INVESTMENTS

The disclosures below include details of the company’s investments. Investments held by consolidated investment products are detailed in Note 11, “Consolidated Investment Products.”

Current Investments



	As of
	June 30,	December 31,
$ in millions	2012	2011
Available-for-sale investments:
Seed money	109.4	63.5
Trading investments:
Investments related to deferred compensation plans	200.2	184.4
UIT-related equity and debt securities	4.4	3.1
Foreign time deposits	30.0	32.2
Other	0.5	0.5
Total current investments	344.5	283.7

Non-current Investments



	As of
	June 30,	December 31,
$ in millions	2012	2011
Available-for-sale investments:
CLOs	2.5	—
Other debt securities	6.3	—
Equity method investments	198.2	193.1
Other	11.8	7.7
Total non-current investments	218.8	200.8

The portion of trading gains and losses for the six months ended June 30, 2012 that relates to trading securities still held at June 30, 2012 was a $6.3 million net gain.

Realized gains and losses recognized in the income statement during the year from investments classified as available-for-sale are as follows:



	For the three months ended June 30, 2012			For the six months ended June 30, 2012
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Current available-for-sale investments	3.3	0.3	—	23.6	1.8	(0.5	)
Non-current available-for-sale investments	0.2	—	—	0.2	—	—



	For the three months ended June 30, 2011				For the six months ended June 30, 2011
$ in millions	Proceeds from Sales	Gross Realized Gains	Gross Realized Losses		Proceeds from Sales	Gross Realized Gains	Gross Realized Losses
Current available-for-sale investments	20.3	3.2	(0.1	)	36.5	6.5	(0.2	)
Non-current available-for-sale investments	—	—	—		0.1	—	—

Upon the sale of available-for-sale securities, net realized gains of $1.3 million and $6.3 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during the six months ended June 30, 2012 and 2011, respectively. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed.

Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below:



	June 30, 2012					December 31, 2011
$ in millions	Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses		Fair Value	Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses		Fair Value
Current:
Seed money	108.2	3.2	(2.0	)	109.4	65.7	2.2	(4.4	)	63.5
Current available-for-sale investments	108.2	3.2	(2.0	)	109.4	65.7	2.2	(4.4	)	63.5
Non-current:
CLOs	2.5	—	—		2.5	—	—	—		—
Other debt securities	6.3	—	—		6.3	—	—	—		—
Non-current available-for-sale investments:	8.8	—	—		8.8	—	—	—		—
	117.0	3.2	(2.0	)	118.2	65.7	2.2	(4.4	)	63.5

Available-for-sale debt securities as of June 30, 2012 by maturity, are set out below:



	Available-for-Sale
$ in millions	(Fair Value)
Less than one year	—
One to five years	1.7
Five to ten years	2.5
Greater than ten years	4.6
Total available-for-sale	8.8

The following table provides the breakdown of available-for-sale investments with unrealized losses at June 30, 2012:



	Less Than 12 Months			12 Months or Greater			Total
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Seed money (37 funds)	14.1	(1.2	)	8.7	(0.8	)	22.8	(2.0	)

The following table provides the breakdown of available-for-sale investments with unrealized losses at December 31, 2011:



	Less Than 12 Months			12 Months or Greater		Total
$ in millions	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Seed money (64 funds)	37.5	(4.4	)	—	—	37.5	(4.4	)

The company has reviewed investment securities for other-than-temporary impairment (OTTI) in accordance with its accounting policy and has recognized $0.9 million other-than-temporary impairment charges on available-for-sale investments during the six months ended June 30, 2012 (six months ended June 30, 2011: none).

The gross unrealized losses of seed money investments at June 30, 2012 were primarily caused by declines in the market value of the underlying securities in the seeded funds and foreign exchange movements. After conducting a review of the financial condition and near-term prospects of the underlying securities in the seeded funds as well as the severity and duration of the impairment, the company does not consider any material portion of its gross unrealized losses on these securities to be other-than-temporarily impaired. The securities are expected to recover their value over time and the company has the intent and ability to hold the securities until this recovery occurs.