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Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in goodwill
The following table presents the changes in goodwill for the three months ended March 31, 2020 and 2019 (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, 2019
$
20.3

 
$
148.1

 
$
106.2

 
$
274.6

Additions
—

 
—

 
—

 
—

Impairments
—

 
—

 
(16.4
)
 
(16.4
)
Disposals
—

 
—

 
—

 
—

Goodwill
22.1

 
153.1

 
133.3

 
308.5

Accumulated impairment
(1.8
)
 
(5.0
)
 
(43.5
)
 
(50.3
)
March 31, 2020
$
20.3

 
$
148.1

 
$
89.8

 
$
258.2

 
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, 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
)
March 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 comprised of client relationships for the three months ended March 31, 2020 and 2019 (in millions):
 
Gross
Book Value
 
Accumulated
Amortization &
Impairment
 
Net Book
Value
December 31, 2019
$
108.3

 
$
(44.2
)
 
$
64.1

Additions
—

 
—

 
—

Amortization
—

 
(1.6
)
 
(1.6
)
Disposals
—

 
—

 
—

March 31, 2020
$
108.3

 
$
(45.8
)
 
$
62.5

 
Gross
Book Value
 
Accumulated
Amortization &
Impairment
 
Net Book
Value
December 31, 2018
$
108.3

 
$
(37.6
)
 
$
70.7

Additions
—

 
—

 
—

Amortization
—

 
(1.6
)
 
(1.6
)
Disposals
—

 
—

 
—

March 31, 2019
$
108.3

 
$
(39.2
)
 
$
69.1
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):
Year Ending December 31,
 
2020 (excluding the three months ended March 31, 2020)
$
5.0

2021
6.6

2022
6.5

2023
6.4

2024
6.4

Thereafter
31.6

Total
$
62.5