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Marketable Securities
 9 Months Ended
Sep. 30, 2014
Marketable Securities [Abstract]  
Marketable Securities
Marketable Securities
Investments Available for Sale
Investments available for sale classified as non-current assets consist of: 
 
At September 30, 2014
 
Cost
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
SEI-sponsored mutual funds
$
7,634

 
$
1,388

 
$
—

 
$
9,022

Equities and other mutual funds
2,760

 
22

 
—

 
2,782

Debt securities
68,033

 
1,247

 
—

 
69,280

 
$
78,427

 
$
2,657

 
$
—

 
$
81,084

 
At December 31, 2013
 
Cost
Amount
 
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


Net unrealized gains at September 30, 2014 and December 31, 2013 were $1,800 (net of income tax expense of $857) and $1,386 (net of income tax expense of $430), respectively. These net unrealized gains are reported as a separate component of Accumulated other comprehensive (loss) income on the accompanying Consolidated Balance Sheets.
There were gross realized gains of $238 and gross realized losses of $247 from available-for-sale securities during the nine months ended September 30, 2014. There were gross realized gains of $710 and gross realized losses of $261 from available-for-sale securities during the nine months ended September 30, 2013. Gains and losses from available-for-sale securities, including amounts reclassified from accumulated comprehensive income, are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations.
The Company’s investments in debt 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 (loss) 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 invest 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 $4,908 and $4,849 at September 30, 2014 and December 31, 2013, respectively. The Company recognized gains of $59 and $135 from the change in fair value of the funds during the nine months ended September 30, 2014 and 2013, respectively. During the three months ended September 30, 2014 and 2013, the Company recognized losses of $362 and gains of $610, respectively, from the change in fair value of the funds.
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 $21,173 and $21,133 at September 30, 2014 and December 31, 2013, respectively. There were no material net gains or losses from the change in fair value of the securities during the three and nine months ended September 30, 2014 and 2013.