Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Years Ended December 31,
	2018		2017		2016
Investment Banking
Net Revenues(1)	$	2,012,023	$	1,634,268	$	1,363,859
Operating Expenses	1,448,301		1,175,927		1,020,327
Other Expenses(2)	30,366		35,810		92,172
Operating Income	533,356		422,531		251,360
Income from Equity Method Investments	518		277		1,370
Pre-Tax Income	$	533,874	$	422,808	$	252,730
Identifiable Segment Assets	$	1,923,783	$	1,294,103	$	1,302,351
Investment Management
Net Revenues(1)	$	52,682	$	70,081	$	76,193
Operating Expenses	43,940		51,646		57,379
Other Expenses(2)	21		12,155		9,000
Operating Income	8,721		6,280		9,814
Income from Equity Method Investments	8,776		8,561		5,271
Pre-Tax Income	$	17,497	$	14,841	$	15,085
Identifiable Segment Assets	$	201,884	$	290,783	$	359,995
Total
Net Revenues(1)	$	2,064,705	$	1,704,349	$	1,440,052
Operating Expenses	1,492,241		1,227,573		1,077,706
Other Expenses(2)	30,387		47,965		101,172
Operating Income	542,077		428,811		261,174
Income from Equity Method Investments	9,294		8,838		6,641
Pre-Tax Income	$	551,371	$	437,649	$	267,815
Identifiable Segment Assets	$	2,125,667	$	1,584,886	$	1,662,346

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

	For the Years Ended December 31,
	2018			2017		2016
Investment Banking(A)	$	(3,156	)	$	58,399	$	(147	)
Investment Management(B)	4,436			10,433		12,789
Total Other Revenue, net	$	1,280		$	68,832	$	12,642

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $9,201, $9,960 and $9,578for the years ended December 31, 2018, 2017 and 2016, respectively, and 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 former equity method investment in G5 for the year ended December 31, 2017. Also includes ($701) and $92 of principal trading gains (losses) for the years ended December 31, 2017 and 2016, respectively, to conform to the current presentation.

(B) Investment Management Other Revenue, net, includes interest expense on the Notes Payable and lines of credit of $670 for the year ended December 31, 2016, and 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. Also includes $2,037 and $12,403 of net realized and unrealized gains on private equity investments for the years ended December 31, 2017 and 2016, respectively, to conform to the current presentation.

(2) Other Expenses are as follows:

	For the Years Ended December 31,
	2018		2017		2016
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	15,241	$	11,444	$	80,846
Special Charges	5,012		14,400		—
Acquisition and Transition Costs	—		555		(692		)
Fair Value of Contingent Consideration	1,485		—		1,107
Intangible Asset and Other Amortization	8,628		9,411		10,911
Total Investment Banking	30,366		35,810		92,172
Investment Management
Special Charges	—		11,037		8,100
Acquisition and Transition Costs	21		1,118		791
Intangible Asset and Other Amortization	—		—		109
Total Investment Management	21		12,155		9,000
Total Other Expenses	$	30,387	$	47,965	$	101,172

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

.

The Company's revenues were derived from clients located and managed in the following geographical areas:

	For the Years Ended December 31,
	2018		2017		2016
Net Revenues:(1)
United States	$	1,591,883	$	1,199,231	$	1,057,633
Europe and Other	438,602		422,271		337,957
Latin America	32,940		14,015		31,820
Total	$	2,063,425	$	1,635,517	$	1,427,410

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.

Assets by Geographic Areas

.

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

	December 31,
	2018		2017
Total Assets:
United States	$	1,757,589	$	1,284,163
Europe and Other	298,917		234,984
Latin America	69,161		65,739
Total	$	2,125,667	$	1,584,886