Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions

Note 4-Related Party Transactions

For the three months ended June 30, 2012 and 2011, the Company earned $0.4 million and $0.7 million, respectively, in investment advisory fees from unconsolidated VIEs which receive investment management services from the Company.  For the six months ended June 30, 2012 and 2011, the Company earned $0.8 million and $1.7 million, respectively, in such fees.  The Company is not the primary beneficiary of these VIEs.

At both June 30, 2012 and December 31, 2011, the Company had less than $0.1 million remaining of advances to an international investment company for organization and start-up costs, which are included in Receivable from Related Parties on the consolidated statements of financial condition.  The Company is the sponsor and investment manager of this entity.

At June 30, 2012 and December 31, 2011, receivables from related parties included less than $0.1 million of loans to employees.

The operating company manages the personal funds of certain of the Company's employees, including the CEO, its two Presidents, and its two Executive Vice Presidents, pursuant to investment management agreements in which it has waived its regular advisory fees.  The operating company also manages an account beneficially owned by a private fund in which certain of the Company's executive officers invest.  Investments by employees in individual accounts are permitted only at the discretion of the executive committee of the operating company, but are generally not subject to the same minimum investment levels that are required of outside investors.  In addition, the operating company manages the personal funds of some of its employees' family members at reduced advisory fee rates.  The aggregate value of the fees that the Company waived related to the Company's executive officers, other employees  and family members was approximately $0.1 million for the each of the three months ended June 30, 2012 and 2011.  For each of the six months ended June 30, 2012 and 2011, the Company waived $0.2 million of such fees.