Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	September 30, 2016		December 31, 2015
	(in thousands)
Available-for-sale	$	228	$	364
Trading:
Long-term incentive compensation-related	50,095		59,150
U.S. Treasury Bills	29,922		24,942
Seed capital	269,078		406,322
Equities	16,793		43,584
Exchange-traded options	3,549		5,910
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	17,412		19,004
Seed capital	22,850		20,082
Consolidated private equity fund	—		23,897
Private equity	36,412		48,761
Investments held by consolidated VIEs	205,104		—
Time deposits	35,311		9,906
Other	7,738		7,878
Total investments	$	694,492	$	669,800

Portion of Trading Gains (Losses) Related to Trading Securities

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016			2015
	(in thousands)
Net gains (losses) recognized during the period	$	9,052	$	(31,965	)	$	17,678		$	(26,613	)
Less: net gains (losses) recognized during the period on trading securities sold during the period	1,411		1,059			(11,285		)	7,612
Unrealized gains (losses) recognized during the period on trading securities held	$	7,641	$	(33,024	)	$	28,963		$	(34,225	)