Janus Capital (JNS) 10-Q 23 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 17, 2015
Document and Entity Information
Entity Registrant Name	JANUS CAPITAL GROUP INC
Entity Central Index Key	1,065,865
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		186,624,340
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 299.2	$ 452.5
Investment securities	355.1	344
Accounts receivable	135.8	130.9
Other current assets	81.7	59.8
Total current assets	871.8	987.2
Other assets:
Property and equipment, net	34.4	31.1
Intangible assets, net	1,252.3	1,257.4
Goodwill	509.7	509.7
Other non-current assets	93.8	7.8
Total assets	2,762	2,793.2
Current liabilities:
Accounts payable	9.4	8.8
Accrued compensation and benefits	84.9	142.8
Current portion of long-term debt	107.5
Other accrued liabilities	54.7	78
Total current liabilities	256.5	229.6
Other liabilities:
Long-term debt	344.5	450.5
Deferred income taxes, net	489.8	478.4
Other non-current liabilities	45.8	41.2
Total liabilities	$ 1,136.6	$ 1,199.7
Commitments and contingencies (See Note 15)
Redeemable noncontrolling interests	$ 28.6	$ 5.4
Equity:
Preferred stock ($1.00 par, 10,000,000 shares authorized, none issued)
Common stock ($0.01 par, 1,000,000,000 shares authorized; 186,857,313 and 185,153,490 shares outstanding, respectively)	$ 1.9	$ 1.9
Retained earnings	1,591.3	1,540.3
Accumulated other comprehensive loss, net of tax	(2.1)	(1.4)
Total JCG stockholders' equity	1,591.1	1,540.8
Noncontrolling interests	5.7	47.3
Total equity	1,596.8	1,588.1
Total liabilities, redeemable noncontrolling interests and equity	$ 2,762	$ 2,793.2

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED BALANCE SHEET
Preferred stock, par (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares outstanding	186,857,313	185,153,490

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Investment management fees	$ 233.7	$ 210.5	$ 456.3	$ 418.7
Performance fees	(4.4)	(17.3)	(6.7)	(33.2)
Shareowner servicing fees and other	42.6	38	85	75.9
Total revenue	271.9	231.2	534.6	461.4
Operating expenses:
Employee compensation and benefits	91.2	77.8	182.6	158.3
Long-term incentive compensation	19.7	12.5	39.9	24.5
Marketing and advertising	5.5	4.5	11.2	9.5
Distribution	34.7	32.5	68.9	65.3
Depreciation and amortization	7.6	6.2	15	12.8
General, administrative and occupancy	31.1	27	58.9	53.4
Total operating expenses	189.8	160.5	376.5	323.8
Operating Income	82.1	70.7	158.1	137.6
Interest expense	(7.2)	(8.9)	(14.5)	(18.3)
Investment gains (losses), net	(3.1)	0.9	1.3	(0.2)
Other income (expense), net	(2.2)	0.4	(2.3)	1
Income before taxes	69.6	63.1	142.6	120.1
Income tax provision	(24.7)	(26.2)	(51.5)	(52.1)
Net income	44.9	36.9	91.1	68
Noncontrolling interests	(0.2)	(0.6)	(1.8)	(1.2)
Net income attributable to JCG	$ 44.7	$ 36.3	$ 89.3	$ 66.8
Earnings per share attributable to JCG common shareholders:
Basic (in dollars per share)	$ 0.24	$ 0.19	$ 0.48	$ 0.35
Diluted (in dollars per share)	0.23	0.19	0.46	0.35
Dividends paid (per share)	$ 0.09	$ 0.08	$ 0.17	$ 0.15
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on available-for-sale securities	$ (1)	$ 1.1	$ (0.7)	$ 2.3
Reclassification for items included in net income		(0.3)		(0.5)
Total other comprehensive income (loss), net of tax	(1)	0.8	(0.7)	1.8
Comprehensive income	43.9	37.7	90.4	69.8
Comprehensive income attributable to noncontrolling interests	(0.2)	(0.6)	(1.8)	(1.2)
Comprehensive income attributable to JCG	$ 43.7	$ 37.1	$ 88.6	$ 68.6

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 91.1	$ 68
Adjustments to reconcile net income to net cash used for operating activities:
Depreciation and amortization	15	12.8
Deferred income taxes	31.9	32.6
Amortization of stock-based compensation	26	7.8
Investment (gains) losses, net	(1.3)	0.2
Amortization of debt discounts, premiums and deferred issuance costs	2.1	5.8
Payment of deferred commissions, net	(6.6)	(2.9)
Other, net	3.9	0.1
Changes in working capital items:
Accounts receivable	(3.2)	(11.2)
Other current assets	(54.4)	(34.5)
Accounts payable and accrued compensation payable	(61.6)	(26.1)
Other current and non-current liabilities	(14.5)	(22.7)
Net operating activities	28.4	29.9
Investing activities:
Purchase of property and equipment	(4.6)	(5.1)
Purchases and settlements of investment securities	(61.9)	(49.8)
Proceeds from sales, settlements and maturities of investment securities	30.4	222
Escrow of cash for acquisition	(88.7)
Net investing activities	(124.8)	167.1
Financing activities:
Repayment of long-term debt		(38.9)
Purchase of noncontrolling interests	(0.1)	(1)
Distributions to noncontrolling interests	(1.5)	(1.3)
Proceeds from stock option exercises and employee stock purchases	7.8	3
Excess tax benefit from equity-based compensation	7.6	0.9
Principal payments under capital lease obligations	(0.4)	(0.6)
Repurchase of common stock	(34.7)	(36.7)
Dividends paid to JCG shareholders	(31.8)	(28.6)
Net financing activities	(53.1)	(103.2)
Cash and cash equivalents:
Effect of foreign exchange rate changes	(3.8)	(0.1)
Net change	(153.3)	93.7
At beginning of year	452.5	344.5
At end of year	299.2	438.2
Supplemental cash flow information:
Cash paid for interest	12	14.2
Cash paid for income taxes, net of refunds	$ 67.5	$ 55.6

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Nonredeemable Noncontrolling Interest	Total
Balance at Dec. 31, 2013	$ 1.9	$ 1,496	$ (1.1)	$ 13.7	$ 1,510.5
Balance (in shares) at Dec. 31, 2013	188,600,000
Increase (Decrease) in Stockholders' Equity
Net income		66.8		0.5	67.3
Other comprehensive income (loss)			1.8		1.8
Amortization of stock-based compensation		13.2		0.8	14
Issuance and forfeitures of restricted stock awards, net (in shares)	2,600,000
Stock option exercises and employee stock purchases		3			3
Stock option exercises and employee stock purchases (in shares)	500,000
Changes in noncontrolling interests in consolidated investment products				5.6	5.6
Distributions to noncontrolling interests				(0.8)	(0.8)
Change in fair value of redeemable noncontrolling interests		1.9			1.9
Purchase of noncontrolling interests				(0.4)	(0.4)
Repurchase of common stock		(36.7)			(36.7)
Repurchase of common stock (in shares)	(3,200,000)
Dividends paid to JCG shareholders		(28.6)			(28.6)
Balance at Jun. 30, 2014	$ 1.9	1,515.6	0.7	19.4	1,537.6
Balance (in shares) at Jun. 30, 2014	188,500,000
Balance at Dec. 31, 2014	$ 1.9	1,540.3	(1.4)	47.3	$ 1,588.1
Balance (in shares) at Dec. 31, 2014	185,200,000				185,153,490
Increase (Decrease) in Stockholders' Equity
Net income		89.3		0.6	$ 89.9
Other comprehensive income (loss)			(0.7)		(0.7)
Amortization of stock-based compensation		18.1		0.5	18.6
Amortization of INTECH appreciation rights				(0.6)	(0.6)
Issuance and forfeitures of restricted stock awards, net (in shares)	2,800,000
Stock option exercises and employee stock purchases		7.8			7.8
Stock option exercises and employee stock purchases (in shares)	900,000
Tax impact of stock-based compensation		2.5			2.5
Changes in noncontrolling interests in consolidated investment products				(41.1)	(41.1)
Distributions to noncontrolling interests				(0.9)	(0.9)
Change in fair value of redeemable noncontrolling interests		(0.2)			(0.2)
Purchase of noncontrolling interests				(0.1)	(0.1)
Repurchase of common stock		(34.7)			(34.7)
Repurchase of common stock (in shares)	(2,000,000)
Dividends paid to JCG shareholders		(31.8)			(31.8)
Balance at Jun. 30, 2015	$ 1.9	$ 1,591.3	$ (2.1)	$ 5.7	$ 1,596.8
Balance (in shares) at Jun. 30, 2015	186,900,000				186,857,313

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION
BASIS OF PRESENTATION	Note 1 — Basis of Presentation In the opinion of Janus Capital Group Inc. (collectively, “JCG” or “the Company”) management, the accompanying interim condensed consolidated financial statements contain all adjustments necessary to fairly present the financial position, results of operations and cash flows of JCG in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All such adjustments are of a normal recurring nature. Such interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed consolidated financial statements through the issuance date, and the Company has determined that there were no subsequent events that require disclosure other than the acquisition discussed below. These interim condensed consolidated financial statements should be read in conjunction with JCG’s Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying interim condensed consolidated financial statements have been prepared on a consistent basis with the accounting policies described in Note 2 to the consolidated financial statements that are presented in JCG’s Annual Report on Form 10-K for the year ended December 31, 2014. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new revenue recognition standard. The standard’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. On July 9, 2015, the FASB reaffirmed its April 2015 proposal to defer the effective date of the new revenue standard by one year. The revenue standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. The Company is evaluating the effect of adopting this new accounting standard. In February 2015, the FASB issued amendments to its consolidation standard that eliminate the deferral for investment funds and modify the analysis for determining if an entity is a variable interest entity (“VIE”). The amendments also include a scope exception for money market funds and change how related party interests affect the consolidation analysis of VIEs. The amended VIE analysis changes the assessment of kick-out rights and fees paid to a service provider when decision-making over an entity’s most significant activities has been outsourced. Additionally, limited partnerships and similar entities will be considered VIEs under the amended standard unless limited partners hold substantive kick-out rights or participation rights. The standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting standard. In April 2015, the FASB issued an amendment to its debt standard requiring debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts and premiums. The standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. At June 30, 2015, the Company had approximately $2.3 million of debt issuance costs in other current and other non-current assets on its Condensed Consolidated Balance Sheets that meet the criteria of this amendment.

ACQUISITION OF KAPSTREAM

ACQUISITION OF KAPSTREAM	6 Months Ended
	Jun. 30, 2015
ACQUISITION OF KAPSTREAM
ACQUISITION OF KAPSTREAM	Note 2 — Acquisition of Kapstream On July 1, 2015, JCG announced and closed the acquisition of a 51% interest in Kapstream Capital Pty Limited (“Kapstream”), a global unconstrained fixed income asset manager. The acquisition serves to further expand JCG’s fixed income capabilities and build-out its global unconstrained fixed income team. The transaction included initial upfront cash consideration of $84.8 million and contingent consideration of $9.6 million, with the contingent consideration payable at 18 and 36 months after acquisition if certain performance targets are achieved. JCG has an option to purchase the remaining 49% interest from Kapstream management on the third and fourth anniversaries of the acquisition. The Company also acquired certain distribution rights for additional cash consideration of $3.9 million. The Company incurred $2.1 million in bank advisory fees and other deal costs during the second quarter 2015 related to the acquisition. The deal costs are included in general, administrative and occupancy on JCG’s Condensed Consolidated Statements of Comprehensive Income. JCG will complete an allocation of the purchase price to the acquired assets during the third quarter 2015. In conjunction with the acquisition, the Company purchased Australian dollars during the second quarter 2015 in anticipation of the transaction which closed on July 1, 2015. As of June 30, 2015, the foreign currency was held in escrow and included in other non-current assets on the Company’s Condensed Consolidated Balance Sheets. During the second quarter there was a mark-to-market loss of $3.4 million on currency translation on those funds. The loss is included in other income (expense), net on JCG’s Condensed Consolidated Statements of Comprehensive Income.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2015
INVESTMENT SECURITIES
INVESTMENT SECURITIES	Note 3 — Investment Securities JCG’s investment securities as of June 30, 2015, and December 31, 2014, are summarized as follows (in millions): June 30, December 31, 2015 2014 Trading securities: Seeded investment products $ $ Investments in advised mutual funds Investments related to deferred compensation plans Total trading securities Available-for-sale securities: Seeded investment products Total investment securities $ $ Trading Securities Seeded investment products classified as trading securities consisted of the following as of June 30, 2015, and December 31, 2014: June 30, 2015 December 31, 2014 Fair value (in millions) Number of products Fair value (in millions) Number of products Mutual funds advised by the Company $ $ Separately managed accounts Total seeded investment products classified as trading securities $ $ Gains and (losses) recognized on trading securities still held as of June 30, 2015 and 2014, are summarized as follows (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Gains (losses) on trading securities still held at period end $ ) $ $ ) $ Available-for-Sale Securities Seeded investment products classified as available-for-sale securities consisted of the following as of June 30, 2015, and December 31, 2014: June 30, 2015 December 31, 2014 Fair value (in millions) Number of products Fair value (in millions) Number of products Mutual funds advised by the Company $ $ The following is a summary of available-for-sale securities as of June 30, 2015, and December 31, 2014 (in millions): Gross unrealized investment Foreign currency Estimated Carrying Cost Gains Losses translation fair value value June 30, 2015 Seeded investment products $ $ $ ) $ ) $ $ December 31, 2014 Seeded investment products $ $ $ ) $ ) $ $ The Company reviewed the gross unrealized losses on available-for-sale securities and determined that the losses were not other-than-temporary. The Company considered the duration, extent and circumstances of any decline in fair value as well as JCG’s intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in the market value. No other-than-temporary impairment charges were recognized in the six months ended June 30, 2015 or 2014. Realized gains and losses related to the disposition of seeded investment products classified as available-for-sale securities were recognized within investment gains (losses), net on JCG’s Condensed Consolidated Statements of Comprehensive Income. The following is a summary of realized gains and losses upon disposition of seeded investment products classified as available-for-sale securities for the three and six months ended June 30, 2015 and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Realized gains $ — $ $ — $ Realized losses — — — ) Net realized gains $ — $ $ — $ Derivative Instruments The Company maintains an economic hedge program that uses derivative instruments to hedge against market volatility of certain seed investments. Fluctuations in equity markets, debt markets, commodity markets and foreign currency markets are hedged by using index swaps, index futures, commodity futures and foreign currency forward contracts. JCG was party to the following derivative instruments as of June 30, 2015, and December 31, 2014: June 30, 2015 December 31, 2014 Number of contracts Notional value (in millions) Number of contracts Notional value (in millions) Index swaps $ $ Futures $ $ Foreign currency forward contracts $ $ The above derivative instruments are not designated as hedges for accounting purposes. Changes in fair value of the index swaps and futures are recognized in investment gains (losses), net on JCG’s Condensed Consolidated Statements of Comprehensive Income while changes in the fair value of the foreign currency forward contracts are recognized in other income (expense), net on JCG’s Condensed Consolidated Statements of Comprehensive Income. Index swaps are subject to a master netting arrangement. The values of the individual index swap contracts, including any associated cash collateral, are combined and are included on a net basis in other current assets on JCG’s Condensed Consolidated Balance Sheets. Futures are also subject to a master netting arrangement and are presented in the same manner as the index swaps. Foreign currency forward contracts are not subject to a master netting arrangement, and as such, fair values of individual contracts are not netted and are included separately within either other current assets or other accrued liabilities on JCG’s Condensed Consolidated Balance Sheets. The Company posted $1.5 million and $1.7 million in cash collateral with the counterparty of the futures as of June 30, 2015, and December 31, 2014, respectively. The cash collateral is included in other current assets on JCG’s Condensed Consolidated Balance Sheets. The following tables illustrate the effect of offsetting derivative instruments on JCG’s Condensed Consolidated Balance Sheets as of June 30, 2015, and December 31, 2014 (in millions): June 30, 2015 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Futures $ $ ) $ — $ Liabilities: Futures $ $ ) $ — $ — December 31, 2014 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Index swaps $ $ — $ — $ Liabilities: Index futures $ $ — $ ) $ — JCG recognized the following net gains (losses) on hedged seed investments and net gains (losses) on associated futures and index swaps for the three and six months ended June 30, 2015 and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Gains (losses) on hedged seed investments classified as trading securities(1) $ ) $ $ $ Gains (losses) on hedged seed investments classified as available-for-sale securities(1) ) ) Total gains (losses) on hedged seed investments ) Gains (losses) on futures ) ) Losses on index swaps ) ) ) ) Total $ ) $ ) $ $ (1) Includes net gains (losses) associated with hedged equity and fixed income seed investment products. Hedging activity is limited to the systematic market risk associated with equity products and the interest rate risk associated with fixed income products. JCG recognized the following net gains (losses) on hedged seed investments denominated in a foreign currency and net gains on associated foreign currency forward contracts for the three and six months ended June 30, 2015 and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Foreign currency translation gains (losses) $ $ ) $ ) $ ) Foreign currency forward contract gains — Total $ $ ) $ ) $ ) Derivative Instruments in Consolidated Seeded Investment Products Certain of the Company’s consolidated seeded investment products utilize derivative instruments to contribute to the achievement of defined investment objectives. These derivative instruments are classified within investment securities on JCG’s Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains (losses), net on JCG’s Condensed Consolidated Statements of Comprehensive Income. The consolidated seeded investment products posted $3.6 million and $1.8 million in cash collateral with the counterparty of the derivative instruments as of June 30, 2015, and December 31, 2014, respectively. JCG’s consolidated seeded investment products were party to the following derivative instruments as of June 30, 2015, and December 31, 2014: June 30, 2015 December 31, 2014 Number of contracts Notional value (in millions) Number of contracts Notional value (in millions) Swaps $ $ Futures $ $ Foreign currency forward contracts $ $ Options $ $ The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JCG’s Condensed Consolidated Balance Sheets as of June 30, 2015 (in millions): June 30, 2015 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Swaps $ $ ) $ — $ Futures ) — — Options ) — — Total $ $ ) $ — $ Liabilities: Swaps $ $ ) $ — $ — Futures ) — — Options ) — — Total $ $ ) $ — $ — The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JCG’s Condensed Consolidated Balance Sheets as of December 31, 2014 (in millions): December 31, 2014 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Swaps $ $ ) $ — $ Futures ) — Options — — Total $ $ ) $ — $ Liabilities: Swaps $ $ ) $ — $ — Futures ) — — Total $ $ ) $ — $ — Investment Gains (Losses), Net Investment gains (losses), net on JCG’s Condensed Consolidated Statements of Comprehensive Income included the following for the three and six months ended June 30, 2015 and 2014 ( in millions ): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Seeded investment products $ ) $ $ $ Noncontrolling interests in seeded investment products ) Investments in advised mutual funds — — Index swaps and futures ) ) ) Economic hedge for deferred compensation plans ) Investment gains (losses), net $ ) $ $ $ ) Purchases, Sales, Settlements and Maturities Cash flows related to investment securities for the three and six months ended June 30, 2015 and 2014, are summarized as follows (in millions): Three months ended June 30, 2015 2014 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Trading securities $ ) $ $ ) $ Available-for-sale securities ) — ) Derivative instruments: Seed capital economic hedge ) ) Total cash flows $ ) $ $ ) $ Six months ended June 30, 2015 2014 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Trading securities $ ) $ $ ) $ Available-for-sale securities ) — ) Derivative instruments: Seed capital economic hedge ) ) Total cash flows $ ) $ $ ) $

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	Note 4 — Fair Value Measurements The following table presents assets, liabilities and redeemable noncontrolling interests measured or disclosed at fair value on a recurring basis as of June 30, 2015 (in millions): Fair value measurements using: Quoted prices in active markets for Significant other Significant identical assets observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ $ — $ Futures — — Trading securities: Seeded investment products — Investments in advised mutual funds — — Investments related to deferred compensation plans — — Available-for-sale securities: Seeded investment products — — Total investment securities — Total assets $ $ $ — $ Liabilities: Futures $ $ — $ — $ Current portion of long-term debt(1) — — Long-term debt(1) — — VelocityShares contingent consideration — — Total liabilities $ $ $ $ Redeemable noncontrolling interests: Consolidated seeded investment products $ $ $ — $ INTECH — — Total redeemable noncontrolling interests $ $ $ $ (1) Carried at amortized cost and disclosed at fair value. The following table presents assets, liabilities and redeemable noncontrolling interests measured or disclosed at fair value on a recurring basis as of December 31, 2014 (in millions) : Fair value measurements using: Quoted prices in active markets for Significant other Significant identical assets observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ $ — $ Index swaps — — Trading securities: Seeded investment products — Investments in advised mutual funds — — Investments related to deferred compensation plans — — Available-for-sale securities: Seeded investment products — — Total investment securities — Total assets $ $ $ — $ Liabilities: Long-term debt(1) $ — $ $ — $ VelocityShares contingent consideration — — Index futures — — Total liabilities $ $ $ $ Redeemable noncontrolling interests in INTECH $ — $ — $ $ (1) Carried at amortized cost and disclosed at fair value. Level 1 Fair Value Measurements JCG’s Level 1 fair value measurements consist mostly of seeded investment products, investments in advised mutual funds, investments in money market funds and investments related to deferred compensation plans with quoted market prices in active markets. The fair value level of seeded investment products classified as trading securities is determined by the underlying securities of the product. The fair value level of equity-method and unconsolidated seeded investment products is determined using the respective net asset value (“NAV”) of each product. All seeded investment products that use the NAV to determine their fair value are classified as Level 1 and primarily represent seeded mutual funds where JCG’s ownership level is under 50%. Level 2 Fair Value Measurements JCG’s Level 2 fair value measurements consist mostly of cash equivalents, seeded investment products and JCG’s long-term debt. Cash equivalents are short-term, highly liquid investments with an initial maturity of three months or less when purchased and consist primarily of commercial paper and certificates of deposits. The fair value of consolidated seeded investment products where JCG’s ownership level is above 50% is determined by the underlying securities of the product. The fair value of JCG’s long-term debt is determined using broker quotes and recent trading activity, which are considered Level 2 inputs. Level 3 Fair Value Measurements JCG’s Level 3 recurring fair value measurements largely represent redeemable noncontrolling interests in INTECH Investment Management LLC (“INTECH”) and contingent cash consideration related to the acquisition of VS Holdings Inc., the parent company of VelocityShares, LLC (“VelocityShares”). INTECH Redeemable noncontrolling interests in INTECH are measured at fair value on a quarterly basis or more frequently if events or circumstances indicate that a material change in the fair value of INTECH has occurred. The fair value of INTECH is determined using a valuation methodology that incorporates observable metrics from publicly traded peer companies as valuation comparables, and adjustments related to investment performance and changes in assets under management. The valuation analysis is prepared internally within JCG’s finance organization by personnel with appropriate valuation experience and credentials. In preparing the analysis, JCG benchmarks valuation metrics such as multiples of earnings before interest expense, taxes, depreciation and amortization (“EBITDA”) against current market observables and recent market transactions of a similar size and nature to ensure that the estimates are reasonable. The analysis is reviewed by senior JCG finance personnel and JCG’s Chief Financial Officer. The analysis is also reviewed by the holders of the noncontrolling interests in INTECH. If the valuation is agreed to by both JCG and the holders of noncontrolling interests, JCG uses the analysis to value the redeemable noncontrolling interests. Significant inputs related to the valuation analysis include INTECH’s trailing 12-month operating results, performance fees, investment performance and trends in assets under management. In addition, market trading comparables from a relevant publicly traded peer set are included to complete the valuation process. Publicly available comparables used for the second quarter 2015 valuation analysis ranged from approximately 8.0x to 14.0x EBITDA. Significant increases or decreases in historical INTECH operating results would result in a significantly higher or lower fair value measurement, respectively. Additionally, a significant increase or decrease in market trading comparables would result in a significantly higher or lower fair value measurement, respectively. Generally, any period-over-period change in INTECH performance or level of assets under management in isolation is accompanied by a directionally similar change in the fair value measurement. VelocityShares Contingent cash consideration was a component of the purchase price of VelocityShares. The contingent consideration is payable on the first, second, third and fourth anniversaries of the acquisition, in amounts up to $10 million each for the first and second anniversaries, and $8 million each for the third and fourth anniversaries. The payments are contingent on certain VelocityShares’ exchange-traded products reaching defined net revenue targets. The fair value of the contingent cash consideration is calculated on a quarterly basis by forecasting net exchange-traded product revenue, as defined by the purchase agreement, over the contingency period, and determining whether targets are met given forecasted VelocityShares operating results. Forecasted contingent payments are then discounted back to the valuation date. Significant unobservable inputs used in the valuation are limited to forecasted gross revenues and certain expense items, which are deducted from these revenues. Increases in forecasted net revenue would increase the fair value of the consideration, subject to payment limitations, while decreases in net revenues would decrease the fair value. Nonrecurring Level 3 Fair Value Measurements Nonrecurring Level 3 fair value measurements include goodwill and intangible assets. JCG measures the fair value of goodwill and intangible assets using a discounted cash flow analysis that requires assumptions regarding projected future earnings and discount rates. Because of the significance of the unobservable inputs in the fair value measurements of these assets and liabilities, such measurements have been classified as Level 3. The changes in fair value of JCG’s Level 3 items, for the three and six months ended June 30, 2015 and 2014, are as follows (in millions): Three months ended June 30, 2015 2014 Redeemable noncontrolling interests in INTECH VelocityShares contingent consideration Seeded investment products Redeemable noncontrolling interests in subsidiaries Beginning of period fair value $ $ $ $ Distributions ) — — ) Current earnings — — Amortization of INTECH appreciation rights — — — Change in fair value ) — End of period fair value $ $ $ — $ Six months ended June 30, 2015 2014 Redeemable noncontrolling interests in INTECH VelocityShares contingent consideration Redeemable noncontrolling interests in subsidiaries Beginning of period fair value $ $ $ Distributions ) — ) Current earnings — Purchase of redeemable noncontrolling interests — — ) Amortization of INTECH appreciation rights — — Change in fair value ) End of period fair value $ $ $ Transfers Between Fair Value Levels The underlying securities of mutual funds and separate accounts may be denominated in a foreign currency. In some cases, the closing price of such securities may be adjusted to capture the effects of any post-closing activity affecting the markets in which they trade. Security prices are adjusted based upon historical impacts for similar post-close activity. These adjustments result in the securities being classified as Level 2 and may also result in movements of securities between Level 1 and Level 2. Additionally, the deconsolidation of a seeded investment product can cause investment securities held by the product to be removed from Level 2. Upon deconsolidation, the entire seeded investment product is valued using the NAV rather than valued using its underlying securities. Generally, seeded investment products that use the NAV to determine their fair value are classified as Level 1. During the first quarter 2015, the Global Unconstrained Bond Fund in the Company’s international trust was deconsolidated and its $44.3 million of Level 2 assets were reclassified to Level 1. Transfers are recognized at the end of each reporting period. Transfers from Level 1 and Level 2 classifications for the six months ended June 30, 2015 and 2014, are summarized as follows (in millions): June 30, 2015 2014 Transfers from Level 1 to Level 2 $ — $ — Transfers from Level 2 to Level 1 $ $ —

DEBT

DEBT	6 Months Ended
	Jun. 30, 2015
DEBT
DEBT	Note 5 — Debt Debt at June 30, 2015, and December 31, 2014, consisted of the following (in millions): June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair value value value value 6.700% Senior Notes due 2017 $ $ $ $ 0.750% Convertible Senior Notes due 2018 Total Less: Current portion — — Total long-term debt $ $ $ $ Fair Value of Debt The fair value of debt was determined using broker quotes and any recent trading activity for each of the notes listed above, which are considered Level 2 inputs. 0.750% Convertible Senior Notes due 2018 The initial conversion rate of the 0.750% Convertible Senior Notes due 2018 (“2018 Convertible Notes”) was 92.06 shares of JCG common stock per $1,000 principal amount of the 2018 Convertible Notes, which is equivalent to an initial conversion price of approximately $10.86 per share of common stock. The initial conversion rate was most recently adjusted during the second quarter 2015 when JCG paid a quarterly cash dividend of $0.09 per share, which was greater than the quarterly dividend of $0.07 per share at the time of issuance. As a result of the quarterly cash dividend paid on May 22, 2015, the conversion rate changed to 92.44 shares of JCG common stock per $1,000 principal amount of 2018 Convertible Notes, equivalent to a conversion price of approximately $10.82 per share of common stock. Holders of the 2018 Convertible Notes may convert the notes during a particular calendar quarter if the last reported sale price of JCG’s common stock is greater than or equal to 130% of the applicable conversion price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding quarter. As of June 30, 2015, the 2018 Convertible Notes met the criteria for early conversion and are convertible during the third quarter 2015. The 2018 Convertible Notes conversion criteria are reassessed on a quarterly basis. Fluctuations in the price of JCG’s common stock may cause reclassification of the 2018 Convertible Notes between long-term debt and current portion of long-term debt on JCG’s Condensed Consolidated Balance Sheets on a quarter-to-quarter basis. Convertible Note Hedge and Warrants In connection with the 2018 Convertible Notes issuance in June 2013, JCG entered into convertible note hedge and warrant transactions, which, in combination, are intended to reduce the potential for future dilution to existing shareholders by effectively increasing the initial conversion price of the 2018 Convertible Notes to JCG from $10.86 to $12.60 per share of common stock. The initial $10.86 and $12.60 per share of common stock exercise prices of the call options and warrants, respectively, were adjusted during the second quarter 2015 when JCG paid a quarterly cash dividend of $0.09 per share. As a result of the quarterly cash dividend paid on May 22, 2015, which was greater than the quarterly dividend of $0.07 per share at the time of issuance, the exercise price of the call options changed to $10.82 per share of common stock, and the exercise price of the warrants changed to $12.55 per share of common stock. Interest Rate Adjustment Covenant The 6.700% Senior Notes due 2017 (“2017 Senior Notes”) are subject to an interest rate adjustment covenant that provides that the interest rate payable will increase by 25 basis points for each level that the Company’s debt rating is decreased by Moody’s Investor Services Inc. (“Moody’s”) from Baa3 or by Standard and Poor’s Rating Service (“S&P”) from BBB-, up to a maximum increase of 200 basis points. If the interest rate has been adjusted upward as a result of either Moody’s or S&P decreasing its rating, then for each level of a subsequent rating increase, the interest payable will be decreased by 25 basis points, but in no event to a rate less than the interest rate payable on the date of issuance of the respective notes. The interest rate adjustment covenant will permanently terminate if the Company’s debt ratings increase to Baa2 (or higher) by Moody’s and BBB (or higher) by S&P, with a stable or positive outlook regardless of any subsequent decrease in the ratings by either or both rating agencies. On February 26, 2015, Moody’s reaffirmed JCG’s credit rating of Baa3, with a stable outlook. On March 20, 2015, S&P reaffirmed JCG’s credit rating of BBB-, and revised its outlook to positive from negative. Credit Facility At June 30, 2015, JCG had a $200 million, unsecured, revolving credit facility (“Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent and swingline lender. The Credit Facility can be used by JCG and its subsidiaries for working capital needs and general corporate purposes. The Credit Facility bears interest on borrowings outstanding at the London Interbank Offered Rate (“LIBOR”) plus a spread, which is based on JCG’s credit rating. JCG is required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is also based on JCG’s credit rating. Under the Credit Facility, the financing leverage ratio cannot exceed 3.00x, and the interest coverage ratio must equal or exceed 4.00x. At June 30, 2015, JCG was in compliance with all covenants, and there were no borrowings under the Credit Facility at June 30, 2015, or during the six months ended June 30, 2015. The Credit Facility has a maturity date of November 23, 2018.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
INCOME TAXES
INCOME TAXES	Note 6 — Income Taxes The Company’s effective tax rates for the three and six months ended June 30, 2015 and 2014, are as follows: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Effective tax rate % % % % As of June 30, 2015, JCG had $5.5 million of accrued reserves for income tax contingencies. JCG accrued additional reserves for income tax contingencies in the amount of $0.2 million and removed reserves of $0.3 million during the second quarter 2015, creating a net tax benefit of $0.1 million. JCG anticipates that its income tax contingency reserves will decrease by approximately $0.6 million in the next 12 months, primarily from the expiration of statutes of limitations and the resolution of audits. Accrued reserves for income tax contingencies are presented in other accrued liabilities and other non-current liabilities on JCG’s Condensed Consolidated Balance Sheets.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2015
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	Note 7 — Noncontrolling Interests Noncontrolling interests in net income for the three and six months ended June 30, 2015 and 2014, consisted of the following (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Redeemable noncontrolling interests in: Consolidated seeded investment products $ ) $ — $ $ — INTECH Nonredeemable noncontrolling interests in: Consolidated seeded investment products — — INTECH Total noncontrolling interests in net income $ $ $ $ Redeemable Noncontrolling Interests As of June 30, 2015, and December 31, 2014, redeemable noncontrolling interests are summarized as follows (in millions): June 30, December 31, 2015 2014 Consolidated seeded investment products $ $ — INTECH appreciation rights — INTECH founding member ownership interests INTECH undistributed earnings ) ) Total redeemable noncontrolling interests $ $ Consolidated Seeded Investment Products Redeemable noncontrolling interests in consolidated seeded investment products may fluctuate from period to period, and are impacted by changes in JCG’s relative ownership percentage of seeded products, changes in the amount of third-party investment in seeded products and volatility in the market value of the seeded products’ underlying securities. Third-party redemption of investments in consolidated seeded products is redeemed from the respective product’s net assets and cannot be redeemed from the assets of other seeded products or from the assets of JCG. The following table presents a rollforward of noncontrolling interests in consolidated seeded investment products for the three and six months ended June 30, 2015, and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Beginning of period balance $ $ $ $ Changes in market value ) Changes in ownership ) End of period balance $ $ $ $ Changes in ownership during the six months ended June 30, 2015, represent the deconsolidation of the Global Unconstrained Bond Fund within JCG’s international trust. Third-party investment during the period brought JCG’s ownership below 50%. INTECH INTECH ownership interests held by a founding member had an estimated fair value of $6.1 million and $5.9 million as of June 30, 2015, and December 31, 2014, respectively, representing approximately a 1.0% aggregate ownership of INTECH for both periods. This founding member is entitled to retain his remaining INTECH interests until his death and has the option to require JCG to purchase from him his ownership interests of INTECH at fair value. INTECH appreciation rights were granted in October 2014 to retain and incentivize employees. The appreciation rights had a grant date fair value of $23.2 million, which is being amortized on a straight-line basis over the 10-year vesting schedule, and are exercisable upon termination of employment from INTECH to the extent vested. Upon exercise, the appreciation rights are settled in INTECH equity. Nonredeemable Noncontrolling Interests At June 30, 2015, noncontrolling interests not subject to redemption rights included employee ownership interests in INTECH. Nonredeemable noncontrolling interests as of June 30, 2015, and December 31, 2014, are summarized as follows (in millions): June 30, December 31, 2015 2014 Nonredeemable noncontrolling interests in: Consolidated seeded investment products $ — $ INTECH Total nonredeemable noncontrolling interests $ $

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	6 Months Ended
	Jun. 30, 2015
LONG-TERM INCENTIVE COMPENSATION
LONG-TERM INCENTIVE COMPENSATION	Note 8 — Long-Term Incentive Compensation JCG generally grants annual long-term incentive awards during the first quarter of each year. JCG granted $1.9 million and $77.3 million in long-term incentive awards during the three and six months ended June 30, 2015, respectively, which generally vest and will be recognized ratably over a four-year period. The 2015 awards consisted of $52.2 million of restricted stock (2.9 million shares at a weighted-average price of $17.81 per share), $23.1 million of mutual fund share awards and $2.0 million of INTECH long-term incentive awards. During the three and six months ended June 30, 2015, JCG recognized $0.6 million and $1.7 million of long-term incentive compensation expense related to mark-to-market adjustments of mutual fund share awards and deferred compensation plans, and $1.9 million and $2.4 million during the same periods in 2014, respectively. Compensation expense associated with the INTECH appreciation rights, profit interests and phantom interests granted in October 2014 was $3.4 million and $7.3 million for the three and six months ended June 30, 2015, respectively.

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	6 Months Ended
	Jun. 30, 2015
OTHER INCOME (EXPENSE), NET
OTHER INCOME (EXPENSE), NET	Note 9 — Other Income (Expense), Net The components of other income (expense), net for the three and six months ended June 30, 2015 and 2014, are as follows (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Dividend income $ $ $ $ Interest income Foreign currency losses, net ) ) ) ) Other, net — — — Total other income (expense), net $ ) $ $ ) $

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS.
ACCUMULATED OTHER COMPREHENSIVE LOSS	Note 10 — Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2015 and 2014, are as follows (in millions): Three months ended June 30, 2015 2014 Available-for-sale Foreign Available-for-sale Foreign securities currency Total securities currency Total Beginning balance $ $ ) $ ) $ $ ) $ ) Other comprehensive income (loss) before reclassifications ) — ) — Amounts reclassified from accumulated other comprehensive loss to: Investment gains (losses), net — — — ) — ) Net current period other comprehensive income (loss) ) — ) — Ending balance $ $ ) $ ) $ $ ) $ Six months ended June 30, 2015 2014 Available-for-sale Foreign Available-for-sale Foreign securities currency Total securities currency Total Beginning balance $ $ ) $ ) $ $ ) $ ) Other comprehensive income (loss) before reclassifications ) — ) — Amounts reclassified from accumulated other comprehensive loss to: Investment gains (losses), net — — — ) — ) Net current period other comprehensive income (loss) ) — ) — Ending balance $ $ ) $ ) $ $ ) $

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE
EARNINGS PER SHARE	Note 11 — Earnings Per Share The following is a summary of the earnings per share calculation for the three and six months ended June 30, 2015 and 2014 (in millions, except per share data): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Net income attributable to JCG $ $ $ $ Less: Allocation of earnings to participating restricted stock awards Net income attributable to JCG common shareholders $ $ $ $ Basic earnings per share attributable to JCG common shareholders: Weighted-average common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share attributable to JCG common shareholders: Weighted-average common shares outstanding Incremental common shares Weighted-average diluted common shares outstanding Diluted earnings per share $ $ $ $ Incremental common shares include the dilutive effect of stock options, unvested nonparticipating restricted stock awards, the 2018 Convertible Notes, warrants and price-vesting units, using the two-class method of calculating earnings per share. The following stock options, unvested nonparticipating restricted stock and price-vesting units are anti-dilutive and have not been included in the weighted-average diluted shares outstanding calculation (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Employee stock options — — Unvested nonparticipating restricted stock and price-vesting units — — All shares held in the JCG Employee Stock Ownership Plan are treated as outstanding for purposes of computing basic earnings per share.

LITIGATION AND OTHER REGULATORY

LITIGATION AND OTHER REGULATORY MATTERS	6 Months Ended
	Jun. 30, 2015
LITIGATION AND OTHER REGULATORY MATTERS
LITIGATION AND OTHER REGULATORY MATTERS	Note 12 — Litigation and Other Regulatory Matters JCG is periodically involved in various legal proceedings and other regulatory matters. Although there can be no assurances, based on information currently available, management believes that it is probable that the ultimate outcome of matters that are pending or threatened will not have a material effect on JCG’s consolidated financial statements.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Investment securities, carried at fair value	JCG’s investment securities as of June 30, 2015, and December 31, 2014, are summarized as follows (in millions): June 30, December 31, 2015 2014 Trading securities: Seeded investment products $ $ Investments in advised mutual funds Investments related to deferred compensation plans Total trading securities Available-for-sale securities: Seeded investment products Total investment securities $ $
Seeded investment products classified as trading securities	Fair value (in millions) Number of products Fair value (in millions) Number of products Mutual funds advised by the Company $ $ Separately managed accounts Total seeded investment products classified as trading securities $ $
Schedule of recognized gains and (losses) on trading securities	Gains and (losses) recognized on trading securities still held as of June 30, 2015 and 2014, are summarized as follows (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Gains (losses) on trading securities still held at period end $ ) $ $ ) $
Seeded investment products classified as available-for-sale securities	June 30, 2015 December 31, 2014 Fair value (in millions) Number of products Fair value (in millions) Number of products Mutual funds advised by the Company $ $
Summary of the amortized cost, gross unrealized gains and losses, and estimated fair value and carrying value classified as available-for-sale securities	The following is a summary of available-for-sale securities as of June 30, 2015, and December 31, 2014 (in millions): Gross unrealized investment Foreign currency Estimated Carrying Cost Gains Losses translation fair value value June 30, 2015 Seeded investment products $ $ $ ) $ ) $ $ December 31, 2014 Seeded investment products $ $ $ ) $ ) $ $
Summary of realized gains and losses upon disposition of investment products classified as available-for-sale securities	The following is a summary of realized gains and losses upon disposition of seeded investment products classified as available-for-sale securities for the three and six months ended June 30, 2015 and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Realized gains $ — $ $ — $ Realized losses — — — ) Net realized gains $ — $ $ — $
Schedule of gross and offsetting amounts for derivative instruments	The following tables illustrate the effect of offsetting derivative instruments on JCG’s Condensed Consolidated Balance Sheets as of June 30, 2015, and December 31, 2014 (in millions): June 30, 2015 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Futures $ $ ) $ — $ Liabilities: Futures $ $ ) $ — $ — December 31, 2014 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Index swaps $ $ — $ — $ Liabilities: Index futures $ $ — $ ) $ —
Schedule of net gains (losses) in earnings on hedged seed investments and associated index futures and index swaps	JCG recognized the following net gains (losses) on hedged seed investments and net gains (losses) on associated futures and index swaps for the three and six months ended June 30, 2015 and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Gains (losses) on hedged seed investments classified as trading securities(1) $ ) $ $ $ Gains (losses) on hedged seed investments classified as available-for-sale securities(1) ) ) Total gains (losses) on hedged seed investments ) Gains (losses) on futures ) ) Losses on index swaps ) ) ) ) Total $ ) $ ) $ $ (1) Includes net gains (losses) associated with hedged equity and fixed income seed investment products. Hedging activity is limited to the systematic market risk associated with equity products and the interest rate risk associated with fixed income products.
Schedule of net (losses) gains in earnings on hedged seed investments denominated in a foreign currency and associated foreign currency forward contracts	JCG recognized the following net gains (losses) on hedged seed investments denominated in a foreign currency and net gains on associated foreign currency forward contracts for the three and six months ended June 30, 2015 and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Foreign currency translation gains (losses) $ $ ) $ ) $ ) Foreign currency forward contract gains — Total $ $ ) $ ) $ )
Schedule of offsetting derivative instruments within consolidated seeded investment products	The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JCG’s Condensed Consolidated Balance Sheets as of June 30, 2015 (in millions): June 30, 2015 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Swaps $ $ ) $ — $ Futures ) — — Options ) — — Total $ $ ) $ — $ Liabilities: Swaps $ $ ) $ — $ — Futures ) — — Options ) — — Total $ $ ) $ — $ — The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JCG’s Condensed Consolidated Balance Sheets as of December 31, 2014 (in millions): December 31, 2014 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Swaps $ $ ) $ — $ Futures ) — Options — — Total $ $ ) $ — $ Liabilities: Swaps $ $ ) $ — $ — Futures ) — — Total $ $ ) $ — $ —
Schedule of investment gains, net on the Consolidated Statements of Comprehensive Income	Investment gains (losses), net on JCG’s Condensed Consolidated Statements of Comprehensive Income included the following for the three and six months ended June 30, 2015 and 2014 ( in millions ): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Seeded investment products $ ) $ $ $ Noncontrolling interests in seeded investment products ) Investments in advised mutual funds — — Index swaps and futures ) ) ) Economic hedge for deferred compensation plans ) Investment gains (losses), net $ ) $ $ $ )
Cash flows related to investment securities	Cash flows related to investment securities for the three and six months ended June 30, 2015 and 2014, are summarized as follows (in millions): Three months ended June 30, 2015 2014 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Trading securities $ ) $ $ ) $ Available-for-sale securities ) — ) Derivative instruments: Seed capital economic hedge ) ) Total cash flows $ ) $ $ ) $ Six months ended June 30, 2015 2014 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Trading securities $ ) $ $ ) $ Available-for-sale securities ) — ) Derivative instruments: Seed capital economic hedge ) ) Total cash flows $ ) $ $ ) $
Not Designated as Hedging Instrument
Schedule of derivative instruments	June 30, 2015 December 31, 2014 Number of contracts Notional value (in millions) Number of contracts Notional value (in millions) Index swaps $ $ Futures $ $ Foreign currency forward contracts $ $
Seeded Investment Products
Schedule of derivative instruments	June 30, 2015 December 31, 2014 Number of contracts Notional value (in millions) Number of contracts Notional value (in millions) Swaps $ $ Futures $ $ Foreign currency forward contracts $ $ Options $ $

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS
Schedule of assets, liabilities and redeemable noncontrolling interests measured or disclosed at fair value on a recurring basis	The following table presents assets, liabilities and redeemable noncontrolling interests measured or disclosed at fair value on a recurring basis as of June 30, 2015 (in millions): Fair value measurements using: Quoted prices in active markets for Significant other Significant identical assets observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ $ — $ Futures — — Trading securities: Seeded investment products — Investments in advised mutual funds — — Investments related to deferred compensation plans — — Available-for-sale securities: Seeded investment products — — Total investment securities — Total assets $ $ $ — $ Liabilities: Futures $ $ — $ — $ Current portion of long-term debt(1) — — Long-term debt(1) — — VelocityShares contingent consideration — — Total liabilities $ $ $ $ Redeemable noncontrolling interests: Consolidated seeded investment products $ $ $ — $ INTECH — — Total redeemable noncontrolling interests $ $ $ $ (1) Carried at amortized cost and disclosed at fair value. The following table presents assets, liabilities and redeemable noncontrolling interests measured or disclosed at fair value on a recurring basis as of December 31, 2014 (in millions) : Fair value measurements using: Quoted prices in active markets for Significant other Significant identical assets observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ $ — $ Index swaps — — Trading securities: Seeded investment products — Investments in advised mutual funds — — Investments related to deferred compensation plans — — Available-for-sale securities: Seeded investment products — — Total investment securities — Total assets $ $ $ — $ Liabilities: Long-term debt(1) $ — $ $ — $ VelocityShares contingent consideration — — Index futures — — Total liabilities $ $ $ $ Redeemable noncontrolling interests in INTECH $ — $ — $ $ (1) Carried at amortized cost and disclosed at fair value.
Schedule of changes in fair value of the recurring Level 3 fair value measurement	The changes in fair value of JCG’s Level 3 items, for the three and six months ended June 30, 2015 and 2014, are as follows (in millions): Three months ended June 30, 2015 2014 Redeemable noncontrolling interests in INTECH VelocityShares contingent consideration Seeded investment products Redeemable noncontrolling interests in subsidiaries Beginning of period fair value $ $ $ $ Distributions ) — — ) Current earnings — — Amortization of INTECH appreciation rights — — — Change in fair value ) — End of period fair value $ $ $ — $ Six months ended June 30, 2015 2014 Redeemable noncontrolling interests in INTECH VelocityShares contingent consideration Redeemable noncontrolling interests in subsidiaries Beginning of period fair value $ $ $ Distributions ) — ) Current earnings — Purchase of redeemable noncontrolling interests — — ) Amortization of INTECH appreciation rights — — Change in fair value ) End of period fair value $ $ $
Schedule of from Level 1 and Level 2 classifications	Transfers are recognized at the end of each reporting period. Transfers from Level 1 and Level 2 classifications for the six months ended June 30, 2015 and 2014, are summarized as follows (in millions): June 30, 2015 2014 Transfers from Level 1 to Level 2 $ — $ — Transfers from Level 2 to Level 1 $ $ —

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
DEBT
Components of debt	Debt at June 30, 2015, and December 31, 2014, consisted of the following (in millions): June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair value value value value 6.700% Senior Notes due 2017 $ $ $ $ 0.750% Convertible Senior Notes due 2018 Total Less: Current portion — — Total long-term debt $ $ $ $

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2015
INCOME TAXES
Schedule of effective income tax rates	Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Effective tax rate % % % %

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2015
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in net income	Noncontrolling interests in net income for the three and six months ended June 30, 2015 and 2014, consisted of the following (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Redeemable noncontrolling interests in: Consolidated seeded investment products $ ) $ — $ $ — INTECH Nonredeemable noncontrolling interests in: Consolidated seeded investment products — — INTECH Total noncontrolling interests in net income $ $ $ $
Summary of redeemable noncontrolling interests	As of June 30, 2015, and December 31, 2014, redeemable noncontrolling interests are summarized as follows (in millions): June 30, December 31, 2015 2014 Consolidated seeded investment products $ $ — INTECH appreciation rights — INTECH founding member ownership interests INTECH undistributed earnings ) ) Total redeemable noncontrolling interests $ $
Schedule of rollforward of redeemable noncontrolling interests in consolidated seed investment products	The following table presents a rollforward of noncontrolling interests in consolidated seeded investment products for the three and six months ended June 30, 2015, and 2014 (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Beginning of period balance $ $ $ $ Changes in market value ) Changes in ownership ) End of period balance $ $ $ $
Summary of nonredeemable noncontrolling interests	Nonredeemable noncontrolling interests as of June 30, 2015, and December 31, 2014, are summarized as follows (in millions): June 30, December 31, 2015 2014 Nonredeemable noncontrolling interests in: Consolidated seeded investment products $ — $ INTECH Total nonredeemable noncontrolling interests $ $

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	6 Months Ended
	Jun. 30, 2015
OTHER INCOME (EXPENSE), NET
Schedule of components of other income, net	The components of other income (expense), net for the three and six months ended June 30, 2015 and 2014, are as follows (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Dividend income $ $ $ $ Interest income Foreign currency losses, net ) ) ) ) Other, net — — — Total other income (expense), net $ ) $ $ ) $

ACCUMULATED OTHER COMPREHENSI25

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS.
Schedule of the changes in accumulated other comprehensive income (loss), net of tax	Changes in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2015 and 2014, are as follows (in millions): Three months ended June 30, 2015 2014 Available-for-sale Foreign Available-for-sale Foreign securities currency Total securities currency Total Beginning balance $ $ ) $ ) $ $ ) $ ) Other comprehensive income (loss) before reclassifications ) — ) — Amounts reclassified from accumulated other comprehensive loss to: Investment gains (losses), net — — — ) — ) Net current period other comprehensive income (loss) ) — ) — Ending balance $ $ ) $ ) $ $ ) $ Six months ended June 30, 2015 2014 Available-for-sale Foreign Available-for-sale Foreign securities currency Total securities currency Total Beginning balance $ $ ) $ ) $ $ ) $ ) Other comprehensive income (loss) before reclassifications ) — ) — Amounts reclassified from accumulated other comprehensive loss to: Investment gains (losses), net — — — ) — ) Net current period other comprehensive income (loss) ) — ) — Ending balance $ $ ) $ ) $ $ ) $

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE
Summary of earnings per share calculation	The following is a summary of the earnings per share calculation for the three and six months ended June 30, 2015 and 2014 (in millions, except per share data): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Net income attributable to JCG $ $ $ $ Less: Allocation of earnings to participating restricted stock awards Net income attributable to JCG common shareholders $ $ $ $ Basic earnings per share attributable to JCG common shareholders: Weighted-average common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share attributable to JCG common shareholders: Weighted-average common shares outstanding Incremental common shares Weighted-average diluted common shares outstanding Diluted earnings per share $ $ $ $
Schedule of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding	The following stock options, unvested nonparticipating restricted stock and price-vesting units are anti-dilutive and have not been included in the weighted-average diluted shares outstanding calculation (in millions): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Employee stock options — — Unvested nonparticipating restricted stock and price-vesting units — —

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Recent Accounting Pronouncements
Debt issuance costs included in non-current assets	$ 2.3

ACQUISITION OF KAPSTREAM (Detai

ACQUISITION OF KAPSTREAM (Details) - USD ($) $ in Millions	Jul. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Acquisition of Kapstream
Mark-to-market loss on foreign currency translation		$ (3.1)	$ (0.2)	$ (4.1)	$ (0.2)
Kapstream
Acquisition of Kapstream
Ownership interest acquired (as a percent)	51.00%
Initial upfront cash consideration	$ 84.8
Contingent consideration	$ 9.6
Contingent consideration payable period, low	18 months
Contingent consideration payable period, high end	36 months
Ownership interest that the Company has an option to purchase	49.00%
Kapstream | Other Income (Expense)
Acquisition of Kapstream
Mark-to-market loss on foreign currency translation		3.4
Kapstream | General Administrative and Occupancy Expense
Acquisition of Kapstream
Bank advisory fees and other deal costs		$ 2.1
Kapstream | Distribution rights
Acquisition of Kapstream
Initial upfront cash consideration	$ 3.9

INVESTMENT SECURITIES (Details)

INVESTMENT SECURITIES (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)contractinstrumentitem	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)contractinstrumentitem	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)contractinstrumentitem
Short-term investments:
Estimated Fair Value	$ 355.1		$ 355.1		$ 344
Net gains (losses):
Total	(1.4)	$ (0.3)	0.2	$ 0.5
Net gains (losses) in net income related to:
Foreign currency translation losses	0.1	(0.4)	(0.4)	(1)
Foreign currency forward contract gains		0.1	0.2	0.8
Total	0.1	(0.3)	(0.2)	(0.2)
Investment gains (losses), net	(3.1)	0.9	1.3	(0.2)
Cash flows related to investment securities
Purchases and settlements	(47.5)	(26.7)	(61.9)	(49.8)
Sales, settlements and maturities	27.1	101.7	30.4	222
Seeded Investment Products
Available-for-sale securities.
Gross amounts	2.4		2.4		2.2
Net gains (losses):
Total hedged seed investments	(3.3)	7.5	1.3	9.7
Net gains (losses) in net income related to:
Investment gains (losses), net	(4.8)	7.7	1.1	7.9
Seeded investment products
Net gains (losses) in net income related to:
Investment gains (losses), net	(0.1)	0.2	1	0.4
Investments in advised funds
Net gains (losses) in net income related to:
Investment gains (losses), net		0.3	0.1
Index Swap and Futures Contract
Net gains (losses) in net income related to:
Investment gains (losses), net	1.9	(7.8)	(1.1)	(9.2)
Investments related to deferred compensation plans
Net gains (losses) in net income related to:
Investment gains (losses), net	(0.1)	0.5	0.2	0.7
Trading Securities
Short-term investments:
Estimated Fair Value	272.9		272.9		275.7
Cash flows related to investment securities
Purchases and settlements	(35.6)	(18)	(46)	(32.1)
Sales, settlements and maturities	23.8	19.8	25.9	116.2
Trading Securities | Seeded Investment Products
Short-term investments:
Estimated Fair Value	256		256		258.3
Gains (losses) on trading securities still held at period end	(8.8)	7.9	(3.1)	8.8
Net gains (losses):
Total hedged seed investments	(2.8)	6	1.7	6.5
Trading Securities | Mutual Fund Share Awards
Short-term investments:
Estimated Fair Value	4.5		4.5		4.4
Trading Securities | Separately Managed Accounts
Short-term investments:
Estimated Fair Value	$ 100.2		$ 100.2		$ 66.5
Number of separately managed accounts | item	32		32		31
Trading Securities | Investments in advised funds
Short-term investments:
Estimated Fair Value	$ 155.8		$ 155.8		$ 191.8
Number of separately managed accounts | item	17		17		17
Trading Securities | Investments related to deferred compensation plans
Short-term investments:
Estimated Fair Value	$ 12.4		$ 12.4		$ 13
Available-for-sale Securities
Short-term investments:
Seeded investment products	82.2		82.2		68.3
Available-for-sale securities.
OTTI charges			0	0
Available-for-Sale Securities
Realized gains		0.2		0.2
Realized losses				(0.1)
Net realized gains (losses)		0.2		0.1
Cash flows related to investment securities
Purchases and settlements	(10.5)	(0.1)	(10.8)	(0.2)
Sales, settlements and maturities		80.7		97.9
Available-for-sale Securities | Seeded Investment Products
Short-term investments:
Estimated Fair Value	82.2		82.2		68.3
Available-for-sale securities.
Available-for-sale Securities, Amortized cost	84.4		84.4		68.6
Available-for-sale securities, Gross unrealized gains	0.5		0.5		0.4
Available-for-sale securities, Gross unrealized losses	(2.3)		(2.3)		(0.6)
Available-for-sale securities, Carrying value	82.2		82.2		68.3
Net gains (losses):
Total hedged seed investments	(0.5)	1.5	(0.4)	3.2
Available-for-sale Securities | Investments in advised funds
Short-term investments:
Estimated Fair Value	$ 82.2		$ 82.2		$ 68.3
Number of portfolios of funds | item	42		42		40
Derivative Instruments | Seed capital economic hedge
Cash flows related to investment securities
Purchases and settlements	$ (1.4)	(8.6)	$ (5.1)	(17.5)
Sales, settlements and maturities	3.3	1.2	4.5	7.9
Cash Collateral | Seeded Investment Products
Available-for-sale securities.
Gross amounts	3.6		3.6		$ 1.8
Index Swap
Available-for-sale securities.
Gross amounts					0.3
Net gains (losses):
Gains (losses) on derivatives not designated as hedging	(0.3)	(5)	(1.7)	(4.8)
Index Swap | Seeded Investment Products
Available-for-sale securities.
Gross amounts	$ 2.1		$ 2.1		$ 1.4
Index Swap | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-Sale Securities
Number of positions of derivative | contract	6		6		4
Notional value of derivative	$ 67.9		$ 67.9		$ 56.8
Index Swap | Derivative Instruments | Seeded Investment Products
Available-for-Sale Securities
Number of positions of derivative | instrument	136		136		117
Notional value of derivative	$ 54.7		$ 54.7		$ 65.8
Futures
Available-for-sale securities.
Gross amounts	0.8		0.8
Futures | Seeded Investment Products
Available-for-sale securities.
Gross amounts	$ 0.2		$ 0.2		$ 0.6
Futures | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-Sale Securities
Number of positions of derivative | contract	33		33		6
Notional value of derivative	$ 90.1		$ 90.1		$ 74.9
Futures | Derivative Instruments | Seeded Investment Products
Available-for-Sale Securities
Number of positions of derivative | instrument	78		78		32
Notional value of derivative	$ 37.8		$ 37.8		$ 41.5
Foreign Currency Forward Contracts | Available-for-sale Securities | Seeded Investment Products
Available-for-sale securities.
Gross amounts	$ (0.4)		$ (0.4)		$ (0.1)
Foreign Currency Forward Contracts | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-Sale Securities
Number of positions of derivative | contract	4		4		7
Notional value of derivative	$ 2.8		$ 2.8		$ 3.6
Foreign Currency Forward Contracts | Derivative Instruments | Seeded Investment Products
Available-for-Sale Securities
Number of positions of derivative | instrument	45		45		37
Notional value of derivative	$ 11.4		$ 11.4		$ 2.4
Option | Seeded Investment Products
Available-for-sale securities.
Gross amounts	$ 0.1		$ 0.1		$ 0.2
Option | Derivative Instruments | Seeded Investment Products
Available-for-Sale Securities
Number of positions of derivative | instrument	81		81		29
Notional value of derivative	$ 0.4		$ 0.4		$ 0.5
Futures Contract
Net gains (losses):
Gains (losses) on derivatives not designated as hedging	$ 2.2	$ (2.8)	$ 0.6	$ (4.4)

INVESTMENT SECURITIES (Details

INVESTMENT SECURITIES (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Index Swap
Assets
Gross amounts		$ 0.3
Net amount, Assets		0.3
Futures
Assets
Gross amounts	$ 0.8
Gross amounts offset by derivative instruments	(0.1)
Net amount, Assets	0.7
Liabilities
Gross amounts, Liabilities	0.1	1.2
Gross amounts offset by cash collateral		(1.2)
Futures | Cash Collateral
Assets
Gross amounts	1.5	1.7
Seeded Investment Products
Assets
Gross amounts	2.4	2.2
Gross amounts offset by derivative instruments	(0.4)	(0.8)
Net amount, Assets	2	1.4
Liabilities
Gross amounts, Liabilities	0.4	0.8
Gross amounts offset, Liabilities	(0.4)	(0.8)
Seeded Investment Products | Cash Collateral
Assets
Gross amounts	3.6	1.8
Seeded Investment Products | Index Swap
Assets
Gross amounts	2.1	1.4
Gross amounts offset by derivative instruments	(0.1)	(0.4)
Net amount, Assets	2	1
Liabilities
Gross amounts, Liabilities	0.1	0.4
Gross amounts offset, Liabilities	(0.1)	(0.4)
Seeded Investment Products | Futures
Assets
Gross amounts	0.2	0.6
Gross amounts offset by derivative instruments	(0.2)	(0.4)
Net amount, Assets		0.2
Liabilities
Gross amounts, Liabilities	0.2	0.4
Gross amounts offset, Liabilities	(0.2)	(0.4)
Seeded Investment Products | Option
Assets
Gross amounts	0.1	0.2
Gross amounts offset by derivative instruments	(0.1)
Net amount, Assets		$ 0.2
Liabilities
Gross amounts, Liabilities	0.1
Gross amounts offset, Liabilities	$ (0.1)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Total investment securities	$ 355.1		$ 344
Liabilities
Redeemable noncontrolling interests	28.6		5.4
Index Swap
Assets
Derivative assets			0.3
Futures
Assets
Derivative assets	0.7
Seeded Investment Products
Assets
Derivative assets	2		1.4
Liabilities
Redeemable noncontrolling interests	21.4	$ 17.8	41.1	$ 14.4	$ 11.2	$ 8.8
Seeded Investment Products | Index Swap
Assets
Derivative assets	$ 2		1
Seeded Investment Products | Futures
Assets
Derivative assets			0.2
Trading Securities | Seeded Investment Products | Minimum
Assets and liabilities carried at fair value
Minimum controlling interest required for consolidation (as a percent)	50.00%
Trading Securities | Seeded Investment Products | Maximum
Assets and liabilities carried at fair value
Ownership percentage to classify security as level 1	50.00%
INTECH founding member ownership interests
Liabilities
Redeemable noncontrolling interests	$ 6.1		5.9
Fair Value, Measurements, Recurring | Fair Value
Assets
Cash equivalents	204.4		300.2
Total investment securities	355.1		344
Total assets	560.3		644.5
Liabilities
Current portion of long-term debt	188.3
Long-term debt	376.9		558
VelocityShares contingent consideration	18.5		17.9
Total liabilities	583.8		577.1
Redeemable noncontrolling interests	28.6
Fair Value, Measurements, Recurring | Fair Value | Index Swap
Assets
Derivative assets			0.3
Fair Value, Measurements, Recurring | Fair Value | Futures
Assets
Derivative assets	0.8
Liabilities
Derivative liabilities	0.1		1.2
Fair Value, Measurements, Recurring | Fair Value | Seeded Investment Products
Assets
Trading securities	256		258.3
Available-for-sale securities, Estimated fair value	82.2		68.3
Liabilities
Redeemable noncontrolling interests	21.4
Fair Value, Measurements, Recurring | Fair Value | Investments in advised funds
Assets
Trading securities	4.5		4.4
Fair Value, Measurements, Recurring | Fair Value | Investments related to deferred compensation plans
Assets
Trading securities	12.4		13
Fair Value, Measurements, Recurring | Fair Value | INTECH founding member ownership interests
Liabilities
Redeemable noncontrolling interests	7.2		5.4
Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	69.6		7.7
Total investment securities	276.1		222.3
Total assets	346.5		230
Liabilities
Total liabilities	0.1		1.2
Redeemable noncontrolling interests	9.6
Fair Value, Measurements, Recurring | Level 1 | Futures
Assets
Derivative assets	0.8
Liabilities
Derivative liabilities	0.1		1.2
Fair Value, Measurements, Recurring | Level 1 | Seeded Investment Products
Assets
Trading securities	177		136.6
Available-for-sale securities, Estimated fair value	82.2		68.3
Liabilities
Redeemable noncontrolling interests	9.6
Fair Value, Measurements, Recurring | Level 1 | Investments in advised funds
Assets
Trading securities	4.5		4.4
Fair Value, Measurements, Recurring | Level 1 | Investments related to deferred compensation plans
Assets
Trading securities	12.4		13
Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	134.8		292.5
Total investment securities	79		121.7
Total assets	213.8		414.5
Liabilities
Current portion of long-term debt	188.3
Long-term debt	376.9		558
Total liabilities	565.2		558
Redeemable noncontrolling interests	11.8
Fair Value, Measurements, Recurring | Level 2 | Index Swap
Assets
Derivative assets			0.3
Fair Value, Measurements, Recurring | Level 2 | Seeded Investment Products
Assets
Trading securities	79		121.7
Liabilities
Redeemable noncontrolling interests	11.8
Fair Value, Measurements, Recurring | Level 3
Liabilities
VelocityShares contingent consideration	18.5		17.9
Total liabilities	18.5		17.9
Redeemable noncontrolling interests	7.2
Fair Value, Measurements, Recurring | Level 3 | INTECH founding member ownership interests
Liabilities
Redeemable noncontrolling interests	$ 7.2		$ 5.4

FAIR VALUE MEASUREMENTS (Deta32

FAIR VALUE MEASUREMENTS (Details 2) - Jun. 30, 2015 $ in Millions	USD ($)
Fair value measurements
Transfers from Level 2 to Level 1	$ 47.2
Intech Investment Management LLc | Minimum
Fair value measurements
Valuation analysis multiple	8
Intech Investment Management LLc | Maximum
Fair value measurements
Valuation analysis multiple	14
VelocityShares | First Anniversary
Fair value measurements
Contingent cash consideration if certain revenue targets are achieved	$ 10
VelocityShares | Second Anniversary
Fair value measurements
Contingent cash consideration if certain revenue targets are achieved	10
VelocityShares | Third Anniversary
Fair value measurements
Contingent cash consideration if certain revenue targets are achieved	8
VelocityShares | Fourth Anniversary
Fair value measurements
Contingent cash consideration if certain revenue targets are achieved	$ 8

FAIR VALUE MEASUREMENTS (Deta33

FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in fair value
Distributions			$ (0.9)	$ (0.8)
Purchase of redeemable noncontrolling interests in INTECH			(0.1)	(0.4)
Change in fair value			(0.2)	1.9
Level 3 | Fair Value, Measurements, Recurring | Seeded investment products
Changes in fair value
Balance at the beginning of the year, Liability Value	$ 0.2
Change in fair value	(0.2)
Level 3 | Fair Value, Measurements, Recurring | INTECH founding member ownership interests
Changes in fair value
Balance at the beginning of the year, Liability Value	5.3	$ 4.8	5.4	7.3
Distributions	(0.4)	(0.4)	(0.6)	(0.5)
Current earnings	0.1	0.2	0.3	0.3
Purchase of redeemable noncontrolling interests in INTECH				(0.6)
Amortization of INTECH appreciation rights	1.9		1.9
Change in fair value	0.3		0.2	(1.9)
Balance at the end of the year, Liability Value	7.2	$ 4.6	7.2	$ 4.6
VelocityShares | Level 3 | Fair Value, Measurements, Recurring
Changes in fair value
Balance at the beginning of the year, Liability Value	18.1		17.9
Change in fair value	0.4		0.6
Balance at the end of the year, Liability Value	$ 18.5		$ 18.5

DEBT (Details)

DEBT (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Jun. 30, 2013$ / shares	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2013$ / shares	Jun. 30, 2015USD ($)item$ / shares	Jun. 30, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)
Components of debt
Less: Current portion		$ 107.5			$ 107.5
Total long-term debt		344.5			344.5		$ 450.5
Other Disclosures
Interest Expense		$ 7.2	$ 8.9		$ 14.5	$ 18.3
Dividends paid (per share) | $ / shares		$ 0.09	$ 0.08	$ 0.07	$ 0.17	$ 0.15
Repayments of Long-term Debt						$ 38.9
Carrying value
Components of debt
Total		$ 452			$ 452		450.5
Less: Current portion		107.5			107.5
Total long-term debt		344.5			344.5		450.5
Fair Value
Components of debt
Total		565.2			565.2		558
Less: Current portion		188.3			188.3
Total long-term debt		$ 376.9			$ 376.9		$ 558
Senior Notes Excluding Convertible Senior Notes
Other Disclosures
Actual increase (decrease) in interest rate (as a percent)					0.25%
Maximum increase in interest rate (as a percent)					2.00%
Decrease in interest rate for each level of increase in debt rating (as a percent)					0.25%
6.700% Senior Notes due 2017
Components of debt
Interest rate (as a percent)		6.70%			6.70%		6.70%
6.700% Senior Notes due 2017 | Carrying value
Components of debt
Total		$ 344.5			$ 344.5		$ 344.5
6.700% Senior Notes due 2017 | Fair Value
Components of debt
Total		$ 376.9			$ 376.9		380.8
0.750% Convertible Senior Notes due 2018
Components of debt
Interest rate (as a percent)		0.75%			0.75%
Other Disclosures
Conversion rate, shares per $1,000 principal amount	92.06	92.44
Adjusted conversion price per share of common stock (in dollars per share) | $ / shares	$ 10.86	$ 10.82		10.86	$ 10.82
Percentage of the conversion price that the last reported sales price of the entity's common stock must equal or exceed as per conversion eligibility terms					130.00%
Number of trading days within 30 consecutive trading days required per the conversion eligibility terms, minimum | item					20
Number of consecutive trading days required per the conversion eligibility terms					30 days
Increased conversion price per share of common stock (in dollars per share) | $ / shares	$ 12.60	$ 12.55		$ 12.60	$ 12.55
0.750% Convertible Senior Notes due 2018 | Carrying value
Components of debt
Total		$ 107.5			$ 107.5		106
0.750% Convertible Senior Notes due 2018 | Fair Value
Components of debt
Total		188.3			188.3		$ 177.2
Credit Facility
Other Disclosures
Credit facility, maximum borrowing capacity		200			$ 200
Credit facility covenant terms, financing leverage ratio, maximum					3
Credit facility covenant terms, interest coverage ratio, minimum					4
Borrowings under the Credit Facility		$ 0			$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INCOME TAXES
Effective tax rate (as a percent)	35.50%	41.60%	36.10%	43.40%
Reserves for income tax contingencies	$ 5.5		$ 5.5
Accrual of additional reserves for income tax contingencies	0.2
Removal of reserves for income tax contingencies	0.3
Net tax benefit related to accrued additional reserves in income tax contingency reserves	0.1
Anticipated decrease in income tax contingency reserves in the next 12 months	$ 0.6		$ 0.6

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Noncontrolling Interests That Are Not Subject to Redemption Rights
Noncontrolling interests	$ 5.7		$ 5.7		$ 47.3
Noncontrolling interests in net income
Total noncontrolling interests in net income	0.2	$ 0.6	1.8	$ 1.2
Seeded Investment Products
Noncontrolling Interests That Are Not Subject to Redemption Rights
Noncontrolling interests					41.1
Noncontrolling interests in net income
Redeemable noncontrolling interests	(0.1)		1
Nonredeemable noncontrolling interests		0.2		0.4
INTECH
Noncontrolling Interests That Are Not Subject to Redemption Rights
Noncontrolling interests	5.7		5.7		$ 6.2
Noncontrolling interests in net income
Redeemable noncontrolling interests	0.1	0.2	0.3	0.3
Nonredeemable noncontrolling interests	$ 0.2	$ 0.2	$ 0.5	$ 0.5

NONCONTROLLING INTERESTS (Det37

NONCONTROLLING INTERESTS (Details 2) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Redeemable Noncontrolling Interests
INTECH undistributed earnings		$ (0.8)		$ (0.8)		$ (0.5)
Vesting period				4 years
Rollforward of redeemable noncontrolling interests in consolidated seed investment products
Beginning of period balance				$ 5.4
End of period balance		28.6		28.6
Seeded Investment Products
Rollforward of redeemable noncontrolling interests in consolidated seed investment products
Beginning of period balance		17.8	$ 11.2	41.1	$ 8.8
Change in market value		(0.1)	0.2	1	0.4
Change in ownership		3.7	3	(20.7)	5.2
End of period balance		$ 21.4	$ 14.4	$ 21.4	$ 14.4
INTECH founding member ownership interests
Redeemable Noncontrolling Interests
Remaining interest (as a percent)		1.00%		1.00%		1.00%
Rollforward of redeemable noncontrolling interests in consolidated seed investment products
Beginning of period balance				$ 5.9
End of period balance		$ 6.1		6.1
INTECH
Redeemable Noncontrolling Interests
INTECH appreciation rights				$ 1.9
INTECH | Appreciation Rights
Redeemable Noncontrolling Interests
Long-term incentive awards granted	$ 23.2
Vesting period	10 years
Maximum | Seeded Investment Products
Redeemable Noncontrolling Interests
Ownership percentage		50.00%		50.00%

LONG-TERM INCENTIVE COMPENSAT38

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Long-term incentive compensation expense
Long-term incentive awards granted	$ 1.9		$ 77.3
Vesting period			4 years
Total long-term incentive compensation	19.7	$ 12.5	$ 39.9	$ 24.5
Intech Investment Management LLc
Long-term incentive compensation expense
Long-term incentive awards granted			2
Restricted Stock Awards
Long-term incentive compensation expense
Long-term incentive awards granted			$ 52.2
Number of price-vesting units granted			2.9
Weighted average price per share (in dollars per share)			$ 17.81
Mutual Fund Share Awards
Long-term incentive compensation expense
Long-term incentive awards granted			$ 23.1
Deferred Compensation Plans
Long-term incentive compensation expense
Total long-term incentive compensation	0.6	$ 1.9	1.7	$ 2.4
Profits and Phantom Interests | Intech Investment Management LLc
Long-term incentive compensation expense
Total long-term incentive compensation	$ 3.4		$ 7.3

OTHER INCOME (EXPENSE), NET (De

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OTHER INCOME (EXPENSE), NET
Dividend income	$ 0.7	$ 0.5	$ 1.3	$ 0.9
Interest income	0.2	0.1	0.3	0.3
Foreign currency losses, net	(3.1)	(0.2)	(4.1)	(0.2)
Other, net			0.2
Total other income (expense), net	$ (2.2)	$ 0.4	$ (2.3)	$ 1

ACCUMULATED OTHER COMPREHENSI40

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	$ (1.1)	$ (0.1)	$ (1.4)	$ (1.1)
Other comprehensive income (loss) before reclassifications	(1)	1.1	(0.7)	2.3
Amounts reclassified from accumulated other comprehensive loss to:
Investment gains (losses), net		(0.3)		(0.5)
Total other comprehensive income (loss), net of tax	(1)	0.8	(0.7)	1.8
Ending balance	(2.1)	0.7	(2.1)	0.7
Available for sale securities
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	1.2	2.2	0.9	1.2
Other comprehensive income (loss) before reclassifications	(1)	1.1	(0.7)	2.3
Amounts reclassified from accumulated other comprehensive loss to:
Investment gains (losses), net		(0.3)		(0.5)
Total other comprehensive income (loss), net of tax	(1)	0.8	(0.7)	1.8
Ending balance	0.2	3	0.2	3
Foreign currency
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(2.3)	(2.3)	(2.3)	(2.3)
Amounts reclassified from accumulated other comprehensive loss to:
Ending balance	$ (2.3)	$ (2.3)	$ (2.3)	$ (2.3)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014
EARNINGS PER SHARE
Net income attributable to JCG	$ 44.7	$ 36.3		$ 89.3	$ 66.8
Less: Allocation of earnings to participating restricted stock awards	1.6	1.2		3.2	2.2
Net income attributable to JCG common shareholders	$ 43.1	$ 35.1		$ 86.1	$ 64.6
Basic earnings per share attributable to JCG common shareholders
Weighted average common shares outstanding	180.8	183.4		180.5	183.9
Basic earnings per share (in dollars per share)	$ 0.24	$ 0.19		$ 0.48	$ 0.35
Diluted earnings per share attributable to JCG common shareholders
Weighted average common shares outstanding	180.8	183.4		180.5	183.9
Incremental common shares	8.6	1.1		8.3	0.9
Weighted average diluted common shares outstanding	189.4	184.5		188.8	184.8
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.19		$ 0.46	$ 0.35
Dividends paid (per share)	$ 0.09	$ 0.08	$ 0.07	$ 0.17	$ 0.15
Employee stock options
Anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding
Number of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding		3.4			3.4
Unvested nonparticipating restricted stock and price-vesting units.
Anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding
Number of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding		0.1			0.1