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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 51,601,669 $ 46,594,132 $ 37,074,497
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 888,197 712,112 625,788
Share-based compensation 8,582,069 8,205,084 8,551,734
Decrease (increase) in accounts receivable (1,615,070) 486,491 (2,065,156)
Change in current income taxes (3,003,072) 6,559,150 316,910
Change in deferred income taxes 2,893,063 469,312 (3,547,087)
Gain on sale of subsidiary 0 (2,675,766) 0
Net (gains)/losses on investments (9,730,751) (5,471,469) 1,860,360
Net change in trading securities held by Consolidated Funds (5,511,669) (41,674,992) 0
Increase in accrued incentive compensation 6,705,424 4,578,431 5,829,708
Increase in deferred compensation 6,298,320 3,945,727 4,557,979
Excess income tax benefit from share-based compensation 0 (4,895,907) (2,521,273)
Income tax benefit from dividends paid on restricted stock 0 (1,372,996) (376,394)
Other changes in assets and liabilities 3,811,579 4,612,437 1,724,253
Net cash provided by operating activities 60,919,759 20,071,746 52,031,319
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (1,106,520) (484,509) (1,550,857)
Purchase of Company sponsored investments (21,044,429) (25,953,000) (22,095,491)
Proceeds from sale of Company sponsored investments 2,597,130 19,543,607 11,770,565
Proceeds from sale of subsidiary, net of cash disposed 1,000,000 1,163,769 0
Net cash used in investing activities (18,553,819) (5,730,133) (11,875,783)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding (4,966,042) (10,029,464) (4,323,676)
Excess income tax benefit from share-based compensation 0 4,895,907 2,521,273
Income tax benefit from dividends paid on restricted stock 0 1,372,996 376,394
Payment of dividends (24,277,743) (20,465,736) (17,031,890)
Net subscriptions received from redeemable noncontrolling interest holders 6,290,077 9,599,783 0
Net cash used in financing activities (22,953,708) (14,626,514) (18,457,899)
CASH AND CASH EQUIVALENTS      
Net change during the year 19,412,232 (284,901) 21,697,637
At beginning of year 57,189,876 57,474,777 35,777,140
At end of year 76,602,108 57,189,876 57,474,777
Supplemental cash flow information:      
Income taxes paid 29,527,299 19,639,173 24,138,841
Supplemental disclosure of non-cash transactions:      
Charitable donation of corporate investments and property and equipment 1,748,841 1,729,735 1,401,202
Common stock issued as incentive compensation 3,892,424 3,879,431 3,826,458
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2) 0 4,031,756 0
Net redemptions of ETF Shares for marketable securities $ (1,555,305) $ (244,200) $ 0