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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in goodwill
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
Schedule of change in acquired intangible assets
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
Schedule of consolidated annual amortization expense
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