Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows:


March 31, 2013
	Level 1		Level 2 (a)		Level 3		Total
*($ in thousands)*
Assets
Marketable securities trading:
Sponsored mutual funds and variable insurance funds	$	14,124	$	—	$	—	$	14,124
Investments of consolidated sponsored investment products		6,484		30,164		—		36,648
Equity securities		4,729		—		—		4,729
Marketable securities available for sale:
Sponsored closed-end funds		2,816		—		—		2,816
Other assets
Nonqualified retirement plan assets		3,168		—		—		3,168

Total assets measured at fair value	$	31,321	$	30,164	$	—	$	61,485


December 31, 2012
	Level 1		Level 2 (a)		Level 3		Total
*($ in thousands)*
Assets
Marketable securities trading:
Sponsored mutual funds and variable insurance funds	$	8,013	$	—	$	—	$	8,013
Investments of consolidated sponsored investment products		10,092		33,135		—		43,227
Equity securities		4,379		—		—		4,379
Marketable securities available for sale:
Sponsored closed-end funds		2,656		—		—		2,656
Other assets
Nonqualified retirement plan assets		2,970		—		—		2,970

Total assets measured at fair value	$	28,110	$	33,135	$	—	$	61,245

Debt securities are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type and current day trade information, as well as dealer supplied prices. These valuations are categorized as Level 2 in the hierarchy.