XML 62 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Disaggregation of Revenue
Revenue earned during the three months ended September 30, 2019 and 2018 under contracts with clients include:
 
Three Months Ended September 30, 2019
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
24,178,440

 
$
2,094,271

 
$
26,272,711

Sub-advised funds and separately managed accounts
8,319,661

 
—

 
8,319,661

 
$
32,498,101

 
$
2,094,271

 
$
34,592,372

 
Three Months Ended September 30, 2018
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
26,864,835

 
$
2,543,442

 
$
29,408,277

Sub-advised funds and separately managed accounts
8,063,370

 
—

 
8,063,370

 
$
34,928,205

 
$
2,543,442

 
$
37,471,647

Revenue earned during the nine months ended September 30, 2019 and 2018 under contracts with clients include:
 
Nine Months Ended September 30, 2019
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
72,093,686

 
$
6,195,272

 
$
78,288,958

Sub-advised funds and separately managed accounts
22,427,805

 
—

 
22,427,805

 
$
94,521,491

 
$
6,195,272

 
$
100,716,763

 
Nine Months Ended September 30, 2018
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
80,464,941

 
$
8,095,596

 
$
88,560,537

Sub-advised funds and separately managed accounts
22,620,826

 
—

 
22,620,826

 
$
103,085,767

 
$
8,095,596

 
$
111,181,363
Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees The table below shows AUM subject to variable rate fees and the amount of variable rate fees that would be recognized based upon investment results as of September 30, 2019:
 
As of September 30, 2019
 
AUM subject to variable rate fees
 
Unearned variable rate fees
Contractual Period Ending:
 
 
 
Quarter Ending December 31, 2019
$
62,831,955

 
$
612,273

Quarter Ending March 31, 2020
13,476,137

 
—

Quarter Ending September 30, 2020
37,469,889

 
179,474

Quarter Ending September 30, 2021
284,414,344

 
6,328,189

Total
$
398,192,325

 
$
7,119,936
Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Mutual fund administration:
 
 
 
 
 
 
 
Administration revenue, gross
$
5,677,414

 
$
6,169,984

 
$
16,599,581

 
$
18,771,040

Fund related expense
(3,589,273
)
 
(3,638,618
)
 
(10,430,419
)
 
(10,702,498
)
Revenue, net of related expenses
2,088,141

 
2,531,366

 
6,169,162

 
8,068,542

DHCM C-Share financing:
 
 
 
 
 
 
 
Broker commission advance repayments
57,908

 
84,248

 
176,901

 
264,107

Broker commission amortization
(51,778
)
 
(72,172
)
 
(150,791
)
 
(237,053
)
Financing activity, net
6,130

 
12,076

 
26,110

 
27,054

Mutual fund administration revenue, net
$
2,094,271

 
$
2,543,442

 
$
6,195,272

 
$
8,095,596