Consolidated Sponsored Investment Products (Tables)

9 Months Ended

Sep. 30, 2013

The following table presents the balances related to CSIP that were included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CSIP at September 30, 2013 (December 31, 2012: none):



$ in millions	September 30, 2013
Investments of CSIP	88.6
Other assets of CSIP	5.7
Less: Other liabilities of CSIP	(0.5	)
Less: Equity attributable to nonredeemable noncontrolling interests	(7.6	)
Invesco's net interests in CSIP	86.2
Invesco's net interests as a percentage of investments of CSIP	97.3	%

Fair Value Hierarchy Levels Of Investments Held By CSIP

The following table presents the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of September 30, 2013 (as of December 31, 2012: none):



	As of September 30, 2013
$ in millions	Fair Value Measurements	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investments:
Fixed income securities	33.7	2.1	31.6	—
Equity securities	26.7	26.2	0.5	—
Investments in fixed income fund*	15.0	15.0	—	—
Investments in other private equity funds*	13.2	—	—	13.2
Total investments at fair value	88.6	43.3	32.1	13.2


*	Investments in the fixed income fund and private equity funds are valued using the NAV as a practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. Refer to Note 13, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds.

The table below summarizes as of September 30, 2013, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized:

Fair Value at September 30, 2013 ($ in millions)

Total Unfunded Commitments ($ in millions)

Weighted Average Remaining Term ⁽¹⁾

Redemption Frequency

Redemption Notice Period

Fixed income fund

$15.0

$—

n/a

Monthly

10 days

Private equity fund of funds

$13.2

$34.2

8.5 years

n/a ⁽²⁾

n/a⁽²⁾

(1) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated.

(2) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds.

Reconciliation of Significant Unobservable Inputs

The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs for the three and nine months ended September 30, 2013 (three and nine months ended September 30, 2012: none):



	Three months ended September 30, 2013	Nine months ended September 30, 2013
$ in millions	Level 3 Assets	Level 3 Assets
Beginning balance	—	—
Consolidation of CSIP	13.2	13.2
Ending balance	13.2	13.2

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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