Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2016

The following information presents each segment’s contribution.



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016		2015		2016		2015
Investment Banking
Net Revenues (1)	$	328,157	$	244,377	$	567,870	$	460,957
Operating Expenses	246,916		194,271		439,180		365,635
Other Expenses (2)	23,404		22,802		58,432		55,037
Operating Income	57,837		27,304		70,258		40,285
Income from Equity Method Investments	290		803		18		766
Pre-Tax Income	$	58,127	$	28,107	$	70,276	$	41,051
Identifiable Segment Assets	$	964,009	$	848,750	$	964,009	$	848,750
Investment Management
Net Revenues (1)	$	22,499	$	23,719	$	40,499	$	45,122
Operating Expenses	17,300		19,819		31,514		39,775
Other Expenses (2)	431		93		513		3,523
Operating Income	4,768		3,807		8,472		1,824
Income from Equity Method Investments	1,374		1,195		2,933		2,339
Pre-Tax Income	$	6,142	$	5,002	$	11,405	$	4,163
Identifiable Segment Assets	$	342,641	$	450,797	$	342,641	$	450,797
Total
Net Revenues (1)	$	350,656	$	268,096	$	608,369	$	506,079
Operating Expenses	264,216		214,090		470,694		405,410
Other Expenses (2)	23,835		22,895		58,945		58,560
Operating Income	62,605		31,111		78,730		42,109
Income from Equity Method Investments	1,664		1,998		2,951		3,105
Pre-Tax Income	$	64,269	$	33,109	$	81,681	$	45,214
Identifiable Segment Assets	$	1,306,650	$	1,299,547	$	1,306,650	$	1,299,547


(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,
	2016		2015			2016			2015
Investment Banking (A)	$	983	$	(2,173	)	$	70		$	(3,231	)
Investment Management (B)	244		(786		)	(185		)	(1,464		)
Total Other Revenue, net	$	1,227	$	(2,959	)	$	(115	)	$	(4,695	)


(A)	Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,876 and $4,354 for the three and six months ended June 30, 2016, respectively, and $1,793 and $3,437 for the three and six months ended June 30, 2015, respectively.


(B)	Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 for the six months ended June 30, 2016 and $959 and $1,912 for the three and six months ended June 30, 2015, respectively.


(2)	Other Expenses are as follows:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2015			2016			2015
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	20,738		$	18,193		$	52,497		$	44,143
Other Acquisition Related Compensation Charges	—			952			—			1,537
Special Charges	—			(139		)	—			2,151
Acquisition and Transition Costs	(733		)	906			(733		)	1,390
Fair Value of Contingent Consideration	581			—			687			—
Intangible Asset and Other Amortization	2,818			2,890			5,981			5,816
Total Investment Banking	23,404			22,802			58,432			55,037
Investment Management
Special Charges	—			—			—			3,348
Acquisition and Transition Costs	404			11			404			11
Intangible Asset and Other Amortization	27			82			109			164
Total Investment Management	431			93			513			3,523
Total Other Expenses	$	23,835		$	22,895		$	58,945		$	58,560

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,
	2016		2015		2016		2015
Net Revenues: (1)
United States	$	218,945	$	203,186	$	392,855	$	365,008
Europe and Other	120,470		56,927		192,681		128,138
Latin America	10,014		10,942		22,948		17,628
Total	$	349,429	$	271,055	$	608,484	$	510,774

(1) Excludes Other Revenue and Interest Expense

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