INVESTMENTS

The disclosures below include details of the company's investments. Investments held by CSIP are detailed in Note 19, "Consolidated Sponsored Investment Products." Investments held by CIP are detailed in Note 20, "Consolidated Investment Products."



$ in millions	December 31, 2014	December 31, 2013
Available-for-sale investments:
Seed money	246.2	233.8
CLOs	3.4	4.0
Other debt securities	6.3	6.3
Trading investments:
Investments related to deferred compensation plans	162.6	249.7
Seed Money	68.2	—
UIT-related equity and debt securities	3.4	3.3
Other equity securities	29.0	—
Equity method investments	332.1	308.2
Foreign time deposits	29.6	28.8
Other	4.6	5.6
Total investments	885.4	839.7

Available for sale investments

Realized gains and losses recognized in the Consolidated Statements of Income during the year from investments classified as available-for-sale are as follows:



	2014				2013				2012
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses		Proceeds from Sales	Gross Realized Gains	Gross Realized Losses		Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Seed money	102.5	13.0	(0.2	)	26.7	3.6	(0.4	)	50.3	5.3	(0.6	)
CLOs	0.3	—	—		0.2	—	—		0.3	—	—

Upon the sale of available-for-sale securities, net realized gains of $12.8 million, $3.2 million and $4.7 million were transferred from accumulated other comprehensive income into the Consolidated Statements of Income during 2014, 2013, and 2012, 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:



	December 31, 2014					December 31, 2013
$ in millions	Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses		Fair Value	Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses		Fair Value
Seed money	237.7	12.8	(4.3	)	246.2	215.7	19.0	(0.9	)	233.8
CLOs	3.5	—	(0.1	)	3.4	3.8	0.2	—		4.0
Other debt securities	6.3	—	—		6.3	6.3	—	—		6.3
	247.5	12.8	(4.4	)	255.9	225.8	19.2	(0.9	)	244.1

At December 31, 2014, 146 seed money funds (December 31, 2013: 149 seed money funds) experienced gross unrealized holding losses. The following table provides a breakdown of the unrealized losses.



	December 31, 2014			December 31, 2013
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Less than 12 months	123.9	(3.5	)	69.0	(0.8	)
12 months or greater	3.6	(0.8	)	0.2	(0.1	)
Total	127.5	(4.3	)	69.2	(0.9	)

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 available-for-sale investments during the year ended December 31, 2014 (year ended December 31, 2013: none). A significant portion of the gross unrealized losses of seed money investments at December 31, 2014 related to foreign currency movements. The company reviewed 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 and concluded that the gross unrealized losses on these securities did not represent other-than-temporarily impairments. 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 years ended December 31, 2014 and 2013, there were no charges to other comprehensive income from other-than-temporary impairment related to non-credit related factors.

At December 31, 2014, $3.0 million of available-for-sale debt securities mature in one year through five years, and $6.7 million after five years through ten years.

Trading investments

Net gains recorded in Other gains/(losses) in the Consolidated Statements of Income resulting from trading investments for the year ended December 31, 2014, were $15.4 million (December 31, 2013: $38.5 million). The portion of trading gains and losses for the year ended December 31, 2014, that relates to trading securities still held at December 31, 2014, was a $12.3 million net gain (December 31, 2013: $33.8 million net gain).

Equity method investments

Following are the company's investments in joint ventures and affiliates, which are accounted for using the equity method and are recorded as investments on the Consolidated Balance Sheets:



Name of Company	Country of Incorporation	% Voting Interest Owned
Huaneng Invesco WLR (Beijing) Investment Fund Management Company Ltd.	China	50.0%
Invesco Great Wall Fund Management Company Limited	China	49.0%
Religare Invesco Asset Management Company Private Ltd.	India	49.0%
Religare Invesco Trustee Company Private Ltd.	India	49.0%
Pocztylion - ARKA	Poland	29.3%

Undistributed earnings from equity method investees have not been a material restriction on the company's ability to pay dividends to shareholders. Equity method investments also include the company's investments in certain of its managed private equity, real estate and other investment entities. The company's investment is generally less than 5% of the capital of these entities. These entities include variable interest entities for which the company has determined that it is not the primary beneficiary and other investment products structured as partnerships for which the company is the general partner and the other limited partners possess either substantive kick-out, liquidation or participation rights. See Note 1, “Accounting Policies,” for additional information.

Noncontrolling interests in consolidated entities

The company owns 100% of the voting control of its subsidiary entities, directly or indirectly, with the exception of the following entities, which are consolidated with resulting noncontrolling interests:



Name of Company	Country of Incorporation	% Voting Interest Owned
VV Immobilien Verwaltungs und Beteiligungs GmbH	Germany	70.0%
VV Immobilien Verwaltungs GmbH	Germany	70.0%
HVH Immobilien und Beteiligungs GmbH	Germany	70.0%