Consolidation (Tables)

6 Months Ended

Jun. 30, 2016

Variable Interest Entity [Line Items]

Condensed Consolidated Balance Sheets

The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015:

As of June 30, 2016

	Balance Before Consolidation of Investment  Products			Consolidated Sponsored Investment Products-VOEs		Consolidated Sponsored Investment Product-VIE		Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Total cash and cash equivalents	$	155,532		$	1,209	$	891	$	91,044	$	—		$	248,676
Total investments	223,994			91,669		38,727		344,886		(132,258		)	567,018
All other assets	150,860			2,245		350		6,077		(223		)	159,309
Total assets	$	530,386		$	95,123	$	39,968	$	442,007	$	(132,481	)	$	975,003
Total liabilities	$	64,280		$	2,814	$	374	$	442,007	$	(27,723	)	$	481,752
Redeemable noncontrolling interest	—			—		—		—		27,145			27,145
Equity attributable to stockholders of the Company	466,273			92,309		39,594		—		(131,903		)	466,273
Non-redeemable noncontrolling interest	(167		)	—		—		—		—			(167		)
Total liabilities and equity	$	530,386		$	95,123	$	39,968	$	442,007	$	(132,481	)	$	975,003

As of December 31, 2015

	Balance Before Consolidation of Investment  Products			Consolidated Sponsored Investment Products-VOEs		Consolidated Sponsored Investment Product-VIE		Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Total cash and cash equivalents	$	87,574		$	11,408	$	458	$	8,297	$	—		$	107,737
Total investments	349,147			291,247		32,088		199,485		(292,409		)	579,558
All other assets	162,673			8,281		268		1,467		(255		)	172,434
Total assets	$	599,394		$	310,936	$	32,814	$	209,249	$	(292,664	)	$	859,729
Total liabilities	$	89,937		$	15,181	$	461	$	171,084	$	(255	)	$	276,408
Redeemable noncontrolling interest	—			—		—		—		73,864			73,864
Equity attributable to stockholders of the Company	509,624			295,755		32,353		38,165		(366,273		)	509,624
Non-redeemable noncontrolling interest	(167		)	—		—		—		—			(167		)
Total liabilities and equity	$	599,394		$	310,936	$	32,814	$	209,249	$	(292,664	)	$	859,729

(a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 13, as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows:

June 30, 2016

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	121,552	$	—	$	—	$	121,552
Marketable securities trading:
Sponsored funds	66,465		—		—		66,465
Equity securities	10,200		—		—		10,200
Marketable securities available-for-sale:
Sponsored closed-end funds	3,569		—		—		3,569
Other investments:
Nonqualified retirement plan assets	5,430		—		—		5,430
Total assets measured at fair value	$	207,216	$	—	$	—	$	207,216

December 31, 2015

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	54,772	$	—	$	—	$	54,772
Marketable securities trading:
Sponsored funds	29,331		—		—		29,331
Equity securities	9,168		—		—		9,168
Marketable securities available-for-sale:
Sponsored closed-end funds	2,997		—		—		2,997
Other investments
Nonqualified retirement plan assets	5,310		—		—		5,310
Total assets measured at fair value	$	101,578	$	—	$	—	$	101,578

Condensed Consolidated Statements of Operations

The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2016 and 2015:

For the Three Months Ended June 30, 2016

	Balance  Before Consolidation of Investment  Products		Consolidated Sponsored Investment Products-VOEs			Consolidated Sponsored Investment Product-VIE			Consolidated Investment Product - VIE			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	80,058	$	—		$	—		$	—		$	27		$	80,085
Total operating expenses	66,723		556			89			3,947			27			71,342
Operating income (loss)	13,335		(556		)	(89		)	(3,947		)	—			8,743
Total other non-operating income, net	840		3,947			845			3,947			(3,535		)	6,044
Income before income taxes	14,175		3,391			756			—			(3,535		)	14,787
Income taxes	6,087		—			—			—			—			6,087
Net income	8,088		3,391			756			—			(3,535		)	8,700
Noncontrolling interests	—		—			—			—			(612		)	(612		)
Net income attributable to common stockholders	$	8,088	$	3,391		$	756		$	—		$	(4,147	)	$	8,088

For the Three Months Ended June 30, 2015

	Balance  Before Consolidation of Investment  Products			Consolidated Sponsored Investment Products-VOEs			Consolidated Sponsored Investment Product-VIE			Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	100,052		$	—		$	—		$	—	$	(396	)	$	99,656
Total operating expenses	82,491			43			1,310			—		(396		)	83,448
Operating income (loss)	17,561			(43		)	(1,310		)	—		—			16,208
Total other non-operating income, net	(127		)	101			(245		)	—		898			627
Income (loss) before income taxes	17,434			58			(1,555		)	—		898			16,835
Income taxes	7,823			—			—			—		—			7,823
Net income (loss)	9,611			58			(1,555		)	—		898			9,012
Noncontrolling interests	166			—			—			—		599			765
Net income (loss) attributable to common stockholders	$	9,777		$	58		$	(1,555	)	$	—	$	1,497		$	9,777

(a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest.

For the Six Months Ended June 30, 2016

	Balance Before Consolidation of Investment  Products		Consolidated Sponsored Investment Products-VOEs			Consolidated Sponsored Investment Product-VIE			Consolidated Investment Product - VIE			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	160,562	$	—		$	—		$	—		$	(182	)	$	160,380
Total operating expenses	133,080		1,822			164			4,003			(182		)	138,887
Operating income (loss)	27,482		(1,822		)	(164		)	(4,003		)	—			21,493
Total other non-operating income, net	6,612		6,678			1,370			6,508			(8,448		)	12,720
Income before income taxes	34,094		4,856			1,206			2,505			(8,448		)	34,213
Income taxes	13,643		—			—			—			—			13,643
Net income	20,451		4,856			1,206			2,505			(8,448		)	20,570
Noncontrolling interests	—		—			—			—			(119		)	(119		)
Net income attributable to common stockholders	$	20,451	$	4,856		$	1,206		$	2,505		$	(8,567	)	$	20,451

For the Six Months Ended June 30, 2015

	Balance Before Consolidation of Investment  Products		Consolidated Sponsored Investment Products-VOEs			Consolidated Sponsored Investment Product-VIE			Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	204,284	$	—		$	—		$	—	$	(797	)	$	203,487
Total operating expenses	160,962		80			2,492			—		(797		)	162,737
Operating income (loss)	43,322		(80		)	(2,492		)	—		—			40,750
Total other non-operating income, net	4,288		363			4,407			—		(2,380		)	6,678
Income before income taxes	47,610		283			1,915			—		(2,380		)	47,428
Income taxes	18,691		—			—			—		—			18,691
Net income	28,919		283			1,915			—		(2,380		)	28,737
Noncontrolling interests	200		—			—			—		182			382
Net income attributable to common stockholders	$	29,119	$	283		$	1,915		$	—	$	(2,198	)	$	29,119

(a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest.

Consolidated Sponsored Investment Products [Member]

Variable Interest Entity [Line Items]

Condensed Consolidated Balance Sheets

The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015:

	As of
	June 30, 2016						December 31, 2015
	VOEs			VIE			VOEs			VIE
($ in thousands)
Total cash and cash equivalents	$	1,209		$	891		$	11,408		$	458
Total investments	91,669			38,727			291,247			32,088
All other assets	2,244			350			8,281			268
Total liabilities	(2,753		)	(320		)	(14,948		)	(439		)
Redeemable noncontrolling interests	(7,825		)	(19,320		)	(61,236		)	(12,628		)
The Company’s net interests in consolidated sponsored investment products	$	84,544		$	20,328		$	234,752		$	19,747

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows:

As of June 30, 2016

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Debt securities	$	—	$	94,996	$	89	$	95,085
Equity securities	26,931		8,380		—		35,311
Derivatives	—		—		—		—
Total Assets Measured at Fair Value	$	26,931	$	103,376	$	89	$	130,396
Liabilities
Derivatives	$	—	$	136	$	—	$	136
Short sales	715		—		—		715
Total Liabilities Measured at Fair Value	$	715	$	136	$	—	$	851

As of December 31, 2015

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Debt securities	$	—	$	151,156	$	1,397	$	152,553
Equity securities	162,986		7,796		—		170,782
Derivatives	33		738		—		771
Total Assets Measured at Fair Value	$	163,019	$	159,690	$	1,397	$	324,106
Liabilities
Derivatives	$	128	$	844	$	—	$	972
Short sales	5,334		75		—		5,409
Total Liabilities Measured at Fair Value	$	5,462	$	919	$	—	$	6,381

Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value

The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Six Months Ended June 30,
($ in thousands)	2016			2015
Level 3 Debt securities (a)
Balance at beginning of period	$	1,397		$	1,065
Realized losses, net	(356		)	—
Purchases	151			—
Paydowns	(5		)	(3		)
Sales	(1,449		)	—
Transferred to Level 2	—			(162		)
Transfers from Level 2	1			—
Change in unrealized gain, net	350			(48		)
Balance at end of period	$	89		$	852

(a) None of the securities reflected in the table were internally fair valued at June 30, 2016 or June 30, 2015. The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs.

Consolidated Investment Product [Member]

Variable Interest Entity [Line Items]

Condensed Consolidated Balance Sheets

The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015:

	As of
	June 30, 2016			December 31, 2015
($ in thousands)
Total cash equivalents	$	91,044		$	8,297
Total investments	344,886			199,485
Other assets	6,078			1,467
Debt	—			(152,597		)
Notes payable	(319,716		)	—
Securities purchased payable and other liabilities	(94,790		)	(18,487		)
The Company’s net interests in the consolidated investment product	$	27,502		$	38,165

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows:

As of June 30, 2016:

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	91,044	$	—	$	—	$	91,044
Bank loans	—		344,886		—		344,886
Total Assets Measured at Fair Value	$	91,044	$	344,886	$	—	$	435,930
Liabilities
Notes payable	$	—	$	319,716	$	—	$	319,716
Total Liabilities Measured at Fair Value	$	—	$	319,716	$	—	$	319,716

As of December 31, 2015:

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	8,297	$	—	$	—	$	8,297
Bank loans	—		199,485		—		199,485
Total Assets Measured at Fair Value	$	8,297	$	199,485	$	—	$	207,782