BrightSphere Investment 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 07, 2019
Document and Entity Information
Entity Registrant Name	BrightSphere Investment Group plc
Entity Central Index Key	0001611702
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		91,869,338

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Investments (includes balances reported at fair value of $209.3 and $196.6)	$ 349.8	$ 323.3
Total assets	1,355.9	1,553.7
Liabilities and shareholders’ equity
Total liabilities	1,304.3	1,377.6
Commitments and contingencies
Equity:
Total equity and redeemable non-controlling interests in consolidated Funds	51.6	176.1
Total liabilities and equity	1,355.9	1,553.7
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	73.3	340.6
Investment advisory fees receivable	151.4	159.1
Income taxes receivable	4.8	3.9
Fixed assets, net	52.4	49
Investments (includes balances reported at fair value of $209.3 and $196.6)	211.8	198.5
Acquired intangibles, net	70.1	71.7
Goodwill	274.6	274.6
Other assets	92.1	41.6
Deferred tax assets	263	270.1
Liabilities and shareholders’ equity
Accounts payable and accrued expenses	32.4	54.3
Accrued incentive compensation	61.2	171
Due to OM plc	30.4	33
Other compensation liabilities	424.4	649.2
Accrued income taxes	54.6	53.6
Third party borrowings	628.4	393.3
Other liabilities	54.5	8.3
Equity:
Ordinary shares (nominal value $0.001; 91,869,338 and 105,160,021 shares, respectively, issued)	0.1	0.1
Shareholders’ equity	(9.7)	124.1
Accumulated other comprehensive loss	(19.8)	(20.9)
Non-controlling interests	1.8	1.6
Consolidated Funds
Assets
Investments (includes balances reported at fair value of $209.3 and $196.6)	138	124.8
Other assets	12.6	14.9
Cash and cash equivalents, restricted	11.8	4.9
Liabilities and shareholders’ equity
Accounts payable and accrued expenses	16.6	13.1
Other liabilities	0.3	0.1
Securities sold, not yet purchased, at fair value	1.5	1.7
Redeemable non-controlling interests in consolidated Funds	43.2	41.9
Equity:
Non-controlling interests	$ 36	$ 29.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investment fair value	$ 302.6	$ 321.4
Consolidated Entity Excluding Consolidated Funds
Investment fair value	$ 209.3	$ 196.6
Ordinary shares, nominal value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, issued (in shares)	91,869,338	105,160,021
Consolidated Funds
Investment fair value	$ 93.3	$ 124.8

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Revenue	$ 207.5	$ 245
Total revenue	207.2	249.7
Operating expenses:
Total operating expenses	139.2	224.1
Operating income	68	25.6
Non-operating income and (expense):
Total non-operating income	14.7	57.9
Income from continuing operations before taxes	82.7	83.5
Income tax expense	21.6	28.7
Income from continuing operations	61.1	54.8
Gain (loss) on disposal of discontinued operations, net of tax	0	0
Net income	61.1	54.8
Net income attributable to controlling interests	$ 52.7	$ 57.3
Earnings per share (basic) attributable to controlling interests (in dollars per share)	$ 0.54	$ 0.52
Earnings per share (diluted) attributable to controlling interests (in dollars per share)	0.54	0.52
Continuing operations earnings per share (basic) attributable to controlling interests (in dollars per share)	0.54	0.52
Continuing operations earnings per share (diluted) attributable to controlling interests (in dollars per share)	$ 0.54	$ 0.52
Weighted average ordinary shares outstanding (in shares)	97,645,020	109,396,367
Weighted average diluted ordinary shares outstanding (in shares)	97,844,583	109,592,626
Consolidated Entity Excluding Consolidated Funds
Revenue:
Other revenue	$ 1.4	$ 2.5
Operating expenses:
Compensation and benefits	101.1	189.2
General and administrative expense	32.5	29.5
Amortization of acquired intangibles	1.6	1.6
Depreciation and other amortization	3.8	3.4
Non-operating income and (expense):
Investment income	7	66.1
Interest income	1.1	0.5
Interest expense	(7)	(6.3)
Gain (loss) on disposal of discontinued operations, net of tax	0	0
Consolidated Funds
Revenue:
Total revenue	1.1	0.2
Operating expenses:
Total operating expenses	0.2	0.4
Non-operating income and (expense):
Net consolidated Funds’ investment gains (losses)	13.6	(2.4)
Net income (loss) attributable to non-controlling interests in consolidated Funds	8.4	(2.5)
Management fees | Consolidated Entity Excluding Consolidated Funds
Revenue:
Revenue	207.5	245
Performance fees | Consolidated Entity Excluding Consolidated Funds
Revenue:
Revenue	$ (2.8)	$ 2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 61.1	$ 54.8
Other comprehensive income:
Amortization related to derivative securities, net of tax	0.6	0.6
Foreign currency translation adjustment	0.5	0.8
Total other comprehensive income	1.1	1.4
Total comprehensive income attributable to controlling interests	53.8	58.7
Consolidated Funds
Other comprehensive income:
Comprehensive income (loss) attributable to non-controlling interests in consolidated Funds	$ 8.4	$ (2.5)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Consolidated Funds	Ordinary sharesConsolidated Entity Excluding Consolidated Funds	Shareholders’ equityConsolidated Entity Excluding Consolidated Funds	Accumulated other comprehensive income (loss)Consolidated Entity Excluding Consolidated Funds	Total shareholders’ equityConsolidated Entity Excluding Consolidated Funds	Non- controlling interestsConsolidated Entity Excluding Consolidated Funds	Non- controlling interestsConsolidated Funds
Beginning balance (in shares) at Dec. 31, 2017			109.7
Beginning balance at Dec. 31, 2017	$ 127.3		$ 0.1	$ 96.9	$ (21.6)	$ 75.4	$ 1.3	$ 50.6
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares (in shares)			1
Repurchase of ordinary shares (in shares)			(0.2)
Repurchase of ordinary shares	(2.6)			(2.6)		(2.6)
Capital contributions (redemptions)	(0.1)			(0.1)		(0.1)
Equity-based compensation	1.3			1.3		1.3
Foreign currency translation adjustment	0.8				0.8	0.8
Amortization related to derivative securities, net of tax	0.6				0.6	0.6
Business acquisition	0.1						0.1
Dividends ($0.10 per share)	(10)			(10)		(10)
Net income	54.6			57.3		57.3		(2.7)
Ending balance (in shares) at Mar. 31, 2018			110.5
Ending balance at Mar. 31, 2018	172		$ 0.1	142.8	(20.2)	122.7	1.4	47.9
Beginning balance at Dec. 31, 2017		$ 44
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions (redemptions)		0.1
Net de-consolidation of Funds		(7.1)
Net income		0.2
Ending balance at Mar. 31, 2018		37.2
Beginning balance at Dec. 31, 2017	171.3
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Issuance of ordinary shares	0
Repurchase of ordinary shares	(2.6)
Capital contributions (redemptions)	0
Equity-based compensation	1.3
Foreign currency translation adjustment	0.8
Amortization related to derivative securities, net of tax	0.6
Net de-consolidation of Funds	(7.1)
Dividends ($0.10 per share)	(10)
Net income (loss)	54.8
Ending balance at Mar. 31, 2018	209.2
Beginning balance (in shares) at Dec. 31, 2018			105.2
Beginning balance at Dec. 31, 2018	134.2		$ 0.1	124.1	(20.9)	103.3	1.6	29.3
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares (in shares)			0.2
Repurchase of ordinary shares (in shares)			(13.5)
Repurchase of ordinary shares	(180.5)			(180.5)		(180.5)
Equity-based compensation	3.2			3.2		3.2
Foreign currency translation adjustment	0.5				0.5	0.5
Amortization related to derivative securities, net of tax	0.6				0.6	0.6
Business acquisition	0.2						0.2
Dividends ($0.10 per share)	(9.2)			(9.2)		(9.2)
Net income	59.4			52.7		52.7		6.7
Ending balance (in shares) at Mar. 31, 2019			91.9
Ending balance at Mar. 31, 2019	8.4		$ 0.1	$ (9.7)	$ (19.8)	$ (29.4)	$ 1.8	$ 36
Beginning balance at Dec. 31, 2018		41.9
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions (redemptions)		(0.4)
Net income		1.7
Ending balance at Mar. 31, 2019		$ 43.2
Beginning balance at Dec. 31, 2018	176.1
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Issuance of ordinary shares	0
Repurchase of ordinary shares	(180.5)
Capital contributions (redemptions)	(0.4)
Equity-based compensation	3.2
Foreign currency translation adjustment	0.5
Amortization related to derivative securities, net of tax	0.6
Net de-consolidation of Funds	0
Dividends ($0.10 per share)	(9.2)
Net income (loss)	61.1
Ending balance at Mar. 31, 2019	$ 51.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.10	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 61.1	$ 54.8
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:
(Gain) loss on disposal of discontinued operations, excluding consolidated Funds	0	0
Changes in operating assets and liabilities (excluding discontinued operations):
Net cash flows from operating activities of continuing operations	(287.8)	(35.1)
Net cash flows from operating activities of discontinued operations	0	0
Total net cash flows from operating activities	(287.8)	(35.1)
Cash flows from investing activities:
Net cash flows from investing activities of continuing operations	(9.1)	74.9
Net cash flows from investing activities of discontinued operations	0	0
Total net cash flows from investing activities	(9.1)	74.9
Cash flows from financing activities:
Net cash flows from financing activities of continuing operations	36.5	(50.5)
Net cash flows from financing activities of discontinued operations	0	0
Total net cash flows from financing activities	36.5	(50.5)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	(260.4)	(10.7)
Cash and cash equivalents at beginning of period	345.5	200.4
Cash and cash equivalents at end of period (including cash at consolidated Funds classified as restricted)	85.1	189.7
Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	9.4	9.4
Income taxes paid	12.9	1.1
Supplemental disclosure of non-cash investing and financing transactions:
De-consolidation of Funds	0	(7.1)
Consolidated Entity Excluding Consolidated Funds
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:
(Gain) loss on disposal of discontinued operations, excluding consolidated Funds	0	0
Amortization of acquired intangibles	1.6	1.6
Depreciation and other amortization	3.8	3.4
Amortization of debt-related costs	0.9	0.8
Amortization and revaluation of non-cash compensation awards	(12.7)	51.9
Net earnings from Affiliates accounted for using the equity method	(0.6)	(0.6)
Gain on sale of investment in Affiliate	0	(65.7)
Deferred income taxes	6.2	(6.9)
(Gains) losses on other investments	(18.3)	(0.4)
Changes in operating assets and liabilities (excluding discontinued operations):
(Increase) decrease in investment advisory fees receivable and amounts due from OM plc	7.7	(2.7)
(Increase) decrease in other receivables, prepayments, deposits and other assets	(6.6)	28.6
Increase (decrease) in accrued incentive compensation, amounts due to OM plc and other liabilities	(316.9)	(87.9)
Increase (decrease) in accounts payable, accrued expenses and accrued income taxes	(17.3)	(14.2)
Net cash flows from operating activities of continuing operations	(299.5)	(34.8)
Cash flows from investing activities:
Additions of fixed assets	(7.3)	(3.4)
Proceeds from sale of investment in Affiliate	0	100
Purchase of investment securities	(7)	(47.2)
Sale of investment securities	9.9	26.9
Cash flows from financing activities:
Proceeds from third party borrowings	240	0
Repayment of third party and non-recourse borrowings	(5)	(33.5)
Payment to OM plc for deferred tax arrangement	0	0
Payment to OM plc for co-investment redemptions	(5.1)	0
Dividends paid to shareholders	(6.4)	(7.5)
Dividends paid to related parties	(3)	(2.5)
Payment to OM plc for promissory notes	0	(4.5)
Repurchases of ordinary shares	(183.9)	(2.6)
Consolidated Funds
Cash flows from operating activities:
Less: Net (income) loss attributable to non-controlling interests in consolidated Funds	(8.4)	2.5
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:
(Gains) losses on other investments	(2.6)	2.4
Changes in operating assets and liabilities (excluding discontinued operations):
(Increase) decrease in receivables and other assets	2.3	(2.8)
Increase (decrease) in accounts payable and other liabilities	3.6	2.6
Net cash flows from operating activities of continuing operations	11.7	(0.3)
Cash flows from investing activities:
Purchase of investment securities	(32.7)	(38.3)
Sale of investments	28	36.9
Cash flows from financing activities:
Non-controlling interest capital raised	0.3	0
Redeemable non-controlling interest capital redeemed	(0.4)	0.1
Supplemental disclosure of non-cash investing and financing transactions:
Payable for securities purchased by a consolidated Fund	$ 15.5	$ 0

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	BrightSphere Investment Group plc (“BrightSphere”, “BSIG” or the “Company”), through its subsidiaries, is a global asset management business with interests in a diverse group of boutique investment management firms (the “Affiliates”) individually headquartered in the United States. The Company provides investment management services globally to predominantly institutional investors, in asset classes that include U.S. and global equities, fixed income, alternative assets, timber and secondary Funds focused in real estate and private equity. Fees for services are largely asset-based and, as a result, the Company’s revenue fluctuates based on the performance of financial markets and investors’ asset flows in and out of the Company’s products. The Company’s Affiliates are organized as limited liability companies. The Company generally utilizes a profit-sharing model in structuring its compensation and ownership arrangements with its Affiliates. The Affiliates’ variable compensation is generally based on each firm’s profitability. BSIG and Affiliate key employees share in profits after variable compensation according to their respective ownership interests. The profit-sharing model results in the alignment of BSIG and Affiliate key employee economic interests, which is critical to the Company’s talent management strategy and long-term growth of the business. The Company operates in one business segment. Prior to 2014, the Company was a wholly-owned subsidiary of Old Mutual plc (“OM plc”), an international long-term savings, protection and investment group, listed on the London Stock Exchange. On October 15, 2014, the Company completed the initial public offering (the “Offering”) by OM plc pursuant to the Securities Act of 1933, as amended. Additionally, between the Offering and March 31, 2019 , the Company, OM plc and/or HNA Capital US (“HNA”) completed a series of transactions in the Company’s shares, including a two-step transaction announced on March 25, 2017 for a sale by OM plc of a 24.95% shareholding in the Company to HNA and a two-step transaction announced on November 19, 2018 for a sale of the substantial majority of the ordinary shares held by HNA of the Company to Paulson & Co. (“Paulson”). On February 25, 2019, this transaction was completed resulting in Paulson holding approximately 21.7% of the ordinary shares of the Company. The remaining shares held by HNA were bought back by the Company in the first quarter of 2019. For the three months ended March 31, 2019, the Company repurchased 13,498,078 ordinary shares at an average price of $13.28 per share.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	The Company’s significant accounting policies are as follows: Basis of presentation These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations and of comprehensive income, statements of changes in shareholders’ equity and statements of cash flows of the Company. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Material intercompany balances and transactions among the Company and its consolidated Affiliates are eliminated in consolidation. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (annual report or Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Forms 10-Q. The Company has condensed or omitted these disclosures. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2019 . The Company’s significant accounting policies, which have been consistently applied, are summarized in those Financial Statements. Recently adopted accounting standards In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (“Topic 842”). Topic 842 requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for all leases with a lease term greater than 12 months. The Company adopted the standard on January 1, 2019 using the modified retrospective approach, without restating prior comparative periods. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. The Company recorded a ROU asset of approximately $44.2 million and a lease liability of approximately $49.9 million , primarily related to real estate operating leases on January 1, 2019, with no cumulative-effect adjustment to opening retained earnings. The initial recognition of ROU asset and lease liability represented a non-cash activity. The adoption of the new standard had a material impact on the Company’s Condensed Consolidated Balance Sheet, but did not have an impact on our Condensed Consolidated Statement of Operations. The package of three practical expedients applicable to the Company have been elected which resulted in the Company not having to reassess whether expired or existing contracts upon adoption contained a lease. It also allowed the Company to retain the historical classifications of our leases and initial direct costs. The Company has also made an accounting policy election to apply short-term exemption to leases that meet the definition of short-term leases under the new standard. On January 1, 2019, the Company early adopted ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs will be expensed over the term of the hosting arrangement. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Summary of Significant Accounting Policies Leases The Company determines if an arrangement is a lease at inception. The Company’s leases qualify as operating leases and consist primarily of corporate offices, data centers, vehicles and certain equipment. Operating lease liabilities are included in Other liabilities and ROU assets are included in Other assets on the Condensed Consolidated Balance Sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company uses the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company elected both at transition and on an ongoing basis, to combine lease and non-lease components in calculating the lease liability and ROU asset for all operating leases.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Investments	Investments are comprised of the following as of the dates indicated (in millions): March 31, December 31, Investments of consolidated Funds held at fair value $ 93.3 $ 124.8 Other investments held at fair value 108.4 104.8 Investments related to long-term incentive compensation plans held at fair value 100.9 91.8 Total investments held at fair value 302.6 321.4 Equity-accounted investments in Affiliates and consolidated Funds (1) 47.2 1.9 Total investments per Condensed Consolidated Balance Sheets $ 349.8 $ 323.3 (1) Equity-accounted investments in consolidated Funds is comprised of Investments in partnership interests where a portion of return includes carried interest. These investments are accounted for within the scope of ASC 323, Investments - Equity Method and Joint Ventures because the Company has determined it has significant influence. In August 2017, the Company executed a non-binding term sheet to sell its stake in Heitman LLC to Heitman’s management for cash consideration totaling $110 million . Pursuant to this term sheet, BSIG entered into a redemption agreement on November 17, 2017 and the Company reclassified its investment in Heitman to a cost method investment. The transaction closed on January 5, 2018 and resulted in a gain of $65.7 million included in the table below. Investment income is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2019 2018 Realized and unrealized gains on other investments held at fair value $ 6.4 $ (0.2 ) Investment return of equity-accounted investments in Affiliates 0.6 0.6 Gain on sale of Affiliate carried at cost — 65.7 Total investment income per Condensed Consolidated Statements of Operations $ 7.0 $ 66.1

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2019 (in millions): Quoted prices in active markets (Level I) Significant other observable inputs (Level II) Significant unobservable inputs (Level III) Uncategorized Total value, Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 13.5 $ — $ — $ — $ 13.5 Short-term investment funds 0.8 — — — 0.8 Bank loans — 74.2 — — 74.2 Other investments 4.2 — — — 4.2 Derivatives 0.5 0.1 — — 0.6 Consolidated Funds total 19.0 74.3 — — 93.3 Investments in separate accounts (2) 36.0 10.4 — — 46.4 Investments related to long-term incentive compensation plans (3) 100.9 — — — 100.9 Investments in unconsolidated Funds (4) — — 3.0 59.0 62.0 BSIG total 136.9 10.4 3.0 59.0 209.3 Total fair value assets $ 155.9 $ 84.7 $ 3.0 $ 59.0 $ 302.6 Liabilities of consolidated Funds (1) Derivatives (1.4 ) (0.1 ) — — (1.5 ) Consolidated Funds total (1.4 ) (0.1 ) — — (1.5 ) Total fair value liabilities $ (1.4 ) $ (0.1 ) $ — $ — $ (1.5 ) The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018 (in millions): Quoted prices in active markets (Level I) Significant other observable inputs (Level II) Significant unobservable inputs (Level III) Uncategorized Total value December 31, 2018 Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 13.8 $ — $ — $ — $ 13.8 Short-term investment funds 2.2 — — — 2.2 Bank loans — 63.9 — — 63.9 Other investments 3.7 — — 38.8 42.5 Derivatives 2.2 0.2 — — 2.4 Consolidated Funds total 21.9 64.1 — 38.8 124.8 Investments in separate accounts (2) 35.0 8.2 — — 43.2 Investments related to long-term incentive compensation plans (3) 91.8 — — — 91.8 Investments in unconsolidated Funds (4) — — 3.0 58.6 61.6 BSIG total 126.8 8.2 3.0 58.6 196.6 Total fair value assets $ 148.7 $ 72.3 $ 3.0 $ 97.4 $ 321.4 Liabilities of consolidated Funds (1) Common stock $ (0.8 ) $ — $ — $ — $ (0.8 ) Derivatives (0.8 ) (0.1 ) — — (0.9 ) Consolidated Funds total (1.6 ) (0.1 ) — — (1.7 ) Total fair value liabilities $ (1.6 ) $ (0.1 ) $ — $ — $ (1.7 ) (1) Assets and liabilities measured at fair value are comprised of financial investments managed by the Company's Affiliates. Equity securities, including common and preferred stock, short-term investment funds, other investments and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. These securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. Assets of consolidated Funds also include investments in bank loans. Interests in senior floating-rate loans for which reliable market participant quotations are readily available are valued at the average mid-point of bid and ask quotations obtained from a third-party pricing service. These assets are classified as Level II. If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures. The uncategorized amount of $0.0 million and $38.8 million at March 31, 2019 and December 31, 2018 , respectively, represents investments made by consolidated Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These consolidated Funds consist of real estate and private equity investment Funds. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. (2) Investments in separate accounts of $46.4 million at March 31, 2019 consist of approximately 6% of cash equivalents and 94% of equity securities, fixed income securities, and other investments. Investments in separate accounts of $43.2 million at December 31, 2018 consist of approximately 11% of cash equivalents and 89% of equity securities, fixed income securities, and other investments. The Company values these using the published price of the underlying securities (classified as Level I) or quoted price supported by observable inputs as of the measurement date (classified as Level II). (3) Investments related to long term compensation plans of $100.9 million and $91.8 million at March 31, 2019 and December 31, 2018 , respectively, are investments in publicly registered daily redeemable funds (some managed by Affiliates), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I. (4) The uncategorized amounts of $59.0 million and $58.6 million at March 31, 2019 and December 31, 2018 , respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds advised by Affiliates and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds, UCITS and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. The real estate investment Funds of $15.8 million are subject to longer than quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one to eleven years from March 31, 2019 . The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, acquisitions, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair-value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions. Investments in unconsolidated Funds categorized as Level III of $3.0 million at March 31, 2019 relates to investments in Timber Funds advised by Affiliates and are valued by the general partner of those Funds. Determination of estimated fair value involves subjective judgment because the actual fair value can be determined only through negotiation between parties in a sale transaction, and amounts ultimately realized may vary significantly from their fair value presented. The following table reconciles the opening balances of Level III financial assets to closing balances at the end of the period (in millions): Investments in unconsolidated Funds Three Months Ended Three Months Ended Level III financial assets At beginning of the period $ 3.0 $ — Transfers in (out) of Level 3 — 6.4 Total net fair value losses recognized in net income — (0.1 ) Total Level III financial assets $ 3.0 $ 6.3 There were no significant transfers of financial assets or liabilities among Levels I, II or III during the three months ended March 31, 2019 .

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities
Variable Interest Entities	The Company, through its Affiliates, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by Affiliates and are investment vehicles typically owned entirely by third-party investors. Certain Funds may be capitalized with seed capital investments from the Company and may be owned partially by Affiliate key employees and/or individuals that own minority interests in an Affiliate. The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties are exposed to absorb more than an insignificant amount of the risks and rewards of the entity. Typically the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of the management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial. The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions): 3/31/2019 12/31/2018 Assets Investments at fair value $ 93.3 $ 124.8 Other assets of consolidated Funds 69.1 19.8 Total Assets $ 162.4 $ 144.6 Liabilities Liabilities of consolidated Funds $ 18.4 $ 14.9 Total Liabilities $ 18.4 $ 14.9 “Investments at fair value” consist of investments in bank loans, common and preferred stock, and other securities. To the extent the Company also has consolidated Funds that are not VIEs, the assets and liabilities of those Funds are not included in the table above. The assets of consolidated VIEs presented in the table above belong to the investors in those Funds, are available for use only by the Fund to which they belong, and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities held by consolidated Funds have no recourse to the Company's general credit. The Company’s involvement with Funds that are VIEs and not consolidated by the Company is generally limited to that of an investment manager and its investment in the unconsolidated VIE, if any. The Company’s investment in any unconsolidated VIE generally represents an insignificant interest of the Fund’s net assets and assets under management, such that the majority of the VIE’s results are attributable to third parties. The Company’s exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): March 31, December 31, Unconsolidated VIE assets $ 4,810.2 $ 4,814.9 Unconsolidated VIE liabilities $ 2,140.0 $ 2,115.1 Equity interests on the Condensed Consolidated Balance Sheets $ 20.7 $ 22.5 Maximum risk of loss (1) $ 30.7 $ 31.0 (1) Includes equity investments the Company has made or is required to make and any earned but uncollected management and incentive fees. The Company does not record performance or incentive allocations until the respective measurement period has ended.

Borrowings and Debt

Borrowings and Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Borrowings and Debt	The Company’s borrowings and long-term debt was comprised of the following as of the dates indicated (in millions): March 31, 2019 December 31, 2018 Carrying value (1) Fair Value Carrying value (1) Fair Value $350 million revolving credit facility expiring October 15, 2019 $ 235.0 $ 235.0 $ — $ — Non-recourse seed capital facility expiring January 17, 2020 $ — $ — $ — $ — Long-term bonds: $275 million 4.80% Senior Notes Due July 27, 2026 $ 272.2 $ 274.8 $ 272.2 $ 266.0 $125 million 5.125% Senior Notes Due August 1, 2031 121.2 115.2 121.1 102.3 Total borrowings and long-term debt $ 628.4 $ 625.0 $ 393.3 $ 368.3 (1) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	The Company has operating leases for corporate offices, data centers, vehicles and certain equipment. The operating leases have remaining lease terms of 1 year to 6 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. As of March 31, 2019 , the ROU asset of $46.3 million was included within Other assets and the lease liability of $51.9 million was included within Other liabilities, on the Condensed Consolidated Balance Sheet. The following table summarizes information about the Company’s operating leases for the three months ended March 31, 2019 (in millions, except lease term and discount rate): Three Months Ended March 31, 2019 Operating lease cost $ 3.4 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3.6 ROU asset obtained in exchange for new operating lease liabilities 4.8 Weighted average remaining lease term 4.7 years Weighted average discount rate 3.97 % In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease. Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 14.8 2020 14.3 2021 12.5 2022 6.0 2023 3.0 Thereafter 6.6 Total lease payments 57.2 Less imputed interest (5.3 ) Total $ 51.9

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Operational commitments The Company had unfunded commitments to invest up to approximately $66 million in co-investments as of March 31, 2019 . These commitments will be funded as required through the end of the respective investment periods ranging through fiscal 2024 . Certain Affiliates operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any violations of such financial requirements occurring during the period. Litigation The Company and its Affiliates are subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals for matters for which the outcome is probable and can be reasonably estimated. If an insurance claim or other indemnification for a litigation accrual is available to the Company, the associated gain will not be recognized until all contingencies related to the gain have been resolved. As of March 31, 2019 , there were no material accruals for claims, legal proceedings or other contingencies. Indemnifications In the normal course of business, such as through agreements to enter into business combinations and divestitures of Affiliates, the Company enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Foreign tax contingency The Company has clients in non-U.S. jurisdictions which require entities that are conducting certain business activities in such jurisdictions to collect and remit tax assessed on certain fees paid for goods and services provided. The Company does not believe this requirement is applicable based on its limited business activities in these jurisdictions. However, given the fact that uncertainty exists around the requirement, the Company has chosen to evaluate its potential exposure related to non-collection and remittance of these taxes. At March 31, 2019 , management of the Company has estimated the potential maximum exposure and concluded that it is not material. No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at March 31, 2019 . Considerations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. The Company maintains cash and cash equivalents and short term investments with various financial institutions. These financial institutions are typically located in cities in which the Company and its Affiliates operate. For the Company and certain Affiliates, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable ordinary shares, except when inclusion is antidilutive. The calculation of basic and diluted earnings per ordinary share is as follows (dollars in millions, except per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income attributable to controlling interests $ 52.7 $ 57.3 Less: Total income available to participating unvested securities (1) (0.1 ) (0.2 ) Total net income attributable to ordinary shares $ 52.6 $ 57.1 Denominator: Weighted-average ordinary shares outstanding—basic 97,645,020 109,396,367 Potential ordinary shares: Restricted stock units 199,563 196,259 Weighted-average ordinary shares outstanding—diluted 97,844,583 109,592,626 Earnings per ordinary share attributable to controlling interests: Basic $ 0.54 $ 0.52 Diluted $ 0.54 $ 0.52 (1) Income available to participating unvested securities includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings. Employee options to purchase 8,970,000 shares were not included in the computation of diluted EPS for the three months ended March 31, 2019 because the assumed proceeds from exercising such options exceed the average price of the ordinary shares for the period and, therefore, the options are deemed antidilutive.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Management fees The Company’s management fees are a function of the fee rates the Affiliates charge to their clients, which are typically expressed in basis points, and the levels of the Company’s assets under management. The greatest driver of increases or decreases in this average fee rate is changes in the mix of the Company’s assets under management caused by net inflows or outflows in certain asset classes or disproportionate market movements. Performance fees The Company’s alternative products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate. Conversely, the separate accounts / other products, which primarily earn management fees, are potentially subject to performance adjustments up or down based on investment performance versus benchmarks (i.e. fulcrum fees). Other revenue Included in other revenue are certain payroll and benefits costs and expenses paid on behalf of Funds by the Company’s Affiliates. In instances where a customer reimburses the Company for a cost paid on the customer’s behalf, the Company is acting as a principal and the reimbursement is accrued on a gross basis at cost as the corresponding reimbursable expenses are incurred. Revenue from expense reimbursement amounted to $1.0 million and $ 2.3 million for the three months ended March 31, 2019 and 2018 , respectively, and is recorded in other revenue in the Company’s Condensed Consolidated Statements of Operations. Other revenue may also consist of other miscellaneous revenue, consisting primarily of administration and consulting services. Disaggregation of management fee revenue The Company classifies its revenue (including only consolidated Affiliates that are included in management fee revenue) among the following asset classes: i. U.S. equity, which includes small cap through large cap securities and substantially value or blended investment styles; ii. Global / non-U.S. equity, which includes global and international equities including emerging markets; iii. Fixed income, which includes government bonds, corporate bonds and other fixed income investments in the United States; and iv. Alternatives, which consist of timberland investments, secondary Funds focused in real estate and private equity, and other alternative investments. Revenue by asset class for the three months ended March 31, 2019 and 2018 were (in millions): Three Months Ended March 31, 2019 2018 U.S. equity $ 40.4 $ 47.6 Global / non-U.S. equity 116.9 128.6 Fixed income 6.4 6.8 Alternatives 43.8 62.0 Management fee revenue $ 207.5 $ 245.0

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income	The following tables show the tax effects allocated to each component of other comprehensive income (loss) (in millions): For the three months ended March 31, 2019 Pre-Tax Tax (Expense) Net of Tax Foreign currency translation adjustment $ 0.5 $ — $ 0.5 Amortization related to derivative securities 0.7 (0.1 ) 0.6 Other comprehensive income $ 1.2 $ (0.1 ) $ 1.1 For the three months ended March 31, 2018 Pre-Tax Tax (Expense) Net of Tax Foreign currency translation adjustment $ 0.8 $ — $ 0.8 Amortization related to derivative securities 0.7 (0.1 ) 0.6 Other comprehensive income $ 1.5 $ (0.1 ) $ 1.4 The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 were as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2018 $ 1.8 $ (22.7 ) $ (20.9 ) Other comprehensive income 0.5 0.6 1.1 Balance, as of March, 31 2019 $ 2.3 $ (22.1 ) $ (19.8 ) The Company reclassified $0.7 million and $0.7 million from accumulated other comprehensive income (loss) to interest expense on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018 , respectively.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Cash flow hedge In July 2015, the Company entered into a series of $300.0 million notional Treasury rate lock contracts which were designated and qualified as cash flow hedges. The Company documented its hedging strategy and risk management objective for this contract in anticipation of a future debt issuance. The Treasury rate lock contract eliminated the impact of fluctuations in the underlying benchmark interest rate for future forecasted debt issuances. The forecasted debt issuances occurred in July 2016 and the Treasury rate lock, which had an accumulated fair value of $(34.4) million , was settled. Refer to Note 6, Borrowings and Debt, for additional information on the debt issuances. As of March 31, 2019 , the balance recorded in accumulated other comprehensive income (loss) was $(22.1) million , net of tax. This balance will be reclassified to earnings through interest expense over the life of the issued debt. Amounts of $0.7 million and $0.7 million have been reclassified for the three months ended March 31, 2019 and 2018 , respectively. During the next twelve months the Company expects to reclassify approximately $3 million to interest expense. Derivatives of consolidated Funds In the normal course of business, the Company’s consolidated Funds may enter into transactions involving derivative financial instruments in connection with Funds’ investing activities. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. The Funds may also use derivatives to manage duration; sector and yield curve exposures and credit and spread volatility. Derivative financial instruments base their value upon an underlying asset, index or reference rate. These instruments are subject to various risks, including leverage, market, credit, liquidity and operational risks. The Funds manage the risks associated with derivatives on an aggregate basis, along with the risks associated with its trading and as part of its overall risk management policies.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations and of comprehensive income, statements of changes in shareholders’ equity and statements of cash flows of the Company. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Material intercompany balances and transactions among the Company and its consolidated Affiliates are eliminated in consolidation. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (annual report or Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Forms 10-Q. The Company has condensed or omitted these disclosures. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2019 . The Company’s significant accounting policies, which have been consistently applied, are summarized in those Financial Statements.
Recently adopted accounting pronouncements	Recently adopted accounting standards In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (“Topic 842”). Topic 842 requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for all leases with a lease term greater than 12 months. The Company adopted the standard on January 1, 2019 using the modified retrospective approach, without restating prior comparative periods. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. The Company recorded a ROU asset of approximately $44.2 million and a lease liability of approximately $49.9 million , primarily related to real estate operating leases on January 1, 2019, with no cumulative-effect adjustment to opening retained earnings. The initial recognition of ROU asset and lease liability represented a non-cash activity. The adoption of the new standard had a material impact on the Company’s Condensed Consolidated Balance Sheet, but did not have an impact on our Condensed Consolidated Statement of Operations. The package of three practical expedients applicable to the Company have been elected which resulted in the Company not having to reassess whether expired or existing contracts upon adoption contained a lease. It also allowed the Company to retain the historical classifications of our leases and initial direct costs. The Company has also made an accounting policy election to apply short-term exemption to leases that meet the definition of short-term leases under the new standard. On January 1, 2019, the Company early adopted ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs will be expensed over the term of the hosting arrangement. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.
Leases	Leases The Company determines if an arrangement is a lease at inception. The Company’s leases qualify as operating leases and consist primarily of corporate offices, data centers, vehicles and certain equipment. Operating lease liabilities are included in Other liabilities and ROU assets are included in Other assets on the Condensed Consolidated Balance Sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company uses the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company elected both at transition and on an ongoing basis, to combine lease and non-lease components in calculating the lease liability and ROU asset for all operating leases.

Investment (Tables)

Investment (Tables)	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Schedule of investment components	Investments are comprised of the following as of the dates indicated (in millions): March 31, December 31, Investments of consolidated Funds held at fair value $ 93.3 $ 124.8 Other investments held at fair value 108.4 104.8 Investments related to long-term incentive compensation plans held at fair value 100.9 91.8 Total investments held at fair value 302.6 321.4 Equity-accounted investments in Affiliates and consolidated Funds (1) 47.2 1.9 Total investments per Condensed Consolidated Balance Sheets $ 349.8 $ 323.3 (1) Equity-accounted investments in consolidated Funds is comprised of Investments in partnership interests where a portion of return includes carried interest. These investments are accounted for within the scope of ASC 323, Investments - Equity Method and Joint Ventures because the Company has determined it has significant influence.
Investment income including realized gain loss on investments	Investment income is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2019 2018 Realized and unrealized gains on other investments held at fair value $ 6.4 $ (0.2 ) Investment return of equity-accounted investments in Affiliates 0.6 0.6 Gain on sale of Affiliate carried at cost — 65.7 Total investment income per Condensed Consolidated Statements of Operations $ 7.0 $ 66.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Summary of the assets and liabilities that are measured at fair value on a recurring basis	The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2019 (in millions): Quoted prices in active markets (Level I) Significant other observable inputs (Level II) Significant unobservable inputs (Level III) Uncategorized Total value, Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 13.5 $ — $ — $ — $ 13.5 Short-term investment funds 0.8 — — — 0.8 Bank loans — 74.2 — — 74.2 Other investments 4.2 — — — 4.2 Derivatives 0.5 0.1 — — 0.6 Consolidated Funds total 19.0 74.3 — — 93.3 Investments in separate accounts (2) 36.0 10.4 — — 46.4 Investments related to long-term incentive compensation plans (3) 100.9 — — — 100.9 Investments in unconsolidated Funds (4) — — 3.0 59.0 62.0 BSIG total 136.9 10.4 3.0 59.0 209.3 Total fair value assets $ 155.9 $ 84.7 $ 3.0 $ 59.0 $ 302.6 Liabilities of consolidated Funds (1) Derivatives (1.4 ) (0.1 ) — — (1.5 ) Consolidated Funds total (1.4 ) (0.1 ) — — (1.5 ) Total fair value liabilities $ (1.4 ) $ (0.1 ) $ — $ — $ (1.5 ) The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018 (in millions): Quoted prices in active markets (Level I) Significant other observable inputs (Level II) Significant unobservable inputs (Level III) Uncategorized Total value December 31, 2018 Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 13.8 $ — $ — $ — $ 13.8 Short-term investment funds 2.2 — — — 2.2 Bank loans — 63.9 — — 63.9 Other investments 3.7 — — 38.8 42.5 Derivatives 2.2 0.2 — — 2.4 Consolidated Funds total 21.9 64.1 — 38.8 124.8 Investments in separate accounts (2) 35.0 8.2 — — 43.2 Investments related to long-term incentive compensation plans (3) 91.8 — — — 91.8 Investments in unconsolidated Funds (4) — — 3.0 58.6 61.6 BSIG total 126.8 8.2 3.0 58.6 196.6 Total fair value assets $ 148.7 $ 72.3 $ 3.0 $ 97.4 $ 321.4 Liabilities of consolidated Funds (1) Common stock $ (0.8 ) $ — $ — $ — $ (0.8 ) Derivatives (0.8 ) (0.1 ) — — (0.9 ) Consolidated Funds total (1.6 ) (0.1 ) — — (1.7 ) Total fair value liabilities $ (1.6 ) $ (0.1 ) $ — $ — $ (1.7 ) (1) Assets and liabilities measured at fair value are comprised of financial investments managed by the Company's Affiliates. Equity securities, including common and preferred stock, short-term investment funds, other investments and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. These securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. Assets of consolidated Funds also include investments in bank loans. Interests in senior floating-rate loans for which reliable market participant quotations are readily available are valued at the average mid-point of bid and ask quotations obtained from a third-party pricing service. These assets are classified as Level II. If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures. The uncategorized amount of $0.0 million and $38.8 million at March 31, 2019 and December 31, 2018 , respectively, represents investments made by consolidated Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These consolidated Funds consist of real estate and private equity investment Funds. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. (2) Investments in separate accounts of $46.4 million at March 31, 2019 consist of approximately 6% of cash equivalents and 94% of equity securities, fixed income securities, and other investments. Investments in separate accounts of $43.2 million at December 31, 2018 consist of approximately 11% of cash equivalents and 89% of equity securities, fixed income securities, and other investments. The Company values these using the published price of the underlying securities (classified as Level I) or quoted price supported by observable inputs as of the measurement date (classified as Level II). (3) Investments related to long term compensation plans of $100.9 million and $91.8 million at March 31, 2019 and December 31, 2018 , respectively, are investments in publicly registered daily redeemable funds (some managed by Affiliates), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I. (4) The uncategorized amounts of $59.0 million and $58.6 million at March 31, 2019 and December 31, 2018 , respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds advised by Affiliates and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds, UCITS and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. The real estate investment Funds of $15.8 million are subject to longer than quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one to eleven years from March 31, 2019 . The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, acquisitions, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair-value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions. Investments in unconsolidated Funds categorized as Level III of $3.0 million at March 31, 2019 relates to investments in Timber Funds advised by Affiliates and are valued by the general partner of those Funds. Determination of estimated fair value involves subjective judgment because the actual fair value can be determined only through negotiation between parties in a sale transaction, and amounts ultimately realized may vary significantly from their fair value presented.
Level Three Investment Reconciliation	The following table reconciles the opening balances of Level III financial assets to closing balances at the end of the period (in millions): Investments in unconsolidated Funds Three Months Ended Three Months Ended Level III financial assets At beginning of the period $ 3.0 $ — Transfers in (out) of Level 3 — 6.4 Total net fair value losses recognized in net income — (0.1 ) Total Level III financial assets $ 3.0 $ 6.3

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities
Schedule of assets and liabilities and information pertains to VIEs	The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): March 31, December 31, Unconsolidated VIE assets $ 4,810.2 $ 4,814.9 Unconsolidated VIE liabilities $ 2,140.0 $ 2,115.1 Equity interests on the Condensed Consolidated Balance Sheets $ 20.7 $ 22.5 Maximum risk of loss (1) $ 30.7 $ 31.0 (1) Includes equity investments the Company has made or is required to make and any earned but uncollected management and incentive fees. The Company does not record performance or incentive allocations until the respective measurement period has ended. The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions): 3/31/2019 12/31/2018 Assets Investments at fair value $ 93.3 $ 124.8 Other assets of consolidated Funds 69.1 19.8 Total Assets $ 162.4 $ 144.6 Liabilities Liabilities of consolidated Funds $ 18.4 $ 14.9 Total Liabilities $ 18.4 $ 14.9

Borrowings and Debt (Tables)

Borrowings and Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of long term debt	The Company’s borrowings and long-term debt was comprised of the following as of the dates indicated (in millions): March 31, 2019 December 31, 2018 Carrying value (1) Fair Value Carrying value (1) Fair Value $350 million revolving credit facility expiring October 15, 2019 $ 235.0 $ 235.0 $ — $ — Non-recourse seed capital facility expiring January 17, 2020 $ — $ — $ — $ — Long-term bonds: $275 million 4.80% Senior Notes Due July 27, 2026 $ 272.2 $ 274.8 $ 272.2 $ 266.0 $125 million 5.125% Senior Notes Due August 1, 2031 121.2 115.2 121.1 102.3 Total borrowings and long-term debt $ 628.4 $ 625.0 $ 393.3 $ 368.3 (1) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Operating Lease Information	The following table summarizes information about the Company’s operating leases for the three months ended March 31, 2019 (in millions, except lease term and discount rate): Three Months Ended March 31, 2019 Operating lease cost $ 3.4 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3.6 ROU asset obtained in exchange for new operating lease liabilities 4.8 Weighted average remaining lease term 4.7 years Weighted average discount rate 3.97 %
Lease Liability Maturity	Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 14.8 2020 14.3 2021 12.5 2022 6.0 2023 3.0 Thereafter 6.6 Total lease payments 57.2 Less imputed interest (5.3 ) Total $ 51.9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of calculation of pro forma basic and diluted earnings per share	The calculation of basic and diluted earnings per ordinary share is as follows (dollars in millions, except per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income attributable to controlling interests $ 52.7 $ 57.3 Less: Total income available to participating unvested securities (1) (0.1 ) (0.2 ) Total net income attributable to ordinary shares $ 52.6 $ 57.1 Denominator: Weighted-average ordinary shares outstanding—basic 97,645,020 109,396,367 Potential ordinary shares: Restricted stock units 199,563 196,259 Weighted-average ordinary shares outstanding—diluted 97,844,583 109,592,626 Earnings per ordinary share attributable to controlling interests: Basic $ 0.54 $ 0.52 Diluted $ 0.54 $ 0.52 (1) Income available to participating unvested securities includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Revenue by asset class for the three months ended March 31, 2019 and 2018 were (in millions): Three Months Ended March 31, 2019 2018 U.S. equity $ 40.4 $ 47.6 Global / non-U.S. equity 116.9 128.6 Fixed income 6.4 6.8 Alternatives 43.8 62.0 Management fee revenue $ 207.5 $ 245.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of components of accumulated other comprehensive income including proportions attributable to non-controlling interests	The following tables show the tax effects allocated to each component of other comprehensive income (loss) (in millions): For the three months ended March 31, 2019 Pre-Tax Tax (Expense) Net of Tax Foreign currency translation adjustment $ 0.5 $ — $ 0.5 Amortization related to derivative securities 0.7 (0.1 ) 0.6 Other comprehensive income $ 1.2 $ (0.1 ) $ 1.1 For the three months ended March 31, 2018 Pre-Tax Tax (Expense) Net of Tax Foreign currency translation adjustment $ 0.8 $ — $ 0.8 Amortization related to derivative securities 0.7 (0.1 ) 0.6 Other comprehensive income $ 1.5 $ (0.1 ) $ 1.4 The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 were as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2018 $ 1.8 $ (22.7 ) $ (20.9 ) Other comprehensive income 0.5 0.6 1.1 Balance, as of March, 31 2019 $ 2.3 $ (22.1 ) $ (19.8 )

Organization and Description _2

Organization and Description of the Business (Details)	Mar. 25, 2017	Mar. 31, 2019segment$ / sharesshares	Feb. 25, 2019
Business Acquisition [Line Items]
Number of reportable segments | segment		1
Ordinary shares repurchased (in shares) | shares		13,498,078
Average price of ordinary shares repurchased (in dollars per share) | $ / shares		$ 13.28
Parent Company
Business Acquisition [Line Items]
Percent of interest sold	24.95%
BrightSphere Investment Group | Paulson
Business Acquisition [Line Items]
Parent owned interest			21.70%

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset	$ 46.3
Lease liability	$ 51.9
Accounting Standards Update 2016-19
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset		$ 44.2
Lease liability		$ 49.9

Investments - Schedule of Inves

Investments - Schedule of Investment Components (Details) - USD ($) $ in Millions	Jan. 05, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investment Components
Investments at fair value		$ 302.6		$ 321.4
Equity-accounted investments in Affiliates and consolidated Funds		47.2		1.9
Total investments per Condensed Consolidated Balance Sheets		349.8		323.3
Consolidated Funds
Investment Components
Investments at fair value		93.3		124.8
Total investments per Condensed Consolidated Balance Sheets		138		124.8
Consolidated Entity Excluding Consolidated Funds
Investment Components
Total investments per Condensed Consolidated Balance Sheets		211.8		198.5
Investment Income
Investment income		7	$ 66.1
Other investments held at fair value | Consolidated Entity Excluding Consolidated Funds
Investment Components
Investments at fair value		108.4		104.8
Investment Income
Investment income		6.4	(0.2)
Investments related to long-term incentive compensation plans held at fair value | Consolidated Entity Excluding Consolidated Funds
Investment Components
Investments at fair value		100.9		$ 91.8
Investment return of equity-accounted investments in Affiliates | Consolidated Entity Excluding Consolidated Funds
Investment Income
Investment income		0.6	0.6
Gain on sale of Affiliate carried at cost | Consolidated Entity Excluding Consolidated Funds
Investment Income
Investment income	$ 65.7	$ 0	$ 65.7

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jan. 05, 2018	Aug. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Heitman LLC
Investment [Line Items]
Proceeds from sale of interest in corporation		$ 110
Consolidated Entity Excluding Consolidated Funds
Investment [Line Items]
Investment income			$ 7	$ 66.1
Consolidated Entity Excluding Consolidated Funds | Gain on sale of Affiliate carried at cost
Investment [Line Items]
Investment income	$ 65.7		$ 0	$ 65.7

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Asset of BSIF and consolidated Funds
Investments at fair value	$ 302.6	$ 321.4
Total fair value assets	302.6	321.4
Liabilities of consolidated Funds
Total fair value liabilities	(1.5)	(1.7)
Investment funds
Asset of BSIF and consolidated Funds
Alternative investments, fair value disclosure	$ 59	97.4
Investment funds | Minimum
Liabilities of consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees	1 year
Investment funds | Maximum
Liabilities of consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees	11 years
Consolidated Funds
Asset of BSIF and consolidated Funds
Common and preferred stock	$ 13.5	13.8
Short-term investment funds	0.8	2.2
Bank loans	74.2	63.9
Other investments	4.2	42.5
Derivatives	0.6	2.4
Investments at fair value	93.3	124.8
Total fair value assets	93.3	124.8
Liabilities of consolidated Funds
Common stock		(0.8)
Derivatives	(1.5)	(0.9)
Total fair value liabilities	(1.5)	(1.7)
Consolidated Funds | Other Investments
Asset of BSIF and consolidated Funds
Alternative investments, fair value disclosure	0	38.8
Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	46.4	43.2
Investments related to long-term incentive compensation plans	100.9	91.8
Alternative investments, fair value disclosure	59
Total fair value assets	209.3	196.6
Consolidated Entity Excluding Consolidated Funds | Investment funds
Asset of BSIF and consolidated Funds
Alternative investments, fair value disclosure	59	58.6
Investments at fair value	62	61.6
Consolidated Entity Excluding Consolidated Funds | Investment Funds Subject To Longer Redemption Restrictions
Asset of BSIF and consolidated Funds
Alternative investments, fair value disclosure	15.8
Quoted prices in active markets (Level I)
Asset of BSIF and consolidated Funds
Total fair value assets	155.9	148.7
Liabilities of consolidated Funds
Total fair value liabilities	(1.4)	(1.6)
Quoted prices in active markets (Level I) | Consolidated Funds
Asset of BSIF and consolidated Funds
Common and preferred stock	13.5	13.8
Short-term investment funds	0.8	2.2
Bank loans	0	0
Other investments	4.2	3.7
Derivatives	0.5	2.2
Total fair value assets	19	21.9
Liabilities of consolidated Funds
Common stock		(0.8)
Derivatives	(1.4)	(0.8)
Total fair value liabilities	(1.4)	(1.6)
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	36	35
Investments related to long-term incentive compensation plans	100.9	91.8
Total fair value assets	$ 136.9	$ 126.8
Liabilities of consolidated Funds
Investment in cash	6.00%	11.00%
Investment in equity securities	94.00%	89.00%
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds | Investment funds
Asset of BSIF and consolidated Funds
Investments at fair value	$ 0	$ 0
Significant other observable inputs (Level II)
Asset of BSIF and consolidated Funds
Total fair value assets	84.7	72.3
Liabilities of consolidated Funds
Total fair value liabilities	(0.1)	(0.1)
Significant other observable inputs (Level II) | Consolidated Funds
Asset of BSIF and consolidated Funds
Common and preferred stock	0	0
Short-term investment funds	0	0
Bank loans	74.2	63.9
Other investments	0	0
Derivatives	0.1	0.2
Total fair value assets	74.3	64.1
Liabilities of consolidated Funds
Common stock		0
Derivatives	(0.1)	(0.1)
Total fair value liabilities	(0.1)	(0.1)
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	10.4	8.2
Investments related to long-term incentive compensation plans	0	0
Total fair value assets	10.4	8.2
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds | Investment funds
Asset of BSIF and consolidated Funds
Investments at fair value	0	0
Significant unobservable inputs (Level III)
Asset of BSIF and consolidated Funds
Total fair value assets	3	3
Liabilities of consolidated Funds
Total fair value liabilities	0	0
Significant unobservable inputs (Level III) | Consolidated Funds
Asset of BSIF and consolidated Funds
Common and preferred stock	0	0
Short-term investment funds	0	0
Bank loans	0	0
Other investments	0	0
Derivatives	0	0
Total fair value assets	0	0
Liabilities of consolidated Funds
Common stock		0
Derivatives	0	0
Total fair value liabilities	0	0
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	0	0
Investments related to long-term incentive compensation plans	0	0
Total fair value assets	3	3
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds | Investment funds
Asset of BSIF and consolidated Funds
Investments at fair value	$ 3	$ 3

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Level Three Investment Reconciliation (Details) - Investments in unconsolidated Funds - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
At beginning of the period	$ 3	$ 0
Transfers in (out) of Level 3	0	6.4
Total net fair value losses recognized in net income	0	(0.1)
Total Level III financial assets	$ 3	$ 6.3

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Funds that are VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Investments at fair value	$ 302.6	$ 321.4
Liabilities
Liabilities of consolidated Funds	1,304.3	1,377.6
Variable Interest Entity, Primary Beneficiary
Assets
Investments at fair value	93.3	124.8
Other assets of consolidated Funds	69.1	19.8
Total Assets	162.4	144.6
Liabilities
Liabilities of consolidated Funds	18.4	14.9
Total Liabilities	$ 18.4	$ 14.9

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entities
Unconsolidated VIE assets	$ 4,810.2	$ 4,814.9
Unconsolidated VIE liabilities	2,140	2,115.1
Equity interests on the Condensed Consolidated Balance Sheets	20.7	22.5
Maximum risk of loss	$ 30.7	$ 31

Borrowings and Debt - Long Term

Borrowings and Debt - Long Term Debt Excluding Consolidated Funds (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Face amount	$ 350,000,000
Carrying value	628,400,000	$ 393,300,000
Fair Value	625,000,000	368,300,000
Line of Credit | Non-recourse seed capital facility expiring January 17, 2020
Debt Instrument [Line Items]
Carrying value	0	0
Fair Value	0	0
Senior notes | $275 million 4.80% Senior Notes Due July 27, 2026
Debt Instrument [Line Items]
Face amount	$ 275,000,000
Interest rate	4.80%
Carrying value	$ 272,200,000	272,200,000
Fair Value	274,800,000	266,000,000
Senior notes | $125 million 5.125% Senior Notes Due August 1, 2031
Debt Instrument [Line Items]
Face amount	$ 125,000,000
Interest rate	5.125%
Carrying value	$ 121,200,000	121,100,000
Fair Value	115,200,000	102,300,000
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Carrying value	235,000,000	0
Fair Value	$ 235,000,000	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Lease termination period	1 year
Right of use asset	$ 46.3
Lease liability	$ 51.9
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	6 years

Leases - Summary of Lease Infor

Leases - Summary of Lease Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 3.4
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3.6
ROU asset obtained in exchange for new operating lease liabilities	$ 4.8
Weighted average remaining lease term	4 years 8 months
Weighted average discount rate	3.97%

Leases - Lease Liability Maturi

Leases - Lease Liability Maturity (Details) $ in Millions	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (excluding the three months ended March 31, 2019)	$ 14.8
2020	14.3
2021	12.5
2022	6
2023	3
Thereafter	6.6
Total lease payments	57.2
Less imputed interest	(5.3)
Total	$ 51.9

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2019USD ($)
Maximum
Other Commitments [Line Items]
Maximum commitments to fund investment activity	$ 66

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income attributable to controlling interests	$ 52.7	$ 57.3
Less: Total income available to participating unvested securities	(0.1)	(0.2)
Total net income attributable to ordinary shares	$ 52.6	$ 57.1
Denominator:
Weighted average ordinary shares outstanding (in shares)	97,645,020	109,396,367
Potential ordinary shares:
Restricted stock units (in shares)	199,563	196,259
Weighted-average diluted ordinary shares outstanding - diluted (in shares)	97,844,583	109,592,626
Earnings per ordinary share attributable to controlling interests:
Basic (in dollars per share)	$ 0.54	$ 0.52
Diluted (in dollars per share)	$ 0.54	$ 0.52
Employee options not included in computation of diluted EPS (in shares)	8,970,000

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from expense reimbursement	$ (1)	$ (2.3)

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Management fee revenue	$ 207.5	$ 245
U.S. equity
Disaggregation of Revenue [Line Items]
Management fee revenue	40.4	47.6
Global / non-U.S. equity
Disaggregation of Revenue [Line Items]
Management fee revenue	116.9	128.6
Fixed income
Disaggregation of Revenue [Line Items]
Management fee revenue	6.4	6.8
Alternatives
Disaggregation of Revenue [Line Items]
Management fee revenue	$ 43.8	$ 62

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss)	$ 1.1
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax	0.5	$ 0.8
Other comprehensive income (loss), tax benefit (expense)	0	0
Total other comprehensive income (loss)	0.5	0.8
Amortization related to derivative securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax	0.7	0.7
Other comprehensive income (loss), tax benefit (expense)	(0.1)	(0.1)
Total other comprehensive income (loss)	0.6	0.6
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax	1.2	1.5
Other comprehensive income (loss), tax benefit (expense)	(0.1)	(0.1)
Total other comprehensive income (loss)	$ 1.1	$ 1.4

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 134.2	$ 127.3
Other comprehensive income	1.1
Ending balance	8.4	172
Foreign currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1.8
Other comprehensive income	0.5	0.8
Ending balance	2.3
Valuation and amortization of derivative securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(22.7)
Other comprehensive income	0.6	0.6
Ending balance	(22.1)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(20.9)
Other comprehensive income	1.1	$ 1.4
Ending balance	$ (19.8)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reclassification out of Accumulated Other Comprehensive Income | Accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	$ 0.7	$ 0.7

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income	$ 8,400,000	$ 172,000,000	$ 134,200,000	$ 127,300,000
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Loss amount reclassified within twelve months	3,000,000
Amortization related to derivative securities
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income	(22,100,000)		(22,700,000)
Accumulated other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income	(19,800,000)		$ (20,900,000)
Accumulated other comprehensive income (loss) | Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 700,000	$ 700,000
Treasury Lock | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 300,000,000
Fair value of derivative					$ (34,400,000)