Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2015

The following information presents each segment’s contribution.



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Investment Banking
Net Revenues (1)	$	285,918		$	203,028		$	746,875		$	522,202
Operating Expenses	220,565			156,549			586,200			410,832
Other Expenses (2)	30,131			8,828			85,168			16,279
Operating Income	35,222			37,651			75,507			95,091
Income (Loss) from Equity Method Investments	(528		)	(48		)	238			455
Pre-Tax Income	$	34,694		$	37,603		$	75,745		$	95,546
Identifiable Segment Assets	$	919,000		$	719,351		$	919,000		$	719,351
Investment Management
Net Revenues (1)	$	23,033		$	24,133		$	68,155		$	71,768
Operating Expenses	18,275			22,356			58,050			63,518
Other Expenses (2)	28,082			82			31,605			246
Operating Income (Loss)	(23,324		)	1,695			(21,500		)	8,004
Income from Equity Method Investments	1,457			1,150			3,796			2,926
Pre-Tax Income (Loss)	$	(21,867	)	$	2,845		$	(17,704	)	$	10,930
Identifiable Segment Assets	$	411,389		$	504,400		$	411,389		$	504,400
Total
Net Revenues (1)	$	308,951		$	227,161		$	815,030		$	593,970
Operating Expenses	238,840			178,905			644,250			474,350
Other Expenses (2)	58,213			8,910			116,773			16,525
Operating Income	11,898			39,346			54,007			103,095
Income from Equity Method Investments	929			1,102			4,034			3,381
Pre-Tax Income	$	12,827		$	40,448		$	58,041		$	106,476
Identifiable Segment Assets	$	1,330,389		$	1,223,751		$	1,330,389		$	1,223,751


(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,
	2015			2014			2015			2014
Investment Banking (A)	$	357		$	850		$	(2,874	)	$	(731	)
Investment Management (B)	(779		)	(644		)	(2,243		)	(1,725		)
Total Other Revenue, net	$	(422	)	$	206		$	(5,117	)	$	(2,456	)


(A)	Investment Banking Other Revenue, net, includes interest expense on the Senior Notes, subordinated borrowings and line of credit of $1,452 and $4,889 for the three and nine months ended September 30, 2015, respectively, and $1,134 and $3,344 for the three and nine months ended September 30, 2014, respectively.


(B)	Investment Management Other Revenue, net, includes interest expense on the Senior Notes and line of credit of $962 and $2,874 for the three and nine months ended September 30, 2015, respectively, and $956 and $2,820 for the three and nine months ended September 30, 2014, respectively.


(2)	Other Expenses are as follows:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	21,980	$	—	$	66,123	$	—
Other Acquisition Related Compensation Charges	—		592		1,537		6,371
Special Charges	—		3,732		2,151		3,732
Professional Fees	—		—		—		1,672
Acquisition and Transition Costs	538		4,122		1,928		4,122
Fair Value of Contingent Consideration	2,797		—		2,797		—
Intangible Asset and Other Amortization	4,816		382		10,632		382
Total Investment Banking	30,131		8,828		85,168		16,279
Investment Management
Special Charges	28,000		—		31,348		—
Acquisition and Transition Costs	—		—		11		—
Intangible Asset and Other Amortization	82		82		246		246
Total Investment Management	28,082		82		31,605		246
Total Other Expenses	$	58,213	$	8,910	$	116,773	$	16,525

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,
	2015		2014		2015		2014
Net Revenues: (1)
United States	$	238,231	$	127,478	$	603,239	$	377,907
Europe and Other	61,838		89,146		189,976		173,931
Latin America	9,304		10,331		26,932		44,588
Total	$	309,373	$	226,955	$	820,147	$	596,426

(1) Excludes Other Revenue and Interest Expense.

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