Associated Capital (AC) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
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	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,189,038
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,196,792

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
ASSETS
Cash and cash equivalents	$ 203,239	$ 205,750	$ 320,373
Investment in securities	184,819	197,264	120,834
Investment in GBL stock	162,807	136,360	0
Investments in registered investment companies	115,916	118,676	120,831
Investments in partnerships	113,147	105,051	106,940
Receivable from brokers	23,278	56,510	19,526
Investment advisory fees receivable	1,463	4,896	1,461
Receivable from affiliates	3,507	7,457	299
Goodwill	3,254	3,254	3,254
Other assets	1,270	1,530	2,523
Total assets	812,700	836,748	696,041
LIABILITIES, NONCONTROLLING INTERESTS AND EQUITY
Payable to brokers	12,251	50,648	10,127
Income taxes payable and deferred tax liabilities	13,357	5,669	17,367
Compensation payable	4,893	10,926	4,571
Securities sold, not yet purchased	8,014	9,623	8,569
Mandatorily redeemable noncontrolling interests	1,421	1,129	1,298
Payable to affiliates	673	0	22,760
Accrued expenses and other liabilities	4,072	1,466	1,619
Total liabilities	44,681	79,461	66,311
Redeemable noncontrolling interests	3,752	5,738	5,519
Equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0	0
Additional paid-in capital	999,644	999,000	0
Parent Company Equity - pre Spin-off	0	0	614,895
Retained earnings	1,131	2,072	0
GBL 4% PIK Note	(250,000)	(250,000)	0
Accumulated comprehensive income (loss)	12,933	(1,857)	9,316
Treasury stock, at cost (88,278, 1,500 and 0 shares, respectively)	(2,464)	(44)	0
Total Associated Capital Group, Inc. stockholders' equity	761,269	749,196	624,211
Noncontrolling interests	2,998	2,353	0
Total equity	764,267	751,549	624,211
Total liabilities and equity	812,700	836,748	696,041
Class A [Member]
Equity:
Common stock	6	6	0
Class B [Member]
Equity:
Common stock	$ 19	$ 19	$ 0

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, shares outstanding (in shares)	25,400,000	25,400,000	25,800,000
Treasury stock, shares (in shares)	89,778	1,500	0
GBL 4% PIK Note [Member]
Equity:
Debt instrument, interest rate	4.00%
Class A [Member]
Equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	6,244,452	6,247,452	0
Common stock, shares outstanding (in shares)	6,154,674	6,242,952	0
Class B [Member]
Equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,196,792	19,196,792	0
Common stock, shares outstanding (in shares)	19,196,792	19,196,792	0

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Investment advisory and incentive fees	$ 2,068	$ 1,986
Institutional research services	2,055	2,066
Other	394	515
Total revenues	4,517	4,567
Expenses
Compensation	6,312	5,879
Management fee	274	387
Stock based compensation	644	638
Other operating expenses	1,802	1,543
Total expenses	9,032	8,447
Operating loss	(4,515)	(3,880)
Other income (expense)
Net gain from investments	3,709	6,946
Interest and dividend income	3,434	745
Interest expense	(420)	(334)
Total other income (expense), net	6,723	7,357
Income before income taxes	2,208	3,477
Income tax provision	661	1,101
Net income	1,547	2,376
Net loss attributable to noncontrolling interests	(46)	(9)
Net income attributable to Associated Capital Group, Inc.'s shareholders	$ 1,593	$ 2,385
Net income per share attributable to Associated Capital Group, Inc.'s shareholders per share:
Basic (in dollars per share)	$ 0.06	$ 0.09
Diluted (in dollars per share)	$ 0.06	$ 0.09
Weighted average shares outstanding:
Basic (in shares)	24,863	25,132
Diluted (in shares)	25,177	25,414
Dividends declared: (in dollars per share)	$ 0.10	$ 0

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net income		$ 1,547	$ 2,376
Other comprehensive gain, net of tax:
Net unrealized gain on securities available for sale	[1]	15,514	138
Other comprehensive gain		15,514	138
Comprehensive gain		17,061	2,514
Less: Comprehensive gain/(loss) attributable to noncontrolling interests		678	(9)
Comprehensive gain attributable to Associated Capital Group, Inc.		$ 16,383	$ 2,523
[1]	Net of income tax expense of $8,726 and $81, respectively.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other comprehensive gain, net of tax:
Net unrealized gain on securities available for sale, income tax expense	$ 8,726	$ 81

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED - USD ($) $ in Thousands	Noncontrolling Interests [Member]	Common Stocks [Member]	Parent Company Equity pre Spin-off [Member]	Retained Earnings [Member]	Additional Paid-in Capital [Member]	GBL 4% PIK Note [Member]	Accumulated Comprehensive Income [Member]	Treasury Stock [Member]	Total	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2014			$ 573,749				$ 9,178		$ 582,927	$ 68,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests			0				0		0	(441)
Contributions from redeemable noncontrolling interests			0				0		0	891
Deconsolidation of an offshore fund	$ 0	$ 0	0	$ 0	$ 0	$ 0	0	$ 0	0	(63,256)
Net income (loss)			2,385				0		2,385	(9)
Net unrealized gains on securities available for sale, net of income tax			0				152		152	0
Amounts reclassified from accumulated other comprehensive income, net of income tax benefit			0				(14)		(14)	0
Stock based compensation expense			638				0		638	0
Net transfer from GBL			38,123				0		38,123	0
Balance at Mar. 31, 2015			$ 614,895				9,316		624,211	5,519
Balance at Dec. 31, 2015	2,353	25		2,072	999,000	(250,000)	(1,857)	(44)	751,549	5,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0		0	0	0	0	0	0	(208)
Deconsolidation of an offshore fund	0	0		0	0	0	0	0	0	(1,811)
Net income (loss)	(79)	0		1,593	0	0	0	0	1,514	33
Net unrealized gains on securities available for sale, net of income tax	724	0		0	0	0	14,790	0	15,514	0
Dividends declared ($0.10 per share)	0	0		(2,534)	0	0	0	0	(2,534)	0
Stock based compensation expense	0	0		0	644	0	0	0	644	0
Purchase of treasury stock	0	0		0	0	0	0	(2,420)	(2,420)	0
Balance at Mar. 31, 2016	$ 2,998	$ 25		$ 1,131	$ 999,644	$ (250,000)	$ 12,933	$ (2,464)	$ 764,267	$ 3,752

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED [Abstract]
Net unrealized gains on securities available for sale, income tax	$ 8,726	$ 89
Amounts reclassified from accumulated other comprehensive income, income tax benefit		$ (8)
Dividend declared (in dollars per share)	$ 0.10	$ 0

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income	$ 1,547	$ 2,376
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Equity in net gains from partnerships	(2,181)	(2,088)
Depreciation and amortization	3	3
Stock based compensation expense	644	638
Net gains on sales of available for sale securities	0	(45)
(Increase) decrease in assets:
Investments in trading securities	9,801	4,603
Investments in partnerships:
Contributions to partnerships	(17,617)	(9,870)
Distributions from partnerships	11,699	13,525
Receivable from affiliates	3,951	0
Receivable from brokers	32,535	6,895
Investment advisory fees receivable	3,414	2,473
Other assets	628	16,680
Increase (decrease) in liabilities:
Payable to brokers	(38,376)	4,215
Income taxes payable and deferred tax liabilities	(1,038)	922
Payable to affiliates	673	2,027
Compensation payable	(6,032)	(4,609)
Mandatorily redeemable noncontrolling interests	292	(4)
Accrued expenses and other liabilities	132	487
Total adjustments	(1,472)	35,852
Net cash provided by operating activities	75	38,228
Investing activities
Purchases of available for sale securities	(219)	(41,397)
Proceeds from sales of available for sale securities	0	100
Return of capital on available for sale securities	263	217
Net cash provided by (used in) investing activities	44	(41,080)
Financing activities
Redemptions of redeemable noncontrolling interests	(208)	(441)
Net transfer from Parent	0	38,123
Purchase of treasury stock	(2,420)	0
Net cash provided by (used in) financing activities	(2,628)	37,682
Net increase (decrease) in cash and cash equivalents	(2,509)	34,830
Cash and cash equivalents at beginning of period	205,750	285,530
Increase (decrease) in cash from deconsolidation	(2)	13
Cash and cash equivalents at end of period	203,239	320,373
Supplemental disclosures of cash flow information:
Cash paid for interest	128	302
Cash paid for taxes	$ 1,600	$ 0

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 01, 2015	Mar. 31, 2016	Mar. 31, 2015
Non-cash activity:
(Decrease) increase in cash and cash equivalents from deconsolidation	$ (1)	$ 13
Decrease in net assets from deconsolidation	(104)	(63,280)
Decrease in redeemable noncontrolling interests from deconsolidation	(105)	$ (63,267)	$ 0	$ 0
Dividends accrued on restricted stock awards			$ 49	$ 0
Accounting Standards Update 2015-02 [Member]
Non-cash activity:
(Decrease) increase in cash and cash equivalents from deconsolidation	(1)
Decrease in net assets from deconsolidation	(1,705)
Decrease in redeemable noncontrolling interests from deconsolidation	$ (1,706)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and 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 Delaware corporation organized to be the parent operating company for the spin-off of GAMCO Investors, Inc.’s (“GAMCO’s”) alternative investment management business, institutional research services operations 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. At March 31, 2016, 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 operations 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 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. The GSI Note is thus now an intercompany note within the AC Group. Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 consolidated 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 consolidated financial statements include the accounts of AC Group and its subsidiaries. Intercompany accounts and transactions are eliminated. The Company's interim condensed combined consolidated statement of financial condition at March 31, 2015, and the Company's interim condensed combined consolidated statement of income for the three months ended March 31, 2015 were derived from the combined financial statements and accounting records of GAMCO and are presented as carve-out financial statements as the Company was not a standalone public company prior to the spin-off. For the periods prior to the spin-off of the Company from GAMCO, the combined consolidated financial statements include allocations from GAMCO. These allocations may not be reflective of the actual level of assets, liabilities, income or costs which would have been incurred had the Company operated as a separate legal entity apart from GAMCO. The Company's condensed consolidated statements of financial condition at March 31, 2016 and December 31, 2015, and the Company's condensed consolidated statement of income for the three months ended March 31, 2016 are presented based on our actual results as a stand-alone public company subsequent to our spin-off. References within these Notes to the condensed consolidated statement of financial condition as of March 31, 2016 and December 31, 2015 and the condensed combined consolidated statement of financial condition as of March 31, 2015 shall hereinafter be referred to as the condensed consolidated statements of financial condition. References within these Notes to the condensed consolidated statement of income for the three months ended March 31, 2016 and the condensed combined consolidated statement of income for the three months ended March 31, 2015 shall hereinafter be referred to as the condensed consolidated statements of income. Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the interim condensed consolidated 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 condensed consolidated 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 (“NAV”) 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 was effective for the Company's first quarter of 2016 and was applied retrospectively. In January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Although the ASU retains many current requirements, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. For public companies, the new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. To adopt the amendments, entities will be required to make a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. The Company is currently evaluating this guidance and the impact it will have on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements.

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2016
Investment in Securities [Abstract]
Investment in Securities	B. Investment in Securities Investments in securities (including GBL stock) at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 March 31, 2015 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Government obligations $ 99,841 $ 99,964 $ 99,897 $ 99,940 $ 9,998 $ 9,998 Common stocks 66,906 79,571 78,974 92,194 84,646 105,190 Mutual funds 2,579 3,215 2,578 3,216 2,505 3,596 Other investments 648 918 570 771 549 762 Total trading securities 169,974 183,668 182,019 196,121 97,698 119,546 Available for sale securities: Common stocks 150,000 162,807 150,000 136,360 - - Mutual funds 627 1,151 627 1,143 627 1,288 Total available for sale securities 150,627 163,958 150,627 137,503 627 1,288 Total investments in securities $ 320,601 $ 347,626 $ 332,646 $ 333,624 $ 98,325 $ 120,834 Securities sold, not yet purchased at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 March 31, 2015 Proceeds Fair Value Proceeds Fair Value Proceeds Fair Value Trading securities: (In thousands) Common stocks $ 7,951 $ 7,947 $ 10,095 $ 9,537 $ 8,485 $ 8,530 Other investments 2 67 24 86 3 39 Total securities sold, not yet purchased $ 7,953 $ 8,014 $ 10,119 $ 9,623 $ 8,488 $ 8,569 Investments in affiliated registered investment companies at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 March 31, 2015 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Mutual funds $ 40,097 $ 43,798 $ 40,097 $ 43,133 $ 37,097 $ 39,871 Total trading securities 40,097 43,798 40,097 43,133 37,097 39,871 Available for sale securities: Closed-end funds 60,865 69,052 62,070 72,591 63,538 77,663 Mutual funds 1,841 3,066 1,846 2,952 1,891 3,297 Total available for sale securities 62,706 72,118 63,916 75,543 65,429 80,960 Total investments in affiliated registered investment companies $ 102,803 $ 115,916 $ 104,013 $ 118,676 $ 102,526 $ 120,831 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 consolidated 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 consolidated statements of income. The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three months ended March 31, 2016 and 2015 (in thousands): Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Three months ended March 31, 2016 2015 $ - $ 22 Net gain from investments Realized gain on sale of AFS securities - 22 Income before income taxes - (8 ) Income tax provision $ - $ 14 Net income 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 consolidated 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 March 31, 2016, December 31, 2015 and March 31, 2015, we held derivative contracts on 317,000 equity shares, 250,000 equity shares and 0.4 million equity shares, respectively, that are included in investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition. We had two foreign exchange contracts, two foreign exchange contracts and one foreign exchange contract outstanding at March 31, 2016, December 31, 2015 and March 31, 2015, respectively, that are included in receivable from brokers or payable to brokers on the condensed consolidated 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 from investments on the condensed consolidated statements of income. 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 the 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 from investments on the condensed consolidated statements of income 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 Liability Derivatives Statement of Fair Value Statement of Fair Value Financial Condition March 31, December 31, March 31, Financial Condition March 31, December 31, March 31, Location 2016 2015 2015 Location 2016 2015 2015 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ - $ - Payable to brokers $ 2,875 $ 37,584 $ - Sub total $ - $ - $ - $ 2,875 $ 37,584 $ - Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 Investments in Securities sold, Equity contracts securities $ 185 $ 236 $ 128 not yet purchased $ 67 $ 86 $ 39 Foreign exchange contracts Receivable from brokers - - - Payable to brokers 5,223 5,017 4,991 Sub total $ 185 $ 236 $ 128 $ 5,290 $ 5,103 $ 5,030 Total derivatives $ 185 $ 236 $ 128 $ 8,165 $ 42,687 $ 5,030 Type of Derivative Income Statement Location Three months ended March 31, 2016 2015 Foreign exchange contracts Net gain from investments $ 1,192 $ 597 Equity contracts Net gain from investments 69 131 Total $ 1,261 $ 728 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 consolidated 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 Financial Cash Collateral Assets Financial Condition of Financial Condition Instruments Received Net Amount Swaps: (In thousands) March 31, 2016 $ 185 $ - $ 185 $ (66 ) $ - $ 119 December 31, 2015 177 - 177 (81 ) - 96 March 31, 2015 $ 128 $ - $ 128 $ (23 ) $ - $ 105 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 Financial Cash Collateral Liabilities Financial Condition of Financial Condition Instruments Pledged Net Amount Swaps: (In thousands) March 31, 2016 $ 66 $ - $ 66 $ (66 ) $ - $ - December 31, 2015 81 - 81 (81 ) - - March 31, 2015 $ 23 $ - $ 23 $ (23 ) $ - $ - The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of March 31, 2016, December 31, 2015 and March 31, 2015: March 31, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 150,000 $ 12,807 $ - $ 162,807 Closed-end Funds 60,865 11,828 (3,641 ) 69,052 Mutual funds 2,468 1,749 - 4,217 Total available for sale securities $ 213,333 $ 26,384 $ (3,641 ) $ 236,076 December 31, 2015 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 150,000 $ - $ (13,640 ) $ 136,360 Closed-end Funds 62,070 11,299 (778 ) 72,591 Mutual funds 2,472 1,641 (18 ) 4,095 Total available for sale securities $ 214,542 $ 12,940 $ (14,436 ) $ 213,046 March 31, 2015 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ - $ - $ - $ - Closed-end Funds 63,538 14,150 (25 ) 77,663 Mutual funds 2,518 2,101 (34 ) 4,585 Total available for sale securities $ 66,056 $ 16,251 $ (59 ) $ 82,248 Changes in net unrealized gains, net of taxes, for the three months ended March 31, 2016 and March 31, 2015 of $15.5 million and $0.2 million in gains, respectively, have been included in other comprehensive income, a component of equity, at March 31, 2016 and March 31, 2015. Return of capital on available for sale securities was $0.3 million and $0.2 million for the three months ended March 31, 2016 and March 31, 2015, respectively. During the three months ended March 31, 2016, 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 $0.1 million for the three months ended March 31, 2015. For the three months ended March 31, 2015, gross gains on the sale of investments available for sale amounted to $45,000 and were reclassified from other comprehensive income into net gain from investments in the condensed consolidated statements of income. There were no losses on the sale of investments available for sale for the three months ended March 31, 2016 or March 31, 2015. 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: March 31, 2016 December 31, 2015 March 31, 2015 Unrealized Unrealized Unrealized Cost Losses Fair Value Cost Losses Fair Value Cost Losses Fair Value (in thousands) Common stocks $ - $ - $ - $ 150,000 $ (13,640 ) $ 136,360 $ - $ - $ - Closed-end Funds 39,413 (3,641 ) 35,772 40,627 (778 ) 39,849 149 (25 ) 124 Mutual Funds - - - 244 (18 ) 226 303 (34 ) 269 Total available for sale securities $ 39,413 $ (3,641 ) $ 35,772 $ 190,871 $ (14,436 ) $ 176,435 $ 452 $ (59 ) $ 393 At March 31, 2016, there were three holdings in loss positions that 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 March 31, 2016 were closed-end funds with diversified holdings across multiple companies and across multiple industries. One holding was impaired for three months and two holdings were impaired for nine months at March 31, 2016. The value of these holdings at March 31, 2016 was $35.8 million. At December 31, 2015, there were six holdings in loss positions that 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, five of the investments at December 31, 2015 were mutual funds and closed-end funds with diversified holdings across multiple companies and across multiple industries. Of the fund investments, two holdings were impaired for one month, one for six months, and two for seven months at December 31, 2015. The sixth holding was a common stock and was impaired for one month. The value of these holdings at December 31, 2015 was $176.4 million. If these holdings were to continue to be impaired, we may need to record impairment in a future period on the condensed consolidated statement of income for the amount of unrealized loss, which at December 31, 2015 was $14.4 million. At March 31, 2015, there were three holdings in loss positions that 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 it passed scrutiny in our evaluation of issuer-specific and industry-specific considerations. In these specific instances, the investments at March 31, 2015 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 holding was impaired for five months and one holding was impaired for seven months at March 31, 2015. The value of these holdings at March 31, 2015 was $0.4 million. There were no losses recognized on AFS securities for the three months ended March 31, 2016 or March 31, 2015.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
Fair Value [Abstract]
Fair Value	C. 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 March 31, 2016, December 31, 2015 and March 31, 2015 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Note that the FASB issued new guidance effective for the Company’s first quarter of 2016 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 to be removed from the fair value hierarchy. Instead, those investment amounts are 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 condensed consolidated statements of financial condition. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Investments Other Assets Balance as of Markets for Identical Observable Unobservable Measured at Not Held at March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) NAV (a) Fair Value (b) 2016 Cash equivalents $ 203,231 $ - $ - $ - $ - $ 203,231 Investments in partnerships - 7,581 - 101,971 3,595 113,147 Investments in securities (including GBL stock): AFS - Common stocks 162,807 - - - - 162,807 AFS - Mutual funds 1,151 - - - - 1,151 Trading - Gov't obligations 99,964 - - - - 99,964 Trading - Common stocks 79,065 - 506 - - 79,571 Trading - Mutual funds 3,215 - - - - 3,215 Trading - Other 428 185 305 - - 918 Total investments in securities 346,630 185 811 - - 347,626 Investments in affiliated registered investment companies: AFS - Closed-end Funds 69,052 - - - - 69,052 AFS - Mutual Funds 3,066 - - - - 3,066 Trading - Mutual funds 43,798 - - - - 43,798 Total investments in affiliated registered investment companies 115,916 - - - - 115,916 Total investments 462,546 7,766 811 101,971 3,595 576,689 Total assets at fair value $ 665,777 $ 7,766 $ 811 $ 101,971 $ 3,595 $ 779,920 Liabilities Trading - Common stocks $ 7,947 $ - $ - $ - $ - $ 7,947 Trading - Other - 67 - - - 67 Securities sold, not yet purchased $ 7,947 $ 67 $ - $ - $ - $ 8,014 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Investments Other Assets Balance as of Markets for Identical Observable Unobservable Measured at Not Held at December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) NAV (a) Fair Value (b) 2015 Cash equivalents $ 205,733 $ - $ - $ - $ - $ 205,733 Investments in partnerships - 13,953 - 87,501 3,597 105,051 Investments in securities (including GBL stock): AFS - Common stocks 136,360 - - - - 136,360 AFS - Mutual funds 1,143 - - - - 1,143 Trading - Gov't obligations 99,940 - - - - 99,940 Trading - Common stocks 91,686 - 508 - - 92,194 Trading - Mutual funds 3,216 - - - - 3,216 Trading - Other 230 236 305 - - 771 Total investments in securities 332,575 236 813 - - 333,624 Investments in affiliated registered investment companies: AFS - Closed-end Funds 72,591 - - - - 72,591 AFS - Mutual Funds 2,952 - - - - 2,952 Trading - Mutual funds 43,133 - - - - 43,133 Total investments in affiliated registered investment companies 118,676 - - - - 118,676 Total investments 451,251 14,189 813 87,501 3,597 557,351 Total assets at fair value $ 656,984 $ 14,189 $ 813 $ 87,501 $ 3,597 $ 763,084 Liabilities Trading - Common stocks $ 9,537 $ - $ - $ - $ - $ 9,537 Trading - Other - 86 - - - 86 Securities sold, not yet purchased $ 9,537 $ 86 $ - $ - $ - $ 9,623 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Investments Other Assets Balance as of Markets for Identical Observable Unobservable Measured at Not Held at March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) NAV (a) Fair Value (b) 2015 Cash equivalents $ 320,313 $ - $ - $ - $ - $ 320,313 Investments in partnerships - 21,244 - 83,627 2,069 106,940 Investments in securities: AFS - Common stocks - - - - - - AFS - Mutual funds 1,288 - - - - 1,288 Trading - Gov't obligations 9,998 - - - - 9,998 Trading - Common stocks 104,071 180 939 - - 105,190 Trading - Mutual funds 3,596 - - - - 3,596 Trading - Other 355 128 279 - - 762 Total investments in securities 119,308 308 1,218 - - 120,834 Investments in affiliated registered investment companies: AFS - Closed-end Funds 77,663 - - - - 77,663 AFS - Mutual Funds 3,297 - - - - 3,297 Trading - Mutual funds 39,871 - - - - 39,871 Total investments in affiliated registered investment companies 120,831 - - - - 120,831 Total investments 240,139 21,552 1,218 83,627 2,069 348,605 Total assets at fair value $ 560,452 $ 21,552 $ 1,218 $ 83,627 $ 2,069 $ 668,918 Liabilities Trading - Common stocks $ 8,530 $ - $ - $ - $ - $ 8,530 Trading - Other - 39 - - - 39 Securities sold, not yet purchased $ 8,530 $ 39 $ - $ - $ - $ 8,569 (a) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy (see Note A, Recent Accounting Developments (b) Amounts are comprised of certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. 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 March 31, 2016 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December 31, Unrealized Gains or Included in and Transfers March 31, 2015 (Losses) in Income Other Unrealized In and/or 31, 2016 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 $ 508 $ (2 ) $ - $ - $ (2 ) $ - $ - $ - $ 506 Trading - Other 305 - - - - - - - 305 Total $ 813 $ (2 ) $ - $ - $ (2 ) - $ - $ - $ 811 There were no transfers between any Levels during the three months ended March 31, 2016. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December 31, Unrealized Gains or Included in and Transfers March 2014 (Losses) in Income Other Unrealized In and/or 31, 2015 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 $ 1 $ - $ - $ 1 $ 3 $ (358 ) $ - $ 939 Trading - Other 294 62 - - 62 5 (82 ) - 279 Total $ 1,587 $ 63 $ - $ - $ 63 $ 8 $ (440 ) $ - $ 1,218 There were no transfers between any Levels during the three months ended March 31, 2015.

Investment in Partnerships, Off

Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2016
Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs") [Abstract]
Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs")	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 $96.8 million, $89.3 million and $93.4 million at March 31, 2016, December 31, 2015 and March 31, 2015, respectively, and whose underlying assets consist primarily of marketable securities (the “affiliated entities”). We also have investments in unaffiliated entities of $16.3 million, $15.8 million and $13.5 million at March 31, 2016, December 31, 2015 and March 31, 2015, respectively (the “unaffiliated entities”). On a quarterly basis, we evaluate each entity for the appropriate accounting treatment and disclosure. In February 2015, the FASB issued an accounting update amending the consolidation requirements under GAAP. This guidance was effective for the Company beginning January 1, 2016. Based on the new consolidation guidance, we have determined that two of the affiliated entities, and none of the unaffiliated entities, are required to be consolidated in our condensed consolidated financial statements in the quarter ended March 31, 2016. For those entities where consolidation is not deemed to be appropriate, we report them in our condensed consolidated statements 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 from investments on the condensed consolidated statements of income. 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, 2014 1 2 - 1 - 1 1 4 Additional consolidated entities - 1 - - - - - 1 Deconsolidated entities - (1) - - - (1) - (2) Entities consolidated at March 31, 2015 1 2 - 1 - - 1 3 Additional consolidated entities - - - 1 1 - 1 1 Deconsolidated entities - - - - - - - - Entities consolidated at December 31, 2015 1 2 - 2 1 - 2 4 Additional consolidated entities - - 1 - - - 1 - Deconsolidated entities (1) (1) - (2) (1) - (2) (3) Entities consolidated at March 31, 2016 - 1 1 - - - 1 1 At and for the three months ended March 31, 2016, one CFF VOE is consolidated, as the Company owns a majority of the interests in the CFF. At and for the three months ended March 31, 2016, one Partnership VIE is consolidated, as it is a VIE because the unaffiliated partners or shareholders lack substantive kick-out rights and 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. 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. The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands): March 31, 2016 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 7,581 $ - $ - $ - $ - $ 7,581 Equity Method - 36,168 53,099 8,007 8,292 105,566 Total $ 7,581 $ 36,168 $ 53,099 $ 8,007 $ 8,292 $ 113,147 December 31, 2015 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 13,953 $ - $ - $ - $ - $ 13,953 Equity Method - 39,552 35,746 7,911 7,889 91,098 Total $ 13,953 $ 39,552 $ 35,746 $ 7,911 $ 7,889 $ 105,051 March 31, 2015 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 21,244 $ - $ - $ - $ - $ 21,244 Equity Method - 36,016 36,137 6,666 6,877 85,696 Total $ 21,244 $ 36,016 $ 36,137 $ 6,666 $ 6,877 $ 106,940 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): March 31, 2016 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 203,204 $ - $ 35 $ - $ 203,239 Investments in securities (including GBL stock) 341,730 - 5,896 - 347,626 Investments in sponsored investment companies 115,916 - - - 115,916 Investments in partnerships 117,589 3,487 (7,929 ) - 113,147 Receivable from brokers 20,958 - 2,320 - 23,278 Investment advisory fees receivable 1,471 (4 ) (4 ) - 1,463 Other assets 8,031 - - - 8,031 Total assets $ 808,899 $ 3,483 $ 318 $ - $ 812,700 Liabilities and equity Securities sold, not yet purchased $ 8,014 $ - $ - $ - $ 8,014 Accrued expenses and other liabilities 36,618 16 33 - 36,667 Redeemable noncontrolling interests - 3,467 285 - 3,752 Total equity 764,267 - - - 764,267 Total liabilities and equity $ 808,899 $ 3,483 $ 318 $ - $ 812,700 December 31, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 205,708 $ - $ 41 $ 1 $ 205,750 Investments in securities (including GBL stock) 325,692 - 7,849 83 333,624 Investments in sponsored investment companies 118,676 - - - 118,676 Investments in partnerships 109,274 4,506 (8,729 ) - 105,051 Receivable from brokers 53,921 - 2,164 425 56,510 Investment advisory fees receivable 4,881 2 5 8 4,896 Other assets 12,614 5 15 (393 ) 12,241 Total assets $ 830,766 $ 4,513 $ 1,345 $ 124 $ 836,748 Liabilities and equity Securities sold, not yet purchased $ 9,505 $ - $ 118 $ - $ 9,623 Accrued expenses and other liabilities 69,712 28 79 19 69,838 Redeemable noncontrolling interests - 4,485 1,148 105 5,738 Total equity 751,549 - - - 751,549 Total liabilities and equity $ 830,766 $ 4,513 $ 1,345 $ 124 $ 836,748 March 31, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 320,292 $ - $ 81 $ - $ 320,373 Investments in securities 113,074 - 7,760 - 120,834 Investments in sponsored investment companies 120,831 - - - 120,831 Investments in partnerships 109,979 5,255 (8,294 ) - 106,940 Receivable from brokers 18,751 - 775 - 19,526 Investment advisory fees receivable 1,456 6 (1 ) - 1,461 Other assets 6,060 16 - - 6,076 Total assets $ 690,443 $ 5,277 $ 321 $ - $ 696,041 Liabilities and equity Securities sold, not yet purchased $ 8,569 $ - $ - $ - $ 8,569 Accrued expenses and other liabilities 57,663 46 33 - 57,742 Redeemable noncontrolling interests - 5,231 288 - 5,519 Total equity 624,211 - - - 624,211 Total liabilities and equity $ 690,443 $ 5,277 $ 321 $ - $ 696,041 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 March 31, 2016 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 4,522 $ (4 ) $ (1 ) $ - $ 4,517 Total expenses 8,985 33 14 - 9,032 Operating loss (4,463 ) (37 ) (15 ) - (4,515 ) Total other expense, net 6,638 93 (8 ) - 6,723 Income before income taxes 2,175 56 (23 ) - 2,208 Income tax provision 661 - - - 661 Net income 1,514 56 (23 ) - 1,547 Net loss attributable to noncontrolling interests (79 ) 56 (23 ) - (46 ) Net income attributable to AC Group $ 1,593 $ - $ - $ - $ 1,593 Three Months Ended March 31, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 4,588 $ (6 ) $ (1 ) $ (14 ) $ 4,567 Total expenses 8,376 33 9 29 8,447 Operating loss (3,788 ) (39 ) (10 ) (43 ) (3,880 ) Total other expense, net 7,274 50 (1 ) 34 7,357 Income before income taxes 3,486 11 (11 ) (9 ) 3,477 Income tax provision 1,101 - - - 1,101 Net income 2,385 11 (11 ) (9 ) 2,376 Net loss attributable to noncontrolling interests - 11 (11 ) (9 ) (9 ) Net income attributable to AC Group $ 2,385 $ - $ - $ - $ 2,385 Variable Interest Entities We sponsor a number of investment vehicles where we are the general partner or investment manager. At March 31, 2016 we consolidated the only VIE. At December 31, 2015 and March 31, 2015, certain vehicles were deemed VIEs prior to the adoption of ASU 2015-02, but we were not the primary beneficiary, because we do not absorb a majority of the entities’ expected losses and/or expected returns, and they were, therefore, not consolidated. We consolidated 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 December 31, 2015 and March 31, 2015 were $70.2 million and $71.4 million, respectively. On December 31, 2015 and March 31, 2015, 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 $9.9 million and $10.6 million, respectively, and the deferred carried interest that we have in another of $39,000 and $43,000, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition. Additionally, as the general partner or investment manager to the VIEs the Company earns fees in relation to this role, 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 consolidated statements of income, condensed consolidated statements of financial condition and condensed consolidated statements of cash flows. The assets of the VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as AC Group’s net interest in the VIE. There is one VIE consolidated at March 31, 2016, December 31, 2015 and March 31, 2015: March 31, December 31, March 31, 2016 2015 2015 (In thousands) Cash and cash equivalents $ 35 $ 1 $ - Investments in securities 5,896 83 - Investments in partnerships - 4,791 11,480 Receivable from broker 2,320 425 - Other assets (4 ) - - Payable to brokers - (6 ) - Securities sold, not yet purchased - - - Accrued expenses and other liabilities (33 ) (404 ) (9 ) Redeemable noncontrolling interests (285 ) (350 ) (706 ) AC Group's net interests in consolidated VIE $ 7,929 $ 4,540 $ 10,765

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Income Taxes	E. Income Taxes The effective tax rate ("ETR) for the three months ended March 31, 2016 and March 31, 2015 was 29.9% and 31.7%, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity [Abstract]
Stockholder's Equity	F. Stockholders’ Equity Shares outstanding were 25.4 million, 25.4 million and 25.8 million on March 31, 2016, December 31, 2015, and March 31, 2015, respectively. Voting Rights The holders of Class A Common stock (“Class A Stock”) and Class B Common stock (“Class B Stock”) have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. Stock Award and Incentive Plan The Company maintains one Plan approved by the shareholders, which is designed to provide incentives which will attract and retain individuals key to the success of AC through direct or indirect ownership of our common stock. Benefits under the Plan may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash based awards. A maximum of 0.9 million shares of Class A Stock have been reserved for issuance under the Plans by a committee of the Board of Directors responsible for administering the Plans (“Compensation Committee”). Under the Plan, the committee may grant RSAs and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that the committee may determine. On November 30, 2015, in connection with the spin-off of the Company from GAMCO on a one for one basis, the Company issued 554,100 AC RSA shares to employees who held 554,100 GAMCO RSA shares. As of March 31, 2016, December 31, 2015 and March 31, 2015, there were 553,100 RSA shares, 553,100 RSA shares and 707,050 RSA shares outstanding, respectively, that were previously issued at an average weighted GAMCO grant price of $64.02, $64.02 and $67.43, respectively. These RSA grants occurred prior to the spin-off of Associated Capital. On November 30, 2015, pursuant to the spin-off, all RSA grant holders received shares of Associated Capital’s Class A common stock as a result of their ownership of their GAMCO unvested RSAs (one share of Associated Capital for each share of GBL). All grants of the RSA shares were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee. This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. For the three months ended March 31, 2016 and March 31, 2015, we recognized stock-based compensation expense of $0.6 million. Actual and projected stock-based compensation expense for RSA shares for the years ended December 31, 2015 through December 31, 2024 (based on awards currently issued or granted) is as follows (in thousands): 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 $ 638 $ 644 $ 459 $ 306 $ 247 $ 130 $ 82 $ 53 $ 28 $ 5 Q2 627 645 459 295 247 115 82 53 28 5 Q3 630 521 411 267 223 96 65 38 14 3 Q4 3,036 459 362 247 207 82 53 28 5 - Full Year $ 4,931 $ 2,269 $ 1,691 $ 1,115 $ 924 $ 423 $ 282 $ 172 $ 75 $ 13

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets [Text Block]	G. Goodwill and Identifiable Intangible Assets At March 31, 2016, $3.3 million of goodwill is reflected within other assets on the condensed consolidated 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 March 31, 2016 or March 31, 2015, and as such there was no impairment analysis performed or charge recorded.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 consolidated 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 March 31, 2016. 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 March 31, 2016, 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 consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	I. Subsequent Events From April 1, 2016 to May 13, 2016, the Company repurchased 15,400 shares at $29.91 per share. As a result, there are 394,822 shares available to be repurchased under this existing buyback plan at May 13, 2016. During the month of April 2016, the Company negotiated to exchange AC shares for GSI shares from certain minority investors in GSI. We have increased the Company’s 93.9% interest in GSI by 1.9% to 95.8% in exchange for shares of AC. We plan to continue to exchange AC shares for shares of GSI in privately negotiated transactions with the remaining six minority shareholders who own 4.2% of GSI. On May 3, 2016, shareholders ratified an amendment to the Company’s 2015 Stock Award and Incentive Plan (the “Plan”) to increase the number of shares of Class A Stock that are available to be issued under the Plan to 2,000,000 shares (subject to adjustment for stock splits, stock dividends and similar events).

Basis of Presentation and Sig20

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
The Spin-off and Related Transactions	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 Delaware corporation organized to be the parent operating company for the spin-off of GAMCO Investors, Inc.’s (“GAMCO’s”) alternative investment management business, institutional research services operations 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. At March 31, 2016, 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 operations 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 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. The GSI Note is thus now an intercompany note within the AC Group.
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 consolidated 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 consolidated financial statements include the accounts of AC Group and its subsidiaries. Intercompany accounts and transactions are eliminated. The Company's interim condensed combined consolidated statement of financial condition at March 31, 2015, and the Company's interim condensed combined consolidated statement of income for the three months ended March 31, 2015 were derived from the combined financial statements and accounting records of GAMCO and are presented as carve-out financial statements as the Company was not a standalone public company prior to the spin-off. For the periods prior to the spin-off of the Company from GAMCO, the combined consolidated financial statements include allocations from GAMCO. These allocations may not be reflective of the actual level of assets, liabilities, income or costs which would have been incurred had the Company operated as a separate legal entity apart from GAMCO. The Company's condensed consolidated statements of financial condition at March 31, 2016 and December 31, 2015, and the Company's condensed consolidated statement of income for the three months ended March 31, 2016 are presented based on our actual results as a stand-alone public company subsequent to our spin-off. References within these Notes to the condensed consolidated statement of financial condition as of March 31, 2016 and December 31, 2015 and the condensed combined consolidated statement of financial condition as of March 31, 2015 shall hereinafter be referred to as the condensed consolidated statements of financial condition. References within these Notes to the condensed consolidated statement of income for the three months ended March 31, 2016 and the condensed combined consolidated statement of income for the three months ended March 31, 2015 shall hereinafter be referred to as the condensed consolidated statements of income.
Use of Estimates	Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the interim condensed consolidated 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 condensed consolidated 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 (“NAV”) 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 was effective for the Company's first quarter of 2016 and was applied retrospectively. In January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Although the ASU retains many current requirements, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. For public companies, the new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. To adopt the amendments, entities will be required to make a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. The Company is currently evaluating this guidance and the impact it will have on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements.

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Investment in Securities [Abstract]
Investments in Securities	Investments in securities (including GBL stock) at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 March 31, 2015 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Government obligations $ 99,841 $ 99,964 $ 99,897 $ 99,940 $ 9,998 $ 9,998 Common stocks 66,906 79,571 78,974 92,194 84,646 105,190 Mutual funds 2,579 3,215 2,578 3,216 2,505 3,596 Other investments 648 918 570 771 549 762 Total trading securities 169,974 183,668 182,019 196,121 97,698 119,546 Available for sale securities: Common stocks 150,000 162,807 150,000 136,360 - - Mutual funds 627 1,151 627 1,143 627 1,288 Total available for sale securities 150,627 163,958 150,627 137,503 627 1,288 Total investments in securities $ 320,601 $ 347,626 $ 332,646 $ 333,624 $ 98,325 $ 120,834
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 March 31, 2015 Proceeds Fair Value Proceeds Fair Value Proceeds Fair Value Trading securities: (In thousands) Common stocks $ 7,951 $ 7,947 $ 10,095 $ 9,537 $ 8,485 $ 8,530 Other investments 2 67 24 86 3 39 Total securities sold, not yet purchased $ 7,953 $ 8,014 $ 10,119 $ 9,623 $ 8,488 $ 8,569
Investments in Affiliated Registered Investment Companies	Investments in affiliated registered investment companies at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 March 31, 2015 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Mutual funds $ 40,097 $ 43,798 $ 40,097 $ 43,133 $ 37,097 $ 39,871 Total trading securities 40,097 43,798 40,097 43,133 37,097 39,871 Available for sale securities: Closed-end funds 60,865 69,052 62,070 72,591 63,538 77,663 Mutual funds 1,841 3,066 1,846 2,952 1,891 3,297 Total available for sale securities 62,706 72,118 63,916 75,543 65,429 80,960 Total investments in affiliated registered investment companies $ 102,803 $ 115,916 $ 104,013 $ 118,676 $ 102,526 $ 120,831
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 months ended March 31, 2016 and 2015 (in thousands): Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Three months ended March 31, 2016 2015 $ - $ 22 Net gain from investments Realized gain on sale of AFS securities - 22 Income before income taxes - (8 ) Income tax provision $ - $ 14 Net income
Schedule of Fair Values and Gains and Losses of All Derivatives and Foreign Currency Positions	The following tables identify the fair values and gains and losses of all derivatives held by the Company (in thousands): Asset Derivatives Liability Derivatives Statement of Fair Value Statement of Fair Value Financial Condition March 31, December 31, March 31, Financial Condition March 31, December 31, March 31, Location 2016 2015 2015 Location 2016 2015 2015 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ - $ - Payable to brokers $ 2,875 $ 37,584 $ - Sub total $ - $ - $ - $ 2,875 $ 37,584 $ - Derivatives Not Designated As Hedging Instruments Under Fasb Asc 815-20 Investments in Securities sold, Equity contracts securities $ 185 $ 236 $ 128 not yet purchased $ 67 $ 86 $ 39 Foreign exchange contracts Receivable from brokers - - - Payable to brokers 5,223 5,017 4,991 Sub total $ 185 $ 236 $ 128 $ 5,290 $ 5,103 $ 5,030 Total derivatives $ 185 $ 236 $ 128 $ 8,165 $ 42,687 $ 5,030
Schedule of Derivative Instruments, Gain (Loss)	Type of Derivative Income Statement Location Three months ended March 31, 2016 2015 Foreign exchange contracts Net gain from investments $ 1,192 $ 597 Equity contracts Net gain from investments 69 131 Total $ 1,261 $ 728
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 consolidated 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 Financial Cash Collateral Assets Financial Condition of Financial Condition Instruments Received Net Amount Swaps: (In thousands) March 31, 2016 $ 185 $ - $ 185 $ (66 ) $ - $ 119 December 31, 2015 177 - 177 (81 ) - 96 March 31, 2015 $ 128 $ - $ 128 $ (23 ) $ - $ 105 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 Financial Cash Collateral Liabilities Financial Condition of Financial Condition Instruments Pledged Net Amount Swaps: (In thousands) March 31, 2016 $ 66 $ - $ 66 $ (66 ) $ - $ - December 31, 2015 81 - 81 (81 ) - - March 31, 2015 $ 23 $ - $ 23 $ (23 ) $ - $ -
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 March 31, 2016, December 31, 2015 and March 31, 2015: March 31, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 150,000 $ 12,807 $ - $ 162,807 Closed-end Funds 60,865 11,828 (3,641 ) 69,052 Mutual funds 2,468 1,749 - 4,217 Total available for sale securities $ 213,333 $ 26,384 $ (3,641 ) $ 236,076 December 31, 2015 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 150,000 $ - $ (13,640 ) $ 136,360 Closed-end Funds 62,070 11,299 (778 ) 72,591 Mutual funds 2,472 1,641 (18 ) 4,095 Total available for sale securities $ 214,542 $ 12,940 $ (14,436 ) $ 213,046 March 31, 2015 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ - $ - $ - $ - Closed-end Funds 63,538 14,150 (25 ) 77,663 Mutual funds 2,518 2,101 (34 ) 4,585 Total available for sale securities $ 66,056 $ 16,251 $ (59 ) $ 82,248
Investments Classified as Available for Sale in 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: March 31, 2016 December 31, 2015 March 31, 2015 Unrealized Unrealized Unrealized Cost Losses Fair Value Cost Losses Fair Value Cost Losses Fair Value (in thousands) Common stocks $ - $ - $ - $ 150,000 $ (13,640 ) $ 136,360 $ - $ - $ - Closed-end Funds 39,413 (3,641 ) 35,772 40,627 (778 ) 39,849 149 (25 ) 124 Mutual Funds - - - 244 (18 ) 226 303 (34 ) 269 Total available for sale securities $ 39,413 $ (3,641 ) $ 35,772 $ 190,871 $ (14,436 ) $ 176,435 $ 452 $ (59 ) $ 393

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, December 31, 2015 and March 31, 2015 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Note that the FASB issued new guidance effective for the Company’s first quarter of 2016 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 to be removed from the fair value hierarchy. Instead, those investment amounts are 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 condensed consolidated statements of financial condition. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Investments Other Assets Balance as of Markets for Identical Observable Unobservable Measured at Not Held at March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) NAV (a) Fair Value (b) 2016 Cash equivalents $ 203,231 $ - $ - $ - $ - $ 203,231 Investments in partnerships - 7,581 - 101,971 3,595 113,147 Investments in securities (including GBL stock): AFS - Common stocks 162,807 - - - - 162,807 AFS - Mutual funds 1,151 - - - - 1,151 Trading - Gov't obligations 99,964 - - - - 99,964 Trading - Common stocks 79,065 - 506 - - 79,571 Trading - Mutual funds 3,215 - - - - 3,215 Trading - Other 428 185 305 - - 918 Total investments in securities 346,630 185 811 - - 347,626 Investments in affiliated registered investment companies: AFS - Closed-end Funds 69,052 - - - - 69,052 AFS - Mutual Funds 3,066 - - - - 3,066 Trading - Mutual funds 43,798 - - - - 43,798 Total investments in affiliated registered investment companies 115,916 - - - - 115,916 Total investments 462,546 7,766 811 101,971 3,595 576,689 Total assets at fair value $ 665,777 $ 7,766 $ 811 $ 101,971 $ 3,595 $ 779,920 Liabilities Trading - Common stocks $ 7,947 $ - $ - $ - $ - $ 7,947 Trading - Other - 67 - - - 67 Securities sold, not yet purchased $ 7,947 $ 67 $ - $ - $ - $ 8,014 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Investments Other Assets Balance as of Markets for Identical Observable Unobservable Measured at Not Held at December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) NAV (a) Fair Value (b) 2015 Cash equivalents $ 205,733 $ - $ - $ - $ - $ 205,733 Investments in partnerships - 13,953 - 87,501 3,597 105,051 Investments in securities (including GBL stock): AFS - Common stocks 136,360 - - - - 136,360 AFS - Mutual funds 1,143 - - - - 1,143 Trading - Gov't obligations 99,940 - - - - 99,940 Trading - Common stocks 91,686 - 508 - - 92,194 Trading - Mutual funds 3,216 - - - - 3,216 Trading - Other 230 236 305 - - 771 Total investments in securities 332,575 236 813 - - 333,624 Investments in affiliated registered investment companies: AFS - Closed-end Funds 72,591 - - - - 72,591 AFS - Mutual Funds 2,952 - - - - 2,952 Trading - Mutual funds 43,133 - - - - 43,133 Total investments in affiliated registered investment companies 118,676 - - - - 118,676 Total investments 451,251 14,189 813 87,501 3,597 557,351 Total assets at fair value $ 656,984 $ 14,189 $ 813 $ 87,501 $ 3,597 $ 763,084 Liabilities Trading - Common stocks $ 9,537 $ - $ - $ - $ - $ 9,537 Trading - Other - 86 - - - 86 Securities sold, not yet purchased $ 9,537 $ 86 $ - $ - $ - $ 9,623 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Investments Other Assets Balance as of Markets for Identical Observable Unobservable Measured at Not Held at March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) NAV (a) Fair Value (b) 2015 Cash equivalents $ 320,313 $ - $ - $ - $ - $ 320,313 Investments in partnerships - 21,244 - 83,627 2,069 106,940 Investments in securities: AFS - Common stocks - - - - - - AFS - Mutual funds 1,288 - - - - 1,288 Trading - Gov't obligations 9,998 - - - - 9,998 Trading - Common stocks 104,071 180 939 - - 105,190 Trading - Mutual funds 3,596 - - - - 3,596 Trading - Other 355 128 279 - - 762 Total investments in securities 119,308 308 1,218 - - 120,834 Investments in affiliated registered investment companies: AFS - Closed-end Funds 77,663 - - - - 77,663 AFS - Mutual Funds 3,297 - - - - 3,297 Trading - Mutual funds 39,871 - - - - 39,871 Total investments in affiliated registered investment companies 120,831 - - - - 120,831 Total investments 240,139 21,552 1,218 83,627 2,069 348,605 Total assets at fair value $ 560,452 $ 21,552 $ 1,218 $ 83,627 $ 2,069 $ 668,918 Liabilities Trading - Common stocks $ 8,530 $ - $ - $ - $ - $ 8,530 Trading - Other - 39 - - - 39 Securities sold, not yet purchased $ 8,530 $ 39 $ - $ - $ - $ 8,569 (a) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy (see Note A, Recent Accounting Developments (b) Amounts are comprised of certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
Changes in Level 3 Assets and Liabilities	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 March 31, 2016 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December 31, Unrealized Gains or Included in and Transfers March 31, 2015 (Losses) in Income Other Unrealized In and/or 31, 2016 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 $ 508 $ (2 ) $ - $ - $ (2 ) $ - $ - $ - $ 506 Trading - Other 305 - - - - - - - 305 Total $ 813 $ (2 ) $ - $ - $ (2 ) - $ - $ - $ 811 There were no transfers between any Levels during the three months ended March 31, 2016. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015 (in thousands) Total Unrealized Gains or Total Total Realized and (Losses) Realized December 31, Unrealized Gains or Included in and Transfers March 2014 (Losses) in Income Other Unrealized In and/or 31, 2015 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 $ 1 $ - $ - $ 1 $ 3 $ (358 ) $ - $ 939 Trading - Other 294 62 - - 62 5 (82 ) - 279 Total $ 1,587 $ 63 $ - $ - $ 63 $ 8 $ (440 ) $ - $ 1,218 There were no transfers between any Levels during the three months ended March 31, 2015.

Investment in Partnerships, O23

Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs") (Tables)	3 Months Ended
	Mar. 31, 2016
Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs") [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, 2014 1 2 - 1 - 1 1 4 Additional consolidated entities - 1 - - - - - 1 Deconsolidated entities - (1) - - - (1) - (2) Entities consolidated at March 31, 2015 1 2 - 1 - - 1 3 Additional consolidated entities - - - 1 1 - 1 1 Deconsolidated entities - - - - - - - - Entities consolidated at December 31, 2015 1 2 - 2 1 - 2 4 Additional consolidated entities - - 1 - - - 1 - Deconsolidated entities (1) (1) - (2) (1) - (2) (3) Entities consolidated at March 31, 2016 - 1 1 - - - 1 1
Investment 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): March 31, 2016 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 7,581 $ - $ - $ - $ - $ 7,581 Equity Method - 36,168 53,099 8,007 8,292 105,566 Total $ 7,581 $ 36,168 $ 53,099 $ 8,007 $ 8,292 $ 113,147 December 31, 2015 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 13,953 $ - $ - $ - $ - $ 13,953 Equity Method - 39,552 35,746 7,911 7,889 91,098 Total $ 13,953 $ 39,552 $ 35,746 $ 7,911 $ 7,889 $ 105,051 March 31, 2015 Investment Type Affiliated Unaffiliated Consolidated Accounting method Feeder Funds Partnerships Offshore Funds Partnerships Offshore Funds Total Fair Value $ 21,244 $ - $ - $ - $ - $ 21,244 Equity Method - 36,016 36,137 6,666 6,877 85,696 Total $ 21,244 $ 36,016 $ 36,137 $ 6,666 $ 6,877 $ 106,940
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): March 31, 2016 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 203,204 $ - $ 35 $ - $ 203,239 Investments in securities (including GBL stock) 341,730 - 5,896 - 347,626 Investments in sponsored investment companies 115,916 - - - 115,916 Investments in partnerships 117,589 3,487 (7,929 ) - 113,147 Receivable from brokers 20,958 - 2,320 - 23,278 Investment advisory fees receivable 1,471 (4 ) (4 ) - 1,463 Other assets 8,031 - - - 8,031 Total assets $ 808,899 $ 3,483 $ 318 $ - $ 812,700 Liabilities and equity Securities sold, not yet purchased $ 8,014 $ - $ - $ - $ 8,014 Accrued expenses and other liabilities 36,618 16 33 - 36,667 Redeemable noncontrolling interests - 3,467 285 - 3,752 Total equity 764,267 - - - 764,267 Total liabilities and equity $ 808,899 $ 3,483 $ 318 $ - $ 812,700 December 31, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 205,708 $ - $ 41 $ 1 $ 205,750 Investments in securities (including GBL stock) 325,692 - 7,849 83 333,624 Investments in sponsored investment companies 118,676 - - - 118,676 Investments in partnerships 109,274 4,506 (8,729 ) - 105,051 Receivable from brokers 53,921 - 2,164 425 56,510 Investment advisory fees receivable 4,881 2 5 8 4,896 Other assets 12,614 5 15 (393 ) 12,241 Total assets $ 830,766 $ 4,513 $ 1,345 $ 124 $ 836,748 Liabilities and equity Securities sold, not yet purchased $ 9,505 $ - $ 118 $ - $ 9,623 Accrued expenses and other liabilities 69,712 28 79 19 69,838 Redeemable noncontrolling interests - 4,485 1,148 105 5,738 Total equity 751,549 - - - 751,549 Total liabilities and equity $ 830,766 $ 4,513 $ 1,345 $ 124 $ 836,748 March 31, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Assets Cash and cash equivalents $ 320,292 $ - $ 81 $ - $ 320,373 Investments in securities 113,074 - 7,760 - 120,834 Investments in sponsored investment companies 120,831 - - - 120,831 Investments in partnerships 109,979 5,255 (8,294 ) - 106,940 Receivable from brokers 18,751 - 775 - 19,526 Investment advisory fees receivable 1,456 6 (1 ) - 1,461 Other assets 6,060 16 - - 6,076 Total assets $ 690,443 $ 5,277 $ 321 $ - $ 696,041 Liabilities and equity Securities sold, not yet purchased $ 8,569 $ - $ - $ - $ 8,569 Accrued expenses and other liabilities 57,663 46 33 - 57,742 Redeemable noncontrolling interests - 5,231 288 - 5,519 Total equity 624,211 - - - 624,211 Total liabilities and equity $ 690,443 $ 5,277 $ 321 $ - $ 696,041
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 March 31, 2016 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 4,522 $ (4 ) $ (1 ) $ - $ 4,517 Total expenses 8,985 33 14 - 9,032 Operating loss (4,463 ) (37 ) (15 ) - (4,515 ) Total other expense, net 6,638 93 (8 ) - 6,723 Income before income taxes 2,175 56 (23 ) - 2,208 Income tax provision 661 - - - 661 Net income 1,514 56 (23 ) - 1,547 Net loss attributable to noncontrolling interests (79 ) 56 (23 ) - (46 ) Net income attributable to AC Group $ 1,593 $ - $ - $ - $ 1,593 Three Months Ended March 31, 2015 Prior to Offshore Consolidation CFFs Partnerships Funds As Reported Total revenues $ 4,588 $ (6 ) $ (1 ) $ (14 ) $ 4,567 Total expenses 8,376 33 9 29 8,447 Operating loss (3,788 ) (39 ) (10 ) (43 ) (3,880 ) Total other expense, net 7,274 50 (1 ) 34 7,357 Income before income taxes 3,486 11 (11 ) (9 ) 3,477 Income tax provision 1,101 - - - 1,101 Net income 2,385 11 (11 ) (9 ) 2,376 Net loss attributable to noncontrolling interests - 11 (11 ) (9 ) (9 ) Net income attributable to AC Group $ 2,385 $ - $ - $ - $ 2,385
Balances Related to VIEs And AC's Net Interests in Consolidated VIE	The assets of the VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as AC Group’s net interest in the VIE. There is one VIE consolidated at March 31, 2016, December 31, 2015 and March 31, 2015: March 31, December 31, March 31, 2016 2015 2015 (In thousands) Cash and cash equivalents $ 35 $ 1 $ - Investments in securities 5,896 83 - Investments in partnerships - 4,791 11,480 Receivable from broker 2,320 425 - Other assets (4 ) - - Payable to brokers - (6 ) - Securities sold, not yet purchased - - - Accrued expenses and other liabilities (33 ) (404 ) (9 ) Redeemable noncontrolling interests (285 ) (350 ) (706 ) AC Group's net interests in consolidated VIE $ 7,929 $ 4,540 $ 10,765

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity [Abstract]
Actual and Projected Stock-Based Compensation Expense for RSA Shares	2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 $ 638 $ 644 $ 459 $ 306 $ 247 $ 130 $ 82 $ 53 $ 28 $ 5 Q2 627 645 459 295 247 115 82 53 28 5 Q3 630 521 411 267 223 96 65 38 14 3 Q4 3,036 459 362 247 207 82 53 28 5 - Full Year $ 4,931 $ 2,269 $ 1,691 $ 1,115 $ 924 $ 423 $ 282 $ 172 $ 75 $ 13

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies (Details) $ in Millions	Nov. 30, 2015shares	Mar. 31, 2016USD ($)Installmentshares
Class of Stock [Line Items]
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares) | shares	1
GAMCO Note [Member]
Class of Stock [Line Items]
Debt instrument, principal amount | $		$ 250
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 principal payment | $		$ 50
GSI Note [Member]
Class of Stock [Line Items]
Debt instrument, principal amount | $		$ 150
GSI [Member]
Class of Stock [Line Items]
Percentage interest owned in subsidiary	93.90%	93.90%
GSI [Member] | Certain Employees of GAMCO [Member]
Class of Stock [Line Items]
Percentage of minority ownership interest		1.90%
GSI [Member] | Unrelated Individual Investors [Member]
Class of Stock [Line Items]
Percentage of minority ownership interest		4.20%
GAMCO [Member]
Class of Stock [Line Items]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares) | shares	1
GAMCO [Member] | Class A [Member]
Class of Stock [Line Items]
Number of shares of common stock purchased (in shares) | shares		4,393,055

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Available for sale securities [Abstract]
Cost	$ 213,333	$ 214,542	$ 66,056
Fair value	236,076	213,046	82,248
Total investments in securities [Abstract]
Cost	320,601	332,646	98,325
Fair value	347,626	333,624	120,834
Common Stocks [Member]
Available for sale securities [Abstract]
Cost	150,000	150,000	0
Fair value	162,807	136,360	0
Mutual Funds [Member]
Available for sale securities [Abstract]
Cost	2,468	2,472	2,518
Fair value	4,217	4,095	4,585
Investment in Securities [Member] | Trading Securities [Member]
Trading securities [Abstract]
Cost	169,974	182,019	97,698
Fair value	183,668	196,121	119,546
Investment in Securities [Member] | Trading Securities [Member] | Government Obligations [Member]
Trading securities [Abstract]
Cost	99,841	99,897	9,998
Fair value	99,964	99,940	9,998
Investment in Securities [Member] | Trading Securities [Member] | Common Stocks [Member]
Trading securities [Abstract]
Cost	66,906	78,974	84,646
Fair value	79,571	92,194	105,190
Investment in Securities [Member] | Trading Securities [Member] | Mutual Funds [Member]
Trading securities [Abstract]
Cost	2,579	2,578	2,505
Fair value	3,215	3,216	3,596
Investment in Securities [Member] | Trading Securities [Member] | Other Investments [Member]
Trading securities [Abstract]
Cost	648	570	549
Fair value	918	771	762
Investment in Securities [Member] | Available for Sale Securities [Member]
Available for sale securities [Abstract]
Cost	150,627	150,627	627
Fair value	163,958	137,503	1,288
Investment in Securities [Member] | Available for Sale Securities [Member] | Common Stocks [Member]
Available for sale securities [Abstract]
Cost	150,000	150,000	0
Fair value	162,807	136,360	0
Investment in Securities [Member] | Available for Sale Securities [Member] | Mutual Funds [Member]
Available for sale securities [Abstract]
Cost	627	627	627
Fair value	$ 1,151	$ 1,143	$ 1,288

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - Investment in Securities [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Trading securities [Abstract]
Cost	$ 7,953	$ 10,119	$ 8,488
Fair value	8,014	9,623	8,569
Trading Securities [Member] | Common Stocks [Member]
Trading securities [Abstract]
Cost	7,951	10,095	8,485
Fair value	7,947	9,537	8,530
Trading Securities [Member] | Other Investments [Member]
Trading securities [Abstract]
Cost	2	24	3
Fair value	$ 67	$ 86	$ 39

Investment in Securities, Inv28

Investment in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Available for sale securities [Abstract]
Cost	$ 213,333	$ 214,542	$ 66,056
Fair value	236,076	213,046	82,248
Total investments in affiliated registered investment companies [Abstract]
Cost	102,803	104,013	102,526
Fair value	115,916	118,676	120,831
Closed-end Funds [Member]
Available for sale securities [Abstract]
Cost	60,865	62,070	63,538
Fair value	69,052	72,591	77,663
Mutual Funds [Member]
Available for sale securities [Abstract]
Cost	2,468	2,472	2,518
Fair value	4,217	4,095	4,585
Investment in Affiliated Registered Investment Companies [Member] | Trading Securities [Member]
Trading securities [Abstract]
Cost	40,097	40,097	37,097
Fair value	43,798	43,133	39,871
Investment in Affiliated Registered Investment Companies [Member] | Trading Securities [Member] | Mutual Funds [Member]
Trading securities [Abstract]
Cost	40,097	40,097	37,097
Fair value	43,798	43,133	39,871
Investment in Affiliated Registered Investment Companies [Member] | Available for Sale Securities [Member]
Available for sale securities [Abstract]
Cost	62,706	63,916	65,429
Fair value	72,118	75,543	80,960
Investment in Affiliated Registered Investment Companies [Member] | Available for Sale Securities [Member] | Closed-end Funds [Member]
Available for sale securities [Abstract]
Cost	60,865	62,070	63,538
Fair value	69,052	72,591	77,663
Investment in Affiliated Registered Investment Companies [Member] | Available for Sale Securities [Member] | Mutual Funds [Member]
Available for sale securities [Abstract]
Cost	1,841	1,846	1,891
Fair value	$ 3,066	$ 2,952	$ 3,297

Investment in Securities, Recla

Investment in Securities, Reclassifications Out of Accumulated Other Comprehensive Income into Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Contractshares	Mar. 31, 2015USD ($)Contractshares	Dec. 31, 2015Contractshares
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain from investments	$ 3,709	$ 6,946
Other operating expenses	1,802	1,543
Income before income taxes	2,208	3,477
Income tax provision/(benefit)	(661)	(1,101)
Net income	$ 1,547	$ 2,376
Shares under derivative contract (in shares) | shares	317,000	400,000	250,000
Number of foreign exchange contracts | Contract	2	1	2
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ 0	$ 22
Income tax provision/(benefit)	0	(8)
Net income	0	14
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 from investments	$ 0	$ 22

Investment in Securities, Fair

Investment in Securities, Fair Values and Gains and Losses of All Derivatives Held (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	$ 185	$ 128	$ 236
Liability derivatives fair value	8,165	5,030	42,687
Derivative Instruments, Gain (Loss) [Line Items]
Net gain on derivative	1,261	728
Net Gain from Investments [Member] | Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain on derivative	1,192	597
Net Gain from Investments [Member] | Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain on derivative	69	131
Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0
Liability derivatives fair value	2,875	0	37,584
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
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	2,875	0	37,584
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	185	128	236
Liability derivatives fair value	5,290	5,030	5,103
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
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	5,223	4,991	5,017
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	185	128	236
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	$ 67	$ 39	$ 86

Investment in Securities, Maste

Investment in Securities, Master Netting Arrangements for Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	$ 185	$ 236	$ 128
Swaps [Member]
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	185	177	128
Gross amounts offset in the statements of financial position	0	0	0
Net amounts of assets presented in the statements of financial position	185	177	128
Gross amounts not offset in the statements of financial position, assets [Abstract]
Financial instruments	(66)	(81)	(23)
Cash collateral received	0	0	0
Net amount	119	96	105
Offsetting derivative liabilities [Abstract]
Gross amounts of recognized liabilities	66	81	23
Gross amounts offset in the statements of financial position	0	0	0
Net amounts of liabilities presented in the statements of financial position	66	81	23
Gross amounts not offset in the statements of financial position, liabilities [Abstract]
Financial instruments	(66)	(81)	(23)
Cash collateral pledged	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 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost	$ 213,333	$ 66,056	$ 214,542
Gross unrealized gains	26,384	16,251	12,940
Gross unrealized losses	(3,641)	(59)	(14,436)
Fair value	236,076	82,248	213,046
Unrealized changes to fair value net of taxes included in other comprehensive income	15,514	152
Return of capital on available for sale securities	263	217
Proceeds from sale of investment available for sale	0	100
Gross gains on sale of investments available for sale reclassified from other comprehensive income	0	45
Gross losses on sale of investments available for sale	0	0
Common Stocks [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost	150,000	0	150,000
Gross unrealized gains	12,807	0	0
Gross unrealized losses	0	0	(13,640)
Fair value	162,807	0	136,360
Closed-end Funds [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost	60,865	63,538	62,070
Gross unrealized gains	11,828	14,150	11,299
Gross unrealized losses	(3,641)	(25)	(778)
Fair value	69,052	77,663	72,591
Mutual Funds [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost	2,468	2,518	2,472
Gross unrealized gains	1,749	2,101	1,641
Gross unrealized losses	0	(34)	(18)
Fair value	$ 4,217	$ 4,585	$ 4,095

Investment in Securities, Inv33

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)Investment	Mar. 31, 2015USD ($)Investment	Dec. 31, 2015USD ($)Investment
Investments classified as available for sale unrealized loss position [Abstract]
Cost	$ 39,413,000	$ 452,000	$ 190,871,000
Unrealized losses	(3,641,000)	(59,000)	(14,436,000)
Fair value	$ 35,772,000	$ 393,000	$ 176,435,000
Number of investment holdings in loss positions | Investment	3	3	6
Losses deemed to be other than temporary	$ 0	$ 0
Investment Holding One [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Number of investment holdings in loss positions | Investment	1	1	2
Investment holding impairment period	3 months	1 month	1 month
Investment Holding Two [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Number of investment holdings in loss positions | Investment	2	1	1
Investment holding impairment period	9 months	5 months	6 months
Investment Holding Three [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Number of investment holdings in loss positions | Investment		1	2
Investment holding impairment period		7 months	7 months
Common Stocks [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost	$ 0	$ 0	$ 150,000,000
Unrealized losses	0	0	(13,640,000)
Fair value	0	0	136,360,000
Closed-end Funds [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost	39,413,000	149,000	40,627,000
Unrealized losses	(3,641,000)	(25,000)	(778,000)
Fair value	35,772,000	124,000	39,849,000
Mutual Funds [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost	0	303,000	244,000
Unrealized losses	0	(34,000)	(18,000)
Fair value	$ 0	$ 269,000	$ 226,000

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Assets [Abstract]
Investments in partnerships		$ 7,581	$ 13,953	$ 21,244
Investments in securities [Abstract]
Total investments in securities		347,626	333,624	120,834
Liabilities [Abstract]
Securities sold, not yet purchased		8,014	9,623	8,569
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents		203,231	205,733	320,313
Investments in partnerships		113,147	105,051	106,940
Investments in securities [Abstract]
AFS - Common stocks		162,807	136,360	0
AFS - Mutual funds		1,151	1,143	1,288
Trading - Gov't obligations		99,964	99,940	9,998
Trading - Common stocks		79,571	92,194	105,190
Trading - Mutual funds		3,215	3,216	3,596
Trading - Other		918	771	762
Total investments in securities		347,626	333,624	120,834
Investments in sponsored registered investment companies [Abstract]
AFS - Closed-end funds		69,052	72,591	77,663
AFS - Mutual funds		3,066	2,952	3,297
Trading - Mutual funds		43,798	43,133	39,871
Total investments in sponsored registered investment companies		115,916	118,676	120,831
Total investments		576,689	557,351	348,605
Total assets at fair value		779,920	763,084	668,918
Liabilities [Abstract]
Trading - Common stocks		7,947	9,537	8,530
Trading - Other		67	86	39
Securities sold, not yet purchased		8,014	9,623	8,569
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents		203,231	205,733	320,313
Investments in partnerships		0	0	0
Investments in securities [Abstract]
AFS - Common stocks		162,807	136,360	0
AFS - Mutual funds		1,151	1,143	1,288
Trading - Gov't obligations		99,964	99,940	9,998
Trading - Common stocks		79,065	91,686	104,071
Trading - Mutual funds		3,215	3,216	3,596
Trading - Other		428	230	355
Total investments in securities		346,630	332,575	119,308
Investments in sponsored registered investment companies [Abstract]
AFS - Closed-end funds		69,052	72,591	77,663
AFS - Mutual funds		3,066	2,952	3,297
Trading - Mutual funds		43,798	43,133	39,871
Total investments in sponsored registered investment companies		115,916	118,676	120,831
Total investments		462,546	451,251	240,139
Total assets at fair value		665,777	656,984	560,452
Liabilities [Abstract]
Trading - Common stocks		7,947	9,537	8,530
Trading - Other		0	0	0
Securities sold, not yet purchased		7,947	9,537	8,530
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents		0	0	0
Investments in partnerships		7,581	13,953	21,244
Investments in securities [Abstract]
AFS - Common stocks		0	0	0
AFS - Mutual funds		0	0	0
Trading - Gov't obligations		0	0	0
Trading - Common stocks		0	0	180
Trading - Mutual funds		0	0	0
Trading - Other		185	236	128
Total investments in securities		185	236	308
Investments in sponsored registered investment companies [Abstract]
AFS - Closed-end funds		0	0	0
AFS - Mutual funds		0	0	0
Trading - Mutual funds		0	0	0
Total investments in sponsored registered investment companies		0	0	0
Total investments		7,766	14,189	21,552
Total assets at fair value		7,766	14,189	21,552
Liabilities [Abstract]
Trading - Common stocks		0	0	0
Trading - Other		67	86	39
Securities sold, not yet purchased		67	86	39
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents		0	0	0
Investments in partnerships		0	0	0
Investments in securities [Abstract]
AFS - Common stocks		0	0	0
AFS - Mutual funds		0	0	0
Trading - Gov't obligations		0	0	0
Trading - Common stocks		506	508	939
Trading - Mutual funds		0	0	0
Trading - Other		305	305	279
Total investments in securities		811	813	1,218
Investments in sponsored registered investment companies [Abstract]
AFS - Closed-end funds		0	0	0
AFS - Mutual funds		0	0	0
Trading - Mutual funds		0	0	0
Total investments in sponsored registered investment companies		0	0	0
Total investments		811	813	1,218
Total assets at fair value		811	813	1,218
Liabilities [Abstract]
Trading - Common stocks		0	0	0
Trading - Other		0	0	0
Securities sold, not yet purchased		0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member]
Assets [Abstract]
Cash equivalents	[1]	0	0	0
Investments in partnerships	[1]	101,971	87,501	83,627
Investments in securities [Abstract]
AFS - Common stocks	[1]	0	0	0
AFS - Mutual funds	[1]	0	0	0
Trading - Gov't obligations	[1]	0	0	0
Trading - Common stocks	[1]	0	0	0
Trading - Mutual funds	[1]	0	0	0
Trading - Other	[1]	0	0	0
Total investments in securities	[1]	0	0	0
Investments in sponsored registered investment companies [Abstract]
AFS - Closed-end funds	[1]	0	0	0
AFS - Mutual funds	[1]	0	0	0
Trading - Mutual funds	[1]	0	0	0
Total investments in sponsored registered investment companies	[1]	0	0	0
Total investments	[1]	101,971	87,501	83,627
Total assets at fair value	[1]	101,971	87,501	83,627
Liabilities [Abstract]
Trading - Common stocks	[1]	0	0	0
Trading - Other	[1]	0	0	0
Securities sold, not yet purchased	[1]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member]
Assets [Abstract]
Cash equivalents	[2]	0	0	0
Investments in partnerships	[2]	3,595	3,597	2,069
Investments in securities [Abstract]
AFS - Common stocks	[2]	0	0	0
AFS - Mutual funds	[2]	0	0	0
Trading - Gov't obligations	[2]	0	0	0
Trading - Common stocks	[2]	0	0	0
Trading - Mutual funds	[2]	0	0	0
Trading - Other	[2]	0	0	0
Total investments in securities	[2]	0	0	0
Investments in sponsored registered investment companies [Abstract]
AFS - Closed-end funds	[2]	0	0	0
AFS - Mutual funds	[2]	0	0	0
Trading - Mutual funds	[2]	0	0	0
Total investments in sponsored registered investment companies	[2]	0	0	0
Total investments	[2]	3,595	3,597	2,069
Total assets at fair value	[2]	3,595	3,597	2,069
Liabilities [Abstract]
Trading - Common stocks	[2]	0	0	0
Trading - Other	[2]	0	0	0
Securities sold, not yet purchased	[2]	$ 0	$ 0	$ 0
[1]	Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy (see Note A, Recent Accounting Developments, for more detail).
[2]	Amounts are comprised of certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company's investment in such equity method investees may not represent fair value.

Fair Value, Changes in Level 3

Fair Value, Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 813	$ 1,587
Total realized and unrealized gains or (losses) in income - trading	(2)	63
Total realized and unrealized gains or (losses) in income - AFS investments	0	0
Total unrealized gains or (losses) included in other comprehensive income	0	0
Total realized and unrealized gains or (losses)	(2)	63
Purchases	0	8
Sales	0	(440)
Net transfers in and/or (out) of Level 3	0	0
Ending balance	811	1,218
Trading - Common Stocks [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	508	1,293
Total realized and unrealized gains or (losses) in income - trading	(2)	1
Total realized and unrealized gains or (losses) in income - AFS investments	0	0
Total unrealized gains or (losses) included in other comprehensive income	0	0
Total realized and unrealized gains or (losses)	(2)	1
Purchases	0	3
Sales	0	(358)
Net transfers in and/or (out) of Level 3	0	0
Ending balance	506	939
Trading - Other [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	305	294
Total realized and unrealized gains or (losses) in income - trading	0	62
Total realized and unrealized gains or (losses) in income - AFS investments	0	0
Total unrealized gains or (losses) included in other comprehensive income	0	0
Total realized and unrealized gains or (losses)	0	62
Purchases	0	5
Sales	0	(82)
Net transfers in and/or (out) of Level 3	0	0
Ending balance	$ 305	$ 279

Investment in Partnerships, O36

Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs"), Breakdown of Consolidated Entities and Investments in Partnerships Line by Accounting Method (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016USD ($)Entity	Mar. 31, 2015USD ($)Entity	Dec. 31, 2015USD ($)Entity
Variable Interest Entity [Line Items]
Investments in affiliated entities | $	$ 96,800	$ 93,400	$ 89,300
Investments in unaffiliated entities | $	$ 16,300	13,500	15,800
Number of affiliated entities consolidated	2
Number of unaffiliated entities consolidated	0
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	$ 7,581	21,244	13,953
Equity method | $	105,566	85,696	91,098
Total | $	$ 113,147	$ 106,940	$ 105,051
VIEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	2	1	1
Additional consolidated entities	1	0	1
Deconsolidated entities	(2)	0	0
Entities consolidated at end of period	1	1	2
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ 0	$ 11,480	$ 4,791
VOEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	4	4	3
Additional consolidated entities	0	1	1
Deconsolidated entities	(3)	(2)	0
Entities consolidated at end of period	1	3	4
Prior to Consolidations [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ 117,589	$ 109,979	$ 109,274
CFFs [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	3,487	5,255	4,506
CFFs [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	7,581	21,244	13,953
Equity method | $	0	0	0
Total | $	$ 7,581	$ 21,244	$ 13,953
CFFs [Member] | VIEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	(1)	0	0
Entities consolidated at end of period	0	1	1
CFFs [Member] | VOEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	2	2	2
Additional consolidated entities	0	1	0
Deconsolidated entities	(1)	(1)	0
Entities consolidated at end of period	1	2	2
Partnerships [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ (7,929)	$ (8,294)	$ (8,729)
Partnerships [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity method | $	36,168	36,016	39,552
Total | $	36,168	36,016	39,552
Partnerships [Member] | Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity method | $	8,007	6,666	7,911
Total | $	$ 8,007	$ 6,666	$ 7,911
Partnerships [Member] | VIEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	0	0	0
Additional consolidated entities	1	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	0	0
Partnerships [Member] | VOEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	2	1	1
Additional consolidated entities	0	0	1
Deconsolidated entities	(2)	0	0
Entities consolidated at end of period	0	1	2
Offshore Funds [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total | $	$ 0	$ 0	$ 0
Offshore Funds [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity method | $	53,099	36,137	35,746
Total | $	53,099	36,137	35,746
Offshore Funds [Member] | Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value | $	0	0	0
Equity method | $	8,292	6,877	7,889
Total | $	$ 8,292	$ 6,877	$ 7,889
Offshore Funds [Member] | VIEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	0	0
Additional consolidated entities	0	0	1
Deconsolidated entities	(1)	0	0
Entities consolidated at end of period	0	0	1
Offshore Funds [Member] | VOEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	0	1	0
Additional consolidated entities	0	0	0
Deconsolidated entities	0	(1)	0
Entities consolidated at end of period	0	0	0
Maximum threshold ownership percentage for deconsolidation		50.00%

Investment in Partnerships, O37

Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs"), Net Impact by Line Item on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Assets [Abstract]
Cash and cash equivalents	$ 203,239	$ 320,373	$ 205,750	$ 285,530
Investments in securities	347,626	120,834	333,624
Investments in registered investment companies	115,916	120,831	118,676
Investments in partnerships	113,147	106,940	105,051
Receivable from brokers	23,278	19,526	56,510
Investment advisory fees receivable	1,463	1,461	4,896
Other assets	8,031	6,076	12,241
Total assets	812,700	696,041	836,748
Liabilities and equity [Abstract]
Securities sold, not yet purchased	8,014	8,569	9,623
Accrued expenses and other liabilities	36,667	57,742	69,838
Redeemable noncontrolling interests	3,752	5,519	5,738
Total equity	764,267	624,211	751,549	$ 582,927
Total liabilities and equity	812,700	696,041	836,748
Consolidated Statements of Income [Abstract]
Total revenues	4,517	4,567
Total expenses	9,032	8,447
Operating loss	(4,515)	(3,880)
Total other income, net	6,723	7,357
Income before income taxes	2,208	3,477
Income tax provision	661	1,101
Net income	1,547	2,376
Net loss attributable to noncontrolling interests	(46)	(9)
Net income attributable to Associated Capital Group, Inc.'s shareholders	1,593	2,385
Prior to Consolidations [Member]
Assets [Abstract]
Cash and cash equivalents	203,204	320,292	205,708
Investments in securities	341,730	113,074	325,692
Investments in registered investment companies	115,916	120,831	118,676
Investments in partnerships	117,589	109,979	109,274
Receivable from brokers	20,958	18,751	53,921
Investment advisory fees receivable	1,471	1,456	4,881
Other assets	8,031	6,060	12,614
Total assets	808,899	690,443	830,766
Liabilities and equity [Abstract]
Securities sold, not yet purchased	8,014	8,569	9,505
Accrued expenses and other liabilities	36,618	57,663	69,712
Redeemable noncontrolling interests	0	0	0
Total equity	764,267	624,211	751,549
Total liabilities and equity	808,899	690,443	830,766
Consolidated Statements of Income [Abstract]
Total revenues	4,522	4,588
Total expenses	8,985	8,376
Operating loss	(4,463)	(3,788)
Total other income, net	6,638	7,274
Income before income taxes	2,175	3,486
Income tax provision	661	1,101
Net income	1,514	2,385
Net loss attributable to noncontrolling interests	(79)	0
Net income attributable to Associated Capital Group, Inc.'s shareholders	1,593	2,385
CFFs [Member]
Assets [Abstract]
Cash and cash equivalents	0	0	0
Investments in securities	0	0	0
Investments in registered investment companies	0	0	0
Investments in partnerships	3,487	5,255	4,506
Receivable from brokers	0	0	0
Investment advisory fees receivable	(4)	6	2
Other assets	0	16	5
Total assets	3,483	5,277	4,513
Liabilities and equity [Abstract]
Securities sold, not yet purchased	0	0	0
Accrued expenses and other liabilities	16	46	28
Redeemable noncontrolling interests	3,467	5,231	4,485
Total equity	0	0	0
Total liabilities and equity	3,483	5,277	4,513
Consolidated Statements of Income [Abstract]
Total revenues	(4)	(6)
Total expenses	33	33
Operating loss	(37)	(39)
Total other income, net	93	50
Income before income taxes	56	11
Income tax provision	0	0
Net income	56	11
Net loss attributable to noncontrolling interests	56	11
Net income attributable to Associated Capital Group, Inc.'s shareholders	0	0
Partnerships [Member]
Assets [Abstract]
Cash and cash equivalents	35	81	41
Investments in securities	5,896	7,760	7,849
Investments in registered investment companies	0	0	0
Investments in partnerships	(7,929)	(8,294)	(8,729)
Receivable from brokers	2,320	775	2,164
Investment advisory fees receivable	(4)	(1)	5
Other assets	0	0	15
Total assets	318	321	1,345
Liabilities and equity [Abstract]
Securities sold, not yet purchased	0	0	118
Accrued expenses and other liabilities	33	33	79
Redeemable noncontrolling interests	285	288	1,148
Total equity	0	0	0
Total liabilities and equity	318	321	1,345
Consolidated Statements of Income [Abstract]
Total revenues	(1)	(1)
Total expenses	14	9
Operating loss	(15)	(10)
Total other income, net	(8)	(1)
Income before income taxes	(23)	(11)
Income tax provision	0	0
Net income	(23)	(11)
Net loss attributable to noncontrolling interests	(23)	(11)
Net income attributable to Associated Capital Group, Inc.'s shareholders	0	0
Offshore Funds [Member]
Assets [Abstract]
Cash and cash equivalents	0	0	1
Investments in securities	0	0	83
Investments in registered investment companies	0	0	0
Investments in partnerships	0	0	0
Receivable from brokers	0	0	425
Investment advisory fees receivable	0	0	8
Other assets	0	0	(393)
Total assets	0	0	124
Liabilities and equity [Abstract]
Securities sold, not yet purchased	0	0	0
Accrued expenses and other liabilities	0	0	19
Redeemable noncontrolling interests	0	0	105
Total equity	0	0	0
Total liabilities and equity	0	0	$ 124
Consolidated Statements of Income [Abstract]
Total revenues	0	(14)
Total expenses	0	29
Operating loss	0	(43)
Total other income, net	0	34
Income before income taxes	0	(9)
Income tax provision	0	0
Net income	0	(9)
Net loss attributable to noncontrolling interests	0	(9)
Net income attributable to Associated Capital Group, Inc.'s shareholders	$ 0	$ 0

Investment in Partnerships, O38

Investment in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs"), Variable Interest Entities (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)Entity	Dec. 31, 2015USD ($)Entity	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Total assets of non-consolidated VIEs	$ 71,400,000	$ 70,200,000
Number of non-consolidated entities | Entity	2	2
Maximum exposure to loss related to VIEs	$ 10,600,000	$ 9,900,000
Deferred carried interest in VIE	43,000	39,000
Balances related to VIEs [Abstract]
Cash and cash equivalents	320,373,000	205,750,000	$ 203,239,000	$ 285,530,000
Investments in securities	120,834,000	333,624,000	347,626,000
Investments in partnerships	106,940,000	105,051,000	113,147,000
Receivable from broker	19,526,000	56,510,000	23,278,000
Other assets	2,523,000	1,530,000	1,270,000
Payable to brokers	(10,127,000)	(50,648,000)	(12,251,000)
Securities sold, not yet purchased	(8,569,000)	(9,623,000)	(8,014,000)
Accrued expenses and other liabilities	(57,742,000)	(69,838,000)	(36,667,000)
Redeemable noncontrolling interests	(5,519,000)	(5,738,000)	(3,752,000)
VIEs [Member]
Balances related to VIEs [Abstract]
Cash and cash equivalents	0	1,000	35,000
Investments in securities	0	83,000	5,896,000
Investments in partnerships	11,480,000	4,791,000	0
Receivable from broker	0	425,000	2,320,000
Other assets	0	0	(4,000)
Payable to brokers	0	(6,000)	0
Securities sold, not yet purchased	0	0	0
Accrued expenses and other liabilities	(9,000)	(404,000)	(33,000)
Redeemable noncontrolling interests	(706,000)	(350,000)	(285,000)
AC Group's net interests in consolidated VIE	$ 10,765,000	$ 4,540,000	$ 7,929,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes [Abstract]
Effective income tax rate	29.90%	31.70%

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2015shares	Mar. 31, 2016USD ($)VoteperSharePlan$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Stockholders' Equity [Abstract]
Shares outstanding (in shares) | shares		25,400,000	25,400,000			25,800,000	25,400,000
Stock Award and Incentive Plan [Abstract]
Number of incentive plans | Plan		1
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares) | shares	1
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense		$ 644				$ 638	$ 4,931
2,016		2,269
2,017		1,691
2,018		1,115
2,019		924
2,020		423
2,021		282
2,022		172
2,023		75
2,024		13
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation cost related to non-vested options not yet recognized		$ 6,300
GAMCO [Member]
Stock Award and Incentive Plan [Abstract]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares) | shares	1
Stock Options [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of stock options		10 years
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares) | shares	1
RSAs granted (in shares) | shares	554,100
RSA shares outstanding (in shares) | shares		553,100	553,100			707,050	553,100
Average weighted grant price (in dollars per share) | $ / shares		$ 64.02	$ 64.02			$ 67.43	$ 64.02
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		30.00%
Award vesting period		3 years
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		70.00%
Award vesting period		5 years
Restricted Stock Awards [Member] | Vesting in Year Four from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Five from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Six from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Seven from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Eight from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Nine from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Ten from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | GAMCO [Member]
Stock Award and Incentive Plan [Abstract]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares) | shares	1
Number of GAMCO shares exchanged in connection with spin-off (in shares) | shares	554,100
Q1 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense		$ 644				$ 638
2,017		459
2,018		306
2,019		247
2,020		130
2,021		82
2,022		53
2,023		28
2,024		5
Q2 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense					$ 627
2,016		645
2,017		459
2,018		295
2,019		247
2,020		115
2,021		82
2,022		53
2,023		28
2,024		5
Q3 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense				$ 630
2,016		521
2,017		411
2,018		267
2,019		223
2,020		96
2,021		65
2,022		38
2,023		14
2,024		3
Q4 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense			$ 3,036
2,016		459
2,017		362
2,018		247
2,019		207
2,020		82
2,021		53
2,022		28
2,023		5
2,024		$ 0
Class A [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares) | shares		6,154,674	6,242,952			0	6,242,952
Voting Rights [Abstract]
Number of votes per share | VoteperShare		1
Class A [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares reserved for issuance under each plan (in shares) | shares		900,000
Class B [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares) | shares		19,196,792	19,196,792			0	19,196,792
Voting Rights [Abstract]
Number of votes per share | VoteperShare		10

Goodwill and Identifiable Int41

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Nov. 30, 2015
Goodwill [Line Items]
Goodwill	$ 3,254	$ 3,254	$ 3,254
Impairment charges on goodwill	0	$ 0
Gabelli Securities, Inc. [Member]
Goodwill [Line Items]
Goodwill	$ 3,300
Percentage interest owned in subsidiary	93.90%			93.90%

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	May. 13, 2016$ / sharesshares	Apr. 30, 2016Shareholder	May. 03, 2016shares	Mar. 31, 2016	Nov. 30, 2015
GSI [Member]
Subsequent Event [Line Items]
Percentage of ownership interest in subsidiary				93.90%	93.90%
Stock Repurchase Program [Member]
Subsequent Event [Line Items]
Average price per share of repurchased shares (in dollars per share) | $ / shares	$ 29.91
Number of shares of stock repurchased (in shares)	15,400
Shares available to be repurchased under the plan (in shares)	394,822
Subsequent Event [Member] | GSI [Member]
Subsequent Event [Line Items]
Percentage of ownership interest in subsidiary		95.80%
Increase in ownership interest		1.90%
Number of remaining minority shareholders | Shareholder		6
Percentage of ownership interest in subsidiary by minority shareholders		4.20%
Subsequent Event [Member] | Stock Award and Incentive Plan in 2015 [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Number of shares available to be issued (in shares)			2,000,000