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Revenue

9 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:

			Three Months Ended December 31,																		Nine Months Ended December 31,
Management and advisory fees			2019						2018						2019						2018
Specialized funds			$	27,789					$	23,413					$	81,733					$	67,164
Customized separate accounts			22,618						21,594						67,047						63,087
Advisory			5,878						5,926						18,091						18,287
Reporting and other			2,237						2,260						6,492						6,373
Distribution management			1,108						1,975						3,169						3,773
Fund reimbursement revenue			207						449						3,052						1,160
Total management and advisory fees			$	59,837					$	55,617					$	179,584					$	159,844

			Three Months Ended December 31,																		Nine Months Ended December 31,
Incentive fees			2019						2018						2019						2018
Specialized funds			$	3,638					$	10,227					$	11,257					$	18,036
Customized separate accounts			4,663						152						6,275						7,311
Total incentive fees			$	8,301					$	10,379					$	17,532					$	25,347

The Company recognized $2,541 of incentive fees during the nine months ended December 31, 2018 that were previously received and deferred.

Cost to obtain contracts

The Company incurs incremental costs related to sales commissions paid to certain employees directly related to customized separate account contracts. These incremental costs are capitalized and amortized over the expected contract length proportionately to the management fee revenue expected to be recognized in each year as a percentage of the total expected revenue for the contract. The contract asset related to the cost to obtain contracts was $973 and $968 as of December 31, 2019 and March 31, 2019, respectively, and is included in other assets in the Condensed Consolidated Balance Sheets. Amortization expense related to this contract asset was $120 and $363 for the three and nine months ended December 31, 2019, respectively, and $111 and $347 for the three and nine months ended December 31, 2018, respectively, and is included in general, administrative and other in the Condensed Consolidated Statements of Income.

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- References

No definition available.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-URI http://asc.fasb.org/topic&trid=2122369

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