Consolidated Sponsored Investment Products (Tables)

3 Months Ended

Mar. 31, 2014

The following table presents the balances related to CSIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interests in CSIP for each period presented.



$ in millions	March 31, 2014		December 31, 2013
Investments of CSIP	251.4		93.2
Cash and cash equivalents of CSIP	12.4		12.7
Accounts receivable and other assets of CSIP	12.0		2.6
Assets of CSIP	275.8		108.5
Other liabilities of CSIP	(12.4	)	(4.7	)
Equity attributable to redeemable noncontrolling interests	(101.9	)	—
Equity attributable to nonredeemable noncontrolling interests	(13.9	)	(12.0	)
Invesco's net interests in CSIP	147.6		91.8
Invesco's net interests as a percentage of investments of CSIP	58.7	%	98.5	%

Fair Value Hierarchy Levels Of Investments Held By CSIP

The carrying value of investments held by CSIP is also their fair value. The following tables present the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of March 31, 2014, and December 31, 2013:



	As of March 31, 2014
$ in millions	Fair Value Measurements	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)
Investments:
Fixed income securities	150.7	59.7	91.0	—
Equity securities	32.8	32.8	—	—
Investments in fixed income funds*	48.4	48.4	—	—
Investments in other private equity funds*	19.5	—	—	19.5
Total investments at fair value	251.4	140.9	91.0	19.5



	As of December 31, 2013
$ in millions	Fair Value Measurements	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level2)	Significant Other Unobservable Inputs (Level 3)
Investments:
Fixed income securities	43.2	—	43.2	—
Equity securities	27.8	27.8	—	—
Investments in fixed income funds*	6.0	6.0	—	—
Investments in other private equity funds*	16.2	—	—	16.2
Total investments at fair value	93.2	33.8	43.2	16.2

________________


*	Investments in fixed income funds and other private equity funds are valued using the net asset value (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 tables below summarizes as of March 31, 2014 and December 31, 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:

As of March 31, 2014

Fair Value

($ in millions)

Total Unfunded Commitments ($ in millions)

Weighted Average Remaining Term ⁽¹⁾

Redemption Frequency

Redemption Notice Period

Fixed income funds

$48.4

$—

n/a

Monthly

10 days

Private equity fund of funds

$19.5

$33.4

8.6 years

n/a ⁽²⁾

n/a⁽²⁾

As of December 31, 2013

Fair Value

($ in millions)

Total Unfunded Commitments ($ in millions)

Weighted Average Remaining Term ⁽¹⁾

Redemption Frequency

Redemption Notice Period

Fixed income funds

$6.0

$—

n/a

Monthly

10 days

Private equity fund of funds

$16.2

$35.6

8.5 years

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 months ending March 31, 2014 (three months ending March 31, 2013: none):



$ in millions	Three months ended March 31, 2014
Beginning balance	16.2
Purchases	2.2
Sales	(0.4	)
Gains and losses included in the Condensed Consolidated Statements of Income*	1.5
Ending balance	19.5

__________________


*	Included in other income/(loss) of CSIP, net, in the Consolidated Statement of Income for the three months ended March 31, 2014 are $1.5 million in net unrealized gains attributable to investments still held at March 31, 2014.

- 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.

+ References+ Details