Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	September 30, 2015		December 31, 2014
	(in thousands)
Available-for-sale (primarily seed capital)	$	325	$	6,172
Trading:
Long-term incentive compensation-related	57,623		74,095
U.S. Treasury Bills	25,030		28,982
Seed capital	398,656		400,746
Equities	57,458		79,720
Exchange-traded options	11,178		22,290
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	18,403		24,684
Seed capital	25,085		33,951
Consolidated private equity fund (10% seed capital)	24,602		32,604
Private equity (seed capital)	49,503		48,734
Other	12,777		11,497
Total investments	$	680,640	$	763,475

Portion of Trading Gains (Losses) Related to Trading Securities

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)
Net (losses) gains recognized during the period	$	(31,965	)	$	(14,784	)	$	(26,613	)	$	10,985
Less: net gains recognized during the period on trading securities sold during the period	1,059			3,580			7,612			11,446
Unrealized (losses) recognized during the period on trading securities held	$	(33,024	)	$	(18,364	)	$	(34,225	)	$	(461	)