The following tables present movements in our intangible assets and goodwill during the six months ended June 30, 2020 and 2019 (in millions):


	December 31,								Foreign currency		June 30,
	2019		Amortization		Disposal		Impairment		translation		2020
Indefinite-lived intangible assets:
Investment management agreements	$	2,490.3	$	—	$	—	$	(263.5)	$	(32.5)	$	2,194.3
Trademarks		380.8		—		—		(7.7)		(0.2)		372.9
Definite-lived intangible assets:
Client relationships		364.7		—		(79.3)		(119.0)		(3.3)		163.1
Accumulated amortization		(147.2)		(8.6)		61.4		—		2.7		(91.7)
Net intangible assets	$	3,088.6	$	(8.6)	$	(17.9)	$	(390.2)	$	(33.3)	$	2,638.6
Goodwill	$	1,504.3	$	—	$	(23.5)	$	(123.5)	$	(46.9)	$	1,310.4


	December 31,								Foreign currency		June 30,
	2018		Amortization		Disposal		Impairment		translation		2019
Indefinite-lived intangible assets:
Investment management agreements	$	2,495.5	$	—	$	—	$	(18.0)	$	(0.9)	$	2,476.6
Trademarks		380.8		—		—		—		—		380.8
Definite-lived intangible assets:
Client relationships		363.3		—		—		—		(0.1)		363.2
Accumulated amortization		(116.3)		(14.7)		—		—		0.1		(130.9)
Net intangible assets	$	3,123.3	$	(14.7)	$	—	$	(18.0)	$	(0.9)	$	3,089.7
Goodwill	$	1,478.0	$	—	$	—	$	—	$	(0.6)	$	1,477.4

On December 3, 2019, HGINA, a subsidiary of JHG, entered into an agreement to sell its 100% ownership interest in Geneva to GCM Purchaser, LLC. The sale closed on March 17, 2020. The transaction included $17.9 million of net intangible assets and goodwill of $23.5 million, as disclosed in the disposal column above. Refer to Note 2 — Dispositions for additional information on the sale of Geneva.

In March 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a pandemic. The impact of COVID-19 on the global economy and businesses is extreme and evolving rapidly, and its future effects are uncertain. Our financial results are directly impacted by the volatility and decline in the global financial markets. In March 2020, the global financial markets declined substantially and our AUM was significantly impacted. We therefore determined that the sudden and severe decline in our AUM was a triggering event for performing an interim impairment assessment of our goodwill and intangible assets.

A DCF model was used to determine the estimated fair value of certain investment management agreements and client relationships while a relief from royalty method was used for trademarks. Some of the inputs used in the DCF and relief from royalty models required significant management judgment, including the discount rate, terminal growth rate, forecasted financial results and market returns. Management’s judgment used in the assessments is more significant under the current market conditions and economic uncertainty created by COVID-19. The carrying value of certain investment management agreements, trademarks and client relationships exceeded their estimated fair value and we

recognized impairments of $263.5 million, $7.7 million and $92.6 million, respectively, during the three months ended March 31, 2020.

A DCF model was also used to estimate the fair value of our sole reporting unit. Goodwill was assessed for impairment by comparing the estimated fair value of our reporting unit to its carrying value. The carrying value of our reporting unit was reduced by the intangible asset impairment charges prior to assessing goodwill for impairment. The assessment of goodwill also required significant management judgment as discussed in the preceding paragraph. The goodwill impairment assessment indicated the carrying value of our reporting unit exceeded its estimated fair value by $123.5 million.

The results of the interim assessment are included in the table above. The impairment charges were recorded in goodwill and intangible asset impairment charges on the Condensed Consolidated Statements of Comprehensive Income (Loss). If our AUM is further impacted by the global economic conditions caused by COVID-19, such as adverse and significant declines in the value of global financial markets, additional impairments of goodwill or intangible assets are possible in future periods.

In June 2020, a third-party issuer announced its intent to delist and suspend further issuances of the majority of VelocityShares exchange-traded notes (“ETNs”). The announcement was considered a triggering event for performing an interim impairment assessment of the definite-lived intangible asset. We qualitatively assessed the asset and considered how the announcement is expected to negatively impact ETN asset levels in the short and long term. While there will likely continue to be short-term revenue associated with the ETNs after they are delisted, the asset value is expected to decrease until the products become fully liquidated. As such, we impaired the entire intangible asset associated with the VelocityShares ETNs. The impairment charge of $26.4 million is included in the table above and recorded in goodwill and intangible asset impairment charges on the Condensed Consolidated Statements of Comprehensive Income (Loss).

Expected future amortization expense related to client relationships is summarized below (in millions):