Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	December 31,
	2020		2019
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	34,351	$	36,665
Seed capital	75,766		70,464
Other	55,439		73,202
Exchange-traded options	7,527		6,931
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	25,762		14,237
Seed capital	16,646		33,124
Time deposits	18,602		18,281
Other	19,282		13,890
Total investments	$	253,375	$	266,794

Summary of the Cost and Fair Value of Available-For-Sale and Trading Investments

The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of December 31, 2020 and 2019 were as follows:

	December 31,
	2020		2019
	(in thousands)
Net gain (losses) recognized during the period	$	17,927	$	31,890
Less: net gains recognized during the period on equity securities sold during the period	27,357		18,138
Unrealized gains (losses) recognized during the period on equity securities held	$	(9,430)	$	13,752