Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	March 31, 2019		December 31, 2018
	(in thousands)
U.S. Treasury Bills	$	—	$	392,424
Equity securities:
Long-term incentive compensation-related	36,137		38,883
Seed capital	84,697		105,951
Other	53,193		73,409
Exchange-traded options	3,046		2,568
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	13,580		13,546
Seed capital	63,723		67,153
Time deposits	8,634		8,783
Other	12,183		11,627
Total investments	$	275,193	$	714,344

Portion of Unrealized Gains (Losses) Related to Equity Securities

The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of March 31, 2019 and 2018 were as follows:

	Three Months Ended March 31,
	2019		2018
	(in thousands)
Net gains (losses) recognized during the period	$	13,994	$	(442	)
Less: net gains recognized during the period on equity securities sold during the period	3,132		2,895
Unrealized gains (losses) recognized during the period on equity securities held	$	10,862	$	(3,337	)