Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the classification of investments and certain other assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 within the fair value hierarchy:



	March 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	1,720	$	5,553	$	–	$	7,273
Equities		56,420		–		1,337		57,757
Funds:
Alternative investments		–		36,321		–		36,321
Debt		48,203		4		–		48,207
Equity		143,074		41		–		143,115
Private equity		–		–		115,537		115,537
Derivatives		–		275		–		275

Total	$	249,417	$	42,194	$	116,874	$	408,485

Liabilities:
Securities sold, not yet purchased	$	5,330	$	–	$	–	$	5,330
Derivatives		–		219,172		–		219,172

Total	$	5,330	$	219,172	$	–	$	224,502



	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	1,681	$	6,332	$	–	$	8,013
Equities		58,054		–		1,340		59,394
Funds:
Alternative investments		–		37,030		–		37,030
Debt		58,765		4		–		58,769
Equity		190,660		42		–		190,702
Private equity		–		–		114,193		114,193
Derivatives		–		682		–		682

Total	$	309,160	$	44,090	$	115,533	$	468,783

Liabilities:
Securities sold, not yet purchased	$	4,045	$	–	$	–	$	4,045
Derivatives		–		164,001		–		164,001

Total	$	4,045	$	164,001	$	–	$	168,046

Summary of Changes in Fair Value of Company's Level 3 Assets

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month periods ended March 31, 2014 and 2013:


	Three Months Ended March 31, 2014
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Disposition			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Disposition			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	1,340	$	2	$	–	$	–		$	(5	)	$	1,337
Private equity funds		114,193		5,582		347		(4,669	)		84			115,537

Total Level 3 Assets	$	115,533	$	5,584	$	347	$	(4,669	)	$	79		$	116,874


	Three Months Ended March 31, 2013
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	190	$	–	$	–	$	–		$	(6	)	$	184
Alternative investment funds		3,457		94		–		(2,247	)		–			1,304
Equity funds		10		–		–		(10	)		–			–
Private equity funds		112,444		682		–		(1,256	)		(1,374	)		110,496

Total Level 3 Assets	$	116,101	$	776	$	–	$	(3,513	)	$	(1,380	)	$	111,984

(a)	Earnings for the three month periods ended March 31, 2014 and 2013 include net unrealized gains (losses) of $4,413 and $670, respectively.

Fair Value of Certain Investments Based on NAV

Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at March 31, 2014 and December 31, 2013 include certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value. Information with respect thereto was as follows:

March 31, 2014

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds:

Hedge funds

32,210

–

(a)

<30-60 days

Funds of funds

487

–

(b)

<30-90 days

Other

3,624

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

71,408

27,156

100%

14%

61%

25%

Mezzanine debt

44,129

–

100%

–%

100%

Total

151,903

27,156

(a)	weekly (17%), monthly (64%) and quarterly (19%)

(b)	monthly (95%) and quarterly (5%)

(c)	daily (9%), weekly (2%) and monthly (89%)

(d)	daily (100%)

(e)	daily (14%), monthly (58%) and quarterly (28%)

December 31, 2013

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds:

Hedge funds

31,837

–

(a)

<30-90 days

Funds of funds

475

–

(b)

<30-90 days

Other

4,718

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

70,054

27,135

100%

17%

60%

23%

Mezzanine debt

44,139

–

100%

–%

100%

Total

151,269

27,135

(a)	weekly (17%), monthly (65%) and quarterly (18%)

(b)	monthly (95%) and quarterly (5%)

(c)	daily (7%), weekly (1%) and monthly (92%)

(d)	daily (100%)

(e)	daily (13%), monthly (58%) and quarterly (29%)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

+ References+ Details