Acadian Asset Management (AAMI) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38979
Entity Registrant Name	BRIGHTSPHEREInvestment Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1121020
Entity Address, Address Line One	200 Clarendon Street, 53rd Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	369-7300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		79,354,560
Entity Central Index Key	0001748824
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	BSIG
Security Exchange Name	NYSE
4.800% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	4.800% Notes due 2026
Trading Symbol	BSIG 26
Security Exchange Name	NYSE
5.125% Notes Due 2031
Entity Information [Line Items]
Title of 12(b) Security	5.125% Notes due 2031
Trading Symbol	BSA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Investments (includes balances reported at fair value)	$ 114.6	$ 115.1
Assets held for sale:
Total assets	1,436.9	1,379.2
Liabilities and stockholders’ equity
Operating lease liabilities	96.9
Liabilities held for sale:
Total liabilities	1,006.9	994.8
Commitments and contingencies
Equity:
Total equity and non-controlling interests in consolidated Funds	430	384.4
Total liabilities and equity	1,436.9	1,379.2
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	450.5	391.3
Restricted cash	1.6	1.6
Investment advisory fees receivable	120.7	112.6
Income taxes receivable	0.9	9.3
Fixed assets, net	62.6	64.7
Right of use assets	80.1	82.3
Investments (includes balances reported at fair value)	114.6	115.1
Acquired intangibles, net	0.2	0.2
Goodwill	34	34
Other assets	31.4	33.8
Deferred tax assets	167.8	170.3
Assets held for sale:
Assets held for sale	241.6	249.7
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	23	32.4
Accrued incentive compensation	34.6	94.1
Due to OM plc	2	3.4
Other compensation liabilities	145.1	139.2
Accrued income taxes	4.2	4.1
Operating lease liabilities	96.9	98.9
Other liabilities	1.3	1.5
Third party borrowings	475.5	394.3
Liabilities held for sale:
Liabilities held for sale	224.3	226.9
Equity:
Common stock (par value $0.001; 79,354,810 and 79,387,961 shares, respectively, issued)	0.1	0.1
Additional paid-in capital	492.8	492.4
Retained deficit	(150.3)	(176.5)
Accumulated other comprehensive loss	(11.9)	(13.6)
Non-controlling interests	5.6	1.7
Consolidated Funds
Assets held for sale:
Assets held for sale	130.9	114.3
Equity:
Non-controlling interests	$ 93.7	$ 80.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments at fair value	$ 112.6	$ 113.1
Consolidated Entity Excluding Consolidated Funds
Investments at fair value	$ 112.6	$ 113.1
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	79,354,810	79,387,961

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue	$ 125.3	$ 142.6
Total revenue	131.2	146.7
Operating expenses:
Total operating expenses	94.1	95.2
Operating income	37.1	51.5
Non-operating income and (expense):
Interest expense	(6.2)	(7.5)
Net consolidated Funds’ investment gains (losses)	2.6	(30.9)
Total non-operating income (loss)	(4.9)	(38.4)
Income from continuing operations before taxes	32.2	13.1
Income tax expense	10.3	6.4
Income from continuing operations	21.9	6.7
Income from discontinued operations, net of tax	18.5	15.4
Net income	40.4	22.1
Net income (loss) attributable to non-controlling interests in consolidated Funds	13.4	(10.5)
Net income attributable to controlling interests	$ 27	$ 32.6
Earnings per share (basic) attributable to controlling interests (in dollars per share)	$ 0.34	$ 0.38
Earnings per share (diluted) attributable to controlling interests (in dollars per share)	0.33	0.38
Continuing operations earnings per share (basic) attributable to controlling interests (in dollars per share)	0.28	0.20
Continuing operations earnings per share (diluted) attributable to controlling interests (in dollars per share)	$ 0.27	$ 0.20
Weighted average common stock outstanding (in shares)	79,319,556	85,081,166
Weighted average diluted common stock outstanding (in shares)	82,320,668	85,099,059
Consolidated Entity Excluding Consolidated Funds
Revenue:
Other revenue	$ 1.3	$ 1.6
Operating expenses:
Compensation and benefits	67.9	49.4
General and administrative expense	20.6	24.3
Impairment of goodwill	0	16.4
Depreciation and other amortization	5.6	5.1
Non-operating income and (expense):
Investment income (loss)	2.6	(13.7)
Interest income	0	0.3
Interest expense	(6.2)	(7.8)
Loss on sale of subsidiary	(1.3)	0
Consolidated Funds
Revenue:
Total revenue	0	1.5
Non-operating income and (expense):
Net consolidated Funds’ investment gains (losses)	0	(17.2)
Net income (loss) attributable to non-controlling interests in consolidated Funds	13.4	(10.5)
Management fees
Revenue:
Revenue	125.3	142.6
Management fees | Consolidated Entity Excluding Consolidated Funds
Revenue:
Revenue	125.3	142.6
Performance fees | Consolidated Entity Excluding Consolidated Funds
Revenue:
Revenue	$ 4.6	$ 1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 40.4	$ 22.1
Other comprehensive income (loss):
Amortization related to derivative securities, net of tax	0.6	0.5
Foreign currency translation adjustment	1.1	(2.1)
Total other comprehensive income (loss)	1.7	(1.6)
Total comprehensive income attributable to controlling interests	28.7	31
Consolidated Funds
Other comprehensive income (loss):
Comprehensive income (loss) attributable to non-controlling interests in consolidated Funds	$ 13.4	$ (10.5)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Consolidated Funds	Common StockConsolidated Entity Excluding Consolidated Funds	Additional paid-in capitalConsolidated Entity Excluding Consolidated Funds	Retained earnings (deficit)Consolidated Entity Excluding Consolidated Funds	Accumulated other comprehensive income (loss)Consolidated Entity Excluding Consolidated Funds	Total stockholders’ equityConsolidated Entity Excluding Consolidated Funds	Non- controlling interestsConsolidated Entity Excluding Consolidated Funds	Non- controlling interestsConsolidated Funds
Beginning balance (in shares) at Dec. 31, 2019			85.9
Beginning balance at Dec. 31, 2019	$ 114.5		$ 0.1	$ 534.3	$ (452.5)	$ (17.5)	$ 64.4	$ 1.3	$ 48.8
Increase (Decrease) in Stockholders' Equity
Retirement of common stock (in shares)			(0.2)
Repurchase of common stock (in shares)			(3.2)
Repurchase of common stock	(19.2)			(19.2)			(19.2)
Capital contributions (redemptions)	0.2	$ 1.2							0.2
Equity-based compensation	1.1			1.1			1.1
Foreign currency translation adjustment	(2.1)					(2.1)	(2.1)
Amortization related to derivative securities, net of tax	0.5					0.5	0.5
Dividends	(8.4)				(8.4)		(8.4)
Net income attributable to controlling interests	32.6
Net income (loss)	32.7				32.6		32.6		0.1
Ending balance (in shares) at Mar. 31, 2020			82.5
Ending balance at Mar. 31, 2020	119.3		$ 0.1	516.2	(428.3)	(19.1)	68.9	1.3	49.1
Beginning balance at Dec. 31, 2019		83.9
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions (redemptions)	0.2	1.2							0.2
Net income (loss)		(10.6)
Ending balance at Mar. 31, 2020		74.5
Beginning balance at Dec. 31, 2019	198.4
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Repurchase of common stock	(19.2)
Capital contributions	1.4
Equity-based compensation	1.1
Foreign currency translation adjustment	(2.1)
Amortization related to derivative securities, net of tax	0.5
Dividends	(8.4)
Net income (loss)	22.1
Ending balance at Mar. 31, 2020	193.8
Beginning balance (in shares) at Dec. 31, 2020			79.4
Beginning balance at Dec. 31, 2020	384.4		$ 0.1	492.4	(176.5)	(13.6)	302.4	1.7	80.3
Increase (Decrease) in Stockholders' Equity
Capital contributions (redemptions)	3.8							3.8
Equity-based compensation	0.4			0.4			0.4
Foreign currency translation adjustment	1.1					1.1	1.1
Amortization related to derivative securities, net of tax	0.6					0.6	0.6
Other changes in non-controlling interests	0.1							0.1
Dividends	(0.8)				(0.8)		(0.8)
Net income attributable to controlling interests	27
Net income (loss)	40.4				27		27		13.4
Ending balance (in shares) at Mar. 31, 2021			79.4
Ending balance at Mar. 31, 2021	430		$ 0.1	$ 492.8	$ (150.3)	$ (11.9)	$ 330.7	5.6	$ 93.7
Beginning balance at Dec. 31, 2020		0
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions (redemptions)	3.8							3.8
Ending balance at Mar. 31, 2021		$ 0
Beginning balance at Dec. 31, 2020	384.4
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Capital contributions	3.8
Equity-based compensation	0.4
Foreign currency translation adjustment	1.1
Amortization related to derivative securities, net of tax	0.6
Other changes in non-controlling interests	0.1							$ 0.1
Dividends	(0.8)
Net income (loss)	40.4
Ending balance at Mar. 31, 2021	$ 430

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 40.4	$ 22.1
Less: Income from discontinued operations, net of tax	(18.5)	(15.4)
Income from continuing operations attributable to controlling interests	21.9	17.3
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:
Loss on sale of subsidiary	1.3
Distributions from discontinued operations	12.2	11.4
Changes in operating assets and liabilities (excluding discontinued operations):
Net cash flows from operating activities of continuing operations	(20.2)	(31.8)
Net cash flows from operating activities of discontinued operations	(0.1)	(1.7)
Total net cash flows from operating activities	(20.3)	(33.5)
Cash flows from investing activities:
Net cash flows from investing activities of continuing operations	1	1.4
Net cash flows from investing activities of discontinued operations	1.8	(0.1)
Total net cash flows from investing activities	2.8	1.3
Cash flows from financing activities:
Net cash flows from financing activities of continuing operations	78.4	42.2
Net cash flows from financing activities of discontinued operations	0.4	0.2
Total net cash flows from financing activities	78.8	42.4
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net increase in cash and cash equivalents	61.3	10.2
Cash and cash equivalents at beginning of period (including restricted cash)	392.9	105.3
Cash and cash equivalents at beginning of period classified within assets held for sale (Affiliate and consolidated funds)	11.2	15.7
Cash and cash equivalents at end of period	465.4	131.2
Less: cash and cash equivalents at end of period classified within assets held for sale (Affiliate and consolidated funds)	(13.3)	(14.1)
Cash and cash equivalents at end of period from continuing operations (including restricted cash)	452.1	117.1
Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	8.2	10.1
Income taxes paid	0.3	0
Supplemental disclosure of non-cash investing and financing transactions:
Payable for securities purchased by a consolidated Fund	0
Consolidated Entity Excluding Consolidated Funds
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:
Impairment of goodwill	0	16.4
Loss on sale of subsidiary	1.3	0
Depreciation and other amortization	5.6	5.1
Amortization of debt-related costs	1.1	1.1
Amortization and revaluation of non-cash compensation awards	5.3	(23.7)
Net earnings from Affiliate accounted for using the equity method	(1.1)	(0.6)
Distributions received from equity method Affiliate	1.1	0.2
Deferred income taxes	2.3	22.7
(Gains) losses on other investments	(4.3)	22.9
Changes in operating assets and liabilities (excluding discontinued operations):
(Increase) decrease in investment advisory fees receivable	(8.1)	17.1
(Increase) decrease in other receivables, prepayments, deposits and other assets	10.9	(17.8)
Decrease in accrued incentive compensation, operating lease liabilities and other liabilities	(58.3)	(77.4)
Decrease in accounts payable, accrued expenses and accrued income taxes	(10.1)	(22)
Net cash flows from operating activities of continuing operations	(20.2)	(27.3)
Cash flows from investing activities:
Additions of fixed assets, excluding discontinued operations	(3.5)	(6)
Purchase of investment securities	(2.7)	(4.8)
Sale of investments	7.2	12.2
Cash flows from financing activities:
Proceeds from third party and non-recourse borrowings	95	80
Repayment of third party and non-recourse borrowings	(14)	(13.3)
Payment for debt issuance costs	(0.4)	0
Payment to OM plc for co-investment redemptions	(1.3)	0
Dividends paid to stockholders	(0.6)	(5.8)
Dividends paid to related parties	(0.3)	(2.7)
Repurchases of common stock	0	(17.1)
Consolidated Funds
Cash flows from operating activities:
Income from continuing operations attributable to controlling interests	0	(10.6)
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:
(Gains) losses on other investments	0	12
Purchase of investments	0	(25.1)
Sale of investments	0	22
Changes in operating assets and liabilities (excluding discontinued operations):
(Increase) decrease in receivables and other assets	0	(4.4)
Increase in accounts payable and other liabilities	0	1.6
Net cash flows from operating activities of continuing operations	0	(4.5)
Cash flows from financing activities:
Redeemable non-controlling interest capital raised	$ 0	1.1
Supplemental disclosure of non-cash investing and financing transactions:
Payable for securities purchased by a consolidated Fund		$ 1.1

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	Organization and Description of the Business BrightSphere Investment Group Inc. (“BrightSphere”, “BSIG” or the “Company”), through its subsidiaries, is a global asset management company with interests in a diverse group of 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 and forestry. 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 conducts its operations through the following two reportable segments (1) : • Quant & Solutions —comprised of versatile, often highly-tailored strategies that leverage data and technology in a computational, factor based investment process across a range of asset classes and geographies, including Global, non-U.S., emerging markets and managed volatility equities, as well as multi-asset products. • Liquid Alpha (2) —comprised of specialized investment strategies with a focus on alpha-generation across market cycles in long-only small-, mid-, and large-cap U.S. and non-U.S. equities, as well as fixed income. (1) Prior to March 31, 2021, the Company had an Alternatives reportable segment which was comprised of the Landmark Partners, LLC (“Landmark”) and Campbell Global, LLC (“Campbell Global”) operating segments. On March 30, 2021, the Company entered into an agreement to sell of all of the Company’s interests in Landmark. As a result of this transaction, Landmark has been reclassified to discontinued operations, and the Alternatives segment no longer constitutes a reportable segment of the Company. The reportable segments for all periods presented have been recast to reflect the reporting of Landmark within discontinued operations and the Campbell Global operating segment has been reclassified to “Other” within the Company’s segment reporting. See Note 3, Divestitures, Held for Sale and Discontinued Operations and Note 15, Segments for further discussion. (2) On February 6, 2021, the Company announced the divestiture of all of the Company’s interests in Investment Counselors of Maryland (“ICM”), an equity-accounted Affiliate. See Note 3, Divestitures, Held for Sale and Discontinued Operations for further discussion. 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 February 25, 2019, the Company, OM plc and/or HNA Capital U.S. (“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 shares held by HNA of the Company to Paulson & Co. (“Paulson”). On February 25, 2019, this transaction was completed and Paulson

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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 stockholders’ equity and statements of cash flows of the Company. Within these Condensed Consolidated Financial Statements, Paulson and its related entities, as defined above, are referred to as “related parties.” The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included. All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Transactions between the Company and its related parties are included in the Condensed Consolidated Financial Statements, however, material intercompany balances and transactions among the Company, its consolidated Affiliates and consolidated Funds are eliminated in consolidation. On February 6, 2021 the Company entered into a definitive agreement to sell all of the Company’s interests in ICM, an equity-accounted Affiliate within the Liquid Alpha reporting segment, in exchange for approximately $19 million of cash consideration, subject to certain customary closing and post-closing adjustments. As of March 31, 2021 the carrying value of the Company’s investment was approximately $2 million. The criteria for discontinued operations were not met for this pending divestiture. The transaction is expected to close during second quarter of 2021. See Note 3, Divestitures, Held for Sale and Discontinued Operations for additional information. On March 30, 2021, the Company entered into an Equity Purchase Agreement with Ares Holdings L.P. (“Ares”), pursuant to which Ares agreed to purchase all of the Company’s interests in Landmark for $690 million of cash consideration, on a cash-free, debt-free basis subject to certain customary closing and post-closing adjustments. The Company also agreed to sell its carried interest and co-investments in Landmark funds on the date of closing for approximately $34 million, subject to adjustment for certain related cashflow. The pending divestiture of Landmark met the discontinued operations criteria as it represents a strategic shift that has a major effect on the Company’s operations and financial results. As a result, the Company has reclassified the financial results of Landmark and consolidated Landmark Funds to income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and March 31, 2020. The assets and liabilities of Landmark and consolidated Landmark Funds have been reflected as assets and liabilities held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. Cash flows from our discontinued operations are presented in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and March 31, 2020. The Notes to the Condensed Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 3, Divestitures, Held for Sale and Discontinued Operations for additional information. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 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, 2020 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021. The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements. Use of estimates The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The three months ended March 31, 2021 were characterized by continued uncertainty due to the COVID-19 pandemic which could impact estimates and assumptions made by management. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements. Recently adopted accounting standards In December 2019, the FASB issued Accounting Standard Update (“ASU”) 2019-12, ASC 740, “ Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes ”, which is intended to simplify various aspects related to accounting for income taxes.” ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for all public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. The Company adopted the standard on January 1, 2020. The Company has determined that the adoption of this standard did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. New accounting standards not yet adopted On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (“LIBOR”) or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions as of March 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period to determine the impact on its Condensed Consolidated Financial Statements and related disclosures. The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted. The Company does not believe that any such guidance has or will have a material effect on its Condensed Consolidated Financial Statements and related disclosures.

Divestitures and Assets and Lia

Divestitures and Assets and Liabilities Held for Sale	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Divestitures and Assets and Liabilities Held for Sale	Divestitures, Held for Sale and Discontinued Operations Investment Counselors of Maryland On February 6, 2021, the Company entered into a definitive agreement to sell all of the Company’s interests in ICM, an equity-accounted Affiliate within the Liquid Alpha segment, in exchange for approximately $19 million of cash consideration, subject to certain customary closing and post-closing adjustments. The criteria for discontinued operations were not met for this pending divestiture. The transaction is expected to close in the second quarter of 2021. Landmark Partners On March 30, 2021, the Company entered into an Equity Purchase Agreement with Ares, pursuant to which Ares agreed to purchase all of the Company’s interests in Landmark for $690 million of cash consideration, on a cash-free, debt-free basis subject to certain customary closing and post-closing adjustments. The pending divestiture of Landmark met the discontinued operations criteria as it represents a strategic shift that has a major effect on the Company’s operations and financial results. The transaction is expected to close in the second quarter of 2021. The Company also agreed to sell its carried interest and co-investments in Landmark funds on the date of closing for approximately $34 million, subject to adjustment for certain related cashflow. BrightSphere International Ltd. On March 17, 2021, BrightSphere completed the sale of its subsidiary BrightSphere International Ltd. to Perpetual U.S. Holdings Company Inc. (“Perpetual”). The Company recognized a pre-tax loss of $(1.3) million within the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021. Assets and Liabilities Held for Sale The major classes of assets and liabilities of discontinued operations of Landmark classified as held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 are as follows (in millions): March 31, December 31, Cash and cash equivalents $ 10.8 $ 10.6 Investment advisory fees receivable — 0.2 Fixed assets, net 6.9 6.9 Right of use assets 8.0 8.4 Intangible assets, net 56.6 58.2 Goodwill 148.1 148.1 Other assets 11.2 16.8 Deferred tax assets — 0.5 Affiliate assets held for sale $ 241.6 $ 249.7 Accounts payable and accrued expenses $ 2.1 $ 1.1 Accrued incentive compensation 23.9 26.7 Other compensation liabilities 188.4 188.8 Operating lease liabilities 8.6 9.0 Other liabilities $ 1.3 $ 1.3 Affiliate liabilities held for sale $ 224.3 $ 226.9 The major classes of revenue and expenses constituting income from discontinued operations attributable to controlling interests for Landmark in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020 are as follows (in millions): Three Months Ended March 31, 2021 2020 Revenues $ 36.7 $ 35.9 Operating expenses: Compensation and benefits 28.5 8.0 General and administrative expenses 2.9 3.4 Amortization of intangibles 1.6 1.6 Depreciation and amortization 0.2 0.2 Consolidated Funds other expense 0.1 0.1 Total operating expenses 33.3 13.3 Operating income 3.4 22.6 Investment gains of consolidated Funds 16.6 — Income from discontinued operations before taxes 20.0 22.6 Income tax expense 1.5 7.2 Income from discontinued operations, net of tax 18.5 15.4 Income from discontinued operations attributable to non-controlling interests 13.4 0.1 Net income from discontinued operations attributable to controlling interests $ 5.1 $ 15.3 Consolidated Funds The Landmark Equity Purchase agreement provides for the redemption of all of the Company’s carried interest and co-investments in Landmark funds on the date of closing for approximately $34 million, subject to adjustment for certain related cashflow. The redemption will result in the deconsolidation of consolidated Funds that are considered to be variable interest entities (“VIEs”). The assets and liabilities of the consolidated Funds have been classified as held for sale as the criteria for held for sale and discontinued operations accounting treatment were met and are therefore presented separately in the Company’s Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. The transaction is expected to close in the second quarter of 2021. The consolidated Funds’ investments gains/(losses) from discontinued operations, net of tax, attributable to controlling interests was $3.1 million and $(0.2) million in the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020, respectively. The major classes of assets comprising the consolidated Funds classified as held for sale are as follows at March 31, 2021 and December 31, 2020 (in millions): March 31, December 31, Cash and cash equivalents $ 2.5 $ 0.6 Equity-accounted investments (1) 128.4 113.7 Consolidated Funds’ assets held for sale $ 130.9 $ 114.3 (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.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Investments	Investments Investments are comprised of the following as of the dates indicated (in millions): March 31, December 31, Other investments held at fair value 37.6 40.1 Investments related to long-term incentive compensation plans held at fair value 75.0 73.0 Total investments held at fair value 112.6 113.1 Equity-accounted investment in Affiliate 2.0 2.0 Total investments per Condensed Consolidated Balance Sheets 114.6 115.1 Investment income is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2021 2020 Realized and unrealized gains (losses) on other investments held at fair value $ 1.5 $ (14.3) Earnings from equity-accounted investment in Affiliate 1.1 0.6 Total investment income (loss) per Condensed Consolidated Statements of Operations $ 2.6 $ (13.7)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the Company’s assets that are measured at fair value on a recurring basis at March 31, 2021 (in millions): Quoted prices Significant Significant Uncategorized Total value, Assets of BSIG (1) Investments in separate accounts (2) 10.9 11.8 — — 22.7 Investments related to long-term incentive compensation plans (3) 75.0 — — — 75.0 Investments in unconsolidated Funds (4) — — 2.6 12.3 14.9 Total fair value assets $ 85.9 $ 11.8 $ 2.6 $ 12.3 $ 112.6 The following table summarizes the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 (in millions): Quoted prices Significant Significant Uncategorized Total value December 31, 2020 Assets of BSIG (1) Investments in separate accounts (2) 9.7 11.6 — — 21.3 Investments related to long-term incentive compensation plans (3) 73.0 — — — 73.0 Investments in unconsolidated Funds (4) — — 2.6 16.2 18.8 Total fair value assets $ 82.7 $ 11.6 $ 2.6 $ 16.2 $ 113.1 (1) Assets measured at fair value are comprised of financial investments managed by the Company's Affiliates. Equity securities, including common and preferred stock and short-term investment funds 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. The 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. 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. (2) Investments in separate accounts of $22.7 million at March 31, 2021 consist of approximately 1% of cash equivalents and 99% of equity securities, fixed income securities, and other investments. Investments in separate accounts of $21.3 million at December 31, 2020 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 incentive compensation plans of $75.0 million and $73.0 million at March 31, 2021 and December 31, 2020, respectively, were 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 $12.3 million and $16.2 million at March 31, 2021 and December 31, 2020, 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. UCITS and other investment vehicles are not subject to redemption restrictions. The real estate investment Funds of $5.2 million and $6.2 million at March 31, 2021 and December 31, 2020, respectively, 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 year to ten years from March 31, 2021. 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 $2.6 million and $2.6 million at March 31, 2021 and December 31, 2020, respectively, related to investments in Forestry Funds advised by an Affiliate 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 the 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): Three Months Ended March 31, Investments in unconsolidated Funds 2021 2020 Level III financial assets At beginning of the period $ 2.6 $ 3.0 Transfers in (out) of Level III — — Total net fair value gains/losses recognized in net income — — Total Level III financial assets $ 2.6 $ 3.0

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 other partnership interests 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 non-controlling 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 of Funds that are VIEs and consolidated by the Company (in millions): March 31, December 31, Assets Consolidated Funds’ assets held for sale (Note 3) 130.9 114.3 Total Assets $ 130.9 $ 114.3 In connection with the pending divestiture of Landmark, the Company reclassified assets of consolidated Funds as “Consolidated Funds’ assets held for sale” in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. See Note 3, Divestitures, Held for Sale and Discontinued Operations, in these Notes for additional information. To the extent the Company 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. 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 VIEs 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 $ 6,380.1 $ 6,437.1 Unconsolidated VIE liabilities $ 4,278.9 $ 4,332.1 Equity interests on the Condensed Consolidated Balance Sheets $ 13.3 $ 14.3 Maximum risk of loss (1) $ 18.6 $ 19.3 (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, 2021
Debt Disclosure [Abstract]
Borrowings and Debt	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, 2021 December 31, 2020 (in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level Third party borrowings: $125 million revolving credit facility expiring August 22, 2022 (1)(2) $ 81.0 $ 81.0 2 $ — $ — $275 million 4.80% Senior Notes Due (3) 272.9 301.8 2 272.8 298.9 2 $125 million 5.125% Senior Notes Due August 1, 2031 (3) 121.6 126.4 2 121.5 126.0 2 Total borrowings $ 475.5 $ 509.2 $ 394.3 $ 424.9 (1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates. (2) On February 23, 2021, the Company’s $150 million revolving credit facility was assigned to Acadian Asset Management LLC (“Acadian”), an Affiliate within the Quant & Solutions segment, and amended to reduce the facility to $125 million. (3) 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. Revolving Credit Facility On September 3, 2020, the Company, Royal Bank of Canada, BMO Harris Bank, N.A., Bank of China, New York Branch, Wells Fargo Bank, National Association, Barclays Bank PLC, Morgan Stanley Bank, N.A., Bank of America N.A., the Bank of New York Mellon and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into an amendment (the “Amendment") to the Revolving Credit Agreement dated as of August 20, 2019 (the “Original Credit Agreement”, and as amended by the Amendment, the “Amended Credit Agreement”). On February 23, 2021, the Company, along with the Lenders, entered into an assignment and assumption and amendment agreement (the “Assignment”) to the Amended Credit Agreement. Pursuant to the Assignment, the Amended Credit Agreement was assigned to and assumed by Acadian and the Amended Credit Agreement was amended (the Amended Credit Agreement, as amended by the Assignment, the “Acadian Credit Agreement”) to, among other things, reduce the Lenders’ commitments thereunder to $125 million. The Acadian Credit Agreement has a maturity date of August 22, 2022. Borrowings under the Acadian Credit Agreement bear interest, at Acadian’s option, at either the per annum rate equal to (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% and (iii) the one month Adjusted LIBOR Rate plus 1.0%, plus, in each case an additional amount based on its credit rating or (b) the London interbank offered rate for a period, at the Company’s election equal to one, three or six months plus an additional amount ranging from 1.5% to 2.0%, with such additional amount based on Acadian’s Leverage Ratio (as defined below). In addition, Acadian is charged a commitment fee based on the average daily unused portion of the revolving credit facility under the Acadian Credit Agreement at a per annum rate ranging from 0.25% to 0.375%, with such amount based on Acadian’s Leverage Ratio. Under the Acadian Credit Agreement, the ratio of Acadian’s third-party borrowings to Acadian’s trailing twelve months Adjusted EBITDA, as defined by the Acadian Credit Agreement (the “Leverage Ratio”), cannot exceed 2.5x and the Acadian interest coverage ratio must not be less than 4.0x.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	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 13 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. The following table summarizes information about the Company’s operating leases for the three months ended March 31, (in millions): Three Months Ended March 31, 2021 2020 Operating lease cost $ 3.1 $ 3.4 Variable lease cost 0.1 0.1 Total operating lease expense $ 3.2 $ 3.5 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.8 $ 3.3 Right of use assets obtained in exchange for new operating lease liabilities — 70.1 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. For the three months ended March 31, 2021 and 2020, the weighted average remaining lease term was 11.6 years and 12.3 years, respectively, and the weighted average discount rate was 3.34% and 3.38%, respectively. Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2021 (excluding the three months ended March 31, 2021) $ 8.4 2022 7.2 2023 9.8 2024 9.1 2025 9.2 Thereafter 75.1 Total lease payments $ 118.8 Less imputed interest (21.9) Total $ 96.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible AssetsIn connection with the pending divestiture of Landmark, the Company reclassified $148.1 million of goodwill to “Affiliate assets held for sale” in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. The Company also reclassified $56.6 million and $58.2 million of net intangible assets to “Affiliate assets held for sale” in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020, respectively. See Note 3, Divestitures, Held for Sale and Discontinued Operations, in these Notes for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operational commitments The Company had unfunded commitments to invest up to approximately $5 million in co-investments as of March 31, 2021. These commitments will be funded as required through the end of the respective investment periods ranging through fiscal 2022. The Company also had unfunded commitments to invest up to approximately $29 million in co-investments for Landmark as of March 31, 2021. On March 30 2021, the Company announced the divestiture of all of the Company’s interest in Landmark. The pending divestiture of Landmark met the discontinued operations criteria. The commitments will be funded as required through the disposition date, which is expected to occur in the second quarter of 2021. See Note 3, Divestitures, Held for Sale and Discontinued Operations for additional information. 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. Guaranty The Company entered into a guaranty for an office space security deposit on behalf of an Affiliate in the amount of $2.5 million in January 2020. This represents the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guaranty in the event of default by the guaranteed parties. This guaranty expires in 2022. There are no liabilities recorded on the Condensed Consolidated Balance Sheet as of March 31, 2021 related to this guaranty. 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, 2021, 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, 2021, 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, 2021. Considerations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and 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. The majority of the Company’s cash equivalents consists of money market funds. At March 31, 2021, approximately $333 million of the Company’s cash and cash equivalents were invested in money market funds. Additionally, the Company holds insurance policies which cover historical and future tax benefits relating to certain of its deferred tax assets. The insurers of the policies are considered a significant counterparty to the Company.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is antidilutive. The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Income from continuing operations attributable to controlling interests $ 21.9 $ 17.3 Income from discontinued operations attributable to controlling interests (Note 3) $ 5.1 $ 15.3 Net income attributable to common stock $ 27.0 $ 32.6 Denominator: Weighted-average shares of common stock outstanding—basic 79,319,556 85,081,166 Potential shares of common stock: Restricted stock units 35,621 17,893 Employee stock options 2,965,491 — Weighted-average shares of common stock outstanding—diluted 82,320,668 85,099,059 Earnings per share of common stock attributable to controlling interests: Basic Continuing operations $ 0.28 $ 0.20 Discontinued operations 0.06 0.18 Basic earnings per share of common stock attributable to controlling interests $ 0.34 $ 0.38 Diluted Continuing operations $ 0.27 $ 0.20 Discontinued operations 0.06 0.18 Diluted earnings per share of common stock attributable to controlling interests $ 0.33 $ 0.38 Employee options to purchase 9,330,000 shares were not included in the computation of diluted EPS for the three months ended March 31, 2020 because the assumed proceeds from exercising such options exceed the average price of the shares of common stock for the period and, therefore, the options are deemed antidilutive.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	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 most significant 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 products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate. 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 reimbursements amounted to $1.0 million and $1.1 million for the three months ended March 31, 2021 and 2020, 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 is mainly comprised of forestry. Management fee revenue by segment and asset class is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2021 2020 Quant & Solutions Global / non-U.S. equity $ 98.9 $ 85.2 Liquid Alpha Global / non-U.S. equity 14.0 18.8 Fixed income 1.2 6.3 U.S. equity 6.3 26.8 Other (1) Alternatives 4.9 5.5 Management fee revenue $ 125.3 $ 142.6

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021 and 2020 were as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2020 $ 4.4 $ (18.0) $ (13.6) Foreign currency translation adjustment 1.1 — 1.1 Amortization related to derivatives securities, before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income 1.1 0.6 1.7 Balance, as of March 31, 2021 $ 5.5 $ (17.4) $ (11.9) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2019 $ 2.8 $ (20.3) $ (17.5) Foreign currency translation adjustment (2.1) — (2.1) Amortization related to derivatives securities, before tax — 0.7 0.7 Tax impact — (0.2) (0.2) Other comprehensive income (loss) (2.1) 0.5 (1.6) Balance, as of March 31, 2020 $ 0.7 $ (19.8) $ (19.1) For the three months ended March 31, 2021 and 2020, the Company reclassified $0.8 million and $0.7 million, respectively, from accumulated other comprehensive income (loss) to interest expense on the Condensed Consolidated Statements of Operations.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	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 Company assessed the effectiveness of the hedging contract at inception and on a quarterly basis thereafter. 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 7, Borrowings and Debt, for additional information on the debt issuances. As of March 31, 2021, the balance recorded in accumulated other comprehensive income (loss) was $(17.4) million, net of tax. This balance will be reclassified to earnings through interest expense over the life of the issued debt. Amounts of $0.8 million and $0.7 million have been reclassified for the three months ended March 31, 2021 and

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	Segments The Company has the following business segments (1)(2) : • Quant & Solutions —comprised of versatile, often highly-tailored strategies that leverage data and technology in a computational, factor based investment process across a range of asset classes and geographies, including Global, non-U.S., emerging markets and managed volatility equities, as well as multi-asset products. • Liquid Alpha —comprised of specialized investment strategies with a focus on alpha-generation across market cycles in long-only small-, mid-, and large-cap U.S. and non-U.S. equities, as well as fixed income. (1) Prior to March 31, 2021, the Company had an Alternatives reportable segment which was comprised of Landmark and Campbell Global operating segments. On March 30, 2021, the Company entered into an agreement to sell of all of the Company’s interests in Landmark. As a result of this transaction, Landmark has been reclassified to discontinued operations, and the Alternatives segment no longer constitutes a reportable segment of the Company. The reportable segments for all periods presented have been recast to reflect the reporting of Landmark within discontinued operations and the Campbell Global operating segment has been reclassified to “Other” within the Company’s segment reporting. See Note 3, Divestitures, Held for Sale and Discontinued Operations for further discussion. (2) On February 6, 2021, the Company announced the divestiture of all of the Company’s interests in Investment Counselors of Maryland (“ICM”), an equity-accounted Affiliate. See Note 3, Divestitures, Held for Sale and Discontinued Operations for further discussion. The Company also has a corporate head office that is included in “Other”. The corporate head office supports the segments by providing infrastructure and administrative support in the areas of accounting/finance, information technology, legal, compliance and human resources. The corporate head office expenses are not allocated to the Company’s two business segments but the Chief Operating Decision Maker (“CODM”) does consider the cost structure of the corporate head office when evaluating the financial performance of the segments. Performance Measure The primary measure used by the CODM in measuring performance and allocating resources to the segments is Economic Net Income (“ENI”). The Company defines ENI for the segments as ENI revenue less (i) ENI operating expenses, (ii) variable compensation and (iii) key employee distributions. The ENI adjustments to U.S. GAAP include both reclassifications of U.S. GAAP revenue and expense items, as well as adjustments to U.S. GAAP results, primarily to exclude non-cash, non-economic expenses, or to reflect cash benefits not recognized under U.S. GAAP. This measure supplements and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with U.S. GAAP. The Company does not disclose total asset information for its reportable segments as the information is not reviewed by the CODM. ENI revenue includes management fees, performance fees and other revenue under U.S. GAAP, adjusted to include management fees paid to Affiliates by consolidated Funds and the Company’s share of earnings from equity-accounted Affiliate. ENI revenue is also adjusted to exclude the separate revenues recorded under U.S. GAAP for certain Fund expenses reimbursed to our Affiliates. ENI operating expenses include compensation and benefits, general and administrative expense, and depreciation and amortization under U.S. GAAP, adjusted to exclude non-cash expenses representing changes in the value of Affiliate equity and profit interests held by Affiliate key employees, goodwill impairment and amortization of acquired intangible assets, capital transaction costs, restructuring costs, and the separate expenses recorded under U.S. GAAP for certain Fund expenses reimbursed to Affiliates. Additionally, variable compensation and Affiliate key employee distributions are segregated from ENI operating expenses. ENI segment results are also adjusted to exclude the portion of consolidated Fund revenues, expenses and investment return recorded under U.S. GAAP. Segment Presentation The following tables set forth summarized operating results for the Company's two segments and related adjustments necessary to reconcile the segment economic net income to arrive at the Company's consolidated U.S. GAAP net income (loss) for the three months ended March 31, 2021 (in millions): Three Months Ended March 31, 2021 Quant & Solutions Liquid Alpha Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 103.5 $ 22.6 $ 5.2 $ (0.1) (a) $ 131.2 ENI operating expenses 39.1 6.8 9.6 6.3 (b) 61.8 Earnings before variable compensation 64.4 15.8 (4.4) (6.4) 69.4 Variable compensation 22.6 4.4 0.9 0.5 (c) 28.4 ENI operating earnings (after variable comp) 41.8 11.4 (5.3) (6.9) 41.0 Affiliate key employee distributions 1.5 2.6 (0.2) — 3.9 Earnings after Affiliate key employee distributions 40.3 8.8 (5.1) (6.9) 37.1 Net interest expense — — (5.4) (0.8) (d) (6.2) Net investment income — — — 2.6 (e) 2.6 Loss on sale of subsidiary — — — (1.3) (e) (1.3) Net loss attributable to non-controlling interests in consolidated Funds — — — (13.4) (e) (13.4) Income tax (expense) benefit — — (10.4) 0.1 (f) (10.3) Income from discontinued operations, net of tax — — — 18.5 (g) 18.5 Economic net income $ 40.3 $ 8.8 $ (20.9) $ (1.2) $ 27.0 The following table presents the financial data for the Company’s two segments for the three months ended March 31, 2020 (in millions): Three Months Ended March 31, 2020 Quant & Solutions Liquid Alpha Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 86.1 $ 52.5 $ 6.1 $ 2.0 (a) $ 146.7 ENI operating expenses 37.1 19.8 12.9 (9.9) (b) 59.9 Earnings before variable compensation 49.0 32.7 (6.8) 11.9 86.8 Variable compensation 17.0 12.5 1.4 0.4 (c) 31.3 ENI operating earnings (after variable comp) 32.0 20.2 (8.2) 11.5 55.5 Affiliate key employee distributions 0.8 3.2 — — 4.0 Earnings after Affiliate key employee distributions 31.2 17.0 (8.2) 11.5 51.5 Net interest expense — — (5.6) (1.9) (d) (7.5) Net investment income (loss) — — — (30.9) (e) (30.9) Net income attributable to non-controlling interests in consolidated Funds — — — 10.5 (e) 10.5 Income tax (expense) benefit — — (8.5) 2.1 (f) (6.4) Income from discontinued operations, net of tax — — — 15.4 (g) 15.4 Economic net income $ 31.2 $ 17.0 $ (22.3) $ 6.7 $ 32.6 (1) The most directly comparable U.S. GAAP measure of ENI revenue is U.S. GAAP revenue. The most directly comparable U.S. GAAP measure of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation and Affiliate key employee distributions above. The most directly comparable U.S. GAAP measure of earnings after Affiliate key employee distributions is U.S. GAAP operating income. The most directly comparable U.S. GAAP measure of ENI is U.S. GAAP net income attributable to controlling interests. Reconciling Adjustments: (a) Adjusted to exclude earnings from equity-accounted Affiliate, which are included in U.S. GAAP investment income, and to include consolidated Funds revenues and the separate revenues recorded for certain Fund expenses reimbursed by customers, which are included in U.S. GAAP revenue. (b) Adjusted to include non-cash expenses for key employee equity and profit interest revaluations, capital transaction costs, goodwill impairment and amortization of acquired intangible assets, restructuring costs, consolidated Funds’ operating expenses and the Fund expenses reimbursed by customers, each of which are included in U.S. GAAP operating expenses. (c) Adjusted to include restructuring costs which are included in U.S. GAAP compensation expense. (d) Adjusted to include the cost of seed financing, which is included in U.S. GAAP interest expense. (e) Adjusted to include net investment income (loss), net income (loss) attributable to non-controlling interests in consolidated Funds, and the loss on sale of subsidiary, all of which are included in U.S. GAAP net income attributable to controlling interests. (f) Adjusted to include the impact of deferred tax attributable to the amortization of goodwill and acquired intangibles. Also adjusted to include the tax impact of certain ENI adjustments; exclude the tax expense or benefits relating to uncertain tax positions, and exclude the tax impact of other unusual items that are not related to current operating results for ENI purposes. (g) Adjusted to include the results of discontinued operations, which is included in U.S. GAAP net income attributable to controlling interests. Management fee revenue by principal geographic area is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2021 2020 U.S. $ 99.8 $ 107.3 Non-U.S. 25.5 35.3 Management fee revenue $ 125.3 $ 142.6

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Landmark has provided loans to its employees. At March 31, 2021 and December 31, 2020, the balance of the loans to Affiliate employees was $3.9 million and $8.4 million, respectively. These loans will be repaid by 2022. On March 30 2021, the Company announced the divestiture of all of the Company’s interest in Landmark. The pending divestiture of Landmark met the discontinued operations criteria. The balance of the loans to Affiliate employees will be deconsolidated on disposition date, which is expected to occur in the second quarter of 2021. See Note 3, Divestitures, Held for Sale and Discontinued Operations for additional information.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 stockholders’ equity and statements of cash flows of the Company. Within these Condensed Consolidated Financial Statements, Paulson and its related entities, as defined above, are referred to as “related parties.” The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included. All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Transactions between the Company and its related parties are included in the Condensed Consolidated Financial Statements, however, material intercompany balances and transactions among the Company, its consolidated Affiliates and consolidated Funds are eliminated in consolidation. On February 6, 2021 the Company entered into a definitive agreement to sell all of the Company’s interests in ICM, an equity-accounted Affiliate within the Liquid Alpha reporting segment, in exchange for approximately $19 million of cash consideration, subject to certain customary closing and post-closing adjustments. As of March 31, 2021 the carrying value of the Company’s investment was approximately $2 million. The criteria for discontinued operations were not met for this pending divestiture. The transaction is expected to close during second quarter of 2021. See Note 3, Divestitures, Held for Sale and Discontinued Operations for additional information. On March 30, 2021, the Company entered into an Equity Purchase Agreement with Ares Holdings L.P. (“Ares”), pursuant to which Ares agreed to purchase all of the Company’s interests in Landmark for $690 million of cash consideration, on a cash-free, debt-free basis subject to certain customary closing and post-closing adjustments. The Company also agreed to sell its carried interest and co-investments in Landmark funds on the date of closing for approximately $34 million, subject to adjustment for certain related cashflow. The pending divestiture of Landmark met the discontinued operations criteria as it represents a strategic shift that has a major effect on the Company’s operations and financial results. As a result, the Company has reclassified the financial results of Landmark and consolidated Landmark Funds to income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and March 31, 2020. The assets and liabilities of Landmark and consolidated Landmark Funds have been reflected as assets and liabilities held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. Cash flows from our discontinued operations are presented in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and March 31, 2020. The Notes to the Condensed Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 3, Divestitures, Held for Sale and Discontinued Operations for additional information. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 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, 2020 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021. The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements.
Use of estimates	Use of estimatesThe preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The three months ended March 31, 2021 were characterized by continued uncertainty due to the COVID-19 pandemic which could impact estimates and assumptions made by management. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements.
Recently adopted accounting standards and New accounting standards not yet adopted	Recently adopted accounting standards In December 2019, the FASB issued Accounting Standard Update (“ASU”) 2019-12, ASC 740, “ Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes ”, which is intended to simplify various aspects related to accounting for income taxes.” ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for all public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. The Company adopted the standard on January 1, 2020. The Company has determined that the adoption of this standard did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. New accounting standards not yet adopted On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (“LIBOR”) or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions as of March 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period to determine the impact on its Condensed Consolidated Financial Statements and related disclosures. The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted. The Company does not believe that any such guidance has or will have a material effect on its Condensed Consolidated Financial Statements and related disclosures.
Variable interest entities (“VIEs”)	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 other partnership interests 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 non-controlling 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.
Segments	The Company has the following business segments (1)(2) : • Quant & Solutions —comprised of versatile, often highly-tailored strategies that leverage data and technology in a computational, factor based investment process across a range of asset classes and geographies, including Global, non-U.S., emerging markets and managed volatility equities, as well as multi-asset products. • Liquid Alpha —comprised of specialized investment strategies with a focus on alpha-generation across market cycles in long-only small-, mid-, and large-cap U.S. and non-U.S. equities, as well as fixed income. (1) Prior to March 31, 2021, the Company had an Alternatives reportable segment which was comprised of Landmark and Campbell Global operating segments. On March 30, 2021, the Company entered into an agreement to sell of all of the Company’s interests in Landmark. As a result of this transaction, Landmark has been reclassified to discontinued operations, and the Alternatives segment no longer constitutes a reportable segment of the Company. The reportable segments for all periods presented have been recast to reflect the reporting of Landmark within discontinued operations and the Campbell Global operating segment has been reclassified to “Other” within the Company’s segment reporting. See Note 3, Divestitures, Held for Sale and Discontinued Operations for further discussion.

Divestitures and Assets and L_2

Divestitures and Assets and Liabilities Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Divestitures and Assets Held for Sale	The major classes of assets and liabilities of discontinued operations of Landmark classified as held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 are as follows (in millions): March 31, December 31, Cash and cash equivalents $ 10.8 $ 10.6 Investment advisory fees receivable — 0.2 Fixed assets, net 6.9 6.9 Right of use assets 8.0 8.4 Intangible assets, net 56.6 58.2 Goodwill 148.1 148.1 Other assets 11.2 16.8 Deferred tax assets — 0.5 Affiliate assets held for sale $ 241.6 $ 249.7 Accounts payable and accrued expenses $ 2.1 $ 1.1 Accrued incentive compensation 23.9 26.7 Other compensation liabilities 188.4 188.8 Operating lease liabilities 8.6 9.0 Other liabilities $ 1.3 $ 1.3 Affiliate liabilities held for sale $ 224.3 $ 226.9 The major classes of revenue and expenses constituting income from discontinued operations attributable to controlling interests for Landmark in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020 are as follows (in millions): Three Months Ended March 31, 2021 2020 Revenues $ 36.7 $ 35.9 Operating expenses: Compensation and benefits 28.5 8.0 General and administrative expenses 2.9 3.4 Amortization of intangibles 1.6 1.6 Depreciation and amortization 0.2 0.2 Consolidated Funds other expense 0.1 0.1 Total operating expenses 33.3 13.3 Operating income 3.4 22.6 Investment gains of consolidated Funds 16.6 — Income from discontinued operations before taxes 20.0 22.6 Income tax expense 1.5 7.2 Income from discontinued operations, net of tax 18.5 15.4 Income from discontinued operations attributable to non-controlling interests 13.4 0.1 Net income from discontinued operations attributable to controlling interests $ 5.1 $ 15.3 March 31, December 31, Cash and cash equivalents $ 2.5 $ 0.6 Equity-accounted investments (1) 128.4 113.7 Consolidated Funds’ assets held for sale $ 130.9 $ 114.3 (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 (Tables)

Investment (Tables)	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Schedule of investment components	Investments are comprised of the following as of the dates indicated (in millions): March 31, December 31, Other investments held at fair value 37.6 40.1 Investments related to long-term incentive compensation plans held at fair value 75.0 73.0 Total investments held at fair value 112.6 113.1 Equity-accounted investment in Affiliate 2.0 2.0 Total investments per Condensed Consolidated Balance Sheets 114.6 115.1
Investment income	Investment income is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2021 2020 Realized and unrealized gains (losses) on other investments held at fair value $ 1.5 $ (14.3) Earnings from equity-accounted investment in Affiliate 1.1 0.6 Total investment income (loss) per Condensed Consolidated Statements of Operations $ 2.6 $ (13.7)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 that are measured at fair value on a recurring basis at March 31, 2021 (in millions): Quoted prices Significant Significant Uncategorized Total value, Assets of BSIG (1) Investments in separate accounts (2) 10.9 11.8 — — 22.7 Investments related to long-term incentive compensation plans (3) 75.0 — — — 75.0 Investments in unconsolidated Funds (4) — — 2.6 12.3 14.9 Total fair value assets $ 85.9 $ 11.8 $ 2.6 $ 12.3 $ 112.6 The following table summarizes the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 (in millions): Quoted prices Significant Significant Uncategorized Total value December 31, 2020 Assets of BSIG (1) Investments in separate accounts (2) 9.7 11.6 — — 21.3 Investments related to long-term incentive compensation plans (3) 73.0 — — — 73.0 Investments in unconsolidated Funds (4) — — 2.6 16.2 18.8 Total fair value assets $ 82.7 $ 11.6 $ 2.6 $ 16.2 $ 113.1 (1) Assets measured at fair value are comprised of financial investments managed by the Company's Affiliates. Equity securities, including common and preferred stock and short-term investment funds 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. The 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. 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. (2) Investments in separate accounts of $22.7 million at March 31, 2021 consist of approximately 1% of cash equivalents and 99% of equity securities, fixed income securities, and other investments. Investments in separate accounts of $21.3 million at December 31, 2020 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 incentive compensation plans of $75.0 million and $73.0 million at March 31, 2021 and December 31, 2020, respectively, were 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 $12.3 million and $16.2 million at March 31, 2021 and December 31, 2020, 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. UCITS and other investment vehicles are not subject to redemption restrictions. The real estate investment Funds of $5.2 million and $6.2 million at March 31, 2021 and December 31, 2020, respectively, 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 year to ten years from March 31, 2021. 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 $2.6 million and $2.6 million at March 31, 2021 and December 31, 2020, respectively, related to investments in Forestry Funds advised by an Affiliate 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 the 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): Three Months Ended March 31, Investments in unconsolidated Funds 2021 2020 Level III financial assets At beginning of the period $ 2.6 $ 3.0 Transfers in (out) of Level III — — Total net fair value gains/losses recognized in net income — — Total Level III financial assets $ 2.6 $ 3.0

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities and information pertains to VIEs	The following table presents the assets of Funds that are VIEs and consolidated by the Company (in millions): March 31, December 31, Assets Consolidated Funds’ assets held for sale (Note 3) 130.9 114.3 Total Assets $ 130.9 $ 114.3 The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): March 31, December 31, Unconsolidated VIE assets $ 6,380.1 $ 6,437.1 Unconsolidated VIE liabilities $ 4,278.9 $ 4,332.1 Equity interests on the Condensed Consolidated Balance Sheets $ 13.3 $ 14.3 Maximum risk of loss (1) $ 18.6 $ 19.3 (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 (Tables)

Borrowings and Debt (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 (in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level Third party borrowings: $125 million revolving credit facility expiring August 22, 2022 (1)(2) $ 81.0 $ 81.0 2 $ — $ — $275 million 4.80% Senior Notes Due (3) 272.9 301.8 2 272.8 298.9 2 $125 million 5.125% Senior Notes Due August 1, 2031 (3) 121.6 126.4 2 121.5 126.0 2 Total borrowings $ 475.5 $ 509.2 $ 394.3 $ 424.9 (1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates. (2) On February 23, 2021, the Company’s $150 million revolving credit facility was assigned to Acadian Asset Management LLC (“Acadian”), an Affiliate within the Quant & Solutions segment, and amended to reduce the facility to $125 million.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Summary of lease information	The following table summarizes information about the Company’s operating leases for the three months ended March 31, (in millions): Three Months Ended March 31, 2021 2020 Operating lease cost $ 3.1 $ 3.4 Variable lease cost 0.1 0.1 Total operating lease expense $ 3.2 $ 3.5 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.8 $ 3.3 Right of use assets obtained in exchange for new operating lease liabilities — 70.1
Maturities of operating lease liabilities	Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2021 (excluding the three months ended March 31, 2021) $ 8.4 2022 7.2 2023 9.8 2024 9.1 2025 9.2 Thereafter 75.1 Total lease payments $ 118.8 Less imputed interest (21.9) Total $ 96.9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Calculation of pro forma basic and diluted earnings per share	The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Income from continuing operations attributable to controlling interests $ 21.9 $ 17.3 Income from discontinued operations attributable to controlling interests (Note 3) $ 5.1 $ 15.3 Net income attributable to common stock $ 27.0 $ 32.6 Denominator: Weighted-average shares of common stock outstanding—basic 79,319,556 85,081,166 Potential shares of common stock: Restricted stock units 35,621 17,893 Employee stock options 2,965,491 — Weighted-average shares of common stock outstanding—diluted 82,320,668 85,099,059 Earnings per share of common stock attributable to controlling interests: Basic Continuing operations $ 0.28 $ 0.20 Discontinued operations 0.06 0.18 Basic earnings per share of common stock attributable to controlling interests $ 0.34 $ 0.38 Diluted Continuing operations $ 0.27 $ 0.20 Discontinued operations 0.06 0.18 Diluted earnings per share of common stock attributable to controlling interests $ 0.33 $ 0.38

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Management fee revenue by segment and asset class is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2021 2020 Quant & Solutions Global / non-U.S. equity $ 98.9 $ 85.2 Liquid Alpha Global / non-U.S. equity 14.0 18.8 Fixed income 1.2 6.3 U.S. equity 6.3 26.8 Other (1) Alternatives 4.9 5.5 Management fee revenue $ 125.3 $ 142.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of components of accumulated other comprehensive income including proportions attributable to non-controlling interests	The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021 and 2020 were as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2020 $ 4.4 $ (18.0) $ (13.6) Foreign currency translation adjustment 1.1 — 1.1 Amortization related to derivatives securities, before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income 1.1 0.6 1.7 Balance, as of March 31, 2021 $ 5.5 $ (17.4) $ (11.9) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2019 $ 2.8 $ (20.3) $ (17.5) Foreign currency translation adjustment (2.1) — (2.1) Amortization related to derivatives securities, before tax — 0.7 0.7 Tax impact — (0.2) (0.2) Other comprehensive income (loss) (2.1) 0.5 (1.6) Balance, as of March 31, 2020 $ 0.7 $ (19.8) $ (19.1)

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciling Adjustments	The following tables set forth summarized operating results for the Company's two segments and related adjustments necessary to reconcile the segment economic net income to arrive at the Company's consolidated U.S. GAAP net income (loss) for the three months ended March 31, 2021 (in millions): Three Months Ended March 31, 2021 Quant & Solutions Liquid Alpha Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 103.5 $ 22.6 $ 5.2 $ (0.1) (a) $ 131.2 ENI operating expenses 39.1 6.8 9.6 6.3 (b) 61.8 Earnings before variable compensation 64.4 15.8 (4.4) (6.4) 69.4 Variable compensation 22.6 4.4 0.9 0.5 (c) 28.4 ENI operating earnings (after variable comp) 41.8 11.4 (5.3) (6.9) 41.0 Affiliate key employee distributions 1.5 2.6 (0.2) — 3.9 Earnings after Affiliate key employee distributions 40.3 8.8 (5.1) (6.9) 37.1 Net interest expense — — (5.4) (0.8) (d) (6.2) Net investment income — — — 2.6 (e) 2.6 Loss on sale of subsidiary — — — (1.3) (e) (1.3) Net loss attributable to non-controlling interests in consolidated Funds — — — (13.4) (e) (13.4) Income tax (expense) benefit — — (10.4) 0.1 (f) (10.3) Income from discontinued operations, net of tax — — — 18.5 (g) 18.5 Economic net income $ 40.3 $ 8.8 $ (20.9) $ (1.2) $ 27.0 The following table presents the financial data for the Company’s two segments for the three months ended March 31, 2020 (in millions): Three Months Ended March 31, 2020 Quant & Solutions Liquid Alpha Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 86.1 $ 52.5 $ 6.1 $ 2.0 (a) $ 146.7 ENI operating expenses 37.1 19.8 12.9 (9.9) (b) 59.9 Earnings before variable compensation 49.0 32.7 (6.8) 11.9 86.8 Variable compensation 17.0 12.5 1.4 0.4 (c) 31.3 ENI operating earnings (after variable comp) 32.0 20.2 (8.2) 11.5 55.5 Affiliate key employee distributions 0.8 3.2 — — 4.0 Earnings after Affiliate key employee distributions 31.2 17.0 (8.2) 11.5 51.5 Net interest expense — — (5.6) (1.9) (d) (7.5) Net investment income (loss) — — — (30.9) (e) (30.9) Net income attributable to non-controlling interests in consolidated Funds — — — 10.5 (e) 10.5 Income tax (expense) benefit — — (8.5) 2.1 (f) (6.4) Income from discontinued operations, net of tax — — — 15.4 (g) 15.4 Economic net income $ 31.2 $ 17.0 $ (22.3) $ 6.7 $ 32.6 (1) The most directly comparable U.S. GAAP measure of ENI revenue is U.S. GAAP revenue. The most directly comparable U.S. GAAP measure of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation and Affiliate key employee distributions above. The most directly comparable U.S. GAAP measure of earnings after Affiliate key employee distributions is U.S. GAAP operating income. The most directly comparable U.S. GAAP measure of ENI is U.S. GAAP net income attributable to controlling interests. Reconciling Adjustments: (a) Adjusted to exclude earnings from equity-accounted Affiliate, which are included in U.S. GAAP investment income, and to include consolidated Funds revenues and the separate revenues recorded for certain Fund expenses reimbursed by customers, which are included in U.S. GAAP revenue. (b) Adjusted to include non-cash expenses for key employee equity and profit interest revaluations, capital transaction costs, goodwill impairment and amortization of acquired intangible assets, restructuring costs, consolidated Funds’ operating expenses and the Fund expenses reimbursed by customers, each of which are included in U.S. GAAP operating expenses. (c) Adjusted to include restructuring costs which are included in U.S. GAAP compensation expense. (d) Adjusted to include the cost of seed financing, which is included in U.S. GAAP interest expense. (e) Adjusted to include net investment income (loss), net income (loss) attributable to non-controlling interests in consolidated Funds, and the loss on sale of subsidiary, all of which are included in U.S. GAAP net income attributable to controlling interests. (f) Adjusted to include the impact of deferred tax attributable to the amortization of goodwill and acquired intangibles. Also adjusted to include the tax impact of certain ENI adjustments; exclude the tax expense or benefits relating to uncertain tax positions, and exclude the tax impact of other unusual items that are not related to current operating results for ENI purposes. (g) Adjusted to include the results of discontinued operations, which is included in U.S. GAAP net income attributable to controlling interests.
Management Fee Revenue by Geographical Area	Management fee revenue by principal geographic area is comprised of the following for the three months ended March 31 (in millions): Three Months Ended March 31, 2021 2020 U.S. $ 99.8 $ 107.3 Non-U.S. 25.5 35.3 Management fee revenue $ 125.3 $ 142.6

Organization and Description _2

Organization and Description of the Business (Details) $ / shares in Units, $ in Millions	Mar. 25, 2017	Mar. 31, 2021segmentshares	Mar. 31, 2020USD ($)segment$ / sharesshares	Feb. 25, 2019
Business Acquisition [Line Items]
Number of reportable segments (in segments) | segment		2	2
Ordinary shares repurchased (in shares) | shares		0	3,230,262
Average price of ordinary shares repurchased (in dollars per share) | $ / shares			$ 5.93
Value of treasury stock acquired using the cost method | $			$ 19.2
BrightSphere Investment Group | Paulson
Business Acquisition [Line Items]
Parent owned interest				21.70%
Parent Company
Business Acquisition [Line Items]
Percent of interest sold	24.95%

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 30, 2021	Feb. 06, 2021
Investment Counselors of Maryland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments	$ 2
Disposal Group, Held-for-sale, Not Discontinued Operations | Investment Counselors of Maryland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration			$ 19
Discontinued Operations, Held-for-sale | Landmark Partners, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 690

Divestitures and Assets and L_3

Divestitures and Assets and Liabilities Held for Sale - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 30, 2021	Feb. 06, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of discontinued operations, net of tax	$ 3.1	$ (0.2)
Loss on sale of subsidiary	(1.3)
Consolidated Entity Excluding Consolidated Funds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	241.6				$ 249.7
Liabilities held for sale	224.3				226.9
Loss on sale of subsidiary	(1.3)	$ 0
Consolidated Funds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	130.9				114.3
Seed investments held for sale	$ 128.4				$ 113.7
Disposal Group, Held-for-sale, Not Discontinued Operations | Investment Counselors of Maryland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration				$ 19
Discontinued Operations, Held-for-sale | Landmark Partners, LLC , Carried Interest And Co-Investments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration			$ 34
Discontinued Operations, Held-for-sale | Landmark Partners, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration			$ 690

Divestitures and Assets and L_4

Divestitures and Assets and Liabilities Held for Sale - Schedule of Divestitures and Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 36.7
Net income from discontinued operations attributable to controlling interests	5.1	$ 15.3
Consolidated Entity Excluding Consolidated Funds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Affiliate assets held for sale	241.6		$ 249.7
Affiliate liabilities held for sale	224.3		226.9
Consolidated Funds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	2.5		0.6
Affiliate assets held for sale	130.9		114.3
Investments, at fair value	128.4		113.7
Disposal Group, Held-for-sale, Not Discontinued Operations | Landmark | Consolidated Entity Excluding Consolidated Funds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	10.8		10.6
Investment advisory fees receivable	0		0.2
Fixed assets, net	6.9		6.9
Right of use assets	8		8.4
Intangible assets, net	56.6		58.2
Goodwill	148.1		148.1
Other assets	11.2		16.8
Deferred tax assets	0		0.5
Affiliate assets held for sale	241.6		249.7
Accounts payable and accrued expenses	2.1		1.1
Accrued incentive compensation	23.9		26.7
Other compensation liabilities	188.4		188.8
Operating lease liabilities	8.6		9
Other liabilities	1.3		1.3
Affiliate liabilities held for sale	224.3		$ 226.9
Revenues		35.9
Compensation and benefits	28.5	8
Amortization of intangibles	2.9	3.4
Amortization of intangibles	1.6	1.6
Depreciation and amortization	0.2	0.2
Consolidated Funds other expense	0.1	0.1
Total operating expenses	33.3	13.3
Operating income	3.4	22.6
Investment gains of consolidated Funds	16.6	0
Income from discontinued operations before taxes	20	22.6
Income tax expense	1.5	7.2
Income from discontinued operations, net of tax	18.5	15.4
Income from discontinued operations attributable to non-controlling interests	13.4	0.1
Net income from discontinued operations attributable to controlling interests	$ 5.1	$ 15.3

Investments - Schedule of Inves

Investments - Schedule of Investment Components (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Investments at fair value	$ 112.6	$ 113.1
Equity-accounted investments in Affiliates and consolidated Funds	2	2
Total investments per Condensed Consolidated Balance Sheets	114.6	115.1
Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Investments at fair value	112.6	113.1
Total investments per Condensed Consolidated Balance Sheets	114.6	115.1
Other investments held at fair value | Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Investments at fair value	37.6	40.1
Investments related to long-term incentive compensation plans held at fair value | Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Investments at fair value	$ 75	$ 73

Investments - Investment Income

Investments - Investment Income (Details) - Consolidated Entity Excluding Consolidated Funds - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Total investment income (loss) per Condensed Consolidated Statements of Operations	$ 2.6	$ (13.7)
Realized and unrealized gains (losses) on other investments held at fair value
Net Investment Income [Line Items]
Total investment income (loss) per Condensed Consolidated Statements of Operations	1.5	(14.3)
Earnings from equity-accounted investment in Affiliate
Net Investment Income [Line Items]
Total investment income (loss) per Condensed Consolidated Statements of Operations	$ 1.1	$ 0.6

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the assets and liabilities that are measured at fair value on a recurring basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	$ 112.6	$ 113.1	$ 112.6
Total fair value assets	112.6	113.1	112.6
Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Uncategorized		16.2
Various Investments and Affiliate Held-for-Sale
Asset of BSIF and consolidated Funds
Uncategorized	12.3		$ 12.3
Real estate investment funds | Minimum
Asset of BSIF and consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees			1 year
Real estate investment funds | Maximum
Asset of BSIF and consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees			10 years
Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	22.7	21.3	$ 22.7
Investments related to long-term incentive compensation plans	75	73	75
Uncategorized	12.3		12.3
Investments in unconsolidated Funds	112.6	113.1	112.6
Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Uncategorized	12.3	16.2	12.3
Investments in unconsolidated Funds	14.9	18.8	14.9
Consolidated Entity Excluding Consolidated Funds | Investment Funds Subject to Longer Redemption Restrictions
Asset of BSIF and consolidated Funds
Uncategorized	5.2	6.2	5.2
Quoted prices in active markets (Level I)
Asset of BSIF and consolidated Funds
Total fair value assets	85.9	82.7	85.9
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	10.9	9.7	10.9
Investments related to long-term incentive compensation plans	$ 75	$ 73	75
Investment in cash	1.00%	11.00%
Investment in equity securities	99.00%	89.00%
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	$ 0	$ 0	0
Significant other observable inputs (Level II)
Asset of BSIF and consolidated Funds
Total fair value assets	11.8	11.6	11.8
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	11.8	11.6	11.8
Investments related to long-term incentive compensation plans	0	0	0
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	0	0	0
Significant unobservable inputs (Level III)
Asset of BSIF and consolidated Funds
Total fair value assets	2.6	2.6	2.6
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Investments in separate accounts	0	0	0
Investments related to long-term incentive compensation plans	0	0	0
Total fair value assets		2.6
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	$ 2.6	$ 2.6	$ 2.6

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Level Three Investment Reconciliation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Funds’ other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers in (out) of Level III	$ 0
Consolidated Entity Excluding Consolidated Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
At beginning of the period	2,600,000	$ 3,000,000
Transfers in (out) of Level III	0	0
Total net fair value gains/losses recognized in net income	0	0
Total Level III financial assets	$ 2,600,000	$ 3,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Funds that are VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Unconsolidated VIE assets	$ 1,436.9	$ 1,379.2
Variable Interest Entity, Primary Beneficiary
Assets
Consolidated Funds' assets held for sale	130.9	114.3
Unconsolidated VIE assets	$ 130.9	$ 114.3

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entities
Unconsolidated VIE assets	$ 1,436.9	$ 1,379.2
Unconsolidated VIE liabilities	1,006.9	994.8
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Unconsolidated VIE assets	6,380.1	6,437.1
Unconsolidated VIE liabilities	4,278.9	4,332.1
Equity interests on the Condensed Consolidated Balance Sheets	13.3	14.3
Maximum risk of loss	$ 18.6	$ 19.3

Borrowings and Debt (Details)

Borrowings and Debt (Details)	Feb. 23, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying value		$ 475,500,000	$ 394,300,000
Fair value		509,200,000	424,900,000
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Face amount	$ 125,000,000	125,000,000	150,000,000
Leverage ratio	2.5
Interest coverage ratio	4
Line of Credit | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Commitment fee	0.25%
Line of Credit | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Commitment fee	0.375%
Line of Credit | Revolving credit facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit | Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of Credit | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Line of Credit | Revolving credit facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying value		81,000,000	0
Fair value		81,000,000	0
Senior notes | Senior Notes, 4.80%, due 2026
Debt Instrument [Line Items]
Face amount		$ 275,000,000
Stated interest rate		4.80%
Senior notes | Senior Notes, 4.80%, due 2026 | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying value		$ 272,900,000	272,800,000
Fair value		301,800,000	298,900,000
Senior notes | Senior Notes, 5.125%, due 2031
Debt Instrument [Line Items]
Face amount		$ 125,000,000
Stated interest rate		5.125%
Senior notes | Senior Notes, 5.125%, due 2031 | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying value		$ 121,600,000	121,500,000
Fair value		$ 126,400,000	$ 126,000,000

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Lease termination period	1 year
Weighted average remaining lease term	11 years 7 months 6 days	12 years 3 months 18 days
Weighted average discount rate	3.34%	3.38%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	13 years

Leases - Summary of Lease Infor

Leases - Summary of Lease Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 3.1	$ 3.4
Variable lease cost	0.1	0.1
Total operating lease expense	3.2	3.5
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	2.8	3.3
Right of use assets obtained in exchange for new operating lease liabilities	$ 0	$ 70.1

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (excluding the three months ended March 31, 2021)	$ 8.4
2022	7.2
2023	9.8
2024	9.1
2025	9.2
Thereafter	75.1
Total lease payments	118.8
Less imputed interest	(21.9)
Total	$ 96.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Details) - Consolidated Entity Excluding Consolidated Funds - Disposal Group, Held-for-sale, Not Discontinued Operations - Landmark - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 148.1	$ 148.1
Intangible assets, net	$ 56.6	$ 58.2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jan. 31, 2020
Other Commitments [Line Items]
Deposit guaranty on behalf of an Affiliate		$ 2.5
Money market funds	$ 333
Unfunded Commitments
Other Commitments [Line Items]
Maximum commitments to fund investment activity	29
Maximum
Other Commitments [Line Items]
Maximum commitments to fund investment activity	$ 5

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Pro Forma Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Income from continuing operations attributable to controlling interests	$ 21.9	$ 17.3
Net income from discontinued operations attributable to controlling interests	5.1	15.3
Net income attributable to controlling interests	$ 27	$ 32.6
Denominator:
Weighted-average shares of common stock outstanding—basic (in shares)	79,319,556	85,081,166
Potential shares of common stock:
Weighted-average shares of common stock outstanding—diluted (in shares)	82,320,668	85,099,059
Basic
Continuing operations (in dollars per share)	$ 0.28	$ 0.20
Discontinued operations (in dollars per share)	0.06	0.18
Basic earnings per share of common stock attributable to controlling interests (in dollars per share)	0.34	0.38
Diluted
Continuing operations (in dollars per share)	0.27	0.20
Discontinued operations (in dollars per share)	0.06	0.18
Diluted earnings per share of common stock attributable to controlling interests (in dollars per share)	$ 0.33	$ 0.38
Restricted stock units
Potential shares of common stock:
Restricted stock units/Employee stock options (in shares)	35,621	17,893
Employee stock options
Potential shares of common stock:
Restricted stock units/Employee stock options (in shares)	2,965,491	0

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2020shares
Earnings Per Share [Abstract]
Employee options not included in computation of diluted EPS (in shares)	9,330,000

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from expense reimbursement	$ 1	$ 1.1

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Management fee revenue	$ 125.3	$ 142.6
Quant & Solutions | Global / non-U.S. equity
Disaggregation of Revenue [Line Items]
Management fee revenue	98.9	85.2
Liquid Alpha | Global / non-U.S. equity
Disaggregation of Revenue [Line Items]
Management fee revenue	14	18.8
Liquid Alpha | Fixed income
Disaggregation of Revenue [Line Items]
Management fee revenue	1.2	6.3
Liquid Alpha | U.S. equity
Disaggregation of Revenue [Line Items]
Management fee revenue	6.3	26.8
Alternatives | Alternatives
Disaggregation of Revenue [Line Items]
Management fee revenue	$ 4.9	$ 5.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 384.4	$ 114.5
Foreign currency translation adjustment	1.1	(2.1)
Amortization related to derivatives securities, before tax	0.8	0.7
Tax impact	(0.2)	(0.2)
Total other comprehensive income (loss)	1.7	(1.6)
Ending balance	430	119.3
Foreign currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	4.4	2.8
Foreign currency translation adjustment	1.1	(2.1)
Amortization related to derivatives securities, before tax	0	0
Tax impact	0	0
Total other comprehensive income (loss)	1.1	(2.1)
Ending balance	5.5	0.7
Valuation and amortization of derivative securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(18)	(20.3)
Foreign currency translation adjustment	0	0
Amortization related to derivatives securities, before tax	0.8	0.7
Tax impact	(0.2)	(0.2)
Total other comprehensive income (loss)	0.6	0.5
Ending balance	(17.4)	(19.8)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(13.6)	(17.5)
Ending balance	$ (11.9)	$ (19.1)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Gain (loss) reclassified from AOCI to interest expense	$ 0.8	$ 0.7

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2016	Jul. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income	$ 430	$ 119.3	$ 384.4	$ 114.5
Interest expense	6.2	7.5
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Loss amount reclassified within twelve months	3.4
Valuation and amortization of derivative securities
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income	(17.4)	(19.8)	(18)	(20.3)
Accumulated other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income	(11.9)	(19.1)	$ (13.6)	$ (17.5)
Accumulated other comprehensive income (loss) | Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 0.8	$ 0.7
Treasury Lock | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 300
Fair value of derivative					$ 34.4

Segments - Reconciling Adjustme

Segments - Reconciling Adjustments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)segment
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) | segment	2	2
ENI revenue	$ 131.2	$ 146.7
ENI operating expenses	61.8	59.9
Earnings before variable compensation	69.4	86.8
Variable compensation	28.4	31.3
ENI operating earnings (after variable comp)	41	55.5
Affiliate key employee distributions	3.9	4
Earnings after Affiliate key employee distributions	37.1	51.5
Net interest expense	(6.2)	(7.5)
Net investment income	2.6	(30.9)
Loss on sale of subsidiary	(1.3)
Net loss attributable to non-controlling interests in consolidated Funds	(13.4)	10.5
Income tax (expense) benefit	(10.3)	(6.4)
Income from discontinued operations, net of tax	18.5	15.4
Net income attributable to controlling interests	27	32.6
Other
Segment Reporting Information [Line Items]
ENI revenue	5.2	6.1
ENI operating expenses	9.6	12.9
Earnings before variable compensation	(4.4)	(6.8)
Variable compensation	0.9	1.4
ENI operating earnings (after variable comp)	(5.3)	(8.2)
Affiliate key employee distributions	(0.2)	0
Earnings after Affiliate key employee distributions	(5.1)	(8.2)
Net interest expense	(5.4)	(5.6)
Net investment income	0	0
Loss on sale of subsidiary	0
Net loss attributable to non-controlling interests in consolidated Funds	0	0
Income tax (expense) benefit	(10.4)	(8.5)
Income from discontinued operations, net of tax	0	0
Net income attributable to controlling interests	(20.9)	(22.3)
Reconciling Adjustments
Segment Reporting Information [Line Items]
ENI revenue	(0.1)	2
ENI operating expenses	6.3	(9.9)
Earnings before variable compensation	(6.4)	11.9
Variable compensation	0.5	0.4
ENI operating earnings (after variable comp)	(6.9)	11.5
Affiliate key employee distributions	0	0
Earnings after Affiliate key employee distributions	(6.9)	11.5
Net interest expense	(0.8)	(1.9)
Net investment income	2.6	(30.9)
Loss on sale of subsidiary	(1.3)
Net loss attributable to non-controlling interests in consolidated Funds	(13.4)	10.5
Income tax (expense) benefit	0.1	2.1
Income from discontinued operations, net of tax	18.5	15.4
Net income attributable to controlling interests	(1.2)	6.7
Quant & Solutions | Operating Segments
Segment Reporting Information [Line Items]
ENI revenue	103.5	86.1
ENI operating expenses	39.1	37.1
Earnings before variable compensation	64.4	49
Variable compensation	22.6	17
ENI operating earnings (after variable comp)	41.8	32
Affiliate key employee distributions	1.5	0.8
Earnings after Affiliate key employee distributions	40.3	31.2
Net interest expense	0	0
Net investment income	0	0
Loss on sale of subsidiary	0
Net loss attributable to non-controlling interests in consolidated Funds	0	0
Income tax (expense) benefit	0	0
Income from discontinued operations, net of tax	0	0
Net income attributable to controlling interests	40.3	31.2
Liquid Alpha | Operating Segments
Segment Reporting Information [Line Items]
ENI revenue	22.6	52.5
ENI operating expenses	6.8	19.8
Earnings before variable compensation	15.8	32.7
Variable compensation	4.4	12.5
ENI operating earnings (after variable comp)	11.4	20.2
Affiliate key employee distributions	2.6	3.2
Earnings after Affiliate key employee distributions	8.8	17
Net interest expense	0	0
Net investment income	0	0
Loss on sale of subsidiary	0
Net loss attributable to non-controlling interests in consolidated Funds	0	0
Income tax (expense) benefit	0	0
Income from discontinued operations, net of tax	0	0
Net income attributable to controlling interests	$ 8.8	$ 17

Segments - Management Fee Reven

Segments - Management Fee Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Management fee revenue	$ 125.3	$ 142.6
Management fees
Segment Reporting Information [Line Items]
Management fee revenue	125.3	142.6
Management fees | U.S.
Segment Reporting Information [Line Items]
Management fee revenue	99.8	107.3
Management fees | Non-U.S.
Segment Reporting Information [Line Items]
Management fee revenue	$ 25.5	$ 35.3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Affiliate employees | Affiliate loan to its employees
Related party transactions
Related party loans	$ 3.9	$ 8.4