Business Combination (Tables)

9 Months Ended

Sep. 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	163,365
Deferred taxes, net	6,590
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 the following intangible assets:



	June 1, 2017
	Approximate Fair Value		Weighted Average of Useful Life
($ in thousands)
Definite-lived intangible assets:
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
Indefinite-lived intangible assets:
Trade names	8,700		N/A
Total identifiable intangible assets	$	275,700

Pro Forma Information

Income of the Acquired Business subsequent to the effective closing date of the Acquisition of June 1, 2017, for the quarter and four months ended September 30, 2017, was as follows:



	Three Months Ended		Four Months Ended
	September 30, 2017		September 30, 2017
($ in thousands)
Total Revenues	$	32,478	$	44,014
Restructuring and severance	$	1,453	$	9,849
All other operating expenses	$	23,685	$	32,249
Operating Income (Loss)	$	1,648	$	(3,776	)
Income (Loss) Before Income Taxes	$	5,446	$	48

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 September 30,			Nine Months Ended September 30,
		2016		2017		2016
($ in thousands, except per share amounts)
Total Revenues		$	118,010	$	361,070	$	349,091
Net Income Attributable to Common Stockholders		$	13,696	$	29,975	$	19,759

Basic EPS		$	1.74	$	3.42	$	2.39
Diluted EPS		$	1.70	$	3.31	$	2.34