Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	March 31, 2025		December 31, 2024
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	26,407	$	31,934
Seed capital	187,611		169,502
Other	66		388
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	20,059		10,831
Seed capital	21,765		18,397
Investments in joint ventures	280,648		286,721
Time deposits	6,024		6,100
Other	10,962		11,331
Total investments	$	553,542	$	535,204

Summary of Unrealized Gains (Losses) 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, 2025 and 2024 were as follows:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Net (losses) gains recognized during the period	$	(87)	$	11,058
Less: net gains recognized during the period on equity securities sold during the period	4,570		7,389
Unrealized (losses) gains recognized during the period on equity securities held	$	(4,657)	$	3,669