Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	June 30, 2020		December 31, 2019
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	30,064	$	36,665
Seed capital	128,363		70,464
Other	53,117		73,202
Exchange-traded options	12,151		6,931
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	23,547		14,237
Seed capital	16,463		33,124
Time deposits	17,418		18,281
Other	13,543		13,890
Total investments	$	294,666	$	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 June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020			2019
	(in thousands)
Net gains (losses) recognized during the period	$	14,386	$	7,586	$	(7,600	)	$	21,580
Less: net gains recognized during the period on equity securities sold during the period	7,471		1,409		6,076			4,541
Unrealized gains (losses) recognized during the period on equity securities held	$	6,915	$	6,177	$	(13,676	)	$	17,039