Investments (Tables)

12 Months Ended

Dec. 31, 2011

Investments [Abstract]

Investments

Investments consist of:

	December 31,
	2011		2010
	(in thousands)
Available-for-sale	$	13,883	$	16,588
Trading:
Deferred compensation-related		135,832		239,787
United States Treasury Bills		37,998		52,975
Seed money		278,932		177,589
Other		58,237		35,259
Investments in limited partnership hedge funds:
Deferred compensation-related		40,538		58,918
Seed money/other		123,920		47,735
Consolidated private equity fund		58,749		101,360
Private equity		35,726		17,803
Other		11,479		8,541
Total investments	$	795,294	$	756,555

Summary of the cost and fair value of available-for-sale and trading investments

The following is a summary of the cost and fair value of available-for-sale and trading investments held as of December 31, 2011 and 2010:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2011:
Available-for-sale:
Equity investments	$	6,753	$	489	$	(342	)	$	6,900
Fixed income investments		6,857		133		(7	)		6,983
	$	13,610	$	622	$	(349	)	$	13,883
Trading:
Equity investments	$	375,287	$	5,959	$	(41,938	)	$	339,308
Fixed income investments		172,142		3,475		(3,926	)		171,691
	$	547,429	$	9,434	$	(45,864	)	$	510,999
December 31, 2010:
Available-for-sale:
Equity investments	$	9,695	$	1,380	$	(1,023	)	$	10,052
Fixed income investments		6,267		282		(13	)		6,536
	$	15,962	$	1,662	$	(1,036	)	$	16,588
Trading:
Equity investments	$	269,529	$	34,211	$	(6,259	)	$	297,481
Fixed income investments		207,436		2,894		(2,201	)		208,129
	$	476,965	$	37,105	$	(8,460	)	$	505,610