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Consolidation (Tables) | 3 Months Ended
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Mar. 31, 2016
Variable Interest Entity [Line Items] |
Condensed Consolidated Balance Sheets | The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015: As of March 31, 2016
| Balance Before Consolidation of Investment Products |  | Consolidated Sponsored Investment Products-VOEs |  | Consolidated Sponsored Investment Product-VIE |  | Consolidated Investment Product - VIE |  | Eliminations and Adjustments (a) |  | Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands) |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents | $ | 50,402 |  |  | $ | 8,759 |  |  | $ | 289 |  |  | $ | 7,440 |  |  | $ | — |  |  | $ | 66,890 |
Total investments | 348,452 |  |  | 165,836 |  |  | 33,794 |  |  | 193,663 |  |  | (252,558 | ) |  | 489,187 |
All other assets | 159,796 |  |  | 59,896 |  |  | 4,033 |  |  | 1,585 |  |  | (83 | ) |  | 225,227 |
Total assets | $ | 558,650 |  |  | $ | 234,491 |  |  | $ | 38,116 |  |  | $ | 202,688 |  |  | $ | (252,641 | ) |  | $ | 781,304 |
Total liabilities | $ | 53,264 |  |  | $ | 17,323 |  |  | $ | 2,971 |  |  | $ | 162,018 |  |  | $ | (83 | ) |  | $ | 235,493 |
Redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | 40,425 |  |  | 40,425 |
Equity attributable to stockholders of the Company | 505,553 |  |  | 217,168 |  |  | 35,145 |  |  | 40,670 |  |  | (292,983 | ) |  | 505,553 |
Non-redeemable noncontrolling interest | (167 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (167 | )
Total liabilities and equity | $ | 558,650 |  |  | $ | 234,491 |  |  | $ | 38,116 |  |  | $ | 202,688 |  |  | $ | (252,641 | ) |  | $ | 781,304 |
As of December 31, 2015
| Balance Before Consolidation of Investment Products |  | Consolidated Sponsored Investment Products-VOEs |  | Consolidated Sponsored Investment Product-VIE |  | Consolidated Investment Product - VIE |  | Eliminations and Adjustments (a) |  | Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands) |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents | $ | 87,574 |  |  | $ | 11,408 |  |  | $ | 458 |  |  | $ | 8,297 |  |  | $ | — |  |  | $ | 107,737 |
Total investments | 349,147 |  |  | 291,247 |  |  | 32,088 |  |  | 199,485 |  |  | (292,409 | ) |  | 579,558 |
All other assets | 162,673 |  |  | 8,281 |  |  | 268 |  |  | 1,467 |  |  | (255 | ) |  | 172,434 |
Total assets | $ | 599,394 |  |  | $ | 310,936 |  |  | $ | 32,814 |  |  | $ | 209,249 |  |  | $ | (292,664 | ) |  | $ | 859,729 |
Total liabilities | $ | 89,937 |  |  | $ | 15,181 |  |  | $ | 461 |  |  | $ | 171,084 |  |  | $ | (255 | ) |  | $ | 276,408 |
Redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | 73,864 |  |  | 73,864 |
Equity attributable to stockholders of the Company | 509,624 |  |  | 295,755 |  |  | 32,353 |  |  | 38,165 |  |  | (366,273 | ) |  | 509,624 |
Non-redeemable noncontrolling interest | (167 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (167 | )
Total liabilities and equity | $ | 599,394 |  |  | $ | 310,936 |  |  | $ | 32,814 |  |  | $ | 209,249 |  |  | $ | (292,664 | ) |  | $ | 859,729 |
(a) | Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.
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, which are separately discussed in Note 12, as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: March 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 28,617 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,617 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 66,144 |  |  | — |  |  | — |  |  | 66,144 |
Equity securities | 10,048 |  |  | — |  |  | — |  |  | 10,048 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 3,313 |  |  | — |  |  | — |  |  | 3,313 |
Other investments: |  |  |  |  |  |  |
Nonqualified retirement plan assets | 5,319 |  |  | — |  |  | — |  |  | 5,319 |
Total assets measured at fair value | $ | 113,441 |  |  | $ | — |  |  | $ | — |  |  | $ | 113,441 |
December 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 54,772 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,772 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 29,331 |  |  | — |  |  | — |  |  | 29,331 |
Equity securities | 9,168 |  |  | — |  |  | — |  |  | 9,168 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 2,997 |  |  | — |  |  | — |  |  | 2,997 |
Other investments |  |  |  |  |  |  |
Nonqualified retirement plan assets | 5,310 |  |  | — |  |  | — |  |  | 5,310 |
Total assets measured at fair value | $ | 101,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,578 |
Condensed Consolidated Statements of Operations | The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016
| Balance Before Consolidation of Investment Products |  | Consolidated Sponsored Investment Products-VOEs |  | Consolidated Sponsored Investment Product-VIE |  | Consolidated Investment Product - VIE |  | Eliminations and Adjustments (a) |  | Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands) |  |  |  |  |  |  |  |  |  |  |
Total operating revenues | $ | 80,504 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (209 | ) |  | $ | 80,295 |
Total operating expenses | 66,356 |  |  | 1,267 |  |  | 75 |  |  | 56 |  |  | (209 | ) |  | 67,545 |
Operating income (loss) | 14,148 |  |  | (1,267 | ) |  | (75 | ) |  | (56 | ) |  | — |  |  | 12,750 |
Total other non-operating income, net | 5,771 |  |  | 2,732 |  |  | 525 |  |  | 2,561 |  |  | (4,913 | ) |  | 6,676 |
Income before income taxes | 19,919 |  |  | 1,465 |  |  | 450 |  |  | 2,505 |  |  | (4,913 | ) |  | 19,426 |
Income taxes | 7,556 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,556 |
Net income | 12,363 |  |  | 1,465 |  |  | 450 |  |  | 2,505 |  |  | (4,913 | ) |  | 11,870 |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 493 |  |  | 493 |
Net income attributable to common stockholders | $ | 12,363 |  |  | $ | 1,465 |  |  | $ | 450 |  |  | $ | 2,505 |  |  | $ | (4,420 | ) |  | $ | 12,363 |
For the Three Months Ended March 31, 2015
| Balance Before Consolidation of Investment Products |  | Consolidated Sponsored Investment Products-VOEs |  | Consolidated Sponsored Investment Product-VIE |  | Consolidated Investment Product - VIE |  | 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 |  |  | 1,182 |  |  | 37 |  |  | — |  |  | (401 | ) |  | 79,289 |
Operating income (loss) | 25,761 |  |  | (1,182 | ) |  | (37 | ) |  | — |  |  | — |  |  | 24,542 |
Total other non-operating income, net | 4,415 |  |  | 4,653 |  |  | 261 |  |  | — |  |  | (3,278 | ) |  | 6,051 |
Income before income taxes | 30,176 |  |  | 3,471 |  |  | 224 |  |  | — |  |  | (3,278 | ) |  | 30,593 |
Income taxes | 10,868 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,868 |
Net income | 19,308 |  |  | 3,471 |  |  | 224 |  |  | — |  |  | (3,278 | ) |  | 19,725 |
Noncontrolling interests | 34 |  |  | — |  |  | — |  |  | — |  |  | (417 | ) |  | (383 | )
Net income attributable to common stockholders | $ | 19,342 |  |  | $ | 3,471 |  |  | $ | 224 |  |  | $ | — |  |  | $ | (3,695 | ) |  | $ | 19,342 |
(a) | Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.
Consolidated Sponsored Investment Products [Member] |
Variable Interest Entity [Line Items] |
Condensed Consolidated Balance Sheets | 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, 2016 and December 31, 2015:
| As of
| March 31, 2016 |  | December 31, 2015
| VOEs |  | VIE |  | VOEs |  | VIE
($ in thousands) |  |  |  |  |  |  |
Total cash and cash equivalents | $ | 8,759 |  |  | $ | 289 |  |  | $ | 11,408 |  |  | $ | 458 |
Total investments | 165,836 |  |  | 33,794 |  |  | 291,247 |  |  | 32,088 |
All other assets | 59,896 |  |  | 4,033 |  |  | 8,281 |  |  | 268 |
Total liabilities | (17,262 | ) |  | (2,949 | ) |  | (14,948 | ) |  | (439 | )
Redeemable noncontrolling interests | (25,214 | ) |  | (15,211 | ) |  | (61,236 | ) |  | (12,628 | )
The Company’s net interests in consolidated sponsored investment products | $ | 192,015 |  |  | $ | 19,956 |  |  | $ | 234,752 |  |  | $ | 19,747 |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of March 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Debt securities | $ | — |  |  | $ | 124,341 |  |  | $ | 677 |  |  | $ | 125,018 |
Equity securities | 74,269 |  |  | 24 |  |  | 319 |  |  | 74,612 |
Derivatives | 33 |  |  | 31 |  |  | — |  |  | 64 |
Total Assets Measured at Fair Value | $ | 74,302 |  |  | $ | 124,396 |  |  | $ | 996 |  |  | $ | 199,694 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 81 |  |  | $ | — |  |  | $ | 81 |
Short sales | 1,495 |  |  | — |  |  | — |  |  | 1,495 |
Total Liabilities Measured at Fair Value | $ | 1,495 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 1,576 |
As of December 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Debt securities | $ | — |  |  | $ | 151,156 |  |  | $ | 1,397 |  |  | $ | 152,553 |
Equity securities | 162,986 |  |  | 7,796 |  |  | — |  |  | 170,782 |
Derivatives | 33 |  |  | 738 |  |  | — |  |  | 771 |
Total Assets Measured at Fair Value | $ | 163,019 |  |  | $ | 159,690 |  |  | $ | 1,397 |  |  | $ | 324,106 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | 128 |  |  | $ | 844 |  |  | $ | — |  |  | $ | 972 |
Short sales | 5,334 |  |  | 75 |  |  | — |  |  | 5,409 |
Total Liabilities Measured at Fair Value | $ | 5,462 |  |  | $ | 919 |  |  | $ | — |  |  | $ | 6,381 |
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value | 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.
| Three Months Ended March 31,
($ in thousands) | 2016 |  | 2015
Level 3 Debt securities (a) |  |  |
Balance at beginning of period | $ | 1,397 |  |  | $ | 1,065 |
Realized losses, net | (102 | ) |  | — |
Purchases | 19 |  |  | — |
Paydowns | (1 | ) |  | (1 | )
Sales | (498 | ) |  | — |
Transferred to Level 2 | (618 | ) |  | (152 | )
Transfers from Level 2 | 710 |  |  | — |
Change in unrealized gain, net | 89 |  |  | 1 |
Balance at end of period | $ | 996 |  |  | $ | 913 |
(a) | None of the securities reflected in the table were internally fair valued at March 31, 2016 or March 31, 2015.
Consolidated Investment Product [Member] |
Variable Interest Entity [Line Items] |
Condensed Consolidated Balance Sheets | The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015:
| As of
| March 31, 2016 |  | December 31, 2015
($ in thousands) |  |  |
Total cash equivalents | $ | 7,440 |  |  | $ | 8,297 |
Total investments | 193,663 |  |  | 199,485 |
Other assets | 1,585 |  |  | 1,467 |
Debt | (155,464 | ) |  | (152,597 | )
Securities purchased payable | (6,554 | ) |  | (18,487 | )
The Company’s net interests in the consolidated investment product | $ | 40,670 |  |  | $ | 38,165 |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of March 31, 2016:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 7,440 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,440 |
Bank loans | — |  |  | 193,663 |  |  | — |  |  | 193,663 |
Total Assets Measured at Fair Value | $ | 7,440 |  |  | $ | 193,663 |  |  | $ | — |  |  | $ | 201,103 |
As of December 31, 2015:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 8,297 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,297 |
Bank loans | — |  |  | 199,485 |  |  | — |  |  | 199,485 |
Total Assets Measured at Fair Value | $ | 8,297 |  |  | $ | 199,485 |  |  | $ | — |  |  | $ | 207,782 |

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