Consolidated Sponsored Investment Products (Tables)

12 Months Ended

Dec. 31, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balances of Consolidated Sponsored Investment Products

The following table presents the balances of the consolidated sponsored investment products that were reflected in the Consolidated Balance Sheets as of December 31, 2013 and 2012:

	As of December 31,
	2013			2012
($ in thousands)
Total cash	$	531		$	14
Total investments		139,054			43,227
All other assets		9,595			683
Total liabilities		(8,435	)		(377	)
Redeemable noncontrolling interest		(42,186	)		(3,163	)
The Company’s net interests in consolidated sponsored investment products	$	98,559		$	40,384

Consolidated Balance Sheets

The following tables reflect the impact of the consolidated sponsored investment products in the Consolidated Balance Sheets as of December 31, 2013 and 2012 and the Consolidated Statements of Income for the years ended December 31, 2013 and 2012, respectively. The Company had no consolidated sponsored investment products during the year ended December 31, 2011:

As of December 31, 2013
	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Consolidated Balance Sheet
($ in thousands)
Total cash	$	271,014		$	531	$	—		$	271,545
Total investments		135,692			139,054		(98,434	)		176,312
All other assets		187,627			9,595		(125	)		197,097
Total assets	$	594,333		$	149,180	$	(98,559	)	$	644,954
Total liabilities		101,465			8,560		(125	)		109,900
Redeemable noncontrolling interest		—			—		42,186			42,186
Equity attributable to stockholders of the Company		492,930			140,620		(140,620	)		492,930
Non-redeemable noncontrolling interest		(62	)		—		—			(62	)
Total liabilities and equity	$	594,333		$	149,180	$	(98,559	)	$	644,954

As of December 31, 2012
	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Consolidated Balance Sheet
($ in thousands)
Total cash	$	63,432		$	14	$	—		$	63,446
Total investments		58,830			43,227		(40,397	)		61,660
All other assets		206,947			683		13			207,643
Total assets	$	329,209		$	43,924	$	(40,384	)	$	332,749
Total liabilities		84,738			364		13			85,115
Redeemable noncontrolling interest		—			—		3,163			3,163
Equity attributable to stockholders of the Company		244,474			43,560		(43,560	)		244,474
Non-redeemable noncontrolling interest		(3	)		—		—			(3	)
Total liabilities and equity	$	329,209		$	43,924	$	(40,384	)	$	332,749

(a) Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.

Consolidated Statements of Income

For the Year Ended December 31, 2013
	Balance Before Consolidation of Investment Products		Consolidated Sponsored Investment Products			Eliminations and Adjustments (a)			Balances as Reported in Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	389,202	$	—		$	13		$	389,215
Total operating expenses		274,913		785			13			275,711
Operating income (loss)		114,289		(785	)		—			113,504
Total other non-operating income (expense)		5,620		6,098			(3,314	)		8,404
Income (loss) before income tax expense		119,909		5,313			(3,314	)		121,908
Income tax expense		44,778		—			—			44,778
Net income (loss)		75,131		5,313			(3,314	)		77,130
Noncontrolling interests		59		—			(1,999	)		(1,940	)
Net income (loss) attributable to the Company	$	75,190	$	5,313		$	(5,313	)	$	75,190

For the Year Ended December 31, 2012
	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products			Eliminations and Adjustments (a)			Balances as Reported in Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	279,919		$	—		$	167		$	280,086
Total operating expenses		219,326			148			167			219,641
Operating income (loss)		60,593			(148	)		—			60,445
Total other non-operating income (expense)		4,106			2,649			(2,397	)		4,358
Income (loss) before income tax expense		64,699			2,501			(2,397	)		64,803
Income tax expense		27,030			—			—			27,030
Net income (loss)		37,669			2,501			(2,397	)		37,773
Noncontrolling interests		3			—			(104	)		(101	)
Allocation of earnings to preferred stockholders		(64	)		—			—			(64	)
Net income (loss) attributable to the Company	$	37,608		$	2,501		$	(2,501	)	$	37,608

(a) Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.

Schedule of Trading Securities

Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored mutual funds in which the Company has an investment and are consolidated by the Company. They are summarized as follows:

December 31, 2013
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading debt securities	$	48,994	$	(2,097	)	$	217	$	47,114
Trading equity securities		84,862		(882	)		7,960		91,940
Total Investments of Consolidated Sponsored Investment Products	$	133,856	$	(2,979	)	$	8,177	$	139,054

December 31, 2012
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading debt securities	$	24,830	$	(21	)	$	1,003	$	25,812
Trading equity securities		16,537		(144	)		1,022		17,415
Total Investments of Consolidated Sponsored Investment Products	$	41,367	$	(165	)	$	2,025	$	43,227

Summary of Assets Measured at Fair Value on Recurring Basis

The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows:

December 31, 2013
	Level 1		Level 2		Level 3		Total
($ in thousands)
Debt securities	$	—	$	47,114	$	—	$	47,114
Equity securities		91,940		—		—		91,940
Total Investments of Consolidated Sponsored Investment Products at Fair Value	$	91,940	$	47,114	$	—	$	139,054

December 31, 2012
	Level 1		Level 2		Level 3		Total
($ in thousands)
Debt securities	$	—	$	25,812	$	—	$	25,812
Equity securities		10,092		7,323		—		17,415
Total Investments of Consolidated Sponsored Investment Products at Fair Value	$	10,092	$	33,135	$	—	$	43,227