Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	September 30, 2019		December 31, 2018
	(in thousands)
U.S. Treasury Bills	$	74,342	$	392,424
Equity securities:
Long-term incentive compensation-related	35,130		38,883
Seed capital	73,677		105,951
Other	42,518		73,409
Exchange-traded options	5,803		2,568
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	13,646		13,546
Seed capital	46,927		67,153
Time deposits	18,070		8,783
Other	13,092		11,627
Total investments	$	323,205	$	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 September 30, 2019 and 2018 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands)
Net gains recognized during the period	$	2,382	$	5,485	$	23,962	$	6,817
Less: net gains recognized during the period on equity securities sold during the period	1,716		3,424		6,257		1,645
Unrealized gains recognized during the period on equity securities held	$	666	$	2,061	$	17,705	$	5,172