Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Investments

Investments consist of:
	March 31, 2015		December 31, 2014
	(in thousands)
Available-for-sale (primarily seed capital)	$	6,442	$	6,172
Trading:
Long-term incentive compensation-related		60,594		74,095
U.S. Treasury Bills		28,995		28,982
Seed capital		425,805		400,746
Equities		59,508		79,720
Exchange-traded options		6,767		22,290
Investments in limited partnership hedge funds:
Long-term incentive compensation-related		19,952		24,684
Seed capital		26,366		33,951
Consolidated private equity fund (10% seed capital)		34,130		32,604
Private equity (seed capital)		48,724		48,734
Other		11,468		11,497
Total investments	$	728,751	$	763,475

Portion of trading gains (losses) related to trading securities

The portion of trading gains (losses) for the three months ended March 31, 2015 and 2014 related to trading securities held as of March 31, 2015 and 2014 is as follows (in thousands):

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Net gains recognized during the period	$	6,784	$	14,812
Less: net gains recognized during the period on trading securities sold during the period		6,047		4,404
Unrealized gains recognized during the period on trading securities held	$	737	$	10,408