Investments (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	June 30, 2017		December 31, 2016
	(in thousands)
Trading:
U.S. Treasury Bills	$	27,764	$	28,937
Long-term incentive compensation-related	49,189		50,935
Seed capital	166,739		188,053
Equities	82,381		6,602
Exchange-traded options	8,348		3,106
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	13,396		16,826
Seed capital	25,283		23,704
Private equity (seed capital)	44,852		45,278
Time deposits	50,429		70,097
Other	11,600		7,567
Total investments	$	479,981	$	441,105

Portion of Trading Gains (Losses) Related to Trading Securities

The portion of trading gains (losses) for the three and six months ended June 30, 2017 and 2016 related to trading securities held as of June 30, 2017 and 2016 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017		2016
	(in thousands)
Net gains recognized during the period	$	2,505		$	7,394		$	16,265	$	8,626
Less: net gains (losses) recognized during the period on trading securities sold during the period	11,616			(2,335		)	12,539		(12,696		)
Unrealized (losses) gains recognized during the period on trading securities held	$	(9,111	)	$	9,729		$	3,726	$	21,322