Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	June 30, 2023		December 31, 2022
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	17,792	$	21,055
Seed capital	139,871		138,012
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	20,146		26,815
Seed capital	16,976		15,711
Time deposits	7,437		7,750
Other	10,299		8,175
Total investments	$	212,521	$	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 June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net gains (losses) recognized during the period	$	2,983	$	(17,328)	$	8,447	$	(33,878)
Less: net gains recognized during the period on equity securities sold during the period	5,259		5,217		5,849		9,756
Unrealized (losses) gains recognized during the period on equity securities held	$	(2,276)	$	(22,545)	$	2,598	$	(43,634)