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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue:        
Revenue $ 196.4 $ 229.6 $ 609.8 $ 701.0
Total revenue 197.8 230.1 612.1 713.7
Operating expenses:        
Total operating expenses 145.9 216.8 445.6 659.5
Operating income 51.9 13.3 166.5 54.2
Non-operating income and (expense):        
Net consolidated Funds’ investment gains (losses) 7.0 2.8 25.2 62.8
Total non-operating income (loss) (0.9) (2.6) 2.9 46.1
Income from continuing operations before taxes 51.0 10.7 169.4 100.3
Income tax expense (benefit) (32.0) (43.4) 3.7 (11.1)
Income from continuing operations 83.0 54.1 165.7 111.4
Gain (loss) on disposal of discontinued operations, net of tax 0.0 0.1 0.0 0.1
Net income 83.0 54.2 165.7 111.5
Net income (loss) attributable to non-controlling interests in consolidated Funds 7.6 0.2 9.6 (1.9)
Net income attributable to controlling interests $ 75.4 $ 54.0 $ 156.1 $ 113.4
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.84 $ 0.51 $ 1.68 $ 1.05
Earnings per share (diluted) attributable to controlling interests (in dollars per share) 0.84 0.51 1.68 1.04
Continuing operations earnings per share (basic) attributable to controlling interests (in dollars per share) 0.84 0.51 1.68 1.05
Continuing operations earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.84 $ 0.51 $ 1.68 $ 1.04
Weighted average ordinary shares outstanding (in shares) 89,970,871 106,363,714 92,996,289 108,057,432
Weighted average diluted ordinary shares outstanding (in shares) 89,972,300 106,514,709 93,076,064 108,231,710
Investments in unconsolidated Funds        
Revenue:        
Other revenue $ 1.4 $ 1.4 $ 4.3 $ 7.2
Operating expenses:        
Compensation and benefits 108.0 180.2 332.8 552.8
General and administrative expense 31.7 31.0 95.3 90.3
Amortization of acquired intangibles 1.6 1.6 4.9 4.9
Depreciation and other amortization 4.4 3.7 12.2 10.6
Non-operating income and (expense):        
Investment income 2.3 3.9 11.4 69.6
Interest income 0.4 0.9 1.8 2.0
Interest expense (8.3) (6.3) (24.1) (18.7)
Gain (loss) on disposal of discontinued operations, net of tax     0.0 0.1
Consolidated Funds        
Revenue:        
Total revenue 1.9 1.2 4.9 2.6
Operating expenses:        
Total operating expenses 0.2 0.3 0.4 0.9
Non-operating income and (expense):        
Net consolidated Funds’ investment gains (losses) 4.7 (1.1) 13.8 (6.8)
Net income (loss) attributable to non-controlling interests in consolidated Funds 7.6 0.2 9.6 (1.9)
Management fees        
Revenue:        
Revenue 196.4 229.6 609.8 701.0
Management fees | Investments in unconsolidated Funds        
Revenue:        
Revenue 196.4 229.6 609.8 701.0
Performance fees | Investments in unconsolidated Funds        
Revenue:        
Revenue $ (1.9) $ (2.1) $ (6.9) $ 2.9