Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Years Ended December 31,
	2017		2016		2015
Investment Banking
Net Revenues(1)	$	1,634,268	$	1,363,859	$	1,130,915
Operating Expenses	1,175,927		1,020,327		869,301
Other Expenses(2)	35,810		92,172		108,739
Operating Income	422,531		251,360		152,875
Income from Equity Method Investments	277		1,370		978
Pre-Tax Income	$	422,808	$	252,730	$	153,853
Identifiable Segment Assets	$	1,294,103	$	1,302,351	$	1,097,373
Investment Management
Net Revenues(1)	$	70,081	$	76,193	$	92,358
Operating Expenses	51,646		57,379		77,231
Other Expenses(2)	12,155		9,000		39,332
Operating Income (Loss)	6,280		9,814		(24,205		)
Income from Equity Method Investments	8,561		5,271		5,072
Pre-Tax Income (Loss)	$	14,841	$	15,085	$	(19,133	)
Identifiable Segment Assets	$	290,783	$	359,995	$	381,798
Total
Net Revenues(1)	$	1,704,349	$	1,440,052	$	1,223,273
Operating Expenses	1,227,573		1,077,706		946,532
Other Expenses(2)	47,965		101,172		148,071
Operating Income	428,811		261,174		128,670
Income from Equity Method Investments	8,838		6,641		6,050
Pre-Tax Income	$	437,649	$	267,815	$	134,720
Identifiable Segment Assets	$	1,584,886	$	1,662,346	$	1,479,171

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

	For the Years Ended December 31,
	2017		2016			2015
Investment Banking(A)	$	59,100	$	(239	)	$	(2,945	)
Investment Management(B)	8,396		386			(2,771		)
Total Other Revenue, net	$	67,496	$	147		$	(5,716	)

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $9,960, $9,578 and $6,041for the years ended December 31, 2017, 2016 and 2015, respectively. Also includes an estimated gain of $77,535 related to a reduction in the liability for amounts due pursuant to the tax receivable agreement and a loss of $16,266 related to the release of cumulative foreign exchange losses resulting from the restructuring of the Company's equity method investment in G5 for the year ended December 31, 2017.

(B) Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 and $3,576 for the years ended December 31, 2016 and 2015. Also includes a gain of $7,808 related to the sale of the Institutional Trust and Independent Fiduciary business of ETC for the year ended December 31, 2017.

(2) Other Expenses are as follows:

	For the Years Ended December 31,
	2017		2016			2015
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	11,444	$	80,846		$	83,673
Other Acquisition Related Compensation Charges	—		—			1,537
Special Charges	14,400		—			2,151
Acquisition and Transition Costs	555		(692		)	4,879
Fair Value of Contingent Consideration	—		1,107			2,704
Intangible Asset and Other Amortization	9,411		10,911			13,795
Total Investment Banking	35,810		92,172			108,739
Investment Management
Special Charges	11,037		8,100			38,993
Acquisition and Transition Costs	1,118		791			11
Intangible Asset and Other Amortization	—		109			328
Total Investment Management	12,155		9,000			39,332
Total Other Expenses	$	47,965	$	101,172		$	148,071

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 Years Ended December 31,
	2017		2016		2015
Net Revenues:(1)
United States	$	1,199,236	$	1,056,796	$	900,672
Europe and Other	422,322		338,285		287,884
Latin America	15,295		44,824		40,433
Total	$	1,636,853	$	1,439,905	$	1,228,989

(1) Excludes Other Revenue and Interest Expense.

Assets by Geographic Areas

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

	December 31,
	2017		2016
Total Assets:
United States	$	1,284,163	$	1,376,101
Europe and Other	234,984		190,380
Latin America	65,739		95,865
Total	$	1,584,886	$	1,662,346