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Non-controlling and Other Beneficial Interests
12 Months Ended
Oct. 31, 2020
Non-Controlling and Other Beneficial Interests [Abstract]  
Non-controlling and Other Beneficial Interests

18.Non-controlling and Other Beneficial Interests

 

Non-controlling and other beneficial interests are as follows:

 

Non-redeemable non-controlling interests

 

Non-redeemable non-controlling interests consist entirely of unvested interests granted to employees of the Company’s majority-owned subsidiaries. These grants become subject to holder put rights upon vesting and are reclassified to temporary equity as vesting occurs.

 

Redeemable non-controlling interests at fair value

 

Redeemable non-controlling interests include vested interests held by employees of the Company’s majority-owned subsidiaries and are recorded in temporary equity at estimated redemption value. Future payments to purchase these interests reduce temporary equity. Future changes in the redemption value of these interests are recognized as increases or decreases to additional paid-in capital. Redeemable non-controlling interests also include interests in the Company’s consolidated sponsored funds, given that investors in those funds may request withdrawals at any time.

 

In the fourth quarter of fiscal 2019, the Company purchased all remaining outstanding non-controlling profit and capital interests in Parametric held by current and former Parametric employees (see Note 10).

 

The components of net (income) loss attributable to non-controlling and other beneficial interests for the years ended October 31, 2020, 2019 and 2018 were as follows:

 

(in thousands)

 

2020

 

2019

 

2018

 

Consolidated sponsored funds

$

10,560

$

(20,081)

$

232

 

Majority-owned subsidiaries

 

(5,378)

 

(12,760)

 

(16,199)

 

Net (income) loss attributable to non-controlling and

 

 

 

 

 

 

 

other beneficial interests

$

5,182

$

(32,841)

$

(15,967)