Noncontrolling Interests

12 Months Ended

Dec. 31, 2019

Noncontrolling Interests

Noncontrolling Interests

Note 14 — Noncontrolling Interests

Redeemable Noncontrolling Interests

Redeemable noncontrolling interests as of December 31, 2019 and 2018, consisted of the following (in millions):

	December 31,
	2019		2018
Consolidated seeded investment products	$	662.8	$	121.6
Intech:
Appreciation rights		11.8		10.9
Founding member ownership interests		3.3		3.6
Total redeemable noncontrolling interests	$	677.9	$	136.1

Consolidated Seeded Investment Products

Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor’s request.

Redeemable noncontrolling interests in consolidated seed investment products may fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the seeded products’ underlying securities. Third-party redemption of investments is redeemed from the respective product’s net assets and cannot be redeemed from the assets of other seeded products or from our other assets.

The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the years ended December 31, 2019, 2018 and 2017 (in millions):

	Year ended December 31,
	2019		2018		2017
Opening balance	$	121.6	$	174.9	$	158.0
Balance acquired from the Merger		—		—		23.2
Changes in market value		18.9		(15.5)		(9.8)
Changes in ownership		509.7		(36.3)		3.7
Foreign currency translation		12.6		(1.5)		(0.2)
Closing balance	$	662.8	$	121.6	$	174.9

Intech

Intech ownership interests held by a founding member had an estimated fair value of $3.3 million as of December 31, 2019, representing an approximate 1.1% ownership of Intech. This founding member is entitled to retain his remaining Intech interests for the remainder of his life and has the option to require us to purchase his ownership interests of Intech at fair value.

Intech appreciation rights are amortized using a graded vesting method over the respective vesting period. The appreciation rights are exercisable upon termination of employment from Intech to the extent vested. Upon exercise, the appreciation rights are settled in Intech equity. Refer to Note 15 – Long Term Incentive Compensation for a description of Intech appreciation rights.

Nonredeemable Noncontrolling Interests

Nonredeemable noncontrolling interests as of December 31, 2019 and 2018, are as follows (in millions):

	December 31,
	2019		2018
Nonredeemable noncontrolling interests in:
Seed capital investments	$	6.7	$	8.3
Intech		13.0		13.2
Total nonredeemable noncontrolling interests	$	19.7	$	21.5