Acadian Asset Management (AAMI) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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 State Street, 13th Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
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		41,508,144
Entity Central Index Key	0001748824
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Investments	$ 56.7	$ 50.3
Total assets	558.3	518.7
Liabilities and stockholders’ equity
Operating lease liabilities	75.8
Total liabilities	552.3	540.3
Commitments and contingencies
Equity:
Total equity (deficit) and redeemable non-controlling interests in consolidated Funds	6	(21.6)
Total liabilities and equity	558.3	518.7
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	140.8	108.4
Investment advisory fees receivable	89.8	122.5
Income taxes receivable	6.2	2
Fixed assets, net	47.4	47.7
Right of use assets	60.3	59.9
Investments	47.4	48.4
Goodwill	20.3	20.3
Other assets	27.2	27.7
Deferred tax assets	67.2	64.7
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	27	31
Accrued incentive compensation	45	92.5
Other compensation liabilities	62.2	59.3
Accrued income taxes	1.2	4.6
Operating lease liabilities	75.8	75.8
Other liabilities	0.8	1.1
Revolving credit facility	38	0
Third party borrowings	273.7	273.5
Equity:
Common stock (par value $0.001; 41,508,144 and 41,435,087 shares, respectively, issued)	0	0
Additional paid-in capital	1.5	1.5
Retained earnings (deficit)	10.1	(12.5)
Accumulated other comprehensive loss	(7.9)	(10.6)
Consolidated Funds
Assets
Investments	9.3	1.9
Other assets	30.3	2.4
Cash and cash equivalents, restricted	12.1	12.8
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	24.9	0.3
Derivative liabilities at fair value	2.4	2.2
Securities sold, not yet purchased, at fair value	1.3	0
Redeemable non-controlling interests in consolidated Funds	$ 2.3	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	41,508,144	41,435,087

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 96.3	$ 95.5	$ 188.1	$ 207.7
Operating expenses:
Compensation and benefits	48.5	27	97.6	73.8
General and administrative expense	21.8	16.5	40.2	33.4
Depreciation and amortization	4.4	5.3	8.2	10.6
Total operating expenses	75.9	48.8	147.9	117.8
Operating income	20.4	46.7	40.2	89.9
Non-operating income and (expense):
Investment income (loss)	0.2	(0.7)	0.5	(0.8)
Interest income	1.5	0.1	2.6	0.1
Interest expense	(5.4)	(4.8)	(10.3)	(11.3)
Loss on extinguishment of debt	0	0	0	(3.2)
Total non-operating loss	(3.4)	(5.4)	(6.1)	(15.2)
Income before income taxes	17	41.3	34.1	74.7
Income tax expense	5.5	12.7	10.6	22.3
Net income	11.5	28.6	23.5	52.4
Net income attributable to non-controlling interests in consolidated Funds	0.1	0	0.1	0
Net income attributable to controlling interests	$ 11.4	$ 28.6	$ 23.4	$ 52.4
Earnings per share (basic) attributable to controlling interests (in dollars per share)	$ 0.27	$ 0.69	$ 0.56	$ 1.23
Earnings per share (diluted) attributable to controlling interests (in dollars per share)	$ 0.27	$ 0.67	$ 0.55	$ 1.19
Weighted average common stock outstanding (in shares)	41,484,303	41,425,555	41,464,362	42,690,683
Weighted average diluted common stock outstanding (in shares)	42,645,419	42,518,125	42,678,109	43,915,806
Consolidated Funds
Revenue:
Total revenue	$ 1.3	$ 0	$ 2	$ 0
Operating expenses:
Total operating expenses	1.2	0	1.9	0
Non-operating income and (expense):
Investment income (loss)	0.5		1.6
Net consolidated Funds’ investment gains	0.3	0	1.1	0
Management fees
Revenue:
Revenue:	92.8	93.5	183.4	195.7
Performance fees
Revenue:
Revenue:	$ 2.2	$ 2	$ 2.7	$ 12

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 11.5	$ 28.6	$ 23.5	$ 52.4
Other comprehensive income (loss):
Amortization related to derivative securities, net of tax	0.6	0.6	1.2	2.2
Foreign currency translation adjustment	0.8	(2.4)	1.5	(3.1)
Total other comprehensive income (loss)	1.4	(1.8)	2.7	(0.9)
Comprehensive income attributable to non-controlling interests in consolidated Funds	0.1	0	0.1	0
Total comprehensive income attributable to controlling interests	$ 12.8	$ 26.8	$ 26.1	$ 51.5

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Consolidated Entity Excluding Consolidated Funds Total stockholders’ equity (deficit)	Consolidated Entity Excluding Consolidated Funds Common Stock	Consolidated Entity Excluding Consolidated Funds Additional paid-in capital	Consolidated Entity Excluding Consolidated Funds Retained earnings (deficit)	Consolidated Entity Excluding Consolidated Funds Accumulated other comprehensive income (loss)	Consolidated Funds
Beginning balance (in shares) at Dec. 31, 2021			45,400,000
Beginning balance at Dec. 31, 2021		$ (17.6)	$ 0	$ 0	$ (6.8)	$ (10.8)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			200,000
Repurchase of common stock (in shares)	(4,147,450)		(4,200,000)
Repurchase of common stock		(103.2)			(103.2)
Equity-based compensation		1.4		1.4
Foreign currency translation adjustment	$ (3.1)	(3.1)				(3.1)
Amortization related to derivatives securities, net of tax		2.2				2.2
Withholding tax related to stock option exercise and restricted stock vesting	(2.3)	(2.3)		(0.9)	(1.4)
Dividends		(0.8)			(0.8)
Net income		52.4			52.4
Ending balance (in shares) at Jun. 30, 2022			41,400,000
Ending balance at Jun. 30, 2022		(71)	$ 0	0.5	(59.8)	(11.7)
Beginning balance at Dec. 31, 2021							$ 0
Ending balance at Jun. 30, 2022							0
Beginning balance at Dec. 31, 2021	(17.6)
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Issuance of common stock	0
Repurchase of common stock	(103.2)
Equity-based compensation	1.4
Foreign currency translation adjustment	(3.1)
Amortization related to derivative securities, net of tax	2.2
Dividends ($0.02 per share)	(0.8)
Net income	52.4
Ending balance at Jun. 30, 2022	(71)
Beginning balance (in shares) at Mar. 31, 2022			41,400,000
Beginning balance at Mar. 31, 2022		(97.9)	$ 0	0	(88)	(9.9)
Increase (Decrease) in Stockholders' Equity
Equity-based compensation		0.5		0.5
Foreign currency translation adjustment	(2.4)	(2.4)				(2.4)
Amortization related to derivatives securities, net of tax	0.6	0.6				0.6
Dividends		(0.4)			(0.4)
Net income		28.6			28.6
Ending balance (in shares) at Jun. 30, 2022			41,400,000
Ending balance at Jun. 30, 2022		(71)	$ 0	0.5	(59.8)	(11.7)
Beginning balance at Mar. 31, 2022							0
Ending balance at Jun. 30, 2022							0
Beginning balance at Mar. 31, 2022	(97.9)
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Equity-based compensation	0.5
Foreign currency translation adjustment	(2.4)
Amortization related to derivative securities, net of tax	0.6
Dividends ($0.02 per share)	(0.4)
Net income	28.6
Ending balance at Jun. 30, 2022	(71)
Beginning balance (in shares) at Dec. 31, 2022			41,400,000
Beginning balance at Dec. 31, 2022		(21.6)	$ 0	1.5	(12.5)	(10.6)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			100,000
Equity-based compensation		0.7		0.7
Foreign currency translation adjustment	1.5	1.5				1.5
Amortization related to derivatives securities, net of tax		1.2				1.2
Withholding tax related to stock option exercise and restricted stock vesting	(0.7)	(0.7)		(0.7)
Dividends		(0.8)			(0.8)
Net income		23.4			23.4		0.1
Ending balance (in shares) at Jun. 30, 2023			41,500,000
Ending balance at Jun. 30, 2023		3.7	$ 0	1.5	10.1	(7.9)
Beginning balance at Dec. 31, 2022							0
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions	(2.2)						(2.2)
Ending balance at Jun. 30, 2023							2.3
Beginning balance at Dec. 31, 2022	(21.6)
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Issuance of common stock	0
Capital contributions	(2.2)						(2.2)
Equity-based compensation	0.7
Foreign currency translation adjustment	1.5
Amortization related to derivative securities, net of tax	1.2
Dividends ($0.02 per share)	(0.8)
Net income	23.5
Ending balance at Jun. 30, 2023	6
Beginning balance (in shares) at Mar. 31, 2023			41,500,000
Beginning balance at Mar. 31, 2023		(8.7)	$ 0	1.4	(0.8)	(9.3)
Increase (Decrease) in Stockholders' Equity
Equity-based compensation		0.5		0.5
Foreign currency translation adjustment	0.8	0.8				0.8
Amortization related to derivatives securities, net of tax	0.6	0.6				0.6
Withholding tax related to stock option exercise and restricted stock vesting	(0.4)	(0.4)		(0.4)
Dividends		(0.5)			(0.5)
Net income		11.4			11.4		0.1
Ending balance (in shares) at Jun. 30, 2023			41,500,000
Ending balance at Jun. 30, 2023		$ 3.7	$ 0	$ 1.5	$ 10.1	$ (7.9)
Beginning balance at Mar. 31, 2023							0.4
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions	(1.8)						(1.8)
Ending balance at Jun. 30, 2023							2.3
Beginning balance at Mar. 31, 2023	(8.3)
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Capital contributions	(1.8)						$ (1.8)
Equity-based compensation	0.5
Foreign currency translation adjustment	0.8
Amortization related to derivative securities, net of tax	0.6
Dividends ($0.02 per share)	(0.5)
Net income	11.5
Ending balance at Jun. 30, 2023	$ 6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.02

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 23.5	$ 52.4
Less: Net (income) loss attributable to redeemable non-controlling interests in consolidated Funds	(0.1)	0
Adjustments to reconcile net income to net cash flows from operating activities:
Loss on extinguishment of debt	0	3.2
Depreciation and other amortization	8.2	10.6
Amortization of debt-related costs	2	3.6
Amortization and revaluation of non-cash compensation awards	2	(20.5)
Deferred income taxes	(3)	7
(Gains) losses on other investments	(2.3)	3.6
Changes in operating assets and liabilities:
Decrease in investment advisory fees receivable	32.7	68.2
(Increase) decrease in other receivables, prepayments, deposits and other assets	2.1	(1.7)
Decrease in accrued incentive compensation, operating lease liabilities and other liabilities	(46.3)	(77.3)
Decrease in accounts payable, accrued expenses and accrued income taxes	(11.5)	(19.2)
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
Total net cash flows from operating activities	4.4	29.9
Cash flows from investing activities:
Additions of fixed assets	(7.9)	(8.2)
Purchase of investment securities	(8.2)	(5.1)
Sale of investment securities	5.4	6.9
Net cash flows from investing activities	(10.7)	(6.4)
Cash flows from financing activities:
Proceeds from revolving credit facility	100	175
Repayment of third party borrowings and revolving credit facility	(62)	(250)
Payment for debt issuance costs	0	(0.9)
Payment to OM plc for co-investment redemptions	(0.4)	(1.1)
Dividends paid to stockholders	(0.8)	(0.6)
Dividends paid to related parties	(0.4)	(0.3)
Repurchases of common stock	0	(103.2)
Withholding tax payments related to stock option exercise and restricted stock vesting	(0.7)	(2.3)
Cash flows from financing activities of consolidated Funds:
Net cash flows from financing activities	37.9	(183.4)
Effect of foreign exchange rate changes on cash and cash equivalents	0.1	0
Net increase (decrease) in cash and cash equivalents	31.7	(159.9)
Cash and cash equivalents at beginning of period	121.2	252.1
Cash and cash equivalents at end of period (including cash at consolidated Funds classified as restricted)	152.9	92.2
Supplemental disclosure of cash flow information:
Income taxes paid	20.9	27.7
Consolidated Entity Excluding Consolidated Funds
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
Total net cash flows from operating activities	7.3	29.9
Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	8.2	8.7
Consolidated Funds
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
Purchase of investments	(2.2)	0
Sale of investments	2.4	0
(Increase) decrease in receivables and other assets	(27.8)	0
Increase in accounts payable and other liabilities	24.6	0
Total net cash flows from operating activities	(2.9)	0
Cash flows from financing activities of consolidated Funds:
Redeemable non-controlling interest capital raised	$ 2.2	$ 0

Organization and Description of

Organization and Description of the Business	6 Months Ended
	Jun. 30, 2023
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. The Company provides investment management services globally to predominantly institutional investors. The Company historically held interests in a diverse group of investment management firms (the “Affiliates”) individually headquartered in the United States. The Company completed the disposition of certain Affiliates and, beginning in 2021, has operated the business through one Affiliate, Acadian Asset Management LLC (“Acadian”). Acadian comprises the Company’s Quant & Solutions reportable segment: • 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 in developed and emerging markets, including global, non-U.S. and small-cap equities, as well as managed volatility, multi-asset, equity alternatives, and long/short strategies. Acadian is organized as a limited liability company. Fees for services are largely asset-based and, as a result, revenues fluctuate based on the performance of financial markets and investors’ asset flows in and out of Acadian’s products. The Company utilizes a profit-sharing model in structuring its compensation and ownership arrangements with Acadian. Variable compensation is based on the firm’s profitability. BSIG and Acadian 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 Acadian key employee economic interests, which is critical to the Company’s talent management strategy and long-term growth of the business. The corporate head office is included within the Other category. 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. As of June 30, 2023, Paulson & Co. Inc. (“Paulson”) held approximately 21.6% of the common stock of the Company. For the six months ended June 30, 2022, the Company repurchased 4,147,450 shares of common stock at an average price of $24.09 per share, or approximately $100 million in total, including commissions.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2) 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, statements 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 Affiliate and consolidated Funds are eliminated in consolidation. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (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, 2022 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2023. 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. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements. New accounting standards not yet adopted The Company has considered all 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.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments	Investments Investments are comprised of the following as of the dates indicated (in millions): June 30, December 31, Investments of consolidated Funds held at fair value $ 9.3 $ 1.9 Other investments 4.4 8.4 Investments related to long-term incentive compensation plans 43.0 40.0 Total investments per Condensed Consolidated Balance Sheets $ 56.7 $ 50.3

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 (in millions): Quoted prices Significant Significant Uncategorized Total value, June 30, 2023 Assets of BSIG and consolidated Funds (1) Common stock $ 6.5 $ — $ — $ — $ 6.5 Derivatives 0.4 2.4 — — 2.8 Consolidated Funds total 6.9 2.4 — — 9.3 Investments in separate accounts (2) 0.1 — — — 0.1 Investments related to long-term incentive compensation plans (3) 43.0 — — — 43.0 Investments in unconsolidated Funds (4) — — — 4.3 4.3 BSIG total 43.1 — — 4.3 47.4 Total fair value assets $ 50.0 $ 2.4 $ — $ 4.3 $ 56.7 Liabilities of consolidated Funds (1) Derivatives $ (0.2) $ (2.2) $ — $ — $ (2.4) Common Stock (1.3) — — — (1.3) Consolidated Funds total (1.5) (2.2) — — (3.7) Total fair value liabilities $ (1.5) $ (2.2) $ — $ — $ (3.7) The following table summarizes the Company’s assets that are measured at fair value on a recurring basis at December 31, 2022 (in millions): Quoted prices Significant Significant Uncategorized Total value December 31, 2022 Assets of BSIG and consolidated Funds (1) Derivatives $ 0.3 $ 1.6 $ — $ — $ 1.9 Consolidated Funds total $ 0.3 $ 1.6 $ — $ — $ 1.9 Investments in separate accounts (2) 4.2 — — — 4.2 Investments related to long-term incentive compensation plans (3) 40.0 — — — 40.0 Investments in unconsolidated Funds (4) — — — 4.2 4.2 BSIG total $ 44.2 $ — $ — $ 4.2 $ 48.4 Total fair value assets $ 44.5 $ 1.6 $ — $ 4.2 $ 50.3 Liabilities of consolidated Funds (1) Derivatives $ (0.2) $ (2.0) $ — $ — $ (2.2) Consolidated Funds total (0.2) (2.0) — — (2.2) Total fair value liabilities $ (0.2) $ (2.0) $ — $ — $ (2.2) (1) Assets and liabilities measured at fair value are comprised of financial investments managed by the Company's Affiliate. Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. 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 $0.1 million at June 30, 2023 consisted of 100% cash equivalents. Investments in separate accounts of $4.2 million at December 31, 2022 consist of approximately 100% of equity 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 $43.0 million and $40.0 million at June 30, 2023 and December 31, 2022, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian), 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 $4.3 million and $4.2 million at June 30, 2023 and December 31, 2022, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds 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. Other investment vehicles are not subject to redemption restrictions. The real estate investment Funds of $4.2 million and $4.1 million at June 30, 2023 and December 31, 2022, 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 There were no significant transfers of financial assets or liabilities between Levels II or III during the three and six months ended June 30, 2023 and 2022, respectively.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company, through its Affiliate, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by the Company’s Affiliate, 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 have ownership interests in the Affiliate. The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties are exposed to absorb more than an insignificant amount of the risks and rewards of the entity. Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of the management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial. The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions): June 30, December 31, Assets Investments at fair value $ 9.3 $ 1.9 Other assets of consolidated Funds 42.4 $ 15.2 Total Assets $ 51.7 $ 17.1 Liabilities Liabilities of consolidated Funds $ 28.6 $ 2.5 Total Liabilities $ 28.6 $ 2.5 “Investments at fair value” consist of investments in derivative securities. To the extent the Company also has consolidated Funds that are not VIEs, the assets and liabilities of those Funds are not included in the table above. The assets of consolidated VIEs presented in the table above belong to the investors in those Funds, are available for use only by the Fund to which they belong, and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities held by consolidated Funds have no recourse to the Company’s general credit. The Company’s involvement with Funds that are VIEs and not consolidated by the Company is generally limited to that of an investment manager and its investment in the unconsolidated VIE, if any. The Company’s investment in any unconsolidated VIE generally represents an insignificant interest of the Fund’s net assets and assets under management, such that the majority of the VIE’s results are attributable to third parties. The Company’s exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): June 30, December 31, Unconsolidated VIE assets $ 745.2 $ 728.1 Unconsolidated VIE liabilities $ 313.1 $ 303.6 Equity interests on the Condensed Consolidated Balance Sheets $ 4.2 $ 4.1 Maximum risk of loss (1) $ 4.2 $ 4.1

Borrowings and Debt

Borrowings and Debt	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 (in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level Revolving credit facility: $125 million revolving credit facility expiring March 7, 2025 (1) $ 38.0 $ 38.0 2 $ — $ — Total revolving credit facility $ 38.0 $ 38.0 $ — $ — Third party borrowings: $275 million 4.80% Senior Notes Due (2) $ 273.7 $ 257.3 2 $ 273.5 $ 249.7 2 $125 million 5.125% Senior Notes Due August 1, 2031 (2)(3) — — — — Total third party borrowings $ 273.7 $ 257.3 $ 273.5 $ 249.7 (1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates. (2) 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. (3) On January 18, 2022, the Company completed the full redemption of the $125 million aggregate principal amount outstanding of its 5.125% Senior Notes due August 1, 2031. As a result of this transaction, the Company recorded a $3.2 million loss on extinguishment of debt within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2022. Revolving Credit Facility On March 7, 2022, Acadian, Royal Bank of Canada, BMO Harris Bank, N.A., Goldman Sachs Bank USA, 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 a new revolving credit facility agreement (the “Acadian Credit Agreement”), which replaced the Company’s revolving credit facility dated as of August 20, 2019 (as amended by an amendment dated September 3, 2020 and an assignment and assumption and amendment agreement dated February 23, 2021, the “Original Credit Agreement”). The maturity date of this Original Credit Agreement was August 22, 2022, and the maturity date of the Acadian Credit Agreement is March 7, 2025. Borrowings under the Acadian Credit Agreement bear interest, at Acadian’s option, at the per annum rate equal to either (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% and (iii) the secured overnight financing rate for a one month period plus a credit spread adjustment of 0.10% (“Adjusted Term SOFR”) plus 1%, plus, in each case, an additional amount ranging from 0.5% to 1.0%, with such additional amount based on Acadian’s Leverage Ratio (as defined below) or (b) Adjusted Term SOFR plus an additional amount ranging from 1.5% to 2.0%, with such additional amount based on Acadian’s Leverage Ratio. 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	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	The Company has operating leases for corporate offices, data centers and certain equipment. The operating leases have remaining lease terms of less than 1 year to 11 years, some of which include options to extend the leases for up to 5 years. The following table summarizes information about the Company’s operating leases for the three and six months ended June 30 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2.1 $ 2.5 $ 4.2 $ 5.0 Variable lease cost 0.1 0.1 0.1 0.1 Sublease income — $ (0.2) — (0.3) Total operating lease expense $ 2.2 $ 2.4 $ 4.3 $ 4.8 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.2 $ 2.2 $ 4.5 $ 4.4 Right of use assets obtained in exchange for new operating lease liabilities 0.1 1.8 2.9 1.8 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 six months ended June 30, 2023 and 2022, the weighted average remaining lease term was 10.0 and 10.9 years, respectively, and the weighted average discount rate was 3.55% and 3.39%, respectively. Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 4.7 2024 9.3 2025 8.9 2026 8.8 2027 8.4 Thereafter 49.6 Total lease payments $ 89.7 Less imputed interest (13.9) Total $ 75.8

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Operational commitments A number of our subsidiaries 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 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 2033. There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 related to this guaranty. Litigation The Company is subject to claims, legal proceedings, and other contingencies in the ordinary course of its 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. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. As of June 30, 2023, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company. 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 June 30, 2023, 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 June 30, 2023. 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 Affiliate operate. For the Company and its Affiliate, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits. 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	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to controlling interests $ 11.4 $ 28.6 $ 23.4 $ 52.4 Denominator: Weighted-average shares of common stock outstanding—basic 41,484,303 41,425,555 41,464,362 42,690,683 Potential shares of common stock: Restricted stock units 1,695 6,935 4,617 8,523 Employee stock options 1,159,421 1,085,635 1,209,130 1,216,600 Weighted-average shares of common stock outstanding—diluted 42,645,419 42,518,125 42,678,109 43,915,806 Earnings per share of common stock attributable to controlling interests: Basic $ 0.27 $ 0.69 $ 0.56 $ 1.23 Diluted $ 0.27 $ 0.67 $ 0.55 $ 1.19

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Management fees The Company’s management fees are a function of the fee rates the Affiliate charges to its 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. Performance fees are recorded in revenues when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods. Disaggregation of management fee revenue The geographic disaggregation of management fee revenue for the three and six months ended June 30 (in millions) are presented below: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Quant & Solutions U.S. $ 69.3 $ 71.2 $ 137.3 $ 148.2 Non-U.S. 23.5 22.3 46.1 47.5 Management fee revenue $ 92.8 $ 93.5 $ 183.4 $ 195.7

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and 2022 are as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of March 31, 2023 $ 2.4 $ (11.7) $ (9.3) Foreign currency translation adjustment 0.8 — 0.8 Amortization related to derivatives securities, before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income 0.8 0.6 1.4 Balance, as of June 30, 2023 $ 3.2 $ (11.1) $ (7.9) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of March 31, 2022 $ 4.1 $ (14.0) $ (9.9) Foreign currency translation adjustment (2.4) — (2.4) Amortization related to derivatives securities, before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income (loss) (2.4) 0.6 (1.8) Balance, as of June 30, 2022 $ 1.7 $ (13.4) $ (11.7) The components of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2023 and 2022 are as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2022 $ 1.7 $ (12.3) $ (10.6) Foreign currency translation adjustment 1.5 — 1.5 Amortization related to derivatives securities, before tax — 1.7 1.7 Tax impact — (0.5) (0.5) Other comprehensive income 1.5 1.2 2.7 Balance, as of June 30, 2023 $ 3.2 $ (11.1) $ (7.9) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2021 $ 4.8 $ (15.6) $ (10.8) Foreign currency translation adjustment (3.1) — (3.1) Amortization related to derivatives securities, before tax (1) — 3.0 3.0 Tax impact — (0.8) (0.8) Other comprehensive income (loss) (3.1) 2.2 (0.9) Balance, as of June 30, 2022 $ 1.7 $ (13.4) $ (11.7) (1) On January 18, 2022, the Company completed the full redemption of the $125 million aggregate principal amount outstanding of its 5.125% Senior Notes due August 1, 2031. As a result of this transaction, the Company recorded $1.3 million of amortization expense included in Amortization related to derivatives securities, before tax for the six months ended June 30, 2022.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2023
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. As of June 30, 2023, the balance recorded in accumulated other comprehensive income (loss) was $(11.1) million, net of tax. This balance will be reclassified to earnings through interest expense over the life of the issued debt. The Company reclassified $0.8 million for each of the three months ended June 30, 2023 and 2022. Amounts of $1.7 million and $3.0 million have been reclassified for the six months ended June 30, 2023 and 2022, respectively. During the next twelve months the Company expects to reclassify approximately $3.6 million to interest expense. On January 18, 2022, the Company completed the full redemption of the $125 million aggregate principal amount outstanding of its 5.125% Senior Notes due August 1, 2031. As a result of this transaction, amortization expense of $1.3 million (of the $3.0 million interest expense reclassified to earnings for the six months ended June 30, 2022) was reclassified to earnings as interest expense.

Segments

Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	The Company has the following reportable segment: • 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 in developed and emerging markets, including global, non-U.S. and small-cap equities, as well as managed volatility, multi-asset, equity alternatives, and long/short strategies. This segment is comprised of the Company’s interest in Acadian. The corporate head office is included within the Other category. The corporate head office expenses are not allocated to the Company’s business segment, but the Chief Operating Decision Maker (“CODM”) does consider the cost structure of the corporate head office when evaluating the financial performance of the segment. 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 segment 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 the Company’s Affiliate by consolidated Funds and the Company’s share of earnings from equity-accounted Affiliate. 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 and restructuring costs. 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 segment and related adjustments necessary to reconcile the segment economic net income to arrive at the Company’s consolidated U.S. GAAP net income (loss). The following table presents the financial data for the Company’s segment for the three months ended June 30, 2023 (in millions): Three Months Ended June 30, 2023 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 95.0 $ — $ 1.3 $ 96.3 ENI operating expenses 47.3 3.9 0.8 (a) 52.0 Earnings before variable compensation 47.7 (3.9) 0.5 44.3 Variable compensation 22.0 0.7 — 22.7 ENI operating earnings (after variable comp) 25.7 (4.6) 0.5 21.6 Affiliate key employee distributions 1.2 — — 1.2 Earnings after Affiliate key employee distributions 24.5 (4.6) 0.5 20.4 Net interest expense — (3.5) (0.4) (b) (3.9) Net investment income — — 0.5 (c) 0.5 Net income attributable to non-controlling interests in consolidated Funds — — (0.1) (c) (0.1) Income tax expense — (4.4) (1.1) (d) (5.5) Economic net income $ 24.5 $ (12.5) $ (0.6) $ 11.4 The following table presents the financial data for the Company’s segments for the three months ended June 30, 2022 (in millions): Three Months Ended June 30, 2022 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 95.5 $ — $ — $ 95.5 ENI operating expenses 39.7 4.4 (18.5) (a) 25.6 Earnings before variable compensation 55.8 (4.4) 18.5 69.9 Variable compensation 21.7 1.0 — 22.7 ENI operating earnings (after variable comp) 34.1 (5.4) 18.5 47.2 Affiliate key employee distributions 0.5 — — 0.5 Earnings after Affiliate key employee distributions 33.6 (5.4) 18.5 46.7 Net interest expense — (4.6) (0.1) (b) (4.7) Net investment loss — — (0.7) (c) (0.7) Income tax expense — (6.3) (6.4) (d) (12.7) Economic net income $ 33.6 $ (16.3) $ 11.3 $ 28.6 The following table presents the financial data for the Company’s segment for the six months ended June 30, 2023 (in millions): Six Months Ended June 30, 2023 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 186.1 $ — $ 2.0 $ 188.1 ENI operating expenses 90.9 7.4 1.3 (a) 99.6 Earnings before variable compensation 95.2 (7.4) 0.7 88.5 Variable compensation 44.5 1.4 — 45.9 ENI operating earnings (after variable comp) 50.7 (8.8) 0.7 42.6 Affiliate key employee distributions 2.4 — — 2.4 Earnings after Affiliate key employee distributions 48.3 (8.8) 0.7 40.2 Net interest expense — (6.9) (0.8) (b) (7.7) Net investment income — — 1.6 (c) 1.6 Net income attributable to non-controlling interests in consolidated Funds — — (0.1) (c) (0.1) Income tax expense — (8.8) (1.8) (d) (10.6) Economic net income $ 48.3 $ (24.5) $ (0.4) $ 23.4 The following table presents the financial data for the Company’s segment for the six months ended June 30, 2022 (in millions): Six Months Ended June 30, 2022 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 207.7 $ — $ — $ 207.7 ENI operating expenses 80.8 8.9 (24.9) (a) 64.8 Earnings before variable compensation 126.9 (8.9) 24.9 142.9 Variable compensation 48.0 2.6 — 50.6 ENI operating earnings (after variable comp) 78.9 (11.5) 24.9 92.3 Affiliate key employee distributions 2.4 — — 2.4 Earnings after Affiliate key employee distributions 76.5 (11.5) 24.9 89.9 Net interest expense — (9.2) (2.0) (b) (11.2) Net investment loss — — (0.8) (c) (0.8) Loss on extinguishment of debt — — (3.2) (c) (3.2) Income tax expense — (15.1) (7.2) (d) (22.3) Economic net income $ 76.5 $ (35.8) $ 11.7 $ 52.4 (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 include non-cash expenses for key employee equity and profit interest revaluations and restructuring costs, each of which are included in U.S. GAAP operating expenses. b. Adjusted to include the cost of seed financing and amortization of debt issuance costs, which is included in U.S. GAAP interest expense. c. Adjusted to include net investment income (loss), the loss on extinguishment of debt, net income attributable to non-controlling interests in consolidated Funds, all of which are included in U.S. GAAP net income attributable to controlling interests. d. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 11.4	$ 28.6	$ 23.4	$ 52.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations, statements 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 Affiliate and consolidated Funds are eliminated in consolidation. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (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, 2022 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2023. 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. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements.
New accounting standards not yet adopted	New accounting standards not yet adopted The Company has considered all 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 Affiliate, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by the Company’s Affiliate, 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 have ownership interests in the 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.

Investment (Tables)

Investment (Tables)	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Schedule of Investment Components	Investments are comprised of the following as of the dates indicated (in millions): June 30, December 31, Investments of consolidated Funds held at fair value $ 9.3 $ 1.9 Other investments 4.4 8.4 Investments related to long-term incentive compensation plans 43.0 40.0 Total investments per Condensed Consolidated Balance Sheets $ 56.7 $ 50.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule 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 June 30, 2023 (in millions): Quoted prices Significant Significant Uncategorized Total value, June 30, 2023 Assets of BSIG and consolidated Funds (1) Common stock $ 6.5 $ — $ — $ — $ 6.5 Derivatives 0.4 2.4 — — 2.8 Consolidated Funds total 6.9 2.4 — — 9.3 Investments in separate accounts (2) 0.1 — — — 0.1 Investments related to long-term incentive compensation plans (3) 43.0 — — — 43.0 Investments in unconsolidated Funds (4) — — — 4.3 4.3 BSIG total 43.1 — — 4.3 47.4 Total fair value assets $ 50.0 $ 2.4 $ — $ 4.3 $ 56.7 Liabilities of consolidated Funds (1) Derivatives $ (0.2) $ (2.2) $ — $ — $ (2.4) Common Stock (1.3) — — — (1.3) Consolidated Funds total (1.5) (2.2) — — (3.7) Total fair value liabilities $ (1.5) $ (2.2) $ — $ — $ (3.7) The following table summarizes the Company’s assets that are measured at fair value on a recurring basis at December 31, 2022 (in millions): Quoted prices Significant Significant Uncategorized Total value December 31, 2022 Assets of BSIG and consolidated Funds (1) Derivatives $ 0.3 $ 1.6 $ — $ — $ 1.9 Consolidated Funds total $ 0.3 $ 1.6 $ — $ — $ 1.9 Investments in separate accounts (2) 4.2 — — — 4.2 Investments related to long-term incentive compensation plans (3) 40.0 — — — 40.0 Investments in unconsolidated Funds (4) — — — 4.2 4.2 BSIG total $ 44.2 $ — $ — $ 4.2 $ 48.4 Total fair value assets $ 44.5 $ 1.6 $ — $ 4.2 $ 50.3 Liabilities of consolidated Funds (1) Derivatives $ (0.2) $ (2.0) $ — $ — $ (2.2) Consolidated Funds total (0.2) (2.0) — — (2.2) Total fair value liabilities $ (0.2) $ (2.0) $ — $ — $ (2.2) (1) Assets and liabilities measured at fair value are comprised of financial investments managed by the Company's Affiliate. Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. 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 $0.1 million at June 30, 2023 consisted of 100% cash equivalents. Investments in separate accounts of $4.2 million at December 31, 2022 consist of approximately 100% of equity 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 $43.0 million and $40.0 million at June 30, 2023 and December 31, 2022, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian), 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 $4.3 million and $4.2 million at June 30, 2023 and December 31, 2022, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds 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. Other investment vehicles are not subject to redemption restrictions. The real estate investment Funds of $4.2 million and $4.1 million at June 30, 2023 and December 31, 2022, 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

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities and Information Pertains to VIEs	The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions): June 30, December 31, Assets Investments at fair value $ 9.3 $ 1.9 Other assets of consolidated Funds 42.4 $ 15.2 Total Assets $ 51.7 $ 17.1 Liabilities Liabilities of consolidated Funds $ 28.6 $ 2.5 Total Liabilities $ 28.6 $ 2.5 The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): June 30, December 31, Unconsolidated VIE assets $ 745.2 $ 728.1 Unconsolidated VIE liabilities $ 313.1 $ 303.6 Equity interests on the Condensed Consolidated Balance Sheets $ 4.2 $ 4.1 Maximum risk of loss (1) $ 4.2 $ 4.1

Borrowings and Debt (Tables)

Borrowings and Debt (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 (in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level Revolving credit facility: $125 million revolving credit facility expiring March 7, 2025 (1) $ 38.0 $ 38.0 2 $ — $ — Total revolving credit facility $ 38.0 $ 38.0 $ — $ — Third party borrowings: $275 million 4.80% Senior Notes Due (2) $ 273.7 $ 257.3 2 $ 273.5 $ 249.7 2 $125 million 5.125% Senior Notes Due August 1, 2031 (2)(3) — — — — Total third party borrowings $ 273.7 $ 257.3 $ 273.5 $ 249.7 (1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates. (2) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Lease Information	The following table summarizes information about the Company’s operating leases for the three and six months ended June 30 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2.1 $ 2.5 $ 4.2 $ 5.0 Variable lease cost 0.1 0.1 0.1 0.1 Sublease income — $ (0.2) — (0.3) Total operating lease expense $ 2.2 $ 2.4 $ 4.3 $ 4.8 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.2 $ 2.2 $ 4.5 $ 4.4 Right of use assets obtained in exchange for new operating lease liabilities 0.1 1.8 2.9 1.8
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 4.7 2024 9.3 2025 8.9 2026 8.8 2027 8.4 Thereafter 49.6 Total lease payments $ 89.7 Less imputed interest (13.9) Total $ 75.8

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to controlling interests $ 11.4 $ 28.6 $ 23.4 $ 52.4 Denominator: Weighted-average shares of common stock outstanding—basic 41,484,303 41,425,555 41,464,362 42,690,683 Potential shares of common stock: Restricted stock units 1,695 6,935 4,617 8,523 Employee stock options 1,159,421 1,085,635 1,209,130 1,216,600 Weighted-average shares of common stock outstanding—diluted 42,645,419 42,518,125 42,678,109 43,915,806 Earnings per share of common stock attributable to controlling interests: Basic $ 0.27 $ 0.69 $ 0.56 $ 1.23 Diluted $ 0.27 $ 0.67 $ 0.55 $ 1.19

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The geographic disaggregation of management fee revenue for the three and six months ended June 30 (in millions) are presented below: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Quant & Solutions U.S. $ 69.3 $ 71.2 $ 137.3 $ 148.2 Non-U.S. 23.5 22.3 46.1 47.5 Management fee revenue $ 92.8 $ 93.5 $ 183.4 $ 195.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and 2022 are as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of March 31, 2023 $ 2.4 $ (11.7) $ (9.3) Foreign currency translation adjustment 0.8 — 0.8 Amortization related to derivatives securities, before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income 0.8 0.6 1.4 Balance, as of June 30, 2023 $ 3.2 $ (11.1) $ (7.9) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of March 31, 2022 $ 4.1 $ (14.0) $ (9.9) Foreign currency translation adjustment (2.4) — (2.4) Amortization related to derivatives securities, before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income (loss) (2.4) 0.6 (1.8) Balance, as of June 30, 2022 $ 1.7 $ (13.4) $ (11.7) The components of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2023 and 2022 are as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2022 $ 1.7 $ (12.3) $ (10.6) Foreign currency translation adjustment 1.5 — 1.5 Amortization related to derivatives securities, before tax — 1.7 1.7 Tax impact — (0.5) (0.5) Other comprehensive income 1.5 1.2 2.7 Balance, as of June 30, 2023 $ 3.2 $ (11.1) $ (7.9) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2021 $ 4.8 $ (15.6) $ (10.8) Foreign currency translation adjustment (3.1) — (3.1) Amortization related to derivatives securities, before tax (1) — 3.0 3.0 Tax impact — (0.8) (0.8) Other comprehensive income (loss) (3.1) 2.2 (0.9) Balance, as of June 30, 2022 $ 1.7 $ (13.4) $ (11.7) (1) On January 18, 2022, the Company completed the full redemption of the $125 million aggregate principal amount outstanding of its 5.125% Senior Notes due August 1, 2031. As a result of this transaction, the Company recorded $1.3 million of amortization expense included in Amortization related to derivatives securities, before tax for the six months ended June 30, 2022.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Reconciling Adjustments	The following table presents the financial data for the Company’s segment for the three months ended June 30, 2023 (in millions): Three Months Ended June 30, 2023 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 95.0 $ — $ 1.3 $ 96.3 ENI operating expenses 47.3 3.9 0.8 (a) 52.0 Earnings before variable compensation 47.7 (3.9) 0.5 44.3 Variable compensation 22.0 0.7 — 22.7 ENI operating earnings (after variable comp) 25.7 (4.6) 0.5 21.6 Affiliate key employee distributions 1.2 — — 1.2 Earnings after Affiliate key employee distributions 24.5 (4.6) 0.5 20.4 Net interest expense — (3.5) (0.4) (b) (3.9) Net investment income — — 0.5 (c) 0.5 Net income attributable to non-controlling interests in consolidated Funds — — (0.1) (c) (0.1) Income tax expense — (4.4) (1.1) (d) (5.5) Economic net income $ 24.5 $ (12.5) $ (0.6) $ 11.4 The following table presents the financial data for the Company’s segments for the three months ended June 30, 2022 (in millions): Three Months Ended June 30, 2022 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 95.5 $ — $ — $ 95.5 ENI operating expenses 39.7 4.4 (18.5) (a) 25.6 Earnings before variable compensation 55.8 (4.4) 18.5 69.9 Variable compensation 21.7 1.0 — 22.7 ENI operating earnings (after variable comp) 34.1 (5.4) 18.5 47.2 Affiliate key employee distributions 0.5 — — 0.5 Earnings after Affiliate key employee distributions 33.6 (5.4) 18.5 46.7 Net interest expense — (4.6) (0.1) (b) (4.7) Net investment loss — — (0.7) (c) (0.7) Income tax expense — (6.3) (6.4) (d) (12.7) Economic net income $ 33.6 $ (16.3) $ 11.3 $ 28.6 The following table presents the financial data for the Company’s segment for the six months ended June 30, 2023 (in millions): Six Months Ended June 30, 2023 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 186.1 $ — $ 2.0 $ 188.1 ENI operating expenses 90.9 7.4 1.3 (a) 99.6 Earnings before variable compensation 95.2 (7.4) 0.7 88.5 Variable compensation 44.5 1.4 — 45.9 ENI operating earnings (after variable comp) 50.7 (8.8) 0.7 42.6 Affiliate key employee distributions 2.4 — — 2.4 Earnings after Affiliate key employee distributions 48.3 (8.8) 0.7 40.2 Net interest expense — (6.9) (0.8) (b) (7.7) Net investment income — — 1.6 (c) 1.6 Net income attributable to non-controlling interests in consolidated Funds — — (0.1) (c) (0.1) Income tax expense — (8.8) (1.8) (d) (10.6) Economic net income $ 48.3 $ (24.5) $ (0.4) $ 23.4 The following table presents the financial data for the Company’s segment for the six months ended June 30, 2022 (in millions): Six Months Ended June 30, 2022 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 207.7 $ — $ — $ 207.7 ENI operating expenses 80.8 8.9 (24.9) (a) 64.8 Earnings before variable compensation 126.9 (8.9) 24.9 142.9 Variable compensation 48.0 2.6 — 50.6 ENI operating earnings (after variable comp) 78.9 (11.5) 24.9 92.3 Affiliate key employee distributions 2.4 — — 2.4 Earnings after Affiliate key employee distributions 76.5 (11.5) 24.9 89.9 Net interest expense — (9.2) (2.0) (b) (11.2) Net investment loss — — (0.8) (c) (0.8) Loss on extinguishment of debt — — (3.2) (c) (3.2) Income tax expense — (15.1) (7.2) (d) (22.3) Economic net income $ 76.5 $ (35.8) $ 11.7 $ 52.4 (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 include non-cash expenses for key employee equity and profit interest revaluations and restructuring costs, each of which are included in U.S. GAAP operating expenses. b. Adjusted to include the cost of seed financing and amortization of debt issuance costs, which is included in U.S. GAAP interest expense. c. Adjusted to include net investment income (loss), the loss on extinguishment of debt, net income attributable to non-controlling interests in consolidated Funds, all of which are included in U.S. GAAP net income attributable to controlling interests. d. 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.

Organization and Description _2

Organization and Description of the Business (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023
Business Acquisition [Line Items]
Repurchase of common stock (in shares)	4,147,450
Average price of common stock repurchased (in dollars per share)	$ 24.09
Stock repurchased, net of commissions	$ 100
BrightSphere Investment Group | Paulson
Business Acquisition [Line Items]
Parent owned interest		21.60%

Investments - Schedule of Inves

Investments - Schedule of Investment Components (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Total investments per Condensed Consolidated Balance Sheets	$ 56.7	$ 50.3
Consolidated Funds
Investment Holdings [Line Items]
Investments at fair value	9.3	1.9
Total investments per Condensed Consolidated Balance Sheets	9.3	1.9
Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Total investments per Condensed Consolidated Balance Sheets	47.4	48.4
Other investments | Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Investments at fair value	4.4	8.4
Investments related to long-term incentive compensation plans | Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Investments at fair value	$ 43	$ 40

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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Asset of BSIF and consolidated Funds
Total fair value assets	$ 56.7	$ 50.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative liabilities at fair value	Derivative liabilities at fair value
Total fair value liabilities	$ (3.7)	$ (2.2)
Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Uncategorized	$ 4.3	4.2
Minimum | Real estate investment funds
Asset of BSIF and consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees	1 year
Maximum | Real estate investment funds
Asset of BSIF and consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees	2 years
Consolidated Funds
Asset of BSIF and consolidated Funds
Common stock	$ 6.5
Derivatives	2.8	1.9
Investments in unconsolidated Funds	9.3	1.9
Derivative Liability	(2.4)	(2.2)
Common Stock	(1.3)
Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Derivative asset Consolidated Funds total	9.3	1.9
Consolidated Funds total	47.4	48.4
Consolidated Funds total	(3.7)	(2.2)
Consolidated Entity Excluding Consolidated Funds | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	0.1	4.2
Consolidated Entity Excluding Consolidated Funds | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	43	40
Investments in unconsolidated Funds	43	40
Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	4.3	4.2
Uncategorized	4.3	4.2
Consolidated Entity Excluding Consolidated Funds | Investment Funds Subject to Longer Redemption Restrictions
Asset of BSIF and consolidated Funds
Uncategorized	4.2	4.1
Quoted prices in active markets (Level I)
Asset of BSIF and consolidated Funds
Total fair value assets	50	44.5
Total fair value liabilities	(1.5)	(0.2)
Quoted prices in active markets (Level I) | Consolidated Funds
Asset of BSIF and consolidated Funds
Common stock	6.5
Derivatives	0.4	0.3
Derivative Liability	(0.2)	(0.2)
Common Stock	(1.3)
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Derivative asset Consolidated Funds total	6.9	0.3
Consolidated Funds total	43.1	44.2
Uncategorized	4.3	4.2
Consolidated Funds total	$ (1.5)	$ (0.2)
Investment in equity securities	100%	100%
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	$ 0.1	$ 4.2
Quoted prices in active markets (Level I) | Consolidated Entity Excluding Consolidated Funds | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	43	40
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
Significant other observable inputs (Level II)
Asset of BSIF and consolidated Funds
Total fair value assets	2.4	1.6
Total fair value liabilities	(2.2)	(2)
Significant other observable inputs (Level II) | Consolidated Funds
Asset of BSIF and consolidated Funds
Common stock	0
Derivatives	2.4	1.6
Derivative Liability	(2.2)	(2)
Common Stock	0
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Derivative asset Consolidated Funds total	2.4	1.6
Consolidated Funds total	0	0
Consolidated Funds total	(2.2)	(2)
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	0	0
Significant other observable inputs (Level II) | Consolidated Entity Excluding Consolidated Funds | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	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
Significant unobservable inputs (Level III)
Asset of BSIF and consolidated Funds
Total fair value assets	0	0
Total fair value liabilities	0	0
Significant unobservable inputs (Level III) | Consolidated Funds
Asset of BSIF and consolidated Funds
Common stock	0
Derivatives	0	0
Derivative Liability	0	0
Common Stock	0
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Derivative asset Consolidated Funds total	0	0
Consolidated Funds total	0	0
Consolidated Funds total	0	0
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	0	0
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	0	0
Significant unobservable inputs (Level III) | Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Transfers between levels two or three	$ 0	$ 0	$ 0	$ 0

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Funds that are VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entities
Assets	$ 558.3	$ 518.7
Liabilities	552.3	540.3
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities
Investments at fair value	9.3	1.9
Other assets	42.4	15.2
Assets	51.7	17.1
Other liabilities	28.6	2.5
Liabilities	$ 28.6	$ 2.5

Variable Interest Entities - In

Variable Interest Entities - Information of Variable Interest Holdings (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entities
Assets	$ 558.3	$ 518.7
Liabilities	552.3	540.3
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Assets	745.2	728.1
Liabilities	313.1	303.6
Equity interests on the Condensed Consolidated Balance Sheets	4.2	4.1
Maximum risk of loss	$ 4.2	$ 4.1

Borrowings and Debt - Long Term

Borrowings and Debt - Long Term Debt (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 18, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 0	$ 0	$ 3,200,000
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value		273,700,000		273,700,000		$ 273,500,000
Fair Value		257,300,000		257,300,000		249,700,000
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Face amount		125,000,000		125,000,000
Line of Credit | Revolving credit facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value		38,000,000		38,000,000		0
Fair Value		38,000,000		38,000,000		0
Revolving Credit Facility Expiring March 7 2025 | Line of Credit | Revolving credit facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value		38,000,000		38,000,000		0
Fair Value		38,000,000		38,000,000		0
$275 million 4.80% Senior Notes Due July 27, 2026 | Senior notes
Debt Instrument [Line Items]
Face amount		$ 275,000,000		$ 275,000,000
Interest rate (as a percent)		4.80%		4.80%
$275 million 4.80% Senior Notes Due July 27, 2026 | Senior notes | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value		$ 273,700,000		$ 273,700,000		273,500,000
Fair Value		257,300,000		257,300,000		249,700,000
Senior Notes, 5.125%, due 2031 | Senior notes
Debt Instrument [Line Items]
Face amount		$ 125,000,000		$ 125,000,000
Interest rate (as a percent)	5.125%	5.125%		5.125%
Repayments of debt	$ 125,000,000
Loss on extinguishment of debt					$ 3,200,000
Senior Notes, 5.125%, due 2031 | Senior notes | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value		$ 0		$ 0		0
Fair Value		$ 0		$ 0		$ 0

Borrowings and Debt (Details)

Borrowings and Debt (Details) - Line of Credit - Revolving credit facility	Mar. 07, 2022
Debt Instrument [Line Items]
Interest coverage ratio	4
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.375%
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Additional Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Additional Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Weighted average remaining lease term	10 years	10 years 10 months 24 days
Weighted average discount rate	3.55%	3.39%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	11 years

Leases - Summary of Lease Infor

Leases - Summary of Lease Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2.1	$ 2.5	$ 4.2	$ 5
Variable lease cost	0.1	0.1	0.1	0.1
Sublease income	0	(0.2)	0	(0.3)
Total operating lease expense	2.2	2.4	4.3	4.8
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	2.2	2.2	4.5	4.4
Right of use assets obtained in exchange for new operating lease liabilities	$ 0.1	$ 1.8	$ 2.9	$ 1.8

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 4.7
2024	9.3
2025	8.9
2026	8.8
2027	8.4
Thereafter	49.6
Total lease payments	89.7
Less imputed interest	(13.9)
Total	$ 75.8

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jan. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Deposit guaranty on behalf of an Affiliate			$ 2.5
Guaranty liabilities	$ 0	$ 0

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to controlling interests	$ 11.4	$ 28.6	$ 23.4	$ 52.4
Denominator:
Weighted-average shares of common stock outstanding—basic (in shares)	41,484,303	41,425,555	41,464,362	42,690,683
Potential shares of common stock:
Weighted average diluted common stock outstanding (in shares)	42,645,419	42,518,125	42,678,109	43,915,806
Basic
Basic earnings per share of common stock attributable to controlling interests (in dollars per share)	$ 0.27	$ 0.69	$ 0.56	$ 1.23
Diluted
Diluted earnings per share of common stock attributable to controlling interests (in dollars per share)	$ 0.27	$ 0.67	$ 0.55	$ 1.19
Restricted stock units
Potential shares of common stock:
Restricted stock units/Employee stock options (in shares)	1,695	6,935	4,617	8,523
Employee stock options
Potential shares of common stock:
Restricted stock units/Employee stock options (in shares)	1,159,421	1,085,635	1,209,130	1,216,600

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - Management fees - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue:	$ 92.8	$ 93.5	$ 183.4	$ 195.7
Quant & Solutions | U.S.
Disaggregation of Revenue [Line Items]
Revenue:	69.3	71.2	137.3	148.2
Quant & Solutions | Non-U.S.
Disaggregation of Revenue [Line Items]
Revenue:	$ 23.5	$ 22.3	$ 46.1	$ 47.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 18, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation adjustment		$ 0.8	$ (2.4)	$ 1.5	$ (3.1)
Amortization related to derivatives securities, before tax		0.8	0.8	1.7	3
Tax impact		(0.2)	(0.2)	(0.5)	(0.8)
Total other comprehensive income (loss)		$ 1.4	(1.8)	$ 2.7	(0.9)
Senior Notes, 5.125%, due 2031 | Senior notes
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Repayments of debt	$ 125
Interest rate (as a percent)	5.125%	5.125%		5.125%
Amortization					1.3
Foreign currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ 2.4	4.1	$ 1.7	4.8
Foreign currency translation adjustment		0.8	(2.4)	1.5	(3.1)
Amortization related to derivatives securities, before tax		0	0	0	0
Tax impact		0	0	0	0
Total other comprehensive income (loss)		0.8	(2.4)	1.5	(3.1)
Ending balance		3.2	1.7	3.2	1.7
Valuation and amortization of derivative securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(11.7)	(14)	(12.3)	(15.6)
Foreign currency translation adjustment		0	0	0	0
Amortization related to derivatives securities, before tax		0.8	0.8	1.7	3
Tax impact		(0.2)	(0.2)	(0.5)	(0.8)
Total other comprehensive income (loss)		0.6	0.6	1.2	2.2
Ending balance		(11.1)	(13.4)	(11.1)	(13.4)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(9.3)	(9.9)	(10.6)	(10.8)
Ending balance		$ (7.9)	$ (11.7)	$ (7.9)	$ (11.7)

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 18, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2016	Jul. 31, 2015
Senior Notes, 5.125%, due 2031 | Senior notes
Derivative Instruments, Gain (Loss) [Line Items]
Repayments of debt	$ 125
Interest rate (as a percent)	5.125%	5.125%		5.125%
Amortization					$ 1.3
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from AOCI to interest expense		$ 0.8	$ 0.8	$ 1.7	3
Loss amount reclassified within twelve months				3.6
Valuation and amortization of derivative securities
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income		$ (11.1)	$ (13.4)	$ (11.1)	$ (13.4)	$ (11.7)	$ (12.3)	$ (14)	$ (15.6)
Treasury Lock | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount											$ 300
Fair value of derivative										$ (34.4)

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
ENI revenue	$ 96.3	$ 95.5	$ 188.1	$ 207.7
ENI operating expenses	52	25.6	99.6	64.8
Earnings Before Variable Compensation	44.3	69.9	88.5	142.9
Variable compensation	22.7	22.7	45.9	50.6
Operating Earnings After Variable Compensation	21.6	47.2	42.6	92.3
Affiliate key employee distributions	1.2	0.5	2.4	2.4
Earnings after Affiliate key employee distributions	20.4	46.7	40.2	89.9
Net interest expense	(3.9)	(4.7)	(7.7)	(11.2)
Investment income (loss)	0.2	(0.7)	0.5	(0.8)
Loss on extinguishment of debt	0	0	0	(3.2)
Net income attributable to non-controlling interests in consolidated Funds	(0.1)	0	(0.1)	0
Income tax expense	(5.5)	(12.7)	(10.6)	(22.3)
Net income attributable to controlling interests	11.4	28.6	23.4	52.4
Consolidated Funds
Segment Reporting Information [Line Items]
ENI revenue	1.3	0	2	0
Investment income (loss)	0.5		1.6
Operating Segments | Quant & Solutions
Segment Reporting Information [Line Items]
ENI revenue	95	95.5	186.1	207.7
ENI operating expenses	47.3	39.7	90.9	80.8
Earnings Before Variable Compensation	47.7	55.8	95.2	126.9
Variable compensation	22	21.7	44.5	48
Operating Earnings After Variable Compensation	25.7	34.1	50.7	78.9
Affiliate key employee distributions	1.2	0.5	2.4	2.4
Earnings after Affiliate key employee distributions	24.5	33.6	48.3	76.5
Net interest expense	0	0	0	0
Investment income (loss)		0		0
Loss on extinguishment of debt				0
Net income attributable to non-controlling interests in consolidated Funds	0		0
Income tax expense	0	0	0	0
Net income attributable to controlling interests	24.5	33.6	48.3	76.5
Operating Segments | Consolidated Funds | Quant & Solutions
Segment Reporting Information [Line Items]
Investment income (loss)	0		0
Other | Other
Segment Reporting Information [Line Items]
ENI revenue	0	0	0	0
ENI operating expenses	3.9	4.4	7.4	8.9
Earnings Before Variable Compensation	(3.9)	(4.4)	(7.4)	(8.9)
Variable compensation	0.7	1	1.4	2.6
Operating Earnings After Variable Compensation	(4.6)	(5.4)	(8.8)	(11.5)
Affiliate key employee distributions	0	0	0	0
Earnings after Affiliate key employee distributions	(4.6)	(5.4)	(8.8)	(11.5)
Net interest expense	(3.5)	(4.6)	(6.9)	(9.2)
Investment income (loss)		0		0
Loss on extinguishment of debt				0
Net income attributable to non-controlling interests in consolidated Funds	0		0
Income tax expense	(4.4)	(6.3)	(8.8)	(15.1)
Net income attributable to controlling interests	(12.5)	(16.3)	(24.5)	(35.8)
Other | Consolidated Funds | Other
Segment Reporting Information [Line Items]
Investment income (loss)	0		0
Reconciling Adjustments
Segment Reporting Information [Line Items]
ENI revenue	1.3	0	2	0
ENI operating expenses	0.8	(18.5)	1.3	(24.9)
Earnings Before Variable Compensation	0.5	18.5	0.7	24.9
Variable compensation	0	0	0	0
Operating Earnings After Variable Compensation	0.5	18.5	0.7	24.9
Affiliate key employee distributions	0	0	0	0
Earnings after Affiliate key employee distributions	0.5	18.5	0.7	24.9
Net interest expense	(0.4)	(0.1)	(0.8)	(2)
Investment income (loss)		(0.7)		(0.8)
Loss on extinguishment of debt				(3.2)
Net income attributable to non-controlling interests in consolidated Funds	(0.1)		(0.1)
Income tax expense	(1.1)	(6.4)	(1.8)	(7.2)
Net income attributable to controlling interests	(0.6)	$ 11.3	(0.4)	$ 11.7
Reconciling Adjustments | Consolidated Funds
Segment Reporting Information [Line Items]
Investment income (loss)	$ 0.5		$ 1.6