Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 146,984	$ 109,522	$ 92,486
Adjustments to reconcile net income to net cash provided by operating activities:
Stock compensation expense	27,811	24,626	22,360
Amortization of deferred commissions	1,079	1,559	2,800
Depreciation and amortization	4,396	4,473	4,317
Amortization of right-of-use assets	10,048	9,364	7,572
Amortization (accretion) of premium (discount) on held-to-maturity investments	(493)	(246)	0
(Gain) loss from investments—net	(21,673)	14,264	(2,020)
Deferred income taxes	96	(1,373)	(314)
Foreign currency (gain) loss	9	211	47
Changes in operating assets and liabilities:
Accounts receivable	(8,729)	3,262	(7,613)
Due from brokers	989	(7,811)	(4,850)
Deferred commissions	(1,628)	(982)	(1,894)
Investments within consolidated funds	(13,997)	(81,182)	(60,252)
Other assets	(120)	(2,689)	(576)
Accrued compensation	4,420	2,341	6,064
Distribution and service fees payable	(1,175)	2,262	(221)
Operating lease liabilities	(10,955)	(9,542)	(7,807)
Due to broker	45	1,839	3,282
Income tax payable	3,531	(1,229)	10,517
Other liabilities and accrued expenses	807	3,929	355
Net cash provided by (used in) operating activities	141,445	72,598	64,253
Cash flows from investing activities:
Proceeds from redemptions of equity method investments	52	37	41
Purchases of investments	(50,943)	(63,557)	(16,901)
Proceeds from sales of investments	89,592	13,796	25,811
Purchases of property and equipment	(2,752)	(3,470)	(3,242)
Net cash provided by (used in) investing activities	35,949	(53,194)	5,709
Cash flows from financing activities:
Issuance of common stock	741	597	636
Repurchase of common stock	(10,408)	(10,599)	(9,141)
Dividends to stockholders	(162,705)	(178,879)	(98,313)
Distributions to redeemable noncontrolling interest	(43,483)	(10,862)	(263)
Contributions from redeemable noncontrolling interests	45,725	81,633	46,658
Net cash provided by (used in) financing activities	(170,130)	(118,110)	(60,423)
Net increase (decrease) in cash and cash equivalents	7,264	(98,706)	9,539
Effect of foreign exchange rate changes on cash and cash equivalents	1,355	(2,013)	679
Cash and cash equivalents, beginning of the year	92,733	193,452	183,234
Cash and cash equivalents, end of the year	$ 101,352	$ 92,733	$ 193,452