INVESTMENTS

The disclosures below include details of the company's investments. Investments held by CSIP (for the prior period) and CIP are detailed in Notes 12, "Consolidated Sponsored Investment Products, and 13, "Consolidated Investment Products."



$ in millions	March 31, 2016	December 31, 2015
Available-for-sale investments:
Seed money	174.9	225.9
CLOs	11.8	1.4
Other debt securities	4.3	5.9
Trading investments:
Investments related to deferred compensation plans	166.0	158.8
Seed money	152.8	191.2
Other equity securities	26.3	48.1
UIT-related equity and debt securities	2.2	4.6
Equity method investments	346.8	352.8
Foreign time deposits	28.8	24.7
Other	5.7	5.7
Total investments	919.6	1,019.1

Available for sale investments

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



	For the three months ended March 31, 2016
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Seed money	1.2	0.3	—
CLOs	0.5	—	—
Other debt securities	1.6	—	—
	3.3	0.3	—



	For the three months ended March 31, 2015
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Seed money	8.9	0.6	—
CLOs	0.9	0.1	—
	9.8	0.7	—

Upon the sale of available-for-sale securities, net realized gains of $0.3 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during the three months ended March 31, 2016, (three months ended March 31, 2015: $0.7 million). 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:



	March 31, 2016					December 31, 2015
$ 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	173.3	8.3	(6.7	)	174.9	227.6	7.6	(9.3	)	225.9
CLOs	11.7	5.1	(5.0	)	11.8	1.3	0.1	—		1.4
Other debt securities	4.1	0.2	—		4.3	5.9	—	—		5.9
	189.1	13.6	(11.7	)	191.0	234.8	7.7	(9.3	)	233.2

At March 31, 2016, 215 seed money funds (December 31, 2015: 192 seed money funds) had incurred gross unrealized holding losses. The following table provides a breakdown of the unrealized losses.



	March 31, 2016			December 31, 2015
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Less than 12 months	4.4	(0.4	)	93.0	(3.0	)
12 months or greater	76.6	(6.3	)	65.5	(6.3	)
Total	81.0	(6.7	)	158.5	(9.3	)

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 three months ended March 31, 2016 (three months ended March 31, 2015: none). 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-temporary 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. For CLO investments, the company reviewed the estimated future cashflows of each CLO. If the present value of the estimated future cashflows is lower than the carrying value of the investment and there is an adverse change in estimated cashflows, the impairment is considered to be other than temporary. During the three months ended March 31, 2016 and 2015, no other-than-temporary impairment related to credit related factors was recognized.

Available-for-sale debt securities as of March 31, 2016 by maturity, are set out below:



	Available-for-Sale (Fair Value)
Less than one year	1.7
One to five years	1.5
Five to ten years	10.2
Greater than ten years	2.7
Total available-for-sale	16.1

Trading investments

The portion of trading gains and losses for the three months ended March 31, 2016, that relates to trading securities still held at March 31, 2016, was a $1.7 million net loss (three months ended March 31, 2015: $0.2 million net gain).

Equity method investments

On April 5, 2016, the company purchased the remaining 51% of Religare Invesco Asset Management Company ("Religare"), increasing our interest to 100%. At March 31, 2016, Invesco was committed to its plan of acquisition, which under U.S. GAAP requires the company to include any cumulative translation adjustments as part of the carrying value of the investment for the purpose of other-than-temporary impairment testing. As a result, during the three months ended March 31, 2016, the company recorded a non-cash impairment charge of $17.8 million related to its 49% investment in Religare. The charge relates entirely to the devaluation of the Indian Rupee against the U.S. Dollar over the period since the 2013 purchase and is included in equity in earnings of unconsolidated affiliates during the three months ended March 31, 2016.