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Consolidated Sponsored Investment Products (Tables) | 3 Months Ended
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Mar. 31, 2015
Balances of Consolidated Sponsored Investment Products | The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014:
|  | As of |
|  | March 31, 2015 |  |  | December 31, 2014 |
($ in thousands) |  |  |  |  |  |
Total cash |  | $ | 11,612 |  |  | $ | 8,687 |
Total investments |  |  | 254,481 |  |  |  | 236,652 |
All other assets |  |  | 8,629 |  |  |  | 6,960 |
Total liabilities |  |  | (16,491 | ) |  |  | (12,556 | )
Redeemable noncontrolling interests |  |  | (34,977 | ) |  |  | (23,071 | )
The Company’s net interests in consolidated sponsored investment products |  | $ | 223,254 |  |  | $ | 216,672 |
Condensed Consolidated Balance Sheets | The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, respectively: As of March 31, 2015
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total cash |  | $ | 166,031 |  |  | $ | 11,612 |  |  | $ | — |  |  | $ | 177,643 |
Total investments |  |  | 277,471 |  |  |  | 254,481 |  |  |  | (220,476 | ) |  |  | 311,476 |
All other assets |  |  | 185,404 |  |  |  | 8,629 |  |  |  | (2,778 | ) |  |  | 191,255 |
Total assets |  | $ | 628,906 |  |  | $ | 274,722 |  |  | $ | (223,254 | ) |  | $ | 680,374 |
Total liabilities |  | $ | 63,762 |  |  | $ | 19,269 |  |  | $ | (2,778 | ) |  | $ | 80,253 |
Redeemable noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 34,977 |  |  |  | 34,977 |
Equity attributable to stockholders of the Company |  |  | 565,368 |  |  |  | 255,453 |  |  |  | (255,453 | ) |  |  | 565,368 |
Non-redeemable noncontrolling interest |  |  | (224 | ) |  |  | — |  |  |  | — |  |  |  | (224 | )
Total liabilities and equity |  | $ | 628,906 |  |  | $ | 274,722 |  |  | $ | (223,254 | ) |  | $ | 680,374 |
As of December 31, 2014
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total cash |  | $ | 202,847 |  |  | $ | 8,687 |  |  | $ | — |  |  | $ | 211,534 |
Total investments |  |  | 279,863 |  |  |  | 236,652 |  |  |  | (216,415 | ) |  |  | 300,100 |
All other assets |  |  | 180,436 |  |  |  | 6,960 |  |  |  | (257 | ) |  |  | 187,139 |
Total assets |  | $ | 663,146 |  |  | $ | 252,299 |  |  | $ | (216,672 | ) |  | $ | 698,773 |
Total liabilities |  | $ | 99,794 |  |  | $ | 12,813 |  |  | $ | (257 | ) |  | $ | 112,350 |
Redeemable noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 23,071 |  |  |  | 23,071 |
Equity attributable to stockholders of the Company |  |  | 563,542 |  |  |  | 239,486 |  |  |  | (239,486 | ) |  |  | 563,542 |
Non-redeemable noncontrolling interest |  |  | (190 | ) |  |  | — |  |  |  | — |  |  |  | (190 | )
Total liabilities and equity |  | $ | 663,146 |  |  | $ | 252,299 |  |  | $ | (216,672 | ) |  | $ | 698,773 |
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and consolidated sponsored investment product equity and recording of any noncontrolling interest.
Condensed Consolidated Statement of Operations | The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2015 and 2014: For the Three Months Ended March 31, 2015
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 104,232 |  |  | $ | — |  |  | $ | (401 | ) |  | $ | 103,831 |
Total operating expenses |  |  | 78,471 |  |  |  | 1,219 |  |  |  | (401 | ) |  |  | 79,289 |
Operating income (loss) |  |  | 25,761 |  |  |  | (1,219 | ) |  |  | — |  |  |  | 24,542 |
Total other non-operating income (expense) |  |  | 4,415 |  |  |  | 4,914 |  |  |  | (3,278 | ) |  |  | 6,051 |
Income (loss) before income tax expense |  |  | 30,176 |  |  |  | 3,695 |  |  |  | (3,278 | ) |  |  | 30,593 |
Income tax expense |  |  | 10,868 |  |  |  | — |  |  |  | — |  |  |  | 10,868 |
Net income (loss) |  |  | 19,308 |  |  |  | 3,695 |  |  |  | (3,278 | ) |  |  | 19,725 |
Noncontrolling interests |  |  | 34 |  |  |  | — |  |  |  | (417 | ) |  |  | (383 | )
Net income (loss) attributable to the Company |  | $ | 19,342 |  |  | $ | 3,695 |  |  | $ | (3,695 | ) |  | $ | 19,342 |
For the Three Months Ended March 31, 2014
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 107,855 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 107,871 |
Total operating expenses |  |  | 74,914 |  |  |  | 315 |  |  |  | 16 |  |  |  | 75,245 |
Operating income (loss) |  |  | 32,941 |  |  |  | (315 | ) |  |  | — |  |  |  | 32,626 |
Total other non-operating income (expense) |  |  | 2,997 |  |  |  | 910 |  |  |  | (756 | ) |  |  | 3,151 |
Income (loss) before income tax expense |  |  | 35,938 |  |  |  | 595 |  |  |  | (756 | ) |  |  | 35,777 |
Income tax expense |  |  | 14,010 |  |  |  | — |  |  |  | — |  |  |  | 14,010 |
Net income (loss) |  |  | 21,928 |  |  |  | 595 |  |  |  | (756 | ) |  |  | 21,767 |
Noncontrolling interests |  |  | 10 |  |  |  | — |  |  |  | 161 |  |  |  | 171 |
Net income (loss) attributable to the Company |  | $ | 21,938 |  |  | $ | 595 |  |  | $ | (595 | ) |  | $ | 21,938 |
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and consolidated sponsored investment product equity and recording of any noncontrolling interest.
Summary of Assets and Liabilities 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 March 31, 2015 and December 31, 2014 by fair value hierarchy level were as follows: As of March 31, 2015
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 144,391 |  |  | $ | 913 |  |  | $ | 145,304 |
Equity securities |  |  | 108,408 |  |  |  | 769 |  |  |  | — |  |  |  | 109,177 |
Derivatives |  |  | 88 |  |  |  | 179 |  |  |  | — |  |  |  | 267 |
Total Assets Measured at Fair Value |  | $ | 108,496 |  |  | $ | 145,339 |  |  | $ | 913 |  |  | $ | 254,748 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 129 |  |  | $ | 43 |  |  | $ | — |  |  | $ | 172 |
Short sales |  |  | 8,975 |  |  |  | 538 |  |  |  | — |  |  |  | 9,513 |
Total Liabilities Measured at Fair Value |  | $ | 9,104 |  |  | $ | 581 |  |  | $ | — |  |  | $ | 9,685 |
As of December 31, 2014
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 135,050 |  |  | $ | 1,065 |  |  | $ | 136,115 |
Equity securities |  |  | 82,417 |  |  |  | 18,120 |  |  |  | — |  |  |  | 100,537 |
Derivatives |  |  | 154 |  |  |  | 227 |  |  |  | — |  |  |  | 381 |
Total Assets Measured at Fair Value |  | $ | 82,571 |  |  | $ | 153,397 |  |  | $ | 1,065 |  |  | $ | 237,033 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 191 |  |  | $ | — |  |  | $ | — |  |  | $ | 191 |
Short sales |  |  | 7,491 |  |  |  | 674 |  |  |  | — |  |  |  | 8,165 |
Total Liabilities Measured at Fair Value |  | $ | 7,682 |  |  | $ | 674 |  |  | $ | — |  |  | $ | 8,356 |
Consolidated Sponsored Investment Products [Member] |
Reconciliation of Assets Related to Consolidated Sponsored Investment Products | The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.
|  | For the Three Months Ended March 31, 2015 |
Level 3 Debt securities (a) |  |  |  |
Balance at beginning of period |  | $ | 1,065 |
Paydowns |  |  | (1 | )
Transferred to Level 2 |  |  | (152 | )
Change in unrealized gain/loss |  |  | 1 |
Balance at end of period |  | $ | 913 |
(a) | None of the securities in the above table were internally fair valued at March 31, 2015.

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