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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Statement
Revenue	$ 1,358,242	$ 841,840	$ 1,158,217
Operating expenses:
Compensation and related expenses	594,486	402,584	516,895
Selling, general and administrative	284,595	126,781	201,470
Amortization of intangible assets	60,066	32,939	33,854
Depreciation and other amortization	14,076	12,745	12,767
Other operating expenses	30,987	26,945	26,511
Total operating expenses	984,210	601,994	791,497
Operating income	374,032	239,846	366,720
Non-operating (income) and expenses:
Investment and other income	(22,905)	(24,902)	(26,900)
(Income) loss from equity method investments, net of amortization	(77,544)	(31,632)	97,142
Investment (income) loss from investments in partnerships	4,493	(27,425)	63,410
Interest expense	66,178	64,600	73,357
Imputed interest expense	24,959	13,529	8,068
Total non-operating (income) and expenses	(4,819)	(5,830)	215,077
Income before income taxes	378,851	245,676	151,643
Income taxes	91,523	32,760	19,744
Net income	287,328	212,916	131,899
Net income (non-controlling interests)	(153,080)	(126,764)	(193,728)
Net (income) loss (non-controlling interests in partnerships)	4,385	(26,679)	60,504
Net Income (loss) (controlling interest)	$ 138,633	$ 59,473	$ (1,325)
Earnings per share - basic (in dollars per share)	$ 2.92	$ 1.44	$ (0.03)
Earnings per share - diluted (in dollars per share)	$ 2.81	$ 1.38	$ (0.03)
Average shares outstanding - basic (in shares)	47,428,846	41,385,359	38,211,326
Average shares outstanding - diluted (in shares)	49,398,535	43,333,355	38,211,326
Supplemental disclosure of total comprehensive income:
Net Income	$ 287,328	$ 212,916	$ 131,899
Other comprehensive income (loss)	54,506	50,039	(68,818)
Comprehensive income	341,834	262,955	63,081
Comprehensive income (non-controlling interests)	(148,695)	(153,443)	(133,224)
Comprehensive income (loss) (controlling interest)	$ 193,139	$ 109,512	$ (70,143)

Senior Convertible Securities

12 Months Ended

Dec. 31, 2010

11. Senior Convertible Securities

The carrying values of the senior convertible securities are as follows:

		December 31,

		2009				2010
		Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
2008 senior convertible notes⁽¹⁾		$	409,594	$	460,000	$	422,118	$	460,000
Zero coupon senior convertible notes⁽²⁾			47,382		50,135		—		—

	Total senior convertible securities	$	456,976	$	510,135	$	422,118	$	460,000

(1): The carrying value is accreted to the principal amount at maturity using an interest rate of 7.4% (over its expected life of five years).
(2): The carrying value is accreted to the principal amount at maturity using an interest rate of 0.50%.

2008 Senior Convertible Notes

There is one senior convertible security outstanding at December 31, 2010. The principal terms of this security are summarized below.



Issue Date	August 2008
Maturity Date	August 2038
Note Denomination	1,000
Current Conversion Rate	7.959
Current Conversion Price	$125.65
Stated Coupon	3.95	%⁽¹⁾
Tax Deduction Rate	9.38	%⁽²⁾

(1): Interest is payable semi-annually in cash.
(2): The 2008 senior convertible notes are considered contingent payment debt instruments under federal income tax regulations. These regulations require the Company to deduct interest in an amount greater than its reported interest expense, which will result in annual deferred tax liabilities of approximately $11,600. These deferred tax liabilities will be reclassified directly to stockholders' equity if the Company's common stock is trading above certain thresholds at the time of the conversion of the notes.

The 2008 convertible notes are convertible into a defined number of shares of our common stock upon the occurrence of certain events, including the following: (i) during any fiscal quarter, if the closing price of the Company's common stock, as measured over a specified time period during the preceding fiscal quarter, is equal to or greater than 130% of the conversion price of the notes on the last day of such preceding fiscal quarter; (ii) during a certain window of time, if the trading price per $1,000 principal amount of the notes for each day during a specified period is less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate of the notes on such day; (iii) upon the occurrence of specified corporate transactions; (iv) after the notes have been called for redemption; and (v) p;nbsp;anytime after Februarynbsp;15, 2038. Upon conversion, the Company may elect to pay cash, deliver shares of its common stock, or some combination thereof. The holders of the 2008 senior convertible notes may require the Company to repurchase the notes in August of 2013, 2018, 2023, 2028 and 2033. The Company may redeem the notes for cash (subject to the holder's right to convert) at any time on or after Augustnbsp;15, 2013. /font/p p style="FONT-FAMILY: times"font size="2"iZero Coupon Senior Convertible Notes /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;In the second quarter of 2010, the Company called its zero coupon senior convertible notes due Maynbsp;7, 2021 ("zero coupon senior convertible notes") for redemption at their principal amount plus any original issue discount accrued thereon. In lieu of redemption, all of the holders elected to convert their zero coupon senior convertible notes into shares of the Company's common stock. The Company issued 873,626 shares of common stock to settle these conversions. All of the zero coupon senior convertible notes have been cancelled and retired. /font/p/td/tr/table

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2010	Dec. 31, 2009
Current assets:
Cash and cash equivalents	$ 313,328	$ 259,487
Investment advisory fees receivable	236,411	140,118
Investments in partnerships		93,809
Investments in marketable securities	115,965	56,690
Unsettled fund share receivables	41,971
Prepaid expenses and other current assets	61,755	35,478
Total current assets	769,430	585,582
Fixed assets, net	67,725	62,402
Equity investments in Affiliates	678,931	658,332
Acquired client relationships, net	1,424,165	571,573
Goodwill	2,131,143	1,413,217
Other assets	219,821	99,800
Total assets	5,291,215	3,390,906
Current liabilities:
Accounts payable and accrued liabilities	252,820	117,227
Unsettled fund share payables	39,845
Payables to related party	114,792	109,888
Total current liabilities	407,457	227,115
Senior bank debt	460,000
Senior convertible securities	422,118	456,976
Junior convertible trust preferred securities	509,872	507,358
Deferred income taxes	495,349	322,671
Other long-term liabilities	207,825	26,066
Total liabilities	2,502,621	1,540,186
Redeemable non-controlling interests	406,292	368,999
Equity:
Common Stock ($.01 par value, 153,000 shares authorized; 45,795 shares outstanding in 2009 and 53,944 outstanding in 2010)	539	458
Additional paid-in capital	980,469	612,091
Accumulated other comprehensive income	100,464	45,958
Retained earnings	1,011,770	873,137
Total stockholders' equity before treasury stock	2,093,242	1,531,644
Less: treasury stock, at cost (3,445 shares in 2009 and 2,339 shares in 2010)	(293,279)	(421,954)
Total stockholders' equity	1,799,963	1,109,690
Non-controlling interests	582,339	281,946
Non-controlling interests in partnerships		90,085
Total equity	2,382,302	1,481,721
Total liabilities and equity	$ 5,291,215	$ 3,390,906

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2010	Dec. 31, 2009
CONSOLIDATED BALANCE SHEETS
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	153,000	153,000
Common Stock, shares outstanding	53,944	45,795
Treasury stock, shares	2,339	3,445

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Increase (Decrease) in Stockholders' Equity
Balance	$ 1,481,721	$ 1,170,998	$ 430,459
Stock issued under option and other incentive plans	45,332	36,056	66,156
Tax benefit of option exercises	14,568	11,799	13,868
Issuance costs	(922)	(694)
Issuance of senior convertible securities			35,045
Changes in Affiliate equity	(74,000)	(122,861)	232,617
Settlement of forward equity sale agreements	294,656	144,258
Settlement of mandatory convertible securities			299,449
Settlement of floating rate senior convertible securities			299,967
Share-based payment arrangements	26,021	16,733
Tax benefit related to conversion of forward equity sale agreement			18,291
Conversion of zero coupon convertible notes	47,466		31,272
Repurchase of common shares			(65,490)
Distributions to non-controlling interests	(101,049)	(119,555)	(252,289)
Investments in Affiliates	392,375	84,091
Redemptions of non-controlling interests in partnerships			(1,428)
Other changes in non-controlling interests in partnerships	(85,700)	(2,059)
Net Income	287,328	212,916	131,899
Other comprehensive income (loss)	54,506	50,039	(68,818)
Balance	2,382,302	1,481,721	1,170,998
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance	458	458	390
Settlement of forward equity sale agreements	55
Settlement of mandatory convertible securities			26
Settlement of floating rate senior convertible securities			42
Conversion of zero coupon convertible notes	9
Investments in Affiliates	17
Balance	539	458	458
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity
Balance	612,091	817,713	278,458
Stock issued under option and other incentive plans	(83,334)	(75,307)	1,215
Tax benefit of option exercises	14,568	11,799	13,868
Issuance costs	(922)	(694)
Issuance of senior convertible securities			35,045
Changes in Affiliate equity	(76,893)	(132,775)	232,617
Settlement of forward equity sale agreements	294,601	(25,378)
Settlement of mandatory convertible securities			213,939
Settlement of floating rate senior convertible securities			50,288
Share-based payment arrangements	26,021	16,733
Tax benefit related to conversion of forward equity sale agreement			18,291
Conversion of zero coupon convertible notes	47,448		(26,008)
Investments in Affiliates	146,889
Balance	980,469	612,091	817,713
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance	45,958	(4,081)	64,737
Other comprehensive income (loss)	54,506	50,039	(68,818)
Balance	100,464	45,958	(4,081)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance	873,137	813,664	814,989
Net Income	138,633	59,473	(1,325)
Balance	1,011,770	873,137	813,664
Treasury Shares at Cost
Increase (Decrease) in Stockholders' Equity
Balance	(421,954)	(702,953)	(1,094,805)
Stock issued under option and other incentive plans	128,666	111,363	64,941
Settlement of forward equity sale agreements		169,636
Settlement of mandatory convertible securities			85,484
Settlement of floating rate senior convertible securities			249,637
Conversion of zero coupon convertible notes	9		57,280
Repurchase of common shares			(65,490)
Balance	(293,279)	(421,954)	(702,953)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity
Balance	281,946	180,732	239,293
Changes in Affiliate equity	2,893	9,914
Distributions to non-controlling interests	(101,049)	(119,555)	(252,289)
Investments in Affiliates	245,469	84,091
Net Income	153,080	126,764	193,728
Balance	582,339	281,946	180,732
Non-controlling interests in partnerships
Increase (Decrease) in Stockholders' Equity
Balance	90,085	65,465	127,397
Redemptions of non-controlling interests in partnerships			(1,428)
Other changes in non-controlling interests in partnerships	(85,700)	(2,059)
Net Income	$ (4,385)	26,679	(60,504)
Balance		$ 90,085	$ 65,465

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flow from operating activities:
Net Income	$ 287,328	$ 212,916	$ 131,899
Adjustments to reconcile Net income to net cash flow from operating activities:
Amortization of intangible assets	60,066	32,939	33,854
Amortization of issuance costs	7,612	7,325	4,192
Depreciation and other amortization	14,076	12,745	12,767
Deferred income tax provision (benefit)	35,420	28,704	(37,539)
Imputed interest expense	24,959	13,529	8,068
(Income) loss from equity method investments, net of amortization	(77,544)	(31,632)	97,142
Distributions received from equity method investments	65,756	55,453	80,487
Tax benefit from exercise of stock options	4,464	4,260	2,767
Share-based compensation	19,530	8,604	53,968
Affiliate equity expense	14,519	13,218	13,948
Other adjustments	8,494	(42,606)	44,735
Changes in assets and liabilities:
(Increase) decrease in investment advisory fees receivable	(49,195)	(6,552)	102,788
(Increase) decrease in Affiliate investments in partnerships	(503)	285	6,045
(Increase) decrease in prepaids and other current assets	(2,912)	(8,389)	29,154
(Increase) decrease in other assets	(1,301)	3,315	9,770
Decrease in unsettled fund shares receivable	14,125
Decrease in unsettled fund shares payable	(10,578)
Increase (decrease) in accounts payable, accrued liabilities and other long-term liabilities	66,383	(60,904)	(86,080)
Cash flow from operating activities	480,699	243,210	507,965
Cash flow used in investing activities:
Investments in Affiliates	(916,143)	(139,271)	(75,602)
Purchase of fixed assets	(8,762)	(2,566)	(9,554)
Purchase of investment securities	(63,967)	(47,733)	(33,613)
Sale of investment securities	15,073	8,069	25,156
Cash flow used in investing activities	(973,799)	(181,501)	(93,613)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	1,191,500	142,000	366,000
Repayments of senior bank debt	(731,500)	(375,514)	(651,986)
Issuance of senior convertible notes			460,000
Settlement of convertible securities			(208,730)
Repurchase of junior convertible trust preferred securities			(24,213)
Issuance of common stock	46,376	37,125	238,814
Repurchase of common stock			(65,490)
Issuance costs	(935)	(1,344)	(28,859)
Excess tax benefit from exercise of stock options	10,103	7,539	11,101
Settlement of derivative contracts			8,154
Settlement of forward equity sale agreement	294,657	144,258
Note payments	(28,836)	3,184	5,628
Distributions to non-controlling interests	(101,049)	(119,555)	(252,289)
Affiliate equity issuances and repurchases	(135,775)	(39,534)	(95,798)
Subscriptions (redemptions) of non-controlling interests in partnerships	503	(425)	(672)
Cash flow from (used in) financing activities	545,044	(202,266)	(238,340)
Effect of foreign exchange rate changes on cash and cash equivalents	1,897	3,613	(2,535)
Net increase (decrease) in cash and cash equivalents	53,841	(136,944)	173,477
Cash and cash equivalents at beginning of period	259,487	396,431	222,954
Cash and cash equivalents at end of period	313,328	259,487	396,431
Supplemental disclosure of cash flow information:
Interest paid	61,626	58,013	63,987
Income taxes paid	49,168	17,765	45,279
Supplemental disclosure of non-cash financing activities:
Stock issued for conversion of floating rate senior convertible securities			299,970
Stock issued in settlement of mandatory convertible securities			93,750
Stock issued for conversion of zero coupon senior convertible note	47,467		31,272
Stock issued for Investments in Affiliates	146,906
Stock issued for settlement of forward equity sale agreement	44,450
Payables recorded for Affiliate equity purchases	$ 46,148	$ 78,448	$ 23,655

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2010
Business and Summary of Significant Accounting Policies
Business and Summary of Significant Accounting Policies	table style="font-size:10pt; font-family:'Times New Roman',times,serif;" tr td p style="FONT-FAMILY: times"font size="2"b1.nbsp;nbsp;nbsp;nbsp;nbsp;Business and Summary of Significant Accounting Policies /b/font/p p style="FONT-FAMILY: times"font size="2"i(a)nbsp;nbsp;nbsp;Organization and Nature of Operations /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Affiliated Managers Group,nbsp;Inc. ("AMG" or the "Company") is a global asset management company with equity investments in a diverse group of boutique investment management firms ("Affiliates"). AMG's Affiliates provide investment management services globally to mutual funds, institutional clients and high net worth individuals. Fees for services are largely asset-based and, as a result, the Company's revenue may fluctuate based on the performance of financial markets. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Affiliates are either organized as limited partnerships, limited liability partnerships, limited liability companies, or corporations. AMG generally has contractual arrangements with its Affiliates whereby a percentage of revenue is customarily allocable to fund Affiliate operating expenses, including compensation (the "Operating Allocation"), while the remaining portion of revenue (the "Owners' Allocation") is allocable to AMG and the other partners or members, generally with a priority to AMG. In certain other cases, the Affiliate is not subject to a revenue sharing arrangement, but instead operates on a profit-based model. In these cases, AMG participates fully in any increase or decrease in the revenue or expenses of such firms. In situations where AMG holds a minority equity interest, AMG generally has a revenue sharing arrangement that allocates to AMG a percentage of the Affiliate's revenue. The remaining revenue is used to pay operating expenses and profit distributions to the other owners. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The financial statements are prepared in accordance with accounting principles generally accepted in the United States ("U.S.nbsp;GAAP"). All dollar amounts, except per share data in the text and tables herein, are stated in thousands unless otherwise indicated. Certain reclassifications have been made to prior years' financial statements to conform to the current year's presentation. /font/p p style="FONT-FAMILY: times"font size="2"i(b)nbsp;nbsp;nbsp;Principles of Consolidation /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine the appropriate method of accounting. Majority-owned or otherwise controlled investments are consolidated. In many of its Affiliate investments, AMG is, directly or indirectly, the sole general partner (in the case of Affiliates which are limited partnerships), managing partner (in the case of Affiliates which are limited liability partnerships), sole manager member (in the case of Affiliates which are limited liability companies) or principal shareholder (in the case of Affiliates which are corporations). As a result, the Company generally consolidates its Affiliate investments. Investments that are determined to be variable interest entities ("VIEs") are consolidated if AMG or a consolidated Affiliate is the primary beneficiary of the investment. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;For Affiliate operations consolidated into these financial statements, the portion of the income allocated to owners other than AMG is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Non-controlling interests on the Consolidated Balance Sheets includes capital and undistributed income owned by the managers of the consolidated Affiliates. All material intercompany balances and transactions have been eliminated. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;AMG applies the equity method of accounting to investments where AMG or an Affiliate does not hold a majority equity interest but has the ability to exercise significant influence (generally at least a 20% interest or a general partner interest) over operating and financial matters. AMG or an Affiliate also applies the equity method when their unaffiliated minority shareholders or partners have certain rights to remove AMG or an Affiliate or have rights to participate in substantive operating decisions (e.g.nbsp;approval of annual operating budgets, major financings, selection of senior management, etc.). For equity method investments, AMG's or the Affiliate's portion of income before taxes is included in Income from equity method investments. Other investments in which AMG or an Affiliate own less than a 20% interest and does not exercise significant influence are acc ounted for under the cost method. Under the cost method, income is recognized as dividends when, and if, declared. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The effect of any changes in the Company's equity interests in its consolidated Affiliates resulting from the issuance or repurchase of an Affiliate's equity by the Company or one of its Affiliates is included as a component of stockholders' equity, net of the related income tax effect in the period of the change. /font/p p style="FONT-FAMILY: times"font size="2"i(c)nbsp;nbsp;nbsp;Cash and Cash Equivalents /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company considers all highly liquid investments, including money market mutual funds, with original maturities of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. /font/p p style="FONT-FAMILY: times"font size="2"i(d)nbsp;nbsp;nbsp;Investments in Partnerships /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Assets of consolidated partnerships are reported as "Investments in partnerships." A majority of these assets are held by investors that are unrelated to the Company, and reported as "Non-controlling interests in partnerships." Income from these partnerships is presented as "Investment (income) loss from investments in partnerships" in the Consolidated Statements of Income. The portion of this income or loss that is attributable to investors that are unrelated to the Company is reported as a "Net income (non-controlling interests in partnerships)." /font/p p style="FONT-FAMILY: times"font size="2"i(e)nbsp;nbsp;nbsp;Investments in Marketable Securities /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Investments in marketable securities are classified as either trading or available-for-sale and carried at fair value. Unrealized holding gains or losses on investments classified as available-for-sale are reported net of deferred tax as a separate component of accumulated other comprehensive income in stockholders' equity until realized. If a decline in the fair value of these investments is determined to be other than temporary, the carrying amount of the asset is reduced to its fair value, and the difference is charged to income in the period incurred. /font/p p style="FONT-FAMILY: times"font size="2"i(f)nbsp;nbsp;nbsp;nbsp;Fixed Assets /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from three to ten years. Computer software developed or obtained for internal use is amortized using the straight-line method over the estimated useful life of the software, generally three years or less. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease, and the building is amortized over 39nbsp;years. The costs of improvements that extend the life of a fixed asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Land is not depreciated. /font/p p style="FONT-FAMILY: times"font size="2"i(g)nbsp;nbsp;nbsp;Leases/i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company and its Affiliates currently lease office space and equipment under various leasing arrangements. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements classified as operating leases contain renewal options, rent escalation clauses or other inducements provided by the landlord. Rent expense is accrued to recognize lease escalation provisions and inducements provided by the landlord, if any, on a straight-line basis over the lease term. /font/p p style="FONT-FAMILY: times"font size="2"i(h)nbsp;nbsp;nbsp;Equity Investments in Affiliates /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;For equity method investments, the Company's portion of income or loss before taxes is included in (Income) loss from equity method investments. The Company's share of income taxes incurred directly by Affiliates accounted for under the equity method are recorded within Income taxes#151;current because these taxes generally represent the Company's share of the taxes incurred by the Affiliate. Deferred income taxes incurred as a direct result of the Company's investment in Affiliates accounted for under the equity method have been included in Income taxes#151;intangible-related deferred (see footnote 14). The associated deferred tax liabilities have been classified as a component of deferred income taxes in the Consolidated Balance Sheet. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company periodically evaluates its equity method investments for impairment. In such impairment evaluations, the Company assesses if the value of the investment has declined below its carrying value for a period considered to be other than temporary. If the Company determines that a decline in value below the carrying value of the investment is other than temporary, then the reduction in carrying value would be recognized in (Income) loss from equity method investments in the Consolidated Statements of Income. /font/p p style="FONT-FAMILY: times"font size="2"i(i)nbsp;nbsp;nbsp;nbsp;Acquired Client Relationships and Goodwill/i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Each acquired Affiliate has identifiable assets arising from contractual or other legal rights with their clients ("acquired client relationships"). In determining the value of acquired client relationships, the Company analyzes the net present value of each acquired Affiliate's existing client relationships based on a number of factors including: the Affiliate's historical and potential future operating performance; the Affiliate's historical and potential future rates of attrition among existing clients; the stability and longevity of existing client relationships; the Affiliate's recent, as well as long-term, investment performance; the characteristics of the firm's products and investment styles; the stability and depth of the Affiliate's management team and the Affiliate's history and perceived franchise or brand value. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company has determined that certain of its mutual fund acquired client relationships meet the criteria to be considered indefinite-lived assets because the Company expects both the renewal of these contracts and the cash flows generated by these assets to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead reviews these assets at least annually for impairment. Each reporting period, the Company assesses whether events or circumstances have occurred which indicate that the indefinite life criteria are no longer met. If the indefinite life criteria are no longer met, the Company assesses whether the carrying value of the assets exceeds its fair value, and an impairment loss would be recorded in an amount equal to any such excess. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The expected useful lives of definite-lived acquired client relationships are analyzed each period and determined based on an analysis of the historical and projected attrition rates of each Affiliate's existing clients, and other factors that may influence the expected future economic benefit the Company will derive from the relationships. The Company tests for the possible impairment of definite-lived intangible assets annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset is not recoverable. If such indicators exist, the Company compares the undiscounted cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the undiscounted cash flow amount, an impairment charge is recorded in the Consolidated Statements of Income for amounts necessary to reduce the carryin g value of the asset to fair value. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized, and is reported within the operating segments in which the business operates. Goodwill is not amortized, but is instead reviewed for impairment. The Company assesses goodwill for impairment at least annually during the third quarter, or more frequently whenever events or circumstances occur indicating that the recorded goodwill may be impaired. If the carrying amount of goodwill exceeds the fair value, an impairment loss may be recorded. Fair value is determined for each operating segment primarily based on fair multiples. /font/p p style="FONT-FAMILY: times"font size="2"i(j)nbsp;nbsp;nbsp;nbsp;Revenue Recognition /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company's consolidated revenue primarily represents advisory fees billed monthly, quarterly and annually by Affiliates for managing the assets of clients. Asset-based advisory fees are recognized monthly as services are rendered and are based upon a percentage of the market value of client assets managed. Any fees collected in advance are deferred and recognized as income over the period earned. Performance based advisory fees are generally assessed as a percentage of the investment performance realized on a client's account, generally over an annual period. Performance-based advisory fees are recognized when they are earned (i.e.nbsp;when they become billable to customers) based on the contractual terms of agreements and when collection is reasonably assured. Also included in revenue are commissions earned by broker dealers, recorded on a trade date basis, and oth er service fees recorded as earned. /font/p p style="FONT-FAMILY: times"font size="2"i(k)nbsp;nbsp;nbsp;Issuance Costs /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Issuance costs incurred in securing credit facility financing are amortized over the remaining term of the credit facility. Costs incurred to issue the 2008 senior convertible notes and the junior convertible trust preferred securities are amortized over the earlier of the period to the first investor put date or the stated term of the security. Costs associated with financial instruments that are not required to be accounted for separately as derivative instruments are charged directly to stockholders' equity. /font/p p style="FONT-FAMILY: times"font size="2"i(l)nbsp;nbsp;nbsp;nbsp;Derivative Financial Instruments/i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company is exposed to interest rate risk inherent in its variable rate debt obligations. The Company's risk management strategy may utilize financial instruments, specifically interest rate derivative contracts to hedge certain interest rate exposures. For example, the Company may agree with a counter party (typically a major commercial bank) to exchange the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional principal amount. In entering into these contracts, the Company intends to offset cash flow gains and losses that occur on its existing debt obligations with cash flow gains and losses on the contracts hedging these obligations. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;From time to time, derivatives are used to hedge the anticipated issuance of fixed-rate debt. These exposures are hedged with treasury rate locks (e.g.,nbsp;a 10-year treasury lock hedging the anticipated underlying U.S. Treasury interest rate related to issuance of 10-year debt). The contracts are designated as cash flow hedges./font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company records all derivatives on the balance sheet at fair value. If the Company's derivatives qualify as cash flow hedges, the effective portion of the unrealized gain or loss is recorded in accumulated other comprehensive income as a separate component of stockholders' equity and reclassified into earnings when the hedged cash flows are recorded in earnings. Hedge effectiveness is generally measured by comparing the present value of the cumulative change in the expected future variable cash flows of the hedged contract with the present value of the cumulative change in the expected future variable cash flows of the hedged item. To the extent that the critical terms of the hedged item and the derivative are not identical, hedge ineffectiveness would be reported in earnings as interest expense. /font/p p style="FONT-FAMILY: times"font size="2"i(m)nbsp;nbsp;Income Taxes/i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company accounts for income taxes using the liability method. Under this method, deferred taxes are recognized for the expected future tax consequences of temporary differences between the book carrying amounts and tax bases of the Company's assets and liabilities. Historically, deferred tax liabilities have been attributable to intangible assets and convertible securities. Deferred tax assets have been attributable to state and foreign loss carryforwards, deferred revenue, and accrued liabilities. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;In measuring the amount of deferred taxes each period, the Company must project the impact on its future tax payments of any reversal of deferred tax liabilities (which would increase the Company's tax payments), and any use of its state and foreign carryforwards (which would decrease its tax payments). In forming these estimates, the Company makes assumptions about future federal, state and foreign income tax rates and the apportionment of future taxable income to jurisdictions in which the Company has operations. An increase or decrease in federal or state income tax rates could have a material impact on the Company's deferred income tax liabilities and assets and would result in a current income tax charge or benefit./font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and other charges relating to unrecognized tax benefits as additional tax expense. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;In the case of the Company's deferred tax assets, the Company regularly assesses the need for valuation allowances, which would reduce these assets to their recoverable amounts. In forming these estimates, the Company makes assumptions of future taxable income that may be generated to utilize these assets, which have limited lives. If the Company determines that these assets will be realized, the Company records an adjustment to the valuation allowance, which would decrease tax expense in the period such determination was made. Likewise, should the Company determine that it would be unable to realize additional amounts of deferred tax assets, an adjustment to the valuation allowance would be charged to tax expense in the period such determination was made. /font/p p style="FONT-FAMILY: times"font size="2"i(n)nbsp;nbsp;nbsp;Foreign Currency Translation /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The assets and liabilities of Affiliates whose functional currency is not the United States dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. The revenue and expenses of these Affiliates are translated into U.S. dollars using average exchange rates for the relevant period. Because of the permanent nature of the Company's investments, net translation exchange gains and losses are excluded from Net Income but are recorded in other comprehensive income. Foreign currency transaction gains and losses are reflected in Investment and other income. /font/p p style="FONT-FAMILY: times"font size="2"i(o)nbsp;nbsp;nbsp;Share-Based Compensation Plans /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company recognizes as an expense the cost of all share-based payments to directors, senior management and employees, including grants of stock options, to be recognized in the financial statements based on their fair values over the requisite service period. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company reports any tax benefits realized upon the exercise of stock options that are in excess of the expense recognized for reporting purposes as a financing activity in the Company's Consolidated Statement of Cash Flows. If the tax benefit realized is less than the expense, the tax shortfall is recognized in stockholders' equity. To the extent the expense exceeds available windfall tax benefits, it is recognized in the Consolidated Statements of Income. The Company was permitted to calculate its cumulative windfall tax benefits for the purposes of accounting for future tax shortfalls. The Company elected to apply the long-form method for determining the pool of windfall tax benefits. /font/p p style="FONT-FAMILY: times"font size="2"i(p)nbsp;nbsp;nbsp;Use of Estimates /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The preparation of financial statements in conformity with U.S.nbsp;GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. /font/p p style="FONT-FAMILY: times"font size="2"i(q)nbsp;nbsp;nbsp;Recent Accounting Developments /i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;During the first quarter of 2010, we adopted a new standard that requires an enterprise to perform a qualitative analysis to determine whether its variable interests give it a controlling financial interest in a variable interest entity ("VIE"). Under the standard, an enterprise has a controlling financial interest when it has (a)nbsp;the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (b)nbsp;the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. An enterprise that holds a controlling financial interest is deemed to be the primary beneficiary and is required to consolidate the VIE. This new standard has been deferred for certain entities that utilize the specialized accounting guidance for investment companies or t hat have the attributes of investment companies. The adoption of the portions of this new standard that were not deferred did not have a material impact on our Consolidated Financial Statements. /font/p/td/tr/table

Investments in Marketable Securities	12 Months Ended
Investments in Marketable Securities	Dec. 31, 2010
Investments in Marketable Securities
Investments in Marketable Securities	table style="font-size:10pt; font-family:'Times New Roman',times,serif;" tr td p style="FONT-FAMILY: times"font size="2"b4.nbsp;nbsp;nbsp;nbsp;nbsp;Investments in Marketable Securities/b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Investments in marketable securities are comprised of the Company's 2009 and 2010 investments in Value Partners Group Limited, a publicly-traded asset management firm based in Hong Kong, and investments held by Affiliates. These investments are carried at their fair value. Changes in fair value for securities classified as available-for-sale are reported in accumulated other comprehensive income. Changes in fair value for trading securities are reported within other operating expenses. The cost of investments in marketable securities, gross unrealized gains and losses were as follows: /font/p div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 20%; WIDTH: 60%; PADDING-TOP: 0pt; POSITION: relative" p style="FONT-FAMILY: times"font size="2"!-- COMMAND=ADD_TABLEWIDTH,"100%" --/font/p !-- User-specified TAGGED TABLE -- div align="center" table cellspacing="0" cellpadding="0" width="100%" border="0" tr style="HEIGHT: 0px"!-- TABLE COLUMN WIDTHS SET -- td style="FONT-FAMILY: times" align="left"/td td style="FONT-FAMILY: times" width="12"/td td style="FONT-FAMILY: times" align="right" width="7"/td td style="FONT-FAMILY: times" width="45"/td td style="FONT-FAMILY: times" width="12"/td td style="FONT-FAMILY: times" align="right" width="7"/td td style="FONT-FAMILY: times" width="45"/td td style="FONT-FAMILY: times" width="12"/td!-- TABLE COLUMN WIDTHS END --/tr tr style="HEIGHT: 0px" valign="bottom" th style="FONT-FAMILY: times" align="left"font size="2"nbsp;/fontbr //th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="5"font size="1"bDecembernbsp;31, /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th/tr tr style="HEIGHT: 0px" valign="bottom" th style="FONT-FAMILY: times" align="left"font size="1"nbsp;/fontbr //th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2"font size="1"b2009 /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2"font size="1"b2010 /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th/tr tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF" td style="FONT-FAMILY: times" valign="bottom" p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"font size="2"Cost of investments in marketable securities/font/p/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"$/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"50,631/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"$/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"68,892/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td/tr tr style="HEIGHT: 0px" valign="top" bgcolor="white" td style="FONT-FAMILY: times" valign="bottom" p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"font size="2"Gross unrealized gains/font/p/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"6,108/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"47,080/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td/tr tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF" td style="FONT-FAMILY: times" valign="bottom" p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"font size="2"Gross unrealized losses/font/p/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"(49/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2")/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"(7/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2")/font/td/tr/table/div !-- end of user-specified TAGGED TABLE --/div/td/tr/table

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2010
Variable Interest Entities
Variable Interest Entities	table style="font-size:10pt; font-family:'Times New Roman',times,serif;" tr td p style="FONT-FAMILY: times"font size="2"b6.nbsp;nbsp;nbsp;nbsp;nbsp;Variable Interest Entities/b/font/p p style="FONT-FAMILY: times"font size="2"iSponsored Investment Funds/i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company's Affiliates act as the investment manager for certain investment funds that are considered VIEs. In addition to an Affiliate's involvement as the investment manager, Affiliates may also hold investments in these products. Affiliates are not the primary beneficiary of these VIEs as their involvement is limited to that of a service provider and their investment, if any, represents an insignificant interest in the fund's assets under management, or both. As a result, the Company's variable interests will not absorb the majority of the variability of the entity's net assets and therefore the Company has not consolidated these entities. /font/p p style="FONT-FAMILY: times"font size="2"iTrust Preferred Vehicles/i/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Company established wholly-owned trusts in connection with the 2006 and 2007 issuance of convertible trust preferred securities. These entities are considered VIEs and the Company is not the primary beneficiary, therefore these entities are not consolidated in the Company's financial statements. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The net assets and liabilities of these unconsolidated VIEs and the Company's maximum risk of loss related thereto are as follows: /font/p div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 62%; PADDING-TOP: 0pt; POSITION: relative" p style="FONT-FAMILY: times"font size="2"!-- COMMAND=ADD_TABLEWIDTH,"130%" --/font/p !-- User-specified TAGGED TABLE -- div align="center" table cellspacing="0" cellpadding="0" width="130%" border="0" tr style="HEIGHT: 0px"!-- TABLE COLUMN WIDTHS SET -- td style="FONT-FAMILY: times" align="left"/td td style="FONT-FAMILY: times" width="12"/td td style="FONT-FAMILY: times" align="right" width="7"/td td style="FONT-FAMILY: times" width="72"/td td style="FONT-FAMILY: times" width="12"/td td style="FONT-FAMILY: times" align="right" width="7"/td td style="FONT-FAMILY: times" width="93"/td td style="FONT-FAMILY: times" width="12"/td td style="FONT-FAMILY: times" align="right" width="7"/td td style="FONT-FAMILY: times" width="72"/td td style="FONT-FAMILY: times" width="12"/td td style="FONT-FAMILY: times" align="right" width="7"/td td style="FONT-FAMILY: times" width="93"/td td style="FONT-FAMILY: times" width="12"/td!-- TABLE COLUMN WIDTHS END --/tr tr style="HEIGHT: 0px" valign="bottom" th style="FONT-FAMILY: times" align="left"font size="2"nbsp;/fontbr //th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="11"font size="1"bAs of Decembernbsp;31, /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th/tr tr style="HEIGHT: 0px" valign="bottom" th style="FONT-FAMILY: times" align="left"font size="1"nbsp;/fontbr //th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="5"font size="1"b2009 /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="5"font size="1"b2010 /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th/tr tr style="HEIGHT: 0px" valign="bottom" th style="FONT-FAMILY: times" align="left"font size="1"nbsp;/fontbr //th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2"font size="1"bUnconsolidatedbr / VIE Net Assets /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2"font size="1"bCarrying Value andbr / Maximum Exposurebr / to Loss/b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2"font size="1"bUnconsolidatedbr / VIE Net Assets /b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2"font size="1"bCarrying Value andbr / Maximum Exposurebr / to Loss/b/font/th th style="FONT-FAMILY: times"font size="1"nbsp;/font/th/tr tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF" td style="FONT-FAMILY: times" valign="bottom" p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"font size="2"Sponsored investment funds/font/p/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"$/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"1,554,289/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"$/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"121/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"$/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"3,350,712/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"$/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"853/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td/tr tr style="HEIGHT: 0px" valign="top" bgcolor="white" td style="FONT-FAMILY: times" valign="bottom" p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"font size="2"Trust preferred vehicles/font/p/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"9,010/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"9,010/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"9,010/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td td style="FONT-FAMILY: times" valign="bottom" align="right"font size="2"9,010/font/td td style="FONT-FAMILY: times" valign="bottom"font size="2"nbsp;/font/td/tr/table/div !-- end of user-specified TAGGED TABLE --/div/td/tr/table