Harris Bankcorp Related Party Transactions

9 Months Ended

Sep. 30, 2011

Harris Bankcorp Related Party Transactions [Abstract]

Harris Bankcorp Related Party Transactions

8. BMO Bankcorp Related Party Transactions

Effective as of December 31, 2008, BMO Bankcorp owns 100% of the Company's outstanding shares of Series B Convertible Preferred Stock. See Note 13 Subsequent Events for additional information. The Company acquired the rights to advise, distribute and administer the Insight Funds from Harris Investment Management, Inc. ("Harris"), a subsidiary of BMO Bankcorp, in May 2006, as further discussed in Note 11. Harris and BMO Bankcorp are related parties of the Company.

Sub-advisory investment management fees, pursuant to its strategic partnership agreement with Harris, which are netted against investment management fees in the Company's Condensed Consolidated Statements of Operations, and distribution and administration expenses paid or payable to Harris are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
($ in thousands)
Sub-advisory investment management fees	$	657	$	870	$	2,274	$	3,165
Distribution and administration expenses		6		167		124		415
Total fees and expenses related to Harris	$	663	$	1,037	$	2,398	$	3,580

At September 30, 2011 and December 31, 2010, $0.2 million and $0.5 million, respectively, were payable to Harris and its affiliates related to sub-advisory investment management fees, and distribution and administration expenses.