INVESTMENTS

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



$ in millions	December 31, 2017	December 31, 2016
Available-for-sale investments:
Seed money	69.3	127.9
CLOs	6.0	12.9
Other debt securities	9.9	13.2
Trading investments:
Investments related to deferred compensation plans	92.3	170.5
Seed money	173.7	121.9
UIT-related equity and debt securities	2.4	6.8
Other equity securities	8.9	30.4
Equity method investments	277.3	279.0
Foreign time deposits	28.6	26.9
Other	6.2	5.8
Total investments	674.6	795.3

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:



	2017				2016				2015
$ 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	62.5	4.3	(1.5	)	42.7	1.5	(1.6	)	48.1	2.2	(0.2	)
CLOs	7.1	1.9	—		3.0	—	—		2.6	0.5	—
Other debt securities	9.9	2.5	—		13.6	—	(0.5	)	0.4	—	—
	79.5	8.7	(1.5	)	59.3	1.5	(2.1	)	51.1	2.7	(0.2	)

Upon the sale of available-for-sale securities, net realized gains of $7.2 million, were transferred from accumulated other comprehensive income into the Consolidated Statements of Income during the year ended December 31, 2017 (year ended December 31, 2016: $0.6 million net losses, year ended December 31, 2015: $2.5 million net gains). 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, 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	65.1	5.5	(1.3	)	69.3	127.2	6.8	(6.1	)	127.9
CLOs	4.9	1.1	—		6.0	9.2	3.7	—		12.9
Other debt securities	9.9	—	—		9.9	13.2	—	—		13.2
	79.9	6.6	(1.3	)	85.2	149.6	10.5	(6.1	)	154.0

At December 31, 2017, 50 seed money funds (December 31, 2016: 103 seed money funds) experienced gross unrealized holding losses. The following table provides a breakdown of the unrealized losses.



	December 31, 2017			December 31, 2016
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Less than 12 months	9.4	(0.8	)	1.9	(0.2	)
12 months or greater	15.0	(0.5	)	56.4	(5.9	)
Total	24.4	(1.3	)	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 $3.2 million other-than-temporary impairment charges on certain available-for-sale investments during the year ended December 31, 2017 (year ended December 31, 2016: none). In contemplation of OTTI, the company conducts a review of the financial condition and near-term prospects of the underlying securities as well as the severity and duration of any declines in fair value. No OTTI is recorded for seeded funds which are expected to recover their value over time and for which 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 year ended December 31, 2017 and 2016, no such other-than-temporary impairment was recognized.

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



	Available-for-Sale (Fair Value)
Less than one year	9.9
One to five years	2.8
Five to ten years	3.2
Greater than ten years	—
Total available-for-sale	15.9

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, 2017, were $40.4 million (December 31, 2016: $14.2 million gain). The portion of trading gains and losses for the year ended December 31, 2017, that relates to trading securities still held at December 31, 2017, was a $18.9 million net gain (December 31, 2016: $16.9 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%
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%