Derivative and Hedging (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Values of Derivatives Instruments Recognized in Condensed Consolidated Statements of Financial Condition

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2026 and December 31, 2025:

          
         Assets

         Liabilities

         (in millions)

         Statement of
Financial 
Condition
Classification

         March 31, 2026

         December 31, 2025

         Statement of
Financial 
Condition
Classification

         March 31, 2026

         December 31, 2025

         Derivative instruments

Forward foreign currency 
   exchange contracts

Other assets

4

10

Other liabilities

25

1

Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:


		Three Months Ended
		March 31,
	Statement of Income	2026			2025
(in millions)	Classification	Gains (Losses)
Derivative instruments
Exchange-traded futures(1)	Net gain (loss) on investments	$	14		$	4
Forward foreign currency exchange contracts	General and administration expense		(35	)		47
Total gain (loss) from derivative instruments		$	(21	)	$	51

(1)

Amounts for the three months ended March 31, 2026 and 2025 include $25 million and $10 million of gains on futures used in a macro hedging strategy of seed investments, respectively, and $11 million and $6 million of losses on futures used to economically hedge certain deferred cash compensation plans, respectively.