Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	March 31, 2020		December 31, 2019
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	25,655	$	36,665
Seed capital	70,361		70,464
Other	58,423		73,202
Exchange-traded options	36,783		6,931
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	11,661		14,237
Seed capital	30,732		33,124
Time deposits	17,303		18,281
Other	11,590		13,890
Total investments	$	262,508	$	266,794

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, 2020 and 2019 were as follows:

	Three Months Ended March 31,
	2020			2019
	(in thousands)
Net (losses) gains recognized during the period	$	(21,986	)	$	13,994
Less: net (losses) gains recognized during the period on equity securities sold during the period	(1,395		)	3,132
Unrealized (losses) gains recognized during the period on equity securities held	$	(20,591	)	$	10,862