Investments (Tables)

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	September 30, 2017		December 31, 2016
	(in thousands)
Trading:
U.S. Treasury Bills	$	52,605	$	28,937
Long-term incentive compensation-related	50,966		50,935
Seed capital	158,754		188,053
Equities	105,826		6,602
Exchange-traded options	9,368		3,106
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	13,750		16,826
Seed capital	25,740		23,704
Private equity (seed capital)	38,553		45,278
Time deposits	52,090		70,097
Other	12,101		7,567
Total investments	$	519,753	$	441,105

Portion of Trading Gains (Losses) Related to Trading Securities

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017		2016
	(in thousands)
Net (losses) gains recognized during the period	$	(1,829	)	$	9,052	$	14,436	$	17,678
Less: net gains (losses) recognized during the period on trading securities sold during the period	311			1,411		12,850		(11,285		)
Unrealized (losses) gains recognized during the period on trading securities held	$	(2,140	)	$	7,641	$	1,586	$	28,963