Affiliated Managers (MGR) 10-Q7 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		35,046,930
Entity Central Index Key	0001004434
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Common Stock ($0.01 par value)
Document 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
Document 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
Document 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
Document 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 - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Consolidated revenue	$ 512.5	$ 604.1	$ 1,029.9	$ 1,211.4
Consolidated expenses:
Compensation and related expenses	228.9	268.2	451.2	523.2
Selling, general and administrative	85.2	93.1	182.3	182.6
Intangible amortization and impairments	12.5	12.5	25	25
Interest expense	30.9	27.3	61.3	56.4
Depreciation and other amortization	3.3	4.7	7	8.1
Other expenses (net)	13.8	(5.2)	28.3	0.4
Total consolidated expenses	374.6	400.6	755.1	795.7
Equity method income (net)	55.8	30.5	114.5	79.1
Investment and other income (expense)	26.5	(22)	64.3	(8.4)
Income before income taxes	220.2	212	453.6	486.4
Income tax expense	32.8	38	77.7	93.8
Net income	187.4	174	375.9	392.6
Net income (non-controlling interests)	(62.1)	(64.6)	(116.1)	(137.2)
Net income (controlling interest)	$ 125.3	$ 109.4	$ 259.8	$ 255.4
Average shares outstanding (basic) (in shares)	35.9	38.7	35.9	39.2
Average shares outstanding (diluted) (in shares)	42.1	44.5	40.2	48.1
Earnings per share (basic) (in dollars per share)	$ 3.49	$ 2.83	$ 7.23	$ 6.52
Earnings per share (diluted) (in dollars per share)	$ 3.25	$ 2.68	$ 6.74	$ 6.10

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 187.4	$ 174	$ 375.9	$ 392.6
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	24.5	(73.4)	51.3	(85.2)
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	(0.6)	0.7	(0.6)
Change in net unrealized gain (loss) on available-for-sale debt securities	(0.6)	0	(0.2)	0
Other comprehensive income (loss), net of tax	24.4	(74)	51.8	(85.8)
Comprehensive income	211.8	100	427.7	306.8
Comprehensive income (non-controlling interests)	(69.4)	(43.1)	(125.7)	(109.2)
Comprehensive income (controlling interest)	$ 142.4	$ 56.9	$ 302	$ 197.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 785.5	$ 429.2
Receivables	487.1	316
Investments in marketable securities	444.2	716.9
Goodwill	2,659.6	2,648.7
Acquired client relationships (net)	1,863.1	1,876
Equity method investments in Affiliates (net)	1,943.8	2,139.5
Fixed assets (net)	66.3	68.5
Other investments	457	421.6
Other assets	259.5	264.6
Total assets	8,966.1	8,881
Liabilities and Equity
Payables and accrued liabilities	602.5	778.3
Debt	2,536.4	2,535.3
Deferred income tax liability (net)	487.6	464.7
Other liabilities	470.3	461.7
Total liabilities	4,096.8	4,240
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	500.9	465.4
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued in 2022 and 2023)	0.6	0.6
Additional paid-in capital	651.9	695.5
Accumulated other comprehensive loss	(161.2)	(203.4)
Retained earnings	5,977.2	5,718.2
Total stockholders' equity before treasury stock	6,468.5	6,210.9
Less: Treasury stock, at cost (22.7 shares in 2022 and 23.1 shares in 2023)	(3,070.5)	(2,980.6)
Total stockholders' equity	3,398	3,230.3
Non-controlling interests	970.4	945.3
Total equity	4,368.4	4,175.6
Total liabilities and equity	$ 8,966.1	$ 8,881

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Dec. 31, 2022
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)	23.1	22.7

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock at Cost	Non- controlling Interests
Beginning 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
Increase (Decrease) in Stockholders' Equity
Net income	392.6						255.4			137.2
Other comprehensive income (loss), net of tax	(85.8)					(57.8)				(28)
Share-based compensation	29.8			29.8
Common stock issued under share-based incentive plans	(12.3)			(30.1)					17.8
Share repurchases	(264.6)								(264.6)
Dividends	(0.9)						(0.9)
Affiliate equity activity:
Affiliate equity compensation	29.6			3						26.6
Issuances	15.7			(6.8)						22.5
Purchases	(2.4)			(2)						(0.4)
Changes in redemption value of Redeemable non-controlling interests	86.9			86.9
Transfers to Redeemable non-controlling interests	(1.8)									(1.8)
Capital contributions and other	34.3									34.3
Distributions to non-controlling interests	(211.8)									(211.8)
Ending balance at Jun. 30, 2022	3,643.8		0.6	651.8		(145.7)	4,828.5		(2,594.2)	902.8
Beginning balance at Mar. 31, 2022	3,593.2		0.6	557.4		(93.2)	4,719.4		(2,515.4)	924.4
Increase (Decrease) in Stockholders' Equity
Net income	174						109.4			64.6
Other comprehensive income (loss), net of tax	(74)					(52.5)				(21.5)
Share-based compensation	15.1			15.1
Common stock issued under share-based incentive plans	1			(0.2)					1.2
Share repurchases	(80)								(80)
Dividends	(0.3)						(0.3)
Affiliate equity activity:
Affiliate equity compensation	14.1			2						12.1
Issuances	1.5			0.1						1.4
Purchases	0			(2.5)						2.5
Changes in redemption value of Redeemable non-controlling interests	79.9			79.9
Transfers to Redeemable non-controlling interests	(1.8)									(1.8)
Capital contributions and other	10.4									10.4
Distributions to non-controlling interests	(89.3)									(89.3)
Ending balance at Jun. 30, 2022	3,643.8		0.6	651.8		(145.7)	4,828.5		(2,594.2)	902.8
Beginning balance at Dec. 31, 2022	4,175.6		0.6	695.5		(203.4)	5,718.2		(2,980.6)	945.3
Increase (Decrease) in Stockholders' Equity
Net income	375.9						259.8			116.1
Other comprehensive income (loss), net of tax	51.8					42.2				9.6
Share-based compensation	29.4			29.4
Common stock issued under share-based incentive plans	(25.2)			(39.3)					14.1
Share repurchases	(44.9)			59.1					(104)
Dividends	(0.8)						(0.8)
Affiliate equity activity:
Affiliate equity compensation	28.6			6.7						21.9
Issuances	14.7			(8.3)						23
Purchases	4.5			6						(1.5)
Changes in redemption value of Redeemable non-controlling interests	(97.2)			(97.2)
Transfers to Redeemable non-controlling interests	(0.1)									(0.1)
Capital contributions and other	12.5									12.5
Distributions to non-controlling interests	(156.4)									(156.4)
Ending balance at Jun. 30, 2023	4,368.4		0.6	651.9		(161.2)	5,977.2		(3,070.5)	970.4
Beginning balance at Mar. 31, 2023	4,219.4		0.6	563.9		(178.3)	5,852.3		(2,966.6)	947.5
Increase (Decrease) in Stockholders' Equity
Net income	187.4						125.3			62.1
Other comprehensive income (loss), net of tax	24.4					17.1				7.3
Share-based compensation	14.7			14.7
Common stock issued under share-based incentive plans	(0.1)			(0.2)					0.1
Share repurchases	(44.9)			59.1					(104)
Dividends	(0.4)						(0.4)
Affiliate equity activity:
Affiliate equity compensation	18.2			7.6						10.6
Issuances	1.4			(4.5)						5.9
Purchases	5			6.8						(1.8)
Changes in redemption value of Redeemable non-controlling interests	4.5			4.5
Transfers to Redeemable non-controlling interests	(0.1)									(0.1)
Capital contributions and other	15.8									15.8
Distributions to non-controlling interests	(76.9)									(76.9)
Ending balance at Jun. 30, 2023	$ 4,368.4		$ 0.6	$ 651.9		$ (161.2)	$ 5,977.2		$ (3,070.5)	$ 970.4

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.02

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from (used in) operating activities:
Net income	$ 375.9	$ 392.6
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	25	25
Depreciation and other amortization	7	8.1
Deferred income tax expense	24.2	31
Equity method income (net)	(114.5)	(79.1)
Distributions received from equity method investments	350.9	276.4
Share-based compensation and Affiliate equity compensation expense	57.4	56.7
Net realized and unrealized losses (gains) on investment securities	(48.2)	8.4
Other non-cash items	(0.1)	(8)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(21.4)	(29.4)
Sales of securities by consolidated Affiliate sponsored investment products	24.6	21.7
Decrease (increase) in receivables	(163.8)	0.5
Decrease in other assets	10	9.4
Decrease in payables, accrued liabilities, and other liabilities	(201.5)	(206.8)
Cash flow from operating activities	325.5	506.5
Cash flow from (used in) investing activities:
Investments in Affiliates, net of cash acquired	0	(147.8)
Return of capital from equity method investments	0	0.8
Purchase of fixed assets	(4)	(6.1)
Purchase of investment securities	(215)	(35.3)
Maturities and sales of investment securities	510.1	16.4
Cash flow (used in) from investing activities	291.1	(172)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	25	0
Repayments of senior bank debt and junior convertible securities	(25)	(58)
Repurchases of common stock (net)	(44.3)	(279.9)
Dividends paid on common stock	(0.8)	(0.8)
Distributions to non-controlling interests	(156.4)	(211.8)
Affiliate equity (purchases) / issuances (net)	(8.4)	(19.1)
Subscriptions (redemptions) to consolidated Affiliate sponsored investment products, net	(5.3)	6.9
Other financing items	(50)	(53.5)
Cash flow used in financing activities	(265.2)	(616.2)
Effect of foreign currency exchange rate changes on cash and cash equivalents	6.1	(20)
Net (decrease) increase in cash and cash equivalents	357.5	(301.7)
Cash and cash equivalents at beginning of period	429.2	908.5
Effect of deconsolidation of Affiliates	(1.2)	0
Cash and cash equivalents at end of period	$ 785.5	$ 606.8

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	6 Months Ended
Basis of Presentation and Use of Estimates	Jun. 30, 2023
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. (“AMG” or 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, 2022 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. All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.

Accounting Standards and Polici

Accounting Standards and Policies	6 Months Ended
Accounting Standards and Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Accounting Standards and Policies	Accounting Standards and Policies Recent Accounting Developments In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The standard is effective for interim and annual periods beginning after December 15, 2023 for the Company, and is effective for interim and annual periods beginning after December 15, 2024 for the Company’s Affiliates. The Company is evaluating the impact of this standard and it currently does not expect the adoption to have a material impact on its Consolidated Financial Statements.

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
Investments in Marketable Securities	Jun. 30, 2023
Marketable Securities [Abstract]
Investments in Marketable Securities	Investments in Marketable Securities Equity Securities The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in equity securities: December 31, June 30, Cost $ 394.4 $ 80.1 Unrealized gains 59.9 17.0 Unrealized losses (6.4) (1.3) Fair value $ 447.9 $ 95.8 As of December 31, 2022 and June 30, 2023, investments in equity securities include ordinary shares of EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT.ST), with fair values of $405.1 million and $49.9 million, respectively. The Company received the EQT shares through the sale of its equity interest in Baring Private Equity Asia (“BPEA”), in connection with the strategic combination of BPEA and EQT, which was completed in the fourth quarter of 2022. In July 2023, the Company sold its remaining 2.6 million ordinary shares of EQT. As of December 31, 2022 and June 30, 2023, investments in equity securities include consolidated Affiliate sponsored investment products with fair values of $23.5 million and $20.6 million, respectively. For the three and six months ended June 30, 2022, the Company recognized net unrealized losses on equity securities still held as of June 30, 2022 of $18.7 million and $24.9 million, respectively. For the three and six months ended June 30, 2023, the Company recognized net unrealized gains on equity securities still held as of June 30, 2023 of $2.6 million and $3.9 million, respectively. Debt Securities The following table summarizes the cost, unrealized losses, and fair value of investments in U.S. Treasury securities classified as available-for-sale, of which $176.5 million mature in 2023 and $152.6 million mature in 2024, and consolidated Affiliate sponsored investment products classified as trading: Available-for-Sale Trading December 31, June 30, December 31, June 30, Cost $ 252.3 $ 330.8 $ 19.7 $ 20.3 Unrealized losses (1.3) (1.7) (1.7) (1.0) Fair value $ 251.0 $ 329.1 $ 18.0 $ 19.3 For the three months ended June 30, 2022 and 2023, and for the six months ended June 30, 2022 there were no maturities or sales of available-for-sale securities. For the six months ended June 30, 2023, the Company received $101.7 million of proceeds from the maturity of available-for-sale securities. For the three and six months ended June 30, 2022, the Company recognized net unrealized losses on debt securities classified as trading still held as of June 30, 2022 of $1.9 million and $2.7 million, respectively. For the three and six months ended June 30, 2023, the Company recognized net unrealized gains (losses) on debt securities classified as trading still held as of June 30, 2023 of $0.0 million and $(0.0) million, respectively.

Other Investments

Other Investments	6 Months Ended
Other Investments	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other investments consists primarily 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 funds in which the Company and its 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 fair value 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, 2022 June 30, 2023 Fair Value Unfunded Fair Value Unfunded Private equity funds (1) $ 356.4 $ 158.3 $ 378.5 $ 154.3 Investments in other strategies (2) 14.8 — 28.1 — Total (3) $ 371.2 $ 158.3 $ 406.6 $ 154.3 ___________________________ (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 $275.1 million and $295.7 million as of December 31, 2022 and June 30, 2023, 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, June 30, Cost $ 8.5 $ 8.5 Cumulative unrealized gains 41.9 41.9 Carrying amount $ 50.4 $ 50.4 For the three and six months ended June 30, 2023, 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 June 30, 2022 2023 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 $ 343.7 $ 50.4 $ 394.1 $ 375.6 $ 50.4 $ 426.0 Purchases and commitments 12.1 — 12.1 36.2 — 36.2 Sales and distributions (7.8) — (7.8) (17.4) — (17.4) Net realized and unrealized (losses) gains (13.7) — (13.7) $ 12.2 $ — $ 12.2 Balance, end of period $ 334.3 $ 50.4 $ 384.7 $ 406.6 $ 50.4 $ 457.0 For the Six Months Ended June 30, 2022 2023 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 $ 324.8 $ 50.4 $ 375.2 $ 371.2 $ 50.4 $ 421.6 Purchases and commitments 27.1 — 27.1 46.0 — 46.0 Sales and distributions (19.3) — (19.3) (28.9) — (28.9) Net realized and unrealized gains 1.7 — 1.7 $ 18.3 $ — $ 18.3 Balance, end of period $ 334.3 $ 50.4 $ 384.7 $ 406.6 $ 50.4 $ 457.0

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThe following tables summarize 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 equity securities (1) $ 447.9 $ 305.6 $ 142.3 $ — Investments in debt securities (1) 269.0 — 269.0 — Derivative financial instruments (2) 0.5 — 0.5 — Financial Liabilities (3) Contingent payment obligations $ 21.0 $ — $ — $ 21.0 Affiliate equity purchase obligations 24.5 — — 24.5 Derivative financial instruments 0.9 — 0.9 — Fair Value Measurements June 30, 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 equity securities (1) $ 95.8 $ 95.8 $ — $ — Investments in debt securities (1) 348.4 — 348.4 — Derivative financial instruments (2) 1.9 — 1.9 — Financial Liabilities (3) Contingent payment obligations $ 23.4 $ — $ — $ 23.4 Affiliate equity purchase obligations 68.4 — — 68.4 Derivative financial instruments 1.5 — 1.5 — __________________________ (1) Amounts are presented within Investments in marketable securities on the Consolidated Balance Sheets. (2) Amounts are presented within Other assets on the Consolidated Balance Sheets. (3) 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 June 30, 2022 2023 Contingent Payment Obligations Affiliate Contingent Payment Obligations Affiliate Balance, beginning of period $ 31.4 $ 47.6 $ 22.9 $ 60.9 Purchases and issuances (1) — 7.9 — 26.8 Settlements and reductions — (26.9) — (16.8) Net realized and unrealized (gains) losses (2) (17.2) (3.6) 0.5 (2.5) Balance, end of period $ 14.2 $ 25.0 $ 23.4 $ 68.4 Net change in unrealized (gains) losses relating to instruments still held at the reporting date (1) $ (17.2) $ (3.5) $ 0.5 $ (1.8) For the Six Months Ended June 30, 2022 2023 Contingent Payment Obligations Affiliate Contingent Payment Obligations Affiliate Balance, beginning of period $ 40.3 $ 12.6 $ 21.0 $ 24.5 Purchases and issuances (1) — 48.5 — 71.0 Settlements and reductions — (32.2) — (24.3) Net realized and unrealized (gains) losses (2) (26.1) (3.9) 2.4 (2.8) Balance, end of period $ 14.2 $ 25.0 $ 23.4 $ 68.4 Net change in unrealized (gains) losses relating to instruments still held at the reporting date (1) $ (26.1) $ (3.8) $ 2.4 $ (2.1) ___________________________ (1) Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests. (2) Gains and losses resulting from changes to expected payments are included in Other expenses (net) on the Consolidated Statements of Income and the accretion of these obligations is included in Interest expense on the Consolidated Statements of Income. 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, 2022 June 30, 2023 Valuation Unobservable Fair Value Range Weighted Average (1) Fair Value Range Weighted Average (1) Contingent payment obligations Monte Carlo Simulation Volatility $ 21.0 18% - 25% 18 % $ 23.4 20% - 25% 20 % Discount rates 6% 6 % 5% - 7% 6 % Affiliate equity purchase obligations Discounted cash flow Growth rates (2) $ 24.5 (3)% - 6% 1 % $ 68.4 (9)% - 6% (2) % Discount rates 14% - 17% 14 % 12% - 17% 14 % ___________________________ (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 fair value of the expected future settlement amounts related to the Company’s investments in its consolidated Affiliates. Changes to assumed volatility and discount rates change the fair value of contingent payment obligations. Increases to the volatility rates used would result in higher fair values, while increases to the discount rates used would result in lower fair values. Affiliate equity purchase obligations include agreements to purchase Affiliate equity and represent the fair value of the expected future settlement amounts. Changes to assumed growth rates and discount rates change the fair value of the Affiliate equity purchase obligations. Increases to the assumed growth rates would result in higher fair values, while increases to the discount rates used would result in lower fair values. 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, 2022 June 30, 2023 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 1,098.7 $ 1,024.6 $ 1,099.0 $ 1,019.9 Level 2 Junior subordinated notes 765.9 552.3 765.9 594.6 Level 2 Junior convertible securities 341.7 346.9 341.7 343.0 Level 2 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, Payables and accrued liabilities, and certain Other 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 (as defined in Note 7) approximates fair value because the credit facilities have variable interest based on selected short-term rates.

Investments in Affiliates and A

Investments in Affiliates and Affiliate Sponsored Investment Products	6 Months Ended
	Jun. 30, 2023
Variable Interest Entities
Investments in Affiliates and Affiliate Sponsored Investment 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, 2022 June 30, 2023 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the equity method $ 1,273.5 $ 2,051.6 $ 916.9 $ 1,846.8 As of December 31, 2022 and June 30, 2023, the carrying value and maximum exposure to loss for all of the Company’s Affiliates accounted for under the equity method was $2,139.5 million and $1,943.8 million, respectively, including Affiliates accounted for under the equity method considered VREs of $87.9 million and $97.0 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, 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, 2022 June 30, 2023 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliate sponsored investment products $ 4,878.6 $ 15.3 $ 5,600.1 $ 22.5

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s Debt: December 31, June 30, Senior bank debt $ 349.9 $ 349.9 Senior notes 1,095.2 1,096.0 Junior subordinated notes 751.6 751.8 Junior convertible securities 338.6 338.7 Debt $ 2,535.3 $ 2,536.4 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. 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”). The revolver matures on October 25, 2027 and the term loan matures 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 term-SOFR plus a SOFR adjustment of 0.10% or prime rate, plus a marginal rate determined based on its credit rating. As of June 30, 2023, the interest rate for the Company’s outstanding borrowings under the term loan was term-SOFR plus a SOFR adjustment of 0.10% plus the marginal rate of 0.85%. As of December 31, 2022 and June 30, 2023, the Company had no outstanding borrowings under the revolver. Senior Notes As of June 30, 2023, the Company had senior notes outstanding. The carrying values of the senior notes are accreted to their principal amount at maturity over the remaining life of the underlying instrument. The principal terms of the senior notes outstanding as of June 30, 2023 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 June 30, 2023, the Company had junior subordinated notes outstanding, the respective principal terms of which are presented below: 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 As of June 30, 2023, the Company had $341.7 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, 2022 and June 30, 2023, the unamortized issuance costs related to the junior convertible securities were $3.1 million and $3.0 million, respectively. The following table presents interest expense recognized in connection with the junior convertible securities: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Contractual interest expense $ 4.5 $ 4.4 $ 9.5 $ 8.8 Amortization of debt issuance costs 0.1 0.1 0.1 0.1 Total $ 4.6 $ 4.5 $ 9.6 $ 8.9 Effective interest rate 5.20 % 5.21 % 5.21 % 5.21 % 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 six months ended June 30, 2022, the Company

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2023
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 June 30, 2023, these unfunded commitments were $154.3 million and may be called in future periods. As of June 30, 2023, the Company was obligated to make deferred payments and was contingently liable to make payments in connection with certain of its consolidated Affiliates as follows: Earliest Payable Controlling Interest Co-Investor Total 2023 2024 2025 Deferred payment obligations $ 65.0 $ — $ 65.0 $ 21.7 $ 43.3 $ — Contingent payment obligations (1) 18.0 5.4 23.4 — 21.8 1.6 __________________________ (1) Fair value as of June 30, 2023. 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. As of June 30, 2023, the Company was contingently liable to make payments of $153.5 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 2024 through 2029. As of June 30, 2023, 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	6 Months Ended
Goodwill and Acquired Client Relationships	Jun. 30, 2023
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, 2022 $ 2,648.7 Foreign currency translation 16.0 Other (5.1) Balance, as of June 30, 2023 $ 2,659.6 Acquired Client Relationships (Net) Definite-lived Indefinite-lived Total Gross Book Accumulated Net Book Net Book Net Book Balance, as of December 31, 2022 $ 1,355.1 $ (1,069.7) $ 285.4 $ 1,590.6 $ 1,876.0 Intangible amortization and impairments — (25.0) (25.0) — (25.0) Foreign currency translation 1.6 (1.3) 0.3 15.9 16.2 Transfers (1) (10.3) 10.3 — (4.1) (4.1) Balance, as of June 30, 2023 $ 1,346.4 $ (1,085.7) $ 260.7 $ 1,602.4 $ 1,863.1 __________________________ (1) Transfers include acquired client relationships at Affiliates that were deconsolidated during the period. 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 $12.5 million and $25.0 million for the three and six months ended June 30, 2022, respectively, and $12.5 million and $25.0 million for the three and six months ended June 30, 2023, respectively. Based on relationships existing as of June 30, 2023, the Company estimates that its consolidated amortization expense will be approximately $25 million for the remainder of 2023, approximately $35 million in 2024, approximately $30 million in each of 2025, 2026, and 2027, and approximately $25 million in 2028. As of June 30, 2023, no impairments of indefinite-lived acquired client relationships were indicated.

Equity Method Investments in Af

Equity Method Investments in Affiliates	6 Months Ended
Equity Method Investments in Affiliates	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in Affiliates	Equity Method Investments in Affiliates 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, June 30, Goodwill $ 1,262.4 $ 1,280.7 Definite-lived acquired client relationships (net) 479.4 441.5 Indefinite-lived acquired client relationships (net) 119.0 121.7 Undistributed earnings and tangible capital 278.7 99.9 Equity method investments in Affiliates (net) $ 2,139.5 $ 1,943.8 The following table presents the change in Equity method investments in Affiliates (net): Equity Method Investments in Affiliates (Net) Balance, as of December 31, 2022 $ 2,139.5 Earnings 156.3 Intangible amortization and impairments (41.8) Distributions of earnings (352.3) Foreign currency translation 29.2 Other 12.9 Balance, as of June 30, 2023 $ 1,943.8 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 recorded amortization expense for these relationships of $34.6 million and $57.9 million for the three and six months ended June 30, 2022, respectively, and $20.9 million and $41.8 million for the three and six months ended June 30, 2023, respectively. Based on relationships existing as of June 30, 2023, the Company estimates the amortization expense attributable to its Affiliates will be approximately $42 million for the remainder of 2023, approximately $50 million in each of 2024 and 2025, approximately $45 million in each of 2026 and 2027, and approximately $35 million in 2028. The Company had 20 Affiliates accounted for under the equity method as of December 31, 2022 and June 30, 2023. 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. In June 2023, the Company entered into an agreement to acquire a minority equity interest in Forbion Group Holding B.V. (“Forbion”), a pan-European venture capital and growth equity firm focused on investing in high-quality life sciences companies. Following the close of the transaction, Forbion partners will continue to hold a significant majority of the equity of the business and direct its day-to-day operations. The transaction is expected to close during the second half of 2023, and is subject to customary closing conditions.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
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 $21.0 million and $19.2 million as of December 31, 2022 and June 30, 2023, 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. Also, from time to time, the Company may enter into ordinary course engagements for capital markets, banking, brokerage, and other services with beneficial owners of 5% or more of the Company’s voting securities.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationThe following table presents share-based compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Share-based compensation $ 15.1 $ 14.7 $ 29.8 $ 29.4 Tax benefit 1.9 1.9 3.7 3.7 As of December 31, 2022, the Company had unrecognized share-based compensation expense of $64.7 million. As of June 30, 2023, the Company had unrecognized share-based compensation expense of $82.7 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, 2022 1.1 $ 106.88 Units granted 0.3 159.91 Units vested (0.4) 87.22 Units forfeited (0.0 ) 129.13 Performance condition changes 0.0 73.81 Unvested units–June 30, 2023 1.0 131.67 For the six months ended June 30, 2022 and 2023, the Company granted restricted stock units with fair values of $46.3 million and $48.3 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, 2022 3.2 $ 76.81 Options granted — — Options exercised (0.0 ) 127.77 Options forfeited — — Options expired — — Performance condition changes — — Unexercised options outstanding–June 30, 2023 3.2 76.74 3.2 Exercisable at June 30, 2023 0.0 121.51 3.2 For the six months ended June 30, 2022, the Company granted stock options with fair values of $1.8 million. The Company did not grant any stock options during the six months ended June 30, 2023. 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. For the six months ended June 30, 2022, the weighted average fair value of options granted was $47.84. 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 Six Months Ended June 30, 2022 Dividend yield 0.0 % Expected volatility 36.8 % Risk-free interest rate 1.7 % Expected life of options (in years) 5.7 Forfeiture rate — %

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	6 Months Ended
Redeemable Non-Controlling Interests	Jun. 30, 2023
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, 2022 $ 465.4 Decrease attributable to consolidated Affiliate sponsored investment products (4.1) Transfers to Other liabilities (57.7) Transfers from Non-controlling interests 0.1 Changes in redemption value 97.2 Balance, as of June 30, 2023 (1) $ 500.9 ___________________________ (1) As of December 31, 2022 and June 30, 2023, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $20.1 million and $16.0 million, respectively.

Affiliate Equity

Affiliate Equity	6 Months Ended
Affiliate Equity	Jun. 30, 2023
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 $211.8 million and $156.4 million for the six months ended June 30, 2022 and 2023, 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 six months ended June 30, 2022 and 2023, the amount of cash paid for purchases was $32.2 million and $21.8 million, respectively. For the six months ended June 30, 2022 and 2023, the total amount of cash received for issuances was $13.1 million and $13.4 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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Controlling interest $ (1.4) $ 6.8 $ 0.3 $ 6.1 Non-controlling interests 12.1 10.6 26.6 21.9 Total $ 10.7 $ 17.4 $ 26.9 $ 28.0 The following table presents unrecognized Affiliate equity compensation expense: Controlling Interest Remaining Life Non-controlling Interests Remaining Life December 31, 2022 $ 31.4 5 years $ 284.6 7 years June 30, 2023 29.5 5 years 271.0 6 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 $11.6 million and $6.9 million as of December 31, 2022 and June 30, 2023, respectively, and was included in Other assets. The total payable was $24.5 million and $68.4 million as of December 31, 2022 and June 30, 2023, 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 occurred during the applicable periods: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Net income (controlling interest) $ 109.4 $ 125.3 $ 255.4 $ 259.8 Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances 1.5 (5.0) 4.9 (8.6) Decrease in controlling interest paid-in capital from Affiliate equity purchases (4.0) (10.5) (29.9) (38.0) Net income (controlling interest) including the net impact of Affiliate equity transactions $ 106.9 $ 109.8 $ 230.4 $ 213.2

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Controlling interest: Current taxes $ 25.1 $ 18.7 $ 55.4 $ 49.9 Intangible-related deferred taxes 12.8 15.0 28.5 29.8 Other deferred taxes (2.0) (2.1) 2.5 (5.6) Total controlling interest 35.9 31.6 86.4 74.1 Non-controlling interests: Current taxes $ 2.1 $ 1.2 $ 7.4 $ 3.6 Deferred taxes — — — — Total non-controlling interests 2.1 1.2 7.4 3.6 Income tax expense $ 38.0 $ 32.8 $ 93.8 $ 77.7 Income before income taxes (controlling interest) $ 145.3 $ 156.9 $ 341.8 $ 333.9 Effective tax rate (controlling interest) (1) 24.7 % 20.1 % 25.3 % 22.2 % ___________________________ (1) Taxes attributable to the controlling interest divided by income before income taxes (controlling interest). The Company’s effective tax rate (controlling interest) for the three months ended June 30, 2022 was not meaningfully different than the marginal tax rate of 24.5%. The Company’s effective tax rate (controlling interest) for the six months ended June 30, 2022 was higher than the marginal tax rate, primarily due to a tax expense resulting from non-deductible compensation, partially offset by tax benefits from the reduction of certain valuation allowances on foreign net operating losses. The Company’s effective tax rate (controlling interest) for the three months ended June 30, 2023 was lower than the marginal tax rate of 24.5%, primarily due to tax benefits resulting from a decrease in the Company’s 2022 estimated foreign tax expense. The Company’s effective tax rate (controlling interest) for the six months ended June 30, 2023 was lower than the marginal tax rate due to tax benefits resulting from a decrease in the Company’s 2022 estimated foreign tax expense and tax windfalls attributable to share-based compensation.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
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 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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Numerator Net income (controlling interest) $ 109.4 $ 125.3 $ 255.4 $ 259.8 Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes 6.6 8.2 30.8 4.5 Interest expense on junior convertible securities, net of taxes 3.5 3.4 7.3 6.7 Net income (controlling interest), as adjusted $ 119.5 $ 136.9 $ 293.5 $ 271.0 Denominator Average shares outstanding (basic) 38.7 35.9 39.2 35.9 Effect of dilutive instruments: Stock options and restricted stock units 1.2 1.7 1.3 1.8 Hypothetical issuance of shares to settle Redeemable non-controlling interests 2.8 2.8 5.7 0.8 Junior convertible securities 1.8 1.7 1.9 1.7 Average shares outstanding (diluted) 44.5 42.1 48.1 40.2 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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Stock options and restricted stock units 0.3 0.2 0.3 0.3 Shares issuable to settle Redeemable non-controlling interests 4.6 2.5 1.8 3.8 For the three and six months ended June 30, 2023, under its authorized share repurchase programs, the Company repurchased 0.7 million shares of its common stock at an average price per share of $125.13. In December 2022, the Company entered into an accelerated share repurchase agreement to repurchase shares of its common stock in exchange for an upfront payment of $225.0 million. The Company received an initial share delivery of 1.1 million shares in December 2022, which represented 80% of the upfront payment based on the closing price of its common stock on the agreement date. In June 2023, the Company received a final share delivery of 0.4 million shares. Under this agreement the Company repurchased a total of 1.5 million shares at an average price of $147.29 per share.

Comprehensive Income

Comprehensive Income	6 Months Ended
Comprehensive Income	Jun. 30, 2023
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 June 30, 2022 2023 Pre-Tax Tax (Expense) Net of Tax Pre-Tax Tax (Expense) Benefit Net of Tax Foreign currency translation gain (loss) $ (71.8) $ (1.6) $ (73.4) $ 25.7 $ (1.2) $ 24.5 Change in net realized and unrealized gain (loss) on derivative financial instruments (0.6) 0.0 (0.6) 0.5 0.0 0.5 Change in net unrealized gain (loss) on available-for-sale debt securities — — — (0.8) 0.2 (0.6) Other comprehensive income (loss) $ (72.4) $ (1.6) $ (74.0) $ 25.4 $ (1.0) $ 24.4 For the Six Months Ended June 30, 2022 2023 Pre-Tax Tax (Expense) Net of Tax Pre-Tax Tax (Expense) Net of Tax Foreign currency translation gain (loss) $ (83.1) $ (2.1) $ (85.2) $ 55.2 $ (3.9) $ 51.3 Change in net realized and unrealized gain (loss) on derivative financial instruments (0.6) 0.0 (0.6) 0.7 0.0 0.7 Change in net unrealized gain (loss) on available-for-sale debt securities — — — (0.3) 0.1 (0.2) Other comprehensive income (loss) $ (83.7) $ (2.1) $ (85.8) $ 55.6 $ (3.8) $ 51.8 The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Realized and Unrealized Total Balance, as of December 31, 2022 $ (296.4) $ (0.4) $ (1.0) $ (297.8) Other comprehensive income (loss) before reclassifications 51.3 0.8 (0.2) 51.9 Amounts reclassified — (0.1) — (0.1) Net other comprehensive income (loss) 51.3 0.7 (0.2) 51.8 Balance, as of June 30, 2023 $ (245.1) $ 0.3 $ (1.2) $ (246.0)

Accounting Standards and Poli_2

Accounting Standards and Policies (Policies)	6 Months Ended
Accounting Standards and Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The Consolidated Financial Statements of Affiliated Managers Group, Inc. (“AMG” or 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, 2022 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 and Recent Accounting Developments	Recent Accounting Developments In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The standard is effective for interim and annual periods beginning after December 15, 2023 for the Company, and is effective for interim and annual periods beginning after December 15, 2024 for the Company’s Affiliates. The Company is evaluating the impact of this standard and it currently does not expect the adoption to have a material impact on its Consolidated Financial Statements.
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. 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, 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.

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	6 Months Ended
Investments in Marketable Securities (Tables)	Jun. 30, 2023
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 equity securities: December 31, June 30, Cost $ 394.4 $ 80.1 Unrealized gains 59.9 17.0 Unrealized losses (6.4) (1.3) Fair value $ 447.9 $ 95.8 The following table summarizes the cost, unrealized losses, and fair value of investments in U.S. Treasury securities classified as available-for-sale, of which $176.5 million mature in 2023 and $152.6 million mature in 2024, and consolidated Affiliate sponsored investment products classified as trading: Available-for-Sale Trading December 31, June 30, December 31, June 30, Cost $ 252.3 $ 330.8 $ 19.7 $ 20.3 Unrealized losses (1.3) (1.7) (1.7) (1.0) Fair value $ 251.0 $ 329.1 $ 18.0 $ 19.3

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
Other Investments (Tables)	Jun. 30, 2023
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, 2022 June 30, 2023 Fair Value Unfunded Fair Value Unfunded Private equity funds (1) $ 356.4 $ 158.3 $ 378.5 $ 154.3 Investments in other strategies (2) 14.8 — 28.1 — Total (3) $ 371.2 $ 158.3 $ 406.6 $ 154.3 ___________________________ (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 $275.1 million and $295.7 million as of December 31, 2022 and June 30, 2023, 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, June 30, 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 June 30, 2022 2023 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 $ 343.7 $ 50.4 $ 394.1 $ 375.6 $ 50.4 $ 426.0 Purchases and commitments 12.1 — 12.1 36.2 — 36.2 Sales and distributions (7.8) — (7.8) (17.4) — (17.4) Net realized and unrealized (losses) gains (13.7) — (13.7) $ 12.2 $ — $ 12.2 Balance, end of period $ 334.3 $ 50.4 $ 384.7 $ 406.6 $ 50.4 $ 457.0 For the Six Months Ended June 30, 2022 2023 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 $ 324.8 $ 50.4 $ 375.2 $ 371.2 $ 50.4 $ 421.6 Purchases and commitments 27.1 — 27.1 46.0 — 46.0 Sales and distributions (19.3) — (19.3) (28.9) — (28.9) Net realized and unrealized gains 1.7 — 1.7 $ 18.3 $ — $ 18.3 Balance, end of period $ 334.3 $ 50.4 $ 384.7 $ 406.6 $ 50.4 $ 457.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables summarize 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 equity securities (1) $ 447.9 $ 305.6 $ 142.3 $ — Investments in debt securities (1) 269.0 — 269.0 — Derivative financial instruments (2) 0.5 — 0.5 — Financial Liabilities (3) Contingent payment obligations $ 21.0 $ — $ — $ 21.0 Affiliate equity purchase obligations 24.5 — — 24.5 Derivative financial instruments 0.9 — 0.9 — Fair Value Measurements June 30, 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 equity securities (1) $ 95.8 $ 95.8 $ — $ — Investments in debt securities (1) 348.4 — 348.4 — Derivative financial instruments (2) 1.9 — 1.9 — Financial Liabilities (3) Contingent payment obligations $ 23.4 $ — $ — $ 23.4 Affiliate equity purchase obligations 68.4 — — 68.4 Derivative financial instruments 1.5 — 1.5 — __________________________ (1) Amounts are presented within Investments in marketable securities on the Consolidated Balance Sheets. (2) Amounts are presented within Other assets on the Consolidated Balance Sheets. (3) 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 June 30, 2022 2023 Contingent Payment Obligations Affiliate Contingent Payment Obligations Affiliate Balance, beginning of period $ 31.4 $ 47.6 $ 22.9 $ 60.9 Purchases and issuances (1) — 7.9 — 26.8 Settlements and reductions — (26.9) — (16.8) Net realized and unrealized (gains) losses (2) (17.2) (3.6) 0.5 (2.5) Balance, end of period $ 14.2 $ 25.0 $ 23.4 $ 68.4 Net change in unrealized (gains) losses relating to instruments still held at the reporting date (1) $ (17.2) $ (3.5) $ 0.5 $ (1.8) For the Six Months Ended June 30, 2022 2023 Contingent Payment Obligations Affiliate Contingent Payment Obligations Affiliate Balance, beginning of period $ 40.3 $ 12.6 $ 21.0 $ 24.5 Purchases and issuances (1) — 48.5 — 71.0 Settlements and reductions — (32.2) — (24.3) Net realized and unrealized (gains) losses (2) (26.1) (3.9) 2.4 (2.8) Balance, end of period $ 14.2 $ 25.0 $ 23.4 $ 68.4 Net change in unrealized (gains) losses relating to instruments still held at the reporting date (1) $ (26.1) $ (3.8) $ 2.4 $ (2.1) ___________________________ (1) Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests. (2) Gains and losses resulting from changes to expected payments are included in Other expenses (net) on the Consolidated Statements of Income and the accretion of these obligations is included in Interest expense on the Consolidated Statements of Income.
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, 2022 June 30, 2023 Valuation Unobservable Fair Value Range Weighted Average (1) Fair Value Range Weighted Average (1) Contingent payment obligations Monte Carlo Simulation Volatility $ 21.0 18% - 25% 18 % $ 23.4 20% - 25% 20 % Discount rates 6% 6 % 5% - 7% 6 % Affiliate equity purchase obligations Discounted cash flow Growth rates (2) $ 24.5 (3)% - 6% 1 % $ 68.4 (9)% - 6% (2) % Discount rates 14% - 17% 14 % 12% - 17% 14 % ___________________________ (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.
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, 2022 June 30, 2023 Carrying Value Fair Value Carrying Value Fair Value Fair Value Hierarchy Senior notes $ 1,098.7 $ 1,024.6 $ 1,099.0 $ 1,019.9 Level 2 Junior subordinated notes 765.9 552.3 765.9 594.6 Level 2 Junior convertible securities 341.7 346.9 341.7 343.0 Level 2

Investments in Affiliates and_2

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 June 30, 2023 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliates accounted for under the equity method $ 1,273.5 $ 2,051.6 $ 916.9 $ 1,846.8 December 31, 2022 June 30, 2023 Unconsolidated Carrying Value and Unconsolidated Carrying Value and Affiliate sponsored investment products $ 4,878.6 $ 15.3 $ 5,600.1 $ 22.5

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s Debt: December 31, June 30, Senior bank debt $ 349.9 $ 349.9 Senior notes 1,095.2 1,096.0 Junior subordinated notes 751.6 751.8 Junior convertible securities 338.6 338.7 Debt $ 2,535.3 $ 2,536.4
Schedule of Principal Terms of Senior and Junior Subordinated Notes	The principal terms of the senior notes outstanding as of June 30, 2023 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 As of June 30, 2023, the Company had junior subordinated notes outstanding, the respective principal terms of which are presented below: 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 following table presents interest expense recognized in connection with the junior convertible securities: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Contractual interest expense $ 4.5 $ 4.4 $ 9.5 $ 8.8 Amortization of debt issuance costs 0.1 0.1 0.1 0.1 Total $ 4.6 $ 4.5 $ 9.6 $ 8.9 Effective interest rate 5.20 % 5.21 % 5.21 % 5.21 %

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
Commitment and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	As of June 30, 2023, the Company was obligated to make deferred payments and was contingently liable to make payments in connection with certain of its consolidated Affiliates as follows: Earliest Payable Controlling Interest Co-Investor Total 2023 2024 2025 Deferred payment obligations $ 65.0 $ — $ 65.0 $ 21.7 $ 43.3 $ — Contingent payment obligations (1) 18.0 5.4 23.4 — 21.8 1.6 __________________________ (1) Fair value as of June 30, 2023. 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.

Goodwill and Acquired Client _2

Goodwill and Acquired Client Relationships (Tables)	6 Months Ended
Goodwill and Acquired Client Relationships (Tables)	Jun. 30, 2023
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, 2022 $ 2,648.7 Foreign currency translation 16.0 Other (5.1) Balance, as of June 30, 2023 $ 2,659.6
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, 2022 $ 1,355.1 $ (1,069.7) $ 285.4 $ 1,590.6 $ 1,876.0 Intangible amortization and impairments — (25.0) (25.0) — (25.0) Foreign currency translation 1.6 (1.3) 0.3 15.9 16.2 Transfers (1) (10.3) 10.3 — (4.1) (4.1) Balance, as of June 30, 2023 $ 1,346.4 $ (1,085.7) $ 260.7 $ 1,602.4 $ 1,863.1 __________________________ (1) Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

Equity Method Investments in _2

Equity Method Investments in Affiliates (Tables)	6 Months Ended
Equity Method Investments in Affiliates (Tables)	Jun. 30, 2023
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, June 30, Goodwill $ 1,262.4 $ 1,280.7 Definite-lived acquired client relationships (net) 479.4 441.5 Indefinite-lived acquired client relationships (net) 119.0 121.7 Undistributed earnings and tangible capital 278.7 99.9 Equity method investments in Affiliates (net) $ 2,139.5 $ 1,943.8 The following table presents the change in Equity method investments in Affiliates (net): Equity Method Investments in Affiliates (Net) Balance, as of December 31, 2022 $ 2,139.5 Earnings 156.3 Intangible amortization and impairments (41.8) Distributions of earnings (352.3) Foreign currency translation 29.2 Other 12.9 Balance, as of June 30, 2023 $ 1,943.8

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation	The following table presents share-based compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Share-based compensation $ 15.1 $ 14.7 $ 29.8 $ 29.4 Tax benefit 1.9 1.9 3.7 3.7
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, 2022 1.1 $ 106.88 Units granted 0.3 159.91 Units vested (0.4) 87.22 Units forfeited (0.0 ) 129.13 Performance condition changes 0.0 73.81 Unvested units–June 30, 2023 1.0 131.67
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, 2022 3.2 $ 76.81 Options granted — — Options exercised (0.0 ) 127.77 Options forfeited — — Options expired — — Performance condition changes — — Unexercised options outstanding–June 30, 2023 3.2 76.74 3.2 Exercisable at June 30, 2023 0.0 121.51 3.2
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 Six Months Ended June 30, 2022 Dividend yield 0.0 % Expected volatility 36.8 % Risk-free interest rate 1.7 % Expected life of options (in years) 5.7 Forfeiture rate — %

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interests (Tables)	6 Months Ended
Redeemable Non-Controlling Interests (Tables)	Jun. 30, 2023
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, 2022 $ 465.4 Decrease attributable to consolidated Affiliate sponsored investment products (4.1) Transfers to Other liabilities (57.7) Transfers from Non-controlling interests 0.1 Changes in redemption value 97.2 Balance, as of June 30, 2023 (1) $ 500.9 ___________________________ (1) As of December 31, 2022 and June 30, 2023, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $20.1 million and $16.0 million, respectively.

Affiliate Equity (Tables)

Affiliate Equity (Tables)	6 Months Ended
Affiliate Equity (Tables)	Jun. 30, 2023
Affiliate Equity [Abstract]
Schedule of Affiliate Equity Compensation	The following table presents Affiliate equity compensation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Controlling interest $ (1.4) $ 6.8 $ 0.3 $ 6.1 Non-controlling interests 12.1 10.6 26.6 21.9 Total $ 10.7 $ 17.4 $ 26.9 $ 28.0
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, 2022 $ 31.4 5 years $ 284.6 7 years June 30, 2023 29.5 5 years 271.0 6 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 occurred during the applicable periods: For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Net income (controlling interest) $ 109.4 $ 125.3 $ 255.4 $ 259.8 Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances 1.5 (5.0) 4.9 (8.6) Decrease in controlling interest paid-in capital from Affiliate equity purchases (4.0) (10.5) (29.9) (38.0) Net income (controlling interest) including the net impact of Affiliate equity transactions $ 106.9 $ 109.8 $ 230.4 $ 213.2

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2023
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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Controlling interest: Current taxes $ 25.1 $ 18.7 $ 55.4 $ 49.9 Intangible-related deferred taxes 12.8 15.0 28.5 29.8 Other deferred taxes (2.0) (2.1) 2.5 (5.6) Total controlling interest 35.9 31.6 86.4 74.1 Non-controlling interests: Current taxes $ 2.1 $ 1.2 $ 7.4 $ 3.6 Deferred taxes — — — — Total non-controlling interests 2.1 1.2 7.4 3.6 Income tax expense $ 38.0 $ 32.8 $ 93.8 $ 77.7 Income before income taxes (controlling interest) $ 145.3 $ 156.9 $ 341.8 $ 333.9 Effective tax rate (controlling interest) (1) 24.7 % 20.1 % 25.3 % 22.2 % ___________________________ (1) Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Numerator Net income (controlling interest) $ 109.4 $ 125.3 $ 255.4 $ 259.8 Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes 6.6 8.2 30.8 4.5 Interest expense on junior convertible securities, net of taxes 3.5 3.4 7.3 6.7 Net income (controlling interest), as adjusted $ 119.5 $ 136.9 $ 293.5 $ 271.0 Denominator Average shares outstanding (basic) 38.7 35.9 39.2 35.9 Effect of dilutive instruments: Stock options and restricted stock units 1.2 1.7 1.3 1.8 Hypothetical issuance of shares to settle Redeemable non-controlling interests 2.8 2.8 5.7 0.8 Junior convertible securities 1.8 1.7 1.9 1.7 Average shares outstanding (diluted) 44.5 42.1 48.1 40.2
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 June 30, For the Six Months Ended June 30, 2022 2023 2022 2023 Stock options and restricted stock units 0.3 0.2 0.3 0.3 Shares issuable to settle Redeemable non-controlling interests 4.6 2.5 1.8 3.8

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
Comprehensive Income (Tables)	Jun. 30, 2023
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 June 30, 2022 2023 Pre-Tax Tax (Expense) Net of Tax Pre-Tax Tax (Expense) Benefit Net of Tax Foreign currency translation gain (loss) $ (71.8) $ (1.6) $ (73.4) $ 25.7 $ (1.2) $ 24.5 Change in net realized and unrealized gain (loss) on derivative financial instruments (0.6) 0.0 (0.6) 0.5 0.0 0.5 Change in net unrealized gain (loss) on available-for-sale debt securities — — — (0.8) 0.2 (0.6) Other comprehensive income (loss) $ (72.4) $ (1.6) $ (74.0) $ 25.4 $ (1.0) $ 24.4 For the Six Months Ended June 30, 2022 2023 Pre-Tax Tax (Expense) Net of Tax Pre-Tax Tax (Expense) Net of Tax Foreign currency translation gain (loss) $ (83.1) $ (2.1) $ (85.2) $ 55.2 $ (3.9) $ 51.3 Change in net realized and unrealized gain (loss) on derivative financial instruments (0.6) 0.0 (0.6) 0.7 0.0 0.7 Change in net unrealized gain (loss) on available-for-sale debt securities — — — (0.3) 0.1 (0.2) Other comprehensive income (loss) $ (83.7) $ (2.1) $ (85.8) $ 55.6 $ (3.8) $ 51.8
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of taxes, were as follows: Foreign Realized and Unrealized Total Balance, as of December 31, 2022 $ (296.4) $ (0.4) $ (1.0) $ (297.8) Other comprehensive income (loss) before reclassifications 51.3 0.8 (0.2) 51.9 Amounts reclassified — (0.1) — (0.1) Net other comprehensive income (loss) 51.3 0.7 (0.2) 51.8 Balance, as of June 30, 2023 $ (245.1) $ 0.3 $ (1.2) $ (246.0)

Investments in Marketable Sec_3

Investments in Marketable Securities - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Abstract]
Cost	$ 80.1	$ 394.4
Unrealized gains	17	59.9
Unrealized losses	(1.3)	(6.4)
Fair value	$ 95.8	$ 447.9

Investments in Marketable Sec_4

Investments in Marketable Securities - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Marketable Securities [Line Items]
Investments in equity securities, fair values		$ 95.8		$ 95.8		$ 447.9
Net unrealized gain (loss)		2.6	$ (18.7)	3.9	$ (24.9)
Proceeds from maturity of AFS securities		0	0	101.7	0
Debt securities, net unrealized gain (loss)		0	$ (1.9)	0	$ (2.7)
EQT AB (“EQT”)
Marketable Securities [Line Items]
Investments in equity securities, fair values		49.9		49.9		405.1
EQT AB (“EQT”) \| Subsequent Event
Marketable Securities [Line Items]
Remaining shares sold	2.6
Variable Interest Entity, Primary Beneficiary
Marketable Securities [Line Items]
Fair value of deconsolidated investment in affiliate, equity securities		$ 20.6		$ 20.6		$ 23.5

Investments in Marketable Sec_5

Investments in Marketable Securities - Debt Securities, Available-for-Sale (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt securities, available-for-sale, maturity, year one	$ 176.5
Debt securities, available-for-sale, maturity, year two	152.6
Available-for-Sale
Cost	330.8	$ 252.3
Unrealized losses	(1.7)	(1.3)
Fair value	329.1	251
Trading
Cost	20.3	19.7
Unrealized losses	(1)	(1.7)
Fair value	$ 19.3	$ 18

Other Investments - Investments

Other Investments - Investments Measured at NAV as a Practical Expedient (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
NAV of investments at fair value
Unfunded Commitments	$ 154.3	$ 158.3
Life of funds (generally up to)	15 years
Private equity funds
NAV of investments at fair value
Unfunded Commitments	$ 154.3	158.3
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	406.6	371.2
Fair Value Measured at NAV \| Controlling Interest
NAV of investments at fair value
Fair Value	295.7	275.1
Fair Value Measured at NAV \| Private equity funds
NAV of investments at fair value
Fair Value	378.5	356.4
Fair Value Measured at NAV \| Investments in other strategies
NAV of investments at fair value
Fair Value	$ 28.1	$ 14.8

Other Investments - Investmen_2

Other Investments - Investments without Readily Determinable Fair Value (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Cost	$ 8,500,000	$ 8,500,000		$ 8,500,000
Cumulative unrealized gains	41,900,000	41,900,000		41,900,000
Carrying amount	50,400,000	50,400,000	$ 50,400,000	$ 50,400,000	$ 50,400,000	$ 50,400,000	$ 50,400,000
Upward adjustments	$ 0	$ 0

Other Investments - Schedule of

Other Investments - Schedule of Changes in Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Investments [Roll Forward]
Balance, beginning of period	$ 426	$ 394.1	$ 421.6	$ 375.2
Purchases and commitments	36.2	12.1	46	27.1
Sales and distributions	(17.4)	(7.8)	(28.9)	(19.3)
Net realized and unrealized (losses) gains	12.2	(13.7)	18.3	1.7
Balance, end of period	457	384.7	457	384.7
Equity Securities Without Readily Determinable Fair Value [Roll Forward]
Balance, beginning of period	50.4	50.4	50.4	50.4
Purchases and commitments	0	0	0	0
Sales and distributions	0	0	0	0
Net realized and unrealized gains	0	0	0	0
Balance, end of period	50.4	50.4	50.4	50.4
Fair Value Measured at NAV
Other Investments [Roll Forward]
Balance, beginning of period	375.6	343.7	371.2	324.8
Purchases and commitments	36.2	12.1	46	27.1
Sales and distributions	(17.4)	(7.8)	(28.9)	(19.3)
Net realized and unrealized (losses) gains	12.2	(13.7)	18.3	1.7
Balance, end of period	$ 406.6	$ 334.3	$ 406.6	$ 334.3

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	Jun. 30, 2023	Dec. 31, 2022
Financial Assets
Investments in equity securities	$ 95.8	$ 447.9
Investments in debt securities	348.4	269
Derivative financial instruments	1.9	0.5
Financial Liabilities
Contingent payment obligations	23.4	21
Affiliate equity purchase obligations	68.4	24.5
Derivative financial instruments	1.5	0.9
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Investments in equity securities	95.8	305.6
Investments in debt securities	0	0
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 equity securities	0	142.3
Investments in debt securities	348.4	269
Derivative financial instruments	1.9	0.5
Financial Liabilities
Contingent payment obligations	0	0
Affiliate equity purchase obligations	0	0
Derivative financial instruments	1.5	0.9
Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in equity securities	0	0
Investments in debt securities	0	0
Derivative financial instruments	0	0
Financial Liabilities
Contingent payment obligations	23.4	21
Affiliate equity purchase obligations	68.4	24.5
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contingent payment obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 22.9	$ 31.4	$ 21	$ 40.3
Purchases and issuances	0	0	0	0
Settlements and reductions	0	0	0	0
Net realized and unrealized (gains) losses	0.5	(17.2)	2.4	(26.1)
Balance, end of period	23.4	14.2	23.4	14.2
Net change in unrealized gains relating to instruments still held at the reporting date	0.5	(17.2)	2.4	(26.1)
Affiliate equity purchase obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	60.9	47.6	24.5	12.6
Purchases and issuances	26.8	7.9	71	48.5
Settlements and reductions	(16.8)	(26.9)	(24.3)	(32.2)
Net realized and unrealized (gains) losses	(2.5)	(3.6)	(2.8)	(3.9)
Balance, end of period	68.4	25	68.4	25
Net change in unrealized gains relating to instruments still held at the reporting date	$ (1.8)	$ (3.5)	$ (2.1)	$ (3.8)

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Contingent payment obligations \| Monte Carlo Simulation
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 23.4	$ 21
Contingent payment obligations \| Monte Carlo Simulation \| Volatility \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.20	0.18
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	0.20	0.18
Contingent payment obligations \| Monte Carlo Simulation \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.05	0.06
Contingent payment obligations \| Monte Carlo Simulation \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations, measurement input	0.07
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	0.06	0.06
Affiliate equity purchase obligations \| Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 68.4	$ 24.5
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	0.12	0.14
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	0.17	0.17
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	0.14	0.14
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	(0.09)	(0.03)
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	0.06	0.06
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	(0.02)	0.01

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 1,099	$ 1,098.7
Junior subordinated notes	765.9	765.9
Junior convertible securities	341.7	341.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	1,019.9	1,024.6
Junior subordinated notes	594.6	552.3
Junior convertible securities	$ 343	$ 346.9

Investments in Affiliates and_3

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entities
Carrying value of equity method investment in affiliate	$ 1,943.8	$ 2,139.5
Carrying amount and maximum exposure to loss equity method investments considered VREs	97	87.9
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Unconsolidated VIE Net Assets	916.9	1,273.5
Carrying Value and Maximum Exposure to Loss	$ 1,846.8	$ 2,051.6

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	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entities
Unconsolidated VIE Net Assets	$ 5,600.1	$ 4,878.6
Carrying Value and Maximum Exposure to Loss	$ 22.5	$ 15.3

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 2,536.4	$ 2,535.3
Senior bank debt
Debt Instrument [Line Items]
Debt	349.9	349.9
Senior notes
Debt Instrument [Line Items]
Debt	1,096	1,095.2
Junior subordinated notes
Debt Instrument [Line Items]
Debt	751.8	751.6
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 338.7	$ 338.6

Debt - Senior Bank Debt (Detail

Debt - Senior Bank Debt (Details) - Senior bank debt - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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 \| Debt Instrument, Adjustment Rate
Debt Instrument [Line Items]
Basis spread on debt variable rate	0.10%
Term Loan \| Secured Overnight Financing Rate (SOFR)
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	Jun. 30, 2023 USD ($)
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)	6 Months Ended
Debt - Senior Notes and Junior Subordinated Notes (Details)	Jun. 30, 2023
2024 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage	100%
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%
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%
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%
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%
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%
4.750% Junior Subordinated Notes due 2060 \| Junior subordinated notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100%
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%
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%
4.200% Junior Subordinated Notes due 2061 \| Junior subordinated notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100%
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%
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%

Debt - Junior Convertible Secur

Debt - Junior Convertible Securities (Details)	6 Months Ended
Debt - Junior Convertible Securities (Details)	Jun. 30, 2023 USD ($) d $ / shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt	$ 2,536,400,000		$ 2,535,300,000
Junior convertible securities
Debt Instrument [Line Items]
Debt	338,700,000		338,600,000
Junior Convertible Trust Preferred Securities \| Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 341,700,000
Debt interest rate	5.15%
Unamortized debt issuance costs	$ 3,000,000		$ 3,100,000
Conversion ratio per share of common stock	0.2558
Face amount of convertible security (in dollars 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	$ 0	$ 60,900,000
Deferred tax liabilities, net, decrease resulting from repurchase of junior convertible securities		$ 11,700,000

Debt - Schedule of Convertible

Debt - Schedule of Convertible Securities (Details) - Junior Convertible Trust Preferred Securities - Junior convertible securities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 4.4	$ 4.5	$ 8.8	$ 9.5
Amortization of debt issuance costs	0.1	0.1	0.1	0.1
Total	$ 4.5	$ 4.6	$ 8.9	$ 9.6
Effective interest rate	5.21%	5.20%	5.21%	5.21%

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 154.3
Payments for Achievement of Financial Targets
Commitments and Contingencies
Total contingent payments	153.5
Expected payments	13
Payment contingent on not meeting financial targets	12.5
Payment contingent on exercise of option to reduce ownership percentage	$ 25

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Contingent Consideration (Details) $ in Millions	Jun. 30, 2023 USD ($)
Deferred payment obligations
Total	$ 65
2023	21.7
2024	43.3
2025	0
Contingent payment obligations
Total	23.4
2023	0
2024	21.8
2025	1.6
Co-Investor
Deferred payment obligations
Total	0
Contingent payment obligations
Total	5.4
Co-Investor \| Maximum
Contingent payment obligations
Total	24.9
Controlling Interest
Deferred payment obligations
Total	65
Contingent payment obligations
Total	18
Controlling Interest \| Maximum
Contingent payment obligations
Total	110
2023	100
2024	$ 10

Goodwill and Acquired Client _3

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,648.7
Foreign currency translation	16
Other	(5.1)
Ending balance	$ 2,659.6

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total
Beginning balance, net book value			$ 1,876
Intangible amortization and impairments	$ (12.5)	$ (12.5)	(25)	$ (25)
Ending balance, net book value	1,863.1		1,863.1
Acquired Client Relationships
Indefinite-lived
Beginning balance, net book value			1,590.6
Foreign currency translation			15.9
Indefinite-Lived Intangible Assets, Transfers			(4.1)
Ending balance, net book value	1,602.4		1,602.4
Acquired Client Relationships
Definite-lived
Beginning balance, gross book value			1,355.1
Beginning balance, accumulated amortization			(1,069.7)
Beginning balance, net book value			285.4
Intangible amortization and impairments			(25)
Foreign currency translation, gross			1.6
Foreign currency translation, accumulated amortization			(1.3)
Foreign currency translation, net			0.3
Transfers, gross book value			(10.3)
Transfers, accumulated amortization			10.3
Ending balance, gross book value	1,346.4		1,346.4
Ending balance, accumulated amortization	(1,085.7)		(1,085.7)
Ending balance, net book value	260.7		260.7
Total
Beginning balance, net book value			1,876
Intangible amortization and impairments			(25)
Foreign currency translation			16.2
Intangible Assets, Transfers			(4.1)
Ending balance, net book value	$ 1,863.1		$ 1,863.1

Goodwill and Acquired Client _5

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event \| Company's Consolidated Affiliate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Gross cash proceeds	$ 294,000,000
Subsequent Event \| Company's Consolidated Affiliate \| Third Party
Estimated Future Amortization Expense of Finite-Lived Intangibles
Percentage of outstanding equity interests acquired	100%
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				25,000,000
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year		$ 25,000,000		25,000,000
Finite-lived intangible, future amortization expense in year one		35,000,000		35,000,000
Finite-lived intangible, future amortization expense in year two		30,000,000		30,000,000
Finite-lived intangible, future amortization expense in year three		30,000,000		30,000,000
Finite-lived intangible, future amortization expense in year four		30,000,000		30,000,000
Finite-lived intangible, future amortization expense in year five		25,000,000		25,000,000
Acquired Client Relationships \| Intangible amortization and impairments
Intangible Assets
Amortization and impairment expenses of intangible assets		$ 12,500,000	$ 12,500,000	$ 25,000,000	$ 25,000,000

Equity Method Investments in _3

Equity Method Investments in Affiliates - Schedule of Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,659.6	$ 2,648.7
Equity method investments in Affiliates (net)	1,943.8	2,139.5
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Goodwill	1,280.7	1,262.4
Definite-lived acquired client relationships (net)	441.5	479.4
Indefinite-lived acquired client relationships (net)	121.7	119
Undistributed earnings and tangible capital	99.9	278.7
Equity method investments in Affiliates (net)	$ 1,943.8	$ 2,139.5

Equity Method Investments in _4

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2022	$ 2,139.5
Distributions of earnings	(350.9)	$ (276.4)
Balance, as of June 30, 2023	1,943.8
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2022	2,139.5
Earnings	156.3
Intangible amortization and impairments	(41.8)
Distributions of earnings	(352.3)
Foreign currency translation	29.2
Other	12.9
Balance, as of June 30, 2023	$ 1,943.8

Equity Method Investments in _5

Equity Method Investments in Affiliates - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) affiliate	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) affiliate	Jun. 30, 2022 USD ($)	Dec. 31, 2022 affiliate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Number of affiliates \| affiliate	20		20		20
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of Intangible Assets			$ 25
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	$ 25		25
Finite-lived intangible, future amortization expense in year one	35		35
Finite-lived intangible, future amortization expense in year two	30		30
Finite-lived intangible, future amortization expense in year three	30		30
Finite-lived intangible, future amortization expense in year four	30		30
Finite-lived intangible, future amortization expense in year five	25		25
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of Intangible Assets	20.9	$ 34.6	41.8	$ 57.9
Estimated Future Amortization Expense of Finite-Lived Intangibles
Finite-lived intangible, future amortization expense, remainder of fiscal year	42		42
Finite-lived intangible, future amortization expense in year one	50		50
Finite-lived intangible, future amortization expense in year two	50		50
Finite-lived intangible, future amortization expense in year three	45		45
Finite-lived intangible, future amortization expense in year four	45		45
Finite-lived intangible, future amortization expense in year five	$ 35		$ 35

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transactions
Other liabilities	$ 470.3	$ 461.7
Common stock, voting rights, percent	0.05
Related Party
Related Party Transactions
Other liabilities	$ 68.4	24.5
Related Party \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	$ 19.2	$ 21

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation	$ 14.7	$ 15.1	$ 29.4	$ 29.8
Tax benefit	1.9	$ 1.9	3.7	$ 3.7
Compensation expense related to share-based compensation	$ 82.7		$ 82.7		$ 64.7
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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units
Unvested units - beginning balance (in shares)	1.1
Units granted (in shares)	0.3
Units vested (in shares)	(0.4)
Units forfeited (in shares)	0
Performance condition changes (in shares)	0
Unvested units - ending balance (in shares)	1
Weighted Average Grant Date Value
Unvested units - beginning balance (in dollars per share)	$ 106.88
Units granted (in dollars per share)	159.91
Units vested (in dollars per share)	87.22
Units forfeited (in dollars per share)	129.13
Performance condition changes (in dollars per share)	73.81
Unvested units - ending balance (in dollars per share)	$ 131.67
Restricted stocks granted, fair value	$ 48.3	$ 46.3
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	6 Months Ended
	Jun. 30, 2023 $ / shares shares
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
Options expired (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
Weighted Average Exercise Price
Unexercised options outstanding - beginning balance (in dollars per share) \| $ / shares	$ 76.81
Options granted (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	127.77
Options forfeited (in dollars per share) \| $ / shares	0
Options expired (in dollars per share) \| $ / shares	0
Performance condition changes (in dollars per share) \| $ / shares	0
Unexercised options outstanding - ending balance (in dollars per share) \| $ / shares	76.74
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 121.51
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	3 years 2 months 12 days
Exercisable at the end of the period	3 years 2 months 12 days

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Options Granted and Assumptions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation
Stock options granted, fair value	$ 0	$ 1,800,000
Stock options granted, weighted average fair value (in dollars per share)		$ 47.84
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%
Expected volatility		36.80%
Risk-free interest rate		1.70%
Expected life of options (in years)		5 years 8 months 12 days
Forfeiture rate		0%
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance			$ 465.4
Decrease attributable to consolidated Affiliate sponsored investment products			(4.1)
Transfers to Other liabilities			(57.7)
Transfers from Non-controlling interests			0.1
Changes in redemption value	$ (4.5)	$ (79.9)	97.2	$ (86.9)
Balance, ending balance	500.9		$ 500.9
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			$ 20.1
Balance, ending balance	$ 16		$ 16

Affiliate Equity - Additional I

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 156.4	$ 211.8
Payments to acquire interest in affiliates	21.8	32.2
Issuance of interest in affiliates	13.4	$ 13.1
Other assets	259.5		$ 264.6
Other liabilities	470.3		461.7
Related Party
Affiliate Equity [Line Items]
Other assets	6.9		11.6
Other liabilities	$ 68.4		$ 24.5

Affiliate Equity - Summary of A

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 17.4	$ 10.7	$ 28	$ 26.9
Non- controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	10.6	12.1	$ 21.9	26.6
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life			6 years		7 years
Non-controlling Interests	271		$ 271		$ 284.6
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	6.8	$ (1.4)	6.1	$ 0.3
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 29.5		$ 29.5		$ 31.4
Remaining Life			5 years		5 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 125.3	$ 109.4	$ 259.8	$ 255.4
Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances	(5)	1.5	(8.6)	4.9
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(10.5)	(4)	(38)	(29.9)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$ 109.8	$ 106.9	$ 213.2	$ 230.4

Income Taxes - Schedule of Cons

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Provision
Deferred taxes			$ 24.2	$ 31
Income tax expense	$ 32.8	$ 38	77.7	93.8
Non- controlling Interests
Income Tax Provision
Current taxes	1.2	2.1	3.6	7.4
Deferred taxes	0	0	0	0
Income tax expense	1.2	2.1	3.6	7.4
Controlling Interest
Income Tax Provision
Current taxes	18.7	25.1	49.9	55.4
Intangible-related deferred taxes	15	12.8	29.8	28.5
Other deferred taxes	(2.1)	(2)	(5.6)	2.5
Income tax expense	31.6	35.9	74.1	86.4
Income before income taxes (controlling interest)	$ 156.9	$ 145.3	$ 333.9	$ 341.8
Effective tax rate (controlling interests)	20.10%	24.70%	22.20%	25.30%

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income (controlling interest)	$ 125.3	$ 109.4	$ 259.8	$ 255.4
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	8.2	6.6	4.5	30.8
Interest expense on junior convertible securities, net of taxes	3.4	3.5	6.7	7.3
Net income (controlling interest), as adjusted	$ 136.9	$ 119.5	$ 271	$ 293.5
Denominator
Average shares outstanding (basic) (in shares)	35.9	38.7	35.9	39.2
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	1.7	1.2	1.8	1.3
Hypothetical issuance of shares to settle Redeemable non-controlling interests (in shares)	2.8	2.8	0.8	5.7
Junior convertible securities (in shares)	1.7	1.8	1.7	1.9
Average shares outstanding (diluted) (in shares)	42.1	44.5	40.2	48.1

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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)	0.2	0.3	0.3	0.3
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)	2.5	4.6	3.8	1.8

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 USD ($) shares	Jun. 30, 2023 $ / shares shares	Jun. 30, 2023 $ / shares shares
Earnings Per Share [Abstract]
Number or shares repurchased during period (in shares)	1.5		0.7	0.7
Average price of shares repurchased during period (in dollars per share) \| $ / shares	$ 147.29		$ 125.13	$ 125.13
Accelerated share repurchase, upfront payment \| $		$ 225
Accelerated share repurchase, stock delivered (in shares)	0.4	1.1
Percentage of shares delivered		0.80

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 25.4	$ (72.4)	$ 55.6	$ (83.7)
Tax (Expense) Benefit	(1)	(1.6)	(3.8)	(2.1)
Other comprehensive income (loss), net of tax	24.4	(74)	51.8	(85.8)
Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	25.7	(71.8)	55.2	(83.1)
Tax (Expense) Benefit	(1.2)	(1.6)	(3.9)	(2.1)
Other comprehensive income (loss), net of tax	24.5	(73.4)	51.3	(85.2)
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.5	(0.6)	0.7	(0.6)
Tax (Expense) Benefit	0	0	0	0
Other comprehensive income (loss), net of tax	0.5	(0.6)	0.7	(0.6)
Change in net unrealized gain (loss) on available-for-sale debt securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(0.8)	0	(0.3)	0
Tax (Expense) Benefit	0.2	0	0.1	0
Other comprehensive income (loss), net of tax	$ (0.6)	$ 0	$ (0.2)	$ 0

Comprehensive Income - Componen

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 4,219.4	$ 3,593.2	$ 4,175.6	$ 3,710.6
Other comprehensive income (loss) before reclassifications			51.9
Amounts reclassified			(0.1)
Other comprehensive income (loss), net of tax	24.4	(74)	51.8	(85.8)
Ending balance	4,368.4	3,643.8	4,368.4	3,643.8
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(297.8)
Ending balance	(246)		(246)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(296.4)
Other comprehensive income (loss) before reclassifications			51.3
Amounts reclassified			0
Other comprehensive income (loss), net of tax	24.5	(73.4)	51.3	(85.2)
Ending balance	(245.1)		(245.1)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(0.4)
Other comprehensive income (loss) before reclassifications			0.8
Amounts reclassified			(0.1)
Other comprehensive income (loss), net of tax	0.5	(0.6)	0.7	(0.6)
Ending balance	0.3		0.3
Unrealized Gains (Losses) on Investment Available-for-Sale Debt Securities
Components of Accumulated other comprehensive income, net of taxes
Beginning balance			(1)
Other comprehensive income (loss) before reclassifications			(0.2)
Amounts reclassified			0
Other comprehensive income (loss), net of tax	(0.6)	$ 0	(0.2)	$ 0
Ending balance	$ (1.2)		$ (1.2)

Uncategorized Items - amg-20230

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]