Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	Years Ended December 31
	2021			2020
	(in thousands)
Equity securities:
Long-term incentive compensation-related		$	32,237		$	34,351
Seed capital		133,992			75,766
Other		18,243			55,439
Exchange-traded options		1,893			7,527
Investments in limited partnership hedge funds:
Long-term incentive compensation-related		31,602			25,762
Seed capital		19,318			16,646
Time deposits		21,024			18,602
Other		15,109			19,282
Total investments		$	273,418		$	253,375

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, 2021 and 2020 were as follows:

	Years Ended December 31
	2021			2020
	(in thousands)
Net gains recognized during the period		$	19,240		$	17,927
Less: net gains recognized during the period on equity securities sold during the period		23,697			27,357
Unrealized losses recognized during the period on equity securities held		$	(4,457)		$	(9,430)