Investments (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	September 30, 2018		December 31, 2017
	(in thousands)
U.S. Treasury Bills	$	22,774	$	52,609
Equity securities:
Long-term incentive compensation-related	43,647		51,758
Seed capital	118,158		160,672
Other	120,705		81,154
Exchange-traded options	1,100		4,981
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	14,767		14,276
Seed capital	101,732		22,923
Private equity (seed capital)	36,450		38,186
Time deposits	8,835		5,138
Other	10,379		11,892
Total investments	$	478,547	$	443,589

Portion of Unrealized Gains (Losses) Related to Equity Securities

The portion of unrealized gains (losses) for the three and nine months ended September 30, 2018 and 2017 related to equity securities held as of September 30, 2018 and 2017 were as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
	(in thousands)
Net gains (losses) recognized during the period	$	3,429	$	(1,869	)	$	(177	)	$	15,721
Less: net gains recognized during the period on equity securities sold during the period	1,156		366			2,820			14,067
Unrealized gains (losses) recognized during the period on equity securities held	$	2,273	$	(2,235	)	$	(2,997	)	$	1,654