Consolidated Investment Product (Tables)

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balances of Consolidated Investment Product

The following table presents the balances of the consolidated investment product that were reflected in the Consolidated Balance Sheet as of December 31, 2015. There was no consolidated investment product at December 31, 2014.



	As of December 31,
	2015
($ in thousands)
Total cash equivalents	$	8,297
Total investments	199,485
Other assets	1,467
Debt	(152,597		)
Securities purchased payable	(18,487		)
The Company’s net interests in the consolidated investment product	$	38,165

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 17 and 18, respectively, as of December 31, 2015 and December 31, 2014, by fair value hierarchy level were as follows:



December 31, 2015
	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	54,772	$	—	$	—	$	54,772
Marketable securities trading:
Sponsored funds	29,331		—		—		29,331
Equity securities	9,168		—		—		9,168
Marketable securities available-for-sale:
Sponsored closed-end funds	2,997		—		—		2,997
Other investments
Nonqualified retirement plan assets	5,310		—		—		5,310
Total assets measured at fair value	$	101,578	$	—	$	—	$	101,578



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 by fair value hierarchy level were as follows:



As of December 31, 2015
	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Debt securities	$	—	$	151,156	$	1,397	$	152,553
Equity securities	162,986		7,796		—		170,782
Derivatives	33		738		—		771
Total assets measured at fair value	$	163,019	$	159,690	$	1,397	$	324,106
Liabilities
Derivatives	$	128	$	844	$	—	$	972
Short sales	5,334		75		—		5,409
Total liabilities measured at fair value	$	5,462	$	919	$	—	$	6,381



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 December 31, 2015 by fair value hierarchy level were as follows:



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	8,297	$	—	$	—	$	8,297
Bank loans	—		199,485		—		199,485
Total Assets Measured at Fair Value	$	8,297	$	199,485	$	—	$	207,782

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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