Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product discussed in Notes 13 and 14, respectively as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows:

September 30, 2015



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	80,950	$	—	$	—	$	80,950
Marketable securities trading:
Sponsored funds	30,538		—		—		30,538
Equity securities	6,645		—		—		6,645
Marketable securities available-for-sale:
Sponsored closed-end funds	2,953		—		—		2,953
Other investments:
Nonqualified retirement plan assets	4,970		—		—		4,970
Total assets measured at fair value	$	126,056	$	—	$	—	$	126,056

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 assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows:

As of September 30, 2015



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Debt securities	$	—	$	147,663	$	926	$	148,589
Equity securities	155,763		7,077		—		162,840
Derivatives	125		633		—		758
Total assets measured at fair value	$	155,888	$	155,373	$	926	$	312,187
Liabilities
Derivatives	$	403	$	917	$	—	$	1,320
Short sales	9,432		423		—		9,855
Total liabilities measured at fair value	$	9,835	$	1,340	$	—	$	11,175

As of December 31, 2014



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Debt securities	$	—	$	135,050	$	1,065	$	136,115
Equity securities	82,417		18,120		—		100,537
Derivatives	154		227		—		381
Total assets measured at fair value	$	82,571	$	153,397	$	1,065	$	237,033
Liabilities
Derivatives	$	191	$	—	$	—	$	191
Short sales	7,491		674		—		8,165
Total liabilities measured at fair value	$	7,682	$	674	$	—	$	8,356

The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis as of September 30, 2015 by fair value hierarchy level were as follows:



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	120	$	—	$	—	$	120
Bank loans	—		131,862		—		131,862
Total Assets Measured at Fair Value	$	120	$	131,862	$	—	$	131,982