Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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 CIP discussed in Note 21, as of December 31, 2022 and 2021, by fair value hierarchy level were as follows: 

December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	287,126	$	—	$	—	$	287,126
Investment securities - fair value
Sponsored funds	62,744		—		—		62,744
Equity securities	14,255		—		—		14,255
Nonqualified retirement plan assets	10,154		—		—		10,154
Total assets measured at fair value	$	374,279	—		$	—	$	374,279
Liabilities
Contingent consideration	$	—	$	—	$	78,100	$	78,100
Total liabilities measured at fair value	$	—	$	—	$	78,100	$	78,100

December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	307,277	$	—	$	—	$	307,277
Investment securities - fair value
Sponsored funds	66,326		—		—		66,326
Equity securities	14,009		—		—		14,009
Nonqualified retirement plan assets	13,321		—		—		13,321
Total assets measured at fair value	$	400,933	$	—	$	—	$	400,933
Liabilities
Contingent consideration	$	—	$	—	$	88,400	$	88,400
Total liabilities measured at fair value	$	—	$	—	$	88,400	$	88,400

The assets and liabilities of CIP measured at fair value on a recurring basis as of December 31, 2022 and 2021 by fair value hierarchy level were as follows:

As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	249,003	$	—	$	—	$	249,003
Debt investments	243		2,119,082		42,246		2,161,571
Equity investments	25,003		2,204		1,335		28,542
Total assets measured at fair value	$	274,249	$	2,121,286	$	43,581	$	2,439,116
Liabilities
Notes payable	$	—	$	2,083,314	$	—	$	2,083,314
Short sales	414		—		—		414
Total liabilities measured at fair value	$	414	$	2,083,314	$	—	$	2,083,728

As of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	205,192	$	—	$	—	$	205,192
Debt investments	273		2,107,736		2,695		2,110,704
Equity investments	26,111		2,961		462		29,534
Total assets measured at fair value	$	231,576	$	2,110,697	$	3,157	$	2,345,430
Liabilities
Notes payable	$	—	$	2,033,617	$	—	$	2,033,617
Short sales	515		—		—		515
Total liabilities measured at fair value	$	515	$	2,033,617	$	—	$	2,034,132

Schedule of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value

The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

(in thousands)	2022		2021
Contingent consideration, beginning of year	$	88,400	$	—
Additions for acquisitions	1,200		96,000
Reduction of liability for payments made	(19,520)		(20,000)
Increase (reduction) of liability related to re-measurement of fair value, net	8,020		12,400
Contingent consideration, end of year	$	78,100	$	88,400