XML 59 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Marketable Securities
 3 Months Ended
Mar. 31, 2013
Marketable Securities [Abstract]  
Marketable Securities
Marketable Securities
Investments Available for Sale
Investments available for sale classified as non-current assets consist of: 
 
At March 31, 2013
 
Cost
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
SEI-sponsored mutual funds
$
9,153

 
$
817

 
$
(9
)
 
$
9,961

Equities and other mutual funds
2,600

 
—

 
(15
)
 
2,585

Debt securities
56,419

 
3,330

 
—

 
59,749

 
$
68,172

 
$
4,147

 
$
(24
)
 
$
72,295


 
At December 31, 2012
 
Cost
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
SEI-sponsored mutual funds
$
12,953

 
$
376

 
$
(13
)
 
$
13,316

Equities and other mutual funds
2,610

 
—

 
—

 
2,610

Debt securities
55,923

 
4,020

 
—

 
59,943

 
$
71,486

 
$
4,396

 
$
(13
)
 
$
75,869


Net unrealized holding gains at March 31, 2013 and December 31, 2012 were $2,729 (net of income tax expense of $1,394) and $2,829 (net of income tax expense of $1,554), 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 three months ended March 31, 2013 and 2012. 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 SPTC and have maturity dates which range from 2020 to 2043.
Trading Securities
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.
Trading securities of the Company primarily consist of an investment related to the startup of mutual funds sponsored by LSV. These mutual funds 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 funds had a fair value of $4,691 and $4,706 at March 31, 2013 and December 31, 2012, respectively. There were no material gross realized gains or losses from the change in fair value of the funds during the three months ended March 31, 2013 and 2012, respectively.
During the three months ended March 31, 2012, the Company recognized gains from structured investment vehicle (SIV) securities of $2,882. The gains from SIV securities are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations. In November 2012, the Company sold its remaining SIV securities and no longer owns any SIV securities.
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 $21,107 and $20,088 at March 31, 2013 and December 31, 2012, respectively. There were no material net gains or losses from the change in fair value of the securities during the three months ended March 31, 2013 and 2012.