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Discontinued Operations
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Landmark Partners
On March 30, 2021, the Company entered into a definitive agreement with Ares Holdings L.P. (“Ares”), pursuant to which Ares agreed to purchase all of the Company’s interests in Landmark Partners LLC (“Landmark”) and the Company’s co-investments in Landmark funds. On June 2, 2021, the Company completed the sale of all its interests in Landmark to Ares for cash consideration of $690.0 million, adjusted for customary closing adjustments. The Company recognized a gain on disposal of discontinued operations of $509.2 million, net of tax of $176.6 million for the nine months ended September 30, 2021. The divestiture of Landmark met the discontinued operations criteria as it represented a strategic shift that had a major effect on the Company’s operations and financial results. The Company redeemed co-investments of $31.5 million in Landmark’s funds as of June 2, 2021 upon consummation of the sale.
Thompson, Siegel & Walmsley, LLC
On May 9, 2021, the Company entered into an agreement with Pendal Group Limited (“Pendal”), to sell all of the Company’s interests in Thompson, Siegel & Walmsley, LLC (“TSW”) and the Company’s seed investment in TSW strategies. On July 22, 2021, the Company completed the sale of all its interests in TSW to Pendal for cash consideration of $240.0 million. The Company recognized a gain on disposal of discontinued operations of $185.4 million net of tax of $74.0 million for the three and nine months ended September 30, 2021. The divestiture of TSW met the discontinued operations criteria as it represented a strategic shift that has a major effect on the Company’s operations and financial results.
The major classes of revenue and expenses constituting net income from discontinued operations attributable to controlling interests for Landmark and TSW in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenues$— $5.6 $— $115.1 
Operating expenses:
Compensation and benefits— 3.6 — 91.2 
General and administrative expenses— 0.4 — 8.1 
Amortization of intangibles— — — 2.7 
Depreciation and amortization— — — 0.5 
Consolidated Funds’ expense— — — 0.1 
Total operating expenses— 4.0 — 102.6 
Operating income— 1.6 — 12.5 
Investment gains of consolidated Funds— — — 68.1 
Income from discontinued operations before taxes— 1.6 — 80.6 
Income tax expense— 0.4 — 4.1 
Income from discontinued operations, net of tax — 1.2 — 76.5 
Gain on disposal, net of tax of $0.0, $74.0, $0.0, and $250.6
— 185.4 — 694.6 
Total discontinued operations— 186.6 — 771.1 
Income from discontinued operations attributable to non-controlling interests— — — 68.0 
Net income from discontinued operations attributable to controlling interests$— $186.6 $— $703.1 
Consolidated Funds
In connection with the sale of Landmark on June 2, 2021, the Company transferred its co-investment interests in Landmark funds to Ares for $31.5 million. The redemption resulted in the de-consolidation of consolidated Funds that were considered to be variable interest entities (“VIEs”) as of June 2, 2021 upon consummation of the sale. The criteria for discontinued operations accounting treatment were met.