Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012:

	March 31, 2013
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	33,781	$	—	$	33,781
Seed Capital Investments (1)		15,046		2,961		—		18,007
Mutual Funds		8,474		—		—		8,474
Financial Instruments Owned and Pledged as Collateral at Fair Value		63,972		—		—		63,972
Total Assets Measured At Fair Value	$	87,492	$	36,742	$	—	$	124,234
	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

(1) Includes $25,855 and $24,863 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2013 and December 31, 2012, 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 Unaudited Condensed Consolidated Statements of Financial Condition are listed in the tables below.

			March 31, 2013
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	111,179	$	111,179	$	—	$	—	$	111,179
Securities Purchased Under Agreements to Resell		9,313		—		9,313		—		9,313
Accounts Receivable		77,987		—		77,987		—		77,987
Receivable from Employees and Related Parties		10,244		—		10,244		—		10,244
Assets Segregated for Bank Regulatory Requirements		10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	16,580	$	—	$	16,580	$	—	$	16,580
Securities Sold Under Agreements to Repurchase		73,325		—		73,325		—		73,325
Payable to Employees and Related Parties		15,813		—		15,813		—		15,813
Notes Payable		101,823		—		134,033		—		134,033
			December 31, 2012
	Carrying		Estimated Fair Value
	Amount		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