DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management.

The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds as of June 30, 2017 and December 31, 2016:  

	As of June 30, 2017								As of December 31, 2016
	Assets				Liabilities				Assets				Liabilities
The Company	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign exchange contracts	$	32,616	$	384	$	84,564	$	3,737	$	62,830	$	3,171	$	—	$	—
Total derivatives, at fair value(2)	$	32,616	$	384	$	84,564	$	3,737	$	62,830	$	3,171	$	—	$	—

	As of June 30, 2017								As of December 31, 2016
	Assets				Liabilities				Assets				Liabilities
Consolidated Funds	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)			Fair Value
Foreign exchange contracts	$	—	$	—	$	—	$	—	$	25,304	$	529	$	—		$	—
Other financial instruments	8,011		2,809		—		—		3,575		291		(204		)	(2,999		)
Total derivatives, at fair value(3)	8,011		2,809		—		—		28,879		820		(204		)	(2,999		)
Other—equity(4)	—		—		—		—		253		24		—			—
Total	$	8,011	$	2,809	$	—	$	—	$	29,132	$	844	$	(204	)	$	(2,999	)

(1) Represents the total contractual amount of derivative assets and liabilities outstanding.

(2) As of June 30, 2017, the Company had the right to, but elected not to, offset $0.4 million of its derivative assets and liabilities. As of December 31, 2016, the Company did not have any derivative liabilities to offset its derivative assets.

(3) As of June 30, 2017 and December 31, 2016, the Consolidated Funds offset $0.1 million and $1.4 million of their derivative assets and liabilities, respectively.

(4) Includes the fair value of warrants which are presented as equity securities within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.