Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Disaggregation of Revenue

Revenue from advisory fees is disaggregated into categories based on the composition of the Company's client base and advisory fee structure for the years ended December 31, 2021, and 2020:

	For the Years Ended December 31,
Revenue	2021			2020
	(in thousands)
Separately Managed Accounts
Asset-Based Fees	$	102,841		$	74,725
Performance-Based Fees		—			—
Total Separately Managed Fees		102,841			74,725
Sub-Advised Accounts
Asset-Based Fees	$	80,990		$	52,741
Impact of Fulcrum Fees1		(3,776	)		(4,027	)
Performance-Based Fees		—			—
Total Sub-Advised Fees		77,214			48,714
Pzena Funds
Asset-Based Fees	$	20,096		$	15,154
Expense Cap Reimbursements		(909	)		(1,052	)
Performance-Based Fees		92			1,078
Total Pzena Funds Fees		19,279			15,180
Total	$	199,334		$	138,619

1Represents the net impact of fulcrum fee arrangements which require a reduction in the base fee or allow for an increase in the base fee if the relevant investment strategy underperforms or outperforms, respectively, the agreed-upon benchmark over the contract's measurement period. 

Schedule of Cash and Cash Equivalents

The following table reconciles cash, cash equivalents, and restricted cash per the consolidated statements of cash flows to the consolidated statements of financial condition.

	For the Years Ended December 31,
	2021		2020		2019
	(in thousands)
Cash and Cash Equivalents	$	81,133	$	65,534	$	52,480
Restricted Cash		1,056		1,050		1,036
Total	$	82,189	$	66,584	$	53,516

Schedule of Restricted Cash

The following table reconciles cash, cash equivalents, and restricted cash per the consolidated statements of cash flows to the consolidated statements of financial condition.

	For the Years Ended December 31,
	2021		2020		2019
	(in thousands)
Cash and Cash Equivalents	$	81,133	$	65,534	$	52,480
Restricted Cash		1,056		1,050		1,036
Total	$	82,189	$	66,584	$	53,516