XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions AlphaSimplex Group, LLC On April 1, 2023, the Company completed the acquisition of AlphaSimplex Group, LLC ("AlphaSimplex"), which was accounted for in accordance with ASC 805, Business Combinations ("ASC 805"). The total purchase price paid of $113.4 million was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition. Goodwill of $48.3 million and intangible assets of $55.4 million were recorded for the acquisition. The Company expects $103.7 million of the purchase price, related to goodwill and intangibles, to be tax deductible over 15 years. The revenues and operating income of AlphaSimplex were not material to the Company's results of operations for the year ended December 31, 2023. The following table summarizes the identified acquired assets and liabilities assumed as of the AlphaSimplex acquisition date:
| April 1, 2023
| (in thousands)
Assets: |
Cash and cash equivalents | $ | 4,395 |
Investments | 8,567 |
Accounts receivable | 5,422 |
Furniture, equipment and leasehold improvements | 4,161 |
Intangible assets | 55,400 |
Goodwill | 48,262 |
Other assets | 9,126 |
Total Assets | 135,333 |
Liabilities: |
Accounts payable and accrued liabilities | 21,939 |
Total Liabilities | 21,939 |
Total Net Assets Acquired | $ | 113,394 |
Identifiable Intangible Assets Acquired In connection with the allocation of the AlphaSimplex purchase price, the Company identified the following intangible assets:
| April 1, 2023
| Approximate Fair Value (in thousands) |  | Weighted Average of Useful Life (in years)
Definite-lived intangible assets: |  |  |
Investment management agreements | $ | 52,000 |  |  | 10.5
Trade names | 3,400 |  |  | 9.0
Total definite-lived intangible assets | $ | 55,400 |  |  |
The fair value of investment management agreements was estimated using a multi-period excess earnings method and the fair value of the trade names was estimated using a relief-from-royalty method, each of which was prepared with the assistance of an independent valuation firm. Stone Harbor Investment Partners On January 1, 2022, the Company acquired Stone Harbor Investment Partners, LLC ("Stone Harbor"), which was accounted for in accordance with ASC 805. The total purchase price of $30.1 million was allocated to the assets acquired and liabilities assumed, based upon their estimated fair values at the date of the acquisition, as well as goodwill of $10.3 million and definite-lived intangible assets of $10.8 million.

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

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration