Investment Securities (Tables)

12 Months Ended

Dec. 31, 2015

Investment Securities

Schedule of investment securities

2015
Available for sale securities:
Sponsored funds	$	40,552
Sponsored privately offered funds		825
Total available for sale securities		41,377
Trading securities:
Mortgage-backed securities		20
Corporate bond		5
Common stock		87
Sponsored funds		29,701
Total trading securities		29,813
Equity method securities:
Sponsored funds		217,380
Sponsored privately offered funds		3,173
Total equity method securities		220,553
Total securities	$	291,743

2014
Available for sale securities:
Sponsored funds	$	157,460
Sponsored privately offered funds		3,810
Total available for sale securities		161,270
Trading securities:
Mortgage-backed securities		28
Common stock		72
Sponsored funds		81,913
Total trading securities		82,013
Total securities	$	243,283

Summary of the gains (losses) related to securities

        The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2015:

Available for sale securities:	Amortized cost		Unrealized gains		Unrealized losses		Fair value
	(in thousands)
Sponsored funds	$	46,800		434		(6,682)		40,552
Sponsored privately offered funds		500		325		—		825
	$	47,300		759		(6,682)		41,377

        The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2014:

Available for sale securities:	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Sponsored funds	$	160,675		2,177		(5,392)		157,460
Sponsored privately offered funds		1,750		2,060		—		3,810
	$	162,425		4,237		(5,392)		161,270

Summary of available for sale sponsored funds with fair values below carrying values

        A summary of available for sale sponsored funds with fair values below carrying values at December 31, 2015 is as follows:

Less than 12 months

12 months or longer

Total

Fair value

Unrealized losses

Fair value

Unrealized losses

Fair value

Unrealized losses

(in thousands)

Sponsored funds

$

3,476

(166)

33,619

(6,516)

37,095

(6,682)

Schedule of fair value of investment securities

2015	Level 1		Level 2		Level 3		Total
	(in thousands)
Available for sale securities:
Sponsored funds	$	40,552		—		—		40,552
Sponsored privately offered funds measured at net asset value (2)		—		—		—		825
Trading securities:
Mortgage-backed securities		—		20		—		20
Corporate bonds		—		5		—		5
Common stock		87		—		—		87
Sponsored funds		29,701		—		—		29,701
Equity method securities:(1)
Sponsored funds		217,380		—		—		217,380
Sponsored privately offered funds measured at net asset value (2)		—		—		—		3,173
Total	$	287,720		25		—		291,743

2014	Level 1		Level 2		Level 3		Total
	(in thousands)
Available for sale securities:
Sponsored funds	$	157,460		—		—		157,460
Sponsored privately offered funds measured at net asset value (2)		—		—		—		3,810
Trading securities:
Mortgage-backed securities		—		28		—		28
Common stock		72		—		—		72
Sponsored funds		81,913		—		—		81,913
Total	$	239,445		28		—		243,283

(1)	Substantially all of the Company's equity method investments are investment companies that record their underlying investments at fair value. Fair value is measured using the Company's share of the investee's underlying net income or loss, which is predominantly representative of fair value adjustments in the investments held by the investee.
(2)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.