balance	(130)		(130)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(161.9)
Other comprehensive income before reclassifications			31.3
Amounts reclassified			0
Other comprehensive income (loss), net of tax	7.5	(23.2)	31.3	(76.1)
Ending balance	(130.6)		(130.6)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(0.3)
Other comprehensive income before reclassifications			1.4
Amounts reclassified			(0.5)
Other comprehensive income (loss), net of tax	0.4	$ (1.3)	0.9	$ (2.3)
Ending balance	$ 0.6		$ 0.6