DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017:  

	As of March 31, 2018								As of December 31, 2017
	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	$	4,724	$	230	$	49,668	$	4,229	$	13,724	$	498	$	51,026	$	2,639
Total derivatives, at fair value(2)	$	4,724	$	230	$	49,668	$	4,229	$	13,724	$	498	$	51,026	$	2,639

	As of March 31, 2018				As of December 31, 2017
	Assets		Liabilities		Assets		Liabilities
Consolidated Funds	Notional(1)	Fair Value	Notional(1)	Fair Value	Notional(1)	Fair Value	Notional(1)	Fair Value
Asset swap - other	4,843	834	1,750	748	5,363	1,366	1,840	462
Total derivatives, at fair value(3)	4,843	834	1,750	748	5,363	1,366	1,840	462

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

(2) As of March 31, 2018 and December 31, 2017, the Company had the right to, but elected not to, offset $0.2 million and $0.5 million of its derivative assets and liabilities, respectively.

(3) As of March 31, 2018 and December 31, 2017, the Consolidated Funds offset $0.4 million and $0.4 million of their derivative assets and liabilities, respectively.