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Consolidated Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 39,250,567 $ 32,715,951
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 659,707 496,250
Share-based compensation 6,258,112 6,259,300
Decrease in accounts receivable 143,920 1,612,207
Change in current income taxes (432,068) 5,780,008
Change in deferred income taxes (1,653,524) 82,427
Gain on sale of subsidiary 0 (2,675,766)
Net gains on investments (7,829,950) (4,212,479)
Net change in trading securities held by Consolidated Funds (5,639,151) (29,436,380)
Decrease (increase) in accrued incentive compensation 2,268,924 (1,950,069)
Increase in deferred compensation 5,388,568 3,133,176
Excess income tax benefit from share-based compensation 0 (4,652,983)
Income tax benefit from dividends paid on restricted stock 0 (925,000)
Other changes in assets and liabilities 2,188,850 1,929,846
Net cash provided by operating activities 40,603,955 8,156,488
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (509,750) (339,638)
Purchase of Company sponsored investments (13,372,301) (17,468,890)
Proceeds from sale of Company sponsored investments 1,995,690 18,717,308
Proceeds from sale of subsidiary, net of cash disposed 750,000 1,163,769
Net cash provided by (used in) investing activities (11,136,361) 2,072,549
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (2,789,949) (9,655,747)
Excess income tax benefit from share-based compensation 0 4,652,983
Income tax benefit from dividends paid on restricted stock 0 925,000
Net subscriptions received from redeemable noncontrolling interest holders 6,022,875 33,730
Net cash provided by (used in) financing activities 3,232,926 (4,044,034)
CASH AND CASH EQUIVALENTS    
Net change during the period 32,700,520 6,185,003
At beginning of period 57,189,876 57,474,777
At end of period 89,890,396 63,659,780
Supplemental cash flow information:    
Income taxes paid 21,104,300 12,634,880
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 $ (1,555,305) $ (244,200)