INVESTMENTS

The disclosures below include details of the company’s investments. Investments held by consolidated investment products are detailed in Note 11, “Consolidated Investment Products.”

Current Investments



	As of
	September 30,	December 31,
$ in millions	2011	2010
Available-for-sale investments:
Seed money	71.9	99.5
Trading investments:
Investments related to deferred compensation plans	175.7	165.5
UIT-related equity and debt securities	8.1	15.1
Foreign time deposits	39.0	28.2
Other	0.5	0.5
Total current investments	295.2	308.8

Non-current Investments



	As of
	September 30,	December 31,
$ in millions	2011	2010
Available-for-sale investments:
CLOs	0.5	0.5
Equity method investments	178.6	156.9
Other	7.8	7.0
Total non-current investments	186.9	164.4

The portion of trading gains and losses for the nine months ended September 30, 2011 that relates to trading securities still held at September 30, 2011 was a $13.3 million net loss.

Realized gains and losses recognized in the income statement during the year from investments classified as available-for-sale are as follows:



	For the three months ended September 30, 2011				For the nine months ended September 30, 2011
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses		Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Current available-for-sale investments	13.6	1.1	(0.2	)	50.1	7.6	(0.4	)
Non-current available-for-sale investments	—	—	—		0.1	—	—



	For the three months ended September 30, 2010			For the nine months ended September 30, 2010
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Current available-for-sale investments	22.5	2.9	—	33.0	3.6	(0.5	)
Non-current available-for-sale investments	—	—	—	0.1	—	—

Upon the sale of available-for-sale securities, net realized gains of $7.2 million and $3.1 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during nine months ended September 30, 2011 and 2010, respectively. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed.

Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below:



	September 30, 2011					December 31, 2010
$ in millions	Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses		Fair Value	Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses		Fair Value
Current:
Seed money	76.9	1.7	(6.7	)	71.9	89.6	10.6	(0.7	)	99.5
Current available-for-sale investments	76.9	1.7	(6.7	)	71.9	89.6	10.6	(0.7	)	99.5
Non-current:
CLOs	0.3	0.2	—		0.5	0.3	0.2	—		0.5
Non-current available-for-sale investments:	0.3	0.2	—		0.5	0.3	0.2	—		0.5
	77.2	1.9	(6.7	)	72.4	89.9	10.8	(0.7	)	100.0

Available-for-sale debt securities as of September 30, 2011 by maturity, are set out below:



	Available-for-Sale
$ in millions	(Fair Value)
Less than one year	—
One to five years	—
Five to ten years	0.5
Greater than ten years	—
Total available-for-sale	0.5

The following table provides the breakdown of available-for-sale investments with unrealized losses at September 30, 2011:



	Less Than 12 Months			12 Months or Greater			Total
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Seed money (119 funds)	41.0	(5.8	)	5.0	(0.9	)	46.0	(6.7	)

The following table provides the breakdown of available-for-sale investments with unrealized losses at December 31, 2010:



	Less Than 12 Months		12 Months or Greater			Total
$ in millions	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Seed money (15 funds)	—	—	5.7	(0.7	)	5.7	(0.7	)

The company has reviewed investment securities for other-than-temporary impairment (OTTI) in accordance with its accounting policy and has recognized no other-than-temporary impairment charges on seed money investments during the nine months ended September 30, 2011 (nine months ended September 30, 2010: $6.5 million).

The gross unrealized losses of seed money investments at September 30, 2011 were primarily caused by declines in the market value of the underlying securities in the seeded funds and foreign exchange movements. After conducting a review of the financial condition and near-term prospects of the underlying securities in the seeded funds as well as the severity and duration of the impairment, the company does not consider any material portion of its gross unrealized losses on these securities to be other-than-temporarily impaired. The securities are expected to recover their value over time and the company has the intent and ability to hold the securities until this recovery occurs.

During the three and nine months ended September 30, 2011, there were no charges to other comprehensive income from other-than-temporary impairment related to non-credit related factors (three and nine months ended September 30, 2010: none). A rollforward of the cumulative credit-related other-than-temporary impairment charges recognized in earnings for which some portion of the impairment was recorded in other comprehensive income is as follows:



	Three months ended	Nine months ended	Three months ended	Nine months ended
$ in millions	September 30, 2011	September 30, 2011	September 30, 2010	September 30, 2010
Beginning balance	0.8	0.8	0.8	18.8
Adoption of guidance now encompassed in ASC Topic 810*	—	—	—	(18.0	)
Beginning balance, as adjusted	0.8	0.8	0.8	0.8
Additional credit losses recognized during the period related to securities for which:
No OTTI has been previously recognized	—	—	—	—
OTTI has been previously recognized	—	—	—	—
Ending balance	0.8	0.8	0.8	0.8

The company adopted guidance now encompassed in ASC Topic 810, “Consolidation,” on January 1, 2010, resulting in the consolidation of CLOs for which the company has an underlying investment of $50.2 million at September 30, 2011. Of the $18.8 million cumulative credit-related OTTI balance at January 1, 2010, $18.0 million relates to CLOs that were consolidated into the company’s Condensed Consolidated Balance Sheet, resulting in the elimination of our equity interest.