Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

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 financial assets measured at fair value on a recurring basis as of December 31, 2012 and 2011:

	December 31, 2012
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities(1)	$	—	$	38,482	$	—	$	38,482
Seed Capital Investments		9,138		2,442		—		11,580
Mutual Funds		11,346		—		—		11,346
Financial Instruments Owned and Pledged as Collateral at Fair Value		120,594		—		—		120,594
Total Assets Measured At Fair Value	$	141,078	$	40,924	$	—	$	182,002
	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 $24,863 and $46,291 of municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2012 and 2011, respectively.

Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value

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 Consolidated Statements of Financial Condition are listed in the tables below.

	Carrying Amount		December 31, 2012
			Estimated Fair Value
			Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	234,568	$	234,568	$	—	$	—	$	234,568
Accounts Receivable		89,098		—		89,098		—		89,098
Receivable from Employees and Related Parties		5,166		—		5,166		—		5,166
Assets Segregated for Bank Regulatory Requirements		10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	17,909	$	—	$	17,909	$	—	$	17,909
Securities Sold Under Agreements to Repurchase		120,787		—		120,787		—		120,787
Payable to Employees and Related Parties		12,964		—		12,964		—		12,964
Notes Payable		101,375		—		136,860		—		136,860
	Carrying Amount		December 31, 2011
			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