Marketable Securities

Investments Available for Sale

Investments available for sale classified as non-current assets consist of:



	At June 30, 2012
	Cost Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
SEI-sponsored mutual funds	$	12,736	$	11	$	(326	)	$	12,421
Other mutual funds	28		4		—			32
Debt securities	64,309		4,476		—			68,785
	$	77,073	$	4,491	$	(326	)	$	81,238



	At December 31, 2011
	Cost Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
SEI-sponsored mutual funds	$	8,243	$	48	$	(360	)	$	7,931
Other mutual funds	69		10		—			79
Debt securities	70,604		4,394		—			74,998
	$	78,916	$	4,452	$	(360	)	$	83,008

Net unrealized holding gains at June 30, 2012 and December 31, 2011 were $2,593 (net of income tax expense of $1,572) and $2,574 (net of income tax expense of $1,518), respectively. These net unrealized gains are reported as a separate component of Accumulated other comprehensive income on the accompanying Consolidated Balance Sheets.

There were no material gross realized gains or losses from available-for-sale securities during the six months ended June 30, 2012 and 2011. Gains and losses from available-for-sale securities are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations.

The Company’s debt securities classified as available-for-sale securities are issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased to satisfy applicable regulatory requirements of SEI Private Trust Company (SPTC) and have maturity dates which range from 2020 to 2041.

Trading Securities

Trading securities of the Company consist of:



	At June 30, 2012
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
SIV securities	$	139,188	$	—	$	(91,001	)	$	48,187
LSV-sponsored mutual funds	2,049		1,816		—			3,865
Other investments	1,215		—		(14		)	1,201
	$	142,452	$	1,816	$	(91,015	)	$	53,253



	At December 31, 2011
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
SIV securities	$	146,363	$	—	$	(94,955	)	$	51,408
LSV-sponsored mutual funds	2,049		1,653		—			3,702
Other investments	1,215		—		—			1,215
	$	149,627	$	1,653	$	(94,955	)	$	56,325

The Company records all of its trading securities on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these securities are recognized in Net gain from investments on the accompanying Consolidated Statements of Operations.

During the six months ended June 30, 2012 and 2011, the Company recognized gains from SIV securities of $3,954 and $4,920, respectively. Of the gains recognized during the six months ended June 30, 2012, $4,463 resulted from cash payments received from the SIV securities offset by losses of $509 which resulted from a decrease in fair value at June 30, 2012. Of the gains recognized during the six months ended June 30, 2011, $6,232 resulted from cash payments received from the SIV securities offset by losses of $1,312 which resulted from a decrease in fair value at June 30, 2011. The net gains from the SIV securities are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations.

In January 2011, the Company sold the senior note obligation originally issued by Stanfield Victoria. There was no gain or loss recognized by the Company from the sale of the note in 2011 as the fair value of the Stanfield Victoria note at December 31, 2010 was not different than the sale price received.

The Company has an investment related to the startup of mutual funds sponsored by LSV. These are U.S. dollar denominated funds that invests primarily in securities of Canadian and Australian companies as well as various other global securities. The underlying securities held by the funds are translated into U.S. dollars within the funds. The net gains (losses) from the change in fair value of the funds during the three and six months ended June 30, 2012 and 2011 were minimal.

Securities Owned

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency and commercial paper securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $21,057 and $20,949 at June 30, 2012 and December 31, 2011, respectively. The net gains (losses) from the change in fair value of the securities during the three and six months ended June 30, 2012 and 2011 were minimal.