Marketable Securities

9 Months Ended

Sep. 30, 2011

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

The Company's marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company's marketable securities is summarized as follows:

September 30, 2011
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Affiliated mutual funds and variable insurance funds		9,153		(1,350	)		888		8,691
Equity securities		796		(14	)		—		782
Available-for-sale:
Affiliated closed-end funds		2,197		(58	)		122		2,261
Total marketable securities		12,146		(1,422	)		1,010		11,734
December 31, 2010
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Affiliated mutual funds	$	8,368	$	(1,169	)	$	1,158	$	8,357
Available-for-sale:
Affiliated closed-end funds		1,981		(68	)		3		1,916
Total marketable securities	$	10,349	$	(1,237	)	$	1,161	$	10,273

At September 30, 2011 and December 31, 2010, all of the Company's financial instruments that are measured at fair value, which consist solely of mutual funds and marketable securities, utilize a Level 1 valuation technique which, as defined in Accounting Standards Update ("ASU") 820, Fair Value Measurements and Disclosures, are quoted prices in active markets for identical assets or liabilities.