Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 12,062us-gaap_NetIncomeLoss	$ 30,204us-gaap_NetIncomeLoss
Non-cash items included in net income:
Income tax expense/(benefit)	8,608us-gaap_OtherNoncashIncomeTaxExpense	(13,725)us-gaap_OtherNoncashIncomeTaxExpense
Depreciation and amortization	220us-gaap_DepreciationAndAmortization	192us-gaap_DepreciationAndAmortization
Stock-based compensation	2,344us-gaap_ShareBasedCompensation	2,015us-gaap_ShareBasedCompensation
Deferred rent	(48)us-gaap_StraightLineRent	643us-gaap_StraightLineRent
Deferred acquisition contingent payment	257
Accretion to interest income and other	3	(111)
Changes in operating assets and liabilities:
Accounts receivable	(6,356)	(224)
Other assets	(359)	18
Fund management and administration payable	2,640	1,358
Compensation and benefits payable	(3,230)	(11,473)
Accounts payable and other liabilities	796	537
Net cash provided by operating activities	16,937	9,434
Cash flows from investing activities:
Purchase of fixed assets	(20)	(3,527)
Purchase of investments	(8,449)us-gaap_PaymentsToAcquireInvestments	(154)us-gaap_PaymentsToAcquireInvestments
Proceeds from the redemption of investments	808	61
Net cash used in investing activities	(7,661)	(3,620)
Cash flows from financing activities:
Dividends paid	(10,799)us-gaap_PaymentsOfDividends
Shares repurchased	(14,070)	(5,426)
Proceeds from exercise of stock options	2,125	76
Net cash used in financing activities	(22,744)	(5,350)
Decrease in cash flow due to changes in foreign exchange rate	(115)
Net (decrease)/ increase in cash and cash equivalents	(13,583)	464
Cash and cash equivalents-beginning of period	165,284	104,316
Cash and cash equivalents-end of period	151,701	104,780
Supplemental disclosure of cash flow information:
Cash paid for taxes	$ 350us-gaap_IncomeTaxesPaidNet	$ 14us-gaap_IncomeTaxesPaidNet

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

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- Details

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