Consolidated Sponsored Investment Products (Tables)

3 Months Ended

Mar. 31, 2014

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 Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013:

	As of
	March 31, 2014			December 31, 2013
($ in thousands)
Total cash	$	2,543		$	531
Total investments		62,086			139,054
All other assets		1,217			9,595
Total liabilities		(2,500	)		(8,435	)
Redeemable noncontrolling interests		(3,867	)		(42,186	)
The Company’s net interests in consolidated sponsored investment products	$	59,479		$	98,559

Consolidated Balance Sheets

The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of March, 31, 2014 and December 31, 2013 and the Condensed Consolidated Statements of Income for the three months ended March 31, 2014 and 2013, respectively:

As of March 31, 2014
	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	$	234,795		$	2,543	$	—		$	237,338
Total investments		161,910			62,086		(59,420	)		164,576
All other assets		182,755			1,217		(59	)		183,913
Total assets	$	579,460		$	65,846	$	(59,479	)	$	585,827
Total liabilities	$	69,364		$	2,559	$	(59	)	$	71,864
Redeemable noncontrolling interests		—			—		3,867			3,867
Equity attributable to stockholders of the Company		510,168			63,287		(63,287	)		510,168
Non-redeemable noncontrolling interests		(72	)		—		—			(72	)
Total liabilities and equity	$	579,460		$	65,846	$	(59,479	)	$	585,827

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 interests		—			—		42,186			42,186
Equity attributable to stockholders of the Company		492,930			140,620		(140,620	)		492,930
Non-redeemable noncontrolling interests		(62	)		—		—			(62	)
Total liabilities and equity	$	594,333		$	149,180	$	(98,559	)	$	644,954

(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

The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 and 2013:

For the Three Months Ended March 31, 2014
	Balance Before Consolidation of Investment Products		Consolidated Sponsored Investment Products			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	107,855	$	—		$	16		$	107,871
Total operating expenses		74,914		315			16			75,245
Operating income (loss)		32,941		(315	)		—			32,626
Total other non-operating income (expense)		2,997		910			(756	)		3,151
Income (loss) before income tax expense		35,938		595			(756	)		35,777
Income tax expense		14,010		—			—			14,010
Net income (loss)		21,928		595			(756	)		21,767
Noncontrolling interests		10		—			161			171
Net income (loss) attributable to the Company	$	21,938	$	595		$	(595	)	$	21,938

For the Three Months Ended March 31, 2013
	Balance Before Consolidation of Investment Products		Consolidated Sponsored Investment Products			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	86,120	$	—		$	48		$	86,168
Total operating expenses		64,884		136			48			65,068
Operating income (loss)		21,236		(136	)		—			21,100
Total other non-operating income (expense)		1,156		851			(472	)		1,535
Income (loss) before income tax expense		22,392		715			(472	)		22,635
Income tax expense		8,450		—			—			8,450
Net income (loss)		13,942		715			(472	)		14,185
Noncontrolling interests		18		—			(243	)		(225	)
Net income (loss) attributable to the Company	$	13,960	$	715		$	(715	)	$	13,960

(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.

Summary of Assets Measured at Fair Value on Recurring Basis

Fair Value Measurements of Consolidated Sponsored Investment Products

The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 by fair value hierarchy level were as follows:

March 31, 2014
	Level 1		Level 2		Level 3		Total
($ in thousands)
Debt securities	$	—	$	52,925	$	—	$	52,925
Equity securities		9,161		—		—		9,161
Total Investments of Consolidated Sponsored Investment Products at Fair Value	$	9,161	$	52,925	$	—	$	62,086

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