Business Combination (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the initial estimate of amounts of identified acquired assets and liabilities assumed as of the acquisition date:



	June 1, 2017
($ in thousands)
Assets:
Cash and cash equivalents	39,343
Investments	5,516
Accounts receivable	19,941
Assets of consolidated investment products ("CIP")
Cash and cash equivalents of CIP	38,261
Investments of CIP	902,493
Other assets of CIP	21,158
Furniture, equipment and leasehold improvements	5,505
Intangible assets	275,700
Goodwill	164,382
Deferred taxes, net	5,573
Other assets	3,003
Total Assets	1,480,875
Liabilities
Accrued compensation and benefits	18,263
Accounts payable and accrued liabilities	11,938
Other liabilities	2,601
Liabilities of consolidated investment products ("CIP")
Notes payable of CIP	770,160
Securities purchased payable and other liabilities of CIP	115,100
Noncontrolling Interests of CIP	15,731
Total Liabilities & Noncontrolling Interests	933,793
Total Net Assets Acquired	547,082

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

In connection with the allocation of the purchase price, we identified indefinite-lived trade names with an estimated fair value of $8.7 million as well as the following definite-lived intangible assets:



	June 1, 2017
	Approximate Fair Value		Weighted Average of Useful Life
($ in thousands)
Mutual Fund Investment Contracts	189,200		16.0 years
Institutional and Retail Separate Account Investment Contracts	77,000		10.4 years
Trademarks/Trade Names	$	800	10.0 years
Total Finite-Lived Intangible Assets	$	267,000

Pro Forma Information

Income of the acquired business subsequent to the effective closing date of the Acquisition of June 1, 2017 within the quarter ended June 30, 2017, was as follows:



	One Month Ended
	June 30, 2017
($ in thousands)
Total Revenues	11,536
Restructuring and severance	8,396
All other operating expenses	8,564
Operating Loss	(5,424	)
Loss Before Income Taxes	(5,398	)

The following Unaudited Pro Forma Condensed Consolidated Results of Operations are provided for illustrative purposes only and assume that the acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the transaction had been consummated on January 1, 2016. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future.



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017		2016
($ in thousands, except per share amounts)
Total Revenues	$	119,803		$	115,713		$	237,395	$	231,081
Net (Loss) Income Attributable to Common Stockholders	$	(2,724	)	$	(1,124	)	$	9,982	$	6,503

Basic EPS	$	(0.39	)	$	(0.13	)	$	1.47	$	1.26
Diluted EPS	$	(0.39	)	$	(0.13	)	$	1.42	$	0.75