Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Goodwill And Intangible Assets Disclosure [Abstract] |
|
| Summary of Changes in Goodwill |
The following table presents changes in the goodwill balance from December 31, 2018 to December 31, 2019:
|
|
|
As of December 31, |
|
|
(in thousands) |
|
2019 |
|
|
2018 |
|
|
Balance, beginning of period |
|
$ |
|
284,108 |
|
|
$ |
|
284,108 |
|
|
Goodwill recorded in acquisition |
|
|
|
120,642 |
|
|
|
|
— |
|
|
Balance, end of period |
|
$ |
|
404,750 |
|
|
$ |
|
284,108 |
|
|
| Summary of Definite Lived Intangible Assets |
The following table presents a summary of definite‑lived intangible assets by type:
|
|
|
|
|
|
|
|
Fund |
|
|
|
|
|
Intellectual |
|
|
|
|
|
|
|
|
|
Customer |
|
|
Advisory |
|
|
Trade |
|
|
Property/ |
|
|
|
|
|
|
|
(in thousands) |
|
Relationships |
|
|
Contracts |
|
|
Names |
|
|
Other |
|
|
Totals |
|
|
Gross book value - December 31, 2018 |
|
$ |
|
123,200 |
|
|
$ |
|
2,368 |
|
|
$ |
|
1,132 |
|
|
$ |
|
7,177 |
|
|
$ |
|
133,877 |
|
|
Accumulated amortization |
|
|
|
(103,207 |
) |
|
|
|
(2,368 |
) |
|
|
|
(283 |
) |
|
|
|
(6,940 |
) |
|
|
|
(112,798 |
) |
|
Net book value - December 31, 2018 |
|
$ |
|
19,993 |
|
|
$ |
|
— |
|
|
$ |
|
849 |
|
|
$ |
|
237 |
|
|
$ |
|
21,079 |
|
|
Weighted average useful life (yrs) |
|
|
|
0.8 |
|
|
|
|
— |
|
|
|
|
1.5 |
|
|
|
|
0.2 |
|
|
|
|
0.8 |
|
|
Gross book value - December 31, 2019 |
|
$ |
|
123,200 |
|
|
$ |
|
2,368 |
|
|
$ |
|
39,332 |
|
|
$ |
|
7,547 |
|
|
$ |
|
172,447 |
|
|
Accumulated amortization |
|
|
|
(118,577 |
) |
|
|
|
(2,368 |
) |
|
|
|
(5,607 |
) |
|
|
|
(7,124 |
) |
|
|
|
(133,676 |
) |
|
Net book value - December 31, 2019 |
|
$ |
|
4,623 |
|
|
$ |
|
— |
|
|
$ |
|
33,725 |
|
|
$ |
|
423 |
|
|
$ |
|
38,771 |
|
|
Weighted average useful life (yrs) |
|
|
|
0.2 |
|
|
|
|
— |
|
|
|
|
3.1 |
|
|
|
|
0.1 |
|
|
|
|
3.4 |
|
|
| Summary of Estimated Amortization Expense for Definite Lived Intangible Assets |
The following table presents estimated amortization expense for definite‑lived intangible assets for each of the five succeeding years and thereafter:
|
2020 |
|
$ |
|
12,830 |
|
|
2021 |
|
|
|
11,271 |
|
|
2022 |
|
|
|
9,568 |
|
|
2023 |
|
|
|
4,855 |
|
|
2024 |
|
|
|
143 |
|
|
Thereafter |
|
|
|
104 |
|
|
Total |
|
$ |
|
38,771 |
|
|
| Schedule of Indefinite-lived Intangible Assets by Type |
The following table presents a summary of indefinite‑lived intangible assets by type:
|
|
|
Fund
Advisory,
Transfer |
|
|
|
|
|
|
|
|
|
|
|
|
Agent and
Distribution |
|
|
Trade |
|
|
|
|
|
|
|
(in thousands) |
|
Contracts |
|
|
Names |
|
|
Totals |
|
|
December 31, 2017 balance |
|
$ |
|
342,900 |
|
|
$ |
|
24,832 |
|
|
$ |
|
367,732 |
|
|
Additions or transfers |
|
|
|
— |
|
|
|
|
(1,132 |
) |
|
|
|
(1,132 |
) |
|
December 31, 2018 balance |
|
$ |
|
342,900 |
|
|
$ |
|
23,700 |
|
|
$ |
|
366,600 |
|
|
Additions or transfers |
|
|
|
770,100 |
|
|
|
|
— |
|
|
|
|
770,100 |
|
|
December 31, 2019 balance |
|
$ |
|
1,113,000 |
|
|
$ |
|
23,700 |
|
|
$ |
|
1,136,700 |
|
|