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Consolidated Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 32,715,951 $ 25,419,204
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 496,250 453,702
Share-based compensation 6,259,300 6,287,899
(Increase)/decrease in accounts receivable 1,612,207 (474,491)
Change in current income taxes 5,780,008 (4,523,875)
Change in deferred income taxes 82,427 (896,137)
Gain on sale of subsidiary (2,675,766) 0
Net (gains)/losses on investments (4,212,479) 1,788,286
Net change in trading securities held by Consolidated Funds (29,436,380) 0
Increase (decrease) in accrued incentive compensation (1,950,069) 3,410,208
Increase in deferred compensation 3,133,176 3,835,923
Excess income tax benefit from share-based compensation (4,652,983) (1,950,951)
Income tax benefit from dividends paid on restricted stock (925,000) 0
Other changes in assets and liabilities 1,929,846 2,484,335
Net cash provided by operating activities 8,156,488 35,834,103
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (339,638) (1,249,204)
Purchase of seed capital investments (17,468,890) (17,289,987)
Proceeds from sale of seed capital investments 18,717,308 6,833,602
Proceeds from sale of subsidiary, net of cash disposed 1,163,769 0
Net cash provided by (used in) investing activities 2,072,549 (11,705,589)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (9,655,747) (3,758,265)
Excess income tax benefit from share-based compensation 4,652,983 1,950,951
Income tax benefit from dividends paid on restricted stock 925,000 0
Net subscriptions received from (redemptions and distributions paid to) redeemable noncontrolling interest holders 33,730 0
Net cash used in financing activities (4,044,034) (1,807,314)
CASH AND CASH EQUIVALENTS    
Net change during the period 6,185,003 22,321,200
At beginning of period 57,474,777 35,777,140
At end of period 63,659,780 58,098,340
Supplemental cash flow information:    
Income taxes paid 12,634,880 19,747,806
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,879,431 3,826,458
Charitable donation of corporate investments 1,729,735 1,401,202
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2) 4,031,756 0
Net issuance (redemption) of ETF shares for marketable securities $ (244,200) $ 0