Marketable Securities

9 Months Ended

Sep. 30, 2018

Investments Available for Sale

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



	At September 30, 2018
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
SEI-sponsored mutual funds	$	7,392	$	107	$	(304	)	$	7,195
Equities and other mutual funds	3,479		652		—			4,131
Debt securities	75,673		—		(2,701		)	72,972
	$	86,544	$	759	$	(3,005	)	$	84,298



	At December 31, 2017
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
SEI-sponsored mutual funds	$	7,369	$	110	$	(143	)	$	7,336
Equities and other mutual funds	3,456		458		—			3,914
Debt securities	77,745		—		(1,012		)	76,733
	$	88,570	$	568	$	(1,155	)	$	87,983

The Company prospectively adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01) on January 1, 2018 which requires the Company to recognize all changes in fair value of available-for-sale equity securities in current period earnings. Previously, these changes in fair value were recognized as a separate component of comprehensive income. The adoption of ASU 2016-01 did not have a material impact to the Company's consolidated financial statements.

Net unrealized losses at September 30, 2018 and December 31, 2017 of the Company's available-for-sale debt securities were $2,080 (net of income tax benefit of $621) and $779 (net of income tax benefit of $233), respectively. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

There were gross realized gains of $1,031 and gross realized losses of $1,520 from available-for-sale securities during the nine months ended September 30, 2018. There were gross realized gains of $428 and gross realized losses of $706 during the nine months ended September 30, 2017. Gains and losses from available-for-sale securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

The Company has an investment in funds sponsored by LSV. The Company records this investment on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations.

The investment primarily consists of 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 $5,736 and $6,034 at September 30, 2018 and December 31, 2017, respectively. The Company recognized losses of $298 and gains of $880 during the nine months ended September 30, 2018 and 2017, respectively, from the change in fair value of the funds. There were no material gains or losses during the three months ended September 30, 2018 and 2017 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 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 $28,945 and $21,526 at September 30, 2018 and December 31, 2017, respectively. There were no material net gains or losses related to the securities during the three and nine months ended September 30, 2018 and 2017.