Intangible Assets

6 Months Ended

Apr. 30, 2020

Intangible Assets [Abstract]

Intangible Assets

9. Intangible Assets

The following is a summary of intangible assets:

April 30, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Client relationships acquired	$	134,247	$	(117,698)	$	16,549
Intellectual property acquired		1,025		(619)		406
Trademark acquired		4,257		(1,699)		2,558
Research system acquired		639		(639)		-
Non-amortizing intangible assets:
Mutual fund management contracts acquired		54,408		-		54,408
Total	$	194,576	$	(120,655)	$	73,921

October 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Client relationships acquired	$	134,247	$	(115,921)	$	18,326
Intellectual property acquired		1,025		(586)		439
Trademark acquired		4,257		(1,558)		2,699
Research system acquired		639		(604)		35
Non-amortizing intangible assets:
Mutual fund management contracts acquired		54,408		-		54,408
Total	$	194,576	$	(118,669)	$	75,907

Amortization expense was $1.0 million and $1.1 million for the three months ended April 30, 2020 and 2019, respectively, and $2.0 million and $2.9 million for the six months ended April 30, 2020 and 2019, respectively. Estimated remaining amortization expense for fiscal 2020 and the next five fiscal years, on a straight-line basis, is as follows:

		Estimated
Year Ending October 31,		Amortization
(in thousands)		Expense
Remaining 2020	$	1,821
2021		2,282
2022		2,154
2023		1,754
2024		1,679
2025		1,639