Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2015

The following information presents each segment’s contribution.



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
Investment Banking
Net Revenues (1)	$	244,377	$	191,323	$	460,957	$	319,174
Operating Expenses	194,271		148,751		365,635		254,283
Other Expenses (2)	22,802		4,237		55,037		7,451
Operating Income	27,304		38,335		40,285		57,440
Income from Equity Method Investments	803		813		766		503
Pre-Tax Income	$	28,107	$	39,148	$	41,051	$	57,943
Identifiable Segment Assets	$	848,750	$	671,290	$	848,750	$	671,290
Investment Management
Net Revenues (1)	$	23,719	$	26,373	$	45,122	$	47,635
Operating Expenses	19,819		21,591		39,775		41,162
Other Expenses (2)	93		82		3,523		164
Operating Income	3,807		4,700		1,824		6,309
Income from Equity Method Investments	1,195		1,225		2,339		1,776
Pre-Tax Income	$	5,002	$	5,925	$	4,163	$	8,085
Identifiable Segment Assets	$	450,797	$	476,607	$	450,797	$	476,607
Total
Net Revenues (1)	$	268,096	$	217,696	$	506,079	$	366,809
Operating Expenses	214,090		170,342		405,410		295,445
Other Expenses (2)	22,895		4,319		58,560		7,615
Operating Income	31,111		43,035		42,109		63,749
Income from Equity Method Investments	1,998		2,038		3,105		2,279
Pre-Tax Income	$	33,109	$	45,073	$	45,214	$	66,028
Identifiable Segment Assets	$	1,299,547	$	1,147,897	$	1,299,547	$	1,147,897


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



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Investment Banking (A)	$	(2,173	)	$	(928	)	$	(3,231	)	$	(1,581	)
Investment Management (B)	(786		)	(428		)	(1,464		)	(1,081		)
Total Other Revenue, net	$	(2,959	)	$	(1,356	)	$	(4,695	)	$	(2,662	)


(A)	Investment Banking Other Revenue, net, includes interest expense on the Senior Notes, subordinated borrowings and line of credit of $1,793 and $3,437 for the three and six months ended June 30, 2015, respectively, and $1,105 and $2,210 for the three and six months ended June 30, 2014, respectively.


(B)	Investment Management Other Revenue, net, includes interest expense on the Senior Notes and line of credit of $959 and $1,912 for the three and six months ended June 30, 2015, respectively, and $932 and $1,864 for the three and six months ended June 30, 2014, respectively.


(2)	Other Expenses are as follows:



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2015			2014		2015		2014
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	18,193		$	—	$	44,143	$	—
Other Acquisition Related Compensation Charges	952			2,565		1,537		5,779
Special Charges	(139		)	—		2,151		—
Intangible Asset and Other Amortization	2,890			—		5,816		—
Professional Fees	—			1,672		—		1,672
Acquisition and Transition Costs	906			—		1,390		—
Total Investment Banking	22,802			4,237		55,037		7,451
Investment Management
Special Charges	—			—		3,348		—
Acquisition and Transition Costs	11			—		11		—
Intangible Asset and Other Amortization	82			82		164		164
Total Investment Management	93			82		3,523		164
Total Other Expenses	$	22,895		$	4,319	$	58,560	$	7,615

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 June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
Net Revenues: (1)
United States	$	203,186	$	142,502	$	365,008	$	250,429
Europe and Other	56,927		47,997		128,138		84,785
Latin America	10,942		28,553		17,628		34,257
Total	$	271,055	$	219,052	$	510,774	$	369,471

(1) Excludes Other Revenue and Interest Expense.

The Company’s total assets are located in the following geographical areas: