Associated Capital (AC) 10-Q 16 Dec 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Entity Information [Line Items]
Entity Registrant Name	Associated Capital Group, Inc.
Entity Central Index Key	1,642,122
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,247,452
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,196,792

CONDENSED COMBINED STATEMENTS O

CONDENSED COMBINED STATEMENTS OF FINANCIAL CONDITION UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 363,055	$ 285,530	$ 346,239	$ 199,536
Investments in securities	92,822	220,595	218,250
Investments in registered investment companies	115,046	39,537	39,520
Investments in partnerships	101,022	107,646	107,431
Receivable from brokers	52,595	74,407	79,356
Investment advisory fees receivable	1,991	4,145	1,375
Receivable from affiliates	202	402	162
Goodwill	3,254	3,254	3,254
Other assets	882	19,178	2,951
Total assets	730,869	754,694	798,538
LIABILITIES AND EQUITY
Payable to brokers	49,365	43,397	46,237
Income taxes payable and deferred tax liabilities	8,832	16,363	20,338
Compensation payable	5,046	9,179	5,695
Securities sold, not yet purchased	5,577	10,595	14,180
Mandatorily redeemable noncontrolling interests	1,257	1,302	1,304
Payable to affiliates	23,369	20,733	21,445
Accrued expenses and other liabilities	1,846	1,864	3,028
Total liabilities	95,292	103,433	112,227
Redeemable noncontrolling interests	6,018	68,334	56,086
Equity	624,792	573,749	620,725
Accumulated comprehensive income	4,767	9,178	9,500
Total equity	629,559	582,927	630,225
Total liabilities and equity	$ 730,869	$ 754,694	$ 798,538

CONDENSED COMBINED STATEMENTS 3

CONDENSED COMBINED STATEMENTS OF OPERATIONS UNAUDITED - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Investment advisory and incentive fees	$ 2,240	$ 1,832	$ 6,295	$ 5,066
Institutional research services	2,063	2,540	6,130	6,720
Other	387	523	1,422	1,565
Total revenues	4,690	4,895	13,847	13,351
Expenses
Compensation	5,079	4,313	16,555	14,376
Management fee	(1,374)	(1,038)	(878)	(265)
Stock based compensation	630	476	1,895	1,371
Other operating expenses	1,436	1,892	4,704	5,541
Total expenses	5,771	5,643	22,276	21,023
Operating loss	(1,081)	(748)	(8,429)	(7,672)
Other income (expense)
Net gain/(loss) from investments	(11,539)	(9,140)	(834)	3,561
Interest and dividend income	551	805	2,303	2,694
Interest expense	(323)	(295)	(984)	(1,022)
Total other income/(expense), net	(11,311)	(8,630)	485	5,233
Income before income taxes	(12,392)	(9,378)	(7,944)	(2,439)
Income tax provision/(benefit)	(4,388)	(2,561)	(3,154)	(488)
Net income/(loss)	(8,004)	(6,817)	(4,790)	(1,951)
Net loss attributable to noncontrolling interests	(464)	(3,034)	(490)	(2,605)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ (7,540)	$ (3,783)	$ (4,300)	$ 654

CONDENSED COMBINED STATEMENTS 4

CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net loss		$ (8,004)	$ (6,817)	$ (4,790)	$ (1,951)
Other comprehensive loss, net of tax:
Net unrealized losses on securities available for sale	[1]	(4,605)	(1,039)	(4,411)	(2,105)
Other comprehensive loss		(4,605)	(1,039)	(4,411)	(2,105)
Comprehensive loss		(12,609)	(7,856)	(9,201)	(4,056)
Less: Comprehensive loss attributable to noncontrolling interests		464	3,034	490	2,605
Comprehensive loss attributable to GAMCO Investors, Inc.		$ (12,145)	$ (4,822)	$ (8,711)	$ (1,451)
[1]	Net of income tax benefit of ($2,705), ($610), ($2,591) and ($1,235), respectively.

CONDENSED COMBINED STATEMENTS 5

CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net unrealized losses on securities available for sale, income tax benefit	$ (2,705)	$ (610)	$ (2,591)	$ (1,235)

CONDENSED COMBINED STATEMENTS 6

CONDENSED COMBINED STATEMENTS OF EQUITY UNAUDITED - USD ($) $ in Thousands	Total	Total [Member]	Equity [Member]	Accumulated Other Comprehensive Income [Member]	Nonredeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2013		$ 495,377	$ 483,772	$ 11,605	$ 6,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of redeemable noncontrolling interests		0	0	0	(1,666)
Contributions from redeemable noncontrolling interests		0	0	0	53,607
Net income/(loss)	$ (1,951)	654	654	0	(2,606)
Net unrealized losses on securities available for sale, net of tax		(237)	0	(237)	0
Amounts reclassed out of accumulated other comprehensve income, net of income tax benefit		(1,868)	0	(1,868)	0
Stock based compensation expense		1,371	1,371	0	0
Net transfers from Parent		134,928	134,928	0	0
Balance at Sep. 30, 2014	630,225	630,225	620,725	9,500	56,086
Balance at Dec. 31, 2014	582,927	582,927	573,749	9,178	68,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of redeemable noncontrolling interests		0	0	0	(602)
Contributions from redeemable noncontrolling interests		0	0	0	1,036
Consolidation of a consolidated feeder fund and a partnership		0	0	0	996
Deconsolidation of an offshore fund		0	0	0	(63,256)
Net income/(loss)	(4,790)	(4,300)	(4,300)	0	(490)
Net unrealized losses on securities available for sale, net of tax		(4,490)	0	(4,490)	0
Amounts reclassed out of accumulated other comprehensve income, net of income tax benefit		79	0	79	0
Stock based compensation expense		1,895	1,895	0	0
Net transfers from Parent		53,448	53,448	0	0
Balance at Sep. 30, 2015	$ 629,559	$ 629,559	$ 624,792	$ 4,767	$ 6,018

CONDENSED COMBINED STATEMENTS 7

CONDENSED COMBINED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CONDENSED COMBINED STATEMENTS OF EQUITY UNAUDITED [Abstract]
Net unrealized losses on securities available for sale, income tax	$ (2,637)	$ (328)
Amounts reclassed from accumulated other comprehensive income, income tax benefit	$ 46	$ (1,094)

CONDENSED COMBINED STATEMENTS 8

CONDENSED COMBINED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (4,790)	$ (1,951)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Equity in net gains from partnerships	(669)	(572)
Depreciation and amortization	9	11
Stock based compensation expense	1,895	1,371
Other-than-temporary loss on available for sale securities	150	69
Cost basis of donated securities	73	56
Net gains on sales of available for sale securities	(25)	(2,978)
(Increase) decrease in assets:
Investments in trading securities	29,096	(22,376)
Investments in partnerships:
Contributions to partnerships	(15,170)	(15,698)
Distributions from partnerships	22,800	4,828
Receivable from brokers	(26,094)	(30,506)
Investment advisory fees receivable	1,956	3,876
Other assets	18,421	491
Increase (decrease) in liabilities:
Payable to brokers	43,232	36,236
Income taxes payable and deferred tax liabilities	(4,940)	(892)
Intercompany payable	2,636	2,099
Compensation payable	(4,133)	(8,762)
Mandatorily redeemable noncontrolling interests	(45)	(51)
Accrued expenses and other liabilities	681	236
Total adjustments	69,873	(32,562)
Net cash provided by/(used in) operating activities	65,083	(34,513)
Investing activities
Purchases of available for sale securities	(43,030)	(1,228)
Proceeds from sales of available for sale securities	1,013	4,748
Return of capital on available for sale securities	554	827
Net cash provided by (used in) provided by investing activities	(41,463)	4,347
Financing activities
Contributions from redeemable noncontrolling interests	1,036	53,607
Redemptions of redeemable noncontrolling interests	(602)	(1,666)
Repayment of demand loan	0	(10,000)
Net transfer from Parent	53,448	134,928
Net cash provided by financing activities	53,882	176,869
Net increase in cash and cash equivalents	77,502	146,703
Cash and cash equivalents at beginning of period	285,530	199,536
Increase in cash from consolidation	10	0
Increase in cash from deconsolidation	13	0
Cash and cash equivalents at end of period	363,055	346,239
Supplemental disclosures of cash flow information:
Cash paid for interest	1,026	1,073
Cash paid for taxes	$ 2	$ 2

CONDENSED COMBINED STATEMENTS 9

CONDENSED COMBINED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2015	Jan. 01, 2015
Non-cash activity:
Increase in cash and cash equivalents from deconsolidation		$ 13
Decrease in net assets from deconsolidation		(63,280)
Decrease in redeemable noncontrolling interests from deconsolidation		$ (63,267)
Increase in cash and cash equivalents from consolidation	$ 10
Increase in net assets from deconsolidation	986
Increase in redeemable noncontrolling interests from deconsolidation	$ 996

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	A. Basis of Presentation and Significant Accounting Policies Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.,” “AC Group,” “the Company,” “AC,” “we,” “us” and “our” or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries. The Spin-off and Related Transactions We are a newly formed Delaware corporation organized to be the holding company for the spin-off of GAMCO Investors, Inc. (“GAMCO’s”) alternative investment management business, institutional research services business and certain cash and other assets. Our principal executive offices are located at One Corporate Center, Rye, NY 10580. On November 30, 2015, GAMCO distributed all the outstanding shares of each class of common stock of AC Group on a pro rata one-for-one basis to the holders of each class of GAMCO’s common stock. Prior to the distribution, GAMCO contributed the 93.9% interest it held in Gabelli Securities, Inc. (“GSI”) and certain cash and other assets to AC Group. GSI is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. GSI and its wholly owned subsidiary, Gabelli & Partners, LLC ("Gabelli & Partners"), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, "Investment Partnerships"), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The business earns fees from its advisory assets, and income (loss) from trading and investment portfolio activities. The advisory fees include management and incentive fees. Management fees are largely based on a percentage of the portfolios' levels of assets under management. Incentive fees are based on the percentage of profits derived from the investment performance delivered to clients' invested assets. GSI is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940, as amended. Certain employees of GAMCO own 1.9% of GSI, and the remaining 4.2% of GSI is owned by individual investors unrelated to GAMCO and AC Group. We operate our institutional research services business through G.research, LLC ("G.research"), a wholly owned subsidiary of GSI. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Through G.research, we provide institutional research services as well as act as an underwriter. G.research is regulated by the Financial Industry Regulatory Authority ("FINRA"). G.research's revenues are derived primarily from institutional research services. In addition, the following transactions were also undertaken in connection with the spin-off: GAMCO issued a promissory note (the “GAMCO Note”) to AC Group in the original principal amount of $250.0 million used to partially capitalize the Company in connection with the spin-off. The GAMCO Note bears interest at 4.0% per annum and has a maturity date of November 30, 2020 with respect to the original principal amount of the GAMCO Note. Interest on the GAMCO Note will accrue from the most recent date for which interest has been paid, or if no interest has been paid, from the effective date of the GAMCO Note; provided, however, that at the election of GAMCO, payment of interest on the GAMCO Note may, in lieu of being paid in cash, be paid, in whole or in part, in kind on the then-outstanding principal amount (a “PIK Amount”). GAMCO will repay the original principal amount of the GAMCO Note to AC Group, in cash, in five equal annual installments of $50 million on each interest payment date up to and including the maturity date and will repay all PIK Amounts added to the outstanding principal amount of the GAMCO Note, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the outstanding principal amount of the GAMCO Note. In no event may any interest be paid in kind subsequent to November 30, 2019. GAMCO may prepay the GAMCO Note prior to maturity without penalty. In addition, AC Group, through its majority-owned GSI subsidiary, owns 4,393,055 shares of GAMCO Class A common stock (the “Shares”). The sale was made from GAMCO to GSI in advance of the spin-off. GSI paid the purchase price by issuing a note to GAMCO in the principal amount of $150 million (the “GSI Note”). In connection with the spin-off, AC Group received the GSI Note from GAMCO and GSI became a majority-owned subsidiary of AC Group. Basis of Presentation The unaudited interim condensed combined financial statements of AC Group included herein have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed Combined financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed combined financial statements include the accounts of AC Group and its subsidiaries. Intercompany accounts and transactions are eliminated. These interim condensed combined financial statements should be read in conjunction with our audited combined financial statements included in our Registration Statement on Form 10 for the year ended December 31, 2014 from which the accompanying condensed combined financial statements were derived. Use of Estimates The preparation of the interim condensed combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the interim condensed combined financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification ("Codification") Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its combined financial statements. In June 2014, the FASB issued an accounting update clarifying that entities should treat performance targets that could be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date) for an award where transfer to the employee is contingent upon satisfaction of the performance target until it becomes probable that the performance target will be met. The guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. This guidance is not expected to have a material impact on the Company’s combined financial statements. In February 2015, the FASB issued an accounting update amending the consolidation requirements under GAAP. This guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company is continuing to analyze the impact, if any, that this update may have on its combined financial statements. In May 2015, the FASB issued new guidance amending the current disclosure requirements for investments in certain entities that calculate net asset value per share. The guidance requires investments for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy. Instead, those investment amounts shall be provided as a separate item to permit reconciliation of the fair value of investments included in the fair value hierarchy to the line items presented in the statement of financial condition. This new guidance will be effective for the Company’s first quarter of 2016. The Company is currently evaluating the potential impact on its combined financial statements and related disclosures.

Investment in Securities

Investment in Securities	9 Months Ended
	Sep. 30, 2015
Investment in Securities [Abstract]
Investment in Securities	B. Investment in Securities Investments in securities at September 30, 2015, December 31, 2014 and September 30, 2014 consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Government obligations $ - $ - $ 18,994 $ 18,996 $ 20,995 $ 20,999 Common stocks 78,025 87,745 170,977 195,029 167,714 190,939 Mutual funds 2,504 3,180 2,432 3,498 2,416 3,373 Other investments 505 723 743 1,704 753 1,550 Total trading securities 81,034 91,648 193,146 219,227 191,878 216,861 Available for sale securities: Mutual funds 627 1,174 681 1,368 681 1,389 Total available for sale securities 627 1,174 681 1,368 681 1,389 Total investments in securities $ 81,661 $ 92,822 $ 193,827 $ 220,595 $ 192,559 $ 218,250 Securities sold, not yet purchased at September 30, 2015, December 31, 2014 and September 30, 2014 consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Proceeds Fair Value Proceeds Fair Value Proceeds Fair Value Trading securities: (In thousands) Common stocks $ 6,123 $ 5,482 $ 9,835 $ 9,960 $ 11,699 $ 13,514 Other investments 8 95 1 635 71 666 Total securities sold, not yet purchased $ 6,131 $ 5,577 $ 9,836 $ 10,595 $ 11,770 $ 14,180 Investments in sponsored registered investment companies at September 30, 2015, December 31,2014 and September 30, 2014 consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Mutual funds $ 40,097 $ 41,820 $ 1 $ 1 $ 1 $ 1 Total trading securities 40,097 41,820 1 1 1 1 Available for sale securities: Closed-end funds 63,068 70,349 21,962 36,323 21,819 36,142 Mutual funds 1,883 2,877 1,898 3,213 1,922 3,377 Total available for sale securities 64,951 73,226 23,860 39,536 23,741 39,519 Total investments in registered investment companies $ 105,048 $ 115,046 $ 23,861 $ 39,537 $ 23,742 $ 39,520 Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates such designation as of the date of each combined statement of financial condition. Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents. The portion of investments in securities held for resale in anticipation of short-term market movements are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings. Available for sale (“AFS”) investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary (“OTT”) which are recorded as realized losses in the condensed combined statements of operations. The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three and nine months ended September 30, 2015 and 2014 (in thousands): Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Three months ended September 30, 2015 2014 $ - $ 316 Net gain/(loss) from investments Realized gain on sale of AFS securities (150 ) - Net gain/(loss) from investments OTT impairment of AFS securities (150 ) 316 Income before income taxes 56 (117 ) Income tax provision $ (94 ) $ 199 Net income/(loss) Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Nine months ended September 30, 2015 2014 $ 25 $ 2,978 Net gain/(loss) from investments Realized gain on sale of AFS securities - 53 Other operating expenses/net gain from investments Realized gain on donation of AFS securities (150 ) (69 ) Net gain/(loss) from investments OTT impairment of AFS securities (125 ) 2,962 Income before income taxes 46 (1,094 ) Income tax provision $ (79 ) $ 1,868 Net income/(loss) The Company recognizes all equity derivatives as either assets or liabilities measured at fair value and includes them in either investments in securities or securities sold, not yet purchased on the condensed combined statements of financial condition. From time to time, the Company and/or the partnerships and offshore funds that the Company consolidates will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments. At September 30, 2015, December 31, 2014 and September 30, 2014, we held derivative contracts on 170,000 equity shares, 3.8 million equity shares and 2.3 million equity shares, respectively, that are included in investments in securities or securities sold, not yet purchased on the condensed combined statements of financial condition. We had two foreign exchange contracts, one foreign exchange contract and one foreign exchange contract outstanding at September 30, 2015, December 31, 2014 and September 30, 2014, respectively, that are included in receivable from brokers or payable to brokers on the condensed combined statements of financial condition. Aside from one foreign exchange contract, these transactions are not designated as hedges for accounting purposes, and therefore changes in fair values of these derivatives are included in net gain/(loss) from investments on the condensed combined statements of operations. The one foreign exchange contract that is designated as a hedge was for a short of British Pounds to hedge the long investment that we have in our London Stock Exchange listed Gabelli Value Plus+ Trust Ltd. closed-end fund which is denominated in British Pounds. As the underlying investment that is being hedged is an available for sale security, the portion of the change in value of the closed-end fund that is currency related is recorded in net gain/(loss) from investments on the condensed combined statements of operations and not in accumulated comprehensive income. The following tables identify the fair values and gains and losses of all derivatives held by the Company (in thousands): Asset Derivatives Fair Value Liability Derivatives Fair Value Statement of Financial Condition Location September 30, 2015 December 31, 2014 September 30, 2014 Statement of Financial Condition Location September 30, 2015 December 31, 2014 September 30, 2014 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ - $ - Payable to brokers $ 36,354 $ - $ - Sub total $ - $ - $ - $ 36,354 $ - $ - Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 Equity contracts Investments in securities $ 143 $ 896 $ 800 Securities sold, not yet purchased $ 95 $ 635 $ 666 Foreign exchange contracts Receivable from brokers - - - Payable to brokers 5,172 5,470 6,343 Sub total $ 143 $ 896 $ 800 $ 5,267 $ 6,105 $ 7,009 Total derivatives $ 143 $ 896 $ 800 $ 41,621 $ 6,105 $ 7,009 Type of Derivative Income Statement Location Three Months ended September 30, Nine Months ended September 30, 2015 2014 2015 2014 Foreign exchange contracts Net gain/(loss) from investments $ 1,985 $ 482 $ 1,885 $ 541 Equity contracts Net gain/(loss) from investments 27 758 199 591 Total $ 2,012 $ 1,240 $ 2,084 $ 1,132 The Company is a party to enforceable master netting arrangements for swaps entered into as part of the investment strategy of the Company’s proprietary portfolio. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed combined statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires. Gross Amounts Not Offset in the Statements of Financial Condition Gross Gross Amounts Net Amounts of Amounts of Offset in the Assets Presented Recognized Statements of in the Statements of Financial Cash Collateral Assets Financial Condition Financial Condition Instruments Received Net Amount Swaps: (In thousands) September 30, 2015 $ 143 $ - $ 143 $ (89 ) $ - $ 54 December 31, 2014 896 - 896 (634 ) - 262 September 30, 2014 $ 800 $ - $ 800 $ (657 ) $ - $ 143 Gross Amounts Not Offset in the Statements of Financial Condition Gross Gross Amounts Net Amounts of Amounts of Offset in the Liabilities Presented Recognized Statements of in the Statements of Financial Cash Collateral Liabilities Financial Condition Financial Condition Instruments Pledged Net Amount Swaps: (In thousands) September 30, 2015 $ 89 $ - $ 89 $ (89 ) $ - $ - December 31, 2014 634 - 634 (634 ) - - September 30, 2014 $ 657 $ - $ 657 $ (657 ) $ - $ - The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of September 30, 2015, December 31, 2014 and September 30, 2014: September 30, 2015 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Closed-end Funds 63,068 10,128 (2,847 ) 70,349 Mutual funds 2,510 1,620 (79 ) 4,051 Total available for sale securities $ 65,578 $ 11,748 $ (2,926 ) $ 74,400 December 31, 2014 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Closed-end Funds 21,962 14,398 (37 ) 36,323 Mutual funds 2,579 2,030 (28 ) 4,581 Total available for sale securities $ 24,541 $ 16,428 $ (65 ) $ 40,904 September 30, 2014 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Closed-end Funds 21,819 14,325 (2 ) 36,142 Mutual funds 2,603 2,163 - 4,766 Total available for sale securities $ 24,422 $ 16,488 $ (2 ) $ 40,908 Changes in net unrealized losses, net of taxes, for the three months ended September 30, 2015 and September 30, 2014 of ($4.6) million in losses and ($1.0) million in losses, respectively, have been included in other comprehensive income, a component of equity, at September 30, 2015 and September 30, 2014. Return of capital on available for sale securities was $0.3 million and $0.3 million for the three months ended September 30, 2015 and September 30, 2014, respectively. During the three months ended September 30, 2015, there were no proceeds from the sales of investments available for sale and no gross gains on the sale of investments available for sale. Proceeds from sales of investments available for sale were approximately $0.5 million for the three months ended September 30, 2014. For the three months ended September 30, 2014, gross gains on the sale of investments available for sale amounted to $0.3 million and were reclassified from other comprehensive income into net gain from investments in the condensed combined statements of operations. There were no losses on the sale of investments available for sale for the three months ended September 30, 2015 or September 30, 2014. Changes in net unrealized losses, net of taxes, for the nine months ended September 30, 2015 and September 30, 2014 of $(4.4) million in losses and $(2.1) million in losses, respectively, have been included in other comprehensive income, a component of equity, at September 30, 2015 and September 30, 2014. Return of capital on available for sale securities was $0.6 million and $0.8 million for the nine months ended September 30, 2015 and September 30, 2014, respectively. Proceeds from sales of investments available for sale were approximately $1.0 million and $4.7 million for the nine months ended September 30, 2015 and September 30, 2014, respectively. For the nine months ended September 30, 2015 and September 30, 2014, gross gains on the sale of investments available for sale amounted to $25,000 and $3.0 million, respectively, and were reclassified from other comprehensive income into net gain from investments in the condensed combined statements of operations. There were no losses on the sale of investments available for sale for the nine months ended September 30, 2015 or September 30, 2014. The basis on which the cost of a security sold is determined using specific identification. Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Unrealized Unrealized Unrealized Cost Losses Fair Value Cost Losses Fair Value Cost Losses Fair Value (in thousands) Closed-end Funds $ 40,537 $ (2,847 ) $ 37,690 $ 812 $ (37 ) $ 775 $ 79 $ (2 ) $ 77 Mutual Funds 303 (79 ) 224 303 (28 ) 275 - - - Total available for sale securities $ 40,840 $ (2,926 ) $ 37,914 $ 1,115 $ (65 ) $ 1,050 $ 79 $ (2 ) $ 77 At September 30, 2015, there were four holdings in loss positions which were not deemed to be other-than-temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations. In these specific instances, the investments at September 30, 2015 were mutual funds and closed-end funds with diversified holdings across multiple companies and across multiple industries. One holding was impaired for two months, one holding was impaired for three months, one holding was impaired for seven months and one holding was impaired for eight months at September 30, 2015. The value of these holdings at September 30, 2015 was $37.9 million. At December 31, 2014, there were four holdings in loss positions which were not deemed to be other-than-temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations. In these specific instances, the investments at December 31, 2014 were mutual funds and closed-end funds with diversified holdings across multiple companies and across multiple industries. One holding was impaired for one month, one for three months and two for four months at December 31, 2014. The value of these holdings at December 31, 2014 was $1.1 million. At September 30, 2014, there was one holding in a loss position which was not deemed to be other-than-temporarily impaired due to the length of time that it had been in a loss position and because it passed scrutiny in our evaluation of issuer-specific and industry-specific considerations. In this specific instance, the investment at September 30, 2014 was a closed-end fund with diversified holdings across multiple companies and across multiple industries. The one holding was impaired for one month at September 30, 2014. The value of this holding at September 30, 2014 was $0.1 million. For the three months ended September 30, 2015 there were $150,000 of losses on available for sale securities deemed to be other than temporary and a loss has been recorded in net gain from investments. There were no losses recognized on AFS securities for the three months ended September 30, 2014. For the nine months ended September 30, 2015 and September 30, 2014, there were $150,000 and $69,000, respectively, of losses on available for sale securities deemed to be other than temporary and a loss has been recorded in net gain from investments. C. Fair Value

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value [Abstract]
Fair Value	The following tables present information about the Company’s assets and liabilities by major categories measured at fair value on a recurring basis as of September 30, 2015, December 31, 2014 and September 30, 2014 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable September 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2015 Cash equivalents $ 362,955 $ - $ - $ 362,955 Investments in partnerships - 14,319 - 14,319 Investments in securities: AFS - Mutual funds 1,174 - - 1,174 Trading - Gov't obligations Trading - Common stocks 86,970 - 775 87,745 Trading - Mutual funds 3,180 - - 3,180 Trading - Other 263 143 317 723 Total investments in securities 91,587 143 1,092 92,822 Investments in sponsored registered investment companies: AFS - Closed-end Funds 70,349 - - 70,349 AFS - Mutual Funds 2,877 - - 2,877 Trading - Mutual funds 41,820 - - 41,820 Total investments in sponsored registered investment companies 115,046 - - 115,046 Total investments 206,633 14,462 1,092 222,187 Total assets at fair value $ 569,588 $ 14,462 $ 1,092 $ 585,142 Liabilities Trading - Common stocks $ 5,482 $ - $ - $ 5,482 Trading - Other - 95 - 95 Securities sold, not yet purchased $ 5,482 $ 95 $ - $ 5,577 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2014 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2014 Cash equivalents $ 285,504 $ - $ - $ 285,504 Investments in partnerships - 23,803 - 23,803 Investments in securities: AFS - Mutual funds 1,368 - - 1,368 Trading - Gov't obligations 18,996 - - 18,996 Trading - Common stocks 193,735 1 1,293 195,029 Trading - Mutual funds 3,498 - - 3,498 Trading - Other 513 897 294 1,704 Total investments in securities 218,110 898 1,587 220,595 Investments in sponsored registered investment companies: AFS - Closed-end Funds 36,323 - - 36,323 AFS - Mutual Funds 3,213 - - 3,213 Trading - Mutual funds 1 - - 1 Total investments in sponsored registered investment companies 39,537 - - 39,537 Total investments 257,647 24,701 1,587 283,935 Total assets at fair value $ 543,151 $ 24,701 $ 1,587 $ 569,439 Liabilities Trading - Common stocks $ 9,960 $ - $ - $ 9,960 Trading - Other - 635 - 635 Securities sold, not yet purchased $ 9,960 $ 635 $ - $ 10,595 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2014 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable September 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2014 Cash equivalents $ 346,093 $ - $ - $ 346,093 Investments in partnerships - 24,094 - 24,094 Investments in securities: AFS - Mutual funds 1,389 - - 1,389 Trading - Gov't obligations 20,999 - - 20,999 Trading - Common stocks 190,215 - 724 190,939 Trading - Mutual funds 3,373 - - 3,373 Trading - Other 453 803 294 1,550 Total investments in securities 216,429 803 1,018 218,250 Investments in sponsored registered investment companies: AFS - Closed-end Funds 36,142 - - 36,142 AFS - Mutual Funds 3,377 - - 3,377 Trading - Mutual funds 1 - - 1 Total investments in sponsored registered investment companies 39,520 - - 39,520 Total investments 255,949 24,897 1,018 281,864 Total assets at fair value $ 602,042 $ 24,897 $ 1,018 $ 627,957 Liabilities Trading - Common stocks $ 13,514 $ - $ - $ 13,514 Trading - Other - 666 - 666 Securities sold, not yet purchased $ 13,514 $ 666 $ - $ 14,180 The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2015 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized June 30, Unrealized Gains or Included in and Transfers 2015 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Trading - Common stocks $ 920 $ (145 ) $ - $ - $ (145 ) $ - $ - $ - $ 775 Trading - Other 298 19 - - 19 - - - 317 Total $ 1,218 $ (126 ) $ - $ - $ (126 ) - $ - $ - $ 1,092 There were no transfers between any Levels during the three months ended September 30, 2015. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2014 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized June 30, Unrealized Gains or Included in and Transfers 2014 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Tading - Common stocks $ 716 $ 8 $ - $ - $ 8 $ - $ - $ - $ 724 Trading - Other 294 - - - - - - - 294 Total $ 1,010 $ 8 $ - $ - $ 8 $ - $ - $ - $ 1,018 There were no transfers between any Levels during the three months ended September 30, 2014. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2015 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December Unrealized Gains or Included in and Transfers 31, 2014 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Trading - Common stocks $ 1,293 $ (166 ) $ - $ - $ (166 ) $ 6 $ (358 ) $ - $ 775 Trading - Other 294 102 - - 102 5 (84 ) - 317 Total $ 1,587 $ (64 ) $ - $ - $ (64 ) 11 $ (442 ) $ - $ 1,092 There were securities with a value of $0.4 million that were transferred out of Level 3 as a result of the deconsolidation of an offshore fund during the first quarter of 2015 which are reflected in sales above. There were no transfers between Levels 1 or 2 during the nine months ended September 30, 2015. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2014 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December Unrealized Gains or Included in and Transfers 31, 2013 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Trading - Common stocks $ 700 $ 24 $ - $ - $ 24 $ - $ - $ - $ 724 Trading - Other 284 - - - - 10 - - 294 Total $ 984 $ 24 $ - $ - $ 24 $ 10 $ - $ - $ 1,018 There were no transfers between any Levels during the nine months ended September 30, 2014.

Investments in Partnerships, Of

Investments in Partnerships, Offshore Funds and Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Investments in Partnerships, Offshore Funds and Variable Interests [Abstract]
Investments in Partnerships, Offshore Funds and Variable Interests	D. Investments in Partnerships, Offshore Funds and Variable Interest Entities (“VIEs”) The Company is general partner or co-general partner of various affiliated entities in which the Company has investments totaling $87.2 million, $94.2 million and $93.2 million at September 30, 2015, December 31, 2014 and September 30, 2014, respectively, and whose underlying assets consist primarily of marketable securities (the “affiliated entities”). We also have investments in unaffiliated entities of $13.8 million, $13.4 million and $14.2 million at September 30, 2015, December 31, 2014 and September 30, 2014, respectively (the “unaffiliated entities”). On a quarterly basis, we evaluate each entity for the appropriate accounting treatment and disclosure. Certain of the affiliated entities, and none of the unaffiliated entities, are consolidated. For those entities where consolidation is not deemed to be appropriate, we report them in our condensed combined statement of financial condition under the caption “Investments in partnerships”. This caption includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting, as well as certain investments that the feeder funds hold that are carried at fair value, as described in Note C. The Company reflects the equity in earnings of these equity method investees and the change in fair value of the consolidated feeder funds (“CFFs”) under the caption Net gain/(loss) from investments on the condensed combined statements of operations. The following table highlights the number of entities, including voting interest entities (“VOEs”), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting in consolidation, partnerships and offshore funds. Entities consolidated CFFs Partnerships Offshore Funds Total VIEs VOEs VIEs VOEs VIEs VOEs VIEs VOEs Entities consolidated at December 31, 2013 1 2 - 1 - 1 1 4 Additional consolidated entities - - - - - - - - Deconsolidated entities - - - - - - - - Entities consolidated at September 30, 2014 1 2 - 1 - 1 1 4 Additional consolidated entities - - - - - - - - Deconsolidated entities - - - - - - - - Entities consolidated at December 31, 2014 1 2 - 1 - 1 1 4 Additional consolidated entities - 1 - 1 1 - 1 2 Deconsolidated entities - (1) - - - (1) - (2) Entities consolidated at September 30, 2015 1 2 - 2 1 - 2 4 At and for the nine months ended September 30, 2015, the one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the nine months ended September 30, 2015, the one CFF VOE and one Partnership VOE are consolidated because the unaffiliated partners or shareholders lack substantive kick-out rights, and the Company, as either the general partner or investment manager, is deemed to have control. During the three months ended June 30, 2015, it was determined that an additional Partnership VOE should be consolidated when the Partnership was created on April 1, 2015 without unaffiliated capital and an Offshore Fund VIE should be consolidated as the last unaffiliated investor withdrew during the second quarter. Additionally, during the three months ended March 31, 2015, an Offshore Fund VOE was deconsolidated as the Company’s ownership percentage fell below 50%, a CFF VOE was deconsolidated when it was closed and a different CFF VOE was consolidated as the last unaffiliated investor withdrew on March 31, 2015. At and for the nine months ended September 30, 2014 and at December 31, 2014, one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the nine months ended September 30, 2014 and at December 31, 2014, two CFF VOEs, one Partnership VOE and one Offshore Fund VOE are consolidated because the unaffiliated partners or shareholders lack substantive rights, and the Company, as either the general partner or investment manager, is deemed to have control. The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands): September 30, 2015 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 14,319 $ - $ - $ - $ - $ 14,319 Equity Method - 38,313 34,552 6,286 7,552 86,703 Total $ 14,319 $ 38,313 $ 34,552 $ 6,286 $ 7,552 $ 101,022 December 31, 2014 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 23,815 $ - $ - $ - $ - $ 23,815 Equity Method - 34,382 36,033 6,552 6,864 83,831 Total $ 23,815 $ 34,382 $ 36,033 $ 6,552 $ 6,864 $ 107,646 September 30, 2014 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 24,094 $ - $ - $ - $ - $ 24,094 Equity Method - 34,965 34,184 6,611 7,577 83,337 Total $ 24,094 $ 34,965 $ 34,184 $ 6,611 $ 7,577 $ 107,431 The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands): September 30, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 362,988 $ 2 $ 52 $ 13 $ 363,055 Investments in securities 84,306 - 7,807 709 92,822 Investments in sponsored investment companies 115,046 - - - 115,046 Investments in partnerships 105,094 4,817 (8,504 ) (385 ) 101,022 Receivable from brokers 50,637 - 1,933 25 52,595 Investment advisory fees receivable 1,977 5 9 - 1,991 Other assets 4,183 16 137 2 4,338 Total assets $ 724,231 $ 4,840 $ 1,434 $ 364 $ 730,869 Liabilities and equity Securities sold, not yet purchased $ 5,231 $ - $ 140 $ 206 $ 5,577 Accrued expenses and other liabilities 89,441 38 155 81 89,715 Redeemable noncontrolling interests - 4,802 1,139 77 6,018 Total equity 629,559 - - - 629,559 Total liabilities and equity $ 724,231 $ 4,840 $ 1,434 $ 364 $ 730,869 December 31, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 285,455 $ (11 ) $ 86 $ - $ 285,530 Investments in securities 161,501 - 7,801 51,293 220,595 Investments in sponsored investment companies 39,537 - - - 39,537 Investments in partnerships 111,389 4,438 (8,181 ) - 107,646 Receivable from brokers 22,629 - 623 51,155 74,407 Investment advisory fees receivable 4,375 (6 ) (2 ) (222 ) 4,145 Other assets 22,683 - - 151 22,834 Total assets $ 647,569 $ 4,421 $ 327 $ 102,377 $ 754,694 Liabilities and equity Securities sold, not yet purchased $ 9,991 $ - $ - $ 604 $ 10,595 Accrued expenses and other liabilities 54,651 22 24 38,141 92,838 Redeemable noncontrolling interests - 4,399 303 63,632 68,334 Total equity 582,927 - - - 582,927 Total liabilities and equity $ 647,569 $ 4,421 $ 327 $ 102,377 $ 754,694 September 30, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 346,134 $ 7 $ 98 $ - $ 346,239 Investments in securities 166,900 - 8,836 42,514 218,250 Investments in sponsored investment companies 39,520 - - - 39,520 Investments in partnerships 110,676 4,684 (7,929 ) - 107,431 Receivable from brokers 30,859 - 306 48,191 79,356 Investment advisory fees receivable 1,441 17 (1 ) (82 ) 1,375 Other assets 7,180 24 (1,000 ) 163 6,367 Total assets $ 702,710 $ 4,732 $ 310 $ 90,786 $ 798,538 Liabilities and equity Securities sold, not yet purchased $ 13,549 $ - $ - $ 631 $ 14,180 Accrued expenses and other liabilities 58,936 71 31 39,009 98,047 Redeemable noncontrolling interests - 4,661 279 51,146 56,086 Total equity 630,225 - - - 630,225 Total liabilities and equity $ 702,710 $ 4,732 $ 310 $ 90,786 $ 798,538 The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands): Three Months Ended September 30, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 4,701 $ (9 ) $ (2 ) $ - $ 4,690 Total expenses 5,725 23 20 3 5,771 Operating loss (1,024 ) (32 ) (22 ) (3 ) (1,081 ) Total other expense, net (10,904 ) (268 ) (120 ) (19 ) (11,311 ) Loss before income taxes (11,928 ) (300 ) (142 ) (22 ) (12,392 ) Income tax benefit (4,388 ) - - - (4,388 ) Net loss (7,540 ) (300 ) (142 ) (22 ) (8,004 ) Net loss attributable to noncontrolling interests - (300 ) (142 ) (22 ) (464 ) Net loss attributable to AC Group $ (7,540 ) $ - $ - $ - $ (7,540 ) Three Months Ended September 30, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 5,110 $ (7 ) $ - $ (208 ) $ 4,895 Total expenses 5,351 20 12 260 5,643 Operating loss (241 ) (27 ) (12 ) (468 ) (748 ) Total other expense, net (6,103 ) (186 ) (18 ) (2,323 ) (8,630 ) Loss before income taxes (6,344 ) (213 ) (30 ) (2,791 ) (9,378 ) Income tax benefit (2,561 ) - - - (2,561 ) Net loss (3,783 ) (213 ) (30 ) (2,791 ) (6,817 ) Net loss attributable to noncontrolling interests - (213 ) (30 ) (2,791 ) (3,034 ) Net loss attributable to AC Group $ (3,783 ) $ - $ - $ - $ (3,783 ) Nine Months Ended September 30, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 13,890 $ (25 ) $ (4 ) $ (14 ) $ 13,847 Total expenses 22,099 95 50 32 22,276 Operating loss (8,209 ) (120 ) (54 ) (46 ) (8,429 ) Total other income/(expense), net 755 (177 ) (102 ) 9 485 Income before income taxes (7,454 ) (297 ) (156 ) (37 ) (7,944 ) Income tax benefit (3,154 ) - - - (3,154 ) Net loss (4,300 ) (297 ) (156 ) (37 ) (4,790 ) Net loss attributable to noncontrolling interests - (297 ) (156 ) (37 ) (490 ) Net loss attributable to AC Group $ (4,300 ) $ - $ - $ - $ (4,300 ) Nine Months Ended September 30, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 14,007 $ (21 ) $ (2 ) $ (633 ) $ 13,351 Total expenses 20,221 34 38 730 21,023 Operating income (6,214 ) (55 ) (40 ) (1,363 ) (7,672 ) Total other income/(expense), net 6,380 20 19 (1,186 ) 5,233 Income/(loss) before income taxes 166 (35 ) (21 ) (2,549 ) (2,439 ) Income tax benefit (488 ) - - - (488 ) Net income/(loss) 654 (35 ) (21 ) (2,549 ) (1,951 ) Net (loss) attributable to noncontrolling interests - (35 ) (21 ) (2,549 ) (2,605 ) Net income attributable to AC Group $ 654 $ - $ - $ - $ 654 Variable Interest Entities We sponsor a number of investment vehicles where we are the general partner or investment manager. Certain of these vehicles are VIEs, but we are not the primary beneficiary, in all but two cases, because we do not absorb a majority of the entities’ expected losses and/or expected returns, and they are, therefore, not consolidated. We consolidate the two VIEs where we are the primary beneficiary. The Company has not provided any financial or other support to those VIEs where we are not the primary beneficiary. The total net assets of these non-consolidated VIEs at September 30, 2015, December 31, 2014 and September 30, 2014 were $65.8 million, $71.6 million and $59.8 million, respectively. On September 30, 2015, the maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in one VIE of $9.6 million and the deferred carried interest that we have in another of $38,000 which was included in investments in partnerships on the condensed combined statements of financial condition. On December 31, 2014 and September 30, 2014, our maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in two VIEs of $10.6 million and $8.6 million, respectively, and the deferred carried interest that we have in another of $43,000 and $44,000, respectively, which was included in investments in partnerships on the condensed combined statements of financial condition. Additionally, as the general partner or investment manager to these VIEs the Company earns fees in relation to these roles, which given a decline in AUMs of the VIEs would result in lower fee revenues earned by the Company which would be reflected on the condensed combined statement of income, condensed combined statement of financial condition and condensed combined statement of cash flows. The assets of these VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to the VIEs that are consolidated and are included on the condensed combined statements of financial condition as well as AC Group’s net interest in the VIEs. There are two VIEs consolidated at September 30, 2015 and one VIE consolidated at December 31, 2014 and September 30, 2014: September 30, December 31, September 30, 2015 2014 2014 (In thousands) Cash and cash equivalents $ 13 $ - $ 1 Investments in securities 709 - - Investments in partnerships 5,116 13,434 13,618 Receivable from broker 25 - - Other assets 3 - - Payable to brokers (62 ) - - Securities sold, not yet purchased (206 ) - - Accrued expenses and other liabilities (27 ) (12 ) (15 ) Redeemable noncontrolling interests (615 ) (794 ) (962 ) AC Group's net interests in consolidated VIE $ 4,956 $ 12,628 $ 12,642

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	E. Income Taxes The effective tax rate ("ETR) for the three months ended September 30, 2015 and September 30, 2014 was 35.4% and 27.3%, respectively. The effective tax rate for the nine months ended September 30, 2015 was 39.7% compared to 20.0% for the prior year nine month period.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	2014 2015 2016 2017 2018 2019 Q1 $ 448 $ 638 $ 466 $ 331 $ 223 $ 179 Q2 447 627 466 331 216 179 Q3 476 630 376 295 195 161 Q4 550 1,921 331 257 179 148 Full Year $ 1,921 $ 3,816 $ 1,639 $ 1,214 $ 813 $ 667 2020 2021 2022 2023 2024 Q1 $ 101 $ 65 $ 42 $ 22 $ 4 Q2 91 65 42 22 4 Q3 76 52 31 12 3 Q4 65 42 22 4 - Full Year $ 333 $ 224 $ 137 $ 60 $ 11 The total compensation cost related to non-vested RSAs not yet recognized is approximately $7.0 million as of September 30, 2015.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets	G. Goodwill and Identifiable Intangible Assets At September 30, 2015, $3.3 million of goodwill is reflected within other assets on the condensed combined statements of financial condition with $3.3 million related to a 94%-owned subsidiary, Gabelli Securities, Inc. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the three months ended September 30, 2015 or September 30, 2014, and as such there was no impairment analysis performed or charge recorded.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	H. Commitments and Contingencies From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed combined financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and will, if material, make the necessary disclosures. However, management believes such amounts, both those that are probable and those that are reasonably possible, are not material to the Company’s financial condition, operations or cash flows at September 30, 2015. The Company indemnifies the clearing brokers of G.research, LLC, our broker-dealer subsidiary, for losses they may sustain from the customer accounts that trade on margin introduced by it. At September 30, 2015, the total amount of customer balances subject to indemnification (i.e. unsecured margin debits) was immaterial. The Company also has entered into arrangements with various other third parties many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote. The Company’s estimate of the value of such agreements is de minimis, and therefore an accrual has not been made on the condensed combined financial statements. I. Spin-Off from GAMCO

Spin-Off from GAMCO

Spin-Off from GAMCO	9 Months Ended
	Sep. 30, 2015
Spin-Off from GAMCO [Abstract]
Spin-Off from GAMCO	The following tables set forth our unaudited pro forma condensed combined statements of income for the three months ended September 30, 2015 and 2014 and our unaudited pro forma condensed combined statement of financial condition as of September 30, 2015 (collectively, the ‘‘Associated Capital Group Unaudited Pro Forma Combined Condensed Combined Financial Statements’’). The Associated Capital Group Unaudited Pro Forma Condensed Combined Financial Statements were derived from our historical condensed combined financial statements, included elsewhere within this Form 10-Q. Our unaudited pro forma condensed combined statements of income for the three months ended September 30, 2015 has been prepared as though the distribution occurred as of July 1, 2015 and our unaudited pro forma condensed combined statement of financial condition at September 30, 2015 has been prepared as though the distribution occurred as of September 30, 2015. Our unaudited pro forma condensed combined financial data presented below should be read in conjunction with, the Company's unaudited Financial Statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the Company's audited annual financial statements included in our Registration Statement on Form 10 filed with the SEC on October 30, 2015 to help provide an understanding of our financial condition, changes in financial condition and results of operations. Our unaudited pro forma condensed combined financial data are for illustrative purposes only and do not reflect what our financial position and results of operations would have been had the spin-off occurred on the date indicated and are not necessarily indicative of our future financial position and future results of operations. The following unaudited pro forma financial information presented on the Condensed Combined Pro Forma Statement of Financial Condition as of September 30, 2015 is based on AC Group’s historical financial statements as adjusted to reflect the impact of certain transactions that were undertaken as part of the spin-off from GAMCO: (a) The sale of 4,393,055 shares of GAMCO Class A stock to GSI in return for the $150 million GSI Note. (b) The subsequent contribution by GAMCO of the GSI Note to AC Group. (c) The issuance of the $250 million GAMCO Note to AC Group. ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENTS OF FINANCIAL CONDITION As of September 30, 2015 (Dollars in thousands, except per share data) Pro Forma Historical Adjustments Pro Forma ASSETS Cash and cash equivalents $ 363,055 $ - 363,055 Investments in securities 92,822 150,000 (a) 242,822 Investments in registered investment companies 115,046 - 115,046 Investments in partnerships 101,022 - 101,022 Receivable from brokers 52,595 - 52,595 Investment advisory fees receivable 1,991 - 1,991 Receivable from affiliates 202 - 202 Goodwill 3,254 - 3,254 Other assets 882 - 882 Total assets $ 730,869 $ 150,000 880,869 LIABILITIES AND EQUITY Payable to brokers $ 49,365 $ - $ 49,365 Income taxes payable and deferred tax liabilities 8,832 - 8,832 Compensation payable 5,046 - 5,046 Securities sold, not yet purchased 5,577 - 5,577 Mandatorily redeemable noncontrolling interests 1,257 - 1,257 Payable to affiliates 23,369 - 23,369 Accrued expenses and other liabilities 1,846 - 1,846 Total liabilities $ 95,292 $ - $ 95,292 Redeemable noncontrolling interests 6,018 - 6,018 Equity 624,792 400,000 (b)(c) 1,024,792 Note receivable from GAMCO - (250,000 ) (c) (250,000 ) Accumulated comprehsive income 4,767 - 4,767 Total equity 629,559 150,000 779,559 Total liabilities and equity 730,869 150,000 880,869 The following unaudited pro forma financial information presented on the Condensed Combined Pro Forma Statements of Operations for the three months ended September 30, 2015 and September 30, 2014 is based on AC Group’s historical financial statements as adjusted to reflect the impact of certain transactions that were undertaken as part of the spin-off from GAMCO: (a) Compensation expenses for increased personnel costs in relation to being a stand-alone public company . (b) Elimination of the management fee contra-expense which will not exist when the Company is a stand-alone public company. (c) Additional costs of being a stand-alone public company including board of director expenses, transfer agent fees, stock exchange listing fees and increased legal and audit fees. (d) Interest income on the $250 million GAMCO Note that was issued to AC Group in connection with the spin-off. (e) Dividend income on the 4,393,055 shares of GAMCO that were sold to GSI as part of the spin-off. (f) Tax adjustments based on the adjustments above using the applicable statutory tax rate. ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED PRO FORMA STATEMENTS OF OPERATIONS UNAUDITED (Dollars in thousands, except per share data) Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Pro Forma Pro Forma Historical Adjustments Pro Forma Historical Adjustments Pro Forma Revenues Investment advisory and incentive fees $ 2,240 $ - $ 2,240 $ 1,832 $ - $ 1,832 Institutional research services 2,063 - 2,063 2,540 - 2,540 Other 387 - 387 523 - 523 Total revenues 4,690 - 4,690 4,895 - 4,895 Expenses Compensation 5,079 250 (a) 5,329 4,313 250 (a) 4,563 Management fee (1,374 ) 1,374 (b) - (1,038 ) 1,038 (b) - Stock based compensation 630 - 630 476 - 476 Other operating expenses 1,436 246 (c) 1,682 1,892 246 (c) 2,138 Total expenses 5,771 1,870 7,641 5,643 1,534 7,177 Operating loss (1,081 ) (1,870 ) (2,951 ) (748 ) (1,534 ) (2,282 ) Other income (expense) Net gain/(loss) from investments (11,539 ) - (11,539 ) (9,140 ) - (9,140 ) Interest and dividend income 551 2,807 (d) (e) 3,358 805 2,763 (d) (e) 3,568 Interest expense (323 ) - (323 ) (295 ) - (295 ) Total other income/(expense), net (11,311 ) 2,807 (8,504 ) (8,630 ) 2,763 (5,867 ) Income before income taxes (12,392 ) 937 (11,455 ) (9,378 ) 1,229 (8,149 ) Income tax provision/(benefit) (4,388 ) 349 (f) (4,039 ) (2,561 ) 455 (f) (2,106 ) Net loss (8,004 ) 588 (7,416 ) (6,817 ) 774 (6,043 ) Net loss attributable to noncontrolling interests (464 ) - (464 ) (3,034 ) - (3,034 ) Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders $ (7,540 ) $ 588 $ (6,952 ) $ (3,783 ) $ 774 $ (3,009 ) Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share: Basic $ (0.30 ) $ 0.02 $ (0.28 ) $ (0.15 ) $ 0.03 $ (0.12 ) Diluted $ (0.30 ) $ 0.02 $ (0.28 ) $ (0.15 ) $ 0.03 $ (0.12 ) Weighted average shares outstanding: Basic 24,947 24,947 24,947 25,296 25,296 25,296 Diluted 25,241 25,241 25,241 25,517 25,517 25,517

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	J. Subsequent Events On October 12, 2015, the Board of Directors of GAMCO accelerated the vesting of the November 2013 grant of restricted stock awards (“RSAs”) to be effective on October 19, 2015. There were 130,650 RSAs outstanding relating to this grant. As a result of the acceleration, AC will incur a fourth quarter non-cash charge of $1.3 million or $0.03 per diluted share (after management fee and tax benefit). 557,900 RSAs remained outstanding after the acceleration of the November 2013 grant. On November 2, 2015, GAMCO announced that its Board of Directors had approved the spin-off of AC, which includes GAMCO’s alternative investment management business, its institutional research services business and financial assets. The distribution occurred at 11:59 p.m. on November 30, 2015 with GAMCO shareholders receiving one share of AC class A common stock for each share of GAMCO class A common stock held on November 12, 2015, the record date, and one share of AC class B common stock for each share of GAMCO class B common stock held on the record date. GAMCO issued a promissory note (the "GAMCO Note") to AC Group that bears interest at 4.0% per annum and has a maturity date of November 30, 2020 with respect to the original principal amount of the GAMCO Note. Interest on the GAMCO Note will accrue from the most recent date for which interest has been paid, or if no interest has been paid, from the effective date of the GAMCO Note; provided, however, that at the election of GAMCO, payment of interest on the GAMCO Note may, in lieu of being paid in cash, be paid, in whole or in part, in kind on the then-outstanding principal amount (a “PIK Amount”). GAMCO will repay the original principal amount of the GAMCO Note to AC, in cash, in five equal annual installments of $50 million on each interest payment date up to and including the maturity date and will repay all PIK Amounts added to the outstanding principal amount of the GAMCO Note, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the outstanding principal amount of the GAMCO Note. In no event may any interest be paid in kind subsequent to November 30, 2019. GAMCO may prepay the GAMCO Note prior to maturity without penalty. As part of the spin-off from GAMCO , on November 27, 2015 Gabelli Securities, Inc. (“GSI”) purchased from GAMCO 4,393,055 shares of GAMCO class A common stock at a price of $34.1448 per share, based on the average of the volume weighted average price for GAMCO class A stock on an “ex-Distribution” basis from November 9, 2015 through and including November 27, 2015. GSI paid for the purchase by issuing a note to GAMCO in the principal amount of $150.0 million (the “GSI Note”). The GSI Note was then contributed by GAMCO to AC and GSI became a majority-owned subsidiary of AC on November 30, 2015 in connection with the completion of the spin-off. On December 10, 2015, the Board of Directors initiated a Stock Repurchase Program and authorized the repurchase of up to 500,000 shares. From October 1, 2015 to December 16, 2015, the Company repurchased 1,500 shares at $29.08 per share. As a result, there are 498,500 shares available to be repurchased under this existing buyback plan at December 16, 2015.

Significant Accounting Polici20

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Significant Accounting Policies [Abstract]
Basis of Presentation	Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.,” “AC Group,” “the Company,” “AC,” “we,” “us” and “our” or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries. The Spin-off and Related Transactions We are a newly formed Delaware corporation organized to be the holding company for the spin-off of GAMCO Investors, Inc. (“GAMCO’s”) alternative investment management business, institutional research services business and certain cash and other assets. Our principal executive offices are located at One Corporate Center, Rye, NY 10580. On November 30, 2015, GAMCO distributed all the outstanding shares of each class of common stock of AC Group on a pro rata one-for-one basis to the holders of each class of GAMCO’s common stock. Prior to the distribution, GAMCO contributed the 93.9% interest it held in Gabelli Securities, Inc. (“GSI”) and certain cash and other assets to AC Group. GSI is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. GSI and its wholly owned subsidiary, Gabelli & Partners, LLC ("Gabelli & Partners"), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, "Investment Partnerships"), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The business earns fees from its advisory assets, and income (loss) from trading and investment portfolio activities. The advisory fees include management and incentive fees. Management fees are largely based on a percentage of the portfolios' levels of assets under management. Incentive fees are based on the percentage of profits derived from the investment performance delivered to clients' invested assets. GSI is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940, as amended. Certain employees of GAMCO own 1.9% of GSI, and the remaining 4.2% of GSI is owned by individual investors unrelated to GAMCO and AC Group. We operate our institutional research services business through G.research, LLC ("G.research"), a wholly owned subsidiary of GSI. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Through G.research, we provide institutional research services as well as act as an underwriter. G.research is regulated by the Financial Industry Regulatory Authority ("FINRA"). G.research's revenues are derived primarily from institutional research services. In addition, the following transactions were also undertaken in connection with the spin-off: GAMCO issued a promissory note (the “GAMCO Note”) to AC Group in the original principal amount of $250.0 million used to partially capitalize the Company in connection with the spin-off. The GAMCO Note bears interest at 4.0% per annum and has a maturity date of November 30, 2020 with respect to the original principal amount of the GAMCO Note. Interest on the GAMCO Note will accrue from the most recent date for which interest has been paid, or if no interest has been paid, from the effective date of the GAMCO Note; provided, however, that at the election of GAMCO, payment of interest on the GAMCO Note may, in lieu of being paid in cash, be paid, in whole or in part, in kind on the then-outstanding principal amount (a “PIK Amount”). GAMCO will repay the original principal amount of the GAMCO Note to AC Group, in cash, in five equal annual installments of $50 million on each interest payment date up to and including the maturity date and will repay all PIK Amounts added to the outstanding principal amount of the GAMCO Note, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the outstanding principal amount of the GAMCO Note. In no event may any interest be paid in kind subsequent to November 30, 2019. GAMCO may prepay the GAMCO Note prior to maturity without penalty. In addition, AC Group, through its majority-owned GSI subsidiary, owns 4,393,055 shares of GAMCO Class A common stock (the “Shares”). The sale was made from GAMCO to GSI in advance of the spin-off. GSI paid the purchase price by issuing a note to GAMCO in the principal amount of $150 million (the “GSI Note”). In connection with the spin-off, AC Group received the GSI Note from GAMCO and GSI became a majority-owned subsidiary of AC Group. Basis of Presentation The unaudited interim condensed combined financial statements of AC Group included herein have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed Combined financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed combined financial statements include the accounts of AC Group and its subsidiaries. Intercompany accounts and transactions are eliminated. These interim condensed combined financial statements should be read in conjunction with our audited combined financial statements included in our Registration Statement on Form 10 for the year ended December 31, 2014 from which the accompanying condensed combined financial statements were derived.
Use of Estimates	Use of Estimates The preparation of the interim condensed combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the interim condensed combined financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification ("Codification") Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its combined financial statements. In June 2014, the FASB issued an accounting update clarifying that entities should treat performance targets that could be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date) for an award where transfer to the employee is contingent upon satisfaction of the performance target until it becomes probable that the performance target will be met. The guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. This guidance is not expected to have a material impact on the Company’s combined financial statements. In February 2015, the FASB issued an accounting update amending the consolidation requirements under GAAP. This guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company is continuing to analyze the impact, if any, that this update may have on its combined financial statements. In May 2015, the FASB issued new guidance amending the current disclosure requirements for investments in certain entities that calculate net asset value per share. The guidance requires investments for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy. Instead, those investment amounts shall be provided as a separate item to permit reconciliation of the fair value of investments included in the fair value hierarchy to the line items presented in the statement of financial condition. This new guidance will be effective for the Company’s first quarter of 2016. The Company is currently evaluating the potential impact on its combined financial statements and related disclosures.

Investment in Securities (Table

Investment in Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investment in Securities [Abstract]
Investments in securities	Investments in securities at September 30, 2015, December 31, 2014 and September 30, 2014 consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Government obligations $ - $ - $ 18,994 $ 18,996 $ 20,995 $ 20,999 Common stocks 78,025 87,745 170,977 195,029 167,714 190,939 Mutual funds 2,504 3,180 2,432 3,498 2,416 3,373 Other investments 505 723 743 1,704 753 1,550 Total trading securities 81,034 91,648 193,146 219,227 191,878 216,861 Available for sale securities: Mutual funds 627 1,174 681 1,368 681 1,389 Total available for sale securities 627 1,174 681 1,368 681 1,389 Total investments in securities $ 81,661 $ 92,822 $ 193,827 $ 220,595 $ 192,559 $ 218,250
Securities sold, not yet purchased	Securities sold, not yet purchased at September 30, 2015, December 31, 2014 and September 30, 2014 consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Proceeds Fair Value Proceeds Fair Value Proceeds Fair Value Trading securities: (In thousands) Common stocks $ 6,123 $ 5,482 $ 9,835 $ 9,960 $ 11,699 $ 13,514 Other investments 8 95 1 635 71 666 Total securities sold, not yet purchased $ 6,131 $ 5,577 $ 9,836 $ 10,595 $ 11,770 $ 14,180
Investments in sponsored registered investment companies	Investments in sponsored registered investment companies at September 30, 2015, December 31,2014 and September 30, 2014 consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Mutual funds $ 40,097 $ 41,820 $ 1 $ 1 $ 1 $ 1 Total trading securities 40,097 41,820 1 1 1 1 Available for sale securities: Closed-end funds 63,068 70,349 21,962 36,323 21,819 36,142 Mutual funds 1,883 2,877 1,898 3,213 1,922 3,377 Total available for sale securities 64,951 73,226 23,860 39,536 23,741 39,519 Total investments in registered investment companies $ 105,048 $ 115,046 $ 23,861 $ 39,537 $ 23,742 $ 39,520
Reclassifications out of accumulated other comprehensive income	The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three and nine months ended September 30, 2015 and 2014 (in thousands): Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Three months ended September 30, 2015 2014 $ - $ 316 Net gain/(loss) from investments Realized gain on sale of AFS securities (150 ) - Net gain/(loss) from investments OTT impairment of AFS securities (150 ) 316 Income before income taxes 56 (117 ) Income tax provision $ (94 ) $ 199 Net income/(loss) Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Nine months ended September 30, 2015 2014 $ 25 $ 2,978 Net gain/(loss) from investments Realized gain on sale of AFS securities - 53 Other operating expenses/net gain from investments Realized gain on donation of AFS securities (150 ) (69 ) Net gain/(loss) from investments OTT impairment of AFS securities (125 ) 2,962 Income before income taxes 46 (1,094 ) Income tax provision $ (79 ) $ 1,868 Net income/(loss)
Schedule of derivative instruments in statement of financial position, fair value	The following tables identify the fair values and gains and losses of all derivatives held by the Company (in thousands): Asset Derivatives Fair Value Liability Derivatives Fair Value Statement of Financial Condition Location September 30, 2015 December 31, 2014 September 30, 2014 Statement of Financial Condition Location September 30, 2015 December 31, 2014 September 30, 2014 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ - $ - Payable to brokers $ 36,354 $ - $ - Sub total $ - $ - $ - $ 36,354 $ - $ - Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 Equity contracts Investments in securities $ 143 $ 896 $ 800 Securities sold, not yet purchased $ 95 $ 635 $ 666 Foreign exchange contracts Receivable from brokers - - - Payable to brokers 5,172 5,470 6,343 Sub total $ 143 $ 896 $ 800 $ 5,267 $ 6,105 $ 7,009 Total derivatives $ 143 $ 896 $ 800 $ 41,621 $ 6,105 $ 7,009
Schedule of derivative instruments, gain (loss)	Type of Derivative Income Statement Location Three Months ended September 30, Nine Months ended September 30, 2015 2014 2015 2014 Foreign exchange contracts Net gain/(loss) from investments $ 1,985 $ 482 $ 1,885 $ 541 Equity contracts Net gain/(loss) from investments 27 758 199 591 Total $ 2,012 $ 1,240 $ 2,084 $ 1,132
Master netting arrangements for swaps	The Company is a party to enforceable master netting arrangements for swaps entered into as part of the investment strategy of the Company’s proprietary portfolio. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed combined statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires. Gross Amounts Not Offset in the Statements of Financial Condition Gross Gross Amounts Net Amounts of Amounts of Offset in the Assets Presented Recognized Statements of in the Statements of Financial Cash Collateral Assets Financial Condition Financial Condition Instruments Received Net Amount Swaps: (In thousands) September 30, 2015 $ 143 $ - $ 143 $ (89 ) $ - $ 54 December 31, 2014 896 - 896 (634 ) - 262 September 30, 2014 $ 800 $ - $ 800 $ (657 ) $ - $ 143 Gross Amounts Not Offset in the Statements of Financial Condition Gross Gross Amounts Net Amounts of Amounts of Offset in the Liabilities Presented Recognized Statements of in the Statements of Financial Cash Collateral Liabilities Financial Condition Financial Condition Instruments Pledged Net Amount Swaps: (In thousands) September 30, 2015 $ 89 $ - $ 89 $ (89 ) $ - $ - December 31, 2014 634 - 634 (634 ) - - September 30, 2014 $ 657 $ - $ 657 $ (657 ) $ - $ -
Summary of Available-for-sale Securities	The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of September 30, 2015, December 31, 2014 and September 30, 2014: September 30, 2015 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Closed-end Funds 63,068 10,128 (2,847 ) 70,349 Mutual funds 2,510 1,620 (79 ) 4,051 Total available for sale securities $ 65,578 $ 11,748 $ (2,926 ) $ 74,400 December 31, 2014 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Closed-end Funds 21,962 14,398 (37 ) 36,323 Mutual funds 2,579 2,030 (28 ) 4,581 Total available for sale securities $ 24,541 $ 16,428 $ (65 ) $ 40,904 September 30, 2014 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Closed-end Funds 21,819 14,325 (2 ) 36,142 Mutual funds 2,603 2,163 - 4,766 Total available for sale securities $ 24,422 $ 16,488 $ (2 ) $ 40,908
Investments classified as available for sale unrealized loss position	Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following: September 30, 2015 December 31, 2014 September 30, 2014 Unrealized Unrealized Unrealized Cost Losses Fair Value Cost Losses Fair Value Cost Losses Fair Value (in thousands) Closed-end Funds $ 40,537 $ (2,847 ) $ 37,690 $ 812 $ (37 ) $ 775 $ 79 $ (2 ) $ 77 Mutual Funds 303 (79 ) 224 303 (28 ) 275 - - - Total available for sale securities $ 40,840 $ (2,926 ) $ 37,914 $ 1,115 $ (65 ) $ 1,050 $ 79 $ (2 ) $ 77

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets and liabilities by major categories measured at fair value on a recurring basis as of September 30, 2015, December 31, 2014 and September 30, 2014 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable September 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2015 Cash equivalents $ 362,955 $ - $ - $ 362,955 Investments in partnerships - 14,319 - 14,319 Investments in securities: AFS - Mutual funds 1,174 - - 1,174 Trading - Gov't obligations Trading - Common stocks 86,970 - 775 87,745 Trading - Mutual funds 3,180 - - 3,180 Trading - Other 263 143 317 723 Total investments in securities 91,587 143 1,092 92,822 Investments in sponsored registered investment companies: AFS - Closed-end Funds 70,349 - - 70,349 AFS - Mutual Funds 2,877 - - 2,877 Trading - Mutual funds 41,820 - - 41,820 Total investments in sponsored registered investment companies 115,046 - - 115,046 Total investments 206,633 14,462 1,092 222,187 Total assets at fair value $ 569,588 $ 14,462 $ 1,092 $ 585,142 Liabilities Trading - Common stocks $ 5,482 $ - $ - $ 5,482 Trading - Other - 95 - 95 Securities sold, not yet purchased $ 5,482 $ 95 $ - $ 5,577 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2014 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2014 Cash equivalents $ 285,504 $ - $ - $ 285,504 Investments in partnerships - 23,803 - 23,803 Investments in securities: AFS - Mutual funds 1,368 - - 1,368 Trading - Gov't obligations 18,996 - - 18,996 Trading - Common stocks 193,735 1 1,293 195,029 Trading - Mutual funds 3,498 - - 3,498 Trading - Other 513 897 294 1,704 Total investments in securities 218,110 898 1,587 220,595 Investments in sponsored registered investment companies: AFS - Closed-end Funds 36,323 - - 36,323 AFS - Mutual Funds 3,213 - - 3,213 Trading - Mutual funds 1 - - 1 Total investments in sponsored registered investment companies 39,537 - - 39,537 Total investments 257,647 24,701 1,587 283,935 Total assets at fair value $ 543,151 $ 24,701 $ 1,587 $ 569,439 Liabilities Trading - Common stocks $ 9,960 $ - $ - $ 9,960 Trading - Other - 635 - 635 Securities sold, not yet purchased $ 9,960 $ 635 $ - $ 10,595 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2014 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable September 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2014 Cash equivalents $ 346,093 $ - $ - $ 346,093 Investments in partnerships - 24,094 - 24,094 Investments in securities: AFS - Mutual funds 1,389 - - 1,389 Trading - Gov't obligations 20,999 - - 20,999 Trading - Common stocks 190,215 - 724 190,939 Trading - Mutual funds 3,373 - - 3,373 Trading - Other 453 803 294 1,550 Total investments in securities 216,429 803 1,018 218,250 Investments in sponsored registered investment companies: AFS - Closed-end Funds 36,142 - - 36,142 AFS - Mutual Funds 3,377 - - 3,377 Trading - Mutual funds 1 - - 1 Total investments in sponsored registered investment companies 39,520 - - 39,520 Total investments 255,949 24,897 1,018 281,864 Total assets at fair value $ 602,042 $ 24,897 $ 1,018 $ 627,957 Liabilities Trading - Common stocks $ 13,514 $ - $ - $ 13,514 Trading - Other - 666 - 666 Securities sold, not yet purchased $ 13,514 $ 666 $ - $ 14,180
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2015 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized June 30, Unrealized Gains or Included in and Transfers 2015 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Trading - Common stocks $ 920 $ (145 ) $ - $ - $ (145 ) $ - $ - $ - $ 775 Trading - Other 298 19 - - 19 - - - 317 Total $ 1,218 $ (126 ) $ - $ - $ (126 ) - $ - $ - $ 1,092 There were no transfers between any Levels during the three months ended September 30, 2015. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2014 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized June 30, Unrealized Gains or Included in and Transfers 2014 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Tading - Common stocks $ 716 $ 8 $ - $ - $ 8 $ - $ - $ - $ 724 Trading - Other 294 - - - - - - - 294 Total $ 1,010 $ 8 $ - $ - $ 8 $ - $ - $ - $ 1,018 There were no transfers between any Levels during the three months ended September 30, 2014. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2015 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December Unrealized Gains or Included in and Transfers 31, 2014 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Trading - Common stocks $ 1,293 $ (166 ) $ - $ - $ (166 ) $ 6 $ (358 ) $ - $ 775 Trading - Other 294 102 - - 102 5 (84 ) - 317 Total $ 1,587 $ (64 ) $ - $ - $ (64 ) 11 $ (442 ) $ - $ 1,092 There were securities with a value of $0.4 million that were transferred out of Level 3 as a result of the deconsolidation of an offshore fund during the first quarter of 2015 which are reflected in sales above. There were no transfers between Levels 1 or 2 during the nine months ended September 30, 2015. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2014 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December Unrealized Gains or Included in and Transfers 31, 2013 (Losses) in Income Other Unrealized In and/or Beginning AFS Comprehensive Gains or (Out) of Ending Asset Balance Trading Investments Income (Losses) Purchases Sales Level 3 Balance Financial instruments owned: Trading - Common stocks $ 700 $ 24 $ - $ - $ 24 $ - $ - $ - $ 724 Trading - Other 284 - - - - 10 - - 294 Total $ 984 $ 24 $ - $ - $ 24 $ 10 $ - $ - $ 1,018 There were no transfers between any Levels during the nine months ended September 30, 2014.

Investments in Partnerships, 23

Investments in Partnerships, Offshore Funds and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments in Partnerships, Offshore Funds and Variable Interests [Abstract]
Schedule of Number of Entities Consolidated	The following table highlights the number of entities, including voting interest entities (“VOEs”), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting in consolidation, partnerships and offshore funds. Entities consolidated CFFs Partnerships Offshore Funds Total VIEs VOEs VIEs VOEs VIEs VOEs VIEs VOEs Entities consolidated at December 31, 2013 1 2 - 1 - 1 1 4 Additional consolidated entities - - - - - - - - Deconsolidated entities - - - - - - - - Entities consolidated at September 30, 2014 1 2 - 1 - 1 1 4 Additional consolidated entities - - - - - - - - Deconsolidated entities - - - - - - - - Entities consolidated at December 31, 2014 1 2 - 1 - 1 1 4 Additional consolidated entities - 1 - 1 1 - 1 2 Deconsolidated entities - (1) - - - (1) - (2) Entities consolidated at September 30, 2015 1 2 - 2 1 - 2 4
Investments in Partnerships by Accounting Method	The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands): September 30, 2015 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 14,319 $ - $ - $ - $ - $ 14,319 Equity Method - 38,313 34,552 6,286 7,552 86,703 Total $ 14,319 $ 38,313 $ 34,552 $ 6,286 $ 7,552 $ 101,022 December 31, 2014 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 23,815 $ - $ - $ - $ - $ 23,815 Equity Method - 34,382 36,033 6,552 6,864 83,831 Total $ 23,815 $ 34,382 $ 36,033 $ 6,552 $ 6,864 $ 107,646 September 30, 2014 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 24,094 $ - $ - $ - $ - $ 24,094 Equity Method - 34,965 34,184 6,611 7,577 83,337 Total $ 24,094 $ 34,965 $ 34,184 $ 6,611 $ 7,577 $ 107,431
Condensed Consolidated Statements Of Financial Condition By Entity Consolidated	The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands): September 30, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 362,988 $ 2 $ 52 $ 13 $ 363,055 Investments in securities 84,306 - 7,807 709 92,822 Investments in sponsored investment companies 115,046 - - - 115,046 Investments in partnerships 105,094 4,817 (8,504 ) (385 ) 101,022 Receivable from brokers 50,637 - 1,933 25 52,595 Investment advisory fees receivable 1,977 5 9 - 1,991 Other assets 4,183 16 137 2 4,338 Total assets $ 724,231 $ 4,840 $ 1,434 $ 364 $ 730,869 Liabilities and equity Securities sold, not yet purchased $ 5,231 $ - $ 140 $ 206 $ 5,577 Accrued expenses and other liabilities 89,441 38 155 81 89,715 Redeemable noncontrolling interests - 4,802 1,139 77 6,018 Total equity 629,559 - - - 629,559 Total liabilities and equity $ 724,231 $ 4,840 $ 1,434 $ 364 $ 730,869 December 31, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 285,455 $ (11 ) $ 86 $ - $ 285,530 Investments in securities 161,501 - 7,801 51,293 220,595 Investments in sponsored investment companies 39,537 - - - 39,537 Investments in partnerships 111,389 4,438 (8,181 ) - 107,646 Receivable from brokers 22,629 - 623 51,155 74,407 Investment advisory fees receivable 4,375 (6 ) (2 ) (222 ) 4,145 Other assets 22,683 - - 151 22,834 Total assets $ 647,569 $ 4,421 $ 327 $ 102,377 $ 754,694 Liabilities and equity Securities sold, not yet purchased $ 9,991 $ - $ - $ 604 $ 10,595 Accrued expenses and other liabilities 54,651 22 24 38,141 92,838 Redeemable noncontrolling interests - 4,399 303 63,632 68,334 Total equity 582,927 - - - 582,927 Total liabilities and equity $ 647,569 $ 4,421 $ 327 $ 102,377 $ 754,694 September 30, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 346,134 $ 7 $ 98 $ - $ 346,239 Investments in securities 166,900 - 8,836 42,514 218,250 Investments in sponsored investment companies 39,520 - - - 39,520 Investments in partnerships 110,676 4,684 (7,929 ) - 107,431 Receivable from brokers 30,859 - 306 48,191 79,356 Investment advisory fees receivable 1,441 17 (1 ) (82 ) 1,375 Other assets 7,180 24 (1,000 ) 163 6,367 Total assets $ 702,710 $ 4,732 $ 310 $ 90,786 $ 798,538 Liabilities and equity Securities sold, not yet purchased $ 13,549 $ - $ - $ 631 $ 14,180 Accrued expenses and other liabilities 58,936 71 31 39,009 98,047 Redeemable noncontrolling interests - 4,661 279 51,146 56,086 Total equity 630,225 - - - 630,225 Total liabilities and equity $ 702,710 $ 4,732 $ 310 $ 90,786 $ 798,538
Condensed Consolidated Statements Of Income By Entity Consolidated	The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands): Three Months Ended September 30, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 4,701 $ (9 ) $ (2 ) $ - $ 4,690 Total expenses 5,725 23 20 3 5,771 Operating loss (1,024 ) (32 ) (22 ) (3 ) (1,081 ) Total other expense, net (10,904 ) (268 ) (120 ) (19 ) (11,311 ) Loss before income taxes (11,928 ) (300 ) (142 ) (22 ) (12,392 ) Income tax benefit (4,388 ) - - - (4,388 ) Net loss (7,540 ) (300 ) (142 ) (22 ) (8,004 ) Net loss attributable to noncontrolling interests - (300 ) (142 ) (22 ) (464 ) Net loss attributable to AC Group $ (7,540 ) $ - $ - $ - $ (7,540 ) Three Months Ended September 30, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 5,110 $ (7 ) $ - $ (208 ) $ 4,895 Total expenses 5,351 20 12 260 5,643 Operating loss (241 ) (27 ) (12 ) (468 ) (748 ) Total other expense, net (6,103 ) (186 ) (18 ) (2,323 ) (8,630 ) Loss before income taxes (6,344 ) (213 ) (30 ) (2,791 ) (9,378 ) Income tax benefit (2,561 ) - - - (2,561 ) Net loss (3,783 ) (213 ) (30 ) (2,791 ) (6,817 ) Net loss attributable to noncontrolling interests - (213 ) (30 ) (2,791 ) (3,034 ) Net loss attributable to AC Group $ (3,783 ) $ - $ - $ - $ (3,783 ) Nine Months Ended September 30, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 13,890 $ (25 ) $ (4 ) $ (14 ) $ 13,847 Total expenses 22,099 95 50 32 22,276 Operating loss (8,209 ) (120 ) (54 ) (46 ) (8,429 ) Total other income/(expense), net 755 (177 ) (102 ) 9 485 Income before income taxes (7,454 ) (297 ) (156 ) (37 ) (7,944 ) Income tax benefit (3,154 ) - - - (3,154 ) Net loss (4,300 ) (297 ) (156 ) (37 ) (4,790 ) Net loss attributable to noncontrolling interests - (297 ) (156 ) (37 ) (490 ) Net loss attributable to AC Group $ (4,300 ) $ - $ - $ - $ (4,300 ) Nine Months Ended September 30, 2014 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 14,007 $ (21 ) $ (2 ) $ (633 ) $ 13,351 Total expenses 20,221 34 38 730 21,023 Operating income (6,214 ) (55 ) (40 ) (1,363 ) (7,672 ) Total other income/(expense), net 6,380 20 19 (1,186 ) 5,233 Income/(loss) before income taxes 166 (35 ) (21 ) (2,549 ) (2,439 ) Income tax benefit (488 ) - - - (488 ) Net income/(loss) 654 (35 ) (21 ) (2,549 ) (1,951 ) Net (loss) attributable to noncontrolling interests - (35 ) (21 ) (2,549 ) (2,605 ) Net income attributable to AC Group $ 654 $ - $ - $ - $ 654
AC Group's Net Interest in Consolidated VIEs	The assets of these VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to the VIEs that are consolidated and are included on the condensed combined statements of financial condition as well as AC Group’s net interest in the VIEs. There are two VIEs consolidated at September 30, 2015 and one VIE consolidated at December 31, 2014 and September 30, 2014: September 30, December 31, September 30, 2015 2014 2014 (In thousands) Cash and cash equivalents $ 13 $ - $ 1 Investments in securities 709 - - Investments in partnerships 5,116 13,434 13,618 Receivable from broker 25 - - Other assets 3 - - Payable to brokers (62 ) - - Securities sold, not yet purchased (206 ) - - Accrued expenses and other liabilities (27 ) (12 ) (15 ) Redeemable noncontrolling interests (615 ) (794 ) (962 ) AC Group's net interests in consolidated VIE $ 4,956 $ 12,628 $ 12,642

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity [Abstract]
Actual and projected stock-based compensation expense for RSA shares	2014 2015 2016 2017 2018 2019 Q1 $ 448 $ 638 $ 466 $ 331 $ 223 $ 179 Q2 447 627 466 331 216 179 Q3 476 630 376 295 195 161 Q4 550 1,921 331 257 179 148 Full Year $ 1,921 $ 3,816 $ 1,639 $ 1,214 $ 813 $ 667 2020 2021 2022 2023 2024 Q1 $ 101 $ 65 $ 42 $ 22 $ 4 Q2 91 65 42 22 4 Q3 76 52 31 12 3 Q4 65 42 22 4 - Full Year $ 333 $ 224 $ 137 $ 60 $ 11

Spin-Off from GAMCO (Tables)

Spin-Off from GAMCO (Tables)	9 Months Ended
	Sep. 30, 2015
Spin-Off from GAMCO [Abstract]
Pro forma information of statementS of financial condition	(a) The sale of 4,393,055 shares of GAMCO Class A stock to GSI in return for the $150 million GSI Note. (b) The subsequent contribution by GAMCO of the GSI Note to AC Group. (c) The issuance of the $250 million GAMCO Note to AC Group. ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENTS OF FINANCIAL CONDITION As of September 30, 2015 (Dollars in thousands, except per share data) Pro Forma Historical Adjustments Pro Forma ASSETS Cash and cash equivalents $ 363,055 $ - 363,055 Investments in securities 92,822 150,000 (a) 242,822 Investments in registered investment companies 115,046 - 115,046 Investments in partnerships 101,022 - 101,022 Receivable from brokers 52,595 - 52,595 Investment advisory fees receivable 1,991 - 1,991 Receivable from affiliates 202 - 202 Goodwill 3,254 - 3,254 Other assets 882 - 882 Total assets $ 730,869 $ 150,000 880,869 LIABILITIES AND EQUITY Payable to brokers $ 49,365 $ - $ 49,365 Income taxes payable and deferred tax liabilities 8,832 - 8,832 Compensation payable 5,046 - 5,046 Securities sold, not yet purchased 5,577 - 5,577 Mandatorily redeemable noncontrolling interests 1,257 - 1,257 Payable to affiliates 23,369 - 23,369 Accrued expenses and other liabilities 1,846 - 1,846 Total liabilities $ 95,292 $ - $ 95,292 Redeemable noncontrolling interests 6,018 - 6,018 Equity 624,792 400,000 (b)(c) 1,024,792 Note receivable from GAMCO - (250,000 ) (c) (250,000 ) Accumulated comprehsive income 4,767 - 4,767 Total equity 629,559 150,000 779,559 Total liabilities and equity 730,869 150,000 880,869
Pro forma information of statement of operations	The following unaudited pro forma financial information presented on the Condensed Combined Pro Forma Statements of Operations for the three months ended September 30, 2015 and September 30, 2014 is based on AC Group’s historical financial statements as adjusted to reflect the impact of certain transactions that were undertaken as part of the spin-off from GAMCO: (a) Compensation expenses for increased personnel costs in relation to being a stand-alone public company . (b) Elimination of the management fee contra-expense which will not exist when the Company is a stand-alone public company. (c) Additional costs of being a stand-alone public company including board of director expenses, transfer agent fees, stock exchange listing fees and increased legal and audit fees. (d) Interest income on the $250 million GAMCO Note that was issued to AC Group in connection with the spin-off. (e) Dividend income on the 4,393,055 shares of GAMCO that were sold to GSI as part of the spin-off. (f) Tax adjustments based on the adjustments above using the applicable statutory tax rate. ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED PRO FORMA STATEMENTS OF OPERATIONS UNAUDITED (Dollars in thousands, except per share data) Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Pro Forma Pro Forma Historical Adjustments Pro Forma Historical Adjustments Pro Forma Revenues Investment advisory and incentive fees $ 2,240 $ - $ 2,240 $ 1,832 $ - $ 1,832 Institutional research services 2,063 - 2,063 2,540 - 2,540 Other 387 - 387 523 - 523 Total revenues 4,690 - 4,690 4,895 - 4,895 Expenses Compensation 5,079 250 (a) 5,329 4,313 250 (a) 4,563 Management fee (1,374 ) 1,374 (b) - (1,038 ) 1,038 (b) - Stock based compensation 630 - 630 476 - 476 Other operating expenses 1,436 246 (c) 1,682 1,892 246 (c) 2,138 Total expenses 5,771 1,870 7,641 5,643 1,534 7,177 Operating loss (1,081 ) (1,870 ) (2,951 ) (748 ) (1,534 ) (2,282 ) Other income (expense) Net gain/(loss) from investments (11,539 ) - (11,539 ) (9,140 ) - (9,140 ) Interest and dividend income 551 2,807 (d) (e) 3,358 805 2,763 (d) (e) 3,568 Interest expense (323 ) - (323 ) (295 ) - (295 ) Total other income/(expense), net (11,311 ) 2,807 (8,504 ) (8,630 ) 2,763 (5,867 ) Income before income taxes (12,392 ) 937 (11,455 ) (9,378 ) 1,229 (8,149 ) Income tax provision/(benefit) (4,388 ) 349 (f) (4,039 ) (2,561 ) 455 (f) (2,106 ) Net loss (8,004 ) 588 (7,416 ) (6,817 ) 774 (6,043 ) Net loss attributable to noncontrolling interests (464 ) - (464 ) (3,034 ) - (3,034 ) Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders $ (7,540 ) $ 588 $ (6,952 ) $ (3,783 ) $ 774 $ (3,009 ) Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share: Basic $ (0.30 ) $ 0.02 $ (0.28 ) $ (0.15 ) $ 0.03 $ (0.12 ) Diluted $ (0.30 ) $ 0.02 $ (0.28 ) $ (0.15 ) $ 0.03 $ (0.12 ) Weighted average shares outstanding: Basic 24,947 24,947 24,947 25,296 25,296 25,296 Diluted 25,241 25,241 25,241 25,517 25,517 25,517

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Available for sale securities:
Available for sale Securities, Cost	$ 65,578	$ 24,541	$ 24,422
Available for sale Securities, Fair Value	74,400	40,904	40,908
Investment in Securities, Fair Value	92,822	220,595	218,250
Investment in Securities [Member]
Available for sale securities:
Investment in Securities, Cost	81,661	193,827	192,559
Investment in Securities, Fair Value	92,822	220,595	218,250
Investment in Securities [Member] | Trading Securities [Member]
Trading securities:
Trading Securities, Cost	81,034	193,146	191,878
Trading Securities, Fair Value	91,648	219,227	216,861
Investment in Securities [Member] | Trading Securities [Member] | Government obligations [Member]
Trading securities:
Trading Securities, Cost	0	18,994	20,995
Trading Securities, Fair Value	0	18,996	20,999
Investment in Securities [Member] | Trading Securities [Member] | Common Stock [Member]
Trading securities:
Trading Securities, Cost	78,025	170,977	167,714
Trading Securities, Fair Value	87,745	195,029	190,939
Investment in Securities [Member] | Trading Securities [Member] | Mutual Funds [Member]
Trading securities:
Trading Securities, Cost	2,504	2,432	2,416
Trading Securities, Fair Value	3,180	3,498	3,373
Investment in Securities [Member] | Trading Securities [Member] | Other Investments [Member]
Trading securities:
Trading Securities, Cost	505	743	753
Trading Securities, Fair Value	723	1,704	1,550
Investment in Securities [Member] | Available-for-sale Securities [Member]
Available for sale securities:
Available for sale Securities, Cost	627	681	681
Available for sale Securities, Fair Value	1,174	1,368	1,389
Investment in Securities [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member]
Available for sale securities:
Available for sale Securities, Cost	627	681	681
Available for sale Securities, Fair Value	$ 1,174	$ 1,368	$ 1,389

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - Investment in Securities [Member] - Trading Securities [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Trading Securities:
Cost	$ 6,131	$ 9,836	$ 11,770
Fair Value	5,577	10,595	14,180
Common Stock [Member]
Trading Securities:
Cost	6,123	9,835	11,699
Fair Value	5,482	9,960	13,514
Other Investments [Member]
Trading Securities:
Cost	8	1	71
Fair Value	$ 95	$ 635	$ 666

Investment in Securities, Inv28

Investment in Securities, Investment in Sponsored Registered Investment Companies (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Available for sale securities:
Available for sale Securities, Cost	$ 65,578	$ 24,541	$ 24,422
Available for sale Securities, Fair Value	74,400	40,904	40,908
Investment in Securities, Fair Value	92,822	220,595	218,250
Investment in Sponsored Registered Investment Companies [Member]
Available for sale securities:
Investment in Securities, Cost	105,048	23,861	23,742
Investment in Securities, Fair Value	115,046	39,537	39,520
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member]
Trading securities:
Trading Securities, Cost	40,097	1	1
Trading Securities, Fair Value	41,820	1	1
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member] | Mutual Funds [Member]
Trading securities:
Trading Securities, Cost	40,097	1	1
Trading Securities, Fair Value	41,820	1	1
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member]
Available for sale securities:
Available for sale Securities, Cost	64,951	23,860	23,741
Available for sale Securities, Fair Value	73,226	39,536	39,519
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member]
Available for sale securities:
Available for sale Securities, Cost	1,883	1,898	1,922
Available for sale Securities, Fair Value	2,877	3,213	3,377
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Closed end Funds [Member]
Available for sale securities:
Available for sale Securities, Cost	63,068	21,962	21,819
Available for sale Securities, Fair Value	$ 70,349	$ 36,323	$ 36,142

Investment in Securities, Recla

Investment in Securities, Reclassifications Out of Accumulated Other Comprehensive Income ("AOCI") into Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain/(loss) from investments	$ (11,539)	$ (9,140)	$ (834)	$ 3,561
Other operating expenses/net gain from investments	1,436	1,892	4,704	5,541
Income before income taxes	(12,392)	(9,378)	(7,944)	(2,439)
Income tax provision	4,388	2,561	3,154	488
Net income/(loss)	$ (8,004)	$ (6,817)	$ (4,790)	$ (1,951)
Shares under derivative contract (in shares)	170,000	2,300,000	170,000	2,300,000	3,800,000
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ (150)	$ 316	$ (125)	$ 2,962
Income tax provision	56	(117)	46	(1,094)
Net income/(loss)	(94)	199	(79)	1,868
Realized Gain on Sale of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain/(loss) from investments	0	316	25	2,978
Realized Gain on Donation of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other operating expenses/net gain from investments			0	53
Other-than-Temporary Impairment of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain/(loss) from investments	$ (150)	$ 0	$ (150)	$ (69)

Investment in Securities, Fair

Investment in Securities, Fair Values and Gains and Losses of All Derivatives Held (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	$ 143	$ 800	$ 143	$ 800	$ 896
Liability derivatives fair value	41,621	7,009	41,621	7,009	6,105
Derivative Instruments, Gain (Loss) [Line Items]
Net gain/(loss) on derivative	2,012	1,240	2,084	1,132
Net Gain/(Loss) From Investments [Member] | Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain/(loss) on derivative	1,985	482	1,885	541
Net Gain/(Loss) From Investments [Member] | Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain/(loss) on derivative	27	758	199	591
Derivatives Designated As Hedging Instruments Under FASB ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0	0	0
Liability derivatives fair value	36,354	0	36,354	0	0
Derivatives Designated As Hedging Instruments Under FASB ASC 815-20 [Member] | Receivable From Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0	0	0
Derivatives Designated As Hedging Instruments Under FASB ASC 815-20 [Member] | Payable To Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives fair value	36,354	0	36,354	0	0
Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	143	800	143	800	896
Liability derivatives fair value	5,267	7,009	5,267	7,009	6,105
Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 [Member] | Receivable From Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0	0	0
Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 [Member] | Payable To Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives fair value	5,172	6,343	5,172	6,343	5,470
Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 [Member] | Investments In Securities [Member] | Equity Contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	143	800	143	800	896
Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 [Member] | Securities Sold, Not yet Purchased [Member] | Equity Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives fair value	$ 95	$ 666	$ 95	$ 666	$ 635

Investment in Securities, Maste

Investment in Securities, Master Netting Arrangements for Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 143	$ 896	$ 800
Swaps [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	143	896	800
Gross amounts offset in the Statements of Financial Position	0	0	0
Net Amounts of Assets Presented in the Statements of Financial Position	143	896	800
Gross Amounts Not Offset in the Statements of Financial Position, Assets [Abstract]
Financial Instruments	(89)	(634)	(657)
Cash collateral received	0	0	0
Net amount	54	262	143
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	89	634	657
Gross amounts offset in the Statements of Financial Position	0	0	0
Net Amounts of Assets Presented in the Statements of Financial Position	89	634	657
Gross Amounts Not Offset in the Statements of Financial Position, Liabilities [Abstract]
Financial Instruments	(89)	(634)	(657)
Cash collateral received	0	0	0
Net amount	$ 0	$ 0	$ 0

Investment in Securities, Summa

Investment in Securities, Summary of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value I (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	$ 65,578	$ 24,541	$ 24,422
Gross unrealized gains	11,748	16,428	16,488
Gross unrealized losses	(2,926)	(65)	(2)
Total available for sale securities	74,400	40,904	40,908
Closed-end Funds [Member]
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	63,068	21,962	21,819
Gross unrealized gains	10,128	14,398	14,325
Gross unrealized losses	(2,847)	(37)	(2)
Total available for sale securities	70,349	36,323	36,142
Mutual Funds [Member]
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	2,510	2,579	2,603
Gross unrealized gains	1,620	2,030	2,163
Gross unrealized losses	(79)	(28)	0
Total available for sale securities	$ 4,051	$ 4,581	$ 4,766

Investment in Securities, Inv33

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details)		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2015USD ($)InvestmentHoldinginLossPosition	Sep. 30, 2014USD ($)InvestmentHoldinginLossPosition	Sep. 30, 2015USD ($)InvestmentHoldinginLossPosition	Sep. 30, 2014USD ($)InvestmentHoldinginLossPosition	Dec. 31, 2014USD ($)InvestmentHoldinginLossPosition
Schedule of Available-for-sale Securities [Line Items]
Unrealized changes to fair value net of taxes included in other comprehensive income	[1]	$ (4,605,000)	$ (1,039,000)	$ (4,411,000)	$ (2,105,000)
Return of capital on available for sale securities		302,000	266,000	554,000	827,000
Proceeds from sale of investment available for sale		0	483,000	1,013,000	4,748,000
Gross realized gains on sale of investment available for sale		0	300,000	25,000	3,000,000
Investments classified as available for sale unrealized loss position [Abstract]
Cost		40,840,000	79,000	40,840,000	79,000	$ 1,115,000
Unrealized Losses				(2,926,000)	(2,000)	(65,000)
Fair Value		$ 37,914,000	$ 77,000	$ 37,914,000	$ 77,000	$ 1,050,000
Number of investment holding in loss positions | InvestmentHoldinginLossPosition		4	1	4	1	4
Investment holding impairment period		8 months	1 month			4 months
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities		$ 150,000	$ 0	$ 150,000	$ 69,000
Closed-end Funds [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost		40,537,000	79,000	40,537,000	79,000	$ 812,000
Unrealized Losses				(2,847,000)	(2,000)	(37,000)
Fair Value		37,690,000	77,000	37,690,000	77,000	775,000
Mutual Funds [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost		303,000	0	303,000	0	303,000
Unrealized Losses				(79,000)	0	(28,000)
Fair Value		$ 224,000	$ 0	$ 224,000	$ 0	$ 275,000
[1]	Net of income tax benefit of ($2,705), ($610), ($2,591) and ($1,235), respectively.

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Assets
Investments in partnerships	$ 14,319	$ 24,094	$ 14,319	$ 24,094	$ 23,815
Liabilities
Securities sold, not yet purchased	5,577	14,180	5,577	14,180	10,595
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning Balance	1,218	1,010	1,587	984
Total Realized and Unrealized Gains or (Losses) - Trading	(126)	8	(64)	24
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments	0	0	0	0
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income	0	0	0	0
Total Realized and Unrealized Gains or (Losses)	(126)	8	(64)	24
Purchases	0	0	11	10
Sales	0	0	442	0
Transfers In and/or (Out) of Level 3	0	0	0	0
Ending Balance	1,092	1,018	1,092	1,018
Recurring Basis [Member]
Assets
Cash equivalents	362,955	346,093	362,955	346,093	285,504
Investments in partnerships	14,319	24,094	14,319	24,094	23,803
Investments in securities:
AFS-Mutual Funds	1,174	1,389	1,174	1,389	1,368
Trading-Government obligations		20,999		20,999	18,996
Trading-Common Stocks	87,745	190,939	87,745	190,939	195,029
Trading-Mutual Funds	3,180	3,373	3,180	3,373	3,498
Trading-Other	723	1,550	723	1,550	1,704
Total investments in securities	92,822	218,250	92,822	218,250	220,595
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	70,349	36,142	70,349	36,142	36,323
AFS - Mutual Funds	2,877	3,377	2,877	3,377	3,213
Trading - Mutual Funds	41,820	1	41,820	1	1
Total investments in sponsored registered investment companies	115,046	39,520	115,046	39,520	39,537
Total investments	222,187	281,864	222,187	281,864	283,935
Total assets at fair value	585,142	627,957	585,142	627,957	569,439
Liabilities
Trading-Common Stocks	5,482	13,514	5,482	13,514	9,960
Trading-Other	95	666	95	666	635
Securities sold, not yet purchased	5,577	14,180	5,577	14,180	10,595
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Assets
Cash equivalents	362,955	346,093	362,955	346,093	285,504
Investments in partnerships	0	0	0	0	0
Investments in securities:
AFS-Mutual Funds	1,174	1,389	1,174	1,389	1,368
Trading-Government obligations		20,999		20,999	18,996
Trading-Common Stocks	86,970	190,215	86,970	190,215	193,735
Trading-Mutual Funds	3,180	3,373	3,180	3,373	3,498
Trading-Other	263	453	263	453	513
Total investments in securities	91,587	216,429	91,587	216,429	218,110
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	70,349	36,142	70,349	36,142	36,323
AFS - Mutual Funds	2,877	3,377	2,877	3,377	3,213
Trading - Mutual Funds	41,820	1	41,820	1	1
Total investments in sponsored registered investment companies	115,046	39,520	115,046	39,520	39,537
Total investments	206,633	255,949	206,633	255,949	257,647
Total assets at fair value	569,588	602,042	569,588	602,042	543,151
Liabilities
Trading-Common Stocks	5,482	13,514	5,482	13,514	9,960
Trading-Other	0	0	0	0	0
Securities sold, not yet purchased	5,482	13,514	5,482	13,514	9,960
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member]
Assets
Cash equivalents	0	0	0	0	0
Investments in partnerships	14,319	24,094	14,319	24,094	23,803
Investments in securities:
AFS-Mutual Funds	0	0	0	0	0
Trading-Government obligations		0		0	0
Trading-Common Stocks	0	0	0	0	1
Trading-Mutual Funds	0	0	0	0	0
Trading-Other	143	803	143	803	897
Total investments in securities	143	803	143	803	898
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	0	0	0	0	0
AFS - Mutual Funds	0	0	0	0	0
Trading - Mutual Funds	0	0	0	0	0
Total investments in sponsored registered investment companies	0	0	0	0	0
Total investments	14,462	24,897	14,462	24,897	24,701
Total assets at fair value	14,462	24,897	14,462	24,897	24,701
Liabilities
Trading-Common Stocks	0	0	0	0	0
Trading-Other	95	666	95	666	635
Securities sold, not yet purchased	95	666	95	666	635
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Assets
Cash equivalents	0	0	0	0	0
Investments in partnerships	0	0	0	0	0
Investments in securities:
AFS-Mutual Funds	0	0	0	0	0
Trading-Government obligations		0		0	0
Trading-Common Stocks	775	724	775	724	1,293
Trading-Mutual Funds	0	0	0	0	0
Trading-Other	317	294	317	294	294
Total investments in securities	1,092	1,018	1,092	1,018	1,587
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	0	0	0	0	0
AFS - Mutual Funds	0	0	0	0	0
Trading - Mutual Funds	0	0	0	0	0
Total investments in sponsored registered investment companies	0	0	0	0	0
Total investments	1,092	1,018	1,092	1,018	1,587
Total assets at fair value	1,092	1,018	1,092	1,018	1,587
Liabilities
Trading-Common Stocks	0	0	0	0	0
Trading-Other	0	0	0	0	0
Securities sold, not yet purchased	0	0	0	0	0
Investment in Sponsored Registered Investment Companies [Member]
Investments in securities:
Total investments in securities	105,048	23,742	105,048	23,742	$ 23,861
Trading - Common stocks [Member]
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning Balance	920	716	1,293	700
Total Realized and Unrealized Gains or (Losses) - Trading	(145)	8	(166)	24
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments	0	0	0	0
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income	0	0	0	0
Total Realized and Unrealized Gains or (Losses)	(145)	8	(166)	24
Purchases	0	0	6	0
Sales	0	0	358	0
Transfers In and/or (Out) of Level 3	0	0	0	0
Ending Balance	775	724	775	724
Trading - Other [Member]
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning Balance	298	294	294	284
Total Realized and Unrealized Gains or (Losses) - Trading	19	0	102	0
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments	0	0	0	0
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income	0	0	0	0
Total Realized and Unrealized Gains or (Losses)	19	0	102	0
Purchases	0	0	5	10
Sales	0	0	84	0
Transfers In and/or (Out) of Level 3	0	0	0	0
Ending Balance	$ 317	$ 294	$ 317	$ 294

Investments in Partnerships, 35

Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part I (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2014USD ($)Entity	Sep. 30, 2015USD ($)Entity	Sep. 30, 2014USD ($)Entity
Variable Interest Entity [Line Items]
Investments in affiliated entities | $	$ 94,200,000	$ 87,200,000	$ 93,200,000
Investments in unaffiliated entities | $	13,400,000	13,800,000	14,200,000
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	23,815,000	14,319,000	24,094,000
Equity Method Investments | $	83,831,000	86,703,000	83,337,000
Total | $	107,646,000	101,022,000	107,431,000
Maximum exposure to loss related to VIEs | $	10,600,000	9,600,000	8,600,000
Deferred carried interest in VIE | $	43,000	38,000	44,000
Total VIE assets | $	$ 71,600,000	$ 65,800,000	$ 59,800,000
VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1	1
Additional consolidated entities	0	1	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	2	1
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ 13,434,000	$ 5,116,000	$ 13,618,000
VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	4	4	4
Additional consolidated entities	0	2	0
Deconsolidated entities	0	(2)	0
Entities consolidated at end of period	4	4	4
Prior to Consolidations [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ 111,389,000	$ 105,094,000	$ 110,676,000
CFFs [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	4,438,000	4,817,000	4,684,000
CFFs [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	23,815,000	14,319,000	24,094,000
Equity Method Investments | $	0	0	0
Total | $	$ 23,815,000	$ 14,319,000	$ 24,094,000
CFFs [Member] | VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	1	1
CFFs [Member] | VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	2	2	2
Additional consolidated entities	0	1	0
Deconsolidated entities	0	(1)	0
Entities consolidated at end of period	2	2	2
Partnerships [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ (8,181,000)	$ (8,504,000)	$ (7,929,000)
Partnerships [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity Method Investments | $	34,382,000	38,313,000	34,965,000
Total | $	34,382,000	38,313,000	34,965,000
Partnerships [Member] | Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity Method Investments | $	6,552,000	6,286,000	6,611,000
Total | $	$ 6,552,000	$ 6,286,000	$ 6,611,000
Partnerships [Member] | VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	0	0	0
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	0	0	0
Partnerships [Member] | VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1	1
Additional consolidated entities	0	1	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	2	1
Offshore Funds [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ 0	$ (385,000)	$ 0
Offshore Funds [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity Method Investments | $	36,033,000	34,552,000	34,184,000
Total | $	36,033,000	34,552,000	34,184,000
Offshore Funds [Member] | Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity Method Investments | $	6,864,000	7,552,000	7,577,000
Total | $	$ 6,864,000	$ 7,552,000	$ 7,577,000
Offshore Funds [Member] | VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	0	0	0
Additional consolidated entities	0	1	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	0	1	0
Offshore Funds [Member] | VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	0	(1)	0
Entities consolidated at end of period	1	0	1

Investments in Partnerships, 36

Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part II (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Assets [Abstract]
Cash and cash equivalents	$ 363,055	$ 346,239	$ 363,055	$ 346,239	$ 285,530	$ 199,536
Investment in Securities, Fair Value	92,822	218,250	92,822	218,250	220,595
Investments in sponsored investment companies	115,046	39,520	115,046	39,520	39,537
Investments in partnerships	101,022	107,431	101,022	107,431	107,646
Receivable from broker	52,595	79,356	52,595	79,356	74,407
Investment advisory fees receivable	1,991	1,375	1,991	1,375	4,145
Other asset	4,338	6,367	4,338	6,367	22,834
Total assets	730,869	798,538	730,869	798,538	754,694
Liabilities and Equity [Abstract]
Payable to broker	49,365	46,237	49,365	46,237	43,397
Securities sold, not yet purchased	5,577	14,180	5,577	14,180	10,595
Accrued expense and other liabilities	89,715	98,047	89,715	98,047	92,838
Redeemable noncontrolling interests	6,018	56,086	6,018	56,086	68,334
Total equity	629,559	630,225	629,559	630,225	582,927
Total liabilities and equity	730,869	798,538	730,869	798,538	754,694
CONDENSED COMBINED STATEMENTS OF OPERATIONS UNAUDITED [Abstract]
Total revenues	4,690	4,895	13,847	13,351
Total expenses	5,771	5,643	22,276	21,023
Operating loss	(1,081)	(748)	(8,429)	(7,672)
Total other income/(expense), net	(11,311)	(8,630)	485	5,233
Income/(loss) before income taxes	(12,392)	(9,378)	(7,944)	(2,439)
Income tax benefit	(4,388)	(2,561)	(3,154)	(488)
Net income/(loss)	(8,004)	(6,817)	(4,790)	(1,951)
Net loss attributable to noncontrolling interests	(464)	(3,034)	(490)	(2,605)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	(7,540)	(3,783)	(4,300)	654
VIE [Member]
Assets [Abstract]
Cash and cash equivalents	13	1	13	1	0
Investment in Securities, Fair Value	709	0	709	0	0
Investments in partnerships	5,116	13,618	5,116	13,618	13,434
Receivable from broker	25	0	25	0	0
Other asset	3	0	3	0	0
Liabilities and Equity [Abstract]
Payable to broker	(62)	0	(62)	0	0
Securities sold, not yet purchased	(206)	0	(206)	0	0
Accrued expense and other liabilities	(27)	(15)	(27)	(15)	(12)
Redeemable noncontrolling interests	(615)	(962)	(615)	(962)	(794)
Associated's net interests in consolidated VIEs	4,956	12,642	4,956	12,642	12,628
Prior to Consolidations [Member]
Assets [Abstract]
Cash and cash equivalents	362,988	346,134	362,988	346,134	285,455
Investment in Securities, Fair Value	84,306	166,900	84,306	166,900	161,501
Investments in sponsored investment companies	115,046	39,520	115,046	39,520	39,537
Investments in partnerships	105,094	110,676	105,094	110,676	111,389
Receivable from broker	50,637	30,859	50,637	30,859	22,629
Investment advisory fees receivable	1,977	1,441	1,977	1,441	4,375
Other asset	4,183	7,180	4,183	7,180	22,683
Total assets	724,231	702,710	724,231	702,710	647,569
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	5,231	13,549	5,231	13,549	9,991
Accrued expense and other liabilities	89,441	58,936	89,441	58,936	54,651
Redeemable noncontrolling interests	0	0	0	0	0
Total equity	629,559	630,225	629,559	630,225	582,927
Total liabilities and equity	724,231	702,710	724,231	702,710	647,569
CONDENSED COMBINED STATEMENTS OF OPERATIONS UNAUDITED [Abstract]
Total revenues	4,701	5,110	13,890	14,007
Total expenses	5,725	5,351	22,099	20,221
Operating loss	(1,024)	(241)	(8,209)	(6,214)
Total other income/(expense), net	(10,904)	(6,103)	755	6,380
Income/(loss) before income taxes	(11,928)	(6,344)	(7,454)	166
Income tax benefit	(4,388)	(2,561)	(3,154)	(488)
Net income/(loss)	(7,540)	(3,783)	(4,300)	654
Net loss attributable to noncontrolling interests	0	0	0	0
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	(7,540)	(3,783)	(4,300)	654
CFFs [Member]
Assets [Abstract]
Cash and cash equivalents	2	7	2	7	(11)
Investment in Securities, Fair Value	0	0	0	0	0
Investments in sponsored investment companies	0	0	0	0	0
Investments in partnerships	4,817	4,684	4,817	4,684	4,438
Receivable from broker	0	0	0	0	0
Investment advisory fees receivable	5	17	5	17	(6)
Other asset	16	24	16	24	0
Total assets	4,840	4,732	4,840	4,732	4,421
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	0	0	0	0	0
Accrued expense and other liabilities	38	71	38	71	22
Redeemable noncontrolling interests	4,802	4,661	4,802	4,661	4,399
Total equity	0	0	0	0	0
Total liabilities and equity	4,840	4,732	4,840	4,732	4,421
CONDENSED COMBINED STATEMENTS OF OPERATIONS UNAUDITED [Abstract]
Total revenues	(9)	(7)	(25)	(21)
Total expenses	23	20	95	34
Operating loss	(32)	(27)	(120)	(55)
Total other income/(expense), net	(268)	(186)	(177)	20
Income/(loss) before income taxes	(300)	(213)	(297)	(35)
Income tax benefit	0	0	0	0
Net income/(loss)	(300)	(213)	(297)	(35)
Net loss attributable to noncontrolling interests	(300)	(213)	(297)	(35)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	0	0	0	0
Partnerships [Member]
Assets [Abstract]
Cash and cash equivalents	52	98	52	98	86
Investment in Securities, Fair Value	7,807	8,836	7,807	8,836	7,801
Investments in sponsored investment companies	0	0	0	0	0
Investments in partnerships	(8,504)	(7,929)	(8,504)	(7,929)	(8,181)
Receivable from broker	1,933	306	1,933	306	623
Investment advisory fees receivable	9	(1)	9	(1)	(2)
Other asset	137	(1,000)	137	(1,000)	0
Total assets	1,434	310	1,434	310	327
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	140	0	140	0	0
Accrued expense and other liabilities	155	31	155	31	24
Redeemable noncontrolling interests	1,139	279	1,139	279	303
Total equity	0	0	0	0	0
Total liabilities and equity	1,434	310	1,434	310	327
CONDENSED COMBINED STATEMENTS OF OPERATIONS UNAUDITED [Abstract]
Total revenues	(2)	0	(4)	(2)
Total expenses	20	12	50	38
Operating loss	(22)	(12)	(54)	(40)
Total other income/(expense), net	(120)	(18)	(102)	19
Income/(loss) before income taxes	(142)	(30)	(156)	(21)
Income tax benefit	0	0	0	0
Net income/(loss)	(142)	(30)	(156)	(21)
Net loss attributable to noncontrolling interests	(142)	(30)	(156)	(21)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	0	0	0	0
Offshore Funds [Member]
Assets [Abstract]
Cash and cash equivalents	13	0	13	0	0
Investment in Securities, Fair Value	709	42,514	709	42,514	51,293
Investments in sponsored investment companies	0	0	0	0	0
Investments in partnerships	(385)	0	(385)	0	0
Receivable from broker	25	48,191	25	48,191	51,155
Investment advisory fees receivable	0	(82)	0	(82)	(222)
Other asset	2	163	2	163	151
Total assets	364	90,786	364	90,786	102,377
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	206	631	206	631	604
Accrued expense and other liabilities	81	39,009	81	39,009	38,141
Redeemable noncontrolling interests	77	51,146	77	51,146	63,632
Total equity	0	0	0	0	0
Total liabilities and equity	364	90,786	364	90,786	$ 102,377
CONDENSED COMBINED STATEMENTS OF OPERATIONS UNAUDITED [Abstract]
Total revenues	0	(208)	(14)	(633)
Total expenses	3	260	32	730
Operating loss	(3)	(468)	(46)	(1,363)
Total other income/(expense), net	(19)	(2,323)	9	(1,186)
Income/(loss) before income taxes	(22)	(2,791)	(37)	(2,549)
Income tax benefit	0	0	0	0
Net income/(loss)	(22)	(2,791)	(37)	(2,549)
Net loss attributable to noncontrolling interests	(22)	(2,791)	(37)	(2,549)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Abstract]
Effective income tax rate (in hundredths)	35.40%	27.30%	39.70%	20.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)VoteperShareIncentivePlan$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Stockholders' Equity [Abstract]
Shares outstanding (in shares) | shares	25,500,000	25,900,000	25,900,000			25,500,000	25,900,000	25,900,000
Stock Award and Incentive Plan [Abstract]
Number of incentive plans | IncentivePlan	1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under each plan, maximum (in shares) | shares	900,000					900,000
Term of nonqualified stock options, maximum (in years)	10 years
Percentage stock based compensation expense recognize over three years vesting period (in hundredths)	30.00%
Percentage stock based compensation expense recognize over five years vesting period (in hundredths)	70.00%
Vesting period for recognition of 30 percent of stock based compensation expense (in years)	3 years
Vesting period for recognition of 70 percent of stock based compensation expense (in years)	5 years
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense	$ 630		$ 476			$ 1,895	$ 1,371
Projected stock based compensation expense 2014								$ 1,921
Projected stock based compensation expense 2015	3,816
Projected stock based compensation expense 2016	1,639
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three	1,214
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten	11
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six	333
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven	224
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine	60
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four	813
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five	667
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight	137
Compensation cost related to non-vested restricted stock awards not yet recognized	7,000					$ 7,000
Q1 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense					$ 448
Projected stock based compensation expense 2015	638
Projected stock based compensation expense 2016	466
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three	331
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten	4
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six	101
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven	65
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine	22
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four	223
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five	179
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight	42
Q2 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Projected stock based compensation expense 2014				$ 447
Projected stock based compensation expense 2015	627
Projected stock based compensation expense 2016	466
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three	331
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten	4
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six	91
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven	65
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine	22
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four	216
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five	179
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight	42
Q3 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Projected stock based compensation expense 2014			$ 476
Projected stock based compensation expense 2015	630
Projected stock based compensation expense 2016	376
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three	295
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten	3
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six	76
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven	52
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine	12
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four	195
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five	161
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight	31
Q4 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Projected stock based compensation expense 2014		$ 550
Projected stock based compensation expense 2015	1,921
Projected stock based compensation expense 2016	331
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three	257
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten	0
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six	65
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven	42
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine	4
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four	179
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five	148
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight	$ 22
Class A [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare	1
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare	10
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSA shares outstanding (in shares) | shares	688,550	710,750	639,750			688,550	639,750	710,750
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 67.34	$ 67.45	$ 65.12			$ 67.34	$ 65.12	$ 67.45
Percentage stock based compensation expense recognize over three years vesting period (in hundredths)	30.00%
Percentage stock based compensation expense recognize over five years vesting period (in hundredths)	70.00%
Vesting period for recognition of 30 percent of stock based compensation expense (in years)	3 years
Vesting period for recognition of 70 percent of stock based compensation expense (in years)	5 years
Restricted Stock [Member] | Award Made on December 23, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSAs granted (in shares) | shares						554,100
Restricted Stock [Member] | Award Made in August 2013 and September 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage stock based compensation expense recognize over three years vesting period (in hundredths)						30.00%
Percentage stock based compensation expense recognize each year over years four through ten vesting period (in hundredths)						10.00%
Vesting period for recognition of 30 percent of stock based compensation expense (in years)						3 years

Goodwill and Identifiable Int39

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Goodwill [Line Items]
Goodwill	$ 3,254	$ 3,254	$ 3,254
Percentage interest owned in subsidiary (in hundredths)	94.00%
Subsidiary [Member]
Goodwill [Line Items]
Goodwill	$ 3,300

Spin-Off from GAMCO (Details)

Spin-Off from GAMCO (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
ASSETS [Abstract]
Cash and cash equivalents		$ 363,055	$ 346,239	$ 363,055	$ 346,239	$ 285,530	$ 199,536
Investments in securities		92,822	218,250	92,822	218,250	220,595
Investments in registered investment companies		115,046	39,520	115,046	39,520	39,537
Investments in partnerships		101,022	107,431	101,022	107,431	107,646
Receivable from brokers		52,595	79,356	52,595	79,356	74,407
Investment advisory fees receivable		1,991	1,375	1,991	1,375	4,145
Receivable from affiliates		202	162	202	162	402
Goodwill		3,254	3,254	3,254	3,254	3,254
Other assets		882	2,951	882	2,951	19,178
Total assets		730,869	798,538	730,869	798,538	754,694
LIABILITIES AND EQUITY [Abstract]
Payable to brokers		49,365	46,237	49,365	46,237	43,397
Income taxes payable and deferred tax liabilities		8,832	20,338	8,832	20,338	16,363
Compensation payable		5,046	5,695	5,046	5,695	9,179
Securities sold, not yet purchased		5,577	14,180	5,577	14,180	10,595
Mandatorily redeemable noncontrolling interests		1,257	1,304	1,257	1,304	1,302
Payable to affiliates		23,369	21,445	23,369	21,445	20,733
Accrued expenses and other liabilities		1,846	3,028	1,846	3,028	1,864
Total liabilities		95,292	112,227	95,292	112,227	103,433
Redeemable noncontrolling interests		6,018	56,086	6,018	56,086	68,334
Equity		624,792	620,725	624,792	620,725	573,749
Accumulated comprehensive income		4,767	9,500	4,767	9,500	9,178
Total equity		629,559	630,225	629,559	630,225	582,927
Total liabilities and equity		730,869	798,538	730,869	798,538	$ 754,694
Revenues [Abstract]
Investment advisory and incentive fees		2,240	1,832	6,295	5,066
Institutional research services		2,063	2,540	6,130	6,720
Other		387	523	1,422	1,565
Total revenues		4,690	4,895	13,847	13,351
Expenses [Abstract]
Compensation		5,079	4,313	16,555	14,376
Management fee		(1,374)	(1,038)	(878)	(265)
Stock based compensation		630	476	1,895	1,371
Other operating expenses		1,436	1,892	4,704	5,541
Total expenses		5,771	5,643	22,276	21,023
Operating loss		(1,081)	(748)	(8,429)	(7,672)
Other income (expense)
Net gain/(loss) from investments		(11,539)	(9,140)	(834)	3,561
Interest and dividend income		551	805	2,303	2,694
Interest expense		(323)	(295)	(984)	(1,022)
Total other income/(expense), net		(11,311)	(8,630)	485	5,233
Income before income taxes		(12,392)	(9,378)	(7,944)	(2,439)
Income tax provision/(benefit)		(4,388)	(2,561)	(3,154)	(488)
Net income/(loss)		(8,004)	(6,817)	(4,790)	(1,951)
Net loss attributable to noncontrolling interests		464	3,034	490	2,605
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		(7,540)	(3,783)	$ (4,300)	$ 654
Weighted average shares outstanding [Abstract]
Number of shares of common stock purchased (in shares)				4,393,055
GSI Note [Member]
Weighted average shares outstanding [Abstract]
Principal amount of note issued		150,000		$ 150,000
GBL Note [Member]
Weighted average shares outstanding [Abstract]
Principal amount of note issued		250,000		250,000
Historical [Member]
ASSETS [Abstract]
Cash and cash equivalents		363,055		363,055
Investments in securities		92,822		92,822
Investments in registered investment companies		115,046		115,046
Investments in partnerships		101,022		101,022
Receivable from brokers		52,595		52,595
Investment advisory fees receivable		1,991		1,991
Receivable from affiliates		202		202
Goodwill		3,254		3,254
Other assets		882		882
Total assets		730,869		730,869
LIABILITIES AND EQUITY [Abstract]
Payable to brokers		49,365		49,365
Income taxes payable and deferred tax liabilities		8,832		8,832
Compensation payable		5,046		5,046
Securities sold, not yet purchased		5,577		5,577
Mandatorily redeemable noncontrolling interests		1,257		1,257
Payable to affiliates		23,369		23,369
Accrued expenses and other liabilities		1,846		1,846
Total liabilities		95,292		95,292
Redeemable noncontrolling interests		6,018		6,018
Equity		624,792		624,792
Note receivable from GAMCO		0		0
Accumulated comprehensive income		4,767		4,767
Total equity		629,559		629,559
Total liabilities and equity		730,869		730,869
Revenues [Abstract]
Investment advisory and incentive fees		2,240	1,832
Institutional research services		2,063	2,540
Other		387	523
Total revenues		4,690	4,895
Expenses [Abstract]
Compensation		5,079	4,313
Management fee		(1,374)	(1,038)
Stock based compensation		630	476
Other operating expenses		1,436	1,892
Total expenses		5,771	5,643
Operating loss		(1,081)	(748)
Other income (expense)
Net gain/(loss) from investments		(11,539)	(9,140)
Interest and dividend income		551	805
Interest expense		(323)	(295)
Total other income/(expense), net		(11,311)	(8,630)
Income before income taxes		(12,392)	(9,378)
Income tax provision/(benefit)		(4,388)	(2,561)
Net income/(loss)		(8,004)	(6,817)
Net loss attributable to noncontrolling interests		(464)	(3,034)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		$ (7,540)	$ (3,783)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share [Abstract]
Basic (in dollars per share)		$ (0.30)	$ (0.15)
Diluted (in dollars per share)		$ (0.30)	$ (0.15)
Weighted average shares outstanding [Abstract]
Basic (in shares)		24,947,000	25,296,000
Diluted (in shares)		25,241,000	25,517,000
Pro Forma Adjustments [Member]
ASSETS [Abstract]
Cash and cash equivalents		$ 0		0
Investments in securities	[1]	150,000		150,000
Investments in registered investment companies		0		0
Investments in partnerships		0		0
Receivable from brokers		0		0
Investment advisory fees receivable		0		0
Receivable from affiliates		0		0
Goodwill		0		0
Other assets		0		0
Total assets		150,000		150,000
LIABILITIES AND EQUITY [Abstract]
Payable to brokers		0		0
Income taxes payable and deferred tax liabilities		0		0
Compensation payable		0		0
Securities sold, not yet purchased		0		0
Mandatorily redeemable noncontrolling interests		0		0
Payable to affiliates		0		0
Accrued expenses and other liabilities		0		0
Total liabilities		0		0
Redeemable noncontrolling interests		0		0
Equity	[2],[3]	400,000		400,000
Note receivable from GAMCO	[2]	(250,000)		(250,000)
Accumulated comprehensive income		0		0
Total equity		150,000		150,000
Total liabilities and equity		150,000		150,000
Revenues [Abstract]
Investment advisory and incentive fees		0	$ 0
Institutional research services		0	0
Other		0	0
Total revenues		0	0
Expenses [Abstract]
Compensation	[4]	250	250
Management fee	[5]	1,374	1,038
Stock based compensation		0	0
Other operating expenses	[6]	246	246
Total expenses		1,870	1,534
Operating loss		(1,870)	(1,534)
Other income (expense)
Net gain/(loss) from investments		0	0
Interest and dividend income	[7],[8]	2,807	2,763
Interest expense		0	0
Total other income/(expense), net		2,807	2,763
Income before income taxes		937	1,229
Income tax provision/(benefit)	[9]	349	455
Net income/(loss)		588	774
Net loss attributable to noncontrolling interests		0	0
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		$ 588	$ 774
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share [Abstract]
Basic (in dollars per share)		$ 0.02	$ 0.03
Diluted (in dollars per share)		$ 0.02	$ 0.03
Weighted average shares outstanding [Abstract]
Basic (in shares)		24,947,000	25,296,000
Diluted (in shares)		25,241,000	25,517,000
Pro Forma [Member]
ASSETS [Abstract]
Cash and cash equivalents		$ 363,055		363,055
Investments in securities		242,822		242,822
Investments in registered investment companies		115,046		115,046
Investments in partnerships		101,022		101,022
Receivable from brokers		52,595		52,595
Investment advisory fees receivable		1,991		1,991
Receivable from affiliates		202		202
Goodwill		3,254		3,254
Other assets		882		882
Total assets		880,869		880,869
LIABILITIES AND EQUITY [Abstract]
Payable to brokers		49,365		49,365
Income taxes payable and deferred tax liabilities		8,832		8,832
Compensation payable		5,046		5,046
Securities sold, not yet purchased		5,577		5,577
Mandatorily redeemable noncontrolling interests		1,257		1,257
Payable to affiliates		23,369		23,369
Accrued expenses and other liabilities		1,846		1,846
Total liabilities		95,292		95,292
Redeemable noncontrolling interests		6,018		6,018
Equity		1,024,792		1,024,792
Note receivable from GAMCO		(250,000)		(250,000)
Accumulated comprehensive income		4,767		4,767
Total equity		779,559		779,559
Total liabilities and equity		880,869		$ 880,869
Revenues [Abstract]
Investment advisory and incentive fees		2,240	$ 1,832
Institutional research services		2,063	2,540
Other		387	523
Total revenues		4,690	4,895
Expenses [Abstract]
Compensation		5,329	4,563
Management fee		0	0
Stock based compensation		630	476
Other operating expenses		1,682	2,138
Total expenses		7,641	7,177
Operating loss		(2,951)	(2,282)
Other income (expense)
Net gain/(loss) from investments		(11,539)	(9,140)
Interest and dividend income		3,358	3,568
Interest expense		(323)	(295)
Total other income/(expense), net		(8,504)	(5,867)
Income before income taxes		(11,455)	(8,149)
Income tax provision/(benefit)		(4,039)	(2,106)
Net income/(loss)		(7,416)	(6,043)
Net loss attributable to noncontrolling interests		(464)	(3,034)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		$ (6,952)	$ (3,009)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share [Abstract]
Basic (in dollars per share)		$ (0.28)	$ (0.12)
Diluted (in dollars per share)		$ (0.28)	$ (0.12)
Weighted average shares outstanding [Abstract]
Basic (in shares)		24,947,000	25,296,000
Diluted (in shares)		25,241,000	25,517,000
[1]	The sale of 4,393,055 shares of GAMCO Class A stock to GSI in return for the $150 million GSI Note.
[2]	The issuance of the $250 million GAMCO Note to AC Group.
[3]	The subsequent contribution by GAMCO of the GSI Note to AC Group.
[4]	Compensation expenses for increased personnel costs in relation to being a stand-alone public company.
[5]	Elimination of the management fee contra-expense which will not exist when the Company is a stand-alone public company.
[6]	Additional costs of being a stand-alone public company including board of director expenses, transfer agent fees, stock exchange listing fees and increased legal and audit fees.
[7]	Dividend income on the 4,393,055 shares of GAMCO that were sold to GSI as part of the spin-off.
[8]	Interest income on the $250 million GAMCO Note that was issued to AC Group in connection with the spin-off.
[9]	Tax adjustments based on the adjustments above using the applicable statutory tax rate.

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Nov. 30, 2015shares	Nov. 27, 2015USD ($)Installment$ / sharesshares	Oct. 12, 2015USD ($)$ / sharesshares	Dec. 16, 2015$ / sharesshares	Sep. 30, 2015USD ($)shares	Dec. 10, 2015shares
Subsequent Event [Line Items]
Number of shares of common stock purchased (in shares)					4,393,055
GSI Note [Member]
Subsequent Event [Line Items]
Principal amount of note issued | $					$ 150
GAMCO Note [Member]
Subsequent Event [Line Items]
Principal amount of note issued | $					$ 250
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchased (in shares)				1,500
Average price per share of repurchased shares (in dollars per share) | $ / shares				$ 29.08
Subsequent Event [Member] | Stock Repurchase Program [Member]
Subsequent Event [Line Items]
Number of shares authorized to be repurchased (in shares)						500,000
Shares available to be repurchased under the plan (in shares)						498,500
Subsequent Event [Member] | Notes Payable [Member] | GSI Note [Member]
Subsequent Event [Line Items]
Principal amount of note issued | $		$ 150
Subsequent Event [Member] | Notes Payable [Member] | GAMCO Note [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate		4.00%
Debt instrument, maturity date		Nov. 30, 2020
Number of equal annual installments in repayment of debt | Installment		5
Amount of annual installment | $		$ 50
Subsequent Event [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Number of shares of common stock issued in spin-off for each share of common stock of parent entity	1
Number of shares of common stock purchased (in shares)		4,393,055
Price of common stock purchased (in dollars per share) | $ / shares		$ 34.1448
Subsequent Event [Member] | Class B Common Stock [Member]
Subsequent Event [Line Items]
Number of shares of common stock issued in spin-off for each share of common stock of parent entity	1
Subsequent Event [Member] | Restricted Stock Awards [Member] | November 2013 Grant [Member]
Subsequent Event [Line Items]
Number of restricted stock awards outstanding (in shares)			130,650
Non-cash charge expected in fourth quarter resulting from acceleration of lapse of restrictions | $			$ 1.3
Non-cash charge per diluted share expected in fourth quarter resulting from acceleration of lapse of restrictions (in dollars per share) | $ / shares			$ 0.03
Restricted stock awards still remaining outstanding after acceleration (in shares)			557,900