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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 46,594,132 $ 37,074,497 $ 31,580,931
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 712,112 625,788 301,936
Share-based compensation 8,205,084 8,551,734 7,303,799
Decrease (increase) in accounts receivable 486,491 (2,065,156) (3,511,851)
Change in current income taxes 6,559,150 316,910 (3,324,298)
Change in deferred income taxes 469,312 (3,547,087) 2,404,433
Gain on sale of subsidiary (2,675,766) 0 0
Net (gains)/losses on investments (5,471,469) 1,860,360 (1,517,662)
Net change in trading securities held by Consolidated Funds (41,674,992) 0 0
Increase in accrued incentive compensation 4,578,431 5,829,708 4,127,457
Increase in deferred compensation 3,945,727 4,557,979 4,391,019
Excess income tax benefit from share-based compensation (4,895,907) (2,521,273) (666,889)
Income tax benefit from dividends paid on restricted stock (1,372,996) (376,394) (296,755)
Other changes in assets and liabilities 4,612,437 1,724,253 1,827,723
Net cash provided by operating activities 20,071,746 52,031,319 42,619,843
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (484,509) (1,550,857) (1,504,368)
Purchase of Company sponsored investments (25,953,000) (22,095,491) (25,433,201)
Proceeds from sale of Company sponsored investments 19,543,607 11,770,565 249,477
Proceeds from sale of subsidiary, net of cash disposed 1,163,769 0 0
Net cash used in investing activities (5,730,133) (11,875,783) (26,688,092)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding (10,029,464) (4,323,676) (976,343)
Excess income tax benefit from share-based compensation 4,895,907 2,521,273 666,889
Income tax benefit from dividends paid on restricted stock 1,372,996 376,394 296,755
Payment of dividends (20,465,736) (17,031,890) (13,248,884)
Net subscriptions received from (redemptions and distributions paid to) redeemable noncontrolling interest holders 9,599,783 0 0
Net cash used in financing activities (14,626,514) (18,457,899) (13,261,583)
CASH AND CASH EQUIVALENTS      
Net change during the year (284,901) 21,697,637 2,670,168
At beginning of year 57,474,777 35,777,140 33,106,972
At end of year 57,189,876 57,474,777 35,777,140
Supplemental cash flow information:      
Income taxes paid 19,639,173 24,138,841 19,704,817
Supplemental disclosure of non-cash transactions:      
Charitable donation of corporate investments 1,729,735 1,401,202 0
Common stock issued as incentive compensation 3,879,431 3,826,458 3,984,816
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2) 4,031,756 0 0
Net redemption of ETF Shares for marketable securities $ (244,200) $ 0 $ 0