Investments

12 Months Ended

Dec. 31, 2022

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 CIP discussed in Note 21, at December 31, 2022 and 2021 were as follows: 

	December 31,
(in thousands)	2022		2021
Investment securities - fair value	$	76,999	$	80,335
Equity method investments (1)	11,448		13,038
Nonqualified retirement plan assets	10,154		13,321
Other investments	1,729		2,196
Total investments	$	100,330	$	108,890

(1)The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.

Investment Securities - Fair Value

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

	December 31, 2022				December 31, 2021
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value:
Sponsored funds	$	67,472	$	62,744	$	63,090	$	66,326
Equity securities	13,440		14,255		10,659		14,009
Total investment securities - fair value	$	80,912	$	76,999	$	73,749	$	80,335

 

For the years ended December 31, 2022, 2021 and 2020, the Company recognized a net realized loss of $1.4 million, and gains of $5.0 million and $4.7 million, respectively, on the sale of its investment securities - fair value.

Equity Method Investments

The Company's equity method investments primarily consist of a minority investment in an affiliated manager and an investment in a limited partnership. For the years ended December 31, 2022, 2021 and 2020, distributions from equity method investments were $2.2 million, $3.7 million and $1.2 million, respectively. The remaining capital commitment for one of the Company's equity method investments at December 31, 2022 was $0.2 million.

Nonqualified Retirement Plan Assets

The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. Each participant is responsible for designating investment options for their contributions, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320; the associated obligations to participants are included in other liabilities on the Consolidated Balance Sheets.

Other Investments

Other investments represent interests in entities not accounted for under the equity method such as those accounted for under the cost method.