XML 50 R31.htm IDEA: XBRL DOCUMENT

Contingent Payments	3 Months Ended
Contingent Payments	Mar. 31, 2021
Contingent Payments [Abstract]
Contingent Payments	22. Contingent Payments The Company recognizes contingent payments when the contingency is resolved and the gain is realized. AdvisorEngine – Sale of Financial Interests On May 4, 2020, the Company closed a transaction to exit its investment in AdvisorEngine. The fair value of upfront consideration paid to the Company was $9,592. Consideration also included contingent payments totaling up to $10,408 which will be payable only upon AdvisorEngine achieving certain revenue milestones during the first through fourth anniversaries of such exit. No value has been ascribed to these contingent payments at March 31, 2021 and December 31, 2020. During the three months ended March 31, 2020, the Company recognized an impairment of $19,672 to adjust the carrying value of its previously held financial interests in AdvisorEngine to fair value. In the following quarter, the Company subsequently recognized a gain of $1,093 arising from an adjustment to the estimate fair value of consideration received. These fair value adjustments were based upon the final sale terms as disclosed above. Sale of Canadian ETF Business On February 19, 2020, the Company completed the sale of all the outstanding shares of WTAMC to CI Financial Corp. The Company received CDN $3,720 (USD $2,774) in cash at closing and will receive additional cash consideration of CDN $2,000 to $8,000, depending on the achievement of certain AUM growth targets over the next three years. The Company recorded CDN $2,000 in other receivables on the Consolidated Statements of Financial Condition at March 31, 2021 and December 31, 2020. In connection with this sale, the Company recognized a gain of $2,877 during the three months ended March 31, 2020 which was recorded in other losses, net on the Consolidated Statements of Operations. This gain represents the difference between the minimum cash consideration payable to the Company and the carrying value of WTAMC’s net assets upon disposition.