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Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 26,092,467 $ 19,046,986
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 432,705 334,327
Share-based compensation 4,082,127 4,170,356
Decrease in accounts receivable 327,183 1,733,640
Change in current income taxes 1,185,389 3,250,999
Change in deferred income taxes (1,197,061) (249,058)
Net gains on investments (5,774,968) (1,226,058)
Net change in trading securities held by Consolidated Funds (3,725,638) 0
Decrease in accrued incentive compensation (5,035,076) (7,146,569)
Increase in deferred compensation 4,937,302 2,315,389
Excess income tax benefit from share-based compensation 0 (4,421,408)
Income tax benefit from dividends paid on restricted stock 0 (925,000)
Other changes in assets and liabilities 380,641 693,251
Net cash provided by operating activities 21,705,071 17,576,855
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (129,669) (248,835)
Purchase of Company sponsored investments (11,358,395) (6,133,800)
Proceeds from sale of Company sponsored investments 1,185,088 6,510,550
Proceeds from sale of subsidiary 500,000 0
Net cash provided by (used in) investing activities (9,802,976) 127,915
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (1,883,676) (9,075,447)
Excess income tax benefit from share-based compensation 0 4,421,408
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 3,296,134 (706,113)
Net cash provided by (used in) financing activities 1,412,458 (4,435,152)
CASH AND CASH EQUIVALENTS    
Net change during the period 13,314,553 13,269,618
At beginning of period 57,189,876 57,474,777
At end of period 70,504,429 70,744,395
Supplemental cash flow information:    
Income taxes paid 12,533,400 7,794,643
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 $ (99,060) $ 2,254,210