Investments

3 Months Ended

Mar. 31, 2020

Schedule of Investments [Abstract]

Investments

Investments

Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 15, at March 31, 2020 and December 31, 2019 were as follows:

(in thousands)	March 31, 2020		December 31, 2019
Investment securities - fair value	$	35,460	$	60,990
Equity method investments (1)	12,575		12,030
Nonqualified retirement plan assets	7,166		8,724
Other investments	1,652		1,462
Total investments	$	56,853	$	83,206

(1) The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.  Therefore, the equity in earnings may not reflect the effects of the market disruption that occurred in the first quarter of 2020.

Investment Securities - fair value

Investment securities - fair value consist of investments in the Company's sponsored funds, separately managed accounts and trading debt securities. The composition of the Company’s investment securities - fair value was as follows:

	March 31, 2020				December 31, 2019
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	26,188	$	24,825	$	44,588	$	47,654
Equity securities	10,902		10,629		11,250		13,320
Debt securities	7		6		44		16
Total investment securities - fair value	$	37,097	$	35,460	$	55,882	$	60,990

For the three months ended March 31, 2020, the Company recognized realized losses of $0.3 million on the sale of its investment securities - fair value. For the three months ended March 31, 2019, the Company recognized realized losses of $0.8 million on investment securities - fair value.