Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment’s contribution.

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2014			2013		2014		2013
Investment Banking
Net Revenues (1)	$	203,028		$	163,645	$	522,202	$	477,846
Operating Expenses	156,549			126,472		410,832		369,927
Other Expenses (2)	8,828			7,427		16,279		26,738
Operating Income	37,651			29,746		95,091		81,181
Income (Loss) from Equity Method Investments	(48		)	—		455		460
Pre-Tax Income from Continuing Operations	$	37,603		$	29,746	$	95,546	$	81,641
Identifiable Segment Assets	$	719,351		$	611,266	$	719,351	$	611,266
Investment Management
Net Revenues (1)	$	24,133		$	23,683	$	71,768	$	68,910
Operating Expenses	22,356			20,968		63,518		61,853
Other Expenses (2)	82			593		246		1,939
Operating Income	1,695			2,122		8,004		5,118
Income from Equity Method Investments	1,150			562		2,926		1,873
Pre-Tax Income from Continuing Operations	$	2,845		$	2,684	$	10,930	$	6,991
Identifiable Segment Assets	$	504,400		$	492,075	$	504,400	$	492,075
Total
Net Revenues (1)	$	227,161		$	187,328	$	593,970	$	546,756
Operating Expenses	178,905			147,440		474,350		431,780
Other Expenses (2)	8,910			8,020		16,525		28,677
Operating Income	39,346			31,868		103,095		86,299
Income from Equity Method Investments	1,102			562		3,381		2,333
Pre-Tax Income from Continuing Operations	$	40,448		$	32,430	$	106,476	$	88,632
Identifiable Segment Assets	$	1,223,751		$	1,103,341	$	1,223,751	$	1,103,341

(1) Net revenues include Other Revenue, net, allocated to the segments as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Banking (A)	$	850		$	(330	)	$	(731	)	$	(966	)
Investment Management (B)	(644		)	(555		)	(1,725		)	(1,854		)
Total Other Revenue, net	$	206		$	(885	)	$	(2,456	)	$	(2,820	)

(A) Investment Banking Other Revenue, net, includes interest expense on the Senior Notes of $1,134 and $3,344for the three and nine months ended September 30, 2014, respectively, and $1,098 and $3,281for the three and nine months ended September 30, 2013, respectively.

(B) Investment Management Other Revenue, net, includes interest expense on the Senior Notes of $956 and $2,820for the three and nine months ended September 30, 2014, respectively, and $927 and $2,770for the three and nine months ended September 30, 2013, respectively.

(2) Other Expenses are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
Investment Banking
Amortization of LP Units and Certain Other Awards	$	—	$	4,304	$	—	$	13,513
Acquisition Related Compensation Charges	592		3,123		6,371		13,225
Special Charges	3,732		—		3,732		—
Intangible Asset Amortization	382		—		382		—
Professional Fees	—		—		1,672		—
Acquisition and Transition Costs	4,122		—		4,122		—
Total Investment Banking	8,828		7,427		16,279		26,738
Investment Management
Amortization of LP Units and Certain Other Awards	—		511		—		1,693
Intangible Asset Amortization	82		82		246		246
Total Investment Management	82		593		246		1,939
Total Other Expenses	$	8,910	$	8,020	$	16,525	$	28,677

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

The Company’s revenues were derived from clients and private equity funds located and managed in the following geographical areas:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
Net Revenues: (1)
United States	$	127,478	$	131,499	$	377,907	$	379,950
Europe and Other	89,146		37,465		173,931		112,331
Latin America	10,331		19,249		44,588		57,295
Total	$	226,955	$	188,213	$	596,426	$	549,576

(1) Excludes Other Revenue and Interest Expense.