Investments (Tables)

6 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	June 30, 2016		December 31, 2015
	(in thousands)
Available-for-sale	$	305	$	364
Trading:
Long-term incentive compensation-related	47,681		59,150
U.S. Treasury Bills	29,899		24,942
Seed capital	271,787		406,322
Equities	67,610		43,584
Exchange-traded options	8,045		5,910
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	16,615		19,004
Seed capital	20,565		20,082
Consolidated private equity fund	—		23,897
Private equity	35,999		48,761
Investments held by consolidated VIEs	247,103		—
Other	17,676		17,784
Total investments	$	763,285	$	669,800

Portion of Trading Gains (Losses) Related to Trading Securities

The portion of trading gains (losses) for the three and six months ended June 30, 2016 and 2015 related to trading securities held as of June 30, 2016 and 2015 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(in thousands)
Net gains (losses) recognized during the period	$	7,394		$	(1,432	)	$	8,626		$	5,352
Less: net (losses) gains recognized during the period on trading securities sold during the period	(2,335		)	506			(12,696		)	6,553
Unrealized gains (losses) recognized during the period on trading securities held	$	9,729		$	(1,938	)	$	21,322		$	(1,201	)