Investments (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	March 31, 2017		December 31, 2016
	(in thousands)
Trading:
Long-term incentive compensation-related	$	46,511	$	50,935
U.S. Treasury Bills	23,974		28,937
Seed capital	194,670		188,053
Equities	5,246		6,602
Exchange-traded options	1,558		3,106
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	15,059		16,826
Seed capital	27,719		23,704
Private equity	44,405		45,278
Time deposits	70,466		70,097
Other	7,444		7,567
Total investments	$	437,052	$	441,105

Portion of Trading Gains (Losses) Related to Trading Securities

The portion of trading gains (losses) for the three months ended March 31, 2017 and 2016 related to trading securities held as of March 31, 2017 and 2016 were as follows:

		Three Months Ended March 31,
		2017		2016
	(in thousands)
Net gains recognized during the period		$	13,760	$	1,232
Less: net gains (losses) recognized during the period on trading securities sold during the period		923		(10,361		)
Unrealized gains recognized during the period on trading securities held		$	12,837	$	11,593