Marketable Securities

Investments Available For Sale

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



	At December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
SEI-sponsored mutual funds	$	7,612	$	1,242	$	—	$	8,854
Equities and other mutual funds	2,615		164		—		2,779
Debt securities	71,280		410		—		71,690
	$	81,507	$	1,816	$	—	$	83,323



	At December 31, 2012
	Cost		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 December 31, 2013 and 2012 were $1,386 (net of income tax expense of $430) 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 gross realized gains of $1,236 and gross realized losses of $772 from available-for-sale securities during 2013. There were no material gross realized gains or losses from available-for-sale securities during 2012 and 2011. Gains and losses from available-for-sale securities, including amounts reclassified from accumulated comprehensive income, are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations.

The Company’s debt securities are issued by the Government National Mortgage Association 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, Australian and Japanese 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 $4,849 and $4,706 at December 31, 2013 and 2012, respectively. The Company recognized gains of $143 and $1,004 from the change in fair value of the funds during 2013 and 2012, respectively. There were no material gains or losses from the change in fair value of the funds during 2011.

During 2012 and 2011, the Company recognized gains from structured investment vehicle (SIV) securities of $13,240 and $3,390, respectively. Of the net gains recognized during 2012, gains of $6,776 resulted from cash payments received from the SIV securities and $1,142 was from a net increase in fair value at December 31, 2012. Of the net gains recognized during 2011, $10,614 resulted from cash payments received from the SIV securities offset by losses of $7,224 which resulted from a decrease in fair value at December 31, 2011. In November 2012, the Company sold its remaining SIV securities, the senior notes issued by Gryphon and recognized a gain of $5,322 from the sale. The Company no longer owns any SIV securities.

The net gains from the SIV securities are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations.

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 $21,133 and $20,088 at December 31, 2013 and 2012, respectively. There were no material net gains or losses from the change in fair value of the securities during 2013, 2012 and 2011.