Investments (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investments

Investments consist of:
	June 30, 2015		December 31, 2014
	(in thousands)
Available-for-sale (primarily seed capital)	$	5,825	$	6,172
Trading:
Long-term incentive compensation-related	61,564		74,095
U.S. Treasury Bills	29,000		28,982
Seed capital	416,248		400,746
Equities	57,355		79,720
Exchange-traded options	7,935		22,290
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	19,822		24,684
Seed capital	24,412		33,951
Consolidated private equity fund (10% seed capital)	27,745		32,604
Private equity (seed capital)	48,412		48,734
Other	13,307		11,497
Total investments	$	711,625	$	763,475

Portion of trading gains (losses) related to trading securities

The portion of trading gains (losses) for the three and six months ended June 30, 2015 and 2014 related to trading securities held as of June 30, 2015 and 2014 is as follows (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
	(in thousands)
Net (losses) gains recognized during the period	$	(1,432	)	$	10,957	$	5,352		$	25,769
Less: net gains recognized during the period on trading securities sold during the period	506			3,462		6,553			7,866
Unrealized (losses) gains recognized during the period on trading securities held	$	(1,938	)	$	7,495	$	(1,201	)	$	17,903