Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	September 30, 2020		December 31, 2019
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	30,911	$	36,665
Seed capital	75,079		70,464
Other	60,147		73,202
Exchange-traded options	12,153		6,931
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	24,150		14,237
Seed capital	17,309		33,124
Time deposits	19,900		18,281
Other	14,043		13,890
Total investments	$	253,692	$	266,794

Portion of Unrealized Gains (Losses) Related to Equity Securities

The portion of unrealized (losses) gains related to equity securities, as defined by ASC 321-10, held as of September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Net gains recognized during the period	$	12,904	$	2,382	$	5,304	$	23,962
Less: net gains recognized during the period on equity securities sold during the period	18,929		1,716		25,005		6,257
Unrealized (losses) gains recognized during the period on equity securities held	$	(6,025)	$	666	$	(19,701)	$	17,705