Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions

13. Related Party Transactions

BMO Related Party Transactions

Effective as of December 31, 2008, BMO owned 100% of the Company’s outstanding shares of Series B. In May 2006, the Company acquired the rights to advise, distribute and administer the Insight Funds from Harris, a subsidiary of BMO. Harris and BMO 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 Consolidated Statements of Operations, and distribution and administration fee expenses paid or payable to Harris, are summarized as follows:

	Years Ended December 31,
	2012		2011		2010
($ in thousands)
Sub-advisory investment management fees	$	2,089	$	2,919	$	4,039
Distribution and administration expenses		6		124		583
Total fees and expenses related to Harris	$	2,095	$	3,043	$	4,622

At December 31, 2012 and 2011, $0.1 million and $0.2 million, respectively, were payable to Harris and its affiliates related to sub-advisory investment management fees and distribution fees in accordance with the above agreement. At December 31, 2009, $0.4 million was payable to Harris and its affiliates related to the money market earn-out obligation in accordance with the above agreement. The final annual money market earn out payment of $0.8 million, for the measurement period ended in May 2010, was made on August 18, 2010.