Marketable Securities

12 Months Ended

Dec. 31, 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:

December 31, 2011
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Sponsored mutual funds and variable insurance funds		9,195		(1,263	)		1,048		8,980
Equity securities		3,434		(3	)		115		3,546
Available-for-sale:
Sponsored closed-end funds		2,240		(38	)		267		2,469
Total marketable securities	$	14,869	$	(1,304	)	$	1,430	$	14,995
December 31, 2010
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Sponsored mutual funds	$	8,368	$	(1,169	)	$	1,158	$	8,357
Available-for-sale:
Sponsored closed-end funds		1,981		(68	)		3		1,916
Total marketable securities	$	10,349	$	(1,237	)	$	1,161	$	10,273

At December 31, 2011 and 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 ASC 820, is quoted prices in active markets for identical assets or liabilities.