Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	March 31, 2024		December 31, 2023
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	25,029	$	18,882
Seed capital	148,615		128,771
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	11,712		21,151
Seed capital	17,523		57,624
Time deposits	6,249		6,517
Other	11,140		10,609
Total investments	$	220,268	$	243,554

Summary of the Cost and Fair Value of Available-For-Sale and Trading Investments

The portion of unrealized gains related to equity securities, as defined by ASC 321-10, held as of March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Net gains recognized during the period	$	11,058	$	5,464
Less: net gains recognized during the period on equity securities sold during the period	7,389		590
Unrealized gains recognized during the period on equity securities held	$	3,669	$	4,874