Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	March 31, 2016		December 31, 2015
	(in thousands)
Available-for-sale	$	293	$	364
Trading:
Long-term incentive compensation-related	49,120		59,150
U.S. Treasury Bills	29,961		24,942
Seed capital	282,176		406,322
Equities	70,315		43,584
Exchange-traded options	4,709		5,910
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	16,391		19,004
Seed capital	19,695		20,082
Consolidated private equity fund	—		23,897
Private equity	38,248		48,761
Investments in consolidated VIEs	243,248		—
Other	17,896		17,784
Total investments	$	772,052	$	669,800

Portion of Trading Gains (Losses) Related to Trading Securities

The portion of trading gains (losses) for the three months ended March 31, 2016 and 2015 related to trading securities held as of March 31, 2016 and 2015 were as follows:

	Three Months Ended March 31,
	2016			2015
	(in thousands)
Net gains recognized during the period	$	1,232		$	6,784
Less: net (losses) gains recognized during the period on trading securities sold during the period	(10,361		)	6,047
Unrealized gains recognized during the period on trading securities held	$	11,593		$	737