XML 66 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investments (Tables)
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments
Investments consist of:
 
December 31,
 
2015
 
2014
 
(in thousands)
Available-for-sale (primarily seed capital)
$
364

 
$
6,172

Trading:
 
 
 
Long-term incentive compensation-related
59,150

 
74,095

U.S. Treasury Bills
24,942

 
28,982

Seed capital
406,322

 
400,746

Equities
43,584

 
79,720

Exchange-traded options
5,910

 
22,290

Investments in limited partnership hedge funds:
 
 
 
Long-term incentive compensation-related
19,004

 
24,684

Seed capital
20,082

 
33,951

Consolidated private equity fund (10% seed capital)
23,897

 
32,604

Private equity (seed capital)
48,761

 
48,734

Other
17,784

 
11,497

Total investments
$
669,800

 
$
763,475
Summary of the Cost and Fair Value of Available-For-Sale and Trading Investments
The portion of trading gains (losses) related to trading securities held as of December 31, 2015 and 2014 were as follows:
 
December 31,
 
2015
 
2014
 
(in thousands)
Net (losses) gains recognized during the period
$
(27,246
)
 
$
12,461

Less: net gains recognized during the period on trading securities sold during the period
5,812

 
18,171

Unrealized (losses) recognized during the period on trading securities held
$
(33,058
)
 
$
(5,710
)
The cost and fair value of available-for-sale and trading investments held as of December 31, 2015 and 2014 were as follows:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(in thousands)
December 31, 2015:
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
Equity investments
$
1,778

 
$
9

 
$
(1,606
)
 
$
181

Fixed income investments
197

 
3

 
(17
)
 
183

 
$
1,975

 
$
12

 
$
(1,623
)
 
$
364

Trading:
 

 
 

 
 

 
 

Equity investments
$
357,844

 
$
2,230

 
$
(27,896
)
 
$
332,178

Fixed income investments
215,122

 
391

 
(7,783
)
 
207,730

 
$
572,966

 
$
2,621

 
$
(35,679
)
 
$
539,908

 
 
 
 
 
 
 
 
December 31, 2014:
 

 
 

 
 

 
 

Available-for-sale:
 

 
 

 
 

 
 

Equity investments
$
4,339

 
$
1,625

 
$
(13
)
 
$
5,951

Fixed income investments
202

 
19

 
—

 
221

 
$
4,541

 
$
1,644

 
$
(13
)
 
$
6,172

Trading:
 

 
 

 
 

 
 

Equity investments
$
411,898

 
$
18,370

 
$
(20,476
)
 
$
409,792

Fixed income investments
199,645

 
2,646

 
(6,250
)
 
196,041

 
$
611,543

 
$
21,016

 
$
(26,726
)
 
$
605,833