Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Schedule Of Categorization Of Investments And Assets And Liabilities Measured At Fair Value On Recurring Basis

The following table presents the categorization of investments and certain other assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011:

	September 30, 2012
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	38,445	$	—	$	38,445
Seed Capital Investments		8,894		2,212		—		11,106
Mutual Funds		11,081		—		—		11,081
Financial Instruments Owned and Pledged as Collateral at Fair Value		139,209		—		—		139,209
Total Assets Measured At Fair Value	$	159,184	$	40,657	$	—	$	199,841
	December 31, 2011
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	106,951	$	—	$	106,951
Seed Capital Investments		9,150		2,540		—		11,690
Mutual Funds		8,938		—		—		8,938
Financial Instruments Owned and Pledged as Collateral at Fair Value		127,178		—		—		127,178
Total Assets Measured At Fair Value	$	145,266	$	109,491	$	—	$	254,757

(1) Includes $17,794 and $46,291 of municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2012 and December 31, 2011, respectively.

Fair Value, By Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition are listed in the tables below.

			September 30, 2012
	Carrying Amount		Estimated Fair Value
			Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	144,547	$	144,547	$	—	$	—	$	144,547
Securities Purchased Under Agreements to Resell		973		—		973		—		973
Accounts Receivable		72,666		—		72,666		—		72,666
Receivable from Employees and Related Parties		5,539		—		5,539		—		5,539
Assets Segregated for Bank Regulatory Requirements		10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	16,278	$	—	$	16,278	$	—	$	16,278
Securities Sold Under Agreements to Repurchase		140,443		—		140,443		—		140,443
Payable to Employees and Related Parties		10,259		—		10,259		—		10,259
Notes Payable		100,933		—		135,184		—		135,184
			December 31, 2011
	Carrying Amount		Estimated Fair Value
			Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	136,614	$	136,614	$	—	$	—	$	136,614
Securities Purchased Under Agreements to Resell		2,146		—		2,146		—		2,146
Accounts Receivable		52,060		—		52,060		—		52,060
Receivable from Employees and Related Parties		7,793		—		7,793		—		7,793
Assets Segregated for Bank Regulatory Requirements		10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	17,849	$	—	$	17,849	$	—	$	17,849
Securities Sold Under Agreements to Repurchase		129,577		—		129,577		—		129,577
Payable to Employees and Related Parties		12,647		—		12,647		—		12,647
Notes Payable		99,664		—		122,279		—		122,279