Janus Henderson (JHG) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document and Entity Information
Entity Registrant Name	Janus Henderson Group plc
Entity Central Index Key	1,274,173
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		200,406,138
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Fees and other receivables	$ 346.3	$ 165.5
OEIC and unit trust debtors	274.8	142.1
Other current assets	85.1	28.5
Total current assets	2,061.3	1,060.7
Non-current assets:
Property, equipment and software, net	76.5	41.2
Intangible assets, net	3,202.1	401.3
Goodwill	1,474.9	741.5
Retirement benefit asset, net	196	180.2
Other non-current assets	22	8.5
Total assets	7,032.8	2,433.4
Current liabilities:
Current portion of accrued compensation, benefits and staff costs	205.1	147
Current portion of long-term debt	115.4
OEIC and unit trust creditors	273.2	137.9
Total current liabilities	948.2	452.8
Non-current liabilities:
Accrued compensation, benefits and staff costs	21	8.7
Long-term debt	323.5
Deferred tax liabilities, net	1,091.8	70.7
Retirement benefit obligations, net	6.5	11.9
Other non-current liabilities	94.7	39
Total liabilities	2,485.7	583.1
Commitments and contingencies (See Note 13)
REDEEMABLE NONCONTROLLING INTERESTS	172	158
EQUITY
Common stock ( $1.50 par and 0.125 par, 480,000,000 and 2,194,910,776 shares authorized; 200,406,138 and 1,131,842,109 shares issued and outstanding, respectively)	300.6	234.4
Additional paid-in-capital	3,824.5	1,237.9
Treasury shares (4,115,574 and 38,848,749 shares held, respectively)	(157.9)	(155.1)
Accumulated other comprehensive loss, net of tax	(344.1)	(434.5)
Retained earnings	708	764.8
Total shareholders' equity	4,331.1	1,647.5
Nonredeemable noncontrolling Interests	44	44.8
Total equity	4,375.1	1,692.3
Total liabilities, redeemable noncontrolling interests and equity	7,032.8	2,433.4
Consolidated excluding VIEs
Current assets:
Cash and cash equivalents	640	279
Investment securities	274.1	79.6
Current liabilities:
Accounts payable and accrued liabilities	330.6	141.7
Consolidated VIEs
Current assets:
Cash and cash equivalents	43.7	44.2
Investment securities	384.4	313.7
Other current assets	12.9	8.1
Current liabilities:
Accounts payable and accrued liabilities	$ 23.9	$ 26.2

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2017$ / sharesshares	Dec. 31, 2016£ / sharesshares
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par (in dollars/pounds per share) | (per share)	$ 1.50	£ 0.125
Common stock, shares authorized	480,000,000	2,194,910,776
Common stock, shares issued	200,406,138	1,131,842,109
Common stock, shares outstanding	200,406,138	1,131,842,109
Treasury shares (in shares)	4,115,574	38,848,749

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Management fees	$ 296	$ 222.9	$ 493.5	$ 441.2
Performance fees	57.7	13.9	72.5	28.7
Shareowner servicing fees	9.9		9.9
Other revenue	21.2	20.3	38.4	41.6
Total revenue	384.8	257.1	614.3	511.5
Operating expenses:
Employee compensation and benefits	123.6	67.2	194	134.6
Long-term incentive plans	47.3	30.2	63.7	51.3
Distribution expenses	60.7	57.3	107.8	111.9
Investment administration	9.7	12.8	19.9	24.5
Marketing	10.1	3.7	13.3	7.1
General, administrative and occupancy	67.3	23.9	92.4	48.9
Depreciation and amortization	9.4	5.6	15.7	11.2
Total operating expenses	328.1	200.7	506.8	389.5
Operating income	56.7	56.4	107.5	122
Interest expense	(2)	(1.4)	(3.1)	(5.6)
Investment gains (losses), net	9.8	(8.9)	8.9	(2.1)
Other non-operating expenses, net	(2)	(3.2)	(0.7)	(2.6)
Income before taxes	62.5	42.9	112.6	111.7
Income tax provision	(21)	(2.7)	(28.5)	(16.9)
Net income	41.5	40.2	84.1	94.8
Net loss attributable to noncontrolling interests	0.2	6.1	0.2	3
Net income attributable to JHG	$ 41.7	$ 46.3	$ 84.3	$ 97.8
Earnings per share attributable to JHG common shareholders:
Basic (in dollars per share)	$ 0.29	$ 0.42	$ 0.66	$ 0.88
Diluted (in dollars per share)	$ 0.28	$ 0.41	$ 0.64	$ 0.86
Other comprehensive income, (loss), net of tax:
Net unrealized gains (losses) on available-for-sale securities		$ 0.4	$ (0.4)	$ (0.5)
Foreign currency translation gains (losses)	$ 51.2	(95.5)	74.5	(134.6)
Actuarial gains		0.1		0.1
Other comprehensive income (loss), net of tax	51.2	(95)	74.1	(135)
Other comprehensive loss (income) attributable to noncontrolling interests	15.9	(8.3)	16.3	(7.2)
Other comprehensive income (loss) attributable to JHG	67.1	(103.3)	90.4	(142.2)
Total Comprehensive income (loss)	92.7	(54.8)	158.2	(40.2)
Total comprehensive loss (income) attributable to noncontrolling interests	16.1	(2.2)	16.5	(4.2)
Total Comprehensive income (loss) attributable to JHG	$ 108.8	$ (57)	$ 174.7	$ (44.4)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income	$ 41.5	$ 40.2	$ 84.1	$ 94.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9.4	5.6	15.7	11.2
Stock-based compensation expense			30.9	20.2
Losses from equity-method investments				(0.7)
Investment gains (losses), net	(9.8)	8.9	(8.9)	2.1
Impairment of equity method investment				3.9
Contributions to pension plans in excess of costs recognized			(11.7)	(4.3)
Other, net			9	11.9
Changes in operating assets and liabilities:
OEIC and unit trust receivables and payables			2.6	(2)
Other assets			(107.9)	11.2
Other accruals and liabilities			47.8	(64.8)
Net operating activities			61.6	83.5
Investing activities:
Cash acquired from acquisition			417.2
Proceeds from Investment securities - VIEs, net			139.9
Proceeds from Investment securities - seed capital, net			22.9	5.3
Purchases of investment securities - seed capital			(45.7)	(50.2)
Property, equipment and software			(8.4)	(9.6)
Net cash paid on settled hedges			(7.3)	(16.5)
Net investing activities			564.3	(70.7)
Financing activities:
Proceeds from settlement of convertible note hedge			59.3
Settlement of stock warrant			(47.8)
Proceeds from issuance of option			25.7
Proceeds from stock-based compensation plans			2.1	8.5
Purchase of common stock for stock-based compensation plans			(39.1)	(46.1)
Dividends paid to shareholders			(128.6)	(115.9)
Repayment of long-term borrowings				(215)
Distributions to noncontrolling interests			(0.5)
Third-party sales (redemptions) in consolidated seeded investment products, net			(148.8)	40.7
Principal payments under capital lease obligations			(0.1)
Net financing activities			(277.8)	(327.8)
Cash and cash equivalents:
Effect of foreign exchange rate changes			12.4	(19.3)
Net change			360.5	(334.3)
At beginning of period			323.2	583.7
At end of period	683.7	249.4	683.7	249.4
Supplemental cash flow information:
Cash paid for interest			0.3	7.7
Cash paid for income taxes, net of refunds			25	14
Reconciliation of cash and cash equivalents
Cash and cash equivalents	683.7	249.4	323.2	583.7
Consolidated excluding VIEs
Investing activities:
Dividends received from equity-method investments				(0.3)
Purchases of investment securities - seed capital				(50.2)
Cash and cash equivalents:
At end of period	640	204.9	640	204.9
Reconciliation of cash and cash equivalents
Cash and cash equivalents	640	204.9	640	204.9
Consolidated VIEs
Cash and cash equivalents:
At end of period	43.7	44.5	43.7	44.5
Reconciliation of cash and cash equivalents
Cash and cash equivalents	$ 43.7	$ 44.5	$ 43.7	$ 44.5

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Common stock	Additional paid-in-capital	Treasury shares	Accumulated other comprehensive loss	Retained earnings	Nonredeemable noncontrolling interests	Total
Balance at Dec. 31, 2015	$ 234.4	$ 1,237.9	$ (175.3)	$ (189.6)	$ 759.5	$ 44.1	$ 1,911
Balance (in shares) at Dec. 31, 2015	1,131,800,000
Increase (Decrease) in Stockholders' Equity
Net income					97.8	(3)	94.8
Other comprehensive income (loss)				(142.2)		7.2	(135)
Dividends paid to shareholders					(115.9)		(115.9)
Purchase of common stock for stock-based compensation plans			(46.1)				(46.1)
Vesting of stock-based compensation plans			65.8		(65.8)
Stock-based compensation plan expense					20.2		20.2
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures					8.5		8.5
Balance at Jun. 30, 2016	$ 234.4	1,237.9	(155.6)	(331.8)	704.3	48.3	1,737.5
Balance (in shares) at Jun. 30, 2016	1,131,800,000
Balance at Dec. 31, 2016	$ 234.4	1,237.9	(155.1)	(434.5)	764.8	44.8	$ 1,692.3
Balance (in shares) at Dec. 31, 2016	1,131,800,000						1,131,842,109
Increase (Decrease) in Stockholders' Equity
Share consolidation (in shares)	(1,018,600,000)
Net income					84.3	(0.5)	$ 83.8
Other comprehensive income (loss)				90.4		(16.3)	74.1
Dividends paid to shareholders					(128.6)		(128.6)
Distributions to noncontrolling interests						(0.5)	(0.5)
Derivative instruments acquired on acquisition		54.4					54.4
Noncontrolling interests recognized on acquisition						16.5	16.5
Settlement of derivative instruments		(11.5)					(11.5)
Purchase of common stock for stock-based compensation plans			(39.1)				(39.1)
Issuance of common stock	$ 130.8	2,551.2					2,682
Issuance of common stock (in shares)	87,200,000
Redenomination and reduction of par value of stock	$ (64.6)	64.6
Acquisition adjustment in relation to unvested awards		(81.3)					(81.3)
Vesting of stock-based compensation plans		(13.9)	36.3		(22.4)
Stock-based compensation plan expense		21			9.9		30.9
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures		2.1					2.1
Balance at Jun. 30, 2017	$ 300.6	$ 3,824.5	$ (157.9)	$ (344.1)	$ 708	$ 44	$ 4,375.1
Balance (in shares) at Jun. 30, 2017	200,400,000						200,406,138

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
BASIS OF PRESENTATION
BASIS OF PRESENTATION	Note 1 — Basis of Presentation In the opinion of the management of Janus Henderson Group plc (“JHG” or “the Group”), previously Henderson Group plc (“Henderson”), the accompanying condensed consolidated financial statements contain all adjustments necessary to fairly present the financial position, results of operations and cash flows of JHG in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such 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. These financial statements should be read in conjunction with the annual consolidated financial statements and notes included in the Henderson annual financial statements for the year ended December 31, 2016, which can be found in JHG’s prospectus dated March 21, 2017, as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (File No. 333-216824) (the “Prospectus”). Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements. Certain prior period balances have been reclassified for conformity with current period presentation. There was no impact on the results. The Group had $9.9 million and $20.2 million of stock-based compensation costs and nil and $8.5 million of proceeds from stock-based compensation plans included in retained earnings during the six-month periods ended June 30, 2017 and June 30, 2016, respectively. Prior to the Group’s Extraordinary General Meeting (“EGM”) on April 26, 2017, the Group’s articles of association did not allow the Group to recognize these items in additional paid-in-capital. A change in the Group’s articles of association was approved at the EGM and from April 26, 2017, all costs in relation to stock-based compensation will be recognized in additional paid-in-capital. The accumulated balance in relation to stock-based compensation plans within retained earnings as of June 30, 2017 and December 31, 2016, was $(105.4) million and $(92.9) million, respectively. Share Redenomination and Consolidation On April 26, 2017, Henderson redenominated its ordinary shares from Great British pound (“GBP”) to U.S. dollar (“USD”) resulting in a change in par value from £0.125 to $0.1547 per share. At that time Henderson had 1,131,842,110 shares in issue and as a result the ordinary share nominal capital became $175.1 million. The difference between the revised ordinary share nominal capital balance of $175.1 million and the previously stated ordinary share nominal capital balance of $234.4 million (converted at the historic exchange rate rather than the rate required for the redenomination under Jersey company law) was recognized as a component of additional paid-in-capital. Consequently, the additional paid-in-capital balance was adjusted from $1,237.9 million to $1,297.2 million. Additionally, in accordance with a special resolution passed by the shareholders on May 3, 2017, the par value of the shares of Henderson was reduced to $0.15 per share from $0.1547 per share and the total ordinary share nominal capital became $169.8 million. In accordance with that resolution, the reduction in the total ordinary share nominal capital of $5.3 million was credited to the additional paid-in-capital account which moved from $1,297.2 million to $1,302.5 million. On April 26, 2017, the shareholders approved a 10-to-1 share consolidation, which took effect on May 30, 2017. As a result of the share consolidation, the number of shares in issue was reduced by a factor of 10, and the par value of the shares became $1.50. Merger with Janus Capital Group Inc . On May 30, 2017 (the “Closing Date”), Janus Capital Group Inc. (“JCG”) and Henderson announced the completion of an all-stock merger of equals (“the Merger”). JCG is a U.S.-based asset manager. The Merger is expected to accelerate the Group’s strategic objectives for growth, diversification and the creation of a global active investment manager. Based on an evaluation of the Merger agreement provisions, Henderson was determined to be the acquirer for accounting purposes and the historical financial statements and notes included herein represent Henderson. Prior to the Merger, Henderson’s functional currency was GBP. After consideration of numerous factors, management concluded that the post-merger functional currency of JHG will be USD. The Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2017, include JCG results from the Closing Date. The Condensed Consolidated Balance Sheet reflects the financial position of JHG at June 30, 2017. See Note 2 - Acquisitions, for more information on the Merger. Recent Accounting Pronouncements Not Yet Adopted 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. The revenue standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Group is evaluating the effect of adopting this new accounting standard, including the amending Accounting Standards Update (“ASU”), and is focused on the assessment of its mutual fund performance fees and the related applicability of the new guidance. Currently, JHG does not expect a change in accounting treatment for mutual fund performance fees or other operating revenues upon adoption of the new guidance. However, the Group’s evaluation is ongoing and not complete. In January 2016, the FASB issued amendments to its financial instruments standard, including changes relating to the accounting for equity investments and the presentation and disclosure requirements for financial instruments. Under the amended guidance, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification (changes in fair value reported in other comprehensive income) for equity securities with readily determinable fair values. The amended guidance also requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market) and form of financial asset (e.g., loans, securities). The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Group is evaluating the effect of adopting this new accounting standard. In February 2016, the FASB issued a new standard on accounting for leases. The new standard represents a significant change to lease accounting and introduces a lessee model that brings most leases onto the balance sheet. The standard also aligns certain of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. Furthermore, the new standard addresses other concerns related to the current leases model. The standard is effective for fiscal years beginning after December 15, 2018. The Group is evaluating the effect of adopting this new accounting standard. In March 2016, the FASB issued an amendment to its principal-versus-agent guidance in the FASB’s new revenue standard. The key provisions of the amendment are assessing the nature of the entity’s promise to the customer, identifying the specified goods or services, and applying the control principle and indicators of control. The amendment is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. In addition, entities are required to adopt the amendment by using the same transition method they used to adopt the new revenue standard. The Group’s principal-versus-agent assessment is focused on treatment of distribution fees collected from mutual fund assets and whether such fees should be reported as revenue (1) on a gross basis or (2) on a net basis, where such fees are reduced by distribution fees paid by the Group to intermediaries. The Group’s assessment is ongoing and not complete. In August 2016, the FASB issued an ASU to clarify guidance on the classification of certain cash receipts and cash payments in the statements of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice regarding eight types of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Group is evaluating the effect of adopting this new accounting standard. In November 2016, the FASB issued an ASU to clarify guidance on the classification and presentation of restricted cash in the statements of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Group is evaluating the effect of adopting this new accounting standard. In January 2017, the FASB issued an ASU that simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit’s carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The ASU is effective for annual and interim impairment tests for periods beginning after December 15, 2021. Early adoption is allowed for annual and interim impairment tests occurring after January 1, 2017. The Group is evaluating the effect of adopting this new accounting standard.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2017
ACQUISITIONS
ACQUISITIONS	Note 2 — Acquisitions Merger with JCG On the Closing Date, pursuant to the Agreement and Plan of Merger dated as of October 3, 2016 (the “Merger Agreement”), by and among JCG, a Delaware corporation, Henderson, a company incorporated in Jersey, and Horizon Orbit Corp., a Delaware corporation and a direct and wholly owned subsidiary of Henderson (“Merger Sub”), Merger Sub merged with and into JCG, with JCG surviving such merger as a direct and wholly owned subsidiary of Henderson. Upon closing of the Merger, Henderson became the parent holding company for the combined group and was renamed Janus Henderson Group plc. Upon closing of the Merger, holders of JCG common stock received 0.47190 fully paid and non-assessable JHG ordinary shares with a par value of $1.50 per share (the “Ordinary Shares”) for each share of JCG common stock held, plus cash in lieu of any fractional shares based on prevailing market prices. Effective immediately prior to the closing of the Merger, Henderson implemented a share consolidation of ordinary shares at a ratio of one Ordinary Share (or Chess Depositary Interest (“CDI”), as applicable) for every 10 ordinary shares (or CDIs, as applicable) outstanding. The fair value of consideration transferred to JCG common stockholders was $2,600.7 million, representing 87.2 million shares of JHG transferred at a share price of $30.75 each as of the Closing Date, adjusted for a post-combination stock-based compensation charge for unvested shares in relation to JCG share plans. The issuance of JHG shares in connection with the Merger was registered under the Securities Act of 1933, as amended, pursuant to JHG’s registration statement on Form F- 4 (File No. 333- 216824) filed with the SEC on March 20, 2017 (the “Registration Statement”). Preliminary Fair Values of Assets Acquired and Liabilities Assumed Preliminary estimates of fair values of the assets acquired and liabilities assumed are based on information available as of the closing of the Merger. The Group is continuing to evaluate the underlying inputs and assumptions used in its valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the closing of the Merger. The preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed is presented in the following table (in millions): Preliminary purchase price allocation Assets: Cash and cash equivalents $ Investment securities Fees and other receivables Other current assets Property, equipment and software Intangible assets Goodwill Other non-current assets Liabilities: Long-term debt Deferred tax liabilities Other current liabilities Other non-current liabilities Noncontrolling interests Net assets acquired $ Goodwill Goodwill primarily represents the value JHG expects to obtain from growth opportunities and synergies for the combined operations. Goodwill is not deductible for tax purposes. Intangible Assets Acquired intangible assets include the value of investment advisory agreements for mutual funds, separate accounts and exchange traded products (“ETPs”). Also included are the values of acquired trademarks, which include trademarks for Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”), Kapstream Capital Pty Limited (“Kapstream”), Perkins Investment Management LLC (“Perkins”) and VS Holdings Inc. (“VelocityShares”). Preliminary estimates of acquired intangible assets and their related estimated useful lives are presented in the following table (in millions): Estimated Estimated useful fair value life (in years) Investment management contracts - mutual funds $ Indefinite Investment management contracts - separate accounts 13-22 Investment management contracts - exchange traded notes Investment management contracts - exchange traded funds Indefinite Trademarks Indefinite $ The following table presents movement in intangible assets during the period (in millions): December 31, 2016 Merger Amortization Foreign currency June 30, 2017 Indefinite-lived intangible assets: Investment management agreements $ $ $ — $ $ Trademarks — — — Definite-lived intangible assets: Client relationships — Accumulated amortization ) — ) — ) Net intangible assets $ $ $ ) $ $ Amortization expense was $5.1 million and $8.7 million for the three and six months ended June 30, 2017, respectively, and $3.7 million and $7.4 million and for the same periods ended June, 2016. Expected future amortization expense is summarized below (in millions): Year ended December 31, Amount 2017 (remainder of year) $ 2018 2019 2020 2021 2022 Thereafter Total $ Debt Debt was valued using quoted market prices, which are considered fair value Level 2 inputs. The acquired 0.750% Convertible Senior Notes due 2018 (“2018 Convertible Notes”) may be wholly or partially settled in cash, and thereby the liability and conversion feature components are accounted for separately. The $115.2 million liability component was determined by discounting future contractual cash flows at a 1.9% rate, which is consistent with the estimated market interest rate for similar senior notes with no conversion option. The liability component will accrete up to the face value of $116.6 million, through interest expense, over the remaining term of the notes. The $42.9 million equity component was determined as the difference between the liability component and the fair value of the notes at the Closing Date. The 4.875% Senior Notes due 2025 (“2025 Senior Notes”) were recorded at their fair value of $323.7 million at the time of the Merger. The 2025 Senior Notes include unamortized debt premium at June 30, 2017, of $27.9 million, which will be amortized over the remaining life of the notes through interest expense. The unamortized debt premium is recorded as a liability within long-term debt on JHG’s Condensed Consolidated Balance Sheets. Deferred Tax Liabilities, Net Deferred income taxes primarily relate to deferred income tax balances acquired from JCG and the deferred tax impact of fair value adjustments of the assets and liabilities acquired from JCG, including intangible assets and long-term debt. Deferred income taxes were provisionally estimated based on statutory tax rates in the jurisdictions of the legal entities where the acquired assets and liabilities are taxed. Tax rates used are continually assessed, and updates to deferred income tax estimates are based on any changes to provisional valuations of the related assets and liabilities and refinement of the effective tax rates, which could result in changes to these provisional values. Pro Forma Results of Operations The following table presents summarized unaudited supplemental pro forma operating results as if the Merger had occurred at the beginning of each of the periods presented (in millions). The only material adjustment made was the inclusion of the JCG results for the periods. Six months ended June 30, 2017 June 30, 2016 Revenues $ $ Net income attributable to JHG $ $ JCG Results of Operations Revenue and net income of JCG from the Closing Date through the end of the second quarter 2017 included in JHG’s Condensed Consolidated Statements of Comprehensive Income is presented in the following table (in millions): Closing Date - June 30, 2017 Revenues $ Net income attributable to JCG $ Options On the Closing Date of the Merger, JHG granted Dai-ichi Life Holdings Inc. (“Dai-ichi”) 20 tranches of conditional options with each tranche allowing Dai-ichi to purchase 500,000 JHG ordinary shares at a strike price of £29.972 per share (the terms of such options having been adjusted in accordance with the terms of the Dai-ichi option agreement to take account of the effect of the share consolidation). The cash consideration of the options was £19.8 million ($25.7 million). The options can be exercised by Dai-ichi for the period from the Closing Date of the Merger until October 3, 2018. Contingent Consideration Acquisitions prior to the Merger included contingent consideration. Refer to Note 5 — Fair Value Measurements for a detailed discussion of the terms of the contingent consideration.

CONSOLIDATION

CONSOLIDATION	6 Months Ended
	Jun. 30, 2017
CONSOLIDATION
CONSOLIDATION	Note 3 — Consolidation Variable Interest Entities Consolidated Variable Interest Entities JHG’s consolidated variable interest entities (“VIEs”) as of June 30, 2017, include certain consolidated seeded investment products in which the Group has an investment and acts as the investment manager. The assets of these VIEs are not available to JHG or the creditors of JHG. JHG may not, under any circumstances, access cash and cash equivalents held by consolidated VIEs to use in its operating activities or otherwise. In addition, the investors in these VIEs have no recourse to the credit of the Group. Consolidated VIE assets and liabilities, presented after intercompany eliminations, at June 30, 2017, and December 31, 2016, are as follows (in millions): June 30, December 31, 2017 2016 Investment securities $ $ Cash and cash equivalents Other current assets Accounts payable and accrued liabilities ) ) Total Redeemable noncontrolling interests in consolidated VIEs ) ) Nonredeemable noncontrolling interests in consolidated VIEs ) ) JHG’s net interest in consolidated VIEs $ $ Unconsolidated Variable Interest Entities At June 30, 2017, and December 31, 2016, JHG’s carrying values of investment securities included on the Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs was $1.1 million and nil, respectively. JHG’s total exposure to unconsolidated VIEs represents the value of its economic ownership interest in the investment securities. Voting Rights Entities Consolidated Voting Rights Entities The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded on JHG’s Condensed Consolidated Balance Sheets, including JHG’s net interest in these products (in millions): June 30, December 31, 2017 2016 Investment securities $ $ Redeemable noncontrolling interests in consolidated VREs ) — JHG’s net interest in consolidated VREs $ $ JHG’s total exposure to consolidated VREs represents the value of its economic ownership interest in these seeded investment products. Valuation changes associated with investments held at fair value are reflected in investment gains (losses), net on the Group’s Condensed Consolidated Statements of Comprehensive Income. Valuation changes are partially offset in net loss attributable to noncontrolling interests for the portion not attributable to JHG. Refer to Note 4 — Investment Securities. JHG may not, under any circumstances, access cash and cash equivalents held by consolidated VREs to use in its operating activities or for any other purpose. Unconsolidated Voting Rights Entities At June 30, 2017, and December 31, 2016, JHG’s carrying value of investment securities included on the Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs was $52.0 million and $4.9 million, respectively. JHG’s total exposure to unconsolidated VREs represents the value of its economic ownership interest in the investment securities.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2017
INVESTMENT SECURITIES
INVESTMENT SECURITIES	Note 4 — Investment Securities JHG’s investment securities as of June 30, 2017, and December 31, 2016, are summarized as follows (in millions): June 30, December 31, 2017 2016 Trading securities: Seeded investment products: Consolidated VIEs $ $ Consolidated VREs Unconsolidated Separate accounts — Pooled investment funds — Total seeded investment products Investments related to deferred compensation plans Other investments Total trading securities Available-for-sale securities: Seeded investment products: Consolidated VIEs Unconsolidated Total available-for-sale securities Total investment securities $ $ Trading Securities Net unrealized gains (losses) on trading securities held as of June 30, 2017 and 2016, are summarized as follows (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Trading securities held at period end $ ) $ $ ) $ Available-for-Sale Securities The following is a summary of available-for-sale securities as of June 30, 2017, and December 31, 2016 (in millions): Gross unrealized Foreign investment currency Cost Gains Losses translation Fair value June 30, 2017: Available-for-sale securities $ $ $ — $ $ December 31, 2016: Available-for-sale securities $ $ $ — $ $ Derivative Instruments JHG maintains an economic hedge program that uses derivative instruments to mitigate against market volatility of certain seeded investments by using index and commodity futures (“futures”), index swaps, total return swaps (“TRSs”) and credit default swaps. Certain foreign currency exposures associated with the Group’s seeded investment products are also hedged by using foreign currency forward contracts. JHG was party to the following derivative instruments as of June 30, 2017, and December 31, 2016 (in millions): Notional value June 30, 2017 December 31, 2016 Futures $ $ Credit default swaps — Index swaps Total return swaps Foreign currency forward contracts The derivative instruments are not designated as hedges for accounting purposes, with the exception of certain foreign currency forward contracts used for net investment hedging. Changes in fair value of the futures, index swaps, TRSs and credit default swaps are recognized in investment gains (losses), net on JHG’s Condensed Consolidated Statements of Comprehensive Income. Changes in the fair value of the foreign currency forward contracts designated as hedges for accounting purposes are recognized in other comprehensive income, net of tax on JHG’s Condensed Consolidated Statements of Comprehensive Income. The value of the individual derivative contracts are recognized on a gross basis and included in other current assets or accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet. The Group has entered into netting arrangements with certain counterparties. The impacts of any potential netting are shown below. The following tables illustrate the effect of offsetting derivative instruments on JHG’s Condensed Consolidated Balance Sheets as of June 30, 2017, and December 31, 2016 (in millions): June 30, 2017 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral pledged Net amounts Assets: Futures $ $ ) $ — $ Total assets $ $ ) $ — $ Liabilities: Futures $ ) $ $ — $ — Index swaps ) — — Credit default swaps ) — ) Foreign currency forward contracts ) — ) Total liabilities $ ) $ $ $ ) December 31, 2016 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral pledged Net amounts Liabilities: Total return swaps $ ) $ — $ $ — Index swaps ) — ) Foreign currency forward contracts ) — — ) Total liabilities $ ) $ — $ $ ) The Group recognized the following net foreign currency translation gains on hedged seed investments denominated in currencies other than the Group’s functional currency and net losses associated with foreign currency forward contracts under net investment hedge accounting for the three and six months ended June 30, 2017 and 2016 (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Foreign currency translation $ $ $ $ Foreign currency forward contracts ) ) ) ) Total $ — $ — $ — $ — The foreign currency translation gains and losses on foreign currency forward contracts associated with the net investment hedge are recognized in other comprehensive income, net on JHG’s Condensed Consolidated Statements of Comprehensive Income. Derivative Instruments in Consolidated Seeded Investment Products Certain of the Group’s consolidated seeded investment products utilize derivative instruments to contribute to the achievement of defined investment objectives. These derivative instruments are classified within other current assets or accounts payable and accrued liabilities on JHG’s Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains (losses), net on JHG’s Condensed Consolidated Statements of Comprehensive Income. JHG’s consolidated seeded investment products were party to the following derivative instruments as of June 30, 2017, and December 31, 2016 (in millions): Notional value June 30, 2017 December 31, 2016 Futures $ $ Contracts for differences — Credit default swaps Interest rate swaps Options Swaptions Foreign currency forward contracts The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JHG’s Condensed Consolidated Balance Sheets as of June 30, 2017 (in millions): June 30, 2017 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral pledged Net amounts Assets: Futures $ $ ) $ — $ Contracts for differences ) — Interest rate swaps ) — — Credit default swaps — — Options ) — Foreign currency forward contracts ) — — Total assets $ $ ) $ — $ Liabilities: Futures $ ) $ $ — $ ) Contracts for differences ) — ) Interest rate swaps ) — — Credit default swaps ) — — ) Options ) — — Foreign currency forward contracts ) ) Total liabilities $ ) $ $ $ ) The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JHG’s Condensed Consolidated Balance Sheets as of December 31, 2016 (in millions): December 31, 2016 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Futures $ $ ) $ — $ Contracts for differences ) — Interest rate swaps ) — — Options ) — Foreign currency forward contracts — ) — Total assets $ $ ) $ ) $ Liabilities: Futures $ ) $ $ — $ — Contracts for differences ) — — Interest rate swaps ) — — Credit default swaps ) — — ) Options ) — — Foreign currency forward contracts ) — ) Total liabilities $ ) $ $ $ ) As of June 30, 2017, certain consolidated seeded investment products sold credit protection through the use of credit default swap contracts. This type of arrangement did not exist as of December 31, 2016. The contracts provide alternative credit risk exposure to individual companies and countries outside of traditional bond markets. The terms of the credit default swap contracts range from one to five years. As sellers in credit default swap contracts, the consolidated seeded investment products would be required to pay the notional value of a referenced debt obligation to the counterparty in the event of a default on the debt obligation by the issuer. The notional value represents the estimated maximum potential undiscounted amount of future payments required upon the occurrence of a credit default event. As of June 30, 2017, the notional values of the agreements totaled $6.4 million. The credit default swap contracts include recourse provisions that allow for recovery of a certain percentage of amounts paid upon the occurrence of a credit default event. As of June 30, 2017, the fair value of the credit default swap contracts selling protection was $0.4 million. Investment Gains (Losses), Net Investment gains (losses), net on JHG’s Condensed Consolidated Statements of Comprehensive Income included the following for the three and six months ended June 30, 2017 and 2016 (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Seeded investment products $ ) $ ) $ ) $ Fair value movements on derivatives ) ) ) Gain on sale of Volantis — — Other ) ) Investment gains (losses), net $ $ ) $ $ ) On April 1, 2017, the Group completed the sale of its alternative UK small cap team (“Volantis”). Consideration for the sale was a 10% share of the management and performance fees generated by Volantis for a period of three years. A $10.2 million gain was recognized in investment gains (losses), net on the Condensed Consolidated Statements of Comprehensive Income, representing the net present value of estimated future cash flows. Cash Flows Cash flows related to investment securities for the six months ended June 30, 2017 and 2016, are summarized as follows (in millions): Six months ended June 30, 2017 2016 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Trading securities $ ) $ $ ) $ — Available-for-sale securities ) ) Total cash flows $ ) $ $ ) $

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	Note 5 — Fair Value Measurements The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of June 30, 2017 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ — $ — $ Investment securities: Consolidated VIEs - trading Other - trading — Consolidated VIEs - available-for-sale — — Other - available-for-sale — — Total investment securities Seed hedge derivatives — — Derivatives in consolidated seeded investment products — Contingent consideration — — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Seed hedge derivatives — — Current portion of long-term debt(1) — — Long-term debt(1) — — Deferred bonuses — — Contingent consideration — — Dai-ichi option — — 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 presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of December 31, 2016 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Investment securities: Consolidated VIEs - trading $ $ $ $ Other - trading — Consolidated VIEs - available-for-sale — Other - available-for-sale — — Total investment securities Derivatives in consolidated seeded investment products — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Contingent consideration — — Deferred bonuses — — Seed hedge derivatives — — Total liabilities $ $ $ $ Total redeemable noncontrolling interests $ — $ — $ $ Level 1 Fair Value Measurements JHG’s Level 1 fair value measurements consist mostly of seeded investment products, investments in advised mutual funds, cash equivalents and investments related to deferred compensation plans with quoted market prices in active markets. The fair value level of consolidated seeded investment products is determined by the underlying securities of the product. The fair value level of unconsolidated seeded investment products is determined using the respective net asset value (“NAV”) of each product. Level 2 Fair Value Measurements JHG’s Level 2 fair value measurements consist mostly of consolidated seeded investment products and JHG’s long-term debt. The fair value of consolidated seeded investment products is determined by the underlying securities of the product. The fair value of JHG’s long-term debt is determined using broker quotes and recent trading activity, which are considered Level 2 inputs. Level 3 Fair Value Measurements Investment Products As of June 30, 2017, certain securities within consolidated VIEs were valued using significant unobservable inputs, resulting in Level 3 classification. Contingent Consideration Acquisition of Geneva The consideration payable on the acquisition of Geneva Capital Management LLC (“Geneva”) in 2014 included two contingent tranches of up to $45.0 million and $25.0 million, payable over six years. No fair value adjustment was necessary in the period ended June 30, 2017. As of June 30, 2017 and December 31, 2016, the contingent consideration had a fair value of $21.2 million and $20.3 million, respectively, and was included in other non-current liabilities on JHG’s Condensed Consolidated Balance Sheets. The fair value of the Geneva contingent consideration is estimated at each reporting date by forecasting revenue, as defined by the sale and purchase agreement, over the contingency period, and determining whether targets will be met. Significant unobservable inputs used in the valuation are limited to forecast revenues, which factor in expected growth in assets under management (“AUM”) based on performance and industry trends. Acquisition of Perennial The consideration payable on the acquisition of Perennial Fixed Interest Partners Pty Ltd and Perennial Growth Management Pty Ltd (together “Perennial”) included contingent consideration payable in 2017 and 2019 if revenues of the Perennial equities business meet certain targets. The total maximum payment over the entire contingent consideration period is $11.5 million as of June 30, 2017. In addition, there is a maximum amount of $37.4 million payable in two tranches in 2019 and 2020, which have employee service conditions attached (“earn-out”). The earn-out is accrued over the service period as compensation expense and is based on net management fee revenue. As of June 30, 2017, and December 31, 2016, the contingent consideration and earn-out had a fair value of $7.6 million and $5.2 million, respectively, which is included on JHG’s Condensed Consolidated Balance Sheet. The fair value of the Perennial contingent consideration and earn-out is calculated at each reporting date by forecasting Perennial revenues over the contingency period and determining whether the forecasted amounts meet the defined targets. The significant unobservable input used in the valuation is forecasted revenue. Acquisition of Kapstream JCG’s acquisition of Kapstream was a two-stage acquisition. The original acquisition of 51% in July 2015 had contingent consideration payable at 18 and 36 months after acquisition if certain Kapstream AUM reach defined targets. The purchase of the remaining 49% had contingent consideration of up to $42.5 million. Payment of the contingent consideration is subject to all Kapstream products and certain products advised by Janus, reaching defined revenue targets on the first, second and third anniversaries of January 31, 2017. The contingent consideration will be payable in three equal installments on the anniversary dates and is indexed to the performance of the Kapstream Absolute Return Income Fund. Upon achieving the defined revenue targets, the holders receive the value of the contingent consideration adjusted for gains or losses attributable to the mutual fund to which the contingent consideration is indexed, subject to tax withholding. As of June 30, 2017, the contingent consideration had a fair value of $40.9 million; $17.3 million is included in accounts payable and accrued liabilities, and $23.6 million is included in other non-current liabilities on JHG’s Condensed Consolidated Balance Sheets. As of June 30, 2017, the total maximum payment over the remaining contingent consideration period is $47.1 million. The fair value of the Kapstream contingent consideration is calculated at each reporting date by forecasting certain Kapstream AUM or defined revenue over the contingency period and determining whether the forecasted amounts meet the defined targets. Significant unobservable inputs used in the valuation are limited to forecasted Kapstream AUM and defined revenue targets. Acquisition of VelocityShares JCG’s acquisition of VelocityShares in 2014 included contingent consideration. The remaining contingent consideration is payable on the third and fourth anniversaries of the acquisition, in amounts up to $8.0 million each. The payments are contingent on certain VelocityShares’ ETPs reaching defined net revenue targets. As of June 30, 2017, the total maximum payment over the remaining contingent consideration period (third and fourth anniversaries of the acquisition) is $16.0 million. As of June 30, 2017, the contingent consideration had a fair value of $6.3 million; $5.2 million is included in accounts payable and accrued liabilities, and $1.1 million is included in other non-current liabilities on JHG’s Condensed Consolidated Balance Sheets. The fair value of the VelocityShares contingent consideration is calculated at each reporting date by forecasting net ETP revenue, as defined by the purchase agreement, over the contingency period and determining whether net forecasted ETP revenue targets are achieved. Significant unobservable inputs used in the valuation are considered non-public data and limited to forecasted gross revenues and certain expense items, which are deducted from these revenues. Disposal of Volantis On April 1, 2017, the Group completed the sale of Volantis. Consideration for the sale was a 10% share of the management and performance fees generated by Volantis for a period of three years. The fair value of the Volantis contingent consideration is estimated at each reporting date by forecasting revenues over the contingency period of three years. Significant unobservable inputs used in the valuation are limited to forecast revenues which factor in expected growth in AUM based on performance and industry trends. Increases in forecast revenue increase the fair value of the consideration, while decreases in forecast revenue would decrease the fair value. The forecasted share of revenues is then discounted back to the valuation date using an 11.8% discount rate. As of June 30, 2017, the fair value of the Volantis contingent consideration was $10.6 million. Deferred Bonuses Deferred bonuses represent the liability to employees which will be settled by investments in JHG products. Redeemable Noncontrolling Interests in INTECH INTECH became a subsidiary of the Group as a result of the Merger. 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 AUM. Redeemable Noncontrolling Interests in Consolidated Seeded Investment Products Redeemable noncontrolling interests are measured at fair value. The fair value of redeemable noncontrolling interests is primarily driven by the fair value of the investments in consolidated funds. The fair value of redeemable noncontrolling interests may also fluctuate from period to period based on changes in the Group’s relative ownership percentage of seed investments. Changes in Fair Value Changes in fair values of JHG’s Level 3 assets for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended Six months ended 2017 2016 2017 2016 Beginning of period fair value $ $ $ $ Balance acquired from the Merger — — Additions Movements recognized in net income ) ) ) Movements recognized in other comprehensive income ) ) End of period fair value $ $ $ $ Changes in fair value of JHG’s individual Level 3 liabilities and redeemable noncontrolling interests for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended June 30, 2017 2016 Contingent Deferred Redeemable Dai-ichi option Contingent Deferred Redeemable Beginning of period fair value $ $ 54.5 $ 146.0 $ — $ 20.6 $ 43.7 $ 114.2 Balances acquired from the Merger — — — — Additions — — — — — — Changes in ownership — — — — — Net movement in bonus deferrals — ) — — — ) — Fair value adjustments — — — — Unrealized gains (losses) — — ) — — — Amortization of INTECH appreciation rights — — — — — — Distributions — — ) — — — — Foreign currency translation ) — ) ) ) End of period fair value $ $ 50.3 $ 172.0 $ $ 22.1 $ 38.0 $ 138.5 Six months ended June 30, 2017 2016 Contingent Deferred Redeemable Dai-ichi option Contingent Deferred Redeemable Beginning of period fair value $ 25.5 $ $ $ — $ 19.5 $ 35.7 $ 82.9 Balances acquired from the Merger — — — — Additions — — — — — — Changes in ownership — — ) — — — Net movement in bonus deferrals — — — — — Fair value adjustments — — — — Unrealized gains (losses) — — ) — — — Amortization of INTECH appreciation rights — — — — — — Distributions — — ) — — — — Foreign currency translation ) — ) ) ) End of period fair value $ 76.0 $ 50.3 $ $ $ 22.1 $ 38.0 $ 138.5 Significant Unobservable Inputs Valuation techniques and significant unobservable inputs used in the valuation of JHG’s material Level 3 asset, the Group’s private equity investment within consolidated VIEs as of June 30, 2017, and December 31, 2016, were as follows (in millions): As of June 30, 2017 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs - trading $ Discounted cash flow Discount rate EBITDA multiple Price-earnings ratio 12%-30% (16.3)% 8.7%-11.0% (9.1)% 17.2%-24.0% (18.4)% As of December 31, 2016 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs - trading $ Discounted cash flow Discount rate EBITDA multiple Price-earnings ratio 12%-30% (16.3)% 8.7%-11.0% (9.1)% 17.2%-24.0% (18.4)% Nonrecurring Fair Value Measurements Nonrecurring Level 3 fair value measurements include goodwill and intangible assets. The Group measures the fair value of goodwill and intangible assets on initial recognition using 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, such measurements are classified as Level 3. Goodwill and intangible assets were part of the preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed from the Merger. Refer to Note 2 — Acquisitions for additional information. Transfers Between Fair Value Levels The underlying securities of funds and separate accounts may trade on a foreign stock exchange. 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 movement of securities between Level 1 and Level 2. Transfers are recognized at the end of each reporting period. Transfers between Level 1, Level 2 and Level 3 classifications for the six months ended June 30, 2017 and 2016, were immaterial.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2017
DEBT
DEBT	Note 6 — Debt Debt as of June 30, 2017, and December 31, 2016, consisted of the following (in millions): June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair value value value value 4.875% Senior Notes due 2025 $ $ $ — $ — 0.750% Convertible Senior Notes due 2018 — — Total debt — — Less: Current portion of long-term debt — — Total long-term debt $ $ $ — $ — 4.875% Senior Notes Due 2025 As a result of the Merger, the Group recognized nominal value of $300.0 million of 2025 Senior Notes, which pay interest at 4.875% semiannually on February 1 and August 1 of each year and mature on August 1, 2025. The 2025 Senior Notes were recorded at their fair value of $323.7 million at the time of the Merger. The 2025 Senior Notes include unamortized debt premium at June 30, 2017, of $27.9 million, which will be amortized over the remaining life of the notes. The unamortized debt premium is recorded as a liability within long-term debt on JHG’s Condensed Consolidated Balance Sheets. 0.750% Convertible Senior Notes Due 2018 As a result of the Merger, the Group recognized nominal value of $116.6 million of 2018 Convertible Notes. The 2018 Convertible Notes had a fair value of $158.1 million at the time of the Merger. The notes may be wholly or partially settled in cash and thereby the liability and conversion feature components of the notes are accounted for separately. The initial $115.2 million liability component was determined by discounting future contractual cash flows at a 1.9% rate, which is consistent with the estimated market interest rate for similar senior notes with no conversion option. The liability component will accrete up to the face value of $116.6 million, through interest expense, over the remaining term of the notes. The $42.9 million equity component was determined as the difference between the liability component and the fair value of the notes at the Merger Closing Date. The fair value as of June 30, 2017, in the table above represents the total fair value of the 2018 Convertible Notes, including the component allocated to equity at the Merger Closing Date. The 2018 Convertible Notes pay interest at 0.750% semiannually on January 15 and July 15 of each year and mature on July 15, 2018. As a result of the Merger, the conversion rate of the 2018 Convertible Notes was adjusted to 44.47 shares of JHG common stock per $1,000 principal amount of the 2018 Convertible Notes, which is equivalent to a conversion price of approximately $22.49 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 JHG’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. The 2018 Convertible Notes may also be converted, regardless of whether or not the conversion criteria have been satisfied, for a period of 35 trading days in advance of and 35 trading days following the Closing Date of the Merger. Due to this provision associated with the Merger, the 2018 Convertible Notes are classified as current portion of long-term debt on JHG’s Condensed Consolidated Balance Sheets. As of August 4, 2017, conversion notices amounting to $32.6 million in principal had been received. JHG intends to settle the conversion notices in cash during the third quarter 2017. Upon closing of the Merger, JHG fully and unconditionally guarantee the obligations of JCG in relation to the 2018 Convertible Notes and 2025 Senior Notes. Convertible Note Hedge and Warrants Prior to the Merger, JCG entered into convertible note hedge and warrant transactions. The instruments were intended to reduce the potential for future dilution to shareholders by effectively increasing the initial conversion price of the 2018 Convertible Notes. The convertible note hedge and warrants were terminated in June 2017, and JHG received $59.3 million and paid $47.8 million to settle the contracts. The net proceeds from the settlement were recorded in additional paid-in-capital on the Group’s Condensed Consolidated Balance Sheets. Credit Facility At June 30, 2017, JHG had a $200 million, unsecured, revolving credit facility (“Credit Facility”) with Bank of America Merrill Lynch International Limited, as coordinator, book runner and mandated lead arranger. JHG and its subsidiaries can use the Credit Facility for general corporate purposes. The rate of interest for each interest period is the aggregate of the applicable margin, which is based on JHG’s long-term credit rating and the London Interbank Offered Rate (“LIBOR”), or the Euro Interbank Offered Rate (“EURIBOR”) in relation to any loan in EUR, or in relation to any loan in AUD, the benchmark rate for that currency. JHG is required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is also based on JHG’s long-term credit rating. Under the Credit Facility, the financing leverage ratio cannot exceed 3.0x. At June 30, 2017, JHG was in compliance with all covenants, and there were no borrowings under the Credit Facility at June 30, 2017, or during the six months ended June 30, 2017. The Credit Facility has a maturity date of February 16, 2022.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
INCOME TAXES
INCOME TAXES	Note 7 — Income Taxes The Group’s effective tax rates for the three and six months ended June 30, 2017 and 2016, are as follows: Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Effective tax rate % % % % The increase in the effective tax rate for the three and six months ended June 30, 2017, versus the same periods in 2016 is primarily due to the non-tax deductible deal costs in connection with the Merger and the inclusion of JCG in the tax calculation of JHG. In addition, the three and six months ended June 30, 2016, included a significant tax benefit relating to the exercise of stock-based compensation. As of June 30, 2017, and December 31, 2016, JHG had $6.5 million and $2.5 million, respectively, of unrecognized tax benefits held for uncertain tax positions. The increase in the unrecognized tax benefits was primarily a result of the inclusion of a $5.1 million tax reserve acquired in the Merger offset by $1.1 million as a result of settlements with the relevant authorities. Management estimates that the existing liability for uncertain tax positions could decrease by up to $1.1 million within the next 12 months, ignoring changes due to foreign currency translation.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2017
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	Note 8 — Noncontrolling Interests Redeemable Noncontrolling Interests Redeemable noncontrolling interests as of June 30, 2017, and December 31, 2016, consisted of the following (in millions): June 30, December 31, 2017 2016 Consolidated seeded investment products $ $ INTECH: Appreciation rights — Founding member ownership interests — Undistributed earnings ) — Total redeemable noncontrolling interests $ $ Consolidated Seeded Investment Products As of June 30, 2017, and December 31, 2016, redeemable noncontrolling interests of $152.2 million and $158.0 million, respectively, represented noncontrolling interests in consolidated seeded investment products. Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor’s request. Redeemable noncontrolling interests in consolidated seed investment products may fluctuate from period to period and are impacted by changes in JHG’s relative ownership percentage, 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 are redeemed from the respective product’s net assets and cannot be redeemed from the assets of other seeded products or from the assets of JHG. The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three and six months ended June 30, 2017, and 2016 (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Opening balance $ $ $ $ Balance acquired from the Merger — — Changes in market value ) ) Changes in ownership ) Foreign currency translation ) ) ) ) Closing balance $ $ $ $ Changes in ownership reflect third-party investment in consolidated seeded investment products, additional seed capital investment or seed capital redemptions. INTECH INTECH became a subsidiary of the Group as a result of the Merger. INTECH ownership interests held by a founding member had an estimated fair value of $3.9 million as of June 30, 2017, representing an approximate 1.1% ownership of INTECH. This founding member is entitled to retain his remaining INTECH interests until his death and has the option to require JHG to purchase from him, his ownership interests of INTECH at fair value. INTECH appreciation rights are being amortized on a graded vesting method over the respective vesting period. The appreciation rights 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 Nonredeemable noncontrolling interests as of June 30, 2017, and December 31, 2016, are as follows (in millions): June 30, December 31, 2017 2016 Nonredeemable noncontrolling interests in: Seed capital investments $ $ INTECH — Total nonredeemable noncontrolling interests $ $ Net loss attributable to nonredeemable noncontrolling interests for the three and six months ended June 30, 2017, was $0.5 million and $0.5 million, respectively, and $6.1 million and $3.0 million, respectively, during the same periods in 2016.

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	6 Months Ended
	Jun. 30, 2017
LONG-TERM INCENTIVE COMPENSATION
LONG-TERM INCENTIVE COMPENSATION	Note 9 — Long-Term Incentive Compensation The Group granted $57.9 million and $58.3 million in long-term incentive awards during the three and six months ended June 30, 2017, respectively, which generally vest and will be recognized on a graded vesting method over a three- or four-year period. In addition, the Group issued 4.4 million shares of replacement awards to employees on the Closing Date of the Merger. Long-term incentive compensation expense for the three and six months ended June 30, 2017, was $47.3 million and $63.7 million, respectively, and $30.2 million and $51.3 million, respectively, during the same periods in 2016.

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 30, 2017
RETIREMENT BENEFIT PLANS
RETIREMENT BENEFIT PLANS	Note 10 — Retirement Benefit Plans The Group operates defined contribution retirement benefit plans and defined benefit pension plans. The main defined benefit pension plan sponsored by the Group is the defined benefit section of the Henderson Group Pension Scheme (“HGPS”). Net Periodic Benefit Credit The components of net periodic benefit credit in respect of defined benefit plans for the three- and six-month periods ended June 30, 2017 and 2016, include the following (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Service cost $ ) $ ) $ ) $ ) Interest cost ) ) ) ) Expected return on plan assets Net periodic benefit credit $ $ — $ $

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	Note 11 — Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended June 30, 2017 2016 Available- Retirement Available- Retirement for-sale Foreign benefit for-sale Foreign benefit securities currency asset, net Total securities currency asset, net Total Beginning balance $ $ ) $ $ ) $ $ ) $ $ ) Total other comprehensive income (loss) — — ) ) Less: Other comprehensive loss (income) attributable to noncontrolling interests — — — ) — ) Ending balance $ $ ) $ $ ) $ $ ) $ $ ) Six months ended June 30, 2017 2016 Available- Retirement Available- Retirement for-sale Foreign benefit for-sale Foreign benefit securities currency asset, net Total securities currency asset, net Total Beginning balance $ $ ) $ $ ) $ $ ) $ $ ) Total other comprehensive income (loss) ) — ) ) ) Less: Other comprehensive loss (income) attributable to noncontrolling interests — — — ) — ) Ending balance $ $ ) $ $ ) $ $ ) $ $ ) The components of other comprehensive income (loss), net of tax for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended June 30, 2017 2016 Pre-tax Tax Net Pre-tax Tax Net amount benefit amount amount benefit amount Net unrealized gains on available-for-sale securities $ — $ — $ — $ $ — $ Foreign currency translation adjustments — ) ) Retirement benefit asset, net — — — — Total other comprehensive income (loss) $ $ — $ $ ) $ $ ) Six months ended June 30, 2017 2016 Pre-tax Tax Net Pre-tax Tax Net amount benefit amount amount benefit amount Net unrealized losses on available-for-sale securities $ ) $ — $ ) $ ) $ — $ ) Foreign currency translation adjustments — ) ) Retirement benefit asset, net — — — — Total other comprehensive income (loss) $ $ — $ $ ) $ $ )

EARNINGS AND DIVIDENDS PER SHAR

EARNINGS AND DIVIDENDS PER SHARE	6 Months Ended
	Jun. 30, 2017
EARNINGS AND DIVIDENDS PER SHARE
EARNINGS AND DIVIDENDS PER SHARE	Note 12 — Earnings and Dividends Per Share Earnings Per Share The following is a summary of the earnings per share calculation for the three and six months ended June 30, 2017 and 2016 (in millions, except per share data): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Net income attributable to JHG $ $ $ $ Less: Allocation of earnings to participating stock-based awards Net income attributable to JHG common shareholders $ $ $ $ Weighted-average common shares outstanding - basic Dilutive effect of: 2018 Convertible Notes — — Non-participating stock-based awards Weighted-average common shares outstanding - diluted Earnings per share: Basic earnings per share $ $ $ $ Diluted earnings per share (two class) $ $ $ $ The share numbers in the table above have been updated to reflect the share consolidation on April 26, 2017. Refer to Note 1 — Basis of Presentation, for additional information on the share consolidation. The following unvested nonparticipating stock awards 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, 2017 2016 2017 2016 Unvested nonparticipating stock awards — — Dividends Per Share The payment of cash dividends is within the discretion of JHG’s Board of Directors and depends on many factors, including, but not limited to the Group’s results of operations, financial condition, capital requirements, and general business conditions and legal requirements. From the Closing date, the Group anticipates declaring dividends quarterly in US dollars; prior to this the Group declared dividends in GBP on a semi-annual basis, with an extraordinary first quarter 2017 dividend declared on April 19, 2017. The following is a summary of cash dividends paid for the three and six months ended June 30, 2017 and 2016, in GBP: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Dividends paid per share £ £ £ £ On August 7, 2017, JHG’s Board of Directors declared a cash dividend of $0.32 per share. The dividend will be paid on September 1, 2017, to shareholders of record at the close of business on August 18, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	Note 13 — Commitments and Contingencies Commitments and contingencies may arise in the normal course of business. As of June 30, 2017, there were no material changes in the commitments and contingencies as reported in Henderson’s annual consolidated financial statements and notes included in the Prospectus, except as noted below. The rental commitments disclosed in the table below are in addition to the commitments disclosed in the Prospectus. Operating and Capital Leases As of June 30, 2017, future minimum rental commitments under non-cancelable operating and capital leases (in addition to the amounts reported in the Prospectus), are as follows (in millions): Year ended December 31, Amount 2017 $ 2018 2019 2020 2021 Thereafter Total $ Litigation and Other Regulatory Matters JHG 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 JHG’s consolidated financial statements.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2017
ACQUISITIONS
Summary of preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed	The preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed is presented in the following table (in millions): Preliminary purchase price allocation Assets: Cash and cash equivalents $ Investment securities Fees and other receivables Other current assets Property, equipment and software Intangible assets Goodwill Other non-current assets Liabilities: Long-term debt Deferred tax liabilities Other current liabilities Other non-current liabilities Noncontrolling interests Net assets acquired $
Summary of preliminary estimates of acquired intangible assets and their related estimated useful lives	Preliminary estimates of acquired intangible assets and their related estimated useful lives are presented in the following table (in millions): Estimated Estimated useful fair value life (in years) Investment management contracts - mutual funds $ Indefinite Investment management contracts - separate accounts 13-22 Investment management contracts - exchange traded notes Investment management contracts - exchange traded funds Indefinite Trademarks Indefinite $
Summary of goodwill and intangible assets	The following table presents movement in intangible assets during the period (in millions): December 31, 2016 Merger Amortization Foreign currency June 30, 2017 Indefinite-lived intangible assets: Investment management agreements $ $ $ — $ $ Trademarks — — — Definite-lived intangible assets: Client relationships — Accumulated amortization ) — ) — ) Net intangible assets $ $ $ ) $ $
Schedule of expected future amortization	Expected future amortization expense is summarized below (in millions): Year ended December 31, Amount 2017 (remainder of year) $ 2018 2019 2020 2021 2022 Thereafter Total $
Summary of unaudited supplemental pro forma operating results and JCG results of operations included in JHG's Condensed Consolidated Statements of Comprehensive Income	Pro Forma Results of Operations The following table presents summarized unaudited supplemental pro forma operating results as if the Merger had occurred at the beginning of each of the periods presented (in millions). Six months ended June 30, 2017 June 30, 2016 Revenues $ $ Net income attributable to JHG $ $ JCG Results of Operations Revenue and net income of JCG from the Closing Date through the end of the second quarter 2017 included in JHG’s Condensed Consolidated Statements of Comprehensive Income is presented in the following table (in millions): Closing Date - June 30, 2017 Revenues $ Net income attributable to JCG $

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	6 Months Ended
	Jun. 30, 2017
Consolidated VIEs
Schedule of assets and liabilities	Consolidated VIE assets and liabilities, presented after intercompany eliminations, at June 30, 2017, and December 31, 2016, are as follows (in millions): June 30, December 31, 2017 2016 Investment securities $ $ Cash and cash equivalents Other current assets Accounts payable and accrued liabilities ) ) Total Redeemable noncontrolling interests in consolidated VIEs ) ) Nonredeemable noncontrolling interests in consolidated VIEs ) ) JHG’s net interest in consolidated VIEs $ $
Consolidated VREs
Schedule of consolidated voting right entities (VREs)	The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded on JHG’s Condensed Consolidated Balance Sheets, including JHG’s net interest in these products (in millions): June 30, December 31, 2017 2016 Investment securities $ $ Redeemable noncontrolling interests in consolidated VREs ) — JHG’s net interest in consolidated VREs $ $

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Summary of investment securities	JHG’s investment securities as of June 30, 2017, and December 31, 2016, are summarized as follows (in millions): June 30, December 31, 2017 2016 Trading securities: Seeded investment products: Consolidated VIEs $ $ Consolidated VREs Unconsolidated Separate accounts — Pooled investment funds — Total seeded investment products Investments related to deferred compensation plans Other investments Total trading securities Available-for-sale securities: Seeded investment products: Consolidated VIEs Unconsolidated Total available-for-sale securities Total investment securities $ $
Schedule of net unrealized gains (losses) on trading securities	Net unrealized gains (losses) on trading securities held as of June 30, 2017 and 2016, are summarized as follows (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Trading securities held at period end $ ) $ $ ) $
Summary of available-for-sale securities	The following is a summary of available-for-sale securities as of June 30, 2017, and December 31, 2016 (in millions): Gross unrealized Foreign investment currency Cost Gains Losses translation Fair value June 30, 2017: Available-for-sale securities $ $ $ — $ $ December 31, 2016: Available-for-sale securities $ $ $ — $ $
Schedule of gross and offsetting amounts for derivative instruments	The following tables illustrate the effect of offsetting derivative instruments on JHG’s Condensed Consolidated Balance Sheets as of June 30, 2017, and December 31, 2016 (in millions): June 30, 2017 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral pledged Net amounts Assets: Futures $ $ ) $ — $ Total assets $ $ ) $ — $ Liabilities: Futures $ ) $ $ — $ — Index swaps ) — — Credit default swaps ) — ) Foreign currency forward contracts ) — ) Total liabilities $ ) $ $ $ ) December 31, 2016 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral pledged Net amounts Liabilities: Total return swaps $ ) $ — $ $ — Index swaps ) — ) Foreign currency forward contracts ) — — ) Total liabilities $ ) $ — $ $ )
Schedule of net foreign currency translation gains on hedged seed investments denominated in foreign currencies and net losses associated with foreign currency forward contracts under net investment hedging	The Group recognized the following net foreign currency translation gains on hedged seed investments denominated in currencies other than the Group’s functional currency and net losses associated with foreign currency forward contracts under net investment hedge accounting for the three and six months ended June 30, 2017 and 2016 (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Foreign currency translation $ $ $ $ Foreign currency forward contracts ) ) ) ) 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 JHG’s Condensed Consolidated Balance Sheets as of June 30, 2017 (in millions): June 30, 2017 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral pledged Net amounts Assets: Futures $ $ ) $ — $ Contracts for differences ) — Interest rate swaps ) — — Credit default swaps — — Options ) — Foreign currency forward contracts ) — — Total assets $ $ ) $ — $ Liabilities: Futures $ ) $ $ — $ ) Contracts for differences ) — ) Interest rate swaps ) — — Credit default swaps ) — — ) Options ) — — Foreign currency forward contracts ) ) Total liabilities $ ) $ $ $ ) The following table illustrates the effect of offsetting derivative instruments within consolidated seeded investment products on JHG’s Condensed Consolidated Balance Sheets as of December 31, 2016 (in millions): December 31, 2016 Gross amounts offset by Gross amounts derivative offset by cash Gross amounts instruments collateral Net amounts Assets: Futures $ $ ) $ — $ Contracts for differences ) — Interest rate swaps ) — — Options ) — Foreign currency forward contracts — ) — Total assets $ $ ) $ ) $ Liabilities: Futures $ ) $ $ — $ — Contracts for differences ) — — Interest rate swaps ) — — Credit default swaps ) — — ) Options ) — — Foreign currency forward contracts ) — ) Total liabilities $ ) $ $ $ )
Schedule of investment gains (losses), net on Condensed Consolidated Statements of Comprehensive Income	Investment gains (losses), net on JHG’s Condensed Consolidated Statements of Comprehensive Income included the following for the three and six months ended June 30, 2017 and 2016 (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Seeded investment products $ ) $ ) $ ) $ Fair value movements on derivatives ) ) ) Gain on sale of Volantis — — Other ) ) Investment gains (losses), net $ $ ) $ $ )
Cash flows related to investment securities	Cash flows related to investment securities for the six months ended June 30, 2017 and 2016, are summarized as follows (in millions): Six months ended June 30, 2017 2016 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Trading securities $ ) $ $ ) $ — Available-for-sale securities ) ) Total cash flows $ ) $ $ ) $
Not Designated as Hedging Instrument
Schedule of derivative instruments	JHG was party to the following derivative instruments as of June 30, 2017, and December 31, 2016 (in millions): Notional value June 30, 2017 December 31, 2016 Futures $ $ Credit default swaps — Index swaps Total return swaps Foreign currency forward contracts
Seeded investment products
Schedule of derivative instruments	JHG’s consolidated seeded investment products were party to the following derivative instruments as of June 30, 2017, and December 31, 2016 (in millions): Notional value June 30, 2017 December 31, 2016 Futures $ $ Contracts for differences — Credit default swaps Interest rate swaps Options Swaptions Foreign currency forward contracts

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
Schedule of assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis	The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of June 30, 2017 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ — $ — $ Investment securities: Consolidated VIEs - trading Other - trading — Consolidated VIEs - available-for-sale — — Other - available-for-sale — — Total investment securities Seed hedge derivatives — — Derivatives in consolidated seeded investment products — Contingent consideration — — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Seed hedge derivatives — — Current portion of long-term debt(1) — — Long-term debt(1) — — Deferred bonuses — — Contingent consideration — — Dai-ichi option — — 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 presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of December 31, 2016 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Investment securities: Consolidated VIEs - trading $ $ $ $ Other - trading — Consolidated VIEs - available-for-sale — Other - available-for-sale — — Total investment securities Derivatives in consolidated seeded investment products — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Contingent consideration — — Deferred bonuses — — Seed hedge derivatives — — Total liabilities $ $ $ $ Total redeemable noncontrolling interests $ — $ — $ $
Schedule of changes in fair value of the recurring Level 3 fair value measurements for collective items	Changes in fair values of JHG’s Level 3 assets for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended Six months ended 2017 2016 2017 2016 Beginning of period fair value $ $ $ $ Balance acquired from the Merger — — Additions Movements recognized in net income ) ) ) Movements recognized in other comprehensive income ) ) End of period fair value $ $ $ $
Schedule of changes in fair value of the recurring Level 3 fair value measurements for individual items	Changes in fair value of JHG’s individual Level 3 liabilities and redeemable noncontrolling interests for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended June 30, 2017 2016 Contingent Deferred Redeemable Dai-ichi option Contingent Deferred Redeemable Beginning of period fair value $ $ 54.5 $ 146.0 $ — $ 20.6 $ 43.7 $ 114.2 Balances acquired from the Merger — — — — Additions — — — — — — Changes in ownership — — — — — Net movement in bonus deferrals — ) — — — ) — Fair value adjustments — — — — Unrealized gains (losses) — — ) — — — Amortization of INTECH appreciation rights — — — — — — Distributions — — ) — — — — Foreign currency translation ) — ) ) ) End of period fair value $ $ 50.3 $ 172.0 $ $ 22.1 $ 38.0 $ 138.5 Six months ended June 30, 2017 2016 Contingent Deferred Redeemable Dai-ichi option Contingent Deferred Redeemable Beginning of period fair value $ 25.5 $ $ $ — $ 19.5 $ 35.7 $ 82.9 Balances acquired from the Merger — — — — Additions — — — — — — Changes in ownership — — ) — — — Net movement in bonus deferrals — — — — — Fair value adjustments — — — — Unrealized gains (losses) — — ) — — — Amortization of INTECH appreciation rights — — — — — — Distributions — — ) — — — — Foreign currency translation ) — ) ) ) End of period fair value $ 76.0 $ 50.3 $ $ $ 22.1 $ 38.0 $ 138.5
Summary of valuation techniques and significant unobservable inputs used in the valuation of the company's private equity investments	Valuation techniques and significant unobservable inputs used in the valuation of JHG’s material Level 3 asset, the Group’s private equity investment within consolidated VIEs as of June 30, 2017, and December 31, 2016, were as follows (in millions): As of June 30, 2017 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs - trading $ Discounted cash flow Discount rate EBITDA multiple Price-earnings ratio 12%-30% (16.3)% 8.7%-11.0% (9.1)% 17.2%-24.0% (18.4)% As of December 31, 2016 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs - trading $ Discounted cash flow Discount rate EBITDA multiple Price-earnings ratio 12%-30% (16.3)% 8.7%-11.0% (9.1)% 17.2%-24.0% (18.4)%

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
DEBT
Components of debt	Debt as of June 30, 2017, and December 31, 2016, consisted of the following (in millions): June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair value value value value 4.875% Senior Notes due 2025 $ $ $ — $ — 0.750% Convertible Senior Notes due 2018 — — Total debt — — Less: Current portion of long-term debt — — Total long-term debt $ $ $ — $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2017
INCOME TAXES
Schedule of effective income tax rates	Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Effective tax rate % % % %

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2017
NONCONTROLLING INTERESTS
Summary of redeemable noncontrolling interests	Redeemable noncontrolling interests as of June 30, 2017, and December 31, 2016, consisted of the following (in millions): June 30, December 31, 2017 2016 Consolidated seeded investment products $ $ INTECH: Appreciation rights — Founding member ownership interests — Undistributed earnings ) — Total redeemable noncontrolling interests $ $
Schedule of movement in redeemable noncontrolling interests in consolidated seeded investment products	The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three and six months ended June 30, 2017, and 2016 (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Opening balance $ $ $ $ Balance acquired from the Merger — — Changes in market value ) ) Changes in ownership ) Foreign currency translation ) ) ) ) Closing balance $ $ $ $
Summary of nonredeemable noncontrolling interests	Nonredeemable noncontrolling interests as of June 30, 2017, and December 31, 2016, are as follows (in millions): June 30, December 31, 2017 2016 Nonredeemable noncontrolling interests in: Seed capital investments $ $ INTECH — Total nonredeemable noncontrolling interests $ $

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2017
RETIREMENT BENEFIT PLANS
Schedule of components of net periodic benefit credit	The components of net periodic benefit credit in respect of defined benefit plans for the three- and six-month periods ended June 30, 2017 and 2016, include the following (in millions): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Service cost $ ) $ ) $ ) $ ) Interest cost ) ) ) ) Expected return on plan assets Net periodic benefit credit $ $ — $ $

ACCUMULATED OTHER COMPREHENSI28

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of the changes in accumulated other comprehensive loss, net of tax	Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended June 30, 2017 2016 Available- Retirement Available- Retirement for-sale Foreign benefit for-sale Foreign benefit securities currency asset, net Total securities currency asset, net Total Beginning balance $ $ ) $ $ ) $ $ ) $ $ ) Total other comprehensive income (loss) — — ) ) Less: Other comprehensive loss (income) attributable to noncontrolling interests — — — ) — ) Ending balance $ $ ) $ $ ) $ $ ) $ $ ) Six months ended June 30, 2017 2016 Available- Retirement Available- Retirement for-sale Foreign benefit for-sale Foreign benefit securities currency asset, net Total securities currency asset, net Total Beginning balance $ $ ) $ $ ) $ $ ) $ $ ) Total other comprehensive income (loss) ) — ) ) ) Less: Other comprehensive loss (income) attributable to noncontrolling interests — — — ) — ) Ending balance $ $ ) $ $ ) $ $ ) $ $ )
Components of other comprehensive income (loss), net of tax	The components of other comprehensive income (loss), net of tax for the three and six months ended June 30, 2017 and 2016, are as follows (in millions): Three months ended June 30, 2017 2016 Pre-tax Tax Net Pre-tax Tax Net amount benefit amount amount benefit amount Net unrealized gains on available-for-sale securities $ — $ — $ — $ $ — $ Foreign currency translation adjustments — ) ) Retirement benefit asset, net — — — — Total other comprehensive income (loss) $ $ — $ $ ) $ $ ) Six months ended June 30, 2017 2016 Pre-tax Tax Net Pre-tax Tax Net amount benefit amount amount benefit amount Net unrealized losses on available-for-sale securities $ ) $ — $ ) $ ) $ — $ ) Foreign currency translation adjustments — ) ) Retirement benefit asset, net — — — — Total other comprehensive income (loss) $ $ — $ $ ) $ $ )

EARNINGS AND DIVIDENDS PER SH29

EARNINGS AND DIVIDENDS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
EARNINGS AND DIVIDENDS 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, 2017 and 2016 (in millions, except per share data): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Net income attributable to JHG $ $ $ $ Less: Allocation of earnings to participating stock-based awards Net income attributable to JHG common shareholders $ $ $ $ Weighted-average common shares outstanding - basic Dilutive effect of: 2018 Convertible Notes — — Non-participating stock-based awards Weighted-average common shares outstanding - diluted Earnings per share: Basic earnings per share $ $ $ $ Diluted earnings per share (two class) $ $ $ $
Schedule of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding	The following unvested nonparticipating stock awards 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, 2017 2016 2017 2016 Unvested nonparticipating stock awards — —
Schedule of cash dividends declared and paid	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Dividends paid per share £ £ £ £

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES
Future minimum rental commitments	As of June 30, 2017, future minimum rental commitments under non-cancelable operating and capital leases (in addition to the amounts reported in the Prospectus), are as follows (in millions): Year ended December 31, Amount 2017 $ 2018 2019 2020 2021 Thereafter Total $

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions	May 03, 2017USD ($)$ / shares	Apr. 26, 2017£ / shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	May 30, 2017$ / shares	Apr. 26, 2017USD ($)$ / sharesshares	Apr. 25, 2017USD ($)	Dec. 31, 2016£ / shares	Dec. 31, 2016USD ($)shares
Basis of Presentation
Stock-based compensation plan expense			$ 30.9	$ 20.2
Proceeds from stock-based compensation plans			2.1	8.5
Accumulated Share-based Compensation Costs			$ (105.4)						$ (92.9)
Common stock, par (in dollars/pounds per share) | (per share)	$ 0.15	£ 0.125	$ 1.50		$ 1.50	$ 0.1547		£ 0.125
Common stock, shares issued | shares			200,406,138			1,131,842,110			1,131,842,109
Ordinary share capital amount	$ 169.8		$ 300.6			$ 175.1	$ 234.4		$ 234.4
Additional paid-in-capital	1,302.5		3,824.5			$ 1,297.2	$ 1,237.9		$ 1,237.9
Reduction in ordinary share capital amount due change in par value	$ 5.3
Ordinary shares split conversion ratio		10
Retained earnings
Basis of Presentation
Stock-based compensation plan expense			9.9	20.2
Proceeds from stock-based compensation plans			$ 0	$ 8.5

ACQUISITIONS - MERGER WITH JCG

ACQUISITIONS - MERGER WITH JCG (Details) $ / shares in Units, $ in Millions	May 30, 2017USD ($)$ / sharesshares	Apr. 26, 2017$ / shares	Jun. 30, 2017USD ($)$ / shares	May 03, 2017$ / shares	Apr. 26, 2017£ / shares	Dec. 31, 2016£ / shares	Dec. 31, 2016USD ($)
Acquisitions
Par value ( in dollars per share) | (per share)	$ 1.50	$ 0.1547	$ 1.50	$ 0.15	£ 0.125	£ 0.125
Ordinary shares split conversion ratio		10
Assets:
Intangible assets	$ 2,785
Goodwill			$ 1,474.9				$ 741.5
Janus Capital Group Inc
Acquisitions
Number of shares issued to common stock holders of Janus Capital Group | shares	87,200,000
Share price of common stock issued to stock holders of Janus Capital Group (in dollars per share) | $ / shares	$ 30.75
Preliminary allocation of the purchase price to the assets acquired and liabilities assumed
Measurement period	1 year
Assets:
Cash and cash equivalents	$ 417.2
Investment securities	270.4
Fees and other receivables	133.7
Other current assets	119.4
Property, equipment and software	32.3
Intangible assets	2,785
Goodwill	697.9
Other non-current assets	10.6
Liabilities:
Long-term debt	481.8
Deferred tax liabilities	1,025.6
Other current liabilities	243.8
Other non-current liabilities	55.2
Noncontrolling interests	59.4
Net assets acquired	$ 2,600.7
Henderson Group plc
Acquisitions
Par value ( in dollars per share) | $ / shares	$ 1.50
Ordinary shares split conversion ratio	10
Henderson Group plc | Janus Capital Group Inc
Acquisitions
The number of shares received for each share of Janus common stock | shares	0.47190

ACQUISITIONS - MERGER WITH JC33

ACQUISITIONS - MERGER WITH JCG - IDENTIFIED INTANGIBLE ASSETS AND THEIR RELATED ESTIMATED USEFUL LIVES (Details) - USD ($) $ in Millions	May 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value	$ 2,785
Definite-lived intangible assets:
Balance at the beginning of the period				$ 401.3
Merger				2,785
Foreign currency translation				24.5
Balance at the end of the period		$ 3,202.1		3,202.1
Amortization		(5.1)	$ (3.7)	(8.7)	$ (7.4)
Future Amortization expense:
2017 (remainder of year)		14.8		14.8
2,018		29.6		29.6
2,019		29.6		29.6
2,020		29.6		29.6
2,021		26.8		26.8
2,022		18.3		18.3
Thereafter		144.6		144.6
Total		293.3		293.3
Janus Capital Group Inc
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value	2,785
Janus Capital Group Inc | Legacy-Janus
Definite-lived intangible assets:
Accumulated amortization, balance at the end of the period				(60.4)
Amortization				(8.7)
Accumulated amortization, balance at the end of the period		(69.1)		(69.1)
Janus Capital Group Inc | Legacy-Janus | Separate accounts
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value - Finite lived intangible assets	$ 202
Janus Capital Group Inc | Legacy-Janus | Separate accounts | Minimum
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated useful life (in years)	13 years
Janus Capital Group Inc | Legacy-Janus | Separate accounts | Maximum
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated useful life (in years)	22 years
Janus Capital Group Inc | Legacy-Janus | Investment management contracts - exchange traded notes
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value - Finite lived intangible assets	$ 33
Estimated useful life (in years)	15 years
Janus Capital Group Inc | Legacy-Janus | Investment management contracts - mutual funds
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value - indefinite lived intangible assets	$ 2,155
Janus Capital Group Inc | Legacy-Janus | Investment management contracts - exchange traded notes
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value - indefinite lived intangible assets	14
Janus Capital Group Inc | Legacy-Janus | Investment management agreements
Indefinite-lived intangible assets:
Balance at the beginning of the period				334.8
Merger				2,169
Balance at the end of the period		2,527.3		2,527.3
Definite-lived intangible assets:
Foreign currency translation				23.5
Janus Capital Group Inc | Legacy-Janus | Client relationships
Definite-lived intangible assets:
Balance at the beginning of the period				126.9
Merger				235
Foreign currency translation				1
Balance at the end of the period		362.9		362.9
Janus Capital Group Inc | Legacy-Janus | Trademarks
Preliminary estimates of Legacy-Janus identified intangible assets and their related estimated useful lives
Estimated fair value - indefinite lived intangible assets	$ 381
Indefinite-lived intangible assets:
Merger				381
Balance at the end of the period		$ 381		$ 381

ACQUISITIONS - MERGER WITH JC34

ACQUISITIONS - MERGER WITH JCG - LONG-TERM DEBT (Details) - USD ($) $ in Millions	Jun. 30, 2017	May 30, 2017	Dec. 31, 2016
0.750% Convertible Senior Notes due 2018
Business acquisition
Interest rate (as a percent)	0.75%	0.75%	0.75%
4.875% Senior Notes due 2025
Business acquisition
Interest rate (as a percent)	4.875%	4.875%	4.875%
Janus Capital Group Inc | 0.750% Convertible Senior Notes due 2018
Business acquisition
Interest rate (as a percent)		0.75%
Debt liability component		$ 115.2
Discounted cash flow rate (Percentage)		1.90%
Debt equity component		$ 42.9
Fair value of debt		158.1
Janus Capital Group Inc | 0.750% Convertible Senior Notes due 2018 | Maximum
Business acquisition
Debt liability component		$ 116.6
Janus Capital Group Inc | 4.875% Senior Notes due 2025
Business acquisition
Interest rate (as a percent)		4.875%
Fair value of debt		$ 323.7
Unamortized premium	$ 27.9

ACQUISITIONS - MERGER WITH JC35

ACQUISITIONS - MERGER WITH JCG - PRO FORMA INFORMATION (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Pro Forma Results of Operations
Revenues		$ 1,053.2	$ 1,011.9
Net income attributable to JHG		$ 133.4	$ 174
JCG's results of operations
Revenues included in JHG's Condensed Consolidated Statements of Comprehensive Income	$ 105.2
Net income attributable to JCG	$ 15.7

ACQUISITIONS - MERGER WITH JC36

ACQUISITIONS - MERGER WITH JCG - Options (Details) - May 30, 2017 - Dai-ichi option £ / shares in Units, £ in Millions, $ in Millions	GBP (£)tranche£ / sharesshares	USD ($)trancheshares
Number of tranches | tranche	20	20
Allowed number of shares that may be purchased for each tranche of conditional shares | shares	500,000	500,000
Strike Price (in pounds per share) | £ / shares	£ 29.972
Cash consideration of the options	£ 19.8	$ 25.7

CONSOLIDATION - VIEs (Details)

CONSOLIDATION - VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Other current assets	$ 85.1	$ 28.5
Consolidated VIEs
Investment securities	384.4	313.7
Cash and cash equivalents	43.7	44.2
Other current assets	12.9	8.1
Accounts payable and accrued liabilities	(23.9)	(26.2)
Total	417.1	339.8
Redeemable noncontrolling interests in consolidated VIEs	(150.8)	(158)
Nonredeemable noncontrolling interests in consolidated VIEs	(27.9)	(44.8)
JHG's net interest in consolidated VIEs	238.4	137
Unconsolidated VIEs
Investment securities	$ 1.1	$ 0

CONSOLIDATION - VREs (Details)

CONSOLIDATION - VREs (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Consolidated VREs
Investment securities	$ 12.7	$ 5.1
Redeemable noncontrolling interests in consolidated VREs	1.4
JHG's net interest in consolidated VREs	11.3	5.1
Unconsolidated VREs
Investment securities	$ 52	$ 4.9

INVESTMENT SECURITIES - GENERAL

INVESTMENT SECURITIES - GENERAL DISCLOSURE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Short-term investments:
Estimated Fair Value	$ 658.5		$ 658.5		$ 393.3
Assets
Gross amounts	5.9		5.9
Gross amounts offset by derivative instruments	(0.5)		(0.5)
Net amount, Assets	5.4		5.4
Liabilities
Gross amounts, Liabilities	(5.7)		(5.7)		(5.1)
Gross amounts offset, Liabilities	0.5		0.5
Gross amounts offset by cash collateral pledge	3.2		3.2		1.6
Net amount, Liabilities	(2)		(2)		(3.5)
Net gains (losses) in net income related to:
Foreign currency translation	0.1	$ 8.4	0.7	$ 14.4
Foreign currency forward contract	(0.1)	(8.4)	(0.7)	(14.4)
Seeded investment products
Short-term investments:
Seeded investment products	517.5		517.5		297.6
Assets
Gross amounts	3.3		3.3		4.5
Gross amounts offset by derivative instruments	(1.6)		(1.6)		(1.5)
Gross amounts offset by cash collateral					(0.4)
Net amount, Assets	1.7		1.7		2.6
Liabilities
Gross amounts, Liabilities	(3.2)		(3.2)		(4)
Gross amounts offset, Liabilities	1.6		1.6		1.5
Gross amounts offset by cash collateral pledge	0.1		0.1		0.3
Net amount, Liabilities	(1.5)		(1.5)		(2.2)
Trading securities
Short-term investments:
Estimated Fair Value	629.3		629.3		367.2
Trading securities | Seeded investment products
Short-term investments:
Trading securities held at period end	(7)	$ 3.3	(4.5)	$ 10.2
Trading securities | Separate accounts
Short-term investments:
Seeded investment products	70		70
Trading securities | Pooled investment funds
Short-term investments:
Seeded investment products	26.5		26.5
Trading securities | Investments related to deferred compensation plans
Short-term investments:
Estimated Fair Value	99.2		99.2		66.5
Trading securities | Other investments
Short-term investments:
Estimated Fair Value	12.6		12.6		3.1
Trading securities | Consolidated VIEs
Short-term investments:
Seeded investment products	365.1		365.1		288
Trading securities | Consolidated VREs
Short-term investments:
Seeded investment products	12.7		12.7		5.1
Trading securities | Unconsolidated
Short-term investments:
Seeded investment products	43.2		43.2		4.5
Available-for-sale securities
Short-term investments:
Estimated Fair Value	29.2		29.2		26.1
Available-for-sale securities | Seeded investment products
Available-for-sale securities.
Available-for-sale Securities, Amortized Cost Basis, Total	24.7		24.7		15.1
Available-for-sale securities, Gross unrealized gains	3		3		3.4
Foreign currency translation	1.5		1.5		7.6
Available-for-sale securities, Fair value	29.2		29.2		26.1
Available-for-sale securities | Consolidated VIEs
Short-term investments:
Seeded investment products	19.3		19.3		25.7
Available-for-sale securities | Consolidated
Short-term investments:
Seeded investment products	9.9		9.9		0.4
Futures
Assets
Gross amounts	5.9		5.9
Gross amounts offset by derivative instruments	(0.5)		(0.5)
Net amount, Assets	5.4		5.4
Liabilities
Gross amounts, Liabilities	(0.5)		(0.5)
Gross amounts offset, Liabilities	0.5		0.5
Futures | Seeded investment products
Assets
Gross amounts	0.7		0.7		0.6
Gross amounts offset by derivative instruments	(0.6)		(0.6)		(0.1)
Net amount, Assets	0.1		0.1		0.5
Liabilities
Gross amounts, Liabilities	(1)		(1)		(0.1)
Gross amounts offset, Liabilities	0.6		0.6		0.1
Net amount, Liabilities	(0.4)		(0.4)
Futures | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-sale securities.
Notional value of derivative	214.7		214.7		14.7
Futures | Derivative Instruments | Seeded investment products
Available-for-sale securities.
Notional value of derivative	164.6		164.6		22.3
Credit default swaps
Liabilities
Gross amounts, Liabilities	(2.3)		(2.3)
Gross amounts offset by cash collateral pledge	1.1		1.1
Net amount, Liabilities	(1.2)		(1.2)
Credit default swaps | Seeded investment products
Assets
Gross amounts	0.1		0.1
Net amount, Assets	0.1		0.1
Liabilities
Gross amounts, Liabilities	(0.4)		(0.4)		(0.1)
Net amount, Liabilities	(0.4)		(0.4)		(0.1)
Credit default swaps | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-sale securities.
Notional value of derivative	113.5		113.5
Credit default swaps | Derivative Instruments | Seeded investment products
Available-for-sale securities.
Notional value of derivative	7.4		7.4		1.8
Index swaps
Liabilities
Gross amounts, Liabilities	(1.1)		(1.1)		(0.8)
Gross amounts offset by cash collateral pledge	1.1		1.1		0.5
Net amount, Liabilities					(0.3)
Index swaps | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-sale securities.
Notional value of derivative	67		67		34.2
Total return swaps
Liabilities
Gross amounts, Liabilities					(1.1)
Gross amounts offset by cash collateral pledge					1.1
Total return swaps | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-sale securities.
Notional value of derivative	68.1		68.1		59.5
Foreign currency forward contracts
Liabilities
Gross amounts, Liabilities	(1.8)		(1.8)		(3.2)
Gross amounts offset by cash collateral pledge	1		1
Net amount, Liabilities	(0.8)		(0.8)		(3.2)
Foreign currency forward contracts | Seeded investment products
Assets
Gross amounts	0.1		0.1		0.4
Gross amounts offset by derivative instruments	(0.1)		(0.1)
Gross amounts offset by cash collateral					(0.4)
Liabilities
Gross amounts, Liabilities	(0.3)		(0.3)		(2.4)
Gross amounts offset, Liabilities	0.1		0.1
Gross amounts offset by cash collateral pledge	0.1		0.1		0.3
Net amount, Liabilities	(0.1)		(0.1)		(2.1)
Foreign currency forward contracts | Derivative Instruments | Not Designated as Hedging Instrument
Available-for-sale securities.
Notional value of derivative	82.3		82.3		170.1
Foreign currency forward contracts | Derivative Instruments | Seeded investment products
Available-for-sale securities.
Notional value of derivative	$ 89.1		$ 89.1		$ 120

INVESTMENT SECURITIES - OFFSETT

INVESTMENT SECURITIES - OFFSETTING DERIVATIVES (Details) - USD ($) $ in Millions	Apr. 01, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Assets
Gross amounts		$ 5.9		$ 5.9
Gross amounts offset by derivative instruments		(0.5)		(0.5)
Net amount, Assets		5.4		5.4
Liabilities
Gross amounts, Liabilities		(5.7)		(5.7)		$ (5.1)
Gross amounts offset, Liabilities		0.5		0.5
Gross amounts offset by cash collateral pledge		3.2		3.2		1.6
Net amount, Liabilities		(2)		(2)		(3.5)
Derivative Instrument Denominated in Foreign Currency [Abstract]
Investment gains (losses), net		9.8	$ (8.9)	8.9	$ (2.1)
Cash flows related to investment securities
Purchases and settlements				(45.7)	(50.2)
Sales, settlements and maturities				208.5	5.3
Futures
Assets
Gross amounts		5.9		5.9
Gross amounts offset by derivative instruments		(0.5)		(0.5)
Net amount, Assets		5.4		5.4
Liabilities
Gross amounts, Liabilities		(0.5)		(0.5)
Gross amounts offset, Liabilities		0.5		0.5
Index swaps
Liabilities
Gross amounts, Liabilities		(1.1)		(1.1)		(0.8)
Gross amounts offset by cash collateral pledge		1.1		1.1		0.5
Net amount, Liabilities						(0.3)
Credit default swaps
Liabilities
Gross amounts, Liabilities		(2.3)		(2.3)
Gross amounts offset by cash collateral pledge		1.1		1.1
Net amount, Liabilities		(1.2)		(1.2)
Foreign currency forward contracts
Liabilities
Gross amounts, Liabilities		(1.8)		(1.8)		(3.2)
Gross amounts offset by cash collateral pledge		1		1
Net amount, Liabilities		(0.8)		(0.8)		(3.2)
Seeded investment products
Assets
Gross amounts		3.3		3.3		4.5
Gross amounts offset by derivative instruments		(1.6)		(1.6)		(1.5)
Gross amounts offset by cash collateral pledged						0.4
Net amount, Assets		1.7		1.7		2.6
Liabilities
Gross amounts, Liabilities		(3.2)		(3.2)		(4)
Gross amounts offset, Liabilities		1.6		1.6		1.5
Gross amounts offset by cash collateral pledge		0.1		0.1		0.3
Net amount, Liabilities		(1.5)		(1.5)		(2.2)
Derivative Instrument Denominated in Foreign Currency [Abstract]
Investment gains (losses), net		(2.1)	(3.8)	(0.9)	4.3
Seeded investment products | Futures
Assets
Gross amounts		0.7		0.7		0.6
Gross amounts offset by derivative instruments		(0.6)		(0.6)		(0.1)
Net amount, Assets		0.1		0.1		0.5
Liabilities
Gross amounts, Liabilities		(1)		(1)		(0.1)
Gross amounts offset, Liabilities		0.6		0.6		0.1
Net amount, Liabilities		(0.4)		(0.4)
Seeded investment products | Contracts for differences
Assets
Gross amounts		0.4		0.4		0.3
Gross amounts offset by derivative instruments		(0.1)		(0.1)		(0.1)
Net amount, Assets		0.3		0.3		0.2
Liabilities
Gross amounts, Liabilities		(0.7)		(0.7)		(0.1)
Gross amounts offset, Liabilities		0.1		0.1		0.1
Net amount, Liabilities		(0.6)		(0.6)
Seeded investment products | Interest rate swaps
Assets
Gross amounts		0.2		0.2		0.1
Gross amounts offset by derivative instruments		(0.2)		(0.2)		(0.1)
Liabilities
Gross amounts, Liabilities		(0.2)		(0.2)		(0.1)
Gross amounts offset, Liabilities		0.2		0.2		0.1
Seeded investment products | Credit default swaps
Assets
Gross amounts		0.1		0.1
Net amount, Assets		0.1		0.1
Liabilities
Gross amounts, Liabilities		(0.4)		(0.4)		(0.1)
Net amount, Liabilities		(0.4)		(0.4)		(0.1)
Seeded investment products | Options
Assets
Gross amounts		1.8		1.8		3.1
Gross amounts offset by derivative instruments		(0.6)		(0.6)		(1.2)
Net amount, Assets		1.2		1.2		1.9
Liabilities
Gross amounts, Liabilities		(0.6)		(0.6)		(1.2)
Gross amounts offset, Liabilities		0.6		0.6		1.2
Seeded investment products | Foreign currency forward contracts
Assets
Gross amounts		0.1		0.1		0.4
Gross amounts offset by derivative instruments		(0.1)		(0.1)
Gross amounts offset by cash collateral pledged						0.4
Liabilities
Gross amounts, Liabilities		(0.3)		(0.3)		(2.4)
Gross amounts offset, Liabilities		0.1		0.1
Gross amounts offset by cash collateral pledge		0.1		0.1		0.3
Net amount, Liabilities		(0.1)		(0.1)		(2.1)
Seeded investment products | Consolidated | Credit default swap, selling protection contracts
Seeded investment products, credit protection
Notional value of derivative		6.4		6.4
Fair value of credit default swap contracts		0.4		$ 0.4
Seeded investment products | Consolidated | Credit default swap, selling protection contracts | Minimum
Seeded investment products, credit protection
Term of credit default swap contracts (in years)				1 year
Seeded investment products | Consolidated | Credit default swap, selling protection contracts | Maximum
Seeded investment products, credit protection
Term of credit default swap contracts (in years)				5 years
Fair value movements on derivatives
Derivative Instrument Denominated in Foreign Currency [Abstract]
Investment gains (losses), net		1.8	(5.2)	$ (0.3)	(7.3)
Gain on sale of Volantis
Derivative Instrument Denominated in Foreign Currency [Abstract]
Investment gains (losses), net	$ 10.2	10.2		10.2
Percentage of share for consideration of sale	10.00%
Period of Performance of Investee for Recognizing consideration	3 years
Other investments
Derivative Instrument Denominated in Foreign Currency [Abstract]
Investment gains (losses), net		(0.1)	$ 0.1	(0.1)	0.9
Trading securities
Cash flows related to investment securities
Purchases and settlements				(45.6)	(49.5)
Sales, settlements and maturities				198.4
Available-for-sale securities
Cash flows related to investment securities
Purchases and settlements				(0.1)	(0.7)
Sales, settlements and maturities				10.1	$ 5.3
Derivative Instruments | Seeded investment products | Futures
Seeded investment products, credit protection
Notional value of derivative		164.6		164.6		22.3
Derivative Instruments | Seeded investment products | Contracts for differences
Seeded investment products, credit protection
Notional value of derivative						9.2
Derivative Instruments | Seeded investment products | Interest rate swaps
Seeded investment products, credit protection
Notional value of derivative		38.1		38.1		8.3
Derivative Instruments | Seeded investment products | Credit default swaps
Seeded investment products, credit protection
Notional value of derivative		7.4		7.4		1.8
Derivative Instruments | Seeded investment products | Options
Seeded investment products, credit protection
Notional value of derivative		0.2		0.2		184.8
Derivative Instruments | Seeded investment products | Swaptions
Seeded investment products, credit protection
Notional value of derivative		2.4		2.4		1.7
Derivative Instruments | Seeded investment products | Foreign currency forward contracts
Seeded investment products, credit protection
Notional value of derivative		$ 89.1		$ 89.1		$ 120

FAIR VALUE MEASUREMENTS - LEVEL

FAIR VALUE MEASUREMENTS - LEVEL OF FAIR VALUE (Details) - USD ($) $ in Millions	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Derivative assets	$ 5.4
Liabilities
Derivative liabilities	2		$ 3.5
Total redeemable noncontrolling interests	172		158
Futures
Assets
Derivative assets	5.4
Index swaps
Liabilities
Derivative liabilities			0.3
Foreign currency forward contracts
Liabilities
Derivative liabilities	0.8		3.2
Credit default swaps
Liabilities
Derivative liabilities	1.2
Seeded investment products
Assets
Derivative assets	1.7		2.6
Liabilities
Derivative liabilities	1.5		2.2
Seeded investment products | Futures
Assets
Derivative assets	0.1		0.5
Liabilities
Derivative liabilities	0.4
Seeded investment products | Foreign currency forward contracts
Liabilities
Derivative liabilities	0.1		2.1
Seeded investment products | Credit default swaps
Assets
Derivative assets	0.1
Liabilities
Derivative liabilities	0.4		0.1
Consolidated VIEs
Assets
Total investment securities	384.4		313.7
Consolidated VREs
Assets
Total investment securities	12.7		5.1
Unconsolidated VIEs
Assets
Total investment securities	1.1		0
Consolidated | Seeded investment products
Liabilities
Total redeemable noncontrolling interests	152.2	$ 146	158	$ 138.5	$ 114.2	$ 82.9
INTECH Founders
Liabilities
Total redeemable noncontrolling interests	3.9
Fair Value, Measurements, Recurring
Assets
Cash equivalents	391.1
Contingent consideration	10.6
Total assets	1,070.9		397.3
Liabilities
Current portion of long-term debt	171.4
Long-term debt	321.1
Contingent consideration	76		25.5
Total liabilities	667.8		93.2
Total redeemable noncontrolling interests	172		158
Fair Value, Measurements, Recurring | Deferred bonuses
Liabilities
Derivative liabilities	50.3		42.9
Fair Value, Measurements, Recurring | Dai-ichi option
Liabilities
Derivative liabilities	26.9
Fair Value, Measurements, Recurring | Investment securities
Assets
Total investment securities	658.5		393.3
Fair Value, Measurements, Recurring | Seed hedge derivatives
Assets
Derivative assets	5.9
Liabilities
Derivative liabilities	5.7		5.1
Fair Value, Measurements, Recurring | Consolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	365.1		288
Fair Value, Measurements, Recurring | Consolidated VIEs | Available-for-sale securities | Investment securities
Assets
Total investment securities	19.3		25.7
Fair Value, Measurements, Recurring | Unconsolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	264.2		79.2
Fair Value, Measurements, Recurring | Unconsolidated VIEs | Available-for-sale securities | Investment securities
Assets
Total investment securities	9.9		0.4
Fair Value, Measurements, Recurring | Consolidated | Seeded investment products
Assets
Derivative assets	4.8		4
Liabilities
Derivative liabilities	4.7		3.5
Financial liabilities in consolidated seeded investment products	11.7		16.2
Total redeemable noncontrolling interests	152.2
Fair Value, Measurements, Recurring | INTECH Founders
Liabilities
Total redeemable noncontrolling interests	19.8
Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	391.1
Total assets	795.7		218.4
Liabilities
Total liabilities	19.6		17.5
Fair Value, Measurements, Recurring | Level 1 | Investment securities
Assets
Total investment securities	396		215
Fair Value, Measurements, Recurring | Level 1 | Seed hedge derivatives
Assets
Derivative assets	5.9
Liabilities
Derivative liabilities	5.7
Fair Value, Measurements, Recurring | Level 1 | Consolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	204		128.2
Fair Value, Measurements, Recurring | Level 1 | Consolidated VIEs | Available-for-sale securities | Investment securities
Assets
Total investment securities	19.3		20.3
Fair Value, Measurements, Recurring | Level 1 | Unconsolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	162.8		66.1
Fair Value, Measurements, Recurring | Level 1 | Unconsolidated VIEs | Available-for-sale securities | Investment securities
Assets
Total investment securities	9.9		0.4
Fair Value, Measurements, Recurring | Level 1 | Consolidated | Seeded investment products
Assets
Derivative assets	2.7		3.4
Liabilities
Derivative liabilities	2.2		1.3
Financial liabilities in consolidated seeded investment products	11.7		16.2
Fair Value, Measurements, Recurring | Level 2
Assets
Total assets	217.8		136.2
Liabilities
Current portion of long-term debt	171.4
Long-term debt	321.1
Total liabilities	495		7.3
Fair Value, Measurements, Recurring | Level 2 | Investment securities
Assets
Total investment securities	215.7		135.6
Fair Value, Measurements, Recurring | Level 2 | Seed hedge derivatives
Liabilities
Derivative liabilities			5.1
Fair Value, Measurements, Recurring | Level 2 | Consolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	114.3		117.1
Fair Value, Measurements, Recurring | Level 2 | Consolidated VIEs | Available-for-sale securities | Investment securities
Assets
Total investment securities			5.4
Fair Value, Measurements, Recurring | Level 2 | Unconsolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	101.4		13.1
Fair Value, Measurements, Recurring | Level 2 | Consolidated | Seeded investment products
Assets
Derivative assets	2.1		0.6
Liabilities
Derivative liabilities	2.5		2.2
Fair Value, Measurements, Recurring | Level 3
Assets
Contingent consideration	10.6
Total assets	57.4		42.7
Liabilities
Contingent consideration	76		25.5
Total liabilities	153.2		68.4
Total redeemable noncontrolling interests	172		158
Fair Value, Measurements, Recurring | Level 3 | Deferred bonuses
Liabilities
Derivative liabilities	50.3		42.9
Fair Value, Measurements, Recurring | Level 3 | Dai-ichi option
Liabilities
Derivative liabilities	26.9
Fair Value, Measurements, Recurring | Level 3 | Investment securities
Assets
Total investment securities	46.8		42.7
Fair Value, Measurements, Recurring | Level 3 | Consolidated VIEs | Trading securities
Assets
Total investment securities	43.8		42.7
Fair Value, Measurements, Recurring | Level 3 | Consolidated VIEs | Trading securities | Investment securities
Assets
Total investment securities	46.8		$ 42.7
Fair Value, Measurements, Recurring | Level 3 | Consolidated | Seeded investment products
Liabilities
Total redeemable noncontrolling interests	152.2
Fair Value, Measurements, Recurring | Level 3 | INTECH Founders
Liabilities
Total redeemable noncontrolling interests	$ 19.8

FAIR VALUE MEASUREMENTS - Acqui

FAIR VALUE MEASUREMENTS - Acquisition of Geneva (Details) - Geneva $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2014USD ($)tranche	Dec. 31, 2016USD ($)
Acquisitions
Number of contingent consideration payment tranches | tranche		2
Contingent consideration payable period		6 years
Fair value adjustment	$ 0
Fair value of contingent consideration	$ 21.2		$ 20.3
Maximum
Acquisitions
Contingent consideration payable in first tranche		$ 45
Contingent consideration payable in second tranche		$ 25

FAIR VALUE MEASUREMENTS - ACQ43

FAIR VALUE MEASUREMENTS - ACQUISITION OF PERENNIAL (Details) - Perennial $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)tranche	Dec. 31, 2016USD ($)
Acquisitions
Maximum contingent consideration payable	$ 11.5
Additional maximum contingent consideration payable in 2019 & 2020	$ 37.4
Number of contingent consideration payment tranches | tranche	2
Fair value of contingent consideration	$ 7.6	$ 5.2

FAIR VALUE MEASUREMENTS - Acq44

FAIR VALUE MEASUREMENTS - Acquisition of Kapstream (Details) - Kapstream $ in Millions	1 Months Ended
	Jul. 31, 2015	Jun. 30, 2017USD ($)	Jan. 31, 2017USD ($)item
Business acquisition
Ownership interest acquired (as a percent)	51.00%		49.00%
Contingent consideration payable period, low	18 months
Contingent consideration payable period, high end	36 months
Number of installments | item			3
Fair value of contingent consideration		$ 40.9
Contingent cash consideration if certain revenue targets are achieved		47.1
Accounts Payable and Accrued Liabilities
Business acquisition
Fair value of contingent consideration		17.3
Other non-current liabilities
Business acquisition
Fair value of contingent consideration		$ 23.6
Maximum
Business acquisition
Fair value of contingent consideration			$ 42.5

FAIR VALUE MEASUREMENTS - Acq45

FAIR VALUE MEASUREMENTS - Acquisition of VelocityShares (Details) - VelocityShares - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2014
Business acquisition
Fair value of contingent consideration	$ 6.3
Accounts Payable and Accrued Liabilities
Business acquisition
Fair value of contingent consideration	5.2
Other non-current liabilities
Business acquisition
Fair value of contingent consideration	1.1
Third Anniversary
Business acquisition
Contingent cash consideration if certain revenue targets are achieved		$ 8
Fourth Anniversary
Business acquisition
Contingent cash consideration if certain revenue targets are achieved		$ 8
Third and Fourth Anniversary
Business acquisition
Contingent cash consideration if certain revenue targets are achieved	$ 16

FAIR VALUE MEASUREMENTS - Dispo

FAIR VALUE MEASUREMENTS - Disposal of Volantis (Details) - Volantis - USD ($) $ in Millions	Apr. 01, 2017	Jun. 30, 2017
Disposal of Volantis
Period of Performance of Investee for Recognizing consideration	3 years
Discontinued Operations, Disposed of by Sale
Disposal of Volantis
Percentage of share for consideration of sale	10.00%
Discount rate for forecasted contingent revenues (as a percent)	11.80%
Fair value of contingent consideration		$ 10.6

FAIR VALUE MEASUREMENTS - LEV47

FAIR VALUE MEASUREMENTS - LEVEL 3 ROLLFORWARD (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Changes in fair value
Foreign currency translation	$ 0.1	$ 8.4	$ 0.7	$ 14.4
Distributions			(0.5)
Fair Value, Measurements, Recurring
Changes in fair value
Contingent consideration	10.6		10.6
Consolidated VIEs
Changes in fair value
Investment securities	384.4		384.4		$ 313.7
Level 3 | Fair Value, Measurements, Recurring
Changes in fair value
Balance at the beginning of the year, Liability Value	43.2	62.5	42.7	58.2	58.2
Balances acquired from the Merger	3		3
Additions	10.2	0.4	10.2	0.4
Movements recognized in net income	(0.8)	(3.3)	(0.8)	2.3
Movements recognized in other comprehensive income	1.8	(7.7)	2.3	(9)
Balance at the end of the year, Liability Value	57.4	51.9	57.4	51.9	42.7
Contingent consideration	10.6		10.6
Level 3 | Fair Value, Measurements, Recurring | Contingent consideration
Changes in fair value
Balance at the beginning of the year, Liability Value	27.3	20.6	25.5	19.5	19.5
Balances acquired from the Merger	45.4		45.4
Additions		2.9		4.4
Fair value adjustments	1.8		3.3
Foreign currency translation	1.5	(1.4)	1.8	(1.8)
Balance at the end of the year, Liability Value	76	22.1	76	22.1	25.5
Level 3 | Fair Value, Measurements, Recurring | Deferred bonuses
Changes in fair value
Balance at the beginning of the year, Liability Value	54.5	43.7	42.9	35.7	35.7
Net movement in bonus deferrals	(6.1)	(2.6)	5	5.6
Foreign currency translation	1.9	(3.1)	2.4	(3.3)
Balance at the end of the year, Liability Value	50.3	38	50.3	38	42.9
Level 3 | Fair Value, Measurements, Recurring | Redeemable noncontrolling interests
Changes in fair value
Balance at the beginning of the year, Liability Value	146	114.2	158	82.9	82.9
Balances acquired from the Merger	42.9		42.9
Changes in ownership	0.3	16.8	(5.1)	44.9
Fair value adjustments	0.3		0.3
Unrealized gains (losses)	(16.5)	13.3	(23.8)	18.5
Amortization of INTECH appreciation rights	0.4		0.4
Distributions	(0.1)		(0.1)
Foreign currency translation	(1.3)	(5.8)	(0.6)	(7.8)
Balance at the end of the year, Liability Value	172	$ 138.5	172	$ 138.5	$ 158
Level 3 | Fair Value, Measurements, Recurring | Dai-ichi option
Changes in fair value
Balances acquired from the Merger	25.7		25.7
Fair value adjustments	1.2		1.2
Balance at the end of the year, Liability Value	26.9		$ 26.9
Level 3 | Consolidated VIEs | Fair Value, Measurements, Recurring | Discounted cash flow | Minimum
Changes in fair value
Discount rate			12.00%		12.00%
EBITDA multiple			0.087		0.087
Price-earnings ratio			0.172		0.172
Level 3 | Consolidated VIEs | Fair Value, Measurements, Recurring | Discounted cash flow | Maximum
Changes in fair value
Discount rate			30.00%		30.00%
EBITDA multiple			0.110		0.110
Price-earnings ratio			0.240		0.240
Level 3 | Consolidated VIEs | Fair Value, Measurements, Recurring | Discounted cash flow | Weighted average
Changes in fair value
Discount rate			16.30%		16.30%
EBITDA multiple			0.091		0.091
Price-earnings ratio			0.084		0.184
Trading securities | Level 3 | Consolidated VIEs | Fair Value, Measurements, Recurring
Changes in fair value
Investment securities	$ 43.8		$ 43.8		$ 42.7

DEBT (Details)

DEBT (Details) $ / shares in Units, $ in Millions	Aug. 04, 2017USD ($)	May 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)item	Dec. 31, 2016
Components of debt
Less: Current portion of long-term debt			$ 115.4	$ 115.4
Total long-term debt			323.5	323.5
Carrying value
Components of debt
Total debt			438.9	438.9
Less: Current portion of long-term debt			115.4	115.4
Total long-term debt			323.5	323.5
Fair value
Components of debt
Total debt			492.5	492.5
Less: Current portion of long-term debt			171.4	171.4
Total long-term debt			$ 321.1	$ 321.1
4.875% Senior Notes due 2025
Components of debt
Interest rate (as a percent)		4.875%	4.875%	4.875%	4.875%
Other Disclosures
Face value of debt issued		$ 300
4.875% Senior Notes due 2025 | Carrying value
Components of debt
Total debt			$ 323.5	$ 323.5
4.875% Senior Notes due 2025 | Fair value
Components of debt
Total debt			$ 321.1	$ 321.1
0.750% Convertible Senior Notes due 2018
Components of debt
Interest rate (as a percent)		0.75%	0.75%	0.75%	0.75%
Other Disclosures
Face value of debt issued		$ 116.6
Conversion rate, shares per $1,000 principal amount		44.47
Adjusted conversion price per share of common stock (in dollars per share) | $ / shares		$ 22.49
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
Number of trading days in advance of merger, Notes converted whether or not met the criteria | item				35
Number of trading days following the merger, Notes converted whether or not met the criteria | item				35
Amount of debt conversion notice	$ 32.6
Proceeds from convertible note hedge			$ 59.3
Payments for settlement of warrants			47.8
0.750% Convertible Senior Notes due 2018 | Carrying value
Components of debt
Total debt			115.4	$ 115.4
0.750% Convertible Senior Notes due 2018 | Fair value
Components of debt
Total debt			171.4	171.4
Credit Facility
Other Disclosures
Credit facility, maximum borrowing capacity			200	$ 200
Credit facility covenant terms, financing leverage ratio, maximum				3
Borrowings under the Credit Facility			0	$ 0
Janus Capital Group Inc | 4.875% Senior Notes due 2025
Components of debt
Interest rate (as a percent)		4.875%
Other Disclosures
Fair value of debt		$ 323.7
Unamortized premium			$ 27.9	$ 27.9
Janus Capital Group Inc | 0.750% Convertible Senior Notes due 2018
Components of debt
Interest rate (as a percent)		0.75%
Other Disclosures
Fair value of debt		$ 158.1
Debt liability component		$ 115.2
Discounted cash flow rate (Percentage)		1.90%
Debt equity component		$ 42.9
Janus Capital Group Inc | 0.750% Convertible Senior Notes due 2018 | Maximum
Other Disclosures
Debt liability component		$ 116.6

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
INCOME TAXES
Effective tax rate (as a percent)	33.60%	6.30%	25.40%	15.10%
Unrecognized tax benefits held for uncertain tax positions	$ 6.5		$ 6.5		$ 2.5
Increases in unrecognized tax benefits related to current year			5.1
Settlements with tax authorities			1.1
Anticipated decrease in income tax contingency reserves in the next 12 months	$ 1.1		$ 1.1

NONCONTROLLING INTERESTS - REDE

NONCONTROLLING INTERESTS - REDEEMABLE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	$ 172		$ 158		$ 172
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance			158
Closing balance	172		172
Seeded investment products
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Balance acquired from the Merger	23.2		23.2
Change in market value	(16.2)	$ 13.3	(23.5)	$ 18.5
Change in ownership	0.3	16.8	(5.1)	44.9
Foreign currency translation	(1.1)	(5.8)	(0.4)	(7.8)
INTECH
Redeemable Noncontrolling Interests
INTECH appreciation rights			17
INTECH undistributed earnings					(1.1)
INTECH Founders
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	3.9		3.9		$ 3.9
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Closing balance	3.9		3.9
Remaining interest (as a percent)					1.10%
Consolidated | Seeded investment products
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	146	114.2	158	82.9	$ 152.2
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	146	114.2	158	82.9
Closing balance	$ 152.2	$ 138.5	$ 152.2	$ 138.5

NONCONTROLLING INTERESTS - NONR

NONCONTROLLING INTERESTS - NONREDEEMABLE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	$ 44		$ 44		$ 44.8
Noncontrolling interests in net income
Net loss attributable to nonredeemable noncontrolling interests	0.5	$ 6.1	0.5	$ 3
Seeded investment products
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	27.9		27.9		$ 44.8
INTECH
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	$ 16.1		$ 16.1

LONG-TERM INCENTIVE COMPENSAT52

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) shares in Millions, $ in Millions	May 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Long-term incentive compensation expense
Long-term incentive awards granted		$ 57.9		$ 58.3
Number of shares of replacement awards issued to employees	4.4
Long-term incentive compensation expense		$ 47.3	$ 30.2	$ 63.7	$ 51.3
Maximum
Long-term incentive compensation expense
Vesting period				4 years
Minimum
Long-term incentive compensation expense
Vesting period				3 years

RETIREMENT BENEFIT PLANS (Detai

RETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
RETIREMENT BENEFIT PLANS
Service cost	$ (0.3)	$ (0.4)	$ (0.6)	$ (0.7)
Interest cost	(5.3)	(6.1)	(10.5)	(12.2)
Expected return on plan assets	6	$ 6.5	11.9	13
Net periodic benefit credit	$ 0.4		$ 0.8	$ 0.1

ACCUMULATED OTHER COMPREHENSI54

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Changes in accumulated other comprehensive loss, net of tax
Beginning balance			$ 1,647.5
Total other comprehensive income (loss)	$ 67.1	$ (103.3)	90.4	$ (142.2)
Less: other comprehensive loss (income) attributable to noncontrolling interests	(15.9)	8.3	(16.3)	7.2
Ending balance	4,331.1		4,331.1
Accumulated other comprehensive loss
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(411.2)	(228.5)	(434.5)	(189.6)
Total other comprehensive income (loss)	51.2	(95)	74.1	(135)
Less: other comprehensive loss (income) attributable to noncontrolling interests	15.9	(8.3)	16.3	(7.2)
Ending balance	(344.1)	(331.8)	(344.1)	(331.8)
Available for-sale securities
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	4.3	4.2	4.7	5.1
Total other comprehensive income (loss)		0.4	(0.4)	(0.5)
Ending balance	4.3	4.6	4.3	4.6
Foreign currency translation adjustments
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(447.6)	(249.8)	(471.3)	(211.8)
Total other comprehensive income (loss)	51.2	(95.5)	74.5	(134.6)
Less: other comprehensive loss (income) attributable to noncontrolling interests	15.9	(8.3)	16.3	(7.2)
Ending balance	(380.5)	(353.6)	(380.5)	(353.6)
Retirement benefit asset, net
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	32.1	17.1	32.1	17.1
Total other comprehensive income (loss)		0.1		0.1
Ending balance	$ 32.1	$ 17.2	$ 32.1	$ 17.2

ACCUMULATED OTHER COMPREHENSI55

ACCUMULATED OTHER COMPREHENSIVE LOSS - OCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other comprehensive income, net of tax
Pre-tax amount	$ 51.2	$ (95.1)	$ 74.1	$ (135.1)
Tax benefit		0.1		0.1
Other comprehensive income (loss), net of tax	51.2	(95)	74.1	(135)
Available for-sale securities
Other comprehensive income, net of tax
Pre-tax amount		0.4	(0.4)	(0.5)
Other comprehensive income (loss), net of tax		0.4	(0.4)	(0.5)
Foreign currency translation adjustments
Other comprehensive income, net of tax
Pre-tax amount	51.2	(95.6)	74.5	(134.7)
Tax benefit		0.1		0.1
Other comprehensive income (loss), net of tax	$ 51.2	(95.5)	$ 74.5	(134.6)
Retirement benefit asset, net
Other comprehensive income, net of tax
Pre-tax amount		0.1		0.1
Other comprehensive income (loss), net of tax		$ 0.1		$ 0.1

EARNINGS AND DIVIDENDS PER SH56

EARNINGS AND DIVIDENDS PER SHARE (Details) $ / shares in Units, shares in Millions, $ in Millions	Aug. 07, 2017$ / shares	Jun. 30, 2017£ / shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016£ / shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2017£ / shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016£ / shares	Jun. 30, 2016USD ($)$ / sharesshares
Earnings per share
Net income attributable to JHG | $			$ 41.7		$ 46.3		$ 84.3		$ 97.8
Less: allocation of earnings to participating stock-based awards | $			1.1		0.9		2		2.3
Net income attributable to JHG | $			$ 40.6		$ 45.4		$ 82.3		$ 95.5
Weighted-average common shares outstanding - basic			140.2		109.3		124.6		108.9
Dilutive effect of:
2018 Convertible Notes			1.6				1.6
Non-participating stock-based awards			2		0.9		1.9		2.4
Weighted-average common shares outstanding - diluted			143.8		110.2		128.1		111.3
Earnings per share:
Basic earnings per share (in dollars per share) | $ / shares			$ 0.29		$ 0.42		$ 0.66		$ 0.88
Diluted earnings per share (two class) (in dollars per share) | $ / shares			$ 0.28		$ 0.41		$ 0.64		$ 0.86
Dividends paid per share | £ / shares		£ 0.0915		£ 0.0720		£ 0.0915		£ 0.0720
Cash dividend declared (in dollars per share) | $ / shares	$ 0.32
Unvested nonparticipating stock awards
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			2.3				1.7

COMMITMENTS AND CONTINGENCIES57

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2017USD ($)
Future minimum rental commitments under non-cancelable operating and capital leases
2,017	$ 8.4
2,018	15.2
2,019	11.9
2,020	9.5
2,021	8.4
Thereafter	27.5
Total	$ 80.9