Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	September 30, 2021		December 31, 2020
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	30,810	$	34,351
Seed capital	98,189		75,766
Other	5,163		55,439
Exchange-traded options	1,569		7,527
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	31,387		25,762
Seed capital	21,536		16,646
Time deposits	19,054		18,602
Other	15,410		19,282
Total investments	$	223,118	$	253,375

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, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Net gains recognized during the period	$	1,853	$	12,904	$	14,459	$	5,304
Less: net gains recognized during the period on equity securities sold during the period	2,902		18,929		19,623		25,005
Unrealized (losses) recognized during the period on equity securities held	$	(1,049)	$	(6,025)	$	(5,164)	$	(19,701)