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Consolidated Sponsored Investment Products (Tables) | 12 Months Ended
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Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balances of Consolidated Sponsored Investment Products | The following table presents the balances of the consolidated sponsored investment products that were reflected in the Consolidated Balance Sheets as of December 31, 2013 and 2012:
|  | As of December 31, |
|  | 2013 |  |  | 2012 |
($ in thousands) |
Total cash |  | $ | 531 |  |  | $ | 14 |
Total investments |  |  | 139,054 |  |  |  | 43,227 |
All other assets |  |  | 9,595 |  |  |  | 683 |
Total liabilities |  |  | (8,435 | ) |  |  | (377 | )
Redeemable noncontrolling interest |  |  | (42,186 | ) |  |  | (3,163 | )
The Company’s net interests in consolidated sponsored investment products |  | $ | 98,559 |  |  | $ | 40,384 |
Consolidated Balance Sheets | The following tables reflect the impact of the consolidated sponsored investment products in the Consolidated Balance Sheets as of December 31, 2013 and 2012 and the Consolidated Statements of Income for the years ended December 31, 2013 and 2012, respectively. The Company had no consolidated sponsored investment products during the year ended December 31, 2011:
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total cash |  | $ | 271,014 |  |  | $ | 531 |  |  | $ | — |  |  | $ | 271,545 |
Total investments |  |  | 135,692 |  |  |  | 139,054 |  |  |  | (98,434 | ) |  |  | 176,312 |
All other assets |  |  | 187,627 |  |  |  | 9,595 |  |  |  | (125 | ) |  |  | 197,097 |
Total assets |  | $ | 594,333 |  |  | $ | 149,180 |  |  | $ | (98,559 | ) |  | $ | 644,954 |
Total liabilities |  |  | 101,465 |  |  |  | 8,560 |  |  |  | (125 | ) |  |  | 109,900 |
Redeemable noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 42,186 |  |  |  | 42,186 |
Equity attributable to stockholders of the Company |  |  | 492,930 |  |  |  | 140,620 |  |  |  | (140,620 | ) |  |  | 492,930 |
Non-redeemable noncontrolling interest |  |  | (62 | ) |  |  | — |  |  |  | — |  |  |  | (62 | )
Total liabilities and equity |  | $ | 594,333 |  |  | $ | 149,180 |  |  | $ | (98,559 | ) |  | $ | 644,954 |
As of December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total cash |  | $ | 63,432 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 63,446 |
Total investments |  |  | 58,830 |  |  |  | 43,227 |  |  |  | (40,397 | ) |  |  | 61,660 |
All other assets |  |  | 206,947 |  |  |  | 683 |  |  |  | 13 |  |  |  | 207,643 |
Total assets |  | $ | 329,209 |  |  | $ | 43,924 |  |  | $ | (40,384 | ) |  | $ | 332,749 |
Total liabilities |  |  | 84,738 |  |  |  | 364 |  |  |  | 13 |  |  |  | 85,115 |
Redeemable noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 3,163 |  |  |  | 3,163 |
Equity attributable to stockholders of the Company |  |  | 244,474 |  |  |  | 43,560 |  |  |  | (43,560 | ) |  |  | 244,474 |
Non-redeemable noncontrolling interest |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | (3 | )
Total liabilities and equity |  | $ | 329,209 |  |  | $ | 43,924 |  |  | $ | (40,384 | ) |  | $ | 332,749 |
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.
Consolidated Statements of Income |
For the Year Ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 389,202 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 389,215 |
Total operating expenses |  |  | 274,913 |  |  |  | 785 |  |  |  | 13 |  |  |  | 275,711 |
Operating income (loss) |  |  | 114,289 |  |  |  | (785 | ) |  |  | — |  |  |  | 113,504 |
Total other non-operating income (expense) |  |  | 5,620 |  |  |  | 6,098 |  |  |  | (3,314 | ) |  |  | 8,404 |
Income (loss) before income tax expense |  |  | 119,909 |  |  |  | 5,313 |  |  |  | (3,314 | ) |  |  | 121,908 |
Income tax expense |  |  | 44,778 |  |  |  | — |  |  |  | — |  |  |  | 44,778 |
Net income (loss) |  |  | 75,131 |  |  |  | 5,313 |  |  |  | (3,314 | ) |  |  | 77,130 |
Noncontrolling interests |  |  | 59 |  |  |  | — |  |  |  | (1,999 | ) |  |  | (1,940 | )
Net income (loss) attributable to the Company |  | $ | 75,190 |  |  | $ | 5,313 |  |  | $ | (5,313 | ) |  | $ | 75,190 |
For the Year Ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 279,919 |  |  | $ | — |  |  | $ | 167 |  |  | $ | 280,086 |
Total operating expenses |  |  | 219,326 |  |  |  | 148 |  |  |  | 167 |  |  |  | 219,641 |
Operating income (loss) |  |  | 60,593 |  |  |  | (148 | ) |  |  | — |  |  |  | 60,445 |
Total other non-operating income (expense) |  |  | 4,106 |  |  |  | 2,649 |  |  |  | (2,397 | ) |  |  | 4,358 |
Income (loss) before income tax expense |  |  | 64,699 |  |  |  | 2,501 |  |  |  | (2,397 | ) |  |  | 64,803 |
Income tax expense |  |  | 27,030 |  |  |  | — |  |  |  | — |  |  |  | 27,030 |
Net income (loss) |  |  | 37,669 |  |  |  | 2,501 |  |  |  | (2,397 | ) |  |  | 37,773 |
Noncontrolling interests |  |  | 3 |  |  |  | — |  |  |  | (104 | ) |  |  | (101 | )
Allocation of earnings to preferred stockholders |  |  | (64 | ) |  |  | — |  |  |  | — |  |  |  | (64 | )
Net income (loss) attributable to the Company |  | $ | 37,608 |  |  | $ | 2,501 |  |  | $ | (2,501 | ) |  | $ | 37,608 |
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.
Schedule of Trading Securities | Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored mutual funds in which the Company has an investment and are consolidated by the Company. They are summarized as follows:
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Cost |  |  | Unrealized Loss |  |  | Unrealized Gain |  |  | Fair Value |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities |  | $ | 48,994 |  |  | $ | (2,097 | ) |  | $ | 217 |  |  | $ | 47,114 |
Trading equity securities |  |  | 84,862 |  |  |  | (882 | ) |  |  | 7,960 |  |  |  | 91,940 |
Total Investments of Consolidated Sponsored Investment Products |  | $ | 133,856 |  |  | $ | (2,979 | ) |  | $ | 8,177 |  |  | $ | 139,054 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
|  | Cost |  |  | Unrealized Loss |  |  | Unrealized Gain |  |  | Fair Value |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities |  | $ | 24,830 |  |  | $ | (21 | ) |  | $ | 1,003 |  |  | $ | 25,812 |
Trading equity securities |  |  | 16,537 |  |  |  | (144 | ) |  |  | 1,022 |  |  |  | 17,415 |
Total Investments of Consolidated Sponsored Investment Products |  | $ | 41,367 |  |  | $ | (165 | ) |  | $ | 2,025 |  |  | $ | 43,227 |
Summary of Assets Measured at Fair Value on Recurring Basis | The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows:
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 47,114 |  |  | $ | — |  |  | $ | 47,114 |
Equity securities |  |  | 91,940 |  |  |  | — |  |  |  | — |  |  |  | 91,940 |
Total Investments of Consolidated Sponsored Investment Products at Fair Value |  | $ | 91,940 |  |  | $ | 47,114 |  |  | $ | — |  |  | $ | 139,054 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 25,812 |  |  | $ | — |  |  | $ | 25,812 |
Equity securities |  |  | 10,092 |  |  |  | 7,323 |  |  |  | — |  |  |  | 17,415 |
Total Investments of Consolidated Sponsored Investment Products at Fair Value |  | $ | 10,092 |  |  | $ | 33,135 |  |  | $ | — |  |  | $ | 43,227 |

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