Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:
	June 30, 2019		December 31, 2018
	(in thousands)
U.S. Treasury Bills	$	—	$	392,424
Equity securities:
Long-term incentive compensation-related	34,956		38,883
Seed capital	84,947		105,951
Other	14,917		73,409
Exchange-traded options	2,291		2,568
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	13,950		13,546
Seed capital	52,881		67,153
Time deposits	8,487		8,783
Other	12,274		11,627
Total investments	$	224,703	$	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 June 30, 2019 and 2018 were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
	(in thousands)
Net gains recognized during the period	$	7,586	$	1,774		$	21,580	$	1,332
Less: net gains (losses) recognized during the period on equity securities sold during the period	1,409		(4,674		)	4,541		(1,779		)
Unrealized gains recognized during the period on equity securities held	$	6,177	$	6,448		$	17,039	$	3,111