Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	Years Ended December 31
	2024			2023
	(in thousands)
Equity securities:
Long-term incentive compensation-related		$	31,934		$	18,882
Seed capital		169,502			128,771
Other		388			—
Investments in limited partnership hedge funds:
Long-term incentive compensation-related		10,831			21,151
Seed capital		18,397			57,624
Investment in joint ventures		286,721			—
Time deposits		6,100			6,517
Other		11,331			10,609
Total investments		$	535,204		$	243,554

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, 2024 and 2023 were as follows:

	Years Ended December 31
	2024			2023
	(in thousands)
Net gains recognized during the period		$	14,622		$	14,372
Less: net gains recognized during the period on equity securities sold during the period		8,731			6,132
Unrealized gains recognized during the period on equity securities held		$	5,891		$	8,240