Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products discussed in Note 13, as of June 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows:

June 30, 2015

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	141,034	$	—	$	—	$	141,034
Marketable securities trading:
Sponsored funds		31,633		—		—		31,633
Equity securities		9,465		—		—		9,465
Marketable securities available for sale:
Sponsored closed-end funds		3,150		—		—		3,150
Other investments:
Nonqualified retirement plan assets		5,164		—		—		5,164
Total assets measured at fair value	$	190,446	$	—	$	—	$	190,446

December 31, 2014

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	202,054	$	—	$	—	$	202,054
Marketable securities trading:
Sponsored funds		38,312		—		—		38,312
Equity securities		8,740		—		—		8,740
Marketable securities available for sale:
Sponsored closed-end funds		3,199		—		—		3,199
Other investments
Nonqualified retirement plan assets		5,063		—		—		5,063
Total assets measured at fair value	$	257,368	$	—	$	—	$	257,368

The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value.

Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in open-end mutual funds, variable insurance funds and closed-end funds for which the Company acts as the investment manager. The fair value of open-end mutual funds and variable insurance funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price of the exchange they are traded on and are categorized as Level 1.

Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1.

Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.

Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.

Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value. There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2015 and 2014.