Marketable Securities

6 Months Ended

Jun. 30, 2012

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:

June 30, 2012
			Unrealized			Unrealized		Fair
	Cost		Loss			Gain		Value
($ in thousands)
Trading:
Sponsored mutual funds and variable insurance funds	$	8,230	($	894	)	$	1,441	$	8,777
Equity securities		3,568		—			329		3,897
Available-for-sale:
Sponsored closed-end funds		2,427		(30	)		318		2,715
Total marketable securities	$	14,225	($	924	)	$	2,088	$	15,389
December 31, 2011
			Unrealized			Unrealized		Fair
	Cost		Loss			Gain		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

At June 30, 2012 and December 31, 2011, all of the Company’s financial instruments that are measured at fair value, which consist solely of mutual funds, equity securities and non-qualified retirement plan assets in a rabbi trust in the amount of $3.1 million and $2.8 million, respectively, utilize a Level 1 valuation technique which, as defined in ASC 820, Fair Value Measurements and Disclosures, is quoted prices in active markets for identical assets or liabilities.