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Related Party Transactions
 9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions
10. Related Party Transactions

In May 2006, the Company acquired the rights to advise, distribute and administer the Insight Funds from BMO Asset Management Corp. (f/k/a Harris Investment Management, Inc.), a subsidiary of BMO. BMO Asset Management Corp. and BMO are related parties of the Company.

Sub-advisory investment management fees, pursuant to its sub-advisory agreements with BMO Asset Management Corp., which are netted against investment management fees in the Company’s Condensed Consolidated Statements of Operations, and distribution and administration expenses paid or payable to BMO Asset Management Corp. are summarized as follows:

 

                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2011     2012     2011  
($ in thousands)                        

Sub-advisory investment management fees

   $ 398     $ 657     $ 1,786     $ 2,274  

Distribution and administration expenses

     0       6       6       124  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total fees and expenses related to BMO Asset Management Corp.

   $ 398     $ 663     $ 1,792     $ 2,398  
   

 

 

    

 

 

    

 

 

    

 

 

  

At September 30, 2012 and December 31, 2011, $0.1 million and $0.2 million, respectively, were payable to BMO Asset Management Corp. and its affiliates related to sub-advisory investment management fees and distribution fees in accordance with the above agreements.