Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill

The following table presents the changes in goodwill for the nine months ended September 30, 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	—		—		—		—
Decrease from reclassification to assets held   for sale(1)	—		—		(76.1)		(76.1)
Goodwill	22.1		153.1		57.2		232.4
Accumulated impairment	(1.8)		(5.0)		(43.5)		(50.3)
September 30, 2020	$	20.3	$	148.1	$	13.7	$	182.1

(1) In connection with the pending divestiture of Barrow Hanley, the Company assigned $76.1 million of goodwill to “Affiliate Assets held for sale” in the Condensed Consolidated Balance Sheet as of September 30, 2020. See Note 3, Divestitures and Assets and Liabilities Held for Sale, in these Notes for additional information.

	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)
September 30, 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 nine months ended September 30, 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	—		(5.1)		(5.1)
Disposals	—		—		—
September 30, 2020	$	108.3	$	(49.3)	$	59.0

	Gross Book Value		Accumulated Amortization & Impairment		Net Book Value
December 31, 2018	$	108.3	$	(37.6)	$	70.7
Additions	—		—		—
Amortization	—		(4.9)		(4.9)
Disposals	—		—		—
September 30, 2019	$	108.3	$	(42.5)	$	65.8

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 nine months ended September 30, 2020)	$	1.6
2021	6.4
2022	6.5
2023	6.4
2024	6.4
Thereafter	31.7
Total	$	59.0