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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 20,096 $ 1,244
Non-cash items included in net income:    
Depreciation and amortization and other 165 146
Stock-based compensation 3,405 4,033
Deferred rent (69) (71)
Accretion to interest income and other 94 80
Changes in operating assets and liabilities:    
Accounts receivable (3,112) (1,980)
Other assets (761) (497)
Fund management and administration payable 3,747 2,499
Compensation and benefits payable 5,076 (1,362)
Accounts payable and other liabilities 568 4,438
Net cash provided by operating activities 29,209 8,530
Cash flows from investing activities:    
Purchase of fixed assets (123) (125)
Purchase of investments (2,943) (5,241)
Proceeds from the redemption of investments 2,520 4,437
Net cash used in investing activities (546) (929)
Cash flows from financing activities:    
Net proceeds from sale of common stock    4,329
Shares repurchased (249) (1,033)
Proceeds from exercise of stock options 1,073 2,773
Net cash provided by financing activities 824 6,069
Net increase in cash and cash equivalents 29,487 13,670
Cash and cash equivalents-beginning of period 41,246 25,630
Cash and cash equivalents-end of period 70,733 39,300
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 34 $ 16