Segment Operating Results (Tables)

3 Months Ended

Mar. 31, 2016

The following information presents each segment’s contribution.



	For the Three Months Ended March 31,
	2016			2015
Investment Banking
Net Revenues (1)	$	239,713		$	216,580
Operating Expenses	192,264			171,364
Other Expenses (2)	35,028			32,235
Operating Income	12,421			12,981
Income (Loss) from Equity Method Investments	(272		)	(37		)
Pre-Tax Income	$	12,149		$	12,944
Identifiable Segment Assets	$	940,859		$	769,746
Investment Management
Net Revenues (1)	$	18,000		$	21,403
Operating Expenses	14,214			19,956
Other Expenses (2)	82			3,430
Operating Income (Loss)	3,704			(1,983		)
Income from Equity Method Investments	1,559			1,144
Pre-Tax Income (Loss)	$	5,263		$	(839	)
Identifiable Segment Assets	$	343,818		$	519,463
Total
Net Revenues (1)	$	257,713		$	237,983
Operating Expenses	206,478			191,320
Other Expenses (2)	35,110			35,665
Operating Income	16,125			10,998
Income from Equity Method Investments	1,287			1,107
Pre-Tax Income	$	17,412		$	12,105
Identifiable Segment Assets	$	1,284,677		$	1,289,209


(1)	Net revenues include Other Revenue, net, allocated to the segments as follows:



	For the Three Months Ended March 31,
	2016			2015
Investment Banking (A)	$	(913	)	$	(1,058	)
Investment Management (B)	(429		)	(678		)
Total Other Revenue, net	$	(1,342	)	$	(1,736	)


(A)	Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $1,478 and $1,644 for the three months ended March 31, 2016 and 2015, respectively.


(B)	Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 and $953 for the three months ended March 31, 2016 and 2015, respectively.


(2)	Other Expenses are as follows:



	For the Three Months Ended March 31,
	2016		2015
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	31,759	$	25,950
Other Acquisition Related Compensation Charges	—		585
Special Charges	—		2,290
Acquisition and Transition Costs	—		484
Fair Value of Contingent Consideration	106		—
Intangible Asset and Other Amortization	3,163		2,926
Total Investment Banking	35,028		32,235
Investment Management
Special Charges	—		3,348
Intangible Asset and Other Amortization	82		82
Total Investment Management	82		3,430
Total Other Expenses	$	35,110	$	35,665

The Company’s revenues were derived from clients and private equity funds located and managed in the following geographical areas:



	For the Three Months Ended March 31,
	2016		2015
Net Revenues: (1)
United States	$	173,910	$	161,822
Europe and Other	72,211		71,211
Latin America	12,934		6,686
Total	$	259,055	$	239,719

(1) Excludes Other Revenue and Interest Expense

The Company’s total assets are located in the following geographical areas: