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Consolidated Statements of Cash Flows (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 13,125,448 $ 9,279,879
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 217,748 162,378
Share-based compensation 1,998,782 2,067,099
(Increase)/decrease in accounts receivable (249,435) 1,865,257
Change in current income taxes 6,997,489 937,839
Change in deferred income taxes (500,219) (155,206)
Net gains on investments (3,392,620) (703,399)
Net change in trading securities held by Consolidated Funds (1,310,800) 0
Decrease in accrued incentive compensation (12,304,076) (13,478,069)
Increase in deferred compensation 4,501,147 2,283,490
Excess income tax benefit from share-based compensation 0 (4,303,621)
Income tax benefit from dividends paid on restricted stock 0 (925,000)
Other changes in assets and liabilities (1,832,863) (1,056,871)
Net cash provided by (used in) operating activities 7,250,601 (4,026,224)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (67,315) (106,654)
Purchase of Company sponsored investments (6,060,665) (6,133,800)
Proceeds from sale of Company sponsored investments 1,124,308 6,500,000
Net cash provided by (used in) investing activities (5,003,672) 259,546
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (796,920) (8,774,006)
Excess income tax benefit from share-based compensation 0 4,303,621
Income tax benefit from dividends paid on restricted stock 0 925,000
Net subscriptions received from (redemptions and distributions paid to) redeemable noncontrolling interest holders 677,818 (825,060)
Net cash used in financing activities (119,102) (4,370,445)
CASH AND CASH EQUIVALENTS    
Net change during the period 2,127,827 (8,137,123)
At beginning of period 57,189,876 57,474,777
At end of period 59,317,703 49,337,654
Supplemental cash flow information:    
Income taxes paid 0 4,389,143
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,892,424 3,879,431
Charitable donation of corporate investments and property and equipment 1,748,841 1,729,735
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2) 0 4,031,756
Net issuance (redemption) of ETF shares for marketable securities $ 1,351,436 $ 1,077,565