Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investment Securities.

Summary of investment securities

Our investment securities as of December 31, 2021 and 2020, are summarized as follows (in millions):

	December 31,		December 31,
	2021		2020
Seeded investment products:
Consolidated VIEs	$	250.9	$	214.6
Consolidated VREs		179.6		29.3
Unconsolidated VIEs and VREs		159.3		73.2
Separate accounts		56.7		63.5
Pooled investment funds		0.1		0.1
Total seeded investment products		646.6		380.7
Investments related to deferred compensation plans		50.3		96.5
Other investments		5.4		5.5
Total investment securities	$	702.3	$	482.7

Schedule of net unrealized gains on trading securities

Net unrealized gains (losses) on investment securities held by us as of December 31, 2021, 2020 and 2019, are summarized as follows (in millions):

	Year ended
	December 31,
	2021		2020		2019
Unrealized gains (losses) on investment securities held at period end	$	(0.2)	$	69.8	$	19.2

Schedule of investment gains (losses), net in Consolidated Statements of Comprehensive Income

Investment gains, net on our Consolidated Statements of Comprehensive Income included the following for the years ended December 31, 2021, 2020 and 2019 (in millions):

	Year ended December 31,
	2021		2020		2019
Seeded investment products and hedges, net	$	2.0	$	26.6	$	3.5
Third-party ownership interests in seeded investment products		(8.0)		20.1		17.2
Long Tail Alpha investment		3.0		6.0		1.5
Deferred equity plan		2.8		2.1		9.5
Other		1.0		2.7		2.5
Investment gains, net	$	0.8	$	57.5	$	34.2

Cash flows related to investment securities

Cash flows related to our investment securities for the years ended December 31, 2021, 2020 and 2019, are summarized as follows (in millions):

	Year ended December 31,
	2021				2020				2019
			Sales,				Sales,				Sales,
	Purchases		settlements		Purchases		settlements		Purchases		settlements
	and		and		and		and		and		and
	settlements		maturities		settlements		maturities		settlements		maturities
Investment securities by consolidated seeded investment products	$	(100.4)	$	3.0	$	(103.9)	$	83.7	$	(903.3)	$	582.5
Investment securities		(303.0)		125.9		(120.4)		255.2		(192.5)		194.0