Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Intangible Assets

(a) Indefinite-lived intangible assets

Indefinite-lived intangible assets are recorded in Intangible Assets, net on the Consolidated Balance Sheets and include rights to manage fund assets ($343.5 million and $335.2 million at December 31, 2020 and 2019, respectively) and trade names ($53.6 million and $52.0 million at December 31, 2020 and 2019, respectively). The increase in indefinite-lived intangible assets at December 31, 2020 as compared to December 31, 2019 primarily relates to an increase of $7.9 million as a result of foreign exchange rate fluctuations on intangible assets denominated in a foreign currency.

(b) Finite-lived intangible assets

Finite-lived intangible assets primarily represent customer relationships and consist of the following at December 31:

(in thousands)	2020		2019
Cost	$	111,041	$	71,853
Accumulated Amortization	(26,372)		(12,856)
Carrying Value	$	84,669	$	58,997

The increase in finite-lived intangible assets at December 31, 2020 as compared to December 31, 2019 primarily relates to $27.6 million of intangible assets recorded in connection with the HCL Acquisition and $7.3 million in connection with the MEPC acquisition (see Note (3)). In addition, the value of finite-lived intangible assets denominated in a foreign currency increased $3.1 million as a result of foreign exchange rate fluctuations, partially offset by amortization expense.

Amortization expense for finite-lived intangible assets was $13.8 million, $7.5 million and $6.2 million in 2020, 2019 and 2018, respectively, and was recorded as operating expense in Other expense on the Consolidated Statements of Income.

Expected aggregate annual amortization expense for finite-lived intangible assets in each of the five succeeding years assuming no new acquisitions or impairments is shown in the table below:

(in thousands)
2021	$	13,656
2022	13,486
2023	13,451
2024	12,494
2025	$	12,412

(c) Goodwill

Goodwill at December 31, 2020 increased $25.7 million from December 31, 2019 primarily due to $19.1 million of goodwill recorded in connection with the HCL Acquisition and $1.7 million related to the MEPC acquisition. In addition, the value of goodwill denominated in a foreign currency increased $4.9 million as a result of foreign exchange rate fluctuations.