Intangible Assets, Net and Goodwill (Tables)

12 Months Ended

Nov. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

A summary of intangible assets, net and goodwill is as follows (in thousands):

	November 30, 2020		November 30, 2019
Indefinite lived intangibles:
Exchange and clearing organization membership interests and registrations	$	7,884	$	8,273
Amortizable intangibles:
Customer and other relationships, net of accumulated amortization of $119,694 and $111,060	51,285		59,575
Trademarks and tradename, net of accumulated amortization of $28,585 and $24,800	100,255		103,790
Other, net of accumulated amortization of $8,953 and $5,366	7,729		11,316
Total intangible assets, net	167,153		182,954
Goodwill:
Investment Banking and Capital Markets (1) (2)	1,563,144		1,556,810
Asset Management (1)	143,000		143,000
Real estate	36,711		36,711
Other operations	3,459		3,459
Total goodwill	1,746,314		1,739,980
Total intangible assets, net and goodwill	$	1,913,467	$	1,922,934

(1)    As discussed further in Note 27, during the three months ended February 29, 2020, we changed our internal structure with regard to our operating segments. As a result, we created a separate operating segment that consists of the asset management activity previously included within our Investment Banking, Capital Markets and Asset Management segment. In order to reallocate goodwill that was previously contained in our Investment Banking, Capital Markets and Asset Management segment to the newly created Investment Banking and Capital Markets segment and the Asset Management segment, we performed a fair value analysis of the components.

Estimated fair values were determined based on valuation techniques that we believed market participants would use and included price-to-earnings, price-to-book multiples and discounted cash flow techniques. Based on the relative fair values of each of the components, $143.0 million of the total $1,699.8 million goodwill within the historical Investment Banking, Capital Markets and Asset Management segment at November 30, 2019 was allocated to the new Asset Management segment. We performed an impairment test immediately before and after the reallocation of goodwill between the new segments and the results of the impairment test did not indicate any goodwill impairment.

(2)    The increase in Investment Banking and Capital Markets goodwill during the twelve months ended November 30, 2020, primarily relates to translation adjustments.

Schedule of Amortization Expense

The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): 

2021	$	14,411
2022	11,134
2023	9,900
2024	9,143
2025	8,632