Consolidation (Tables)

3 Months Ended

Mar. 31, 2016

Variable Interest Entity [Line Items]

Condensed Consolidated Balance Sheets

The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015:

As of March 31, 2016

	Balance Before Consolidation of Investment  Products			Consolidated Sponsored Investment Products-VOEs		Consolidated Sponsored Investment Product-VIE		Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Total cash and cash equivalents	$	50,402		$	8,759	$	289	$	7,440	$	—		$	66,890
Total investments	348,452			165,836		33,794		193,663		(252,558		)	489,187
All other assets	159,796			59,896		4,033		1,585		(83		)	225,227
Total assets	$	558,650		$	234,491	$	38,116	$	202,688	$	(252,641	)	$	781,304
Total liabilities	$	53,264		$	17,323	$	2,971	$	162,018	$	(83	)	$	235,493
Redeemable noncontrolling interest	—			—		—		—		40,425			40,425
Equity attributable to stockholders of the Company	505,553			217,168		35,145		40,670		(292,983		)	505,553
Non-redeemable noncontrolling interest	(167		)	—		—		—		—			(167		)
Total liabilities and equity	$	558,650		$	234,491	$	38,116	$	202,688	$	(252,641	)	$	781,304

As of December 31, 2015

	Balance Before Consolidation of Investment  Products			Consolidated Sponsored Investment Products-VOEs		Consolidated Sponsored Investment Product-VIE		Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Total cash and cash equivalents	$	87,574		$	11,408	$	458	$	8,297	$	—		$	107,737
Total investments	349,147			291,247		32,088		199,485		(292,409		)	579,558
All other assets	162,673			8,281		268		1,467		(255		)	172,434
Total assets	$	599,394		$	310,936	$	32,814	$	209,249	$	(292,664	)	$	859,729
Total liabilities	$	89,937		$	15,181	$	461	$	171,084	$	(255	)	$	276,408
Redeemable noncontrolling interest	—			—		—		—		73,864			73,864
Equity attributable to stockholders of the Company	509,624			295,755		32,353		38,165		(366,273		)	509,624
Non-redeemable noncontrolling interest	(167		)	—		—		—		—			(167		)
Total liabilities and equity	$	599,394		$	310,936	$	32,814	$	209,249	$	(292,664	)	$	859,729

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

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, which are separately discussed in Note 12, as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows:

March 31, 2016

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	28,617	$	—	$	—	$	28,617
Marketable securities trading:
Sponsored funds	66,144		—		—		66,144
Equity securities	10,048		—		—		10,048
Marketable securities available-for-sale:
Sponsored closed-end funds	3,313		—		—		3,313
Other investments:
Nonqualified retirement plan assets	5,319		—		—		5,319
Total assets measured at fair value	$	113,441	$	—	$	—	$	113,441

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

Condensed Consolidated Statements of Operations

The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2016 and 2015:

For the Three Months Ended March 31, 2016

	Balance  Before Consolidation of Investment  Products		Consolidated Sponsored Investment Products-VOEs			Consolidated Sponsored Investment Product-VIE			Consolidated Investment Product - VIE			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	80,504	$	—		$	—		$	—		$	(209	)	$	80,295
Total operating expenses	66,356		1,267			75			56			(209		)	67,545
Operating income (loss)	14,148		(1,267		)	(75		)	(56		)	—			12,750
Total other non-operating income, net	5,771		2,732			525			2,561			(4,913		)	6,676
Income before income taxes	19,919		1,465			450			2,505			(4,913		)	19,426
Income taxes	7,556		—			—			—			—			7,556
Net income	12,363		1,465			450			2,505			(4,913		)	11,870
Noncontrolling interests	—		—			—			—			493			493
Net income attributable to common stockholders	$	12,363	$	1,465		$	450		$	2,505		$	(4,420	)	$	12,363

For the Three Months Ended March 31, 2015

	Balance  Before Consolidation of Investment  Products		Consolidated Sponsored Investment Products-VOEs			Consolidated Sponsored Investment Product-VIE			Consolidated Investment Product - VIE		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	104,232	$	—		$	—		$	—	$	(401	)	$	103,831
Total operating expenses	78,471		1,182			37			—		(401		)	79,289
Operating income (loss)	25,761		(1,182		)	(37		)	—		—			24,542
Total other non-operating income, net	4,415		4,653			261			—		(3,278		)	6,051
Income before income taxes	30,176		3,471			224			—		(3,278		)	30,593
Income taxes	10,868		—			—			—		—			10,868
Net income	19,308		3,471			224			—		(3,278		)	19,725
Noncontrolling interests	34		—			—			—		(417		)	(383		)
Net income attributable to common stockholders	$	19,342	$	3,471		$	224		$	—	$	(3,695	)	$	19,342

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

Consolidated Sponsored Investment Products [Member]

Variable Interest Entity [Line Items]

Condensed Consolidated Balance Sheets

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, 2016 and December 31, 2015:

	As of
	March 31, 2016						December 31, 2015
	VOEs			VIE			VOEs			VIE
($ in thousands)
Total cash and cash equivalents	$	8,759		$	289		$	11,408		$	458
Total investments	165,836			33,794			291,247			32,088
All other assets	59,896			4,033			8,281			268
Total liabilities	(17,262		)	(2,949		)	(14,948		)	(439		)
Redeemable noncontrolling interests	(25,214		)	(15,211		)	(61,236		)	(12,628		)
The Company’s net interests in consolidated sponsored investment products	$	192,015		$	19,956		$	234,752		$	19,747

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

The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows:

As of March 31, 2016

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Debt securities	$	—	$	124,341	$	677	$	125,018
Equity securities	74,269		24		319		74,612
Derivatives	33		31		—		64
Total Assets Measured at Fair Value	$	74,302	$	124,396	$	996	$	199,694
Liabilities
Derivatives	$	—	$	81	$	—	$	81
Short sales	1,495		—		—		1,495
Total Liabilities Measured at Fair Value	$	1,495	$	81	$	—	$	1,576

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

Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value

The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Three Months Ended March 31,
($ in thousands)	2016			2015
Level 3 Debt securities (a)
Balance at beginning of period	$	1,397		$	1,065
Realized losses, net	(102		)	—
Purchases	19			—
Paydowns	(1		)	(1		)
Sales	(498		)	—
Transferred to Level 2	(618		)	(152		)
Transfers from Level 2	710			—
Change in unrealized gain, net	89			1
Balance at end of period	$	996		$	913

(a) None of the securities reflected in the table were internally fair valued at March 31, 2016 or March 31, 2015.

Consolidated Investment Product [Member]

Variable Interest Entity [Line Items]

Condensed Consolidated Balance Sheets

The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015:

	As of
	March 31, 2016			December 31, 2015
($ in thousands)
Total cash equivalents	$	7,440		$	8,297
Total investments	193,663			199,485
Other assets	1,585			1,467
Debt	(155,464		)	(152,597		)
Securities purchased payable	(6,554		)	(18,487		)
The Company’s net interests in the consolidated investment product	$	40,670		$	38,165

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

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

As of March 31, 2016:

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	7,440	$	—	$	—	$	7,440
Bank loans	—		193,663		—		193,663
Total Assets Measured at Fair Value	$	7,440	$	193,663	$	—	$	201,103

As of December 31, 2015:

	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