Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill

The following table presents the changes in goodwill for the six months ended June 30, 2020 and 2019 (in millions):

	Quant & Solutions		Alternatives		Liquid Alpha		Total
Goodwill	$	22.1	$	153.1	$	133.3	$	308.5
Accumulated impairment	(1.8)		(5.0)		(27.1)		(33.9)
December 31, 2019	$	20.3	$	148.1	$	106.2	$	274.6
Additions	—		—		—		—
Impairments	—		—		(16.4)		(16.4)
Disposals	—		—		—		—
Goodwill	22.1		153.1		133.3		308.5
Accumulated impairment	(1.8)		(5.0)		(43.5)		(50.3)
June 30, 2020	$	20.3	$	148.1	$	89.8	$	258.2

	Quant & Solutions		Alternatives		Liquid Alpha		Total
Goodwill	$	22.1	$	153.1	$	133.3	$	308.5
Accumulated impairment	(1.8)		(5.0)		(27.1)		(33.9)
December 31, 2018	$	20.3	$	148.1	$	106.2	$	274.6
Additions	—		—		—		—
Impairments	—		—		—		—
Disposals	—		—		—		—
Goodwill	22.1		153.1		133.3		308.5
Accumulated impairment	(1.8)		(5.0)		(27.1)		(33.9)
June 30, 2019	$	20.3	$	148.1	$	106.2	$	274.6

Schedule of change in acquired intangible assets

The following table presents the change in definite-lived acquired intangible assets comprised of client relationships for the six months ended June 30, 2020 and 2019 (in millions):

	Gross Book Value		Accumulated Amortization & Impairment		Net Book Value
December 31, 2019	$	108.3	$	(44.2)	$	64.1
Additions	—		—		—
Amortization	—		(3.5)		(3.5)
Disposals	—		—		—
June 30, 2020	$	108.3	$	(47.7)	$	60.6

	Gross Book Value		Accumulated Amortization & Impairment		Net Book Value
December 31, 2018	$	108.3	$	(37.6)	$	70.7
Additions	—		—		—
Amortization	—		(3.3)		(3.3)
Disposals	—		—		—
June 30, 2019	$	108.3	$	(40.9)	$	67.4

Schedule of consolidated annual amortization expense

The Company estimates that its consolidated annual amortization expense, assuming no useful life changes or additional investments in new or existing Affiliates, for each of the next five fiscal years is as follows (in millions):

Year Ending December 31,
2020 (excluding the six months ended June 30, 2020)	$	3.1
2021	6.5
2022	6.5
2023	6.4
2024	6.4
Thereafter	31.7
Total	$	60.6