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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
The following table presents the changes in goodwill in 2019 and 2018 (in millions):
 
Quant & Solutions
 
Alternatives
 
Liquid Alpha
 
Total
Goodwill
$
22.1

 
$
153.1

 
$
133.3

 
$
308.5

Accumulated impairment
(1.8
)
 
(5.0
)
 
(27.1
)
 
(33.9
)
December 31, 2017
$
20.3

 
$
148.1

 
$
106.2

 
$
274.6

Additions
—

 
—

 
—

 
—

Impairments
—

 
—

 
—

 
—

Disposals
—

 
—

 
—

 
—

Goodwill
22.1

 
153.1

 
133.3

 
308.5

Accumulated impairment
(1.8
)
 
(5.0
)
 
(27.1
)
 
(33.9
)
December 31, 2018
$
20.3

 
$
148.1

 
$
106.2

 
$
274.6

Additions
—

 
—

 
—

 
—

Impairments
—

 
—

 
—

 
—

Disposals
—

 
—

 
—

 
—

Goodwill
22.1

 
153.1

 
133.3

 
308.5

Accumulated impairment
(1.8
)
 
(5.0
)
 
(27.1
)
 
(33.9
)
December 31, 2019
$
20.3

 
$
148.1

 
$
106.2

 
$
274.6


The following table presents the change in definite-lived acquired intangible assets in 2019 and 2018, comprised of client relationships (in millions):
 
Gross
Book Value
 
Accumulated
Amortization &
Impairment
 
Net Book
Value
December 31, 2017
$
108.3

 
$
(31.0
)
 
$
77.3

Additions
—

 
—

 
—

Amortization
—

 
(6.6
)
 
(6.6
)
Disposals
—

 
—

 
—

December 31, 2018
$
108.3

 
$
(37.6
)
 
$
70.7

Additions
—

 
—

 
—

Amortization
—

 
(6.6
)
 
(6.6
)
Disposals
—

 
—

 
—

December 31, 2019
$
108.3

 
$
(44.2
)
 
$
64.1


The Company’s definite-lived acquired intangibles are amortized over their expected useful lives. As of December 31, 2019, these assets were being amortized over remaining useful lives of three to ten years. The Company recorded amortization expense of $6.6 million, $6.6 million and $6.6 million, respectively, for the years ended December 31, 2019, 2018 and 2017.
The Company also acquired a $1.0 million indefinite-lived intangible trade name in the acquisition of Landmark, included in acquired intangibles, net, on the Company’s Consolidated Balance Sheets at December 31, 2019 and 2018.
The Company estimates that its consolidated annual amortization expense, assuming no useful life changes or additional investments in new or existing Affiliates, for each of the next five fiscal years is as follows (in millions):
2020
$
6.6

2021
6.6

2022
6.5

2023
6.4

2024
6.4

Thereafter
31.6

Total
$
64.1