Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

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 investment products discussed in Note 19, as of December 31, 2018 and December 31, 2017, by fair value hierarchy level were as follows:

December 31, 2018
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	158,596	$	—	$	—	$	158,596
Investment securities - fair value
Sponsored funds	40,191		—		—		40,191
Equity securities	16,981		—		—		16,981
Trading debt securities	—		—		2,099		2,099
Investment securities - available for sale	—		—		2,023		2,023
Nonqualified retirement plan assets	6,716		—		—		6,716
Total assets measured at fair value	$	222,484	$	—	$	4,122	$	226,606

December 31, 2017
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	72,993	$	—	$	—	$	72,993
Investment securities - equity
Sponsored funds	50,614		—		—		50,614
Equity securities	15,810		—		—		15,810
Trading debt securities	—		—		2,677		2,677
Investment securities - available for sale	—		18,900		1,762		20,662
Nonqualified retirement plan assets	6,706		—		—		6,706
Total assets measured at fair value	$	146,123	$	18,900	$	4,439	$	169,462

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

As of December 31, 2018
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	51,363	$	—	$	—	$	51,363
Debt investments	5,306		1,724,714		6,848		1,736,868
Equity investments	12,700		—		—		12,700
Total assets measured at fair value	$	69,369	$	1,724,714	$	6,848	$	1,800,931
Liabilities
Notes payable	$	—	$	1,620,260	$	—	$	1,620,260
Short sales	707		—		—		707
Total liabilities measured at fair value	$	707	$	1,620,260	$	—	$	1,620,967

As of December 31, 2017
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	82,769	$	—	$	—	$	82,769
Debt investments	—		1,527,845		33,887		1,561,732
Equity investments	35,126		—		894		36,020
Total assets measured at fair value	$	117,895	$	1,527,845	$	34,781	$	1,680,521
Liabilities
Notes payable	$	—	$	1,457,435	$	—	$	1,457,435
Derivatives	2		—		—		2
Short sales	719		—		—		719
Total liabilities measured at fair value	$	721	$	1,457,435	$	—	$	1,458,156

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 for Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Twelve Months Ended December 31,
($ in thousands)	2018			2017
Level 3 Investments (a)
Balance at beginning of period	$	4,439		$	—
Acquired in business combination	—			2,916
Purchases	1,326			2,370
Change in unrealized gain (loss), net	(1,643		)	(847		)
Balance at end of period	$	4,122		$	4,439

^(a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

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

	Year Ended December 31,
($ in thousands)	2018			2017
Level 3 Securities (a)
Balance at Balance at beginning of period	$	34,781		$	25
Purchases	7,122			3,174
Sales	(13,895		)	(3,357		)
Paydowns	—			—
Amortization	19			9
Change in unrealized gains (losses), net	1,993			434
Realized gains (loss), net	562			(49		)
Acquired in business combination	—			9,151
Transfers to Level 2	(33,873		)	(35,258		)
Transfers from Level 2	10,139			60,652
Balance at end of period	$	6,848		$	34,781

(a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.