INVESTMENTS

The disclosures below include details of the company's investments. Investments held by CIP are detailed in Note 12, "Consolidated Investment Products."



$ in millions	March 31, 2017	December 31, 2016
Available-for-sale investments:
Seed money	97.8	127.9
CLOs	10.8	12.9
Other debt securities	12.9	13.2
Trading investments:
Investments related to deferred compensation plans	81.8	170.5
Seed money	123.2	121.9
Other equity securities	33.3	30.4
UIT-related equity and debt securities	3.9	6.8
Equity method investments	291.4	279.0
Foreign time deposits	28.5	26.9
Other	5.7	5.8
Total investments	689.3	795.3

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, 2017
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Seed money	34.2	1.6	(1.3	)
CLOs	2.0	0.3	—
Other debt securities	7.6	—	—
	43.8	1.9	(1.3	)



	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	—

Upon the sale of available-for-sale securities, net realized gains of $0.6 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during the three months ended March 31, 2017 (three months ended March 31, 2016: $0.3 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, 2017					December 31, 2016
$ 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	93.3	7.0	(2.5	)	97.8	127.2	6.8	(6.1	)	127.9
CLOs	7.5	3.3	—		10.8	9.2	3.7	—		12.9
Other debt securities	12.9	—	—		12.9	13.2	—	—		13.2
	113.7	10.3	(2.5	)	121.5	149.6	10.5	(6.1	)	154.0

At March 31, 2017, 92 seed money funds (December 31, 2016: 103 seed money funds) had incurred gross unrealized holding losses. The following table provides a breakdown of the unrealized losses.



	March 31, 2017			December 31, 2016
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Less than 12 months	0.6	(0.1	)	1.9	(0.2	)
12 months or greater	39.9	(2.4	)	56.4	(5.9	)
Total	40.5	(2.5	)	58.3	(6.1	)

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, 2017 (three months ended March 31, 2016: none). 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 any declines in fair value, the company has 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, 2017 and 2016, no other-than-temporary impairment related to credit related factors was recognized.

Available-for-sale debt securities as of March 31, 2017 by maturity, are set out below:



	Available-for-Sale (Fair Value)
Less than one year	12.9
One to five years	0.2
Five to ten years	7.9
Greater than ten years	2.7
Total available-for-sale	23.7

Trading investments

The portion of trading gains and losses for the three months ended March 31, 2017, that relates to trading securities still held at March 31, 2017, was a $4.8 million net gain (three months ended March 31, 2016: $1.7 million net loss).