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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the initial estimate of amounts of identified acquired assets and liabilities assumed as of the acquisition date:
| June 1, 2017
($ in thousands) |
Assets: |
Cash and cash equivalents | 39,343 |
Investments | 5,516 |
Accounts receivable | 19,941 |
Assets of consolidated investment products ("CIP") |  |
Cash and cash equivalents of CIP | 38,261 |
Investments of CIP | 902,493 |
Other assets of CIP | 21,158 |
Furniture, equipment and leasehold improvements | 5,505 |
Intangible assets | 275,700 |
Goodwill | 164,382 |
Deferred taxes, net | 5,573 |
Other assets | 3,003 |
Total Assets | 1,480,875 |
Liabilities |  |
Accrued compensation and benefits | 18,263 |
Accounts payable and accrued liabilities | 11,938 |
Other liabilities | 2,601 |
Liabilities of consolidated investment products ("CIP") |
Notes payable of CIP | 770,160 |
Securities purchased payable and other liabilities of CIP | 115,100 |
Noncontrolling Interests of CIP | 15,731 |
Total Liabilities & Noncontrolling Interests | 933,793 |
Total Net Assets Acquired | 547,082 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | In connection with the allocation of the purchase price, we identified indefinite-lived trade names with an estimated fair value of $8.7 million as well as the following definite-lived intangible assets:
| June 1, 2017
| Approximate Fair Value |  | Weighted Average of Useful Life
($ in thousands) |  |  |
Mutual Fund Investment Contracts | 189,200 |  |  | 16.0 years
Institutional and Retail Separate Account Investment Contracts | 77,000 |  |  | 10.4 years
Trademarks/Trade Names | $ | 800 |  |  | 10.0 years
Total Finite-Lived Intangible Assets | $ | 267,000 |  |  |
Pro Forma Information | Income of the acquired business subsequent to the effective closing date of the Acquisition of June 1, 2017 within the quarter ended June 30, 2017, was as follows:
| One Month Ended
| June 30, 2017
($ in thousands) |
Total Revenues | 11,536 |
Restructuring and severance | 8,396 |
All other operating expenses | 8,564 |
Operating Loss | (5,424 | )
Loss Before Income Taxes | (5,398 | )
The following Unaudited Pro Forma Condensed Consolidated Results of Operations are provided for illustrative purposes only and assume that the acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the transaction had been consummated on January 1, 2016. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
($ in thousands, except per share amounts) |  |  |  |  |  |  |
Total Revenues | $ | 119,803 |  |  | $ | 115,713 |  |  | $ | 237,395 |  |  | $ | 231,081 |
Net (Loss) Income Attributable to Common Stockholders | $ | (2,724 | ) |  | $ | (1,124 | ) |  | $ | 9,982 |  |  | $ | 6,503 |
Basic EPS | $ | (0.39 | ) |  | $ | (0.13 | ) |  | $ | 1.47 |  |  | $ | 1.26 |
Diluted EPS | $ | (0.39 | ) |  | $ | (0.13 | ) |  | $ | 1.42 |  |  | $ | 0.75 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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