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not performed. If the carrying value is higher than the fair value, there is an indication that impairment mayexist and the second step is performed to compute the amount of the impairment. In the second step, theimpairment is computed by comparing the implied fair value of reporting unit goodwill with the carryingvalue of that goodwill. The Company has two reporting units, investment management and related servicesand banking/finance, which are the same as the Company’s operating segments. All goodwill has beenassigned to the investment management and related services reporting unit.Indefinite-lived intangible assets are tested for impairment annually, and when events or changes incircumstances indicate the assets might be impaired. Impairment is indicated when the carrying value of theintangible asset exceeds its fair value.In estimating the fair value of the reporting unit and indefinite-lived intangible assets, the Companyuses valuation techniques based on an income approach under which future cash flows are discounted. Thefuture cash flow estimates include assumptions about revenue and assets under management growth rates,the pre-tax profit margin, the average effective fee rate, the effective tax rate, and the discount rate, which isbased on the Company’s weighted average cost of capital.The Company tests definite-lived intangible assets for impairment quarterly. Impairment is indicatedwhen the carrying value of the asset is not recoverable and exceeds its fair value. In evaluating therecoverability of definite-lived intangible assets, the Company estimates the undiscounted future cash flowsto be derived from these assets. The future undiscounted cash flow projections include assumptions aboutrevenue and assets under management growth rates, effective fee rates, investor redemptions, the pre-taxprofit margin, and expected useful lives. If the carrying value of the asset is not recoverable through therelated undiscounted cash flows, the Company measures the impairment loss based on the amount by whichthe carrying value of the asset exceeds its fair value. The fair value of the asset is determined by discountedcash flows or other methods as appropriate for the asset type.Commercial Paper is carried at amortized cost. Due to the short-term nature and liquidity of thesefinancial instruments, the carrying values of these liabilities approximate fair value. At September 30, 2009and 2008, commercial paper had maturity dates of three months or less.Deposits are carried at the aggregate amount of deposits held and include interest-bearing andnon-interest-bearing demand deposits, savings and time deposits. The fair value of deposits with no statedmaturities is considered to approximate their carrying value because they are payable on demand. Fordisclosure purposes, the fair value of deposits with stated maturities is estimated based on discounted cashflow models using interest rates offered by comparable institutions on deposits with similar remainingmaturities.Variable Funding Notes are carried at the aggregate amount of outstanding borrowings to be repaid.The carrying amount of variable funding notes approximates fair value as the interest rates are adjustedperiodically.Federal Home Loan Bank Advances are carried at the aggregate amount of outstanding advances. Fordisclosure purposes, the fair value is estimated using discounted cash flow models using rates available tothe Company for Federal Home Loan Bank (“FHLB”) advances with similar terms and remainingmaturities.Minority Interest included $65.1 million and $74.7 million related to sponsored investment productsthat were consolidated in the Company’s financial statements as of September 30, 2009 and 2008. Sales andredemptions of shares of consolidated sponsored investment products are a component of the change inminority interest included in financing activities in the consolidated statements of cash flows.78