Consolidated Company-Sponsored Investment Funds (Tables)

3 Months Ended

Mar. 31, 2017

Variable Interest Entity [Line Items]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of March 31, 2017 and December 31, 2016 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
March 31, 2017:
Money markets	$	138,734	$	—	$	—	$	138,734
U.S. Treasury Bills	—		1,206,774		—		1,206,774
Trading
Equity securities	146,122		9,980		112		156,214
Fixed income securities	78,892		11,244		—		90,136
Long exchange-traded options	1,558		—		—		1,558
Derivatives	536		7,232		—		7,768
Private equity	—		—		4,914		4,914
Available-for-sale	64		—		—		64
Total assets measured at fair value	$	365,906	$	1,235,230	$	5,026	$	1,606,162
Securities sold not yet purchased
Short equities – corporate	$	14,921	$	—	$	—	$	14,921
Short exchange-traded options	916		—		—		916
Derivatives	1,909		8,438		—		10,347
Contingent payment arrangements	—		—		17,177		17,177
Total liabilities measured at fair value	$	17,746	$	8,438	$	17,177	$	43,361
December 31, 2016:
Money markets	$	107,250	$	—	$	—	$	107,250
U.S. Treasury Bills	—		922,126		—		922,126
Trading
Equity securities	148,128		5,724		110		153,962
Fixed income securities	80,473		11,107		—		91,580
Long exchange-traded options	3,106		—		—		3,106
Derivatives	1,224		7,189		—		8,413
Private equity	—		—		4,913		4,913
Available-for-sale	45		—		—		45
Total assets measured at fair value	$	340,226	$	946,146	$	5,023	$	1,291,395
Securities sold not yet purchased
Short equities – corporate	$	40,252	$	—	$	—	$	40,252
Short exchange-traded options	692		—		—		692
Derivatives	1,092		7,557		—		8,649
Contingent payment arrangements	—		—		17,589		17,589
Total liabilities measured at fair value	$	42,036	$	7,557	$	17,589	$	67,182

Schedule of Offsetting of Derivative Assets

Offsetting of assets as of March 31, 2017 and December 31, 2016 was as follows:

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets Presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received			Net Amount
	(in thousands)
March 31, 2017:
Securities borrowed	$	147,124	$	—	$	147,124	$	(142,789	)	$	—		$	4,335
Derivatives	$	7,768	$	—	$	7,768	$	—		$	—		$	7,768
Long exchange-traded options	$	1,558	$	—	$	1,558	$	—		$	—		$	1,558
December 31, 2016:
Securities borrowed	$	82,814	$	—	$	82,814	$	(80,277	)	$	—		$	2,537
Derivatives	$	8,413	$	—	$	8,413	$	—		$	(810	)	$	7,603
Long exchange-traded options	$	3,106	$	—	$	3,106	$	—		$	—		$	3,106

Schedule of Offsetting of Derivative Liabilities

Offsetting of liabilities as of March 31, 2017 and December 31, 2016 was as follows:

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Pledged			Net Amount
	(in thousands)
March 31, 2017:
Securities loaned	$	—	$	—	$	—	$	—	$	—		$	—
Derivatives	$	10,347	$	—	$	10,347	$	—	$	(8,146	)	$	2,201
Short exchange-traded options	$	916	$	—	$	916	$	—	$	—		$	916
December 31, 2016:
Securities loaned	$	—	$	—	$	—	$	—	$	—		$	—
Derivatives	$	8,649	$	—	$	8,649	$	—	$	(6,239	)	$	2,410
Short exchange-traded options	$	692	$	—	$	692	$	—	$	—		$	692

Consolidated Investment Portfolios [Member]

Variable Interest Entity [Line Items]

Balances of Consolidated VIEs and VOEs included in Statement of Financial Condition

The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:

	March 31, 2017						December 31, 2016
	(in thousands)
	VIEs		VOEs		Total		VIEs		VOEs		Total
Cash and cash equivalents	326,324		319		326,643		337,525		—		337,525
Investments	730,533		23,889		754,422		550,850		23,226		574,076
Other assets	13,571		265		13,836		44,570		—		44,570
Total assets	$	1,070,428	$	24,473	$	1,094,901	$	932,945	$	23,226	$	956,171
Liabilities	398,108		29		398,137		292,800		—		292,800
Redeemable non-controlling interest	394,937		7		394,944		384,294		—		384,294
Partners' capital attributable to AB Unitholders	244,413		24,437		268,850		221,229		23,226		244,455
Non-redeemable non-controlling interests in consolidated entities	32,970		—		32,970		34,622		—		34,622
Total liabilities, redeemable non-controlling interest and partners' capital	$	1,070,428	$	24,473	$	1,094,901	$	932,945	$	23,226	$	956,171

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:

		Three Months Ended March 31,
		2017			2016
	(in thousands)
Balance as of beginning of period		$	5,741		$	—
Impact of adoption of ASU 2015-02		—			14,740
Transfers in		749			—
Purchases		4,577			6
Sales		(1,073		)	(53		)
Realized (losses), net		(12		)	—
Unrealized gains, net		271			715
Accrued discounts		20			18
Balance as of end of period		$	10,273		$	15,426

Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of March 31, 2017 and December 31, 2016 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
March 31, 2017:
Investments - VIEs	$	494,620	$	225,560	$	10,273	$	730,453
Investments - VOEs	11,357		11,719		—		23,076
Derivatives - VIEs	39		4,319		—		4,358
Derivatives - VOEs	$	—	$	13	$	—	$	13
Total assets measured at fair value	$	506,016	$	241,611	$	10,273	$	757,900
Short equities - VIEs	$	381,632	$	—	$	—	$	381,632
Derivatives - VIEs	20		4,848		—		4,868
Derivatives - VOEs	$	—	$	—	$	—	$	—
Total liabilities measured at fair value	$	381,652	$	4,848	$	—	$	386,500
December 31, 2016:
Investments - VIEs	$	341,830	$	203,197	$	5,741	$	550,768
Investments - VOEs	10,188		12,061		—		22,249
Derivatives - VIEs	58		1,739		—		1,797
Total assets measured at fair value	$	352,076	$	216,997	$	5,741	$	574,814
Short equities - VIEs	$	248,419	$	—	$	—	$	248,419
Derivatives - VIEs	48		2,033		—		2,081
Total liabilities measured at fair value	$	248,467	$	2,033	$	—	$	250,500

Schedule of Offsetting of Derivative Assets

Offsetting of derivative assets of consolidated company-sponsored investment funds as of March 31, 2017 and December 31, 2016 was as follows:

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets Presented in the Statement of Financial Position		Financial Instruments		Collateral Received			Net Amount
	(in thousands)
March 31, 2017:
Derivatives - VIEs	$	25,255	$	—	$	25,255	$	—	$	(652	)	$	24,603
Derivatives - VOEs	$	43	$	—	$	43	$	—	$	—		$	43
December 31, 2016:
Derivatives - VIEs	$	4,997	$	—	$	4,997	$	—	$	(461	)	$	4,536

Schedule of Offsetting of Derivative Liabilities

Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of March 31, 2017 and December 31, 2016 was as follows:

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities Presented in the Statement of Financial Position		Financial Instruments		Collateral Pledged			Net Amount
	(in thousands)
March 31, 2017:
Derivatives - VIEs	$	4,868	$	—	$	4,868	$	—	$	(4,868	)	$	—
Derivatives - VOEs	$	—	$	—	$	—	$	—	$	—		$	—
December 31, 2016:
Derivatives - VIEs	$	2,081	$	—	$	2,081	$	—	$	(2,081	)	$	—