XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Investments | 12 Months Ended
--- | ---
Dec. 31, 2017
Investments Schedule [Abstract] |
Investments | Investments Investments consist primarily of investments in the Company's sponsored products. The Company’s investments, excluding the assets of consolidated investment products discussed in Note 18, at December 31, 2017 and 2016 were as follows:
| December 31,
| 2017 |  | 2016
($ in thousands) |  |  |
Marketable securities | $ | 66,424 |  |  | $ | 74,907 |
Equity method investments | 11,098 |  |  | 7,731 |
Nonqualified retirement plan assets | 6,706 |  |  | 5,808 |
Investments in collateralized loan obligations | 23,339 |  |  | — |
Other investments | 925 |  |  | 925 |
Total investments | $ | 108,492 |  |  | $ | 89,371 |
Marketable Securities The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows:
December 31, 2017
| Cost |  | Unrealized Loss |  | Unrealized Gain |  | Fair Value
($ in thousands) |  |  |  |  |  |  |
Trading: |  |  |  |  |  |  |
Sponsored funds | $ | 47,084 |  |  | $ | (1,294 | ) |  | $ | 1,059 |  |  | $ | 46,849 |
Equity securities | 13,141 |  |  | (2 | ) |  | 2,671 |  |  | 15,810 |
Available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 3,761 |  |  | (302 | ) |  | 306 |  |  | 3,765 |
Total marketable securities | $ | 63,986 |  |  | $ | (1,598 | ) |  | $ | 4,036 |  |  | $ | 66,424 |
December 31, 2016
| Cost |  | Unrealized Loss |  | Unrealized Gain |  | Fair Value
($ in thousands) |  |  |  |  |  |  |
Trading: |  |  |  |  |  |  |
Sponsored funds | $ | 61,784 |  |  | $ | (1,942 | ) |  | $ | 177 |  |  | $ | 60,019 |
Equity securities | 10,578 |  |  | — |  |  | 895 |  |  | 11,473 |
Available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 3,500 |  |  | (265 | ) |  | 180 |  |  | 3,415 |
Total marketable securities | $ | 75,862 |  |  | $ | (2,207 | ) |  | $ | 1,252 |  |  | $ | 74,907 |
For the year ended December 31, 2017, the Company recognized a net realized loss of $1.5 million on trading securities. For the year ended December 31, 2016, the Company recognized a net realized loss of $0.3 million on trading securities. For the year ended December 31, 2015, the Company recognized a net realized gain of $0.4 million on trading securities. Equity Method Investments In 2014, the Company acquired an interest in a limited partnership for approximately $5.0 million which included a future capital commitment for up to $5.0 million, in the event that it was called by the partnership. For the year ended December 31, 2017, distributions from the partnership were $0.9 million. For the year ended December 31, 2016, there were no distributions from the partnership. For the year ended December 31, 2016, the Company made capital contributions of $2.5 million to the partnership, and the remaining capital commitment is $2.3 million. Nonqualified Retirement Plan Assets The Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Each participant is responsible for designating investment options for assets they contribute, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets. Investments in collateralized loan obligations The Company has investments in CLOs for which the Company provides investment management services. These investments in collateralized loan obligations are classified as both trading and available-for-sale. Other Investments Other investments represent interests in entities not accounted for under the equity method such as the cost method or fair value.

X
- Definition The entire disclosure for investments, including all tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 6 -Section 10 -Paragraph (c) -Subparagraph (1) + Details
Name: | invest_InvestmentTextBlock
Namespace Prefix: | invest_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | invest_InvestmentsScheduleAbstract
Namespace Prefix: | invest_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration