GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

3. GOODWILL AND INTANGIBLE ASSETS

Finite Lived Intangible Assets, Net

The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets that are included within other assets in the Condensed Consolidated Statements of Financial Condition:

	Weighted Average Amortization Period as of September 30, 2020	As of September 30,		As of December 31,
		2020		2019
Management contracts	5.7 years	$	214,247	$	12,498
Client relationships	9.3 years	25,141		6,341
Trade name	9.6 years	11,079		378
Intangible assets		250,467		19,217
Foreign currency translation		1,259		—
Total intangible assets		251,726		19,217
Less: accumulated amortization		(20,331)		(11,242)
Intangible assets, net		$	231,395	$	7,975

In connection with the SSG Acquisition during the third quarter of 2020, the Company allocated $171.7 million, $18.8 million and $10.7 million of the purchase price to the fair value of the management contracts, client relationships and trade name, respectively. The acquired management contracts, client relationships and trade name had a weighted average amortization period of 5.6 years, 9.8 years and 9.8 years, respectively.

In connection with the acquisition of seven collateral management agreements during the first quarter of 2020, the Company allocated $34.7 million of the purchase price to the fair value of the collateral management contracts. The acquired management contracts had a weighted average amortization period of 5.9 years.

Amortization expense associated with intangible assets was $11.1 million and $0.6 million for the three months ended September 30, 2020 and 2019, respectively, and $13.7 million and $3.0 million for the nine months ended September 30, 2020 and 2019, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the first quarter of 2020, the Company removed $4.7 million of intangible assets that were fully amortized.

During the three months ended September 30, 2019, the Company recorded a non-cash impairment charge of $20.0 million to general, administrative and other expenses within the Condensed Consolidated Statements of Operations related to certain intangible assets recorded in connection with the Company’s acquisition of Energy Investors Funds. Following the recognition of the impairment charge, the Company removed $35.1 million of the client relationships and trade name intangible assets to reflect the adjusted carrying value to be amortized over the remaining useful life.

Goodwill

The following table summarizes the carrying value of the Company's goodwill assets that are included within other assets in the Condensed Consolidated Statements of Financial Condition:

	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Balance as of December 31, 2019	$	32,196	$	58,600	$	53,059	$	—	$	143,855
Acquisitions	—		—		—		224,601		224,601
Foreign currency translation	—		—		(48)		1,086		1,038
Balance as of September 30, 2020	$	32,196	$	58,600	$	53,011	$	225,687	$	369,494

In connection with the SSG Acquisition during the third quarter of 2020, the Company's preliminary assessment resulted in an allocation of the purchase price to goodwill of $224.6 million.

There was no impairment of goodwill recorded during the nine months ended September 30, 2020 and 2019. The impact of foreign currency translation is reflected within other comprehensive income.