Noncontrolling Interests

6 Months Ended

Jun. 30, 2020

Noncontrolling Interests

Noncontrolling Interests

Note 9 — Noncontrolling Interests

Redeemable Noncontrolling Interests

Redeemable noncontrolling interests as of June 30, 2020, and December 31, 2019, consisted of the following (in millions):

	June 30,		December 31,
	2020		2019
Consolidated seeded investment products	$	453.7	$	662.8
Intech:
Appreciation rights		12.2		11.8
Founding member ownership interests		2.8		3.3
Total redeemable noncontrolling interests	$	468.7	$	677.9

Consolidated Seeded Investment Products

Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor’s request.

Redeemable noncontrolling interests in consolidated seeded investment products may fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the underlying securities included in the portfolios of seeded products. Redemptions of investments by third parties in any particular seeded product are redeemed from the net assets of such seeded product and cannot be redeemed from the assets of our other seeded products or from our other assets.

The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products during the three and six months ended June 30, 2020 and 2019 (in millions):

	Three months ended				Six months ended
	June 30,				June 30,
	2020		2019		2020		2019
Opening balance	$	448.7	$	122.0	$	662.8	$	121.6
Changes in market value		29.0		2.7		(7.9)		7.2
Changes in ownership		(25.3)		14.2		(196.9)		10.0
Foreign currency translation		1.3		(0.1)		(4.3)		—
Closing balance	$	453.7	$	138.8	$	453.7	$	138.8

Intech

Intech ownership interests held by a founding member had an estimated fair value of $2.8 million as of June 30, 2020, representing an approximate 1.1% ownership of Intech. This founding member is entitled to retain his remaining Intech interests for the remainder of his life and has the option to require us to purchase his ownership interests in Intech at fair value.

Intech appreciation rights are amortized using a graded vesting method over the respective vesting period. The appreciation rights are exercisable upon termination of employment from Intech to the extent vested. Upon exercise, the appreciation rights are settled in Intech equity.

Nonredeemable Noncontrolling Interests

Nonredeemable noncontrolling interests as of June 30, 2020, and December 31, 2019, were as follows (in millions):

	June 30,		December 31,
	2020		2019
Nonredeemable noncontrolling interests in:
Seed capital investments	$	5.1	$	6.7
Intech		13.0		13.0
Total nonredeemable noncontrolling interests	$	18.1	$	19.7