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Consolidated Investment Product (Tables) | 9 Months Ended
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Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balances of Consolidated Investment Product | The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2015. There was no consolidated investment product at December 31, 2014.
| As of September 30, 2015
($ in thousands) |
Total cash equivalents | $ | 120 |
Total investments | 131,862 |
Other assets | 20 |
Debt | (9,140 | )
Securities purchased payable | (103,541 | )
The Company’s net interests in consolidated investment product | $ | 19,321 |
The Company’s net interests as a percentage of total investments of consolidated investment product | 14.7 | %
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product discussed in Notes 13 and 14, respectively as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: September 30, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 80,950 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,950 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 30,538 |  |  | — |  |  | — |  |  | 30,538 |
Equity securities | 6,645 |  |  | — |  |  | — |  |  | 6,645 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 2,953 |  |  | — |  |  | — |  |  | 2,953 |
Other investments: |  |  |  |  |  |  |
Nonqualified retirement plan assets | 4,970 |  |  | — |  |  | — |  |  | 4,970 |
Total assets measured at fair value | $ | 126,056 |  |  | $ | — |  |  | $ | — |  |  | $ | 126,056 |
December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 202,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 202,054 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 38,312 |  |  | — |  |  | — |  |  | 38,312 |
Equity securities | 8,740 |  |  | — |  |  | — |  |  | 8,740 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 3,199 |  |  | — |  |  | — |  |  | 3,199 |
Other investments |  |  |  |  |  |  |
Nonqualified retirement plan assets | 5,063 |  |  | — |  |  | — |  |  | 5,063 |
Total assets measured at fair value | $ | 257,368 |  |  | $ | — |  |  | $ | — |  |  | $ | 257,368 |
The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: As of September 30, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Debt securities | $ | — |  |  | $ | 147,663 |  |  | $ | 926 |  |  | $ | 148,589 |
Equity securities | 155,763 |  |  | 7,077 |  |  | — |  |  | 162,840 |
Derivatives | 125 |  |  | 633 |  |  | — |  |  | 758 |
Total assets measured at fair value | $ | 155,888 |  |  | $ | 155,373 |  |  | $ | 926 |  |  | $ | 312,187 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | 403 |  |  | $ | 917 |  |  | $ | — |  |  | $ | 1,320 |
Short sales | 9,432 |  |  | 423 |  |  | — |  |  | 9,855 |
Total liabilities measured at fair value | $ | 9,835 |  |  | $ | 1,340 |  |  | $ | — |  |  | $ | 11,175 |
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 |
The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis as of September 30, 2015 by fair value hierarchy level were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 120 |  |  | $ | — |  |  | $ | — |  |  | $ | 120 |
Bank loans | — |  |  | 131,862 |  |  | — |  |  | 131,862 |
Total Assets Measured at Fair Value | $ | 120 |  |  | $ | 131,862 |  |  | $ | — |  |  | $ | 131,982 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6759159-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5710-111685 + Details
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