(Mark One) | |
Q | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2012 | |
or | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Delaware (State or Other Jurisdiction of Incorporation or Organization) | 27-0423711 (I.R.S. Employer Identification No.) |
599 Lexington Avenue New York, New York (Address of Principal Executive Offices) | 10022 (Zip Code) |
Large accelerated filer o | Accelerated filer Q | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Item No. | Page No. | |||
As of June 30, | As of December 31, | ||||||
2012 | 2011 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 80,069 | $ | 128,875 | |||
Cash collateral pledged | 9,257 | 9,785 | |||||
Securities owned, at fair value | 807,266 | 744,914 | |||||
Securities purchased under agreement to resell | 224,573 | 166,260 | |||||
Other investments | 68,336 | 59,943 | |||||
Receivable from brokers | 15,238 | 62,046 | |||||
Fees receivable | 18,789 | 22,297 | |||||
Due from related parties | 16,107 | 16,554 | |||||
Fixed assets, net of accumulated depreciation and amortization of $27,127 and $23,852, respectively | 34,807 | 37,042 | |||||
Goodwill | 26,211 | 20,028 | |||||
Intangible assets, net of accumulated amortization of $21,419 and $20,220, respectively | 12,399 | 5,760 | |||||
Other assets | 23,495 | 26,620 | |||||
Consolidated Funds | |||||||
Cash and cash equivalents | 307 | 297 | |||||
Securities owned, at fair value | 2,234 | 6,334 | |||||
Other investments, at fair value | 227,918 | 228,820 | |||||
Other assets | 625 | 263 | |||||
Total Assets | $ | 1,567,631 | $ | 1,535,838 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities | |||||||
Securities sold, not yet purchased, at fair value | $ | 400,945 | $ | 334,251 | |||
Securities sold under agreement to repurchase | 234,958 | 228,783 | |||||
Payable to brokers | 226,794 | 213,360 | |||||
Compensation payable | 22,365 | 71,223 | |||||
Short-term borrowings and other debt | 4,856 | 5,650 | |||||
Fees payable | 6,049 | 5,503 | |||||
Due to related parties | 771 | 1,914 | |||||
Accounts payable, accrued expenses and other liabilities | 59,850 | 61,462 | |||||
Consolidated Funds | |||||||
Capital withdrawals payable | 69 | 394 | |||||
Accounts payable, accrued expenses and other liabilities | 589 | 246 | |||||
Total Liabilities | 957,246 | 922,786 | |||||
Commitments and Contingencies (Note 13) | |||||||
Redeemable non-controlling interests | 98,460 | 104,587 | |||||
Stockholders' equity | |||||||
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized, no shares issued and outstanding | — | — | |||||
Class A common stock, par value $0.01 per share: 250,000,000 shares authorized, 122,094,954 shares issued and 114,208,268 outstanding as of June 30, 2012 and 119,393,640 shares issued and 114,047,637 outstanding as of December 31, 2011, respectively (including 420,276 and 576,892 restricted shares, respectively) | 1,135 | 1,135 | |||||
Class B common stock, par value $0.01 per share: 250,000,000 authorized, no shares issued and outstanding | — | — | |||||
Additional paid-in capital | 701,953 | 688,427 | |||||
(Accumulated deficit) retained earnings | (167,931 | ) | (163,980 | ) | |||
Accumulated other comprehensive income (loss) | 27 | (215 | ) | ||||
Less: Class A common stock held in treasury, at cost, 7,886,686 and 5,346,003 shares as of June 30, 2012 and December 31, 2011, respectively. | (23,259 | ) | (16,902 | ) | |||
Total Stockholders' Equity | 511,925 | 508,465 | |||||
Total Liabilities and Stockholders' Equity | $ | 1,567,631 | $ | 1,535,838 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues | |||||||||||||||
Investment banking | $ | 16,254 | $ | 14,343 | $ | 31,884 | $ | 29,025 | |||||||
Brokerage | 24,568 | 24,607 | 48,581 | 52,198 | |||||||||||
Management fees | 9,932 | 11,857 | 19,649 | 23,021 | |||||||||||
Incentive income | 580 | 675 | 1,271 | 5,056 | |||||||||||
Interest and dividends | 5,868 | 5,840 | 11,240 | 10,399 | |||||||||||
Reimbursement from affiliates | 1,381 | 981 | 2,426 | 1,990 | |||||||||||
Other revenues | 831 | 232 | 1,698 | 922 | |||||||||||
Consolidated Funds | |||||||||||||||
Interest and dividends | 30 | 136 | 91 | 305 | |||||||||||
Other revenues | 26 | 8 | 109 | 8 | |||||||||||
Total revenues | 59,470 | 58,679 | 116,949 | 122,924 | |||||||||||
Expenses | |||||||||||||||
Employee compensation and benefits | 43,097 | 43,575 | 89,780 | 88,662 | |||||||||||
Floor brokerage and trade execution | 4,182 | 3,685 | 7,934 | 7,795 | |||||||||||
Interest and dividends | 3,207 | 3,115 | 4,931 | 5,724 | |||||||||||
Professional, advisory and other fees | 3,695 | 10,398 | 7,621 | 17,538 | |||||||||||
Service fees | 3,155 | 4,366 | 5,392 | 7,978 | |||||||||||
Communications | 3,853 | 4,342 | 7,254 | 7,235 | |||||||||||
Occupancy and equipment | 5,544 | 5,591 | 10,786 | 11,298 | |||||||||||
Depreciation and amortization | 2,363 | 2,011 | 4,518 | 4,069 | |||||||||||
Client services and business development | 3,753 | 4,132 | 7,579 | 8,809 | |||||||||||
Other expenses | 3,941 | (859 | ) | 7,360 | 2,849 | ||||||||||
Consolidated Funds | |||||||||||||||
Interest and dividends | 4 | 40 | 20 | 87 | |||||||||||
Professional, advisory and other fees | 561 | 613 | 849 | 1,073 | |||||||||||
Other expenses | 70 | 219 | 140 | 341 | |||||||||||
Total expenses | 77,425 | 81,228 | 154,164 | 163,458 | |||||||||||
Other income (loss) | |||||||||||||||
Net gains (losses) on securities, derivatives and other investments | 9,787 | 76 | 29,458 | 17,358 | |||||||||||
Bargain purchase gain | — | 22,244 | — | 22,244 | |||||||||||
Consolidated Funds: | |||||||||||||||
Net realized and unrealized gains (losses) on investments and other transactions | (2,417 | ) | 4,971 | 3,547 | 7,314 | ||||||||||
Net realized and unrealized gains (losses) on derivatives | 373 | (84 | ) | 414 | (525 | ) | |||||||||
Net gains (losses) on foreign currency transactions | 23 | (117 | ) | (15 | ) | (273 | ) | ||||||||
Total other income (loss) | 7,766 | 27,090 | 33,404 | 46,118 | |||||||||||
Income (loss) before income taxes | (10,189 | ) | 4,541 | (3,811 | ) | 5,584 | |||||||||
Income tax expense (benefit) | 191 | (17,954 | ) | 333 | (17,791 | ) | |||||||||
Net income (loss) | (10,380 | ) | 22,495 | (4,144 | ) | 23,375 | |||||||||
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries | (2,434 | ) | 2,458 | (193 | ) | 3,256 | |||||||||
Net income (loss) attributable to Cowen Group, Inc. stockholders | $ | (7,946 | ) | $ | 20,037 | $ | (3,951 | ) | $ | 20,119 | |||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 114,561 | 76,330 | 114,420 | 75,600 | |||||||||||
Diluted | 114,561 | 77,898 | 114,420 | 76,889 | |||||||||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | (0.07 | ) | $ | 0.26 | $ | (0.03 | ) | $ | 0.27 | |||||
Diluted | $ | (0.07 | ) | $ | 0.26 | $ | (0.03 | ) | $ | 0.26 |
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2011 | ||||||||||||||||||
Net income (loss) | $ | (4,144 | ) | $ | 23,375 | ||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||
Foreign currency translation | 72 | 160 | |||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||
Prior service cost arising during period | — | — | |||||||||||||||||
Net gain/(loss) arising during period | 160 | 185 | |||||||||||||||||
Add: amortization of prior service cost included in net periodic pension cost | 10 | 170 | 10 | 195 | |||||||||||||||
Total other comprehensive income, net of tax | 242 | 355 | |||||||||||||||||
Comprehensive income (loss) | $ | (3,902 | ) | $ | 23,730 | ||||||||||||||
Common Shares Outstanding | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings/ (Accumulated deficit) | Total Stockholders' Equity | Redeemable Non-controlling Interest | |||||||||||||||||||||||
Balance, December 31, 2011 | 114,047,637 | $ | 1,135 | $ | (16,902 | ) | $ | 688,427 | $ | (215 | ) | $ | (163,980 | ) | $ | 508,465 | $ | 104,587 | ||||||||||||
Net income (loss) | — | — | — | — | — | (3,951 | ) | (3,951 | ) | (193 | ) | |||||||||||||||||||
Defined benefit plans | — | — | — | — | 170 | — | 170 | — | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 72 | — | 72 | — | ||||||||||||||||||||||
Deconsolidation of funds | — | — | — | — | — | — | — | (17,104 | ) | |||||||||||||||||||||
Consolidation of funds | — | — | — | — | — | — | — | 18,521 | ||||||||||||||||||||||
Capital withdrawals | — | — | — | — | — | — | — | (7,351 | ) | |||||||||||||||||||||
Restricted stock awards issued | 2,701,314 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of treasury stock, at cost | (2,540,683 | ) | — | (6,357 | ) | — | — | — | (6,357 | ) | — | |||||||||||||||||||
Amortization of share based compensation | — | — | — | 13,526 | — | — | 13,526 | — | ||||||||||||||||||||||
Balance, June 30, 2012 | 114,208,268 | $ | 1,135 | $ | (23,259 | ) | $ | 701,953 | $ | 27 | $ | (167,931 | ) | $ | 511,925 | $ | 98,460 |
Cowen Group, Inc. Condensed Consolidated Statements of Cash Flows (dollars in thousands) (unaudited) | |||||||
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (4,144 | ) | $ | 23,375 | ||
Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities: | |||||||
Bargain purchase gain | — | (22,244 | ) | ||||
Depreciation and amortization | 4,518 | 4,069 | |||||
Share-based compensation | 13,526 | 14,086 | |||||
Deferred rent obligations | (952 | ) | (569 | ) | |||
Purchases of securities owned, at fair value | (3,318,650 | ) | (5,053,676 | ) | |||
Proceeds from sales of securities owned, at fair value | 3,232,262 | 4,834,296 | |||||
Proceeds from sales of securities sold, not yet purchased, at fair value | 2,497,536 | 2,485,115 | |||||
Payments to cover securities sold, not yet purchased, at fair value | (2,403,844 | ) | (2,435,760 | ) | |||
Net (gains) losses on securities, derivatives and other investments | (24,157 | ) | (13,509 | ) | |||
Consolidated Funds | |||||||
Purchases of securities owned, at fair value | (163,715 | ) | (245,778 | ) | |||
Proceeds from sales of securities owned, at fair value | 167,812 | 248,297 | |||||
Purchases of other investments | (7,122 | ) | (11,101 | ) | |||
Proceeds from sales of other investments | 11,986 | 87,963 | |||||
Net realized and unrealized (gains) losses on investments and other transactions | (4,883 | ) | (5,373 | ) | |||
(Increase) decrease in operating assets: | |||||||
Cash acquired upon transaction | — | 117,496 | |||||
Cash collateral pledged | 528 | (41 | ) | ||||
Securities owned, at fair value, held at broker dealer | 23,444 | (73,150 | ) | ||||
Receivable from brokers | 46,808 | 64,704 | |||||
Fees receivable | 4,258 | 9,246 | |||||
Due from related parties | 447 | (136 | ) | ||||
Other assets | 3,301 | (8,765 | ) | ||||
Consolidated Funds | |||||||
Cash and cash equivalents | 926 | 6,421 | |||||
Other assets | 1,036 | 449 | |||||
Increase (decrease) in operating liabilities: | |||||||
Securities sold, not yet purchased, at fair value, held at broker dealer | (14,181 | ) | 28,189 | ||||
Payable to brokers | 13,434 | 154,035 | |||||
Compensation payable | (50,540 | ) | (52,799 | ) | |||
Fees payable | 490 | (3,338 | ) | ||||
Due to related parties | (1,143 | ) | (6,630 | ) | |||
Accounts payable, accrued expenses and other liabilities | (5,406 | ) | 3,908 | ||||
Consolidated Funds | |||||||
Due to related parties | 25 | — | |||||
Accounts payable, accrued expenses and other liabilities | 324 | (1,165 | ) | ||||
Net cash provided by / (used in) operating activities | $ | 23,924 | $ | 147,615 | |||
The accompanying notes are an integral part of these condensed consolidated financial statements. | |||||||
Six Months Ended June 30, | |||||||
(continued) | 2012 | 2011 | |||||
Cash flows from investing activities: | |||||||
Securities purchased under agreement to resell | $ | (58,313 | ) | $ | 20,423 | ||
Purchases of other investments | (3,889 | ) | (40,650 | ) | |||
Purchase of business, net of cash acquired (See Note 2) | (10,062 | ) | — | ||||
Proceeds from sales of other investments | 7,429 | 39,567 | |||||
Purchase of fixed assets | (1,084 | ) | (4,263 | ) | |||
Net cash provided by / (used in) investing activities | (65,919 | ) | 15,077 | ||||
Cash flows from financing activities: | |||||||
Securities sold under agreement to repurchase | 6,175 | (22,726 | ) | ||||
Borrowings on short-term borrowings and other debt | — | 493 | |||||
Repayments on short-term borrowings and other debt | (794 | ) | (25,608 | ) | |||
Purchase of treasury stock | (4,516 | ) | — | ||||
Capital withdrawals to non-controlling interests in operating entities | (2,267 | ) | (2,009 | ) | |||
Consolidated Funds | |||||||
Capital contributions by non-controlling interests in Consolidated Funds | — | 4,038 | |||||
Capital withdrawals to non-controlling interests in Consolidated Funds | (5,409 | ) | (43,059 | ) | |||
Net cash provided by / (used in) financing activities | (6,811 | ) | (88,871 | ) | |||
Change in cash and cash equivalents | (48,806 | ) | 73,821 | ||||
Cash and cash equivalents at beginning of year | 128,875 | 36,354 | |||||
Cash and cash equivalents at end of year | $ | 80,069 | $ | 110,175 | |||
Supplemental non-cash information | |||||||
Purchase of treasury stock, at cost, upon close of acquisition (see Note 2) | $ | — | $ | 1,906 | |||
Net assets acquired upon acquisition (net of cash) (See Note 2) | $ | — | $ | 58,486 | |||
Non compete agreements and covenants with limiting conditions acquired (see Note 2) | $ | — | $ | 2,310 | |||
Common stock issuance upon close of acquisition (see Note 2) | $ | — | $ | 156,048 | |||
Purchase of treasury stock, at cost, through net settlement (See Note 15) | $ | 1,841 | $ | — | |||
Net assets of consolidated entities | $ | 18,521 | $ | 3,470 | |||
Net assets of deconsolidated entities | $ | 17,104 | $ | — |
(dollars in thousands) | |||
Cash and cash equivalents | $ | 117,496 | |
Cash collateral pledged | 1,127 | ||
Securities owned, at fair value | 221,855 | ||
Other investments | 2,569 | ||
Receivable from brokers | 93,754 | ||
Fixed assets, net | 8,804 | ||
Intangibles | 2,770 | ||
Other assets | 5,137 | ||
Securities sold, not yet purchased, at fair value | (175,391 | ) | |
Payable to brokers | (81,536 | ) | |
Compensation payable | (3,521 | ) | |
Fees payable | (969 | ) | |
Unfavorable lease | (3,388 | ) | |
Accounts payable, accrued expenses and other liabilities | (12,725 | ) | |
Total net assets acquired | $ | 175,982 | |
Non compete agreements and covenants with limiting conditions acquired | 2,310 | ||
Goodwill/(Bargain purchase gain) on transaction | (22,244 | ) | |
Total purchase price | $ | 156,048 |
a. | Basis of presentation |
b. | Principles of consolidation |
c. | Use of estimates |
d. | Valuation of investments and derivative contracts |
i. | Portfolio funds—Portfolio funds (“Portfolio Funds”) include interests in funds and investment companies managed by the Company or its affiliates. The Company follows US GAAP regarding fair value measurements and disclosures relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). The guidance permits, as a practical expedient, an entity holding investments in certain entities that either are investment companies as defined by the AICPA Audit and Accounting Guide, Investment Companies, or have attributes similar to an investment company, and calculate net asset value per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. |
ii. | Real estate investments—Real estate investments are valued at fair value. The fair value of real estate investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Real estate investments without a public market are valued based on assumptions and valuation techniques used by the Company. Such valuation techniques may include discounted cash flow analysis, prevailing market capitalization rates or earnings multiples applied to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, the Company considers several valuation techniques when measuring the fair value of a real estate investment. However, in certain circumstances, a single valuation technique may be appropriate. Real estate investments are reviewed on a quarterly basis by the Company for |
e. | Securities purchased under agreements to resell and securities sold under agreements to repurchase |
a. | Operating Entities |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
U.S. Government securities (a) | $ | 206,123 | $ | 182,868 | |||
Common stocks | 353,840 | 250,380 | |||||
Convertible bonds (b) | 12,633 | 18,130 | |||||
Corporate bonds (c) | 191,840 | 231,864 | |||||
Options | 36,520 | 55,699 | |||||
Warrants and rights | 3,494 | 2,759 | |||||
Mutual funds | 2,816 | 3,214 | |||||
$ | 807,266 | $ | 744,914 |
(a) | As of June 30, 2012, maturities ranged from July 2013 to November 2013 and interest rates ranged between 0.25% and 1%. As of December 31, 2011, maturities ranged from November 2013 to November 2021 and interest rates ranged between 0.25% and 8%. |
(b) | As of June 30, 2012, maturities ranged from October 2014 to June 2016 and interest rates ranged between 5.25% and 5.75%. As of December 31, 2011, the maturity was August 2027 with an interest rate of 2.75%. |
(c) | As of June 30, 2012, maturities ranged from September 2012 to February 2041 and interest rates ranged between 3.13% and 13.50%. As of December 31, 2011, maturities ranged from January 2012 to February 2041 and interest rates ranged between 3.13% and 13.50%. |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
(1) Portfolio Funds, at fair value | $ | 46,083 | $ | 40,350 | |||
(2) Real estate investments, at fair value | 2,079 | 2,353 | |||||
(3) Equity method investments | 19,443 | 16,687 | |||||
(4) Lehman claims, at fair value | 731 | 553 | |||||
$ | 68,336 | $ | 59,943 |
(1) | Portfolio Funds, at fair value |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Healthcare Royalty Partners (a)(*) | $ | 7,711 | $ | 6,297 | |||
Healthcare Royalty Partners II (a)(*) | 2,434 | 1,521 | |||||
Ramius Global Credit Fund LP (b)(*) | 13,201 | 11,790 | |||||
Ramius Alternative Replication Ltd (c)(*) | 832 | 837 | |||||
Tapestry Investment Co PCC Ltd (d) | 187 | 185 | |||||
Ramius Enhanced Replication Fund LLC (e)(*) | 705 | 337 | |||||
Starboard Value and Opportunity Fund LP (f)(*) | 12,126 | 11,123 | |||||
Other private investment (g) | 7,297 | 7,415 | |||||
RCG LV Park Lane LLC (h) | 700 | — | |||||
Other affiliated funds (i)(*) | 890 | 845 | |||||
$ | 46,083 | $ | 40,350 |
(a) | Healthcare Royalty Partners and Healthcare Royalty Partners II are private equity funds and therefore redemptions will be made when the underlying investments are liquidated. |
(b) | Ramius Global Credit Fund LP has a quarterly redemption policy with a 60 day notice period and a 4% penalty on redemptions of investments of less than a year in duration. |
(c) | Ramius Alternative Replication Ltd has monthly redemption policy with a seven day notice period. |
(d) | Tapestry Investment Company PCC Ltd is in the process of liquidation and redemptions will be made periodically at the investment managers' decision as the underlying investments are liquidated. |
(e) | Ramius Enhanced Replication Fund LLC has monthly redemption policy with a seven day notice period. |
(f) | Starboard Value and Opportunity Fund LP permits quarterly withdrawals upon ninety days notice. |
(g) | Other private investment represents the Company's closed end investment in an investment company, which was formed to make an investment in a wireless broadband communication provider in Italy. |
(h) | RCG LV Park Lane LLC is single purpose entity formed to participate in a joint venture which acquired, at a discount, the mortgage notes on a portfolio of multifamily real estate properties located in Birmingham, Alabama. RCG LV Park Lane is a private equity structure and therefore redemptions will be made when the underlying investments are liquidated. |
(i) | The majority of these funds are real estate fund affiliates of the Company or are managed by the Company and the investors can redeem from these funds as investments are liquidated. |
(2) | Real estate investments, at fair value |
(3) | Equity method investments |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
RCG Longview Debt Fund IV Management, LLC | $ | 1,254 | $ | 1,980 | |||
Healthcare Royalty GP, LLC (formerly Cowen Healthcare Royalty GP, LLC) | 629 | 513 | |||||
Healthcare Royalty GP II, LLC (formerly Cowen Healthcare Royalty GP II, LLC) | 412 | 258 | |||||
CBOE Stock Exchange, LLC | 2,176 | 2,423 | |||||
Starboard Value LP | 7,328 | 3,693 | |||||
RCG Longview Partners, LLC | 1,832 | 1,569 | |||||
RCG Longview Louisiana Manager, LLC | 1,567 | 1,140 | |||||
RCG Urban American, LLC | 1,319 | 1,258 | |||||
RCG Urban American Management, LLC | 532 | 1,096 | |||||
RCG Longview Equity Management, LLC | 196 | 557 | |||||
Urban American Real Estate Fund II, L.P. | 1,488 | 1,541 | |||||
RCG Kennedy House, LLC | 383 | 323 | |||||
Other | 327 | 336 | |||||
$ | 19,443 | $ | 16,687 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenues | $ | 6,383 | $ | 600 | $ | 9,651 | $ | 600 | |||||||
Expenses | (2,419 | ) | (471 | ) | (2,747 | ) | (471 | ) | |||||||
Net realized and unrealized gains (losses) | 20 | (4 | ) | 57 | (4 | ) | |||||||||
Net Income | $ | 3,984 | $ | 125 | $ | 6,961 | $ | 125 |
(4) | Lehman Claims, at fair value |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
U.S. Government securities (a) | $ | 225,679 | $ | 165,197 | |||
Common stocks | 142,314 | 123,877 | |||||
Corporate bonds (b) | 7,985 | 1,529 | |||||
Options | 24,964 | 43,648 | |||||
Warrants and rights | 3 | — | |||||
$ | 400,945 | $ | 334,251 |
(a) | As of June 30, 2012, maturities ranged from May 2013 to January 2040 and interest rates ranged between 0.19% and 7.41%. As of December 31, 2011, maturities ranged from September 2013 to January 2040 and interest rates ranged between 0.13% and 7.41%. |
(b) | As of June 30, 2012, the maturities ranged from October 2012 to January 2026 with an interest rate between 5.55% |
As of June 30, 2012 | |||
(dollars in thousands) | |||
Securities purchased under agreements to resell | |||
Agreements with Barclays Capital Inc bearing interest of 0.09% - 0.16% due on July 2, 2012 | $ | 224,573 | |
Securities sold under agreements to repurchase | |||
Agreements with Royal Bank of Canada bearing interest of 2.12% - 2.20% due on July 10, 2012 to June 25, 2013 | 29,039 | ||
Agreements with Barclays Capital Inc bearing interest of 0.21% - 0.22% due July 2, 2012 | 205,919 | ||
$ | 234,958 |
As of December 31, 2011 | |||
(dollars in thousands) | |||
Securities purchased under agreements to resell | |||
Agreements with Barclays Capital Inc bearing interest of (0.38%) - 0.25% due on January 3, 2012 | $ | 166,260 | |
Securities sold under agreements to repurchase | |||
Agreements with Royal Bank of Canada bearing interest of 1.53% - 1.58% due on January 3, 2012 to June 25, 2012 | 49,450 | ||
Agreements with Barclays Capital Inc bearing interest of 0.03% - 0.08% due on January 3, 2012 | 179,333 | ||
$ | 228,783 |
b. | Consolidated Funds |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Government sponsored securities (a) | $ | 1,602 | $ | 2,006 | |||
Commercial paper (b) | 632 | 3,927 | |||||
Corporate bond (c) | — | 401 | |||||
$ | 2,234 | $ | 6,334 |
(a) | As of June 30, 2012, maturities ranged from October 2012 to May 2014 and interest rates ranged between 0.32% and 1.74%. As of December 31, 2011, maturities ranged from October 2012 to October 2013 and interest rates ranged between 0.32% and 1.74%. |
(b) | As of June 30, 2012, commercial paper was purchased at a discount and matures on July 2, 2012. As of December 31, 2011, commercial paper was purchased at a discount and matures on January 3, 2012. |
(c) | As of December 31, 2011, the maturity was April 2012 with an interest rate of 0.58%. |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
(1) Portfolio Funds | $ | 221,380 | $ | 221,480 | |||
(2) Lehman claims | 6,538 | 7,340 | |||||
$ | 227,918 | $ | 228,820 |
(1) | Investments in Portfolio Funds, at fair value |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Investments of Enterprise LP | $ | 195,325 | $ | 193,012 | |||
Investments of consolidated fund of funds | 26,055 | 28,468 | |||||
$ | 221,380 | $ | 221,480 |
Fair Value as of June 30, 2012 | ||||||||||||||||||||||
Strategy | Ramius Levered Multi-Strategy FOF LP | Ramius Multi-Strategy Master FOF LP | Ramius Vintage Multi-Strategy Master FOF LP | RTS Global 3X Fund LP | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Tapestry Pooled Account V LLC* | Credit-Based | $ | 440 | $ | 905 | $ | 966 | $ | — | $ | 2,311 | (b) | ||||||||||
Independently Advised Portfolio Funds* | Futures & Global Macro | — | — | — | 11,873 | 11,873 | (c) | |||||||||||||||
Externally Managed Portfolio Funds | Credit-Based | 152 | 57 | 240 | — | 449 | (b) | |||||||||||||||
Externally Managed Portfolio Funds | Event Driven | 1,699 | 2,545 | 4,070 | — | 8,314 | (d) | |||||||||||||||
Externally Managed Portfolio Funds | Hedged Equity | 17 | 226 | 1,008 | — | 1,251 | (e) | |||||||||||||||
Externally Managed Portfolio Funds | Multi-Strategy | 246 | 635 | 685 | — | 1,566 | (f) | |||||||||||||||
Externally Managed Portfolio Funds | Fixed Income Arbitrage | 29 | 42 | — | — | 71 | (g) | |||||||||||||||
Externally Managed Portfolio Funds | Opportunistic Equity | — | 103 | 117 | — | 220 | (h) | |||||||||||||||
$ | 2,583 | $ | 4,513 | $ | 7,086 | $ | 11,873 | $ | 26,055 |
Fair value as of December 31, 2011 | ||||||||||||||||||||||
Strategy | Ramius Levered Multi-Strategy FOF LP | Ramius Multi-Strategy FOF LP | Ramius Vintage Multi-Strategy FOF LP | RTS Global 3X Fund LP | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP* | Multi-Strategy | $ | — | $ | 8,269 | $ | — | $ | — | $ | 8,269 | (a) | ||||||||||
Ramius Vintage Multi-Strategy Master FOF LP* | Multi-Strategy | — | — | 8,883 | — | 8,883 | (a) | |||||||||||||||
Tapestry Pooled Account V LLC* | Credit-Based | 438 | — | — | — | 438 | (b) | |||||||||||||||
Independently Advised Portfolio Funds* | Futures & Global Macro | — | — | — | 8,078 | 8,078 | (c) | |||||||||||||||
Externally Managed Portfolio Funds | Credit-Based | 260 | — | — | — | 260 | (b) | |||||||||||||||
Externally Managed Portfolio Funds | Event Driven | 1,992 | — | — | — | 1,992 | (d) | |||||||||||||||
Externally Managed Portfolio Funds | Hedged Equity | 35 | — | — | — | 35 | (e) | |||||||||||||||
Externally Managed Portfolio Funds | Multi-Strategy | 459 | — | — | — | 459 | (f) | |||||||||||||||
Externally Managed Portfolio Funds | Fixed Income Arbitrage | 54 | — | — | — | 54 | (g) | |||||||||||||||
$ | 3,238 | $ | 8,269 | $ | 8,883 | $ | 8,078 | $ | 28,468 |
(a) | Investments held in affiliated master funds can be redeemed on a monthly basis with no advance notice. |
(b) | The Credit‑Based strategy aims to generate returns via positions in the credit sensitive sphere of the fixed income markets. The strategy generally involves the purchase of corporate bonds with hedging of the interest exposure. The investments held in Tapestry Pooled Account V LLC, a related fund, are held solely in a credit based fund which the fund's manager has placed in a side-pocket. The remaining amount of the investments within this category represents an investment in a fund that is in the process of liquidating. Distributions from this fund will be received as underlying investments are liquidated. |
(c) | The Futures and Global Macro strategy is comprised of several portfolio accounts, each of which will be advised independently by a commodity trading advisor implementing primarily managed futures or global macro‑based investment strategies. The trading advisors (through their respective portfolio accounts) will trade independently of each other and, as a group, will employ a wide variety of systematic, relative value and discretionary trading programs in the global currency, fixed income, commodities and equity futures markets. In implementing their trading programs, the trading advisors will trade primarily in the futures and forward markets (as well as in related options). Although certain trading advisors may be permitted to use total return swaps and trade other financial instruments from time to time on an interim basis, the primary focus will be on the futures and forward markets. Redemption frequency of these portfolio accounts are monthly (and intra month for a $10,000 fee) and the notification period for redemptions is 5 business days (or 3 business days for intra month redemptions). |
(d) | The Event Driven strategy is generally implemented through various combinations and permutations of merger arbitrage, restructuring and distressed instruments. The investments in this category are primarily in a side pocket or suspended with undetermined payout dates. |
(e) | The Hedged Equity strategy focuses on equity strategies with some directional market exposure. The strategy attempts to profit from market efficiencies and direction. The investee fund manager has side-pocketed investments. |
(f) | The Multi‑Strategy investment objective is to invest discrete pools of its capital among portfolio managers that invest through investment funds, forming multi-strategy, diversified investment portfolios designed to achieve non-market directional returns with low relative volatility. The investments in this category represent investments in a fund that is in the process of liquidating. Distributions from this fund will be received as underlying investments are liquidated. |
(g) | The Fixed Income Arbitrage strategy seeks to achieve long term capital appreciation by employing a variety of strategies to generate returns without significant exposure to credit spread, interest rate changes or duration. As of June 30, 2012, the investment manager has gated investments. |
(h) | The Opportunistic Equity investment style seeks to profit from higher levels of realized market volatility giving to shorter term price momentum and mean reversion trading opportunities. The investee fund manager has side-pocketed investments with undetermined payout dates. |
(2) | Lehman Claims, at fair value |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Common stock | $ | 2,147 | $ | 2,173 | |||
Distressed debt securities | 57 | — | |||||
Preferred stock | 984 | 1,027 | |||||
Private equity | 303 | 276 | |||||
Restricted stock | 29 | 47 | |||||
Rights | 2,171 | 2,173 | |||||
Trade claims | 128 | 128 | |||||
Warrants | 5 | 3 | |||||
$ | 5,824 | $ | 5,827 |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Currency forwards | $ | (15 | ) | $ | 53 | ||
$ | (15 | ) | $ | 53 |
As of June 30, 2012 | As of December 31, 2011 | ||||||||
Strategy | Fair Value | ||||||||
(dollars in thousands) | |||||||||
624 Art Holdings, LLC* | Artwork | $ | 33 | $ | 38 | ||||
RCG Longview Equity Fund, LP* | Real Estate | 14,832 | 14,460 | ||||||
RCG Longview II, LP* | Real Estate | 1,254 | 1,592 | ||||||
RCG Longview Debt Fund IV, LP* | Real Estate | 30,561 | 23,594 | ||||||
RCG Longview, LP* | Real Estate | 317 | 271 | ||||||
RCG Soundview, LLC* | Real Estate | 2,200 | 2,748 | ||||||
RCG Urban American Real Estate Fund, L.P.* | Real Estate | 3,331 | 3,142 | ||||||
RCG International Sarl* | Multi-Strategy | 851 | 870 | ||||||
Ramius Navigation Fund Ltd* | Multi-Strategy | — | 1,106 | ||||||
RCG Special Opportunities Fund, Ltd* | Multi-Strategy | 91,556 | 97,144 | ||||||
Ramius Credit Opportunities Fund Ltd* | Distressed | 98 | 121 | ||||||
RCG Endeavour, LLC* | Multi-Strategy | 41 | 47 | ||||||
RCG Energy, LLC * | Energy | 19,164 | 16,560 | ||||||
RCG Renergys, LLC* | Energy | 2 | 2 | ||||||
Other Private Investments | Various | 18,513 | 16,580 | ||||||
Real Estate Investments | Real Estate | 17,782 | 15,795 | ||||||
$ | 200,535 | $ | 194,070 |
* | These Portfolio Funds are affiliates of the Company. |
As of December 31, 2011 | |||||||||
Strategy | Ramius Multi-Strategy Master FOF LP | Ramius Vintage Multi-Strategy Master FOF LP | |||||||
(dollars in thousands) | |||||||||
Ramius Vintage Multi-Strategy Master FOF LP* | Multi Strategy | $ | 552 | $ | — | ||||
Tapestry Pooled Account V, LLC* | Credit-Based | 901 | 962 | ||||||
Externally Managed Funds | Credit-Based | 40 | 399 | ||||||
Externally Managed Funds | Event Driven | 3,015 | 5,044 | ||||||
Externally Managed Funds | Fixed Income Arbitrage | 79 | — | ||||||
Externally Managed Funds | Hedged Equity | 1,272 | 1,753 | ||||||
Externally Managed Funds | Multi Strategy | 1,319 | 1,442 | ||||||
$ | 7,178 | $ | 9,600 |
* | These Portfolio Funds are affiliates of the Company. |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Bond futures | $ | 37 | $ | (2 | ) | ||
Commodity options | — | 181 | |||||
Currency options | — | 487 | |||||
Commodity forwards | 597 | 51 | |||||
Commodity futures | (533 | ) | 756 | ||||
Currency forwards | (110 | ) | 157 | ||||
Currency futures | (373 | ) | 418 | ||||
Energy futures | (87 | ) | 2 | ||||
Equity future | 19 | — | |||||
Foreign currency option | — | 358 | |||||
Index options | (1 | ) | 80 | ||||
Index futures | 510 | 80 | |||||
Interest rate futures | 286 | 20 | |||||
Interest rate options | — | (25 | ) | ||||
$ | 345 | $ | 2,563 |
Assets at Fair Value as of June 30, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Securities owned and derivatives | |||||||||||||||
US Government securities | $ | 206,123 | $ | — | $ | — | $ | 206,123 | |||||||
Common stocks | 352,841 | 40 | 959 | 353,840 | |||||||||||
Convertible bonds | — | 12,633 | — | 12,633 | |||||||||||
Corporate bonds | — | 191,840 | — | 191,840 | |||||||||||
Futures | 236 | — | — | 236 | |||||||||||
Currency forwards | — | 16 | — | 16 | |||||||||||
Options | 36,079 | 441 | — | 36,520 | |||||||||||
Warrants and rights | 650 | — | 2,844 | 3,494 | |||||||||||
Mutual funds | 2,816 | — | — | 2,816 | |||||||||||
Other investments | |||||||||||||||
Portfolio Funds | — | 26,207 | 19,876 | 46,083 | |||||||||||
Real estate investments | — | — | 2,079 | 2,079 | |||||||||||
Lehman claim | — | — | 731 | 731 | |||||||||||
$ | 598,745 | $ | 231,177 | $ | 26,489 | $ | 856,411 |
Liabilities at Fair Value as of June 30, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Securities sold, not yet purchased and derivatives | |||||||||||||||
US Government securities | $ | 225,679 | $ | — | $ | — | $ | 225,679 | |||||||
Common stocks | 142,314 | — | — | 142,314 | |||||||||||
Corporate bonds | — | 7,985 | — | 7,985 | |||||||||||
Futures | 19 | — | — | 19 | |||||||||||
Currency forwards | — | 814 | — | 814 | |||||||||||
Options | 24,894 | 70 | — | 24,964 | |||||||||||
Warrants and rights | — | — | 3 | 3 | |||||||||||
$ | 392,906 | $ | 8,869 | $ | 3 | $ | 401,778 |
Assets at Fair Value as of December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Securities owned and derivatives | |||||||||||||||
US Government securities | $ | 182,868 | $ | — | $ | — | $ | 182,868 | |||||||
Common stocks | 248,598 | 713 | 1,069 | 250,380 | |||||||||||
Convertible bonds | — | 18,130 | — | 18,130 | |||||||||||
Corporate bonds | — | 231,864 | — | 231,864 | |||||||||||
Futures | 172 | — | — | 172 | |||||||||||
Equity swaps | — | 635 | — | 635 | |||||||||||
Options | 55,530 | 169 | — | 55,699 | |||||||||||
Warrants and rights | 1,225 | — | 1,534 | 2,759 | |||||||||||
Mutual funds | 3,214 | — | — | 3,214 | |||||||||||
Other investments | |||||||||||||||
Portfolio Funds | — | 23,431 | 16,919 | 40,350 | |||||||||||
Real estate investments | — | — | 2,353 | 2,353 | |||||||||||
Lehman claim | — | — | 553 | 553 | |||||||||||
$ | 491,607 | $ | 274,942 | $ | 22,428 | $ | 788,977 |
Liabilities at Fair Value as of December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Securities sold, not yet purchased and derivatives | |||||||||||||||
US Government securities | $ | 165,197 | $ | — | $ | — | $ | 165,197 | |||||||
Common stocks | 123,875 | 2 | — | 123,877 | |||||||||||
Corporate bonds | — | 1,529 | — | 1,529 | |||||||||||
Futures | 617 | — | — | 617 | |||||||||||
Equity swaps—short exposure | — | 140 | — | 140 | |||||||||||
Options | 43,648 | — | — | 43,648 | |||||||||||
$ | 333,337 | $ | 1,671 | $ | — | $ | 335,008 |
Assets at Fair Value as of June 30, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Securities owned | |||||||||||||||
US Government securities | $ | 1,602 | $ | — | $ | — | $ | 1,602 | |||||||
Commercial paper | — | 632 | — | 632 | |||||||||||
Corporate bonds | — | — | — | — | |||||||||||
Other investments | |||||||||||||||
Portfolio Funds | — | 11,873 | 209,507 | 221,380 | |||||||||||
Lehman claims | — | — | 6,538 | 6,538 | |||||||||||
$ | 1,602 | $ | 12,505 | $ | 216,045 | $ | 230,152 |
Assets at Fair Value as of December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Securities owned | |||||||||||||||
US Government securities | $ | 2,006 | $ | — | $ | — | $ | 2,006 | |||||||
Commercial paper | — | 3,927 | — | 3,927 | |||||||||||
Corporate bonds | — | 401 | — | 401 | |||||||||||
Other investments | |||||||||||||||
Portfolio Funds | — | 8,078 | 213,402 | 221,480 | |||||||||||
Lehman claims | — | — | 7,340 | 7,340 | |||||||||||
$ | 2,006 | $ | 12,406 | $ | 220,742 | $ | 235,154 |
Three Months Ended June 30, 2012 and 2011 | |||||||||||||||||||||||||||||||||||||||
Operating Entities | Consolidated Funds | ||||||||||||||||||||||||||||||||||||||
Common stocks | Common stocks, sold not yet purchased | Restricted Common Stock | Warrants and Rights | Warrants and Rights, sold not yet purchased | Portfolio Funds | Real estate | Lehman claim | Portfolio Funds | Lehman claim | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2012 | $ | 1,079 | $ | — | $ | — | $ | 3,316 | $ | — | $ | 19,012 | $ | 2,579 | $ | 574 | $ | 215,815 | $ | 5,346 | |||||||||||||||||||
Transfers in | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Transfers out | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Purchases/(covers) | — | — | — | 25 | (4 | ) | 1,230 | — | — | 19 | — | ||||||||||||||||||||||||||||
(Sales)/short buys | — | — | — | — | 9 | (285 | ) | (501 | ) | — | (2,138 | ) | — | ||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | — | — | 2 | — | — | (1,906 | ) | 1,192 | ||||||||||||||||||||||||||||
Unrealized gains (losses) | (120 | ) | — | — | (497 | ) | (2 | ) | (83 | ) | 1 | 157 | (2,283 | ) | — | ||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 959 | $ | — | $ | — | $ | 2,844 | $ | 3 | $ | 19,876 | $ | 2,079 | $ | 731 | $ | 209,507 | $ | 6,538 | |||||||||||||||||||
Balance at March 31, 2011 | $ | 490 | $ | 401 | $ | 5,000 | $ | 2,902 | $ | — | $ | 17,660 | $ | 2,102 | $ | 501 | $ | 260,443 | $ | 7,193 | |||||||||||||||||||
Transfers in | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Transfers out | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Purchases/(covers) | 659 | (826 | ) | — | — | — | 2,322 | 141 | — | — | — | ||||||||||||||||||||||||||||
(Sales)/short buys | (409 | ) | 417 | — | (48 | ) | — | (2,587 | ) | — | — | (28,300 | ) | — | |||||||||||||||||||||||||
Realized gains (losses) | — | (7 | ) | — | 48 | — | 11 | — | — | 843 | — | ||||||||||||||||||||||||||||
Unrealized gains (losses) | 213 | 15 | — | 632 | — | 338 | 46 | — | 6,602 | 127 | |||||||||||||||||||||||||||||
Balance at June 30, 2011 | $ | 953 | $ | — | $ | 5,000 | $ | 3,534 | $ | — | $ | 17,744 | $ | 2,289 | $ | 501 | $ | 239,588 | $ | 7,320 |
Six Months Ended June 30, 2012 and 2011 | ||||||||||||||||||||||||||||||||||||||||
Operating Entities | Consolidated Funds | |||||||||||||||||||||||||||||||||||||||
Common stocks | Common stocks, sold not yet purchased | Restricted Common Stock | Warrants and Rights | Warrants and Rights, sold not yet purchased | Portfolio Funds | Real estate | Lehman claim | Portfolio Funds | Lehman claim | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 1,069 | $ | — | $ | — | $ | 1,534 | $ | — | $ | 16,919 | $ | 2,353 | $ | 553 | $ | 213,402 | $ | 7,340 | ||||||||||||||||||||
Transfers in | — | — | — | — | — | — | — | — | 16,227 | (a) | — | |||||||||||||||||||||||||||||
Transfers out | — | — | — | (88 | ) | (b) | (1,004 | ) | (c) | — | — | — | (17,151 | ) | (a) | — | ||||||||||||||||||||||||
Purchases/(covers) | — | — | — | 282 | (306 | ) | 2,851 | 152 | — | 434 | — | |||||||||||||||||||||||||||||
(Sales)/short buys | (6 | ) | — | — | (65 | ) | 982 | (814 | ) | (501 | ) | — | (5,026 | ) | (2,291 | ) | ||||||||||||||||||||||||
Realized gains (losses) | 6 | — | — | 56 | (35 | ) | 7 | — | — | (1,692 | ) | 1,914 | ||||||||||||||||||||||||||||
Unrealized gains (losses) | (110 | ) | — | — | 1,125 | 366 | 913 | 75 | 178 | 3,313 | (425 | ) | ||||||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 959 | $ | — | $ | — | $ | 2,844 | $ | 3 | $ | 19,876 | $ | 2,079 | $ | 731 | $ | 209,507 | $ | 6,538 | ||||||||||||||||||||
Balance at December 31, 2010 | $ | 334 | $ | — | $ | 5,000 | $ | 1,977 | $ | — | $ | 17,081 | $ | 1,882 | $ | 313 | $ | 311,242 | $ | 6,243 | ||||||||||||||||||||
Transfers in | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transfers out | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Purchases/(covers) | 659 | (978 | ) | — | 65 | — | 36,573 | 237 | — | 1 | — | |||||||||||||||||||||||||||||
(Sales)/short buys | (409 | ) | 833 | — | (48 | ) | — | (36,729 | ) | (5 | ) | — | (80,924 | ) | — | |||||||||||||||||||||||||
Realized gains (losses) | — | 145 | — | 48 | — | 107 | — | — | 2,376 | — | ||||||||||||||||||||||||||||||
Unrealized gains (losses) | 369 | — | — | 1,492 | — | 712 | 175 | 188 | 6,893 | 1,077 | ||||||||||||||||||||||||||||||
Balance at June 30, 2011 | $ | 953 | $ | — | $ | 5,000 | $ | 3,534 | $ | — | $ | 17,744 | $ | 2,289 | $ | 501 | $ | 239,588 | $ | 7,320 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
Fair Value at June 30, 2012 | Valuation techniques | Unobservable Inputs | Range (weighted average) | ||||||
Common stocks | $ | 959 | Discounted cash flows, market multiples, recent transactions, bid levels, and comparable transactions. | Market multiples, valuation metric weights, and DCF discount rate. | Valuation metric: 25%-100%. DCF discount rates: 25%, Market multiples: 9x-10x | ||||
Warrants and rights | 2,841 | Model based | Volatility | Volatility: 20 to 40 | |||||
Real estate | 277 | Market approach, income approach, and replacement cost. | Capital rate, DCF discount rate, net operating income, and replacement cost assumptions. | Capital rate: 4.74% to 8.75% | |||||
Lehman claim | 731 | Discounted cash flows and market quotes. | Projected cash flows and DCF discount rate. | Timing of projected cash flow: 1 year. DCF discount rate: 15% | |||||
$ | 4,808 | ||||||||
Other level 3 assets and liabilities (a) | 237,723 | ||||||||
Total level 3 assets and liabilities | $ | 242,531 |
(a) | Quantitative disclosures of unobservable inputs and assumptions are not required for investments for which NAV per share is used as a practical expedient to determine fair value, as their redemption features rather than observability of inputs cause them to be classified as a level 3 type asset within the fair value hierarchy. In addition, the fair value of the Consolidated Funds' investments are determined based on net asset value and therefore quantitative disclosures are not included in the table above. |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Redeemable non-controlling interests in consolidated subsidiaries | |||||||
Operating companies | $ | 4,800 | $ | 6,472 | |||
Consolidated funds | 93,660 | 98,115 | |||||
$ | 98,460 | $ | 104,587 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries | |||||||||||||||
Operating companies | $ | 301 | $ | 1,465 | $ | 594 | $ | 1,940 | |||||||
Consolidated funds | (2,735 | ) | 993 | (787 | ) | 1,316 | |||||||||
$ | (2,434 | ) | $ | 2,458 | $ | (193 | ) | $ | 3,256 |
Shares Subject to Option | Weighted Average Exercise Price/Share | Weighted Average Remaining Term | Aggregate Intrinsic Value(1) | ||||||||||
(in years) | (dollars in thousands) | ||||||||||||
Balance outstanding at December 31, 2011 | 866,428 | $ | 12.95 | 2.53 | $ | — | |||||||
Options granted | — | — | — | — | |||||||||
Options acquired | — | — | — | — | |||||||||
Options expired | (77,209 | ) | 16.00 | — | — | ||||||||
Balance outstanding at June 30, 2012 | 789,219 | $ | 12.65 | 2.13 | — | ||||||||
Options exercisable at June 30, 2012 | 639,216 | $ | 14.69 | 1.43 | $ | — |
(1) | Based on the Company's closing stock price of $2.66 on June 30, 2012 and $2.59 on December 31, 2011. |
Nonvested Restricted Shares and Restricted Stock Units | Weighted-Average Grant Date Fair Value | |||||
Balance outstanding at December 31, 2011 | 7,517,682 | $ | 5.57 | |||
Granted | 7,938,124 | 2.83 | ||||
Vested | (2,789,649 | ) | 4.27 | |||
Cancelled | — | — | ||||
Forfeited | (279,217 | ) | 3.53 | |||
Balance outstanding at June 30, 2012 | 12,386,940 | $ | 4.16 |
Nonvested RCG Grants | Weighted-Average Grant Date Fair Value | |||||
Balance outstanding at December 31, 2011 | 1,298,213 | $ | 7.30 | |||
Granted | — | — | ||||
Vested | — | — | ||||
Forfeited | (13,613 | ) | * | 7.30 | ||
Balance outstanding at June 30, 2012 | 1,284,600 | $ | 7.30 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Components of net periodic benefit cost included in employee compensation and benefits | |||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 53 | 66 | 106 | 138 | |||||||||||
Expected return on plan assets | (59 | ) | (65 | ) | (116 | ) | (136 | ) | |||||||
Amortization of (loss) / gain | — | — | — | — | |||||||||||
Amortization of prior service cost | 5 | 5 | 10 | 10 | |||||||||||
Effect of settlement | (1 | ) | (18 | ) | (3 | ) | (31 | ) | |||||||
Net periodic benefit cost | $ | (2 | ) | $ | (12 | ) | $ | (3 | ) | $ | (19 | ) |
Equipment Leases(a) | Service Payments | Facility Leases (b) | |||||||||
(dollars in thousands) | |||||||||||
2012 | $ | 1,650 | $ | 5,580 | $ | 8,777 | |||||
2013 | 3,301 | 9,411 | 17,632 | ||||||||
2014 | 1,548 | 7,428 | 15,376 | ||||||||
2015 | 1,051 | 2,065 | 12,293 | ||||||||
2016 | 194 | 194 | 11,404 | ||||||||
Thereafter | — | — | 53,585 | ||||||||
$ | 7,744 | $ | 24,678 | $ | 119,067 |
(a) | Equipment Leases include the Company's commitments relating to operating and capital leases. See Note 14 for further information on capital lease minimum payments. |
(b) | The Company has entered into various agreements to sublease certain of its premises. The Company recorded sublease income related to these leases of $0.3 million and $0.1 million for the three months ended June 30, 2012 and 2011, respectively, and $0.8 million and $0.2 million for the six months ended June 30, 2012 and 2011, respectively. |
As of June 30, 2012 | As of December 31, 2011 | ||||||
(dollars in thousands) | |||||||
Notes payable | $ | 246 | $ | 370 | |||
Capital lease obligations | 4,610 | 5,280 | |||||
$ | 4,856 | $ | 5,650 |
Capital Lease Obligation | Short Term Borrowings | ||||||
(dollars in thousands) | |||||||
2012 | $ | 771 | $ | 46 | |||
2013 | 1,541 | 183 | |||||
2014 | 1,402 | 46 | |||||
2015 | 1,051 | — | |||||
2016 | 194 | — | |||||
Thereafter | — | — | |||||
Subtotal | 4,959 | 275 | |||||
Less: Amount representing interest (a) | (349 | ) | (29 | ) | |||
Total | $ | 4,610 | $ | 246 |
(a) | Amount necessary to reduce net minimum lease payments to present value calculated at the Company's implicit rate at lease inception. |
Treasury stock shares | Cost (dollars in thousands) | Average cost per share | ||||||||
Balance outstanding at December 31, 2011 | 5,346,003 | $ | 16,902 | $ | 3.16 | |||||
Shares purchased for minimum tax withholding under the Equity Plan | 743,374 | 1,841 | 2.48 | |||||||
Purchase of treasury stock | 1,797,309 | 4,516 | 2.51 | |||||||
Balance outstanding at June 30, 2012 | 7,886,686 | $ | 23,259 | $ | 2.95 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
Net income (loss) attributable to Cowen Group, Inc. stockholders | $ | (7,946 | ) | $ | 20,037 | $ | (3,951 | ) | $ | 20,119 | |||||
Shares for basic and diluted calculations: | |||||||||||||||
Weighted average shares used in basic computation | 114,561 | 76,330 | 114,420 | 75,600 | |||||||||||
Stock options | — | — | — | — | |||||||||||
Restricted stock | — | 1,568 | — | 1,289 | |||||||||||
Weighted average shares used in diluted computation | 114,561 | 77,898 | 114,420 | 76,889 | |||||||||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | (0.07 | ) | $ | 0.26 | $ | (0.03 | ) | $ | 0.27 | |||||
Diluted | $ | (0.07 | ) | $ | 0.26 | $ | (0.03 | ) | $ | 0.26 |
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||
Alternative Investment | Broker-Dealer (1) | Total Economic Income/(Loss) | Funds Consolidation | Other Adjustments | US GAAP | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Investment banking | $ | — | $ | 16,254 | $ | 16,254 | $ | — | $ | — | $ | 16,254 | |||||||||||||
Brokerage | — | 24,568 | 24,568 | — | — | 24,568 | |||||||||||||||||||
Management fees | 14,586 | — | 14,586 | (394 | ) | (4,260 | ) | (a) | 9,932 | ||||||||||||||||
Incentive income | 2,583 | — | 2,583 | — | (2,003 | ) | (a) | 580 | |||||||||||||||||
Investment Income | 6,694 | 1,592 | 8,286 | — | (8,286 | ) | (c) | — | |||||||||||||||||
Interest and dividends | — | — | — | — | 5,868 | (c) | 5,868 | ||||||||||||||||||
Reimbursement from affiliates | — | — | — | (54 | ) | 1,435 | (b) | 1,381 | |||||||||||||||||
Other revenue | 216 | (287 | ) | (71 | ) | — | 902 | (c) | 831 | ||||||||||||||||
Consolidated Funds revenues | — | — | — | 56 | — | 56 | |||||||||||||||||||
Total revenues | 24,079 | 42,127 | 66,206 | (392 | ) | (6,344 | ) | 59,470 | |||||||||||||||||
Expenses | |||||||||||||||||||||||||
Employee compensation and benefits | 13,500 | 28,145 | 41,645 | — | 1,452 | 43,097 | |||||||||||||||||||
Interest and dividends | 12 | 47 | 59 | — | 3,148 | (c) | 3,207 | ||||||||||||||||||
Non-compensation expenses—Fixed | 8,560 | 15,929 | 24,489 | — | (24,489 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses—Variable | 1,138 | 6,000 | 7,138 | — | (7,138 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses | — | — | — | — | 30,486 | (c)(d) | 30,486 | ||||||||||||||||||
Reimbursement from affiliates | (1,435 | ) | — | (1,435 | ) | — | 1,435 | (b) | — | ||||||||||||||||
Consolidated Funds expenses | — | — | — | 635 | — | 635 | |||||||||||||||||||
Total expenses | 21,775 | 50,121 | 71,896 | 635 | 4,894 | 77,425 | |||||||||||||||||||
Other income (loss) | |||||||||||||||||||||||||
Net gains (losses) on securities, derivatives and other investments | — | — | — | — | 9,787 | (c) | 9,787 | ||||||||||||||||||
Consolidated Funds net gains (losses) | — | — | — | (1,707 | ) | (314 | ) | (2,021 | ) | ||||||||||||||||
Total other income (loss) | — | — | — | (1,707 | ) | 9,473 | 7,766 | ||||||||||||||||||
Income (loss) before income taxes and non-controlling interests | 2,304 | (7,994 | ) | (5,690 | ) | (2,734 | ) | (1,765 | ) | (10,189 | ) | ||||||||||||||
Income taxes expense / (benefit) | — | — | — | — | 191 | (b) | 191 | ||||||||||||||||||
Economic Income (Loss) / Net income (loss) before non-controlling interests | 2,304 | (7,994 | ) | (5,690 | ) | (2,734 | ) | (1,956 | ) | (10,380 | ) | ||||||||||||||
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries | (300 | ) | — | (300 | ) | 2,734 | — | 2,434 | |||||||||||||||||
Economic Income (Loss) / Net income (loss) attributable to Cowen Group, Inc. stockholders | $ | 2,004 | $ | (7,994 | ) | $ | (5,990 | ) | $ | — | $ | (1,956 | ) | $ | (7,946 | ) |
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||
Alternative Investment | Broker-Dealer (1) | Total Economic Income/(Loss) | Funds Consolidation | Other Adjustments | US GAAP | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Investment banking | $ | — | $ | 14,343 | $ | 14,343 | $ | — | $ | — | $ | 14,343 | |||||||||||||
Brokerage | 11 | 24,596 | 24,607 | — | — | 24,607 | |||||||||||||||||||
Management fees | 15,539 | — | 15,539 | (466 | ) | (3,216 | ) | (a) | 11,857 | ||||||||||||||||
Incentive income | 5,697 | — | 5,697 | — | (5,022 | ) | (a) | 675 | |||||||||||||||||
Investment Income | 22,789 | (89 | ) | 22,700 | — | (22,700 | ) | (c) | — | ||||||||||||||||
Interest and dividends | — | — | — | — | 5,840 | (c) | 5,840 | ||||||||||||||||||
Reimbursement from affiliates | — | — | — | (8 | ) | 989 | (b) | 981 | |||||||||||||||||
Other revenue | (278 | ) | (203 | ) | (481 | ) | — | 713 | (c) | 232 | |||||||||||||||
Consolidated Funds revenues | — | — | — | 144 | — | 144 | |||||||||||||||||||
Total revenues | 43,758 | 38,647 | 82,405 | (330 | ) | (23,396 | ) | 58,679 | |||||||||||||||||
Expenses | |||||||||||||||||||||||||
Employee compensation and benefits | 15,037 | 27,330 | 42,367 | — | 1,208 | 43,575 | |||||||||||||||||||
Interest and dividends | 49 | 169 | 218 | — | 2,897 | (c) | 3,115 | ||||||||||||||||||
Non-compensation expenses—Fixed | 8,724 | 17,552 | 26,276 | — | (26,276 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses—Variable | 6,591 | 5,915 | 12,506 | — | (12,506 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses | — | — | — | — | 33,666 | (c)(d) | 33,666 | ||||||||||||||||||
Reimbursement from affiliates | (989 | ) | — | (989 | ) | — | 989 | (b) | — | ||||||||||||||||
Consolidated Funds expenses | — | — | — | 872 | — | 872 | |||||||||||||||||||
Total expenses | 29,412 | 50,966 | 80,378 | 872 | (22 | ) | 81,228 | ||||||||||||||||||
Other income (loss) | |||||||||||||||||||||||||
Net gains (losses) on securities, derivatives and other investments | — | — | — | — | 76 | (c) | 76 | ||||||||||||||||||
Bargain purchase gain | — | — | — | — | 22,244 | (e) | 22,244 | ||||||||||||||||||
Consolidated Funds net gains (losses) | — | — | — | 2,195 | 2,575 | 4,770 | |||||||||||||||||||
Total other income (loss) | — | — | — | 2,195 | 24,895 | 27,090 | |||||||||||||||||||
Income (loss) before income taxes and non-controlling interests | 14,346 | (12,319 | ) | 2,027 | 993 | 1,521 | 4,541 | ||||||||||||||||||
Income taxes expense / (benefit) | — | — | — | — | (17,954 | ) | (b) | (17,954 | ) | ||||||||||||||||
Economic Income (Loss) / Net income (loss) before non-controlling interests | 14,346 | (12,319 | ) | 2,027 | 993 | 19,475 | 22,495 | ||||||||||||||||||
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries | (1,465 | ) | — | (1,465 | ) | (993 | ) | — | (2,458 | ) | |||||||||||||||
Economic Income (Loss) / Net income (loss) attributable to Cowen Group, Inc. stockholders | $ | 12,881 | $ | (12,319 | ) | $ | 562 | $ | — | $ | 19,475 | $ | 20,037 |
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||
Alternative Investment | Broker-Dealer (1) | Total Economic Income/(Loss) | Funds Consolidation | Other Adjustments | US GAAP | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Investment banking | $ | — | $ | 31,884 | $ | 31,884 | $ | — | $ | — | $ | 31,884 | |||||||||||||
Brokerage | — | 48,581 | 48,581 | — | — | 48,581 | |||||||||||||||||||
Management fees | 28,606 | — | 28,606 | (787 | ) | (8,170 | ) | (a) | 19,649 | ||||||||||||||||
Incentive income | 6,605 | — | 6,605 | — | (5,334 | ) | (a) | 1,271 | |||||||||||||||||
Investment Income | 23,496 | 5,895 | 29,391 | — | (29,391 | ) | (c) | — | |||||||||||||||||
Interest and dividends | — | — | — | — | 11,240 | (c) | 11,240 | ||||||||||||||||||
Reimbursement from affiliates | — | — | — | (125 | ) | 2,551 | (b) | 2,426 | |||||||||||||||||
Other revenue | 340 | (27 | ) | 313 | — | 1,385 | (c) | 1,698 | |||||||||||||||||
Consolidated Funds revenues | — | — | — | 200 | — | 200 | |||||||||||||||||||
Total revenues | 59,047 | 86,333 | 145,380 | (712 | ) | (27,719 | ) | 116,949 | |||||||||||||||||
Expenses | |||||||||||||||||||||||||
Employee compensation and benefits | 30,946 | 56,608 | 87,554 | — | 2,226 | 89,780 | |||||||||||||||||||
Interest and dividends | 30 | 117 | 147 | — | 4,784 | (c) | 4,931 | ||||||||||||||||||
Non-compensation expenses—Fixed | 15,529 | 30,203 | 45,732 | — | (45,732 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses—Variable | 2,447 | 11,566 | 14,013 | — | (14,013 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses | — | — | — | — | 58,444 | (c)(d) | 58,444 | ||||||||||||||||||
Reimbursement from affiliates | (2,551 | ) | — | (2,551 | ) | — | 2,551 | (b) | — | ||||||||||||||||
Consolidated Funds expenses | — | — | — | 1,009 | — | 1,009 | |||||||||||||||||||
Total expenses | 46,401 | 98,494 | 144,895 | 1,009 | 8,260 | 154,164 | |||||||||||||||||||
Other income (loss) | |||||||||||||||||||||||||
Net gain (loss) on securities, derivatives and other investments | — | — | — | — | 29,458 | (c) | 29,458 | ||||||||||||||||||
Consolidated Funds net gains (losses) | — | — | — | 934 | 3,012 | 3,946 | |||||||||||||||||||
Total other income (loss) | — | — | — | 934 | 32,470 | 33,404 | |||||||||||||||||||
Income (loss) before income taxes and non-controlling interests | 12,646 | (12,161 | ) | 485 | (787 | ) | (3,509 | ) | (3,811 | ) | |||||||||||||||
Income taxes expense / (benefit) | — | — | — | — | 333 | (b) | 333 | ||||||||||||||||||
Economic Income (Loss) / Net income (loss) before non-controlling interests | 12,646 | (12,161 | ) | 485 | (787 | ) | (3,842 | ) | (4,144 | ) | |||||||||||||||
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries | (600 | ) | — | (600 | ) | 787 | 6 | 193 | |||||||||||||||||
Economic Income (Loss) / Net Income (loss) attributable to Cowen Group, Inc. stockholders | $ | 12,046 | $ | (12,161 | ) | $ | (115 | ) | $ | — | $ | (3,836 | ) | $ | (3,951 | ) |
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||
Alternative Investment | Broker-Dealer (1) | Total Economic Income/(Loss) | Funds Consolidation | Other Adjustments | US GAAP | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Investment banking | $ | — | $ | 29,025 | $ | 29,025 | $ | — | $ | — | $ | 29,025 | |||||||||||||
Brokerage | 74 | 52,124 | 52,198 | — | — | 52,198 | |||||||||||||||||||
Management fees | 29,586 | — | 29,586 | (979 | ) | (5,586 | ) | (a) | 23,021 | ||||||||||||||||
Incentive income | 10,860 | — | 10,860 | — | (5,804 | ) | (a) | 5,056 | |||||||||||||||||
Investment Income | 33,822 | 6,087 | 39,909 | — | (39,909 | ) | (c) | — | |||||||||||||||||
Interest and dividends | — | — | — | — | 10,399 | (c) | 10,399 | ||||||||||||||||||
Reimbursement from affiliates | — | — | — | (168 | ) | 2,158 | (b) | 1,990 | |||||||||||||||||
Other revenue | 974 | (401 | ) | 573 | — | 349 | (c) | 922 | |||||||||||||||||
Consolidated Funds revenues | — | — | — | 313 | — | 313 | |||||||||||||||||||
Total revenues | 75,316 | 86,835 | 162,151 | (834 | ) | (38,393 | ) | 122,924 | |||||||||||||||||
Expenses | |||||||||||||||||||||||||
Employee compensation and benefits | 30,871 | 54,233 | 85,104 | — | 3,558 | 88,662 | |||||||||||||||||||
Interest and dividends | 105 | 330 | 435 | — | 5,289 | (c) | 5,724 | ||||||||||||||||||
Non-compensation expenses—Fixed | 15,718 | 32,145 | 47,863 | — | (47,863 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses—Variable | 8,687 | 12,767 | 21,454 | — | (21,454 | ) | (c)(d) | — | |||||||||||||||||
Non-compensation expenses | — | — | — | — | 67,571 | (c)(d) | 67,571 | ||||||||||||||||||
Reimbursement from affiliates | (2,158 | ) | — | (2,158 | ) | — | 2,158 | (b) | — | ||||||||||||||||
Consolidated Funds expenses | — | — | — | 1,501 | — | 1,501 | |||||||||||||||||||
Total expenses | 53,223 | 99,475 | 152,698 | 1,501 | 9,259 | 163,458 | |||||||||||||||||||
Other income (loss) | |||||||||||||||||||||||||
Net gain (loss) on securities, derivatives and other investments | — | — | — | — | 17,358 | (c) | 17,358 | ||||||||||||||||||
Bargain purchase gain | — | — | — | — | 22,244 | (e) | 22,244 | ||||||||||||||||||
Consolidated Funds net gains (losses) | — | — | — | 3,651 | 2,865 | 6,516 | |||||||||||||||||||
Total other income (loss) | — | — | — | 3,651 | 42,467 | 46,118 | |||||||||||||||||||
Income (loss) before income taxes and non-controlling interests | 22,093 | (12,640 | ) | 9,453 | 1,316 | (5,185 | ) | 5,584 | |||||||||||||||||
Income taxes expense / (benefit) | — | — | — | — | (17,791 | ) | (b) | (17,791 | ) | ||||||||||||||||
Economic Income (Loss) / Net income (loss) before non-controlling interests | 22,093 | (12,640 | ) | 9,453 | 1,316 | 12,606 | 23,375 | ||||||||||||||||||
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries | (1,940 | ) | — | (1,940 | ) | (1,316 | ) | — | (3,256 | ) | |||||||||||||||
Economic Income (Loss) / Net Income (loss) attributable to Cowen Group, Inc. stockholders | $ | 20,153 | $ | (12,640 | ) | $ | 7,513 | $ | — | $ | 12,606 | $ | 20,119 |
• | Assets under management. Our revenues from management fees are directly linked to assets under management. As a result, the future performance of our alternative investment business will depend on, among other things, our ability to retain assets under management and to grow assets under management from existing and new products. In addition, positive performance increases assets under management which results in higher management fees. As previously disclosed, redemptions in Ramius Multi-Strategy Fund Ltd triggered certain contractual rights of affiliates of UniCredit S.p.A (“UniCredit S.p.A”), which would have allowed them to withdraw their assets held in that fund upon 30 days notice. Such affiliates of UniCredit S.p.A instead agreed, pursuant to a modification agreement, to extend the time period pursuant to which the Company was required to return the bulk of its assets in our funds by the end of 2010. The Company returned a significant portion of the assets during 2010 and as of June 30, 2012, including redemptions effective on July 1, 2012, we have returned approximately $537 million to affiliates of UniCredit S.p.A with a remaining investment balance of approximately $135 million invested in our investment vehicles, including a fund of funds managed account. |
• | Investment performance. Our revenues from incentive income are linked to the performance of the funds and accounts that we manage. Performance also affects assets under management because it influences investors' decisions to invest assets in, or withdraw assets from, the funds and accounts managed by us. |
• | Fee and allocation rates. Our management fee revenues are linked to the management fee rates we charge as a percentage of assets under management. Our incentive income revenues are linked to the incentive allocation rates we charge as a percentage of performance-driven asset growth. Our incentive allocations are generally subject to “high-water marks,” whereby incentive income is generally earned by us only to the extent that the net asset value of a fund at the end of a measurement period exceeds the highest net asset value as of the end of the earlier measurement period for which we earned incentive income. Our incentive allocations, in some cases, are subject to performance hurdles. |
• | Investment performance of our own capital. We invest our own capital and the performance of such invested capital affects our revenues. As of July 1, 2012, we had investments of approximately $127.2 million, $188.9 million and |
• | Underwriting, private placement and strategic/financial advisory fees. Our revenues from investment banking are directly linked to the underwriting fees we earn in equity and debt securities offerings in which the Company acts as an underwriter, private placement fees earned in non-underwritten transactions and success fees earned in connection with advising both buyers and sellers, principally in mergers and acquisitions. As a result, the future performance of our investment banking business will depend on, among other things, our ability to secure lead manager and co-manager roles in clients capital raising transactions as well as our ability to secure mandates as a client's strategic financial advisor. |
• | Commissions. We receive commissions from executing customer transactions. Our commission revenues depend for the most part on our customer trading volumes. |
• | Principal transactions. Principal transactions revenue includes net trading gains and losses from the Company's market-making activities and net trading gains and losses on inventory and other firm positions. Commissions associated with these transactions are also included herein. In certain cases, the Company provides liquidity to clients buying or selling blocks of shares of listed stocks without previously identifying the other side of the trade at execution, which subjects the Company to market risk. |
• | Equity research fees. Equity research fees are paid to the Company for providing equity research. The Company also permits institutional customers to allocate a portion of their commissions to pay for research products and other services provided by third parties. Our ability to generate revenues relating to our equity research depends on the quality of our research and its relevance to our institutional customers and other clients. |
• | Our alternative investment business was affected by the conditions impacting the global financial markets and the hedge fund industry during 2008, which was characterized by substantial declines in investment performance and unanticipated levels of requested redemptions. While the environment for investing in alternative investment products has since improved, the variability of redemptions could continue to affect our alternative investment business, and it is possible that we could intermittently experience redemptions above historical levels, regardless of fund performance. |
• | Our broker-dealer business has been, and may continue to be, adversely affected by market conditions. Increased competition continues to affect our investment banking and capital markets businesses. The same factors also affect trading volumes in secondary financial markets, which affect our brokerage business. Commission rates, market volatility, increased competition from larger financial firms and other factors also affect our brokerage revenues and may cause these revenues to vary from period to period. |
• | Our broker-dealer business focuses primarily on small to mid-capitalization and private companies in specific industry sectors. These sectors may experience growth or downturns independent of general economic and market conditions, or may face market conditions that are disproportionately better or worse than those impacting the economy and markets generally. In addition, increased government regulation has had, and may continue to have, a disproportionate effect on capital formation by smaller companies. Therefore, our broker-dealer business could be affected differently than overall market trends. |
• | Hedge Funds. Management fees for the Company's hedge funds are generally charged at an annual rate of up to 2% of assets under management. Management fees are generally calculated monthly based on assets under management at the end of each month before incentive income. |
• | Alternative Solutions. Management fees for the Alternative Solutions business are generally charged at an annual rate of up to 2% of assets under management. Management fees are generally calculated monthly based on assets under management at the end of each month before incentive income or based on assets under management at the beginning of the month. Management fees earned from the Alternative Solutions business are based and initially calculated on estimated net asset values and actual fees ultimately earned could be impacted to the extent of any changes in these estimates. |
• | Real Estate Funds. Management fees from the Company's real estate funds are generally charged by their general partners at an annual rate from 1% to 1.5% of total capital commitments during the investment period and of invested capital or net asset value of the applicable fund after the investment period has ended. Management fees are typically paid to the general partners on a quarterly basis, at the beginning of the quarter in arrears, and are prorated for changes in capital commitments throughout the investment period and invested capital after the investment period. The general |
• | Healthcare Royalty Partners (formerly Cowen Healthcare Royalty Partners) Funds. During the investment period (as defined in the management agreement of the Healthcare Royalty Partners funds), management fees for the Healthcare Royalty Partners funds are generally charged at an annual rate of up to 2% of committed capital. After the investment period, management fees are generally charged at an annual rate of up to 2% of assets under management. Management fees for the Healthcare Royalty Partners funds are calculated on a quarterly basis. |
• | Ramius Trading Strategies. Management fees for Ramius Trading Strategies Managed Futures Fund, a mutual fund launched in September 2011, are 1.60% per annum (subject to an overall expense cap of 1.85%). Management fees and platform fees for the Company's private commodity trading advisory business are generally charged at an annual rate of up to 3% and 1.50%, respectively, for the levered vehicle and 1% and 0.50%, respectively, for the unlevered vehicle. Management and platform fees are generally calculated monthly based on assets under management at the end of each month. |
• | Other. The Company also provides other investment advisory services. Other management fees are primarily earned from the Company's cash management business and range from annual rates of up to 0.20% of assets, based on the average daily balances of the assets under management. |
• | Underwriting fees. The Company earns underwriting revenues in securities offerings in which the Company acts as an underwriter, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible security offerings. Underwriting revenues include management fees, selling concessions and underwriting fees. Fee revenue relating to underwriting commitments is recorded when all significant items relating to the underwriting process have been completed and the amount of the underwriting revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer's registration statement has become effective with the SEC, or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; and (iii) the Company has been informed of the number of securities that it has been allotted. |
• | Strategic/financial advisory fees. The Company's strategic advisory revenues include success fees earned in connection with advising companies, principally in mergers and acquisitions and liability management transactions. The Company also earns fees for related advisory work such as providing fairness opinions. The Company records strategic advisory revenues when the services for the transactions are completed under the terms of each assignment or engagement and collection is reasonably assured. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. |
• | Private placement fees. The Company earns agency placement fees in non-underwritten transactions such as private placements of debt and equity securities, including, private investment in public equity transactions (“PIPEs”) and registered direct offerings. The Company records private placement revenues when the services for the transactions are completed under the terms of each assignment or engagement and collection is reasonably assured. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. |
• | Commissions. Commission revenue includes fees from executing client transactions. These fees are recognized on a trade date basis. The Company permits institutional customers to allocate a portion of their commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. Commissions on soft dollar brokerage are recorded net of the related expenditures on an accrual basis. |
• | Principal Transactions. Principal transaction, net revenue includes net trading gains and losses from the Company's market-making activities in equity securities, listed options trading, and trading gains and losses on inventory and other firm positions, which include warrants previously received as part of investment banking transactions, recognized on a trade date basis. Commissions associated with these transactions are also included herein. In certain cases, the Company provides liquidity to clients buying or selling blocks of shares of stocks, which subjects the Company to market risk. These positions are typically held for a very short duration. |
• | Equity Research Fees. Equity research fees are paid to the Company for providing equity research. Revenue is recognized once an arrangement exists, access to research has been provided, the fee amount is fixed or determinable, and collection is reasonably assured. |
• | Compensation and Benefits. Compensation and benefits is comprised of salaries, benefits, discretionary cash bonuses and equity-based compensation. Annual incentive compensation is variable, and the amount paid is generally based on a combination of employees' performance, their contribution to their business segment, and the Company's performance. Generally, compensation and benefits comprise a significant portion of total expenses, with annual incentive compensation comprising a significant portion of total compensation and benefits expenses. |
• | Interest and Dividends. Interest and dividend expense relates primarily to interest incurred on our credit facility (which was fully repaid and terminated in June 2011) in addition to increased trading activity with respect to the Company's investments. |
• | General, Administrative and Other. General, administrative and other expenses are primarily related to professional services, occupancy and equipment, business development expenses, communications, insurance and other miscellaneous expenses. These expenses may also include certain one-time charges and non-cash expenses. |
• | Consolidated Funds Expenses. Certain funds are consolidated by the Company pursuant to US GAAP. As such, the Company's condensed consolidated financial statements reflect the expenses of these consolidated entities and the portion attributable to other investors is allocated to a redeemable non-controlling interest. |
Platform | Total Assets under Management * | Primary Strategies | |||||||||
July 1, 2012 | April 1, 2012 | ||||||||||
(dollars in millions) | |||||||||||
Hedge Funds (a) | $ | 2,133 | (b) | $ | 2,158 | (b) | Multi-Strategy | ||||
Single Strategy | |||||||||||
Alternative Solutions (c) | 2,209 | 2,213 | Multi-Strategy | ||||||||
Single Strategy | |||||||||||
Customized Solutions | |||||||||||
Hedging Strategies | |||||||||||
253 | 334 | Advisory | |||||||||
Ramius Trading Strategies (d) | 186 | 239 | Commodity Trading Advisory | ||||||||
Real Estate (a) | 1,628 | (g) | 1,628 | (g) | Debt | ||||||
Equity | |||||||||||
Healthcare Royalty Partners (e) | 1,473 | (g) | 1,473 | (g) | Royalty Interests | ||||||
Other (f) | 3,622 | 2,111 | Cash Management | ||||||||
Mortgage Advisory | |||||||||||
Total | $ | 11,504 | $ | 10,156 |
(a) | The Company owns between 30% and 55% of the general partners of the real estate business and of the activist business (one of the single strategy hedge funds). We do not possess unilateral control over any of these general partners. |
(b) | This amount includes the Company's invested capital of approximately $127.2 million and $127.7 million as of July 1, 2012 and April 1, 2012, respectively . |
(c) | This amount includes the Company's invested capital of approximately $3.6 million and $4.5 million as of July 1, 2012 and April 1, 2012, respectively. |
(d) | This amount includes three funds (RTS Global Fund, LP, RTS Global 3X Funds, LP and Ramius Trading Strategies Managed Futures Fund) and the Company's invested capital of approximately $24.2 million (which includes the notional amount of the Company's investment in RTS Global 3X Fund LP) as of July 1, 2012. |
(e) | The Company shares the management fees from the Healthcare Royalty Partners funds equally with the managers of the Healthcare Royalty Partners funds. In addition, the Company receives a share of the carried interests of the general partners of the Healthcare Royalty Partners funds of between 27% and 40.2%. |
(f) | The Company's cash management services business provides clients with investment guidelines for managing cash and establishes investment programs for managing their cash in separately managed accounts. The Company also provides mortgage advisory services where the Company manages collateralized debt obligations held by investors. |
(g) | This amount reflects committed capital. |
Six Months Ended | Three Months Ended | Year ended December 31, | ||||||||||||||||||
July 1, 2012 | July 1, 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Beginning Assets under Management | $ | 10,265,493 | $ | 10,156,035 | $ | 9,276,278 | $ | 8,313,638 | $ | 9,765,230 | ||||||||||
Net Subscriptions (Redemptions) | 1,084,208 | 1,376,592 | 1,147,447 | 812,555 | (1,780,117 | ) | (b) | |||||||||||||
Net Performance (a) | 154,792 | (28,134 | ) | (76,552 | ) | 150,085 | 328,525 | |||||||||||||
Ending Assets under Management | $ | 11,504,493 | $ | 11,504,493 | $ | 10,347,173 | $ | 9,276,278 | $ | 8,313,638 |
(a) | Net performance is net of all management and incentive fees and includes the effect of any foreign exchange translation adjustments and leverage in certain funds. |
(b) | Net redemptions for 2009 include $807 million of capital commitments to the Healthcare Royalty Partners funds that were part of Cowen Holdings prior to the 2009 transactions between Ramius and Cowen. |
Strategy | Net Value | % of Stockholders' Equity | |||
(dollars in millions) | |||||
Trading | $ | 279.5 | 55% | ||
Merchant Banking | 102.0 | 20% | |||
Real Estate | 49.3 | 10% | |||
Total | 430.8 | 84% | |||
Stockholders' Equity | $ | 511.9 | 100% |
Three Months Ended June 30, | Period to Period | |||||||||||||
2012 | 2011 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Revenues | ||||||||||||||
Investment banking | $ | 16,254 | $ | 14,343 | $ | 1,911 | 13 | % | ||||||
Brokerage | 24,568 | 24,607 | (39 | ) | — | % | ||||||||
Management fees | 9,932 | 11,857 | (1,925 | ) | (16 | )% | ||||||||
Incentive income | 580 | 675 | (95 | ) | (14 | )% | ||||||||
Interest and dividends | 5,868 | 5,840 | 28 | — | % | |||||||||
Reimbursement from affiliates | 1,381 | 981 | 400 | 41 | % | |||||||||
Other revenues | 831 | 232 | 599 | 258 | % | |||||||||
Consolidated Funds revenues | 56 | 144 | (88 | ) | (61 | )% | ||||||||
Total revenues | 59,470 | 58,679 | 791 | 1 | % | |||||||||
Expenses | ||||||||||||||
Employee compensation and benefits | 43,097 | 43,575 | (478 | ) | (1 | )% | ||||||||
Interest and dividends | 3,207 | 3,115 | 92 | 3 | % | |||||||||
General, administrative and other expenses | 30,486 | 33,666 | (3,180 | ) | (9 | )% | ||||||||
Consolidated Funds expenses | 635 | 872 | (237 | ) | (27 | )% | ||||||||
Total expenses | 77,425 | 81,228 | (3,803 | ) | (5 | )% | ||||||||
Other income (loss) | ||||||||||||||
Net gain (loss) on securities, derivatives and other investments | 9,787 | 76 | 9,711 | 12,778 | % | |||||||||
Bargain purchase gain | — | 22,244 | (22,244 | ) | (100 | )% | ||||||||
Consolidated Funds net gains (losses) | (2,021 | ) | 4,770 | (6,791 | ) | (142 | )% | |||||||
Total other income (loss) | 7,766 | 27,090 | (19,324 | ) | (71 | )% | ||||||||
Income (loss) before income taxes | (10,189 | ) | 4,541 | (14,730 | ) | (324 | )% | |||||||
Income taxes expense (benefit) | 191 | (17,954 | ) | 18,145 | (101 | )% | ||||||||
Net income (loss) | (10,380 | ) | 22,495 | (32,875 | ) | (146 | )% | |||||||
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries | (2,434 | ) | 2,458 | (4,892 | ) | (199 | )% | |||||||
Net income (loss) attributable to Cowen Group, Inc. stockholders | $ | (7,946 | ) | $ | 20,037 | $ | (27,983 | ) | (140 | )% |
Six Months Ended June 30, | Period to Period | |||||||||||||
2012 | 2011 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Revenues | ||||||||||||||
Investment banking | $ | 31,884 | $ | 29,025 | $ | 2,859 | 10 | % | ||||||
Brokerage | 48,581 | 52,198 | (3,617 | ) | (7 | )% | ||||||||
Management fees | 19,649 | 23,021 | (3,372 | ) | (15 | )% | ||||||||
Incentive income | 1,271 | 5,056 | (3,785 | ) | (75 | )% | ||||||||
Interest and dividends | 11,240 | 10,399 | 841 | 8 | % | |||||||||
Reimbursement from affiliates | 2,426 | 1,990 | 436 | 22 | % | |||||||||
Other revenues | 1,698 | 922 | 776 | 84 | % | |||||||||
Consolidated Funds revenues | 200 | 313 | (113 | ) | (36 | )% | ||||||||
Total revenues | 116,949 | 122,924 | (5,975 | ) | (5 | )% | ||||||||
Expenses | ||||||||||||||
Employee compensation and benefits | 89,780 | 88,662 | 1,118 | 1 | % | |||||||||
Interest and dividends | 4,931 | 5,724 | (793 | ) | (14 | )% | ||||||||
General, administrative and other expenses | 58,444 | 67,571 | (9,127 | ) | (14 | )% | ||||||||
Consolidated Funds expenses | 1,009 | 1,501 | (492 | ) | (33 | )% | ||||||||
Total expenses | 154,164 | 163,458 | (9,294 | ) | (6 | )% | ||||||||
Other income (loss) | ||||||||||||||
Net gain (loss) on securities, derivatives and other investments | 29,458 | 17,358 | 12,100 | 70 | % | |||||||||
Bargain purchase gain | — | 22,244 | (22,244 | ) | NM | |||||||||
Consolidated Funds net gains (losses) | 3,946 | 6,516 | (2,570 | ) | (39 | )% | ||||||||
Total other income (loss) | 33,404 | 46,118 | (12,714 | ) | (28 | )% | ||||||||
Income (loss) before income taxes | (3,811 | ) | 5,584 | (9,395 | ) | (168 | )% | |||||||
Income taxes expense (benefit) | 333 | (17,791 | ) | 18,124 | (102 | )% | ||||||||
Net income (loss) from continuing operations | (4,144 | ) | 23,375 | (27,519 | ) | (118 | )% | |||||||
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries | (193 | ) | 3,256 | (3,449 | ) | (106 | )% | |||||||
Net income (loss) attributable to Cowen Group, Inc. stockholders | $ | (3,951 | ) | $ | 20,119 | $ | (24,070 | ) | (120 | )% |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||
2012 | 2011 | Total Period-to-Period | ||||||||||||||||||||||||||||
Alternative Investment | Total 2012 | Alternative Investment | Total 2011 | |||||||||||||||||||||||||||
Broker-Dealer (a) | Broker-Dealer (a) | $ Change | % Change | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Economic Income Revenues | ||||||||||||||||||||||||||||||
Investment banking | $ | — | $ | 16,254 | $ | 16,254 | $ | — | $ | 14,343 | $ | 14,343 | $ | 1,911 | 13 | % | ||||||||||||||
Brokerage | — | 24,568 | 24,568 | 11 | 24,596 | 24,607 | (39 | ) | — | % | ||||||||||||||||||||
Management fees | 14,586 | — | 14,586 | 15,539 | — | 15,539 | (953 | ) | (6 | )% | ||||||||||||||||||||
Incentive income (loss) | 2,583 | — | 2,583 | 5,697 | — | 5,697 | (3,114 | ) | (55 | )% | ||||||||||||||||||||
Investment income (loss) | 6,694 | 1,592 | 8,286 | 22,789 | (89 | ) | 22,700 | (14,414 | ) | (63 | )% | |||||||||||||||||||
Other revenues | 216 | (287 | ) | (71 | ) | (278 | ) | (203 | ) | (481 | ) | 410 | (85 | )% | ||||||||||||||||
Total economic income revenues | 24,079 | 42,127 | 66,206 | 43,758 | 38,647 | 82,405 | (16,199 | ) | (20 | )% | ||||||||||||||||||||
Economic Income Expenses | ||||||||||||||||||||||||||||||
Compensation and benefits | 13,500 | 28,145 | 41,645 | 15,037 | 27,330 | 42,367 | (722 | ) | (2 | )% | ||||||||||||||||||||
Non-compensation expenses—Fixed | 8,572 | 15,976 | 24,548 | 8,773 | 17,721 | 26,494 | (1,946 | ) | (7 | )% | ||||||||||||||||||||
Non-compensation expenses—Variable | 1,138 | 6,000 | 7,138 | 6,591 | 5,915 | 12,506 | (5,368 | ) | (43 | )% | ||||||||||||||||||||
Reimbursement from affiliates | (1,435 | ) | — | (1,435 | ) | (989 | ) | — | (989 | ) | (446 | ) | 45 | % | ||||||||||||||||
Total economic income expenses | 21,775 | 50,121 | 71,896 | 29,412 | 50,966 | 80,378 | (8,482 | ) | (11 | )% | ||||||||||||||||||||
Net economic income (loss) (before non-controlling interest) | 2,304 | (7,994 | ) | (5,690 | ) | 14,346 | (12,319 | ) | 2,027 | (7,717 | ) | (381 | )% | |||||||||||||||||
Non-controlling interest | (300 | ) | — | (300 | ) | (1,465 | ) | — | (1,465 | ) | 1,165 | (80 | )% | |||||||||||||||||
Economic income (loss) | $ | 2,004 | $ | (7,994 | ) | $ | (5,990 | ) | $ | 12,881 | $ | (12,319 | ) | $ | 562 | $ | (6,552 | ) | (1,166 | )% |
Three Months Ended June 30, | Period-to-Period | |||||||||||||
2012 | 2011 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Non-compensation expenses—fixed: | ||||||||||||||
Interest expense | $ | 59 | $ | 218 | $ | (159 | ) | (73 | )% | |||||
Professional, advisory and other fees | 3,119 | 3,530 | (411 | ) | (12 | )% | ||||||||
Occupancy and equipment | 5,220 | 5,587 | (367 | ) | (7 | )% | ||||||||
Depreciation and amortization | 2,361 | 2,013 | 348 | 17 | % | |||||||||
Service fees | 3,154 | 4,364 | (1,210 | ) | (28 | )% | ||||||||
Other | 10,635 | 10,782 | (147 | ) | (1 | )% | ||||||||
Total | $ | 24,548 | $ | 26,494 | $ | (1,946 | ) | (7 | )% |
Three Months Ended June 30, | Period-to-Period | |||||||||||||
2012 | 2011 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Non-compensation expenses—Variable: | ||||||||||||||
Floor brokerage and trade execution | $ | 2,906 | $ | 2,675 | $ | 231 | 9 | % | ||||||
Healthcare Royalty Partners syndication costs | — | 1,626 | (1,626 | ) | (100 | )% | ||||||||
Expenses related to Luxembourg reinsurance companies | 735 | 4,317 | (3,582 | ) | (83 | )% | ||||||||
Marketing and business development | 3,497 | 3,888 | (391 | ) | (10 | )% | ||||||||
Total | $ | 7,138 | $ | 12,506 | $ | (5,368 | ) | (43 | )% |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2012 | 2011 | Total Period-to-Period | ||||||||||||||||||||||||||||
Alternative Investment | Total 2012 | Alternative Investment | Total 2011 | |||||||||||||||||||||||||||
Broker-Dealer (a) | Broker-Dealer (a) | $ Change | % Change | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Economic Income Revenues | ||||||||||||||||||||||||||||||
Investment banking | $ | — | $ | 31,884 | $ | 31,884 | $ | — | $ | 29,025 | $ | 29,025 | $ | 2,859 | 10 | % | ||||||||||||||
Brokerage | — | 48,581 | 48,581 | 74 | 52,124 | 52,198 | (3,617 | ) | (7 | )% | ||||||||||||||||||||
Management fees | 28,606 | — | 28,606 | 29,586 | — | 29,586 | (980 | ) | (3 | )% | ||||||||||||||||||||
Incentive income (loss) | 6,605 | — | 6,605 | 10,860 | — | 10,860 | (4,255 | ) | (39 | )% | ||||||||||||||||||||
Investment income (loss) | 23,496 | 5,895 | 29,391 | 33,822 | 6,087 | 39,909 | (10,518 | ) | (26 | )% | ||||||||||||||||||||
Other revenues | 340 | (27 | ) | 313 | 974 | (401 | ) | 573 | (260 | ) | (45 | )% | ||||||||||||||||||
Total economic income revenues | 59,047 | 86,333 | 145,380 | 75,316 | 86,835 | 162,151 | (16,771 | ) | (10 | )% | ||||||||||||||||||||
Economic Income Expenses | ||||||||||||||||||||||||||||||
Compensation and benefits | 30,946 | 56,608 | 87,554 | 30,871 | 54,233 | 85,104 | 2,450 | 3 | % | |||||||||||||||||||||
Non-compensation expenses—Fixed | 15,559 | 30,320 | 45,879 | 15,823 | 32,475 | 48,298 | (2,419 | ) | (5 | )% | ||||||||||||||||||||
Non-compensation expenses—Variable | 2,447 | 11,566 | 14,013 | 8,687 | 12,767 | 21,454 | (7,441 | ) | (35 | )% | ||||||||||||||||||||
Reimbursement from affiliates | (2,551 | ) | — | (2,551 | ) | (2,158 | ) | — | (2,158 | ) | (393 | ) | 18 | % | ||||||||||||||||
Total economic income expenses | 46,401 | 98,494 | 144,895 | 53,223 | 99,475 | 152,698 | (7,803 | ) | (5 | )% | ||||||||||||||||||||
Net economic income (loss) (before non-controlling interest) | 12,646 | (12,161 | ) | 485 | 22,093 | (12,640 | ) | 9,453 | (8,968 | ) | (95 | )% | ||||||||||||||||||
Non-controlling interest | (600 | ) | — | (600 | ) | (1,940 | ) | — | (1,940 | ) | 1,340 | (69 | )% | |||||||||||||||||
Economic income (loss) | $ | 12,046 | $ | (12,161 | ) | $ | (115 | ) | $ | 20,153 | $ | (12,640 | ) | $ | 7,513 | $ | (7,628 | ) | (102 | )% |
Six Months Ended June 30, | Period-to-Period | |||||||||||||
2012 | 2011 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Non-compensation expenses—fixed: | ||||||||||||||
Interest expense | $ | 147 | $ | 435 | $ | (288 | ) | (66 | )% | |||||
Professional, advisory and other fees | 6,410 | 6,447 | (37 | ) | (1 | )% | ||||||||
Occupancy and equipment | 9,753 | 11,289 | (1,536 | ) | (14 | )% | ||||||||
Depreciation and amortization | 4,515 | 4,069 | 446 | 11 | % | |||||||||
Service fees | 5,378 | 7,976 | (2,598 | ) | (33 | )% | ||||||||
Other | 19,676 | 18,082 | 1,594 | 9 | % | |||||||||
Total | $ | 45,879 | $ | 48,298 | $ | (2,419 | ) | (5 | )% |
Six Months Ended June 30, | Period-to-Period | |||||||||||||
2012 | 2011 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Non-compensation expenses—Variable: | ||||||||||||||
Floor brokerage and trade execution | $ | 5,578 | $ | 5,708 | $ | (130 | ) | (2 | )% | |||||
Healthcare Royalty Partners syndication costs | — | 2,698 | (2,698 | ) | (100 | )% | ||||||||
Expenses related to Luxembourg reinsurance companies | 1,345 | 4,862 | (3,517 | ) | (72 | )% | ||||||||
Marketing and business development | 7,090 | 8,186 | (1,096 | ) | (13 | )% | ||||||||
Total | $ | 14,013 | $ | 21,454 | $ | (7,441 | ) | (35 | )% |
• | pay our operating expenses, primarily consisting of compensation and benefits and general and administrative expenses; and |
• | provide capital to facilitate the growth of our existing business. |
As of June 30, 2012 | |||
(dollars in thousands) | |||
Securities purchased under agreements to resell | |||
Agreements with Barclays Capital Inc bearing interest of 0.09% - 0.16% due on July 2, 2012 | $ | 224,573 | |
Securities sold under agreements to repurchase | |||
Agreements with Royal Bank of Canada bearing interest of 2.12% - 2.20% due on July 10, 2012 to June 25, 2013 | 29,039 | ||
Agreements with Barclays Capital Inc bearing interest of 0.21% - 0.22% due July 2, 2012 | 205,919 | ||
$ | 234,958 |
As of December 31, 2011 | |||
(dollars in thousands) | |||
Securities purchased under agreements to resell | |||
Agreements with Barclays Capital Inc bearing interest of (0.38%) - 0.25% due on January 3, 2012 | $ | 166,260 | |
Securities sold under agreements to repurchase | |||
Agreements with Royal Bank of Canada bearing interest of 1.53% - 1.58% due on January 3, 2012 to June 25, 2012 | 49,450 | ||
Agreements with Barclays Capital Inc bearing interest of 0.03% - 0.08% due on January 3, 2012 | 179,333 | ||
$ | 228,783 |
i. | Portfolio funds—Portfolio funds (“Portfolio Funds”) include interests in funds and investment companies managed by the Company or its affiliates. The Company follows US GAAP regarding fair value measurements and disclosures relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). The guidance permits, as a practical expedient, an entity holding investments in certain entities that either are investment companies as defined by the AICPA Audit and Accounting Guide, Investment Companies, or have attributes similar to an investment company, and calculate net asset value per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. |
ii. | Real estate investments—Real estate investments are valued at fair value. The fair value of real estate investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Real estate investments without a public market are valued based on assumptions and valuation techniques used by the Company. Such valuation techniques may include discounted cash flow analysis, prevailing market capitalization rates or earnings multiples applied to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, the Company considers several valuation techniques when measuring the fair value of a real estate investment. However, in certain circumstances, a single valuation technique may be appropriate. Real estate investments are reviewed on a quarterly basis by the Company for significant changes at the property level or a significant change in the overall market which would impact the value of the real estate investment resulting in unrealized appreciation or depreciation. |
• | Hedge Funds. Management fees for the Company's hedge funds are generally charged at an annual rate of up to 2% of assets under management. Management fees are generally calculated monthly based on assets under management at the end of each month before incentive income. |
• | Alternative Solutions. Management fees for the Alternative Solutions business are generally charged at an annual rate of up to 2% of assets under management. Management fees are generally calculated monthly based on assets under management at the end of each month before incentive income or based on assets under management at the beginning of the month. Management fees earned from the Alternative Solutions business are based and initially calculated on estimated net asset values and actual fees ultimately earned could be impacted to the extent of any changes in these estimates. |
• | Real Estate Funds. Management fees from the Company's real estate funds are generally charged by their general partners at an annual rate between 1% to 1.5% of total capital commitments during the investment period and of invested capital or net asset value of the applicable fund after the investment period has ended. Management fees are typically paid to the general partners on a quarterly basis, at the beginning of the quarter in arrears, and are prorated for changes in capital commitments throughout the investment period and invested capital after the investment period. The general partners of the Company's real estate funds are owned jointly by the Company and third parties. Accordingly, the management fees (in addition to incentive income and investment income) generated by these real estate funds are split between the Company and the other general partners. Pursuant to US GAAP, these fees and other income received by the general partners that are accounted for under the equity method of accounting and are reflected under net gains (losses) on securities, derivatives and other investments in the condensed consolidated statements of operations. |
• | Healthcare Royalty Partners (formerly Cowen Healthcare Royalty Partners) Funds. During the investment period (as defined in the management agreement of the Healthcare Royalty Partners funds), management fees for the Healthcare Royalty Partners funds are generally charged at an annual rate of up to 2% of committed capital. After the investment period, management fees are generally charged at an annual rate of up to 2% of assets under management. Management fees for the Healthcare Royalty Partners funds are calculated on a quarterly basis. |
• | Ramius Trading Strategies. Management fees and platform fees for the Company's private commodity trading advisory business are generally charged at an annual rate of up to 3% and 1.50%, respectively, for the levered vehicle and 1% and 0.50%, respectively, for the unlevered vehicle. In addition, management fees for Ramius Trading Strategies Managed Futures Fund, a mutual fund launched in September 2011, are 1.60% per annum (subject to an overall expense cap of 1.85%). Management and platform fees are generally calculated monthly based on assets under management at the end of each month. |
• | Other. The Company also provides other investment advisory services. Other management fees are primarily earned from the Company's cash management business and range from annual rates of 0.04% to 0.20% of assets, based on the average daily balances of the assets under management. |
• | Underwriting fees. The Company earns underwriting revenues in securities offerings in which the Company acts as an underwriter, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible security offerings. Underwriting revenues include management fees, selling concessions and underwriting fees. Fee revenue relating to underwriting commitments is recorded when all significant items relating to the underwriting process have been completed and the amount of the underwriting revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer's registration statement has become effective with the SEC, or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; and (iii) the Company has been informed of the number of securities that it has been allotted. |
• | Strategic/financial advisory fees. The Company's strategic advisory revenues include success fees earned in connection with advising companies, principally in mergers and acquisitions and liability management transactions. The Company also earns fees for related advisory work such as providing fairness opinions. The Company records strategic advisory revenues when the services for the transactions are completed under the terms of each assignment or engagement and collection is reasonably assured. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. |
• | Private placement fees. The Company earns agency placement fees in non-underwritten transactions such as private placements of debt and equity securities, including, private investment in public equity transactions (“PIPEs”) and |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||||
Month 1 (April 1, 2012 – April 30, 2012) | |||||||||||||||
Common stock repurchases(1) | — | $ | — | — | — | (3 | ) | ||||||||
Employee transactions(2) | — | $ | — | — | — | ||||||||||
Total | |||||||||||||||
Month 2 (May 1, 2012 – May 31, 2012) | |||||||||||||||
Common stock repurchases(1) | 830,870 | $ | 2.43 | — | — | (3 | ) | ||||||||
Employee transactions(2) | 206,007 | $ | 2.42 | — | — | ||||||||||
Total | |||||||||||||||
Month 3 (June 1, 2012 – June 30, 2012) | |||||||||||||||
Common stock repurchases(1) | 631,810 | $ | 2.51 | — | — | (3 | ) | ||||||||
Employee transactions(2) | 521,527 | $ | 2.49 | — | — | ||||||||||
Total | |||||||||||||||
Total (April 1, 2012 – June 30, 2012) | |||||||||||||||
Common stock repurchases(1) | 1,462,680 | $ | 2.47 | — | — | (3) | |||||||||
Employee transactions(2) | 727,534 | $ | 2.47 | — | — | ||||||||||
Total |
(1) | As announced in July 2011, the Company's Board of Directors authorized the repurchase, subject to market conditions, of up to $20.0 million of the Company's outstanding common stock. |
(2) | Represents shares of common stock withheld in satisfaction of tax withholding obligations upon the vesting of equity awards. |
(3) | Board approval of repurchases is based on dollar amount. The Company cannot estimate the number of shares that may yet be purchased. |
COWEN GROUP, INC. | |||||||
By: | /s/ PETER A. COHEN | ||||||
Name: | Peter A. Cohen | ||||||
Title: | Chief Executive Officer and President (principal executive officer) | ||||||
By: | /s/ STEPHEN A. LASOTA | ||||||
Name: | Stephen A. Lasota | ||||||
Date: | August 7, 2012 | Title: | Chief Financial Officer (principal financial officer and principal accounting officer) |
Exhibit No. | Description | |||
10.1 | Employment Agreement, dated as of May 31, 2012, by and between Cowen Group, Inc. and Jeffrey Solomon (previously filed as Exhibit 10.1 to the Form 8-K filed June 1, 2012). (a) | |||
31.1 | Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (filed herewith). | |||
31.2 | Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (filed herewith). | |||
32 | Certification of CEO and CFO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (furnished herewith). | |||
101.INS | XBRL INSTANCE DOCUMENT * | |||
101.SCH | XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT * | |||
101.CAL | XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT * | |||
101.DEF | XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT * | |||
101.LAB | XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT * | |||
101.PRE | XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT * |
1. | I have reviewed this Quarterly Report on Form 10-Q of Cowen Group, Inc: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 7, 2012 | /s/ PETER A. COHEN | ||
Name: Peter A. Cohen Title: Chief Executive Officer and President (principal executive officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Cowen Group, Inc: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 7, 2012 | /s/ STEPHEN A. LASOTA | ||
Name: Stephen A. Lasota Title: Chief Financial Officer (principal financial officer and principal accounting officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 7, 2012 | /s/ PETER A. COHEN | ||
Name: Peter A. Cohen Title: Chief Executive Officer and President (principal executive officer) | ||||
/s/ STEPHEN A. LASOTA | ||||
Name: Stephen A. Lasota Title: Chief Financial Officer (principal financial officer and principal accounting officer) |
Earnings Per Share (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted | The computation of earnings per share is as follows:
|
Investments of Operating Entities and Consolidated Funds - Other (Details) (Operating Entities [Member])
In Millions, unless otherwise specified |
9 Months Ended | |
---|---|---|
Dec. 31, 2011
USD ($)
entities
|
Dec. 31, 2011
EUR (€)
entities
|
|
Significant Acquisitions and Disposals [Line Items] | ||
Reinsurance companies acquired, not business combination | 2 | 2 |
Purchase price for reinsurance companies acquired, not business combination | $ 331.8 | € 234.8 |
Investments of Operating Entities and Consolidated Funds - Portfolio Funds (Details) (USD $)
|
6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | $ 68,336,000 | $ 59,943,000 | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 68,336,000 | 59,943,000 | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 46,083,000 | 40,350,000 | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Healthcare Royalty Partners [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 7,711,000 | [1],[2] | 6,297,000 | [1],[2] | ||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Healthcare Royalty Partners II [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 2,434,000 | [1],[2] | 1,521,000 | [1],[2] | ||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Ramius Global Credit Fund LP [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 13,201,000 | [2],[3] | 11,790,000 | [2],[3] | ||||||||||||||||||||||||||||||||||||||
Required notice period, redemption | 60 days | 60 days | ||||||||||||||||||||||||||||||||||||||||
Penalty on redemptions of less than one year | 4.00% | 4.00% | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Ramius Alternative Replication Ltd [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 832,000 | [2],[4] | 837,000 | [2],[4] | ||||||||||||||||||||||||||||||||||||||
Required notice period, redemption | 7 days | 7 days | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Tapestry Investment Co PCC Ltd [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 187,000 | [5] | 185,000 | [5] | ||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Ramius Enhanced Replication Fund LLC [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 705,000 | [2],[6] | 337,000 | [2],[6] | ||||||||||||||||||||||||||||||||||||||
Required notice period, redemption | 7 days | 7 days | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Starboard Value and Opportunity Fund LP [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 12,126,000 | [2],[7] | 11,123,000 | [2],[7] | ||||||||||||||||||||||||||||||||||||||
Required notice period, withdrawal | 90 days | 90 days | ||||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Other Private Investment [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 7,297,000 | [8] | 7,415,000 | [8] | ||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | RCG LV Park Lane LLC [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 700,000 | [9] | 0 | [9] | ||||||||||||||||||||||||||||||||||||||
Operating Entities [Member] | Portfolio Funds [Member] | Other Funds [Member] | Affiliated Entity [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 890,000 | [10],[2] | 845,000 | [10],[2] | ||||||||||||||||||||||||||||||||||||||
Consolidated Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 227,918,000 | 228,820,000 | ||||||||||||||||||||||||||||||||||||||||
Consolidated Funds [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 221,380,000 | 221,480,000 | ||||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 200,535,000 | 194,070,000 | ||||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | Other Private Investment [Member] | Various Strategies [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 18,513,000 | 16,580,000 | ||||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | 624 Art Holdings, LLC [Member] | Affiliated Entity [Member] | Artwork Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 33,000 | [11] | 38,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Longview Equity Fund, LP [Member] | Affiliated Entity [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 14,832,000 | [11] | 14,460,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Longview II, LP [Member] | Affiliated Entity [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 1,254,000 | [11] | 1,592,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Longview Debt Fund IV, LP [Member] | Affiliated Entity [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 30,561,000 | [11] | 23,594,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Longview, LP [Member] | Affiliated Entity [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 317,000 | [11] | 271,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Soundview, LLC [Member] | Affiliated Entity [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 2,200,000 | [11] | 2,748,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Urban American Real Estate Fund, L.P. [Member] | Affiliated Entity [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 3,331,000 | [11] | 3,142,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG International Sarl [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 851,000 | [11] | 870,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | Ramius Navigation Fund Ltd [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11] | 1,106,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Special Opportunities Fund, Ltd [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 91,556,000 | [11] | 97,144,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | Ramius Credit Opportunities Fund Ltd [Member] | Affiliated Entity [Member] | Distressed Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 98,000 | [11] | 121,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Endeavour, LLC [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 41,000 | [11] | 47,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Energy, LLC [Member] | Affiliated Entity [Member] | Energy Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 19,164,000 | [11] | 16,560,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | RCG Renergys, LLC [Member] | Affiliated Entity [Member] | Energy Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 2,000 | [11] | 2,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Enterprise Master [Member] | Portfolio Funds [Member] | Real Estate Funds [Member] | Real Estate Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 17,782,000 | 15,795,000 | ||||||||||||||||||||||||||||||||||||||||
Enterprise LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 195,325,000 | 193,012,000 | ||||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Number of funds | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 26,055,000 | 28,468,000 | ||||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Ramius Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,269,000 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,883,000 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 2,311,000 | [11],[13] | 438,000 | [11],[13] | ||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 11,873,000 | [11],[14] | 8,078,000 | [11],[14] | ||||||||||||||||||||||||||||||||||||||
Required notice period, redemption | 5 days | 5 days | ||||||||||||||||||||||||||||||||||||||||
Required notice period, redemption, intra-month | 3 days | 3 days | ||||||||||||||||||||||||||||||||||||||||
Intra-month redemption fee | 10,000 | 10,000 | ||||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 449,000 | [13] | 260,000 | [13] | ||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,314,000 | [15] | 1,992,000 | [15] | ||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 1,251,000 | [16] | 35,000 | [16] | ||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 1,566,000 | [17] | 459,000 | [17] | ||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 71,000 | [18] | 54,000 | [18] | ||||||||||||||||||||||||||||||||||||||
Consolidated Fund of Funds [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Opportunistic Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 220,000 | [19] | ||||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 2,583,000 | 3,238,000 | ||||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Ramius Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 440,000 | [11],[13] | 438,000 | [11],[13] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[14] | 0 | [11],[14] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 152,000 | [13] | 260,000 | [13] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 1,699,000 | [15] | 1,992,000 | [15] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 17,000 | [16] | 35,000 | [16] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 246,000 | [17] | 459,000 | [17] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 29,000 | [18] | 54,000 | [18] | ||||||||||||||||||||||||||||||||||||||
Ramius Levered Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Opportunistic Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [19] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,269,000 | |||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Ramius Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,269,000 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[13] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[14] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [13] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [15] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [16] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [17] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [18] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,883,000 | |||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Ramius Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 8,883,000 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[13] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[14] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [13] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [15] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [16] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [17] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [18] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 4,513,000 | 7,178,000 | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 552,000 | [11] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 905,000 | [11],[13] | 901,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[14] | ||||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 57,000 | [13] | 40,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 2,545,000 | [15] | 3,015,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 226,000 | [16] | 1,272,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 635,000 | [17] | 1,319,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 42,000 | [18] | 79,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Opportunistic Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 103,000 | [19] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 7,086,000 | 9,600,000 | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 966,000 | [11],[13] | 962,000 | [11] | ||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[14] | ||||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 240,000 | [13] | 399,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 4,070,000 | [15] | 5,044,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 1,008,000 | [16] | 1,753,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 685,000 | [17] | 1,442,000 | |||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [18] | 0 | |||||||||||||||||||||||||||||||||||||||
Ramius Vintage Multi-Strategy Master FOF LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Opportunistic Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 117,000 | [19] | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Number of funds | 6 | |||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 11,873,000 | 8,078,000 | ||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 345,000 | 2,563,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Bond Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 37,000 | (2,000) | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Commodity Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | (533,000) | 756,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Currency Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | (373,000) | 418,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Energy Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | (87,000) | 2,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Equity Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 19,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Index Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 510,000 | 80,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Interest Rate Futures [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 286,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Commodity Options [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 0 | 181,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Currency Options [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 0 | 487,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Foreign Currency Options [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 0 | 358,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Index Options [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | (1,000) | 80,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Interest Rate Options [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 0 | (25,000) | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Commodity Forwards [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | 597,000 | 51,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Currency Forwards [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) | (110,000) | 157,000 | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Ramius Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Ramius Vintage Multi-Strategy Master FOF LP [Member] | Affiliated Entity [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[12] | ||||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Tapestry Pooled Account V LLC [Member] | Affiliated Entity [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [11],[13] | 0 | [11],[13] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Independently Advised Portfolio Funds [Member] | Affiliated Entity [Member] | Futures and Global Macro Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 11,873,000 | [11],[14] | 8,078,000 | [11],[14] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Credit-Based Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [13] | 0 | [13] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Event Driven Stategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [15] | 0 | [15] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Hedged Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [16] | 0 | [16] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Multi-strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [17] | 0 | [17] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Fixed Income Arbitrage Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | 0 | [18] | 0 | [18] | ||||||||||||||||||||||||||||||||||||||
RTS Global 3X Fund LP [Member] | Portfolio Funds [Member] | Externally Managed Portfolio Funds [Member] | Opportunistic Equity Strategy [Member]
|
||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Other investments | $ 0 | [19] | ||||||||||||||||||||||||||||||||||||||||
|
Fair Value Measurements for Operating Entities and Consolidated Funds - Assets and Liabilities at Fair Value on a Recurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | $ 400,945 | $ 334,251 | ||||
Operating Companies [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 4,808 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 856,411 | 788,977 | ||||
Liabilities at fair value | 401,778 | 335,008 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 598,745 | 491,607 | ||||
Liabilities at fair value | 392,906 | 333,337 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 231,177 | 274,942 | ||||
Liabilities at fair value | 8,869 | 1,671 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 26,489 | 22,428 | ||||
Liabilities at fair value | 3 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 225,679 | 165,197 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 225,679 | 165,197 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 7,985 | 1,529 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 7,985 | 1,529 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 142,314 | 123,877 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 142,314 | 123,875 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 0 | 2 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | 0 | 401 | 0 |
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities sold, not yet purchased, at fair value | 3 | 0 | 0 | 0 | 0 | 0 |
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Futures [Member] | Derivative Liabilities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 19 | 617 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Futures [Member] | Derivative Liabilities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 19 | 617 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Futures [Member] | Derivative Liabilities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Futures [Member] | Derivative Liabilities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Equity Swap [Member] | Derivative Liabilities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 140 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Equity Swap [Member] | Derivative Liabilities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Equity Swap [Member] | Derivative Liabilities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 140 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Equity Swap [Member] | Derivative Liabilities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Derivative Liabilities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 814 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Derivative Liabilities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Derivative Liabilities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 814 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Derivative Liabilities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Options [Member] | Derivative Liabilities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 24,964 | 43,648 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Options [Member] | Derivative Liabilities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 24,894 | 43,648 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Options [Member] | Derivative Liabilities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 70 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Options [Member] | Derivative Liabilities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Derivative Liabilities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 3 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Derivative Liabilities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Derivative Liabilities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Derivative Liabilities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities | 3 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 206,123 | 182,868 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 206,123 | 182,868 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Bonds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 12,633 | 18,130 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Bonds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Bonds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 12,633 | 18,130 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Bonds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 191,840 | 231,864 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 191,840 | 231,864 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 353,840 | 250,380 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 352,841 | 248,598 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 40 | 713 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 959 | 1,079 | 1,069 | 953 | 490 | 334 |
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 3,494 | 2,759 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 650 | 1,225 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Warrants and Rights [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 2,844 | 3,316 | 1,534 | 3,534 | 2,902 | 1,977 |
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 2,816 | 3,214 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 2,816 | 3,214 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Futures [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 236 | 172 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Futures [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 236 | 172 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Futures [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Futures [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Equity Swap [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 635 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Equity Swap [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Equity Swap [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 635 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Equity Swap [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Forward Contracts [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 16 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Forward Contracts [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Forward Contracts [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 16 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Forward Contracts [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | |||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Options [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 36,520 | 55,699 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Options [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 36,079 | 55,530 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Options [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 441 | 169 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Assets [Member] | Options [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 46,083 | 40,350 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 26,207 | 23,431 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 19,876 | 19,012 | 16,919 | 17,744 | 17,660 | 17,081 |
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate Investments [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 2,079 | 2,353 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate Investments [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate Investments [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate Investments [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 2,079 | 2,579 | 2,353 | 2,289 | 2,102 | 1,882 |
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 731 | 553 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Operating Companies [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 731 | 574 | 553 | 501 | 501 | 313 |
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 230,152 | 235,154 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 1,602 | 2,006 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 12,505 | 12,406 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets at fair value | 216,045 | 220,742 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 1,602 | 2,006 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 1,602 | 2,006 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | US Government Securities [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 401 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 401 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 632 | 3,927 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 632 | 3,927 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 221,380 | 221,480 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 11,873 | 8,078 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Portfolio Funds [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 209,507 | 215,815 | 213,402 | 239,588 | 260,443 | 311,242 |
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Total Estimated Fair Value [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 6,538 | 7,340 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Level 1 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Level 2 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | 0 | 0 | ||||
Consolidated Funds [Member] | Fair Value, Measurements, Recurring [Member] | Lehman Claim [Member] | Level 3 [Member]
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments at fair value | $ 6,538 | $ 5,346 | $ 7,340 | $ 7,320 | $ 7,193 | $ 6,243 |
Investments of Operating Entities and Consolidated Funds - Securities Owned at Fair Value (Details) (USD $)
|
6 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Securities owned, at fair value | 807,266,000 | 744,914,000 | ||||||||||||||
Operating Entities [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Securities owned, at fair value | 807,266,000 | 744,914,000 | ||||||||||||||
Operating Entities [Member] | US Government Securities [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities | 206,123,000 | [1] | 182,868,000 | [1] | ||||||||||||
Operating Entities [Member] | US Government Securities [Member] | Minimum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 0.25% | 0.25% | ||||||||||||||
Operating Entities [Member] | US Government Securities [Member] | Maximum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 1.00% | 8.00% | ||||||||||||||
Operating Entities [Member] | Corporate Bonds [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities | 191,840,000 | [2] | 231,864,000 | [2] | ||||||||||||
Operating Entities [Member] | Corporate Bonds [Member] | Minimum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 3.13% | 3.13% | ||||||||||||||
Operating Entities [Member] | Corporate Bonds [Member] | Maximum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 13.50% | 13.50% | ||||||||||||||
Operating Entities [Member] | Convertible Bonds [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities | 12,633,000 | [3] | 18,130,000 | [3] | ||||||||||||
Debt securities, interest rate | 2.75% | |||||||||||||||
Operating Entities [Member] | Convertible Bonds [Member] | Minimum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 5.25% | |||||||||||||||
Operating Entities [Member] | Convertible Bonds [Member] | Maximum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 5.75% | |||||||||||||||
Operating Entities [Member] | Common Stock [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 353,840,000 | 250,380,000 | ||||||||||||||
Operating Entities [Member] | Options Held [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 36,520,000 | 55,699,000 | ||||||||||||||
Operating Entities [Member] | Derivative [Member] | Receivables from Brokers-Dealers and Clearing Organizations [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Collateral posted | 6,600,000 | 8,100,000 | ||||||||||||||
Operating Entities [Member] | Warrants and Rights [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 3,494,000 | 2,759,000 | ||||||||||||||
Operating Entities [Member] | Credit Default Swaps, Futures and Equity Swap Contracts [Member] | Other Assets [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Derivative Assets | 200,000 | 800,000 | ||||||||||||||
Operating Entities [Member] | Futures and Equity Swap Contracts [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Derivative liabilities | 800,000 | 800,000 | ||||||||||||||
Operating Entities [Member] | Mutual Funds [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 2,816,000 | 3,214,000 | ||||||||||||||
Consolidated Funds [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Securities owned, at fair value | 2,234,000 | 6,334,000 | ||||||||||||||
Consolidated Funds [Member] | Corporate Bonds [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities | 0 | [4] | 401,000 | [4] | ||||||||||||
Debt securities, interest rate | 0.58% | |||||||||||||||
Consolidated Funds [Member] | Commercial Paper [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities | 632,000 | [5] | 3,927,000 | [5] | ||||||||||||
Consolidated Funds [Member] | Government Sponsored Securities [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities | 1,602,000 | [6] | 2,006,000 | [6] | ||||||||||||
Consolidated Funds [Member] | Government Sponsored Securities [Member] | Minimum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 0.32% | 0.32% | ||||||||||||||
Consolidated Funds [Member] | Government Sponsored Securities [Member] | Maximum [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Debt securities, interest rate | 1.74% | 1.74% | ||||||||||||||
Enterprise Master [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Derivative, Fair Value, Net | (15,000) | 53,000 | ||||||||||||||
Securities owned, at fair value | 5,824,000 | 5,827,000 | ||||||||||||||
Enterprise Master [Member] | Common Stock [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 2,147,000 | 2,173,000 | ||||||||||||||
Enterprise Master [Member] | Distressed Debt Securities [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 57,000 | 0 | ||||||||||||||
Enterprise Master [Member] | Preferred Stock [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 984,000 | 1,027,000 | ||||||||||||||
Enterprise Master [Member] | Private Equity [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 303,000 | 276,000 | ||||||||||||||
Enterprise Master [Member] | Restricted Stock [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 29,000 | 47,000 | ||||||||||||||
Enterprise Master [Member] | Rights [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 2,171,000 | 2,173,000 | ||||||||||||||
Enterprise Master [Member] | Warrant [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 5,000 | 3,000 | ||||||||||||||
Enterprise Master [Member] | Currency Forwards [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Derivative, Fair Value, Net | (15,000) | 53,000 | ||||||||||||||
Enterprise Master [Member] | Trade Claims [Member]
|
||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||
Equity securities | 128,000 | 128,000 | ||||||||||||||
|
Redeemable Non-Controlling Interests in Consolidated Subsidiaries (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable non-controlling interests in consolidated subsidiaries | Redeemable non-controlling interests in consolidated subsidiaries and the related net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries are comprised as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries |
|
Fair Value Measurements for Operating Entities and Consolidated Funds - Fair Value Inputs, Unobservable Inputs, Quantitative Information (Details) (Operating Companies [Member], Level 3 [Member], USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2012
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Investments at fair value | $ 4,808 | |||
Assets and liabilities at fair value | 242,531 | |||
Other Assets and Liabilities [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Assets and liabilities at fair value | 237,723 | [1] | ||
Income Approach and Market Approach Valuation Techniques [Member] | Common Stocks [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Investments at fair value | 959 | |||
DCF Discount Rate | 25.00% | |||
Income Approach and Market Approach Valuation Techniques [Member] | Common Stocks [Member] | Minimum [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Valuation Metric | 25.00% | |||
Market Multiple | 9 | |||
Income Approach and Market Approach Valuation Techniques [Member] | Common Stocks [Member] | Maximum [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Valuation Metric | 100.00% | |||
Market Multiple | 10 | |||
Income Approach and Market Approach Valuation Techniques [Member] | Lehman Claim [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Investments at fair value | 731 | |||
DCF Discount Rate | 15.00% | |||
Projected Cash Flow Timing | 1 year | |||
Market Approach Valuation Technique [Member] | Warrants and Rights [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Investments at fair value | 2,841 | |||
Market Approach Valuation Technique [Member] | Warrants and Rights [Member] | Minimum [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Volatility | 20.00% | |||
Market Approach Valuation Technique [Member] | Warrants and Rights [Member] | Maximum [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Volatility | 40.00% | |||
Market Approach, Income Approach and Replacement Cost Valuation Techniques [Member] | Real Estate [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Investments at fair value | $ 277 | |||
Market Approach, Income Approach and Replacement Cost Valuation Techniques [Member] | Real Estate [Member] | Minimum [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Capital Rate | 4.74% | |||
Market Approach, Income Approach and Replacement Cost Valuation Techniques [Member] | Real Estate [Member] | Maximum [Member]
|
||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Capital Rate | 8.75% | |||
|
Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Employee Stock Option [Member]
|
Jun. 30, 2011
Employee Stock Option [Member]
|
Jun. 30, 2012
Employee Stock Option [Member]
|
Jun. 30, 2011
Employee Stock Option [Member]
|
Jun. 30, 2012
Restricted Stock [Member]
|
Jun. 30, 2011
Restricted Stock [Member]
|
Jun. 30, 2012
Restricted Stock [Member]
|
Jun. 30, 2011
Restricted Stock [Member]
|
Jun. 30, 2012
Equity Plans [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Non-employee Director [Member]
Restricted Stock Units (RSUs) [Member]
|
Jun. 30, 2012
Common Stock Class A
|
Dec. 31, 2011
Common Stock Class A
|
Jun. 30, 2012
Common Stock Class A
Restricted Stock [Member]
|
|
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Common stock, shares outstanding | 114,208,268 | 114,047,637 | |||||||||||||||
Share-based compensation, shares outstanding | 420,276 | ||||||||||||||||
Shares available for issuance under compensation plan, in shares | 1,400,000 | 336,895 | |||||||||||||||
Computation of earnings per share: | |||||||||||||||||
Net income (loss) attributable to Cowen Group, Inc. stockholders | $ (7,946) | $ 20,037 | $ (3,951) | $ 20,119 | |||||||||||||
Shares for basic and diluted calculations: | |||||||||||||||||
Weighted average shares used in basic computation | 114,561,000 | 76,330,000 | 114,420,000 | 75,600,000 | |||||||||||||
Shares attributable to share-based payment awards | 0 | 0 | 0 | 0 | 0 | 1,568,000 | 0 | 1,289,000 | |||||||||
Weighted average shares used in diluted computation | 114,561,000 | 77,898,000 | 114,420,000 | 76,889,000 | |||||||||||||
Earnings (loss) per share: | |||||||||||||||||
Basic | $ (0.07) | $ 0.26 | $ (0.03) | $ 0.27 | |||||||||||||
Diluted | $ (0.07) | $ 0.26 | $ (0.03) | $ 0.26 |
Regulatory Requirements
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Brokers and Dealers [Abstract] | |
Regulatory Requirements | Regulatory Requirements As registered broker‑dealers, Cowen and Company, Cowen Capital LLC (formerly known as LaBranche Capital, LLC) and ATM USA are subject to the SEC's Uniform Net Capital Rule 15c3-1 (the “Rule”), which requires the maintenance of minimum net capital. Under the alternative method permitted by the Rule, Cowen and Company's minimum net capital requirement, as defined, is $1.0 million. Under the basic method permitted by the Rule, Cowen Capital LLC is required to maintain minimum net capital, as defined, equivalent to the greater of $1.0 million or 6.667% of aggregate indebtedness. ATM USA is required to maintain minimum net capital, as defined, equivalent to the greater of $5,000 or 6.667% of aggregate indebtedness. The broker-dealers are not permitted to withdraw equity if certain minimum net capital requirements are not met. As of June 30, 2012, Cowen and Company had total net capital of approximately $31.8 million, which was approximately $30.8 million in excess of its minimum net capital requirement of $1.0 million. As of June 30, 2012, Cowen Capital, LLC had total net capital of approximately $3.1 million, which was approximately $2.1 million in excess of its minimum net capital requirement of $1.0 million. As of June 30, 2012, ATM USA had total net capital of approximately $0.2 million, which was approximately $0.1 million in excess of its minimum net capital requirement of $0.1 million. Cowen and Company, Cowen Capital LLC and ATM USA are exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934 as its activities are limited to those set forth in the conditions for exemption appearing in paragraph (k)(2)(ii) of the Rule. Proprietary accounts of introducing brokers (“PAIB”) held at the clearing broker are considered allowable assets for net capital purposes, pursuant to agreements between Cowen and Company, Cowen Capital LLC and ATM USA and the clearing broker, which require, among other things, that the clearing broker performs computations for PAIB and segregates certain balances on behalf of Cowen and Company, Cowen Capital LLC and ATM USA, if applicable. Ramius UK Ltd. (“Ramius UK”) and Cowen International Limited (“CIL”) are subject to the capital requirements of the Financial Services Authority (“FSA”) of the UK. Financial Resources, as defined, must exceed the requirement of the FSA. As of June 30, 2012, Ramius UK's Financial Resources of $0.6 million exceeded its minimum requirement of $0.2 million by $0.4 million. As of June 30, 2012, CIL's Financial Resources of $4.0 million exceeded its minimum requirement of $2.2 million by $1.8 million. During the first quarter of 2012, due to the discontinuation of the LaBranche business, the firm decided to close the operations of CITL (formerly known as LaBranche Structured Products Europe Limited), a registered broker-dealer. On March 8, 2012, CITL was de-registered from the FSA. As of March 31, 2012, CITL was no longer subject to the regulatory capital requirements of the FSA in the United Kingdom. Cowen and Company (Asia) Limited (“CCAL”) (formerly known as Cowen Latitude Advisors Limited) is subject to the financial resources requirements of the Securities and Futures Commission (“SFC”) of Hong Kong. Financial Resources, as defined, must exceed the Total Financial Resources requirement of the SFC. As of June 30, 2012, CCAL's Financial Resources of $0.6 million exceeded the minimum requirement of $0.4 million by $0.2 million. In connection with the Company's decision to discontinue the LaBranche business, the Company decided to liquidate CSPH (formerly known as LaBranche Structured Products Hong Kong Limited), a registered broker-dealer. On June 11, 2012, CSPH was de-registered with the Hong Kong Securities and Futures (Financial Resources) Rules ("FRR"). As of June 30, 2012, CSPH was no longer subject to the regulatory requirements of the FRR in Hong Kong. |
Investments of Operating Entities and Consolidated Funds - Equity Method Investments (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Clawback Obligation [Member]
|
Jun. 30, 2012
Operating Entities [Member]
entities
|
Dec. 31, 2011
Operating Entities [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Net Gains (Losses) on Securities, Derivatives and Other Investments [Member]
|
Jun. 30, 2011
Operating Entities [Member]
Net Gains (Losses) on Securities, Derivatives and Other Investments [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Net Gains (Losses) on Securities, Derivatives and Other Investments [Member]
|
Jun. 30, 2011
Operating Entities [Member]
Net Gains (Losses) on Securities, Derivatives and Other Investments [Member]
|
Jun. 30, 2012
Operating Entities [Member]
CBOE Stock Exchange, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
RCG Longview Partners II, LLC [Member]
Clawback Obligation [Member]
Accounts Payable, Accrued Expenses and Other Liabilities [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investee, Exceeded Threshold for Income Test [Member]
|
Jun. 30, 2011
Operating Entities [Member]
Equity Method Investee, Exceeded Threshold for Income Test [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investee, Exceeded Threshold for Income Test [Member]
|
Jun. 30, 2011
Operating Entities [Member]
Equity Method Investee, Exceeded Threshold for Income Test [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Debt Fund IV Management, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Debt Fund IV Management, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
Healthcare Royalty GP, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
Healthcare Royalty GP, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
Healthcare Royalty GP II, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
Healthcare Royalty GP II, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
CBOE Stock Exchange, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
CBOE Stock Exchange, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
Starboard Value L.P. [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
Starboard Value L.P. [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Partners, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Partners, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Louisiana Manager, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Louisiana Manager, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Urban American, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Urban American, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Urban American Management, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Urban American Management, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Equity Management, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Longview Equity Management, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
Urban American Real Estate Fund II, L.P. [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
Urban American Real Estate Fund II, L.P. [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
RCG Kennedy House, LLC [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
RCG Kennedy House, LLC [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Equity Method Investments [Member]
Equity Method Investee, Other [Member]
|
Dec. 31, 2011
Operating Entities [Member]
Equity Method Investments [Member]
Equity Method Investee, Other [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Minimum [Member]
|
Jun. 30, 2012
Operating Entities [Member]
Maximum [Member]
|
|||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 9.70% | 30.00% | 55.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Number of entities in which Company holds a majority | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | $ 68,336,000 | $ 59,943,000 | $ 68,336,000 | $ 59,943,000 | $ 19,443,000 | $ 16,687,000 | $ 1,254,000 | $ 1,980,000 | $ 629,000 | $ 513,000 | $ 412,000 | $ 258,000 | $ 2,176,000 | $ 2,423,000 | $ 7,328,000 | $ 3,693,000 | $ 1,832,000 | $ 1,569,000 | $ 1,567,000 | $ 1,140,000 | $ 1,319,000 | $ 1,258,000 | $ 532,000 | $ 1,096,000 | $ 196,000 | $ 557,000 | $ 1,488,000 | $ 1,541,000 | $ 383,000 | $ 323,000 | $ 327,000 | $ 336,000 | |||||||||||||||||
Contractual obligation | 6,200,000 | [1] | 6,200,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | 3,600,000 | 1,200,000 | 7,800,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 6,383,000 | 600,000 | 9,651,000 | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Expenses | (2,419,000) | (471,000) | (2,747,000) | (471,000) | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | 20,000 | (4,000) | 57,000 | (4,000) | |||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ 3,984,000 | $ 125,000 | $ 6,961,000 | $ 125,000 | |||||||||||||||||||||||||||||||||||||||||||||
|
Acquisition - Narrative (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
LaBranche and Co Inc. [Member]
|
Jun. 30, 2011
LaBranche and Co Inc. [Member]
|
Jun. 30, 2012
LaBranche and Co Inc. [Member]
|
Jun. 30, 2011
LaBranche and Co Inc. [Member]
|
Jun. 28, 2011
LaBranche and Co Inc. [Member]
|
|
Business Acquisition [Line Items] | ||||||||||
Conversion ratio, shares of Company's stock issued per share of Acquiree's stock | 0.9980 | |||||||||
Shares issued in acquisition, value | $ 156,000,000 | |||||||||
Closing stock price | $ 2.66 | $ 2.66 | $ 2.59 | $ 3.82 | ||||||
Shares outstanding, in shares | 40,931,997 | |||||||||
Net assets acquired | 175,982,000 | |||||||||
Non compete agreements and covenants with limiting conditions acquired | 2,310,000 | |||||||||
Total purchase price | 156,048,000 | |||||||||
Bargain purchase gain recognized | 0 | 22,244,000 | 0 | 22,244,000 | 22,244,000 | |||||
Acquisition related costs | 600,000 | 2,300,000 | ||||||||
Revenues | 59,470,000 | 58,679,000 | 116,949,000 | 122,924,000 | 200,000 | 200,000 | ||||
Net income (loss) attributable to Cowen Group, Inc. stockholders | $ (7,946,000) | $ 20,037,000 | $ (3,951,000) | $ 20,119,000 | $ 200,000 | $ 200,000 |
Subsequent Events (Details) (Common Stock Class A, USD $)
|
6 Months Ended | 1 Months Ended |
---|---|---|
Jun. 30, 2012
|
Aug. 31, 2012
Subsequent Event [Member]
Repurchase of Equity [Member]
|
|
Subsequent Event [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 20,000,000 | $ 15,000,000 |
Short-Term Borrowings and Other Debt (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | As of June 30, 2012 and December 31, 2011, short term borrowings and other debt of the Company were as follows:
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Schedule of Maturities of Long-term Debt and Future Minimum Lease Payments for Capital Leases | Annual scheduled maturities of debt and minimum lease payments for capital lease obligation and short term borrowings and other debt outstanding as of June 30, 2012, are as follows:
|
Investments of Operating Entities and Consolidated Funds - Securities Sold, Not Yet Purchased (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
||||||
---|---|---|---|---|---|---|---|---|
US Government Securities [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, at fair value | $ 225,679 | [1] | $ 165,197 | [1] | ||||
Common Stock [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, at fair value | 142,314 | 123,877 | ||||||
Operating Entities [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, at fair value | 400,945 | 334,251 | ||||||
Operating Entities [Member] | US Government Securities [Member] | Minimum [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, interest rate | 0.19% | 0.13% | ||||||
Operating Entities [Member] | US Government Securities [Member] | Maximum [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, interest rate | 7.41% | 7.41% | ||||||
Operating Entities [Member] | Corporate Bonds [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, at fair value | 7,985 | [2] | 1,529 | [2] | ||||
Operating Entities [Member] | Corporate Bonds [Member] | Minimum [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, interest rate | 5.55% | 5.55% | ||||||
Operating Entities [Member] | Corporate Bonds [Member] | Maximum [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, interest rate | 6.30% | 9.50% | ||||||
Operating Entities [Member] | Options Held [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, at fair value | 24,964 | 43,648 | ||||||
Operating Entities [Member] | Warrants and Rights [Member]
|
||||||||
Investments Sold, Not yet Purchased [Line Items] | ||||||||
Securities sold, not yet purchased, at fair value | $ 3 | $ 0 | ||||||
|
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Income Taxes [Line Items] | ||
Effective income tax rate | (6.59%) | (318.59%) |
Statutory tax rate | 35.00% | 35.00% |
Undistributed earnings of foreign subsidiaries | $ 2.6 | |
Undistributed Earnings of Foreign Subsidiaries [Member]
|
||
Income Taxes [Line Items] | ||
Tax effect if undistributed foreign earnings were repatriated | $ 0.2 |
Share-Based Compensation and Employee Ownership Plans - Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Equity Plans [Member]
|
Jun. 30, 2011
Equity Plans [Member]
|
Jun. 30, 2012
Equity Plans [Member]
|
Jun. 30, 2011
Equity Plans [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Employee Stock Option [Member]
Minimum [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Employee Stock Option [Member]
Maximum [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Shares and Restricted Stock Units (RSUs) [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Stock [Member]
Minimum [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Stock [Member]
Maximum [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Stock Units (RSUs) [Member]
Non-employee Director [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Stock Units (RSUs) [Member]
Non-employee Director [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Stock Units (RSUs) [Member]
Minimum [Member]
|
Jun. 30, 2012
Equity Plans [Member]
Restricted Stock Units (RSUs) [Member]
Maximum [Member]
|
Jan. 02, 2012
Cowen Group, Inc. 2010 Equity and Incentive Plan [Member]
|
Jun. 30, 2012
Cowen Group, Inc. 2010 Equity and Incentive Plan [Member]
|
Jun. 30, 2012
RCG Grants [Member]
|
Jun. 30, 2011
RCG Grants [Member]
|
Jun. 30, 2012
RCG Grants [Member]
|
Jun. 30, 2011
RCG Grants [Member]
|
Jun. 30, 2012
RCG Grants [Member]
Restricted Stock [Member]
|
Jun. 30, 2012
Grants to Non-employee Directors [Member]
Restricted Stock Units (RSUs) [Member]
|
Jun. 30, 2012
Grants to Non-employee Directors [Member]
Restricted Stock Units (RSUs) [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Shares authorized under compensation plan, in shares | 17,725,000 | 17,725,000 | ||||||||||||||||||||
Stock compensation award, vesting period | 2 years | 5 years | 2 years | 5 years | 2 years | 5 years | 3 years | |||||||||||||||
Stock options, initial term | 7 years | |||||||||||||||||||||
Shares available for issuance under compensation plan, in shares | 1,400,000 | 1,400,000 | 336,895 | 336,895 | ||||||||||||||||||
Additional shares authorized under compensation plan, in shares | 8,200,000 | |||||||||||||||||||||
Shares available under compensation plan, as a percentage of outstanding stock | 7.50% | |||||||||||||||||||||
Stock-compensation expense recognized in connection with compensation plan | $ 5.9 | $ 4.9 | $ 10.4 | $ 10.6 | $ 1.6 | $ 1.5 | $ 3.1 | $ 2.9 | ||||||||||||||
Tax benefit of stock-compensation expense recognized in connection with compensation plan | $ 2.3 | $ 2.4 | $ 4.6 | $ 5.1 | $ 0.6 | $ 0.6 | $ 1.2 | $ 1.1 | ||||||||||||||
Shares granted to non-employee board members | 250,002 | 257,004 | 7,002 | 7,002 | ||||||||||||||||||
Shares vested in period | 2,789,649 | 108,237 | 108,237 | 0 |
Investments of Operating Entities and Consolidated Funds - Other Investments (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Investment Holdings [Line Items] | ||
Other investments | $ 68,336 | $ 59,943 |
Operating Entities [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 68,336 | 59,943 |
Operating Entities [Member] | Portfolio Funds [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 46,083 | 40,350 |
Operating Entities [Member] | Real Estate Investments [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 2,079 | 2,353 |
Operating Entities [Member] | Equity Method Investments [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 19,443 | 16,687 |
Operating Entities [Member] | Lehman Claim [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 731 | 553 |
Consolidated Funds [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 227,918 | 228,820 |
Consolidated Funds [Member] | Portfolio Funds [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | 221,380 | 221,480 |
Consolidated Funds [Member] | Lehman Claim [Member]
|
||
Investment Holdings [Line Items] | ||
Other investments | $ 6,538 | $ 7,340 |
Acquisition
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisitions Algorithmic Trading Management, LLC On April 5, 2012, the Company completed its acquisition of all of the outstanding interests in ATM USA, LLC ("ATM USA"), Algorithmic Trading Management, LLC ("ATM LLC") and Algo Trading Management Inc. ("ATM INC") (collectively the “ATM Group”), a provider of global, multi-asset class algorithmic execution trading models. The acquisition was completed in accordance with the definitive sale and purchase agreement, entered into on January 13, 2012, as announced during the first quarter of 2012, for cash. In the aggregate, the purchase price, assets acquired and liabilities assumed were not significant and the near term impact to the Company and its consolidated results of operations and cash flows is not expected to be significant. Post acquisition, the ATM Group will be included in the broker-dealer segment. The acquisition was accounted for under the acquisition method of accounting in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). As such, results of operations for the ATM Group are included in the accompanying condensed consolidated statements of operations since the date of acquisition, and the assets acquired, liabilities assumed and the resulting goodwill were recorded at their fair values within their respective line item on the condensed consolidated statement of financial condition. LaBranche & Co Inc. The acquisition of LaBranche & Co Inc. ("LaBranche") by the Company was consummated after the market close on June 28, 2011. LaBranche's wholly owned subsidiary, Cowen Capital LLC (formerly LaBranche Capital LLC), is a registered broker-dealer and FINRA member firm that prior to the operations being discontinued in the fourth quarter of 2011 operated as a market-maker in exchange traded funds ("ETFs"), engaged in hedging activities in options, ETFs, structured notes, foreign currency securities and futures related to its market-making operations and also conducted principal trading activities in these securities. Under the terms of the Merger Agreement, each outstanding share of LaBranche was converted into 0.9980 shares of Cowen Class A common stock (the "Exchange Ratio"). The consideration received by LaBranche's shareholders was valued at approximately $156.0 million in the aggregate, based on the closing price of Cowen Class A common stock on the NASDAQ Global Select Market of $3.82 on June 28, 2011. This is based on 40,931,997 shares of LaBranche stock that were outstanding on the date of the completion of the acquisition. The acquisition was accounted for under the acquisition method of accounting in accordance with US GAAP. In this case, the acquisition was accounted for as an acquisition by Cowen of LaBranche. As such, results of operations for LaBranche are included in the accompanying condensed consolidated statements of operations since the date of acquisition, and the assets acquired and liabilities assumed were recorded at their estimated fair values. The fair value of Cowen shares issued to LaBranche shareholders was the purchase consideration for the acquisition. Based on the June 28, 2011 purchase price allocation, the fair value of the net identifiable assets acquired and liabilities assumed amounted to $176.0 million (excluding $2.3 million non-compete agreements and covenants with limiting conditions acquired), exceeding the fair value of the purchase price of $156.0 million. As a result, the Company recognized a nonrecurring bargain purchase gain of approximately $22.2 million in the second quarter of 2011, which is included in other income in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2011. As the purchase consideration (the Exchange Ratio) was determined based on the stock price of Cowen on June 28, 2011, the purchase price allocation based on the fair value of LaBranche's net assets at acquisition date reflected in these condensed consolidated financial statements has resulted in a bargain purchase gain. The following table summarizes the purchase price allocation of net tangible and intangible assets acquired as of June 28, 2011:
The Company believes that all of the acquired receivables and contractual amounts receivable as reflected above in the allocation of the purchase price are recorded at fair value. The Company recognized approximately $0.6 million and $2.3 million of acquisition-related costs, including legal, accounting, and valuation services, for the three and six months ended June 30, 2011, respectively. These costs are included in professional, advisory and other fees and other expenses in the condensed consolidated statements of operations. Included in the accompanying condensed consolidated statements of operations for the three months and six months ended June 30, 2011 are revenues of $0.2 million and a net income of $0.2 million related to LaBranche's results of operations for the period from June 29, 2011 through June 30, 2011. During the fourth quarter of 2011, the subsidiaries acquired through the LaBranche acquisition were discontinued. As a result, no unaudited supplemental proforma information is presented. |
Share-Based Compensation and Employee Ownership Plans - Deferred Compensation (Details) (Cowen Group, Inc. 2010 Equity and Incentive Plan [Member], Deferred Cash Award [Member], USD $)
In Millions, unless otherwise specified |
1 Months Ended | 6 Months Ended |
---|---|---|
Feb. 29, 2012
|
Jun. 30, 2012
|
|
Cowen Group, Inc. 2010 Equity and Incentive Plan [Member] | Deferred Cash Award [Member]
|
||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred cash awards granted | $ 16.5 | |
Deferred cash awards, vesting period | 5 years | |
Deferred cash award, interest rate | 0.75% | |
Deferred cash awards, unrecognized compensation expense | $ 14.9 |