Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	December 31,
	2016		2015
	(in thousands)
Available-for-sale	$	45	$	364
Trading:
Long-term incentive compensation-related	50,935		59,150
U.S. Treasury Bills	28,937		24,942
Seed capital	211,279		406,322
Equities	6,602		43,584
Exchange-traded options	3,106		5,910
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	16,826		19,004
Seed capital	23,704		20,082
Consolidated private equity fund	—		23,897
Private equity	45,278		48,761
Investments held by consolidated VIEs	550,850		—
Time deposits	70,097		9,906
Other	7,522		7,878
Total investments	$	1,015,181	$	669,800

Summary of the Cost and Fair Value of Available-For-Sale and Trading Investments

The cost and fair value of available-for-sale investments held as of December 31, 2016 and 2015 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2016:
Equity investments	$	23	$	—	$	—		$	23
Fixed income investments	22		2		(2		)	22
	$	45	$	2	$	(2	)	$	45
December 31, 2015:
Equity investments	$	188	$	2	$	(9	)	$	181
Fixed income investments	197		2		(16		)	183
	$	385	$	4	$	(25	)	$	364

The portion of trading gains (losses) related to trading securities held as of December 31, 2016 and 2015 were as follows:

	December 31,
	2016			2015
	(in thousands)
Net gains (losses) recognized during the period	$	7,030		$	(27,246	)
Less: net (losses) gains recognized during the period on trading securities sold during the period	(11,294		)	5,812
Unrealized gains (losses) recognized during the period on trading securities held	$	18,324		$	(33,058	)