Waddell & Reed Financial (WDR) 10-Q 31 Oct 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 24, 2014
Document and Entity Information	'	'
Entity Registrant Name	'WADDELL & REED FINANCIAL INC	'
Entity Central Index Key	'0001052100	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	83,614,054
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Cash and cash equivalents	$528,967	$487,845
Cash and cash equivalents - restricted	61,219	121,419
Investment securities	243,921	201,348
Receivables:	'	'
Funds and separate accounts	35,760	36,467
Customers and other	165,678	141,763
Deferred income taxes	7,595	7,654
Income taxes receivable	'	419
Prepaid expenses and other current assets	12,887	9,410
Total current assets	1,056,027	1,006,325
Property and equipment, net	86,610	72,638
Deferred sales commissions, net	68,074	79,894
Goodwill and identifiable intangible assets	158,123	161,969
Deferred income taxes	5,620	3,839
Other non-current assets	24,575	12,300
Total assets	1,399,029	1,336,965
Liabilities:	'	'
Accounts payable	19,585	18,821
Payable to investment companies for securities	106,695	214,085
Payable to third party brokers	61,347	59,756
Payable to customers	63,205	8,664
Accrued compensation	74,007	58,677
Other current liabilities	48,602	59,726
Current income taxes	3,441	'
Total current liabilities	376,882	419,729
Long-term debt	190,000	190,000
Accrued pension and postretirement costs	12,516	13,333
Other non-current liabilities	27,810	26,561
Total liabilities	607,208	649,623
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Preferred stock - $1.00 par value: 5,000 shares authorized; none issued	'	'
Class A Common stock-$0.01 par value: 250,000 shares authorized; 99,701 shares issued; 84,064 shares outstanding (85,236 at December 31, 2013)	997	997
Additional paid-in capital	313,086	267,406
Retained earnings	996,683	850,600
Cost of 15,637 common shares in treasury (14,465 at December 31, 2013)	-500,542	-415,802
Accumulated other comprehensive loss	-18,403	-15,859
Total stockholders' equity	791,821	687,342
Total liabilities and stockholders' equity	$1,399,029	$1,336,965

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock-par value (in dollars per share)	$1	$1
Preferred stock-shares authorized	5,000	5,000
Preferred stock-shares issued	0	0
Class A Common stock-par value (in dollars per share)	$0.01	$0.01
Class A Common stock-shares authorized	250,000	250,000
Class A Common stock-shares issued	99,701	99,701
Class A Common stock-shares outstanding	84,064	85,236
Common shares in treasury	15,637	14,465

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Investment management fees	$197,783	$165,559	$579,444	$470,223
Underwriting and distribution fees	173,047	146,863	507,315	423,879
Shareholder service fees	38,728	34,667	113,849	101,248
Total	409,558	347,089	1,200,608	995,350
Operating expenses:	'	'	'	'
Underwriting and distribution	197,246	169,046	587,805	495,461
Compensation and related costs (including share-based compensation of $12,941, $14,186, $40,620 and $39,192, respectively)	48,375	49,472	146,973	145,003
General and administrative	24,924	20,462	75,863	63,608
Subadvisory fees	2,203	1,667	6,149	10,442
Depreciation	3,786	3,172	10,576	9,621
Intangible asset impairment	7,900	'	7,900	'
Total	284,434	243,819	835,266	724,135
Operating income	125,124	103,270	365,342	271,215
Investment and other income (loss)	-1,205	5,212	8,795	10,591
Interest expense	-2,769	-2,832	-8,279	-8,544
Income before provision for income taxes	121,150	105,650	365,858	273,262
Provision for income taxes	46,564	37,231	133,420	99,023
Net income	$74,586	$68,419	$232,438	$174,239
Net income per share, basic and diluted: (in dollars per share)	$0.89	$0.80	$2.74	$2.03
Weighted average shares outstanding:	'	'	'	'
Basic (in shares)	84,242	85,603	84,775	85,688
Diluted (in shares)	84,242	85,603	84,775	85,689

Consolidated_Statements_of_Inc1

Consolidated Statements of Income (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF INCOME	'	'	'	'
Compensation and related costs, share-based compensation	$12,941	$14,186	$40,620	$39,192

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net income	$74,586	$68,419	$232,438	$174,239
Other comprehensive income:	'	'	'	'
Unrealized appreciation (depreciation) of available for sale investment securities during the period, net of income tax expense (benefit) of $(11), $12, $(9) and $3, respectively	-4,962	4,633	-3,491	4,008
Pension and postretirement benefits, net of income tax expense of $186, $480, $558 and $1,633, respectively	315	816	947	2,254
Comprehensive income	$69,939	$73,868	$229,894	$180,501

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Unrealized appreciation (depreciation) of available for sale investment securities during the year, income tax expense (benefit)	($11)	$12	($9)	$3
Pension and postretirement benefits, income tax expense	$186	$480	$558	$1,633

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
In Thousands, unless otherwise specified
Balance at Dec. 31, 2013	$687,342	$997	$267,406	$850,600	($415,802)	($15,859)
Balance (in shares) at Dec. 31, 2013	'	99,701	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	232,438	'	'	232,438	'	'
Recognition of equity compensation	40,620	'	40,620	'	'	'
Net issuance/forfeiture of nonvested shares	'	'	-11,405	'	11,405	'
Dividends accrued, $1.02 per share	-86,355	'	'	-86,355	'	'
Excess tax benefits from share-based payment arrangements	16,465	'	16,465	'	'	'
Repurchase of common stock	-96,145	'	'	'	-96,145	'
Other comprehensive loss	-2,544	'	'	'	'	-2,544
Balance at Sep. 30, 2014	$791,821	$997	$313,086	$996,683	($500,542)	($18,403)
Balance (in shares) at Sep. 30, 2014	'	99,701	'	'	'	'

Consolidated_Statement_of_Stoc1

Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $)	0 Months Ended	9 Months Ended
	Jul. 16, 2014	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	'	'
Dividends accrued, per share (in dollars per share)	$0.34	$1.02

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$232,438	$174,239
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Intangible asset impairment	7,900	'
Depreciation and amortization	10,695	10,351
Amortization of deferred sales commissions	49,373	41,569
Share-based compensation	40,620	39,192
Excess tax benefits from share-based payment arrangements	-16,465	-6,860
Gain on sale of available for sale investment securities	-3,875	-7,887
Net purchases and sales or maturities of trading securities	-14,298	-27,394
Gain on trading securities	-1,985	-2,862
Loss on sale and retirement of property and equipment	1,131	302
Capital gains and dividends reinvested	-14	-50
Deferred income taxes	-2,273	-7,335
Changes in assets and liabilities:	'	'
Cash and cash equivalents - restricted	60,200	-8,939
Other receivables	-24,263	25,501
Payable to investment companies for securities and payable to customers	-52,849	-28,096
Receivables from funds and separate accounts	707	53
Other assets	-7,934	-2,429
Deferred sales commissions	-37,553	-48,464
Accounts payable and payable to third party brokers	2,355	3,734
Other liabilities	16,322	26,769
Net cash provided by operating activities	260,232	181,394
Cash flows from investing activities:	'	'
Purchases of available for sale investment securities	-131,844	-137,828
Proceeds from sales and maturities of available for sale investment securities	105,826	159,343
Additions to property and equipment	-25,211	-10,944
Fund adoption transaction	-1,447	'
Disposition of companies	'	22,000
Net cash provided by (used in) investing activities	-52,676	32,571
Cash flows from financing activities:	'	'
Dividends paid	-86,754	-72,101
Repurchase of common stock	-96,145	-52,546
Exercise of stock options	'	135
Excess tax benefits from share-based payment arrangements	16,465	6,860
Net cash used in financing activities	-166,434	-117,652
Net increase in cash and cash equivalents	41,122	96,313
Cash and cash equivalents at beginning of period	487,845	330,330
Cash and cash equivalents at end of period	$528,967	$426,643

Description_of_Business_and_Si

Description of Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Description of Business and Significant Accounting Policies	'
Description of Business and Significant Accounting Policies	'
	1.              Description of Business and Significant Accounting Policies
	Waddell & Reed Financial, Inc. and Subsidiaries
	Waddell & Reed Financial, Inc. and subsidiaries (hereinafter referred to as the “Company,” “we,” “our” and “us”) derive revenues from investment management services, investment product underwriting and distribution, and shareholder services administration provided to the Waddell & Reed Advisors Group of Mutual Funds (the “Advisors Funds”), Ivy Funds (the “Ivy Funds”), Ivy Funds Variable Insurance Portfolios (the “Ivy Funds VIP”) and InvestEd Portfolios (“InvestEd”) (collectively, the Advisors Funds, Ivy Funds, Ivy Funds VIP and InvestEd are referred to as the “Funds”), and institutional and separately managed accounts.  The Funds and the institutional and separately managed accounts operate under various rules and regulations set forth by the United States Securities and Exchange Commission (the “SEC”).  Services to the Funds are provided under investment management agreements, underwriting agreements and shareholder servicing and accounting service agreements that set forth the fees to be charged for these services.  The majority of these agreements are subject to annual review and approval by each Fund’s board of trustees.  Our revenues are largely dependent on the total value and composition of assets under management.  Accordingly, fluctuations in financial markets and composition of assets under management can significantly impact our revenues and results of operations.
	Basis of Presentation
	We have prepared the accompanying unaudited consolidated financial statements included herein pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to enable a reasonable understanding of the information presented.  The information in this Quarterly Report on Form 10-Q should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”).
	The accompanying unaudited consolidated financial statements are prepared consistently with the accounting policies described in Note 2 to the consolidated financial statements included in our 2013 Form 10-K, which include the following: use of estimates, cash and cash equivalents, disclosures about fair value of financial instruments, investment securities and investments in affiliated mutual funds, property and equipment, software developed for internal use, goodwill and identifiable intangible assets, deferred sales commissions, revenue recognition, advertising and promotion, share-based compensation and accounting for income taxes.
	In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of only a normal and recurring nature) necessary to present fairly our financial position at September 30, 2014, the results of operations for the three and nine months ended September 30, 2014 and 2013, and cash flows for the nine months ended September 30, 2014 and 2013 in conformity with accounting principles generally accepted in the United States.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2014
Cash and Cash Equivalents	'
Cash and Cash Equivalents	'
	2.              Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand and short-term investments.  We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents.  Cash and cash equivalents — restricted represents cash held for the benefit of customers segregated in compliance with federal and other regulations.

Accounting_Pronouncements_Not_

Accounting Pronouncements Not Yet Adopted	9 Months Ended
	Sep. 30, 2014
Accounting Pronouncements Not Yet Adopted	'
Accounting Pronouncements Not Yet Adopted	'
	3.              Accounting Pronouncements Not Yet Adopted
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”.  ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  ASU 2014-09 will supersede much of the existing revenue recognition guidance in accounting principles generally accepted in the United States.  ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted.  ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method.  The Company is evaluating which transition method to apply and the estimated impact the adoption of ASU 2014-09 will have on our consolidated financial statements.

Investment_Securities

Investment Securities	9 Months Ended
	Sep. 30, 2014
Investment Securities	'
Investment Securities	'
	4.              Investment Securities
	Investment securities at September 30, 2014 and December 31, 2013 were as follows:
		Amortized		Unrealized		Unrealized
	September 30, 2014	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Affiliated mutual funds	$	158,779	3,547		(2,043	)	160,283
		$	158,779	3,547		(2,043	)	160,283
	Trading securities:
	Mortgage-backed securities							33
	Common stock							64
	Affiliated mutual funds							83,541
								83,638
	Total investment securities							$	243,921
		Amortized		Unrealized		Unrealized
	December 31, 2013	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Mortgage-backed securities	$	8	1		—		9
	Corporate bonds	14,568		61		—		14,629
	Affiliated mutual funds	87,710		5,899		(957	)	92,652
		$	102,286	5,961		(957	)	107,290
	Trading securities:
	Mortgage-backed securities							37
	Municipal bonds							501
	Corporate bonds							9,412
	Common stock							60
	Affiliated mutual funds							84,048
								94,058
	Total investment securities							$	201,348
	Purchases of trading securities during the nine months ended September 30, 2014 were $129.5 million. Sales and maturities of trading securities were $115.2 million for the same period.
	A summary of available for sale affiliated mutual funds with fair values below carrying values at September 30, 2014 and December 31, 2013 was as follows:
		Less than 12 months				12 months or longer				Total
				Unrealized		Fair		Unrealized		Fair	Unrealized
	September 30, 2014	Fair value		losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	97,124	(2,016	)	1,189		(27	)	98,313	(2,043	)
	Total temporarily impaired securities	$	97,124	(2,016	)	1,189		(27	)	98,313	(2,043	)
		Less than 12 months				12 months or longer				Total
				Unrealized		Fair		Unrealized		Fair	Unrealized
	December 31, 2013	Fair value		losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	29,598	(939	)	213		(18	)	29,811	(957	)
	Total temporarily impaired securities	$	29,598	(939	)	213		(18	)	29,811	(957	)
	Based upon our assessment of these affiliated mutual funds, the time frame the funds have been in a loss position, and our intent to hold affiliated mutual funds until they have recovered, we determined that a write-down was not necessary at September 30, 2014.
	Mortgage-backed securities accounted for as trading and held as of September 30, 2014 mature in 2022.
	Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of the asset.  Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset.  An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs that are significant to the overall valuation.  The three-level hierarchy of inputs is summarized as follows:
	·         Level 1 — Investments are valued using quoted prices in active markets for identical securities.
	·         Level 2 — Investments are valued using other significant observable inputs, including quoted prices in active markets for similar securities.
	·         Level 3 — Investments are valued using significant unobservable inputs, including the Company’s own assumptions in determining the fair value of investments.
	Assets classified as Level 2 can have a variety of observable inputs.  These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value.  The fair value of municipal bonds is measured based on pricing models that take into account, among other factors, information received from market makers and broker/dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance and benchmark yield curves. The fair value of corporate bonds is measured using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads and fundamental data relating to the issuer.
	The value of securities classified as Level 3 is primarily determined through the use of a single quote (or multiple quotes) from dealers in the securities using proprietary valuation models.  These quotes involve significant unobservable inputs, and thus, the related securities are classified as Level 3 securities.
	The following tables summarize our investment securities as of September 30, 2014 and December 31, 2013 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs.
	September 30, 2014	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	33		—		33
	Common stock	64		—		—		64
	Affiliated mutual funds	243,824		—		—		243,824
	Total	$	243,888	33		—		243,921
	December 31, 2013	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	46		—		46
	Municipal bonds	—		501		—		501
Corporate bonds	—		24,041		—		24,041
Common stock	60		—		—		60
Affiliated mutual funds	176,700		—		—		176,700
Total	$	176,760	24,588		—		201,348

Goodwill_and_Identifiable_Inta

Goodwill and Identifiable Intangible Assets	9 Months Ended
	Sep. 30, 2014
Goodwill and Identifiable Intangible Assets	'
Goodwill and Identifiable Intangible Assets	'
	5.              Goodwill and Identifiable Intangible Assets
	Goodwill represents the excess of purchase price over the tangible assets and identifiable intangible assets of an acquired business.  Our goodwill is not deductible for tax purposes.  Goodwill and identifiable intangible assets (all considered indefinite lived) were as follows:
		September 30,		December 31,
		2014		2013
		(in thousands)
	Goodwill	$	106,970	106,970
	Mutual fund management advisory contracts	42,753		38,699
	Mutual fund management subadvisory contracts	8,400		16,300
	Total identifiable intangible assets	51,153		54,999
	Total	$	158,123	161,969
	The mutual fund management subadvisory contracts in the table above represents our indefinite life intangible asset balance related to our subadvisory agreement to manage certain mutual fund products for Mackenzie Financial Corporation (“MFC”).  This intangible asset was recorded in connection with our purchase of Mackenzie Investment Management, Inc. in 2002.  As part of purchase accounting, a deferred tax liability was established related to this intangible asset, and prior to a third quarter 2014 adjustment, the associated deferred tax liability was $6.0 million.
	We performed a review of the intangible asset associated with the MFC subadvisory agreement during the third quarter of 2014 due to a recent decline in the related assets under management.  The decline can be attributed to a realignment of MFC’s fund offerings and additional asset reductions.  We recorded an impairment charge of $7.9 million in the third quarter of 2014 to this intangible asset as a result of the reduction in assets and associated cash flows, and reduced the associated deferred tax liability by $2.9 million.
	During the third quarter of 2014, we recorded a $4.1 million intangible asset related to the fund adoption transaction agreement with Emerging Managers Group, L.P., which became effective in August 2014, through which Ivy Investment Management Company assumed responsibility as investment adviser and Ivy Funds Distributor, Inc. serves as distributor of the Selector Management Fund SICAV.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2014
Indebtedness	'
Indebtedness	'
	6.              Indebtedness
	Debt is reported at its carrying amount in the consolidated balance sheets.  The fair value (calculated based on Level 2 inputs) of the Company’s outstanding indebtedness is approximately $208.8 million at September 30, 2014 compared to the carrying value of $190.0 million.

Income_Tax_Uncertainties

Income Tax Uncertainties	9 Months Ended
	Sep. 30, 2014
Income Tax Uncertainties	'
Income Tax Uncertainties	'
	7.              Income Tax Uncertainties
	As of January 1, 2014 and September 30, 2014, the Company had unrecognized tax benefits, including penalties and interest, of $12.0 million ($8.4 million net of federal benefit) and $13.7 million ($9.7 million net of federal benefit), respectively, that if recognized, would impact the Company’s effective tax rate.  The unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities in the accompanying consolidated balance sheets.  Unrecognized tax benefits that are expected to be settled within the next 12 months are included in income taxes payable.
	The Company’s accounting policy with respect to interest and penalties related to income tax uncertainties is to classify these amounts as income taxes.  As of January 1, 2014, the total amount of accrued interest and penalties related to uncertain tax positions recognized in the consolidated balance sheet was $3.0 million ($2.5 million net of federal benefit).  The total amount of interest and penalties, net of federal benefit, related to income tax uncertainties recognized in the statement of income for the nine month period ended September 30, 2014 was $0.5 million.  The total amount of accrued interest and penalties related to uncertain tax positions at September 30, 2014 of $3.6 million ($3.0 million net of federal benefit) is included in the total unrecognized tax benefits described above.
	In the ordinary course of business, many transactions occur for which the ultimate tax outcome is uncertain.  In addition, respective tax authorities periodically audit our income tax returns.  These audits examine our significant tax filing positions, including the timing and amounts of deductions and the allocation of income among tax jurisdictions.  The 2011, 2012 and 2013 federal income tax returns are open tax years that remain subject to potential future audit.  State income tax returns for all years after 2010 and, in certain states, income tax returns prior to 2011, are subject to potential future audit by tax authorities in the Company’s major state tax jurisdictions.
	The Company is currently being audited in various state jurisdictions.  It is reasonably possible that the Company will settle the audits in these jurisdictions within the next 12-month period.  It is estimated that the Company’s liability for unrecognized tax benefits, including penalties and interest, could decrease by up to $0.3 million (up to $0.2 million net of federal benefit) upon settlement of these audits.  Such settlements are not anticipated to have a significant impact on our results of operations.

Pension_Plan_and_Postretiremen

Pension Plan and Postretirement Benefits Other Than Pension	9 Months Ended
	Sep. 30, 2014
Pension Plan and Postretirement Benefits Other Than Pension	'
Pension Plan and Postretirement Benefits Other Than Pension	'
	8.              Pension Plan and Postretirement Benefits Other Than Pension
	We provide a non-contributory retirement plan that covers substantially all employees and certain vested employees of our former parent company (the “Pension Plan”).  Benefits payable under the Pension Plan are based on employees’ years of service and compensation during the final 10 years of employment.  We also sponsor an unfunded defined benefit postretirement medical plan that covers substantially all employees, as well as Waddell & Reed advisors who are independent contractors, through the age of 65.  The medical plan is contributory with participant contributions adjusted annually.  The medical plan does not provide for post age 65 benefits with the exception of a small group of employees that were grandfathered when such plan was established.
	The components of net periodic pension and other postretirement costs related to these plans were as follows:
		Pension Benefits					Other			Pension Benefits				Other
							Postretirement							Postretirement
							Benefits							Benefits
		Three months					Three months			Nine months				Nine months
		ended					ended			ended				ended
		September 30,					September 30,			September 30,				September 30,
		2014			2013		2014		2013	2014		2013		2014		2013
		(in thousands)								(in thousands)
	Components of net periodic benefit cost:
	Service cost	$	2,521		2,753		180		197	7,563		8,259		540		591
	Interest cost	2,099			1,928		99		90	6,297		5,783		297		270
	Expected return on plan assets	(3,504		)	(2,796	)	—		—	(10,512	)	(8,389	)	—		—
	Actuarial (gain) loss amortization	373			1,142		(4	)	—	1,121		3,426		(12	)	—
	Prior service cost amortization	117			138		14		14	351		416		42		42
	Transition obligation amortization	1			1		—		—	3		3		—		—
	Total(1)	$	1,607		3,166		289		301	4,823		9,498		867		903
	(1) Approximately 60% of net periodic pension and other postretirement benefit costs are included in compensation and related costs on the consolidated statements of income, while the remainder is included in underwriting and distribution expense.
	During the first nine months of 2014, we contributed $20.0 million to the Pension Plan.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	9.              Stockholders’ Equity
	Earnings per Share
	The components of basic and diluted earnings per share were as follows:
		Three months ended					Nine months ended
		September 30,					September 30,
		2014			2013		2014		2013
		(in thousands, except per share amounts)
	Net income	$	74,586		68,419		232,438		174,239
	Weighted average shares outstanding - basic	84,242			85,603		84,775		85,688
	Dilutive potential shares from stock options	—			—		—		1
	Weighted average shares outstanding - diluted	84,242			85,603		84,775		85,689
	Earnings per share basic and diluted	$	0.89		0.8		2.74		2.03
	Dividends
	On July 16, 2014, the Board of Directors (the “Board”) approved a dividend on our Class A common stock in the amount of $0.34 per share to stockholders of record as of October 13, 2014 to be paid on November 3, 2014.  The total dividend to be paid is approximately $28.6 million and is included in other current liabilities in the consolidated balance sheet at September 30, 2014.
	Common Stock Repurchases
	The Board has authorized the repurchase of our Class A common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including shares issued to employees in our stock-based compensation programs.
	There were 614,062 shares and 316,961 shares repurchased in the open market or privately during the three months ended September 30, 2014 and 2013, respectively, which included 1,962 shares and 1,961 shares, respectively, repurchased from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during these same reporting periods.  There were 1,522,270 shares and 1,187,839 shares repurchased in the open market or privately during the nine months ended September 30, 2014 and 2013, respectively, which included 428,081 shares and 468,739 shares, respectively, repurchased from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during each of these reporting periods.
	Accumulated Other Comprehensive Income (Loss)
	The following tables summarize other comprehensive income (loss) activity for the three and nine months ended September 30, 2014 and September 30, 2013.
	Three months ended September 30, 2014	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at June 30, 2014	$	4,078		1,353		(19,187	)	(13,756	)
	Other comprehensive income before reclassification	(2,317		)	(1,357	)	—		(3,674	)
	Amount reclassified from accumulated other comprehensive income	(813		)	(475	)	315		(973	)
	Net current period other comprehensive income (loss)	(3,130		)	(1,832	)	315		(4,647	)
	Balance at September 30, 2014	$	948		(479	)	(18,872	)	(18,403	)
	Three months ended September 30, 2013	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at June 30, 2013	$	1,431		(201	)	(47,214	)	(45,984	)
	Other comprehensive income before reclassification	4,330			2,530		—		6,860
	Amount reclassified from accumulated other comprehensive income	(1,408		)	(819	)	816		(1,411	)
	Net current period other comprehensive income	2,922			1,711		816		5,449
	Balance at September 30, 2013	$	4,353		1,510		(46,398	)	(40,535	)
	Nine months ended September 30, 2014	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2013	$	3,150		810		(19,819	)	(15,859	)
	Other comprehensive income before reclassification	239			138		—		377
	Amount reclassified from accumulated other comprehensive income	(2,441		)	(1,427	)	947		(2,921	)
	Net current period other comprehensive income (loss)	(2,202		)	(1,289	)	947		(2,544	)
	Balance at September 30, 2014	$	948		(479	)	(18,872	)	(18,403	)
	Nine months ended September 30, 2013	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
		investment
		securities
	(in thousands)
Balance at December 31, 2012	$	1,823		32		(48,652	)	(46,797	)
Other comprehensive income before reclassification	7,519			4,396		—		11,915
Amount reclassified from accumulated other comprehensive income	(4,989		)	(2,918	)	2,254		(5,653	)
Net current period other comprehensive income	2,530			1,478		2,254		6,262
Balance at September 30, 2013	$	4,353		1,510		(46,398	)	(40,535	)
Reclassifications from accumulated other comprehensive income (loss) and included in net income are summarized in the tables that follow.
	For the three months ended September 30, 2014
	Pre-tax			Tax		Net of tax		Statement of income line item
				(expense)
				benefit
	(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	1,290		(477	)	813		Investment and other income
Valuation allowance	—			475		475		Provision for income taxes
Amortization of pension and postretirement benefits	(501		)	186		(315	)	Underwriting and distribution expense and Compensation and related costs
Total	$	789		184		973
	For the three months ended September 30, 2013
	Pre-tax			Tax		Net of tax		Statement of income line item
				(expense)
				benefit
	(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	2,225		(817	)	1,408		Investment and other income
Valuation allowance	—			819		819		Provision for income taxes
Amortization of pension and postretirement benefits	(1,296		)	480		(816	)	Underwriting and distribution expense and Compensation and related costs
Total	$	929		482		1,411
	For the nine months ended September 30, 2014
	Pre-tax			Tax		Net of tax		Statement of income line item
				(expense)
				benefit
	(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	3,875		(1,434	)	2,441		Investment and other income
Valuation allowance	—			1,427		1,427		Provision for income taxes
Amortization of pension and postretirement benefits	(1,505		)	558		(947	)	Underwriting and distribution expense and Compensation and related costs
Total	$	2,370		551		2,921
	For the nine months ended September 30, 2013
	Pre-tax			Tax		Net of tax		Statement of income line item
				(expense)
				benefit
	(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	7,887		(2,898	)	4,989		Investment and other income
Valuation allowance	—			2,918		2,918		Provision for income taxes
Amortization of pension and postretirement benefits	(3,887		)	1,633		(2,254	)	Underwriting and distribution expense and Compensation and related costs
Total	$	4,000		1,653		5,653

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2014
Contingencies	'
Contingencies	'
	10.       Contingencies
	The Company is involved from time to time in various legal proceedings, regulatory investigations and claims incident to the normal conduct of business, which may include proceedings that are specific to us and others generally applicable to business practices within the industries in which we operate.  A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations in a particular quarter or year.
	The Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated.  These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately. The Company regularly revises such accruals in light of new information.  For contingencies where an unfavorable outcome is reasonably possible and that are significant, the Company discloses the nature of the contingency and, where feasible, an estimate of the possible loss.  For purposes of our litigation contingency disclosures, “significant” includes material matters as well as other items that management believes should be disclosed.  Management’s judgment is required related to contingent liabilities because the outcomes are difficult to predict.  In our opinion, the likelihood that any pending legal proceeding, regulatory investigation, claim, or other contingency will have a material adverse effect on our business, financial condition or results of operations is remote.

Description_of_Business_and_Si1

Description of Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Description of Business and Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	We have prepared the accompanying unaudited consolidated financial statements included herein pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to enable a reasonable understanding of the information presented.  The information in this Quarterly Report on Form 10-Q should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”).
	The accompanying unaudited consolidated financial statements are prepared consistently with the accounting policies described in Note 2 to the consolidated financial statements included in our 2013 Form 10-K, which include the following: use of estimates, cash and cash equivalents, disclosures about fair value of financial instruments, investment securities and investments in affiliated mutual funds, property and equipment, software developed for internal use, goodwill and identifiable intangible assets, deferred sales commissions, revenue recognition, advertising and promotion, share-based compensation and accounting for income taxes.
	In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of only a normal and recurring nature) necessary to present fairly our financial position at September 30, 2014, the results of operations for the three and nine months ended September 30, 2014 and 2013, and cash flows for the nine months ended September 30, 2014 and 2013 in conformity with accounting principles generally accepted in the United States.

Investment_Securities_Tables

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2014
Investment Securities	'
Schedule of investment securities	'
		Amortized		Unrealized		Unrealized
	September 30, 2014	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Affiliated mutual funds	$	158,779	3,547		(2,043	)	160,283
		$	158,779	3,547		(2,043	)	160,283
	Trading securities:
	Mortgage-backed securities							33
	Common stock							64
	Affiliated mutual funds							83,541
								83,638
	Total investment securities							$	243,921
		Amortized		Unrealized		Unrealized
	December 31, 2013	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Mortgage-backed securities	$	8	1		—		9
	Corporate bonds	14,568		61		—		14,629
	Affiliated mutual funds	87,710		5,899		(957	)	92,652
		$	102,286	5,961		(957	)	107,290
	Trading securities:
	Mortgage-backed securities							37
	Municipal bonds							501
	Corporate bonds							9,412
	Common stock							60
	Affiliated mutual funds							84,048
								94,058
	Total investment securities							$	201,348
Summary of available for sale affiliated mutual funds with fair values below carrying values	'
		Less than 12 months				12 months or longer				Total
				Unrealized		Fair		Unrealized		Fair	Unrealized
	September 30, 2014	Fair value		losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	97,124	(2,016	)	1,189		(27	)	98,313	(2,043	)
	Total temporarily impaired securities	$	97,124	(2,016	)	1,189		(27	)	98,313	(2,043	)
		Less than 12 months				12 months or longer				Total
				Unrealized		Fair		Unrealized		Fair	Unrealized
	December 31, 2013	Fair value		losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	29,598	(939	)	213		(18	)	29,811	(957	)
	Total temporarily impaired securities	$	29,598	(939	)	213		(18	)	29,811	(957	)
Schedule of fair value of investment securities	'
	September 30, 2014	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	33		—		33
	Common stock	64		—		—		64
	Affiliated mutual funds	243,824		—		—		243,824
	Total	$	243,888	33		—		243,921
	December 31, 2013	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	46		—		46
	Municipal bonds	—		501		—		501
	Corporate bonds	—		24,041		—		24,041
	Common stock	60		—		—		60
	Affiliated mutual funds	176,700		—		—		176,700
	Total	$	176,760	24,588		—		201,348

Goodwill_and_Identifiable_Inta1

Goodwill and Identifiable Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Goodwill and Identifiable Intangible Assets	'
Schedule of goodwill and identifiable intangible assets	'
		September 30,		December 31,
		2014		2013
		(in thousands)
	Goodwill	$	106,970	106,970
	Mutual fund management advisory contracts	42,753		38,699
	Mutual fund management subadvisory contracts	8,400		16,300
	Total identifiable intangible assets	51,153		54,999
	Total	$	158,123	161,969

Pension_Plan_and_Postretiremen1

Pension Plan and Postretirement Benefits Other Than Pension (Tables)	9 Months Ended
	Sep. 30, 2014
Pension Plan and Postretirement Benefits Other Than Pension	'
Schedule of components of net periodic pension and other postretirement costs	'
		Pension Benefits					Other			Pension Benefits				Other
							Postretirement							Postretirement
							Benefits							Benefits
		Three months					Three months			Nine months				Nine months
		ended					ended			ended				ended
		September 30,					September 30,			September 30,				September 30,
		2014			2013		2014		2013	2014		2013		2014		2013
		(in thousands)								(in thousands)
	Components of net periodic benefit cost:
	Service cost	$	2,521		2,753		180		197	7,563		8,259		540		591
	Interest cost	2,099			1,928		99		90	6,297		5,783		297		270
	Expected return on plan assets	(3,504		)	(2,796	)	—		—	(10,512	)	(8,389	)	—		—
	Actuarial (gain) loss amortization	373			1,142		(4	)	—	1,121		3,426		(12	)	—
	Prior service cost amortization	117			138		14		14	351		416		42		42
	Transition obligation amortization	1			1		—		—	3		3		—		—
	Total(1)	$	1,607		3,166		289		301	4,823		9,498		867		903
	(1) Approximately 60% of net periodic pension and other postretirement benefit costs are included in compensation and related costs on the consolidated statements of income, while the remainder is included in underwriting and distribution expense.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity	'
Components of basic and diluted earnings per share	'
		Three months ended					Nine months ended
		September 30,					September 30,
		2014			2013		2014		2013
		(in thousands, except per share amounts)
	Net income	$	74,586		68,419		232,438		174,239
	Weighted average shares outstanding - basic	84,242			85,603		84,775		85,688
	Dilutive potential shares from stock options	—			—		—		1
	Weighted average shares outstanding - diluted	84,242			85,603		84,775		85,689
	Earnings per share basic and diluted	$	0.89		0.8		2.74		2.03
Summary of other comprehensive income (loss) activity	'
	Three months ended September 30, 2014	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at June 30, 2014	$	4,078		1,353		(19,187	)	(13,756	)
	Other comprehensive income before reclassification	(2,317		)	(1,357	)	—		(3,674	)
	Amount reclassified from accumulated other comprehensive income	(813		)	(475	)	315		(973	)
	Net current period other comprehensive income (loss)	(3,130		)	(1,832	)	315		(4,647	)
	Balance at September 30, 2014	$	948		(479	)	(18,872	)	(18,403	)
	Three months ended September 30, 2013	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at June 30, 2013	$	1,431		(201	)	(47,214	)	(45,984	)
	Other comprehensive income before reclassification	4,330			2,530		—		6,860
	Amount reclassified from accumulated other comprehensive income	(1,408		)	(819	)	816		(1,411	)
	Net current period other comprehensive income	2,922			1,711		816		5,449
	Balance at September 30, 2013	$	4,353		1,510		(46,398	)	(40,535	)
	Nine months ended September 30, 2014	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2013	$	3,150		810		(19,819	)	(15,859	)
	Other comprehensive income before reclassification	239			138		—		377
	Amount reclassified from accumulated other comprehensive income	(2,441		)	(1,427	)	947		(2,921	)
	Net current period other comprehensive income (loss)	(2,202		)	(1,289	)	947		(2,544	)
	Balance at September 30, 2014	$	948		(479	)	(18,872	)	(18,403	)
	Nine months ended September 30, 2013	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2012	$	1,823		32		(48,652	)	(46,797	)
	Other comprehensive income before reclassification	7,519			4,396		—		11,915
	Amount reclassified from accumulated other comprehensive income	(4,989		)	(2,918	)	2,254		(5,653	)
	Net current period other comprehensive income	2,530			1,478		2,254		6,262
	Balance at September 30, 2013	$	4,353		1,510		(46,398	)	(40,535	)
Summary of reclassifications from accumulated other comprehensive income (loss) and included in net income	'
		For the three months ended September 30, 2014
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	1,290		(477	)	813		Investment and other income
	Valuation allowance	—			475		475		Provision for income taxes
	Amortization of pension and postretirement benefits	(501		)	186		(315	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	789		184		973
		For the three months ended September 30, 2013
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	2,225		(817	)	1,408		Investment and other income
	Valuation allowance	—			819		819		Provision for income taxes
	Amortization of pension and postretirement benefits	(1,296		)	480		(816	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	929		482		1,411
		For the nine months ended September 30, 2014
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	3,875		(1,434	)	2,441		Investment and other income
	Valuation allowance	—			1,427		1,427		Provision for income taxes
	Amortization of pension and postretirement benefits	(1,505		)	558		(947	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	2,370		551		2,921
		For the nine months ended September 30, 2013
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	7,887		(2,898	)	4,989		Investment and other income
	Valuation allowance	—			2,918		2,918		Provision for income taxes
	Amortization of pension and postretirement benefits	(3,887		)	1,633		(2,254	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	4,000		1,653		5,653

Investment_Securities_Details

Investment Securities (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Available for sale securities:	'	'
Amortized cost	$158,779,000	$102,286,000
Unrealized gains	3,547,000	5,961,000
Unrealized losses	-2,043,000	-957,000
Fair value	160,283,000	107,290,000
Trading securities:	'	'
Fair value	83,638,000	94,058,000
Investment securities	243,921,000	201,348,000
Purchases of trading securities	129,500,000	'
Sales and maturities of trading securities	115,200,000	'
Mortgage-backed securities	'	'
Available for sale securities:	'	'
Amortized cost	'	8,000
Unrealized gains	'	1,000
Fair value	'	9,000
Trading securities:	'	'
Fair value	33,000	37,000
Municipal bonds	'	'
Trading securities:	'	'
Fair value	'	501,000
Corporate bonds	'	'
Available for sale securities:	'	'
Amortized cost	'	14,568,000
Unrealized gains	'	61,000
Fair value	'	14,629,000
Trading securities:	'	'
Fair value	'	9,412,000
Common Stock	'	'
Trading securities:	'	'
Fair value	64,000	60,000
Affiliated mutual funds	'	'
Available for sale securities:	'	'
Amortized cost	158,779,000	87,710,000
Unrealized gains	3,547,000	5,899,000
Unrealized losses	-2,043,000	-957,000
Fair value	160,283,000	92,652,000
Trading securities:	'	'
Fair value	$83,541,000	$84,048,000

Investment_Securities_Details_

Investment Securities (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value	'	'
Less than 12 months	$97,124	$29,598
12 months or longer	1,189	213
Total temporarily impaired securities	98,313	29,811
Unrealized losses	'	'
Less than 12 months	-2,016	-939
12 months or longer	-27	-18
Total Unrealized losses on temporarily impaired securities	-2,043	-957
Affiliated mutual funds	'	'
Fair Value	'	'
Less than 12 months	97,124	29,598
12 months or longer	1,189	213
Total temporarily impaired securities	98,313	29,811
Unrealized losses	'	'
Less than 12 months	-2,016	-939
12 months or longer	-27	-18
Total Unrealized losses on temporarily impaired securities	($2,043)	($957)

Investment_Securities_Details_1

Investment Securities (Details 3) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair value of investments	'	'
Total investment securities	$243,921	$201,348
Level 1	'	'
Fair value of investments	'	'
Total investment securities	243,888	176,760
Level 1 | Common Stock	'	'
Fair value of investments	'	'
Total investment securities	64	60
Level 1 | Affiliated mutual funds	'	'
Fair value of investments	'	'
Total investment securities	243,824	176,700
Level 2	'	'
Fair value of investments	'	'
Total investment securities	33	24,588
Level 2 | Mortgage-backed securities	'	'
Fair value of investments	'	'
Total investment securities	33	46
Level 2 | Municipal bonds	'	'
Fair value of investments	'	'
Total investment securities	'	501
Level 2 | Corporate bonds	'	'
Fair value of investments	'	'
Total investment securities	'	24,041
Total | Mortgage-backed securities	'	'
Fair value of investments	'	'
Total investment securities	33	46
Total | Municipal bonds	'	'
Fair value of investments	'	'
Total investment securities	'	501
Total | Corporate bonds	'	'
Fair value of investments	'	'
Total investment securities	'	24,041
Total | Common Stock	'	'
Fair value of investments	'	'
Total investment securities	64	60
Total | Affiliated mutual funds	'	'
Fair value of investments	'	'
Total investment securities	$243,824	$176,700

Goodwill_and_Identifiable_Inta2

Goodwill and Identifiable Intangible Assets (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Goodwill and Identifiable Intangible Assets	'	'	'
Goodwill	$106,970,000	$106,970,000	$106,970,000
Mutual fund management advisory contracts	42,753,000	42,753,000	38,699,000
Mutual fund management subadvisory contracts	8,400,000	8,400,000	16,300,000
Total identifiable intangible assets	51,153,000	51,153,000	54,999,000
Total goodwill and identifiable intangible assets	158,123,000	158,123,000	161,969,000
Deferred tax liability	6,000,000	6,000,000	'
Impairment charge	7,900,000	7,900,000	'
Reduction of associated deferred tax liability	2,900,000	2,900,000	'
Intangible asset related to the fund adoption transaction agreement with Emerging Managers Group, L.P.	$4,100,000	$4,100,000	'

Indebtedness_Details

Indebtedness (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Indebtedness	'	'
Fair value of outstanding indebtedness	$208,800,000	'
Summary of long-term debt	'	'
Total long-term debt	$190,000,000	$190,000,000

Income_Tax_Uncertainties_Detai

Income Tax Uncertainties (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Income Tax Uncertainties	'	'
Unrecognized tax benefits, including penalties and interest that if recognized would impact effective tax rate	$13.70	$12
Unrecognized tax benefits, including penalties and interest, net of federal tax benefit that if recognized would affect effective tax rate	9.7	8.4
Accrued interest and penalties related to uncertain tax positions	3.6	3
Accrued interest and penalties related to uncertain tax positions, net of federal benefit	3	2.5
Total expense of interest and penalties, net of federal benefit related to uncertain tax positions	$0.50	'

Income_Tax_Uncertainties_Detai1

Income Tax Uncertainties (Details 2) (USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
Income Tax Uncertainties	'
Estimated decrease in unrecognized tax benefits within the next 12-month period, high end of range	$0.30
Estimated decrease in unrecognized tax benefits net of federal benefits within the next 12-month period	$0.20

Pension_Plan_and_Postretiremen2

Pension Plan and Postretirement Benefits Other Than Pension (Details)	9 Months Ended
	Sep. 30, 2014
Pension Benefits	'
Pension Plan and Postretirement Benefits Other than Pension	'
Final number of years of employee's compensation to determine the benefits payable	'10 years
Other Postretirement Benefits	'
Pension Plan and Postretirement Benefits Other than Pension	'
Age of retirees	'65 years
Age of employees after which the plan does not provide benefits	'65 years

Pension_Plan_and_Postretiremen3

Pension Plan and Postretirement Benefits Other Than Pension (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Components of net periodic benefit cost:	'	'	'	'
Percentage of net periodic pension and other postretirement benefit costs included in compensation and related costs	'	'	60.00%	'
Pension Benefits	'	'	'	'
Components of net periodic benefit cost:	'	'	'	'
Service cost	$2,521,000	$2,753,000	$7,563,000	$8,259,000
Interest cost	2,099,000	1,928,000	6,297,000	5,783,000
Expected return on plan assets	-3,504,000	-2,796,000	-10,512,000	-8,389,000
Actuarial (gain) loss amortization	373,000	1,142,000	1,121,000	3,426,000
Prior service cost amortization	117,000	138,000	351,000	416,000
Transition obligation amortization	1,000	1,000	3,000	3,000
Total	1,607,000	3,166,000	4,823,000	9,498,000
Expected benefit payments	'	'	'	'
Employer contributions	'	'	20,000,000	'
Other Postretirement Benefits	'	'	'	'
Components of net periodic benefit cost:	'	'	'	'
Service cost	180,000	197,000	540,000	591,000
Interest cost	99,000	90,000	297,000	270,000
Actuarial (gain) loss amortization	-4,000	'	-12,000	'
Prior service cost amortization	14,000	14,000	42,000	42,000
Total	$289,000	$301,000	$867,000	$903,000

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended	3 Months Ended		9 Months Ended
	Jul. 16, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Components of basic and diluted earnings per share	'	'	'	'	'
Net income	'	$74,586,000	$68,419,000	$232,438,000	$174,239,000
Weighted average shares outstanding - basic	'	84,242,000	85,603,000	84,775,000	85,688,000
Dilutive potential shares from stock options	'	'	'	'	1,000
Weighted average shares outstanding - diluted	'	84,242,000	85,603,000	84,775,000	85,689,000
Earnings per share:	'	'	'	'	'
Earnings per share basic and diluted (in dollars per share)	'	$0.89	$0.80	$2.74	$2.03
Dividends	'	'	'	'	'
Dividends accrued, per share (in dollars per share)	$0.34	'	'	$1.02	'
Dividends to be paid	'	$28,600,000	'	$28,600,000	'
Common stock repurchases	'	'	'	'	'
Shares repurchased in the open market or privately	'	614,062	316,961	1,522,270	1,187,839
Shares repurchased from employees to cover minimum income tax withholdings	'	1,962	1,961	428,081	468,739

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Changes in other comprehensive income (loss)	'	'	'	'
Balance at the beginning of the period	($13,756)	($45,984)	($15,859)	($46,797)
Other comprehensive income before reclassification	-3,674	6,860	377	11,915
Amount reclassified from accumulated other comprehensive income	-973	-1,411	-2,921	-5,653
Net current period other comprehensive income (loss)	-4,647	5,449	-2,544	6,262
Balance at the end of the period	-18,403	-40,535	-18,403	-40,535
Unrealized gains on investment securities	'	'	'	'
Changes in other comprehensive income (loss)	'	'	'	'
Balance at the beginning of the period	4,078	1,431	3,150	1,823
Other comprehensive income before reclassification	-2,317	4,330	239	7,519
Amount reclassified from accumulated other comprehensive income	-813	-1,408	-2,441	-4,989
Net current period other comprehensive income (loss)	-3,130	2,922	-2,202	2,530
Balance at the end of the period	948	4,353	948	4,353
Change in valuation allowance for unrealized gains (losses) on investment securities	'	'	'	'
Changes in other comprehensive income (loss)	'	'	'	'
Balance at the beginning of the period	1,353	-201	810	32
Other comprehensive income before reclassification	-1,357	2,530	138	4,396
Amount reclassified from accumulated other comprehensive income	-475	-819	-1,427	-2,918
Net current period other comprehensive income (loss)	-1,832	1,711	-1,289	1,478
Balance at the end of the period	-479	1,510	-479	1,510
Pension and postretirement benefits	'	'	'	'
Changes in other comprehensive income (loss)	'	'	'	'
Balance at the beginning of the period	-19,187	-47,214	-19,819	-48,652
Amount reclassified from accumulated other comprehensive income	315	816	947	2,254
Net current period other comprehensive income (loss)	315	816	947	2,254
Balance at the end of the period	($18,872)	($46,398)	($18,872)	($46,398)

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Reclassifications included in net income:	'	'	'	'
Net of tax	$973	$1,411	$2,921	$5,653
Reclassifications from accumulated other comprehensive income	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Pre-tax	789	929	2,370	4,000
Tax (expense) benefit	184	482	551	1,653
Net of tax	973	1,411	2,921	5,653
Realized gain on sale of available for sale investment securities	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Net of tax	813	1,408	2,441	4,989
Realized gain on sale of available for sale investment securities | Investment and other income | Reclassifications from accumulated other comprehensive income	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Pre-tax	1,290	2,225	3,875	7,887
Tax (expense) benefit	-477	-817	-1,434	-2,898
Net of tax	813	1,408	2,441	4,989
Valuation allowance	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Net of tax	475	819	1,427	2,918
Valuation allowance | Provision for income taxes | Reclassifications from accumulated other comprehensive income	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Tax (expense) benefit	475	819	1,427	2,918
Net of tax	475	819	1,427	2,918
Amortization of pension and postretirement benefits	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Net of tax	-315	-816	-947	-2,254
Amortization of pension and postretirement benefits | Underwriting and distribution expense and Compensation and related costs | Reclassifications from accumulated other comprehensive income	'	'	'	'
Reclassifications included in net income:	'	'	'	'
Pre-tax	-501	-1,296	-1,505	-3,887
Tax (expense) benefit	186	480	558	1,633
Net of tax	($315)	($816)	($947)	($2,254)