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Item 5. Market for Registrant’s Common Equity

2021-02-19 compared with 2020-02-28 · 16 added, 37 removed, 11 unchanged (83% of the section changed)

3 unchanged sentences

Issuer Purchases of Equity Securities

Total Number of Shares Purchased (1)

Average Price Paid Per Share

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs

Average Price Paid Per Share

Maximum Number of Shares that May Yet Be Purchased Under Outstanding Plans or Programs (2)

Period Total Number of Shares Purchased (1)

Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid Per Share Maximum Number of Shares that May Yet Be Purchased Under Outstanding Plans or Programs (2)

October 1-31, 2020 113,256 $ 74.76 113,256 $ 74.76 3,960,298

2 unchanged sentences

1,558,813 112.47 1,558,226 112.48 1,918,672

Includes shares surrendered, if any, to the Company to satisfy tax withholding and/or option exercise price obligations in connection with stock swap option exercise transactions.

Our Board of Directors authorized share repurchase programs in October 2019, January 2019 and January 2018, authorizing us to repurchase up to 6.0 million , 3.3 million and 3.4 million shares of our common stock, respectively, and these authorizations have no expiry.

Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of derivative financial instruments and accelerated share repurchase programs.

As of December 31, 2019 , there were a total of 6.9 million shares available for repurchase under our October 2019 and January 2019 share repurchase programs and no shares remained under the January 2018 program.

Includes 0.1 million shares delivered upon the completion of a $30.0 million accelerated share repurchase program entered into in September 2019 and completed in October 2019, under which we repurchased a total of 0.4 million shares of our common stock at an average price of $76.06 per share.

Total 2,155,469 104.88 2,154,882 104.88

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(1) Includes shares surrendered to the Company to satisfy tax withholding and/or option exercise price obligations in connection with stock swap option exercise transactions, if any.

(2) Our Board of Directors authorized share repurchase programs in January 2021, October 2019, and January 2019 to repurchase up to 5.0 million, 6.0 million, and 3.3 million shares of our common stock, respectively, and these authorizations have no expiry.

Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments.

As of December 31, 2020, we had repurchased all of the shares of the January 2019 program.

As of the January 2021 authorization, there were a total of 6.9 million shares available for repurchase under our January 2021 and October 2019 share repurchase programs.

(3) As of December 31, 2020, we had unsettled market share repurchases under a $100.0 million accelerated share repurchase program, of which 0.8 million shares are included in our total number of shares purchased during December 2020 in accordance with the upfront delivery of shares in the agreement.

Under the program, which was completed on February 5, 2021, we repurchased a total of 0.9 million shares of our common stock at an average price of $110.10 per share.

Between January 1 and February 18, 2021, we repurchased 1.2 million shares of our common stock for $151.9 million, including shares repurchased in the open market, through a 10b5-1 trading plan, and pursuant to an accelerated share repurchase program.

Performance Graph

Our peer group is comprised of AllianceBernstein Holding L.P., Ameriprise Financial, Inc., Ares Management Corporation, Eaton Vance Corp., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard Ltd., Legg Mason, Inc.

Our peer group comprises AllianceBernstein Holding L.P., Ameriprise Financial, Inc., Ares Management Corporation, Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard Ltd.

Rowe Price Group, Inc.

Prior to this year, our peer group included BlackRock, Inc.

and did not include Ares Management Corporation or Janus Henderson Group plc.

Our peer group was revised in the fourth quarter of 2019 to reflect companies with size and market capitalizations that are more in line with our own, and to include additional firms with significant assets under management in alternative strategies.

The following graph compares the cumulative stockholder return on our common stock from December 31, 2014 through December 31, 2019 , with the cumulative total return, during the same period, on the Standard & Poor’s 500 Index, the Standard & Poor’s MidCap 400 Index, our prior peer group, and our current peer group.

Prior to this year, our peer group also included Eaton Vance Corp.

and Legg Mason, Inc., both of which have been, or are in the process of being, acquired.

The following graph compares the cumulative stockholder return on our common stock from December 31, 2015 through December 31, 2020, with the cumulative total return, during the same period, on the Standard & Poor’s MidCap 400 Index, and our current peer group.

The comparison below assumes the investment of $100 on December 31, 2015 in our common stock and each of the comparison indices and, in each case, assumes reinvestment of all dividends.

Selected Financial Data

The following table presents selected financial data for the last five years.

This data should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements and accompanying notes included elsewhere in this Annual Report on Form 10-K.

For the Years Ended December 31,

(in millions, except as noted and per share data)

Operating Performance Measures

Assets under management (in billions)

Average assets under management (in billions)

Aggregate fees

Financial Performance Measures

Consolidated revenue

Net income (controlling interest)

Earnings per share (diluted)

Dividends per share

Supplemental Financial Performance Measures (1)

Adjusted EBITDA (controlling interest)

Economic net income (controlling interest)

Economic earnings per share

Balance Sheet Data

Redeemable non-controlling interests

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Adjusted EBITDA (controlling interest), Economic net income (controlling interest) and Economic earnings per share are non-GAAP performance measures and are discussed in “Supplemental Financial Performance Measures” in Item 7.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity