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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment.
The Company’s segment information for the years ended December 31, 2023, 2022 and 2021 is prepared using the following methodology:
•Revenue and expenses directly associated with each segment are included in determining operating income.
•Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including revenue, headcount, square footage and other factors.
•Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors.
The Company records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported.
Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, information technology, facilities management and senior management activities.
For the years ended December 31, 2023, 2022 and 2021, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments.
Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:
Year Ended December 31,
202320222021
Financial AdvisoryNet Revenue$1,385,357 $1,666,156 $1,764,509 
Operating Expenses (a)
1,489,862 1,304,715 1,356,567 
Operating Income (Loss)
$(104,505)$361,441 $407,942 
Asset ManagementNet Revenue$1,151,496 $1,204,927 $1,424,985 
Operating Expenses (a)
1,011,574 963,640 1,032,825 
Operating Income$139,922 $241,287 $392,160 
CorporateNet Revenue (Loss)$(21,364)$(97,512)$3,554 
Operating Expenses (Credit) (a)
94,010 (11,632)79,808 
Operating Loss
$(115,374)$(85,880)$(76,254)
TotalNet Revenue$2,515,489 $2,773,571 $3,193,048 
Operating Expenses (a)
2,595,446 2,256,723 2,469,200 
Operating Income (Loss)
$(79,957)$516,848 $723,848 
_____________________
(a)Operating expenses include depreciation and amortization of property as set forth in table below.
Year Ended December 31,
202320222021
Financial Advisory$8,517 $8,968 $8,480 
Asset Management
6,476 9,390 5,618 
Corporate
27,860 23,978 24,217 
Total$42,853 $42,336 $38,315 
December 31,
20232022
Total Assets
Financial Advisory$1,154,483 $1,099,921 
Asset Management (b)1,232,364 1,786,830 
Corporate (b)2,248,934 2,965,810 
Total$4,635,781 $5,852,561 
_____________________
(b)Effective December 31, 2023, certain assets, primarily “deposits with banks and short-term investments”, previously reported in the Corporate segment are reported in the Asset Management segment resulting from a change in the segment in which such assets are managed. Comparable prior year information has been recast to reflect the updated presentation.
Geographic Information
Due to the highly integrated nature of international financial markets, the Company manages its business based on the profitability of the enterprise as a whole, not by geographic region. The Company’s revenue and total assets are generally allocated based on the country or domicile of the legal entity providing the service.
The following table sets forth the net revenue from, and total assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia.
Year Ended December 31,
202320222021
Net Revenue:
Americas$1,193,056 $1,487,056 $1,780,815 
EMEA1,162,052 1,136,636 1,251,058 
Asia Pacific160,381 149,879 161,175 
Total$2,515,489 $2,773,571 $3,193,048 
Operating Income:   
Americas$(224,857)$235,640 $399,916 
EMEA108,058 248,404 295,991 
Asia Pacific36,842 32,804 27,941 
Total$(79,957)$516,848 $723,848 
December 31,
20232022
Total Assets:
Americas$2,808,962 $3,458,250 
EMEA1,679,644 2,218,136 
Asia Pacific147,175 176,175 
Total$4,635,781 $5,852,561