Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	March 31, 2023		December 31, 2022
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	17,145	$	21,055
Seed capital	134,775		138,012
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	26,839		26,815
Seed capital	15,731		15,711
Time deposits	7,528		7,750
Other	9,920		8,175
Total investments	$	211,938	$	217,518

Portion of Unrealized (Losses) Gains Related to Equity Securities

The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31,
	2023		2022
	(in thousands)
Net gains (losses) recognized during the period	$	5,464	$	(16,550)
Less: net gains recognized during the period on equity securities sold during the period	590		4,539
Unrealized gains (losses) recognized during the period on equity securities held	$	4,874	$	(21,089)