New Accounting Guidance

12 Months Ended

Dec. 31, 2015

New Accounting Guidance

New Accounting Guidance

2.     New Accounting Guidance

Accounting Guidance Adopted During Fiscal Year 2015

        During the fourth quarter of 2015, the Company adopted ASU 2015-07,"Fair Value Measurement,"which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value ("NAV") per share (or its equivalent) using the practical expedient. Previously, the Company reported $3.8 million of sponsored privately offered funds in the fair value hierarchy for the period ended December 31, 2014. After implementation of ASU 2015-07, the $3.8 million of sponsored privately offered funds have been removed from the fair value hierarchy for the period ended December 31, 2014 to be consistent with the presentation of the fair value hierarchy as of December 31, 2015.

        During the fourth quarter of 2015, the Company adopted ASU 2015-17,"Income Taxes,"which requires an entity to classify all deferred tax assets and liabilities as noncurrent on the balance sheet. Prior to implementation of this ASU, the Company classified deferred tax assets and liabilities as either current or non-current assets and liabilities. Previously, the Company reported $7.5 million of deferred tax assets as current assets and $20.0 million of deferred tax assets as non-current on the balance sheet for the period ended December 31, 2014. After implementation of ASU 2015-17, the current deferred tax assets have been reclassified to non-current deferred tax assets, so that non-current deferred tax assets are presented as $27.5 million on the balance sheet as of December 31, 2014, to be consistent with the presentation of December 31, 2015 balances.

New Accounting Guidance Not Yet Adopted

        In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. This ASU will supersede much of the existing revenue recognition guidance in accounting principles generally accepted in the United States and is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period; early application is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating which transition method to apply and the estimated impact the adoption of this ASU will have on our consolidated financial statements and related disclosures.

        In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." The amendments in this ASU will affect all companies that are required to evaluate whether they should consolidate another entity. Additionally, the amendments in this ASU rescind the indefinite deferral of FASB Statement 167, "Amendments to FASB Interpretation No. 46(r)" included in ASU 2010-10. ASU 2015-02 will be effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. This standard permits the use of either a full retrospective or a modified retrospective approach. The Company believes that the adoption of this ASU on January 1, 2016, will result in an immaterial impact to our consolidated financial statements and related disclosures regarding our seeded investments in the 1940 Act Funds, Canadian Mutual Fund and LLCs. The Company has concluded that the SICAV will be deemed a VIE due to the lack of equity investment at risk at the SICAV legal entity level. The sub-funds of the SICAV are deemed silos and evaluated individually for consolidation. Because the decisions regarding key activities of the sub-fund reside at the SICAV level, the shareholders of the sub-funds lack the ability to control the key decision-making processes that most directly affect the performance of the sub-funds. As such, each sub-fund is a VIE with the primary beneficiary evaluation being an analysis of economic interest. The Company will be the primary beneficiary and will consolidate any sub-fund of the SICAV in which it owns a majority interest.

        In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in this ASU. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period; early adoption is permitted. The Company believes that the adoption of this ASU in 2016 will result in an immaterial impact to our consolidated financial statements.