Affiliated Managers (MGR) 10-Q6 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-13459
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3218510
Entity Address, Address Line One	777 South Flagler Drive
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	800
Local Phone Number	345-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		38,675,094
Entity Central Index Key	0001004434
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Common Stock ($0.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
2059 Junior Subordinated Notes
Entity Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Entity Information [Line Items]
Title of 12(b) Security	4.750% Junior Subordinated Notes due 2060
Trading Symbol	MGRB
Security Exchange Name	NYSE
4.200% Junior Subordinated Notes due 2061
Entity Information [Line Items]
Title of 12(b) Security	4.200% Junior Subordinated Notes due 2061
Trading Symbol	MGRD
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Consolidated revenue	$ 607.3	$ 559.1
Consolidated expenses:
Compensation and related expenses	255	246.9
Selling, general and administrative	89.4	78.8
Intangible amortization and impairments	12.6	7.5
Interest expense	29.1	27.5
Depreciation and other amortization	3.4	4.3
Other expenses (net)	5.6	13.5
Total consolidated expenses	395.1	378.5
Equity method income (net)	48.6	51.7
Investment and other income	13.6	32.3
Income before income taxes	274.4	264.6
Income tax expense	55.7	50.5
Net income	218.7	214.1
Net income (non-controlling interests)	(72.7)	(64.2)
Net income (controlling interest)	$ 146	$ 149.9
Average shares outstanding (basic) (in shares)	39.7	42.6
Average shares outstanding (diluted) (in shares)	46.9	45.4
Earnings per share (basic) (in dollars per share)	$ 3.68	$ 3.52
Earnings per share (diluted) (in dollars per share)	$ 3.44	$ 3.41

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 218.7	$ 214.1
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	(11.8)	23.8
Change in net realized and unrealized gain on derivative financial instruments	0	0.5
Other comprehensive income (loss), net of tax	(11.8)	24.3
Comprehensive income	206.9	238.4
Comprehensive income (non-controlling interests)	(66.2)	(64)
Comprehensive income (controlling interest)	$ 140.7	$ 174.4

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 501	$ 908.5
Receivables	465.8	419.2
Investments in marketable securities	81.1	78.5
Goodwill	2,683.7	2,689.2
Acquired client relationships (net)	1,943.3	1,966.4
Equity method investments in Affiliates (net)	2,195.2	2,134.4
Fixed assets (net)	73.9	73.9
Other investments	394.1	375.2
Other assets	232.7	231.1
Total assets	8,570.8	8,876.4
Liabilities and Equity
Payables and accrued liabilities	551.6	789.1
Debt	2,577.9	2,490.4
Deferred income tax liability (net)	485.7	503.2
Other liabilities	723.6	709.2
Total liabilities	4,338.8	4,491.9
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	638.8	673.9
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued in 2021 and 2022)	0.6	0.6
Additional paid-in capital	557.4	651.6
Accumulated other comprehensive loss	(93.2)	(87.9)
Retained earnings	4,719.4	4,569.5
Total stockholders' equity before treasury stock	5,184.2	5,133.8
Less: Treasury stock, at cost (18.3 shares in 2021 and 19.5 shares in 2022)	(2,515.4)	(2,347.4)
Total stockholders' equity	2,668.8	2,786.4
Non-controlling interests	924.4	924.2
Total equity	3,593.2	3,710.6
Total liabilities and equity	$ 8,570.8	$ 8,876.4

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153	153
Common stock, shares issued (in shares)	58.5	58.5
Treasury stock, at cost (in shares)	19.5	18.3

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In CapitalCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Treasury Stock at Cost	Non- controlling Interests
Beginning balance at Dec. 31, 2020	$ 3,317.3		$ 0.6	$ 728.9		$ (98.3)	$ 4,005.5		$ (1,857)	$ 537.6
Increase (Decrease) in Stockholders' Equity
Net income	214.1						149.9			64.2
Other comprehensive loss, net of tax	24.3					24.5				(0.2)
Share-based compensation	9.7			9.7
Common stock issued under share-based incentive plans	(10.2)			(44.3)					34.1
Repurchases of junior convertible securities	(2.9)			(2.9)
Share repurchases	(210)			17.3					(227.3)
Dividends	(0.5)						(0.5)
Affiliate equity activity:
Affiliate equity compensation	25.2			4.4						20.8
Issuances	1.7			0.6						1.1
Purchases	27.3			11.6						15.7
Changes in redemption value of Redeemable non-controlling interests	(105.6)			(105.6)
Transfers to Redeemable non-controlling interests	(0.5)									(0.5)
Distributions to non-controlling interests	(102.6)									(102.6)
Ending balance at Mar. 31, 2021	3,187.3		0.6	619.7		(73.8)	4,154.9		(2,050.2)	536.1
Beginning balance at Dec. 31, 2020	3,317.3		0.6	728.9		(98.3)	4,005.5		(1,857)	537.6
Ending balance at Dec. 31, 2021	$ 3,710.6	$ (76.1)	0.6	651.6	$ (80.6)	(87.9)	4,569.5	$ 4.5	(2,347.4)	924.2
Affiliate equity activity:
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Net income	$ 218.7						146			72.7
Other comprehensive loss, net of tax	(11.8)					(5.3)				(6.5)
Share-based compensation	14.7			14.7
Common stock issued under share-based incentive plans	(13.3)			(29.9)					16.6
Share repurchases	(184.6)								(184.6)
Dividends	(0.6)						(0.6)
Affiliate equity compensation	15.5			1						14.5
Issuances	14.2			(6.9)						21.1
Purchases	(2.4)			0.5						(2.9)
Changes in redemption value of Redeemable non-controlling interests	7			7
Capital contributions and other	23.8									23.8
Distributions to non-controlling interests	(122.5)									(122.5)
Ending balance at Mar. 31, 2022	$ 3,593.2		$ 0.6	$ 557.4		$ (93.2)	$ 4,719.4		$ (2,515.4)	$ 924.4

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from (used in) operating activities:
Net income	$ 218.7	$ 214.1
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	12.6	7.5
Depreciation and other amortization	3.4	4.3
Deferred income tax expense	20.2	17.8
Equity method income (net)	(48.6)	(51.7)
Distributions of earnings received from equity method investments	173.1	157.9
Share-based compensation and Affiliate equity expense	30.9	34.9
Other non-cash items	(13.3)	(23.3)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(11.8)	(48.3)
Sales of securities by consolidated Affiliate sponsored investment products	10.3	23.7
Increase in receivables	(52.2)	(86.6)
Decrease (increase) in other assets	(1.8)	11.2
Decrease in payables, accrued liabilities, and other liabilities	(196.5)	(72.6)
Cash flow from operating activities	145	188.9
Cash flow from (used in) investing activities:
Investments in Affiliates, net of cash acquired	(147.8)	(11.8)
Purchase of fixed assets	(3.7)	(0.7)
Purchase of investment securities	(15.4)	(21)
Sale of investment securities	9.5	9.4
Cash flow used in investing activities	(157.4)	(24.1)
Cash flow from (used in) financing activities:
Repayments of senior bank debt and junior convertible securities	(16.5)	(15)
Repurchases of common stock (net)	(201.3)	(312.8)
Dividends paid on common stock	(0.4)	(0.5)
Distributions to non-controlling interests	(122.5)	(102.6)
Affiliate equity (purchases) / issuances (net)	6.3	(15)
Subscriptions to consolidated Affiliate sponsored investment products, net of redemptions	4.4	23.1
Other financing items	(58.9)	(18.1)
Cash flow used in financing activities	(388.9)	(440.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(6.2)	2.6
Net decrease in cash and cash equivalents	(407.5)	(273.5)
Cash and cash equivalents at beginning of period	908.5	1,039.7
Cash and cash equivalents at end of period	$ 501	$ 766.2

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	3 Months Ended
Basis of Presentation and Use of Estimates	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 includes additional information about its operations, financial position, and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Accounting Standards and Polici

Accounting Standards and Policies	3 Months Ended
Accounting Standards and Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Accounting Standards and Policies	Accounting Standards and Policies Recently Adopted Accounting Standards Effective January 1, 2022, the Company adopted Accounting Standard Update (“ASU”) 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity using a modified retrospective method. ASU 2020-06 Earnings Per Share The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. Prior to 2022, the Company excluded any potential dilutive effect from possible share settlements of Redeemable non-controlling interests as the Company currently intends to settle in cash. Upon adoption of ASU 2020-06, the Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share. The Company had junior convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive

Investments in Marketable Secur

Investments in Marketable Securities	3 Months Ended
Investments in Marketable Securities	Mar. 31, 2022
Marketable Securities [Abstract]
Investments in Marketable Securities	Investments in Marketable Securities The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of Investments in marketable securities: December 31, March 31, Cost $ 73.2 $ 81.7 Unrealized gains 8.1 5.6 Unrealized losses (2.8) (6.2) Fair value $ 78.5 $ 81.1 As of December 31, 2021 and March 31, 2022, Investments in marketable securities include consolidated Affiliate sponsored investment products with fair values of $42.9 million and $41.5 million, respectively.

Other Investments

Other Investments	3 Months Ended
Other Investments	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other investments consist of investments in funds advised by the Company’s Affiliates that are carried at net asset value (“NAV”) as a practical expedient and other investments without readily determinable fair values. Any gain or loss related to these investments is recorded in Investment and other income on the Consolidated Statements of Income. Investments Measured at NAV as a Practical Expedient The Company’s Affiliates sponsor investment funds in which the Company and its consolidated Affiliates may make general partner and seed capital investments. These funds operate in partnership form and apply the specialized fair value accounting for investment companies. The Company accounts for its interests in these funds using the equity method of accounting and is required to retain the specialized accounting of the investment companies. Because the funds’ investments do not have readily determinable fair values, the Company uses the NAV of these investments as a practical expedient for their fair values. The following table summarizes the fair values of these investments and any related unfunded commitments: December 31, 2021 March 31, 2022 Category of Investment Fair Value Unfunded Fair Value Unfunded Private equity funds (1) $ 310.2 $ 156.3 $ 322.6 $ 152.8 Investments in other strategies (2) 14.6 — 21.1 — Total (3) $ 324.8 $ 156.3 $ 343.7 $ 152.8 ___________________________ (1) The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current period calls and distributions). These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years. (2) These are multi-disciplinary funds that invest across various asset classes and strategies, including equity, credit, and real estate. Investments are generally redeemable on a daily, monthly, or quarterly basis. (3) Fair value attributable to the controlling interest was $224.4 million and $238.3 million as of December 31, 2021 and March 31, 2022, respectively. Investments Without Readily Determinable Fair Values The Company made an investment in a private corporation where it does not exercise significant influence. Because this investment does not have a readily determinable fair value, the Company has elected to measure this investment at its cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments in the private corporation. The following table summarizes the cost, cumulative unrealized gains, and carrying amount of investments without readily determinable fair values: December 31, March 31, Cost $ 8.5 $ 8.5 Cumulative unrealized gains 41.9 41.9 Carrying amount $ 50.4 $ 50.4 During the three months ended March 31, 2022, the Company recorded no gains or losses on the underlying investment. The following table presents the changes in Other investments: For the Three Months Ended March 31, 2021 2022 Measured at NAV as a Practical Expedient Without Readily Determinable Fair Values Total Measured at NAV as a Practical Expedient Without Readily Determinable Fair Values Total Balance, beginning of period $ 243.4 $ 13.8 $ 257.2 $ 324.8 $ 50.4 $ 375.2 Net realized and unrealized gains (1) 29.8 — 29.8 15.3 — 15.3 Purchases and commitments 18.1 — 18.1 15.1 — 15.1 Sales and distributions (12.4) — (12.4) (11.5) — (11.5) Balance, end of period $ 278.9 $ 13.8 $ 292.7 $ 343.7 $ 50.4 $ 394.1 __________________________ (1) Recognized in Investment and other income.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 78.5 $ 64.5 $ 14.0 $ — Derivative financial instruments (1) 0.9 — 0.9 — Financial Liabilities (2) Contingent payment obligations $ 40.3 $ — $ — $ 40.3 Affiliate equity purchase obligations 12.6 — — 12.6 Derivative financial instruments 0.8 — 0.8 — Fair Value Measurements March 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 81.1 $ 68.2 $ 12.9 $ — Derivative financial instruments (1) 1.0 — 1.0 — Financial Liabilities (2) Contingent payment obligations $ 31.4 $ — $ — $ 31.4 Affiliate equity purchase obligations 47.6 — — 47.6 Derivative financial instruments 0.9 — 0.9 — __________________________ (1) Amounts are presented within Other assets on the Consolidated Balance Sheets. (2) Amounts are presented within Other liabilities on the Consolidated Balance Sheets. Level 3 Financial Liabilities The following table presents the changes in level 3 liabilities: For the Three Months Ended March 31, 2021 2022 Contingent Payment Obligations Affiliate Contingent Payment Obligations Affiliate Balance, beginning of period $ — $ 22.0 $ 40.3 $ 12.6 Net realized and unrealized (gains) losses (1) — 0.9 (8.9) (0.3) Purchases and issuances (2) — 70.7 — 40.6 Settlements and reductions — (27.5) — (5.3) Balance, end of period $ — $ 66.1 $ 31.4 $ 47.6 Net change in unrealized gains relating to instruments still held at the reporting date $ — $ — $ (8.9) $ (0.3) ___________________________ (1) Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations is included in Interest expense in the Consolidated Statements of Income. (2) Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests. The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 fair value measurements: Quantitative Information About Level 3 Fair Value Measurements December 31, 2021 March 31, 2022 Valuation Unobservable Fair Value Range Weighted Average (1) Fair Value Range Weighted Average (1) Contingent payment obligations Monte Carlo Simulation Volatility $ 40.3 13% - 25% 13 % $ 31.4 18% - 25% 18 % Discount rates 1% - 2% 2 % 3% - 3% 3 % Affiliate equity purchase obligations Discounted cash flow Growth rates (2) $ 12.6 (13)% - 7% 2 % $ 47.6 (13)% - 7% 4 % Discount rates 15% - 18% 15 % 15% - 18% 15 % ___________________________ (1) Calculated by comparing the relative fair value of an obligation to its respective total. (2) Represents growth rates of asset- and performance-based fees. Contingent payment obligations represent the present value of the expected future settlement amounts related to the Company’s investments in its consolidated Affiliates. Affiliate equity purchase obligations include agreements to purchase Affiliate equity. As of March 31, 2022, there were no changes to growth or discount rates that had a significant impact to Affiliate equity purchase obligations recorded in prior periods. Other Financial Assets and Liabilities Not Carried at Fair Value The Company has other financial assets and liabilities that are not required to be carried at fair value, but are required to be disclosed at fair value. The carrying amount of Cash and cash equivalents, Receivables, and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable, which is reported in Other assets, approximates fair value because interest rates and other terms are at market rates. The carrying value of the credit facilities approximates fair value because the credit facilities have variable interest based on selected short-term rates. The following table summarizes the Company’s other financial liabilities not carried at fair value: December 31, 2021 March 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 1,098.0 $ 1,165.6 $ 1,098.1 $ 1,102.5 Level 2 Junior subordinated notes 765.8 809.1 765.8 697.0 Level 2 Junior convertible securities 299.5 461.4 386.3 407.3 Level 2

Investments in Affiliates and A

Investments in Affiliates and Affiliate Sponsored Investment Products	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities
Investments in Affiliates and Affiliate Sponsored Investments Products	Investments in Affiliates and Affiliate Sponsored Investment Products In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Investments with readily determinable fair values in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s and any co-investor’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of any tangible or intangible net assets, are presented within Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests or Other liabilities on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities that are under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital in the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is reported in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. Deferred taxes recorded on intangible assets upon acquisition of an Affiliate accounted for under the equity method are presented on a gross basis within Equity method investments in Affiliates (net) and Deferred income tax liability (net) in the Consolidated Balance Sheets. The Company’s share of income taxes incurred directly by Affiliates accounted for under the equity method is recorded in Income tax expense in the Consolidated Statements of Income. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than-temporary. Where the Company believes that such declines may have occurred, the Company determines the amount of impairment using valuation methods, such as discounted cash flow analyses. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the Affiliate to its fair value. The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows: December 31, 2021 March 31, 2022 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the equity method $ 1,864.7 $ 2,023.0 $ 1,742.0 $ 2,089.9 As of December 31, 2021 and March 31, 2022, the carrying value and maximum exposure to loss for all of the Company’s Affiliates accounted for under the equity method was $2,134.4 million and $2,195.2 million, respectively, including Affiliates accounted for under the equity method considered VREs of $111.4 million and $105.3 million, respectively. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the VIE that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant other investors. When the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are presented within purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows, respectively, and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation. The Company’s carrying value, and maximum exposure to loss from unconsolidated Affiliate sponsored investment products, is its or its consolidated Affiliates’ interests in the unconsolidated net assets of the respective products. The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows: December 31, 2021 March 31, 2022 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliate sponsored investment products $ 4,958.5 $ 15.7 $ 5,334.4 $ 17.9

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s Debt: December 31, March 31, Senior bank debt $ 349.9 $ 349.9 Senior notes 1,093.5 1,094.0 Junior subordinated notes 751.4 751.4 Junior convertible securities 295.6 382.6 Debt $ 2,490.4 $ 2,577.9 The Company’s senior notes, junior subordinated notes, and junior convertible securities are carried at amortized cost. Unamortized discounts and debt issuance costs are presented within the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt. Effective January 1, 2022, the Company adjusted the carrying value of its junior convertible securities (see Note 2). Senior Bank Debt The Company has a $1.25 billion senior unsecured multicurrency revolving credit facility (the “revolver”) and a $350.0 million senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”). Both the revolver and the term loan mature on October 23, 2026. Subject to certain conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $75.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, currently based either on an applicable LIBOR rate (subject to customary LIBOR succession provisions) or prime rate, plus a marginal rate determined based on its credit rating. As of March 31, 2022, the interest rate for the Company’s borrowings under the term loan was LIBOR plus 0.85%. As of December 31, 2021 and March 31, 2022, the Company had no outstanding borrowings under the revolver. Senior Notes As of March 31, 2022, the Company had senior notes outstanding. The carrying value of the senior notes is accreted to the principal amount at maturity over the remaining life of the underlying instrument. The principal terms of the senior notes outstanding as of March 31, 2022 were as follows: 2024 2025 2030 Issue date February 2014 February 2015 June 2020 Maturity date February 2024 August 2025 June 2030 Par value (in millions) $ 400.0 $ 350.0 $ 350.0 Stated coupon 4.25 % 3.50 % 3.30 % Coupon frequency Semi-annually Semi-annually Semi-annually Potential call date Any time Any time Any time Call price As defined As defined As defined The senior notes may be redeemed, in whole or in part, at any time, in the case of the 2024 and 2025 senior notes, and at any time prior to March 15, 2030, in the case of the 2030 senior notes. In each case, the senior notes may be redeemed at a make-whole redemption price, plus accrued and unpaid interest. The make-whole redemption price, in each case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the 2024 and the 2025 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes. Junior Subordinated Notes As of March 31, 2022, the Company had junior subordinated notes outstanding. The carrying value of the junior subordinated notes is accreted to the principal amount at maturity over the remaining life of the underlying instrument. The principal terms of the junior subordinated notes outstanding as of March 31, 2022 were as follows: 2059 2060 2061 Issue date March 2019 September 2020 July 2021 Maturity date March 2059 September 2060 September 2061 Par value (in millions) $ 300.0 $ 275.0 $ 200.0 Stated coupon 5.875 % 4.75 % 4.20 % Coupon frequency Quarterly Quarterly Quarterly Potential call date March 2024 September 2025 September 2026 Call price As defined As defined As defined Listing NYSE NYSE NYSE The junior subordinated notes may be redeemed at any time, in whole or in part, on or after March 30, 2024, in the case of the 2059 junior subordinated notes, on or after September 30, 2025, in the case of the 2060 junior subordinated notes, and on or after September 30, 2026, in the case of the 2061 junior subordinated notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the applicable notes. The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes. Junior Convertible Securities Effective January 1, 2022, the Company adopted ASU 2020-06. See Note 2. As of March 31, 2022, the Company had $386.3 million of principal outstanding in its 5.15% junior convertible trust preferred securities (the “junior convertible securities”), maturing in 2037. The junior convertible securities bear interest at a rate of 5.15% per annum, payable quarterly in cash. As of December 31, 2021 and March 31, 2022, the unamortized issuance costs related to the junior convertible securities were $3.9 million and $3.7 million, respectively. The follow table presents interest expense recognized in connection with the junior convertible securities: For the Three Months Ended March 31, 2021 2022 Contractual interest expense $ 5.4 $ 5.0 Amortization of debt issuance costs 0.1 0.1 Amortization of debt discount 0.8 — Total $ 6.3 $ 5.1 Effective interest rate 6.01 % 5.24 % Holders of the junior convertible securities have no rights to put these securities to the Company. The holder may convert the securities to 0.2558 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion price of $195.47 per share. The conversion rate is subject to adjustments as described in the Amended and Restated Declaration of Trust of AMG Capital Trust II and the related indenture, both dated October 17, 2007 and filed as exhibits to the Company’s most recent Annual Report on Form 10-K. Upon conversion, holders will receive cash or shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities if the closing price of its common stock for 20 trading days in a period of 30 consecutive trading days exceeds 130% of the then prevailing conversion price, and may also repurchase junior convertible securities in the open market or in privately negotiated transactions from time to time at management’s discretion. During the three months ended March 31, 2021 and 2022, the Company paid $15.0 million and $16.5 million, respectively, to repurchase a portion of its junior convertible securities, and as a result of these repurchases, the Company reduced its Deferred income tax liability (net) by $3.3 million and $2.7 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings, and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of March 31, 2022, these unfunded commitments were $152.8 million and may be called in future periods. In connection with certain of its consolidated Affiliates, as of March 31, 2022, the Company was obligated to make deferred payments and was contingently liable to make payments as follows: Earliest Payable Controlling Interest Co-Investor Total 2022 2023 2024 2025 Deferred payment obligations $ 215.2 $ 49.8 $ 265.0 $ 200.0 $ 21.7 $ 43.3 $ — Contingent payment obligations (1) 23.9 7.5 31.4 — — 30.0 1.4 __________________________ (1) Fair value as of March 31, 2022. The Company is contingently liable to make maximum contingent payments of up to $110.0 million ($24.9 million attributable to the co-investor), of which $100.0 million and $10.0 million may become payable in 2024 and 2025, respectively. The Company had liabilities for deferred and contingent payment obligations related to certain of its investments in Affiliates accounted for under the equity method. As of March 31, 2022, the Company was obligated to make payments of up to $83.3 million, all of which is payable in 2022. Liabilities for deferred and contingent payments are included in Other liabilities. As of March 31, 2022, the Company was contingently liable to make payments of $147.5 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, all of which may become payable from 2023 through 2029. As of March 31, 2022, the Company expected to make payments of approximately $13 million. In the event certain financial targets are not met at one of the Company’s Affiliates accounted for under the equity method, the Company may receive payments of up to $12.5 million and also has the option to reduce its ownership interest and receive an incremental payment of $25.0 million. Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 14.

Goodwill and Acquired Client Re

Goodwill and Acquired Client Relationships	3 Months Ended
Goodwill and Acquired Client Relationships	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Client Relationships	Goodwill and Acquired Client Relationships The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net): Goodwill Balance, as of December 31, 2021 $ 2,689.2 Foreign currency translation (5.5) Balance, as of March 31, 2022 $ 2,683.7 Acquired Client Relationships (Net) Definite-lived Indefinite-lived Total Gross Book Accumulated Net Book Net Book Net Book Balance, as of December 31, 2021 $ 1,364.2 $ (1,028.1) $ 336.1 $ 1,630.3 $ 1,966.4 Intangible amortization and impairments — (12.3) (12.3) (0.3) (12.6) Foreign currency translation (2.8) 2.3 (0.5) (10.0) (10.5) Balance, as of March 31, 2022 $ 1,361.4 $ (1,038.1) $ 323.3 $ 1,620.0 $ 1,943.3 Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected period of economic benefit. The Company recorded amortization expense within Intangible amortization and impairments in the Consolidated Statements of Income for these relationships of $7.5 million and $12.6 million for the three months ended March 31, 2021 and 2022, respectively. Based on relationships existing as of March 31, 2022, the Company estimates that its consolidated amortization expense will be approximately $40 million for the remainder of 2022, approximately $50 million in 2023, and approximately $35 million in each of 2024, 2025, 2026, and 2027. In the first quarter of 2022, the Company completed its purchase price allocations for Parnassus Investments and Abacus Capital Group LLC, and no material changes were made to the provisional allocations.

Equity Method Investments in Af

Equity Method Investments in Affiliates	3 Months Ended
Equity Method Investments in Affiliates	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in Affiliates	Equity Method Investments in Affiliates On January 14, 2022, the Company completed an additional investment in Systematica Investments (“Systematica”), an innovative technology-driven systematic manager. The Company expects the majority of the consideration paid for Systematica to be deductible for U.S. tax purposes over a 15-year life. The Company’s purchase price allocation for the investment was measured using a discounted cash flow analysis that included assumptions of expected market performance, net client cash flows, and discount rates. The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears. Equity method investments in Affiliates (net) consisted of the following: December 31, March 31, Goodwill $ 1,264.4 $ 1,360.3 Definite-lived acquired client relationships (net) 470.1 536.1 Indefinite-lived acquired client relationships (net) 174.4 174.5 Undistributed earnings and tangible capital 225.5 124.3 Equity method investments in Affiliates (net) $ 2,134.4 $ 2,195.2 The following table presents the change in Equity method investments in Affiliates (net): Equity Method Investments in Affiliates (Net) Balance, as of December 31, 2021 $ 2,134.4 Investments in Affiliates 182.8 Earnings 71.9 Intangible amortization and impairments (23.3) Distributions of earnings (173.1) Foreign currency translation 6.3 Other (3.8) Balance, as of March 31, 2022 $ 2,195.2 Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are amortized over their expected period of economic benefit. The Company recognized amortization expense for these relationships of $35.2 million and $23.3 million for the three months ended March 31, 2021 and 2022, respectively. Based on relationships existing as of March 31, 2022, the Company estimates the amortization expense attributable to its Affiliates will be approximately $70 million for the remainder of 2022, approximately $85 million in 2023, approximately $50 million in each of 2024 and 2025, approximately $45 million in 2026, and approximately $40 million in 2027. As of March 31, 2022, the estimated fair values of the Company’s Affiliates accounted for under the equity method exceeded their carrying values. The Company had liabilities for deferred and contingent payment obligations related to certain of its investments in Affiliates accounted for under the equity method. See Note 8. The Company had 19 and 21 Affiliates accounted for under the equity method as of March 31, 2021 and 2022, respectively. The majority of these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings, typically based upon a fixed percentage of revenue reduced by, in some cases, certain agreed-upon expenses. The partnership agreements do not define a fixed percentage for the Company’s ownership of the equity of the Affiliate. These percentages would be subject to a separate future negotiation if an Affiliate were to be sold or liquidated. On March 16, 2022, the Company and other parties entered into a Securities Purchase and Merger Agreement with EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT.ST), under which the Company and each of the other owners agreed to sell their respective equity interests in Baring Private Equity Asia (“BPEA”), an Affiliate accounted for by the Company under the equity method, to EQT, in connection with the announced strategic combination of BPEA and EQT. Pursuant to the terms of the agreement, the Company will receive $240.0 million in cash and 28.68 million EQT ordinary shares (25% of which are subject to a six

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retains interests in certain of the Affiliate’s private equity partnerships and, as a result, is a related party of the Company. The prior owner’s interests are presented within Other liabilities and were $28.5 million and $26.7 million as of December 31, 2021 and March 31, 2022, respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company’s executive officers and directors may invest from time to time in funds advised or products offered by its Affiliates, or receive other investment services provided by its Affiliates, on substantially the same terms as other investors. In addition, the Company and its Affiliates earn asset- and performance-based fees and incur distribution and other expenses for services provided to Affiliate sponsored investment products. Affiliate management owners and the Company’s officers may serve as trustees or directors of certain investment vehicles from which the Company or an Affiliate earns fees.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The following table presents share-based compensation expense: For the Three Months Ended March 31, 2021 2022 Share-based compensation $ 9.7 $ 14.7 Tax benefit 2.2 1.7 As of December 31, 2021, the Company had unrecognized share-based compensation expense of $70.9 million. As of March 31, 2022, the Company had unrecognized share-based compensation expense of $105.3 million, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures). Restricted Stock The following table summarizes transactions in the Company’s restricted stock units: Restricted Stock Units Weighted Average Grant Date Value Unvested units - December 31, 2021 1.1 $ 95.03 Units granted 0.4 129.45 Units vested (0.3) 108.92 Units forfeited (0.0 ) 94.04 Performance condition changes 0.0 139.30 Unvested units - March 31, 2022 1.2 102.84 For the three months ended March 31, 2021 and 2022, the Company granted restricted stock units with fair values of $26.7 million and $45.3 million, respectively. These restricted stock units were valued based on the closing price of the Company’s common stock on the grant date and the number of shares expected to vest. Restricted stock units containing vesting conditions generally require service over a period of three years to four years and may also require the satisfaction of certain performance conditions. For awards with performance conditions, the number of restricted stock units expected to vest may change over time depending upon the performance level achieved. Stock Options The following table summarizes transactions in the Company’s stock options: Stock Options Weighted Average Weighted Average Unexercised options outstanding - December 31, 2021 3.2 $ 77.39 Options granted 0.0 129.17 Options exercised — — Options forfeited (0.0 ) 197.79 Performance condition changes 0.0 139.31 Unexercised options outstanding - March 31, 2022 3.2 77.82 4.4 Exercisable at March 31, 2022 0.1 132.30 1.6 For the three months ended March 31, 2021 and 2022, the Company granted stock options with fair values of $0.8 million and $1.8 million, respectively. Stock options generally vest over a period of three years to five years and expire seven years after the grant date. All stock options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of the Company’s outstanding stock options contain both service and performance conditions. For awards with performance conditions, the number of stock options expected to vest may change over time depending upon the performance level achieved. The weighted average fair value of options granted was $50.04 and $47.84, per option, for the three months ended March 31, 2021 and 2022, respectively. The Company uses the Black-Scholes option pricing model to determine the fair value of options. The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows: For the Three Months Ended March 31, 2021 2022 Dividend yield 0.0 % 0.0 % Expected volatility 37.6 % 36.8 % Risk-free interest rate 1.0 % 1.7 % Expected life of options (in years) 5.7 5.7 Forfeiture rate — % — %

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	3 Months Ended
Redeemable Non-Controlling Interests	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Redeemable Non-Controlling Interests	Redeemable Non-Controlling Interests Affiliate equity interests provide holders with an equity interest in one of the Company’s Affiliates, consistent with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five years and 15 years from the date the equity interest is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to becoming redeemable, the Company’s Affiliate equity is presented within Non-controlling interests. Upon becoming redeemable, these interests are reclassified to Redeemable non-controlling interests at their current redemption values. Changes in the current redemption value are recorded to Additional paid-in capital. When the Company has an unconditional obligation to purchase Affiliate equity interests, the interests are reclassified from Redeemable non-controlling interest to Other liabilities at current fair value. Changes in fair value are recorded to Other expenses (net). The following table presents the changes in Redeemable non-controlling interests: Redeemable Non-controlling Interests Balance, as of December 31, 2021 (1) $ 673.9 Increase attributable to consolidated Affiliate sponsored investment products 0.4 Transfers to Other liabilities (28.5) Changes in redemption value (7.0) Balance, as of March 31, 2022 (1) $ 638.8 ___________________________ (1) As of December 31, 2021 and March 31, 2022, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $25.0 million and $25.4 million, respectively.

Affiliate Equity

Affiliate Equity	3 Months Ended
Affiliate Equity	Mar. 31, 2022
Affiliate Equity [Abstract]
Affiliate Equity	Affiliate Equity Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. Distributions paid to non-controlling interest Affiliate equity holders were $102.6 million and $122.5 million, for the three months ended March 31, 2021 and 2022, respectively. The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated Affiliate partners and other parties under agreements that provide the Company a conditional right to call and Affiliate equity holders the conditional right to put their Affiliate equity interests to the Company at certain intervals. The Company has the right to settle a portion of these purchases in shares of its common stock. For Affiliates accounted for under the equity method, the Company does not typically have such put and call arrangements. For the three months ended March 31, 2021 and 2022, the amount of cash paid for purchases was $27.4 million and $5.3 million, respectively. For the three months ended March 31, 2021 and 2022, the total amount of cash received for issuances was $12.4 million and $11.6 million, respectively. Sales and purchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its consolidated Affiliate partners and other parties as a form of compensation. If the equity is issued for consideration below the fair value of the equity, or purchased for consideration above the fair value of the equity, the difference is recorded as compensation expense in Compensation and related expenses in the Consolidated Statements of Income over the requisite service period. The following table presents Affiliate equity compensation expense: For the Three Months Ended March 31, 2021 2022 Controlling interest $ 4.4 $ 1.7 Non-controlling interests 20.8 14.5 Total $ 25.2 $ 16.2 The following table presents unrecognized Affiliate equity compensation expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2021 $ 41.9 6 years $ 294.1 7 years March 31, 2022 41.8 5 years 313.2 7 years The Company records amounts receivable from, and payable to, Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total receivable was $9.0 million and $7.7 million as of December 31, 2021 and March 31, 2022, respectively, and was included in Other assets. The total payable was $12.6 million and $47.6 million as of December 31, 2021 and March 31, 2022, respectively, and was included in Other liabilities. Effects of Changes in the Company’s Ownership in Affiliates The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recognized in the Consolidated Statements of Income or the Consolidated Statements of Comprehensive Income. While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests, with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the applicable periods: For the Three Months Ended March 31, 2021 2022 Net income (controlling interest) $ 149.9 $ 146.0 (Decrease) Increase in controlling interest paid-in capital from Affiliate equity issuances (0.5) 3.4 Decrease in controlling interest paid-in capital from Affiliate equity purchases (47.8) (25.9) Net income (controlling interest) including the net impact of Affiliate equity transactions $ 101.6 $ 123.5

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to the non-controlling interests. The following table presents the consolidated provision for income taxes: For the Three Months Ended March 31, 2021 2022 Controlling interest: Current taxes $ 30.6 $ 30.3 Intangible-related deferred taxes 8.9 15.7 Other deferred taxes 8.9 4.5 Total controlling interest 48.4 50.5 Non-controlling interests: Current taxes $ 2.1 $ 5.2 Deferred taxes — — Total non-controlling interests 2.1 5.2 Income tax expense $ 50.5 $ 55.7 Income before income taxes (controlling interest) $ 198.3 $ 196.5 Effective tax rate (controlling interest) (1) 24.4 % 25.7 % ___________________________ (1) Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders: For the Three Months Ended March 31, 2021 2022 Numerator Net income (controlling interest) $ 149.9 $ 146.0 Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes — 11.7 Interest expense on junior convertible securities, net of taxes 4.7 3.8 Net income (controlling interest), as adjusted $ 154.6 $ 161.5 Denominator Average shares outstanding (basic) 42.6 39.7 Effect of dilutive instruments: Stock options and restricted stock units 0.6 1.2 Hypothetical issuance of shares to settle Redeemable non-controlling interests — 4.0 Junior convertible securities 2.2 2.0 Average shares outstanding (diluted) 45.4 46.9 Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted). The following is a summary of items excluded from the denominator in the table above: For the Three Months Ended March 31, 2021 2022 Stock options and restricted stock units 0.4 0.5 Shares issuable to settle Redeemable non-controlling interests — 3.1 For the three months ended March 31, 2022, under its authorized share repurchase programs, the Company repurchased 1.3 million shares of its common stock, at an average price per share of $144.42.

Comprehensive Income

Comprehensive Income	3 Months Ended
Comprehensive Income	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income	Comprehensive Income The following table presents the tax effects allocated to each component of Other comprehensive income (loss): For the Three Months Ended March 31, 2021 2022 Pre-Tax Tax Expense Net of Tax Pre-Tax Tax (Expense) Net of Tax Foreign currency translation gain (loss) $ 29.6 $ (5.8) $ 23.8 $ (11.3) $ (0.5) $ (11.8) Change in net realized and unrealized gain (loss) on derivative financial instruments 0.6 (0.1) 0.5 0.0 0.0 0.0 Other comprehensive income (loss) $ 30.2 $ (5.9) $ 24.3 $ (11.3) $ (0.5) $ (11.8) The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Realized and Total Balance, as of December 31, 2021 $ (155.1) $ 0.1 $ (155.0) Other comprehensive loss before reclassifications (11.8) (0.4) (12.2) Amounts reclassified — 0.4 0.4 Net other comprehensive income (loss) (11.8) 0.0 (11.8) Balance, as of March 31, 2022 $ (166.9) $ 0.1 $ (166.8)

Accounting Standards and Poli_2

Accounting Standards and Policies (Policies)	3 Months Ended
Accounting Standards and Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 includes additional information about its operations, financial position, and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q.All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Recently Adopted Accounting Standards	Recently Adopted Accounting StandardsEffective January 1, 2022, the Company adopted Accounting Standard Update (“ASU”) 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity using a modified retrospective method. ASU 2020-06
Earnings Per Share	Earnings Per Share The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. Prior to 2022, the Company excluded any potential dilutive effect from possible share settlements of Redeemable non-controlling interests as the Company currently intends to settle in cash. Upon adoption of ASU 2020-06, the Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share. The Company had junior convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive
Investments in Affiliates and Affiliate Sponsored Investments Products	Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the VIE that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant other investors. When the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are presented within purchases and sales by consolidated

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	3 Months Ended
Investments in Marketable Securities (Tables)	Mar. 31, 2022
Marketable Securities [Abstract]
Schedule of Investments in Marketable Securities	The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of Investments in marketable securities: December 31, March 31, Cost $ 73.2 $ 81.7 Unrealized gains 8.1 5.6 Unrealized losses (2.8) (6.2) Fair value $ 78.5 $ 81.1

Other Investments (Tables)

Other Investments (Tables)	3 Months Ended
Other Investments (Tables)	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Schedule of Other Investments and Unfunded Commitments	The following table summarizes the fair values of these investments and any related unfunded commitments: December 31, 2021 March 31, 2022 Category of Investment Fair Value Unfunded Fair Value Unfunded Private equity funds (1) $ 310.2 $ 156.3 $ 322.6 $ 152.8 Investments in other strategies (2) 14.6 — 21.1 — Total (3) $ 324.8 $ 156.3 $ 343.7 $ 152.8 ___________________________ (1) The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current period calls and distributions). These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years. (2) These are multi-disciplinary funds that invest across various asset classes and strategies, including equity, credit, and real estate. Investments are generally redeemable on a daily, monthly, or quarterly basis. (3) Fair value attributable to the controlling interest was $224.4 million and $238.3 million as of December 31, 2021 and March 31, 2022, respectively.
Schedule of Investments without Readily Determinable Fair Value	The following table summarizes the cost, cumulative unrealized gains, and carrying amount of investments without readily determinable fair values: December 31, March 31, Cost $ 8.5 $ 8.5 Cumulative unrealized gains 41.9 41.9 Carrying amount $ 50.4 $ 50.4 The following table presents the changes in Other investments: For the Three Months Ended March 31, 2021 2022 Measured at NAV as a Practical Expedient Without Readily Determinable Fair Values Total Measured at NAV as a Practical Expedient Without Readily Determinable Fair Values Total Balance, beginning of period $ 243.4 $ 13.8 $ 257.2 $ 324.8 $ 50.4 $ 375.2 Net realized and unrealized gains (1) 29.8 — 29.8 15.3 — 15.3 Purchases and commitments 18.1 — 18.1 15.1 — 15.1 Sales and distributions (12.4) — (12.4) (11.5) — (11.5) Balance, end of period $ 278.9 $ 13.8 $ 292.7 $ 343.7 $ 50.4 $ 394.1 __________________________ (1) Recognized in Investment and other income.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 78.5 $ 64.5 $ 14.0 $ — Derivative financial instruments (1) 0.9 — 0.9 — Financial Liabilities (2) Contingent payment obligations $ 40.3 $ — $ — $ 40.3 Affiliate equity purchase obligations 12.6 — — 12.6 Derivative financial instruments 0.8 — 0.8 — Fair Value Measurements March 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investments in marketable securities $ 81.1 $ 68.2 $ 12.9 $ — Derivative financial instruments (1) 1.0 — 1.0 — Financial Liabilities (2) Contingent payment obligations $ 31.4 $ — $ — $ 31.4 Affiliate equity purchase obligations 47.6 — — 47.6 Derivative financial instruments 0.9 — 0.9 — __________________________ (1) Amounts are presented within Other assets on the Consolidated Balance Sheets. (2) Amounts are presented within Other liabilities on the Consolidated Balance Sheets.
Schedule of Changes in Level 3 Assets and Liabilities for Affiliate equity repurchase obligation	The following table presents the changes in level 3 liabilities: For the Three Months Ended March 31, 2021 2022 Contingent Payment Obligations Affiliate Contingent Payment Obligations Affiliate Balance, beginning of period $ — $ 22.0 $ 40.3 $ 12.6 Net realized and unrealized (gains) losses (1) — 0.9 (8.9) (0.3) Purchases and issuances (2) — 70.7 — 40.6 Settlements and reductions — (27.5) — (5.3) Balance, end of period $ — $ 66.1 $ 31.4 $ 47.6 Net change in unrealized gains relating to instruments still held at the reporting date $ — $ — $ (8.9) $ (0.3) ___________________________ (1) Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations is included in Interest expense in the Consolidated Statements of Income. (2) Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.
Schedule of Quantitative Information used in Valuing Level 3 Liabilities	The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 fair value measurements: Quantitative Information About Level 3 Fair Value Measurements December 31, 2021 March 31, 2022 Valuation Unobservable Fair Value Range Weighted Average (1) Fair Value Range Weighted Average (1) Contingent payment obligations Monte Carlo Simulation Volatility $ 40.3 13% - 25% 13 % $ 31.4 18% - 25% 18 % Discount rates 1% - 2% 2 % 3% - 3% 3 % Affiliate equity purchase obligations Discounted cash flow Growth rates (2) $ 12.6 (13)% - 7% 2 % $ 47.6 (13)% - 7% 4 % Discount rates 15% - 18% 15 % 15% - 18% 15 % ___________________________ (1) Calculated by comparing the relative fair value of an obligation to its respective total.
Schedule of Other Financial Assets and Liabilities Not Carried at Fair Value	The following table summarizes the Company’s other financial liabilities not carried at fair value: December 31, 2021 March 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 1,098.0 $ 1,165.6 $ 1,098.1 $ 1,102.5 Level 2 Junior subordinated notes 765.8 809.1 765.8 697.0 Level 2 Junior convertible securities 299.5 461.4 386.3 407.3 Level 2

Investments in Affiliates and_2

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities
Schedule of Unconsolidated Assets and Liabilities of Equity Method Investments and Company's Risk of Loss	The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows: December 31, 2021 March 31, 2022 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the equity method $ 1,864.7 $ 2,023.0 $ 1,742.0 $ 2,089.9 December 31, 2021 March 31, 2022 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliate sponsored investment products $ 4,958.5 $ 15.7 $ 5,334.4 $ 17.9

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s Debt: December 31, March 31, Senior bank debt $ 349.9 $ 349.9 Senior notes 1,093.5 1,094.0 Junior subordinated notes 751.4 751.4 Junior convertible securities 295.6 382.6 Debt $ 2,490.4 $ 2,577.9
Schedule of Principal Terms of Senior and Junior Subordinated Notes	The principal terms of the senior notes outstanding as of March 31, 2022 were as follows: 2024 2025 2030 Issue date February 2014 February 2015 June 2020 Maturity date February 2024 August 2025 June 2030 Par value (in millions) $ 400.0 $ 350.0 $ 350.0 Stated coupon 4.25 % 3.50 % 3.30 % Coupon frequency Semi-annually Semi-annually Semi-annually Potential call date Any time Any time Any time Call price As defined As defined As defined The principal terms of the junior subordinated notes outstanding as of March 31, 2022 were as follows: 2059 2060 2061 Issue date March 2019 September 2020 July 2021 Maturity date March 2059 September 2060 September 2061 Par value (in millions) $ 300.0 $ 275.0 $ 200.0 Stated coupon 5.875 % 4.75 % 4.20 % Coupon frequency Quarterly Quarterly Quarterly Potential call date March 2024 September 2025 September 2026 Call price As defined As defined As defined Listing NYSE NYSE NYSE
Schedule of Convertible Securities	The follow table presents interest expense recognized in connection with the junior convertible securities: For the Three Months Ended March 31, 2021 2022 Contractual interest expense $ 5.4 $ 5.0 Amortization of debt issuance costs 0.1 0.1 Amortization of debt discount 0.8 — Total $ 6.3 $ 5.1 Effective interest rate 6.01 % 5.24 %

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
Commitment and Contingencies (Tables)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	In connection with certain of its consolidated Affiliates, as of March 31, 2022, the Company was obligated to make deferred payments and was contingently liable to make payments as follows: Earliest Payable Controlling Interest Co-Investor Total 2022 2023 2024 2025 Deferred payment obligations $ 215.2 $ 49.8 $ 265.0 $ 200.0 $ 21.7 $ 43.3 $ — Contingent payment obligations (1) 23.9 7.5 31.4 — — 30.0 1.4 __________________________

Goodwill and Acquired Client _2

Goodwill and Acquired Client Relationships (Tables)	3 Months Ended
Goodwill and Acquired Client Relationships (Tables)	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net): Goodwill Balance, as of December 31, 2021 $ 2,689.2 Foreign currency translation (5.5) Balance, as of March 31, 2022 $ 2,683.7
Schedule of Changes in the Components of Acquired Client Relationships	Acquired Client Relationships (Net) Definite-lived Indefinite-lived Total Gross Book Accumulated Net Book Net Book Net Book Balance, as of December 31, 2021 $ 1,364.2 $ (1,028.1) $ 336.1 $ 1,630.3 $ 1,966.4 Intangible amortization and impairments — (12.3) (12.3) (0.3) (12.6) Foreign currency translation (2.8) 2.3 (0.5) (10.0) (10.5) Balance, as of March 31, 2022 $ 1,361.4 $ (1,038.1) $ 323.3 $ 1,620.0 $ 1,943.3

Equity Method Investments in _2

Equity Method Investments in Affiliates (Tables)	3 Months Ended
Equity Method Investments in Affiliates (Tables)	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Changes in Equity Method Investments in Affiliates	Equity method investments in Affiliates (net) consisted of the following: December 31, March 31, Goodwill $ 1,264.4 $ 1,360.3 Definite-lived acquired client relationships (net) 470.1 536.1 Indefinite-lived acquired client relationships (net) 174.4 174.5 Undistributed earnings and tangible capital 225.5 124.3 Equity method investments in Affiliates (net) $ 2,134.4 $ 2,195.2 The following table presents the change in Equity method investments in Affiliates (net): Equity Method Investments in Affiliates (Net) Balance, as of December 31, 2021 $ 2,134.4 Investments in Affiliates 182.8 Earnings 71.9 Intangible amortization and impairments (23.3) Distributions of earnings (173.1) Foreign currency translation 6.3 Other (3.8) Balance, as of March 31, 2022 $ 2,195.2

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation	The following table presents share-based compensation expense: For the Three Months Ended March 31, 2021 2022 Share-based compensation $ 9.7 $ 14.7 Tax benefit 2.2 1.7
Schedule of Company Restricted Stock Units Transactions	The following table summarizes transactions in the Company’s restricted stock units: Restricted Stock Units Weighted Average Grant Date Value Unvested units - December 31, 2021 1.1 $ 95.03 Units granted 0.4 129.45 Units vested (0.3) 108.92 Units forfeited (0.0 ) 94.04 Performance condition changes 0.0 139.30 Unvested units - March 31, 2022 1.2 102.84
Schedule of Company Stock Option Transactions	The following table summarizes transactions in the Company’s stock options: Stock Options Weighted Average Weighted Average Unexercised options outstanding - December 31, 2021 3.2 $ 77.39 Options granted 0.0 129.17 Options exercised — — Options forfeited (0.0 ) 197.79 Performance condition changes 0.0 139.31 Unexercised options outstanding - March 31, 2022 3.2 77.82 4.4 Exercisable at March 31, 2022 0.1 132.30 1.6
Schedule of Fair Value of Options Granted and Assumptions	The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows: For the Three Months Ended March 31, 2021 2022 Dividend yield 0.0 % 0.0 % Expected volatility 37.6 % 36.8 % Risk-free interest rate 1.0 % 1.7 % Expected life of options (in years) 5.7 5.7 Forfeiture rate — % — %

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interests (Tables)	3 Months Ended
Redeemable Non-Controlling Interests (Tables)	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Changes in Redeemable Non-Controlling Interests	The following table presents the changes in Redeemable non-controlling interests: Redeemable Non-controlling Interests Balance, as of December 31, 2021 (1) $ 673.9 Increase attributable to consolidated Affiliate sponsored investment products 0.4 Transfers to Other liabilities (28.5) Changes in redemption value (7.0) Balance, as of March 31, 2022 (1) $ 638.8 ___________________________ (1) As of December 31, 2021 and March 31, 2022, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $25.0 million and $25.4 million, respectively.

Affiliate Equity (Tables)

Affiliate Equity (Tables)	3 Months Ended
Affiliate Equity (Tables)	Mar. 31, 2022
Affiliate Equity [Abstract]
Schedule of Affiliate Equity Compensation	The following table presents Affiliate equity compensation expense: For the Three Months Ended March 31, 2021 2022 Controlling interest $ 4.4 $ 1.7 Non-controlling interests 20.8 14.5 Total $ 25.2 $ 16.2
Schedule of Affiliate Equity Unrecognized Compensation Expense	The following table presents unrecognized Affiliate equity compensation expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2021 $ 41.9 6 years $ 294.1 7 years March 31, 2022 41.8 5 years 313.2 7 years
Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity	While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests, with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the applicable periods: For the Three Months Ended March 31, 2021 2022 Net income (controlling interest) $ 149.9 $ 146.0 (Decrease) Increase in controlling interest paid-in capital from Affiliate equity issuances (0.5) 3.4 Decrease in controlling interest paid-in capital from Affiliate equity purchases (47.8) (25.9) Net income (controlling interest) including the net impact of Affiliate equity transactions $ 101.6 $ 123.5

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests	The following table presents the consolidated provision for income taxes: For the Three Months Ended March 31, 2021 2022 Controlling interest: Current taxes $ 30.6 $ 30.3 Intangible-related deferred taxes 8.9 15.7 Other deferred taxes 8.9 4.5 Total controlling interest 48.4 50.5 Non-controlling interests: Current taxes $ 2.1 $ 5.2 Deferred taxes — — Total non-controlling interests 2.1 5.2 Income tax expense $ 50.5 $ 55.7 Income before income taxes (controlling interest) $ 198.3 $ 196.5 Effective tax rate (controlling interest) (1) 24.4 % 25.7 % ___________________________ (1) Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders: For the Three Months Ended March 31, 2021 2022 Numerator Net income (controlling interest) $ 149.9 $ 146.0 Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes — 11.7 Interest expense on junior convertible securities, net of taxes 4.7 3.8 Net income (controlling interest), as adjusted $ 154.6 $ 161.5 Denominator Average shares outstanding (basic) 42.6 39.7 Effect of dilutive instruments: Stock options and restricted stock units 0.6 1.2 Hypothetical issuance of shares to settle Redeemable non-controlling interests — 4.0 Junior convertible securities 2.2 2.0 Average shares outstanding (diluted) 45.4 46.9
Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share	The following is a summary of items excluded from the denominator in the table above: For the Three Months Ended March 31, 2021 2022 Stock options and restricted stock units 0.4 0.5 Shares issuable to settle Redeemable non-controlling interests — 3.1

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
Comprehensive Income (Tables)	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)	The following table presents the tax effects allocated to each component of Other comprehensive income (loss): For the Three Months Ended March 31, 2021 2022 Pre-Tax Tax Expense Net of Tax Pre-Tax Tax (Expense) Net of Tax Foreign currency translation gain (loss) $ 29.6 $ (5.8) $ 23.8 $ (11.3) $ (0.5) $ (11.8) Change in net realized and unrealized gain (loss) on derivative financial instruments 0.6 (0.1) 0.5 0.0 0.0 0.0 Other comprehensive income (loss) $ 30.2 $ (5.9) $ 24.3 $ (11.3) $ (0.5) $ (11.8)
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Realized and Total Balance, as of December 31, 2021 $ (155.1) $ 0.1 $ (155.0) Other comprehensive loss before reclassifications (11.8) (0.4) (12.2) Amounts reclassified — 0.4 0.4 Net other comprehensive income (loss) (11.8) 0.0 (11.8) Balance, as of March 31, 2022 $ (166.9) $ 0.1 $ (166.8)

Accounting Standards and Poli_3

Accounting Standards and Policies (Details) - USD ($) $ in Millions	Jan. 01, 2022	Dec. 31, 2021	Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06	Accounting Standards Update 2020-06
Increase in debt		$ 2,490.4	$ 2,577.9
Increase in retained earnings		4,569.5	4,719.4
Decrease in additional paid-in-capital		(651.6)	(557.4)
Decrease in deferred income tax liability (net)		$ (503.2)	$ (485.7)
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in debt	$ 101.5
Increase in retained earnings	4.5
Decrease in additional paid-in-capital	80.6
Decrease in deferred income tax liability (net)	$ 25.4

Investments in Marketable Sec_3

Investments in Marketable Securities - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Abstract]
Cost	$ 81.7	$ 73.2
Unrealized gains	5.6	8.1
Unrealized losses	(6.2)	(2.8)
Fair value	$ 81.1	$ 78.5

Investments in Marketable Sec_4

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity, Primary Beneficiary
Investments in and Advances to Affiliates [Line Items]
Fair value of deconsolidated investment in affiliate	$ 41.5	$ 42.9

Other Investments - Investments

Other Investments - Investments Measured at NAV as a Practical Expedient (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
NAV of investments at fair value
Unfunded Commitments	$ 152.8	$ 156.3
Life of funds (generally up to)	15 years
Private equity funds
NAV of investments at fair value
Unfunded Commitments	$ 152.8	156.3
Investments in other strategies
NAV of investments at fair value
Unfunded Commitments	0	0
Fair Value Measured at NAV
NAV of investments at fair value
Fair Value	343.7	324.8
Fair Value Measured at NAV \| Controlling Interest
NAV of investments at fair value
Fair Value	238.3	224.4
Fair Value Measured at NAV \| Private equity funds
NAV of investments at fair value
Fair Value	322.6	310.2
Fair Value Measured at NAV \| Investments in other strategies
NAV of investments at fair value
Fair Value	$ 21.1	$ 14.6

Other Investments - Investmen_2

Other Investments - Investments without Readily Determinable Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Cost	$ 8,500,000	$ 8,500,000
Cumulative unrealized gains	41,900,000	41,900,000
Carrying amount	50,400,000	$ 50,400,000	$ 13,800,000	$ 13,800,000
Upward adjustments	$ 0

Other Investments - Schedule of

Other Investments - Schedule of Changes in Other Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Investments [Roll Forward]
Balance, beginning of period	$ 375.2	$ 257.2
Net realized and unrealized gains	15.3	29.8
Purchases and commitments	15.1	18.1
Sales and distributions	(11.5)	(12.4)
Balance, end of period	394.1	292.7
Without Readily Determinable Fair Values
Balance, beginning of period	50.4	13.8
Net realized and unrealized gains	0	0
Purchases and commitments	0	0
Sales and distributions	0	0
Balance, end of period	50.4	13.8
Fair Value Measured at NAV
Other Investments [Roll Forward]
Balance, beginning of period	324.8	243.4
Net realized and unrealized gains	15.3	29.8
Purchases and commitments	15.1	18.1
Sales and distributions	(11.5)	(12.4)
Balance, end of period	$ 343.7	$ 278.9

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financial Assets
Investments in marketable securities	$ 81.1	$ 78.5
Derivative financial instruments	1	0.9
Financial Liabilities
Contingent payment obligations	31.4	40.3
Affiliate equity purchase obligations	47.6	12.6
Derivative financial instruments	0.9	0.8
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Investments in marketable securities	68.2	64.5
Derivative financial instruments	0	0
Financial Liabilities
Contingent payment obligations	0	0
Affiliate equity purchase obligations	0	0
Derivative financial instruments	0	0
Significant Other Observable Inputs (Level 2)
Financial Assets
Investments in marketable securities	12.9	14
Derivative financial instruments	1	0.9
Financial Liabilities
Contingent payment obligations	0	0
Affiliate equity purchase obligations	0	0
Derivative financial instruments	0.9	0.8
Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	0	0
Derivative financial instruments	0	0
Financial Liabilities
Contingent payment obligations	31.4	40.3
Affiliate equity purchase obligations	47.6	12.6
Derivative financial instruments	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contingent Payment Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 40.3	$ 0
Net realized and unrealized (gains) losses	(8.9)	0
Purchases and issuances	0	0
Settlements and reductions	0	0
Balance, end of period	31.4	0
Net change in unrealized gains relating to instruments still held at the reporting date	(8.9)	0
Affiliate equity purchase obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	12.6	22
Net realized and unrealized (gains) losses	(0.3)	0.9
Purchases and issuances	40.6	70.7
Settlements and reductions	(5.3)	(27.5)
Balance, end of period	47.6	66.1
Net change in unrealized gains relating to instruments still held at the reporting date	$ (0.3)	$ 0

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) $ in Millions	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Contingent Payment Obligations \| Monte Carlo Simulation
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 31.4	$ 40.3
Contingent Payment Obligations \| Monte Carlo Simulation \| Volatility \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.18	0.13
Contingent Payment Obligations \| Monte Carlo Simulation \| Volatility \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.25	0.25
Contingent Payment Obligations \| Monte Carlo Simulation \| Volatility \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.18	0.13
Contingent Payment Obligations \| Monte Carlo Simulation \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.03	0.01
Contingent Payment Obligations \| Monte Carlo Simulation \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.03	0.02
Contingent Payment Obligations \| Monte Carlo Simulation \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.03	0.02
Affiliate equity purchase obligations \| Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 47.6	$ 12.6
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	(0.13)	(0.13)
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.07	0.07
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.04	0.02
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.15	0.15
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.18	0.18
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.15	0.15

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 1,098.1	$ 1,098
Junior subordinated notes	765.8	765.8
Junior convertible securities	386.3	299.5
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	1,102.5	1,165.6
Junior subordinated notes	697	809.1
Junior convertible securities	$ 407.3	$ 461.4

Investments in Affiliates and_3

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entities
Carrying value of equity method investment in affiliate	$ 2,195.2	$ 2,134.4
Carrying amount and maximum exposure to loss equity method investments considered VREs	105.3	111.4
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Unconsolidated VIE Net Assets	1,742	1,864.7
Carrying Value and Maximum Exposure to Loss	$ 2,089.9	$ 2,023

Investments in Affiliates and_4

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 5,334.4	$ 4,958.5
Carrying Value and Maximum Exposure to Loss	$ 17.9	$ 15.7

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt	$ 2,577.9	$ 2,490.4
Senior bank debt
Debt Instrument [Line Items]
Debt	349.9	349.9
Senior notes
Debt Instrument [Line Items]
Debt	1,094	1,093.5
Junior subordinated notes
Debt Instrument [Line Items]
Debt	751.4	751.4
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 382.6	$ 295.6

Debt - Senior Bank Debt (Detail

Debt - Senior Bank Debt (Details) - Senior bank debt - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revolver
Debt Instrument [Line Items]
Available borrowing	$ 1,250,000,000
Additional borrowing amount	500,000,000
Borrowings outstanding	0	$ 0
Term Loan
Debt Instrument [Line Items]
Available borrowing	350,000,000
Additional borrowing amount	$ 75,000,000
Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on debt variable rate	0.85%

Debt - Schedule of Principal Te

Debt - Schedule of Principal Terms of Senior and Junior Subordinated Notes (Details) $ in Millions	Mar. 31, 2022USD ($)
Senior notes \| 2024 Senior Notes
Debt Instrument [Line Items]
Par value	$ 400
Stated coupon	4.25%
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350
Stated coupon	3.50%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350
Stated coupon	3.30%
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300
Stated coupon	5.875%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275
Stated coupon	4.75%
Junior subordinated notes \| 2061 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 200
Stated coupon	4.20%

Debt - Senior Notes and Junior

Debt - Senior Notes and Junior Subordinated Notes (Details)	3 Months Ended
Debt - Senior Notes and Junior Subordinated Notes (Details)	Mar. 31, 2022
2024 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
2024 Senior Notes \| Senior notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
2025 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
2025 Senior Notes \| Senior notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
2030 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
2030 Senior Notes \| Senior notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.40%
5.875% Junior Subordinated Notes due 2059 \| Junior subordinated notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
5.875% Junior Subordinated Notes due 2059 \| Junior subordinated notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
5.875% Junior Subordinated Notes due 2059 \| Junior subordinated notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
4.750% Junior Subordinated Notes due 2060 \| Junior subordinated notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
4.750% Junior Subordinated Notes due 2060 \| Junior subordinated notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
4.750% Junior Subordinated Notes due 2060 \| Junior subordinated notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
4.200% Junior Subordinated Notes due 2061 \| Junior subordinated notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
4.200% Junior Subordinated Notes due 2061 \| Junior subordinated notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
4.200% Junior Subordinated Notes due 2061 \| Junior subordinated notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%

Debt - Junior Convertible Secur

Debt - Junior Convertible Securities (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)d$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt	$ 2,577.9		$ 2,490.4
Junior convertible securities
Debt Instrument [Line Items]
Debt	382.6		295.6
Junior Convertible Trust Preferred Securities \| Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 386.3
Debt interest rate	5.15%
Unamortized debt issuance costs	$ 3.7		$ 3.9
Conversion ratio per share of common stock	0.2558
Face amount of convertible security (in usd per share) \| $ / shares	$ 50
Adjusted conversion price (in dollars per share) \| $ / shares	$ 195.47
Convertible debt, threshold trading days \| d	20
Convertible debt, threshold consecutive trading days \| d	30
Debt instrument, convertible, threshold percentage	1.30
Repayments of convertible debt	$ 16.5	$ 15
Deferred tax liabilities, net, decrease resulting from repurchase of junior convertible securities	$ 2.7	$ 3.3

Debt - Schedule of Convertible

Debt - Schedule of Convertible Securities (Details) - Junior convertible securities - Junior Convertible Trust Preferred Securities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 5	$ 5.4
Amortization of debt issuance costs	0.1	0.1
Amortization of debt discount	0	0.8
Total	$ 5.1	$ 6.3
Effective interest rate	5.24%	6.01%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 152.8
Payments for Achievement of Financial Targets
Commitments and Contingencies
Total contingent payments	147.5
Expected payments	13
Payment contingent on not meeting financial targets (up to)	12.5
Payment contingent on exercise of option to reduce ownership percentage	$ 25

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contingent Consideration (Details) - Parnassus & Abacus $ in Millions	Mar. 31, 2022USD ($)
Deferred payment obligations
Total	$ 265
2022	200
2023	21.7
2024	43.3
2025	0
Contingent payment obligations
Total	31.4
2022	0
2023	0
2024	30
2025	1.4
Co-Investor
Deferred payment obligations
Total	49.8
Contingent payment obligations
Total	7.5
Co-Investor \| Maximum
Contingent payment obligations
Contingent payment obligations	24.9
Controlling Interest
Deferred payment obligations
Total	215.2
Contingent payment obligations
Total	23.9
Controlling Interest \| Maximum
Contingent payment obligations
2024	100
2025	10
Contingent payment obligations	$ 110

Goodwill and Acquired Client _3

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,689.2
Foreign currency translation	(5.5)
Ending balance	$ 2,683.7

Goodwill and Acquired Client _4

Goodwill and Acquired Client Relationships - Schedule of Changes in the Components of Acquired Client Relationships (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total
Beginning balance, net book value	$ 1,966.4
Intangible amortization and impairments	(12.6)	$ (7.5)
Ending balance, net book value	1,943.3
Acquired Client Relationships
Definite-lived
Beginning balance, gross book value	1,364.2
Beginning balance, accumulated amortization	(1,028.1)
Beginning balance, net book value	336.1
Intangible amortization and impairments	(12.3)
Foreign currency translation, gross	(2.8)
Foreign currency translation, accumulated amortization	2.3
Foreign currency translation, net	(0.5)
Ending balance, gross book value	1,361.4
Ending balance, accumulated amortization	(1,038.1)
Ending balance, net book value	323.3
Indefinite-lived
Beginning balance, net book value	1,630.3
Intangible amortization and impairments	(0.3)
Foreign currency translation	(10)
Ending balance, net book value	1,620
Total
Beginning balance, net book value	1,966.4
Intangible amortization and impairments	(12.6)
Foreign currency translation	(10.5)
Ending balance, net book value	$ 1,943.3

Goodwill and Acquired Client _5

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Acquired Client Relationships
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible impairments	$ 0
Acquired Client Relationships
Intangible Assets
Amortization and impairment expenses of intangible assets	12,300,000
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	40,000,000
Finite-lived intangible, future amortization expense in year one	50,000,000
Finite-lived intangible, future amortization expense in year two	35,000,000
Finite-lived intangible, future amortization expense in year three	35,000,000
Finite-lived intangible, future amortization expense in year four	35,000,000
Finite-lived intangible, future amortization expense in year five	35,000,000
Intangible impairments	300,000
Acquired Client Relationships \| Intangible amortization and impairments
Intangible Assets
Amortization and impairment expenses of intangible assets	$ 12,600,000	$ 7,500,000

Equity Method Investments in _3

Equity Method Investments in Affiliates - Schedule of Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,683.7	$ 2,689.2
Equity method investments in Affiliates (net)	2,195.2	2,134.4
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Goodwill	1,360.3	1,264.4
Definite-lived acquired client relationships (net)	536.1	470.1
Indefinite-lived acquired client relationships (net)	174.5	174.4
Undistributed earnings and tangible capital	124.3	225.5
Equity method investments in Affiliates (net)	$ 2,195.2	$ 2,134.4

Equity Method Investments in _4

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2021	$ 2,134.4
Distributions of earnings	(173.1)	$ (157.9)
Balance, as of March 31, 2022	2,195.2
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2021	2,134.4
Investments in Affiliates	182.8
Earnings	71.9
Intangible amortization and impairments	(23.3)
Distributions of earnings	(173.1)
Foreign currency translation	6.3
Other	(3.8)
Balance, as of March 31, 2022	$ 2,195.2

Equity Method Investments in _5

Equity Method Investments in Affiliates - Additional Information (Details) shares in Thousands, $ in Millions	Mar. 16, 2022USD ($)shares	Mar. 31, 2022USD ($)affiliate	Mar. 31, 2021USD ($)affiliate	Dec. 31, 2021USD ($)	Dec. 31, 2016USD ($)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Number of affiliates accounted for under the equity method \| affiliate		21	19
Equity method investments		$ 105.3		$ 111.4
Baring Private Equity Asia (“BPEA”)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investments		138			$ 187.5
Baring Private Equity Asia (“BPEA”) \| EQT AB (“EQT”)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Expected cash proceeds	$ 240
Expected equity interest issuable, number of shares (in shares) \| shares	28,680
Percentage of shares restricted	0.25
Term of restricted shares	6 months
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of Intangible Assets		12.3
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year		40
Finite-lived intangible, future amortization expense in year one		50
Finite-lived intangible, future amortization expense in year two		35
Finite-lived intangible, future amortization expense in year three		35
Finite-lived intangible, future amortization expense in year four		35
Finite-lived intangible, future amortization expense in year five		35
Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Total contingent payments		83.3
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of Intangible Assets		23.3	$ 35.2
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year		70
Finite-lived intangible, future amortization expense in year one		85
Finite-lived intangible, future amortization expense in year two		50
Finite-lived intangible, future amortization expense in year three		50
Finite-lived intangible, future amortization expense in year four		45
Finite-lived intangible, future amortization expense in year five		$ 40

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions
Other liabilities	$ 723.6	$ 709.2
Prior Owner \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	$ 26.7	$ 28.5

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation	$ 14.7	$ 9.7
Tax benefit	1.7	$ 2.2
Compensation expense related to share-based compensation	$ 105.3		$ 70.9
Weighted average period over which compensation expense will be recognized	3 years

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units Transactions (Details) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock Units
Unvested units - beginning balance (in shares)	1.1
Units granted (in shares)	0.4
Units vested (in shares)	(0.3)
Units forfeited (in shares)	0
Performance condition changes (in shares)	0
Unvested units - ending balance (in shares)	1.2
Weighted Average Grant Date Value
Unvested units - beginning balance (in dollars per share)	$ 95.03
Units granted (in dollars per share)	129.45
Units vested (in dollars per share)	108.92
Units forfeited (in dollars per share)	94.04
Performance condition changes (in dollars per share)	139.30
Unvested units - ending balance (in dollars per share)	$ 102.84
Restricted stocks granted, fair value	$ 45.3	$ 26.7
Minimum
Weighted Average Grant Date Value
Restricted stock, vesting period	3 years
Maximum
Weighted Average Grant Date Value
Restricted stock, vesting period	4 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Stock Options
Unexercised options outstanding - beginning balance (in shares) \| shares	3.2
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	0
Options forfeited (in shares) \| shares	0
Performance condition changes (in shares) \| shares	0
Unexercised options outstanding - ending balance (in shares) \| shares	3.2
Stock Options, Exercisable at the end of the period (in shares) \| shares	0.1
Weighted Average Exercise Price
Unexercised options outstanding - beginning balance (in dollars per share) \| $ / shares	$ 77.39
Options granted (in dollars per share) \| $ / shares	129.17
Options exercised (in dollars per share) \| $ / shares	0
Options forfeited (in dollars per share) \| $ / shares	197.79
Performance condition changes (in dollars per share) \| $ / shares	139.31
Unexercised options outstanding - ending balance (in dollars per share) \| $ / shares	77.82
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 132.30
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	4 years 4 months 24 days
Exercisable at the end of the period	1 year 7 months 6 days

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Options Granted and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation
Stock options granted, fair value	$ 1.8	$ 0.8
Stock options granted, weighted average fair value (in dollars per share)	$ 47.84	$ 50.04
Stock Options
Share-based Compensation
Stock options, expiration period	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	36.80%	37.60%
Risk-free interest rate	1.70%	1.00%
Expected life of options (in years)	5 years 8 months 12 days	5 years 8 months 12 days
Forfeiture rate	0.00%	0.00%
Stock Options \| Minimum
Share-based Compensation
Stock options, vesting period	3 years
Stock Options \| Maximum
Share-based Compensation
Stock options, vesting period	5 years

Redeemable Non-Controlling In_3

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance	$ 673.9
Increase attributable to consolidated Affiliate sponsored investment products	0.4
Transfers to Other liabilities	(28.5)
Changes in redemption value	(7)	$ 105.6
Balance, ending balance	$ 638.8
Minimum
Noncontrolling Interest [Line Items]
Term of conditional right to put interest	5 years
Maximum
Noncontrolling Interest [Line Items]
Term of conditional right to put interest	15 years
Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance	$ 25
Balance, ending balance	$ 25.4

Affiliate Equity - Additional I

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 122.5	$ 102.6
Payments to acquire interest in affiliates	5.3	27.4
Issuance of interest in affiliates	11.6	$ 12.4
Other assets
Affiliate Equity [Line Items]
Due from affiliates	7.7		$ 9
Other liabilities
Affiliate Equity [Line Items]
Due to affiliates	$ 47.6		$ 12.6

Affiliate Equity - Summary of A

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 16.2	$ 25.2
Non- controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	$ 14.5	20.8
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life	7 years		7 years
Non-controlling Interests	$ 313.2		$ 294.1
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	1.7	$ 4.4
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 41.8		$ 41.9
Remaining Life	5 years		6 years

Affiliate Equity - Changes in t

Affiliate Equity - Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 146	$ 149.9
(Decrease) Increase in controlling interest paid-in capital from Affiliate equity issuances	3.4	(0.5)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(25.9)	(47.8)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$ 123.5	$ 101.6

Income Taxes - Schedule of Cons

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Provision
Deferred taxes	$ 20.2	$ 17.8
Income tax expense	55.7	50.5
Non- controlling Interests
Income Tax Provision
Current taxes	5.2	2.1
Deferred taxes	0	0
Income tax expense	5.2	2.1
Controlling Interest
Income Tax Provision
Current taxes	30.3	30.6
Intangible-related deferred taxes	15.7	8.9
Other deferred taxes	4.5	8.9
Income tax expense	50.5	48.4
Income before income taxes (controlling interest)	$ 196.5	$ 198.3
Effective tax rate (controlling interests)	25.70%	24.40%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income (controlling interest)	$ 146	$ 149.9
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	11.7	0
Interest expense on junior convertible securities, net of taxes	3.8	4.7
Net income (controlling interest), as adjusted	$ 161.5	$ 154.6
Denominator
Average shares outstanding (basic) (in shares)	39.7	42.6
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	1.2	0.6
Issuance of shares to settle Redeemable non-controlling interests (in shares)	4	0
Junior convertible securities (in shares)	2	2.2
Average shares outstanding (diluted) (in shares)	46.9	45.4

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.5	0.4
Shares issuable to settle Redeemable non-controlling interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3.1	0

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Earnings Per Share [Abstract]
Number or shares repurchased during period (in shares) \| shares	1.3
Average price of shares repurchased during period (in dollars per share) \| $ / shares	$ 144.42

Comprehensive Income - Summary

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ (11.3)	$ 30.2
Tax Expense	(0.5)	(5.9)
Other comprehensive income (loss), net of tax	(11.8)	24.3
Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(11.3)	29.6
Tax Expense	(0.5)	(5.8)
Other comprehensive income (loss), net of tax	(11.8)	23.8
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0	0.6
Tax Expense	0	(0.1)
Other comprehensive income (loss), net of tax	$ 0	$ 0.5

Comprehensive Income - Componen

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 3,710.6	$ 3,317.3
Other comprehensive loss before reclassifications	(12.2)
Amounts reclassified	0.4
Other comprehensive income (loss), net of tax	(11.8)	24.3
Ending balance	3,593.2	3,187.3
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(155)
Ending balance	(166.8)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(155.1)
Other comprehensive loss before reclassifications	(11.8)
Amounts reclassified	0
Other comprehensive income (loss), net of tax	(11.8)	23.8
Ending balance	(166.9)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	0.1
Other comprehensive loss before reclassifications	(0.4)
Amounts reclassified	0.4
Other comprehensive income (loss), net of tax	0	$ 0.5
Ending balance	$ 0.1