Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	September 30, 2023		December 31, 2022
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	17,176	$	21,055
Seed capital	126,384		138,012
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	20,102		26,815
Seed capital	57,331		15,711
Time deposits	7,262		7,750
Other	9,959		8,175
Total investments	$	238,214	$	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 September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)
Net (losses) gains recognized during the period	$	(4,991)	$	2,603	$	3,456	$	(31,275)
Less: net gains recognized during the period on equity securities sold during the period	754		8,197		6,603		17,953
Unrealized (losses) recognized during the period on equity securities held	$	(5,745)	$	(5,594)	$	(3,147)	$	(49,228)