Virtus Investment Partners (VRTS) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		7,718,336

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 247,670	$ 97,384
Investments	567,018	579,558
Accounts receivable, net	36,030	38,757
Furniture, equipment and leasehold improvements, net	8,348	9,116
Intangible assets, net	39,633	40,887
Goodwill	6,788	6,701
Deferred taxes, net	46,434	54,143
Other assets	159,309	172,434
Total assets	975,003	859,729
Liabilities:
Accrued compensation and benefits	26,242	49,617
Accounts payable and accrued liabilities	20,448	23,036
Dividends payable	4,047	4,233
Other liabilities	13,543	13,051
Total liabilities	481,752	276,408
Commitments and Contingencies
Redeemable noncontrolling interests	27,145	73,864
Equity attributable to stockholders:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,108,411 shares issued and 7,718,063 shares outstanding at June 30, 2016 and 9,613,088 shares issued and 8,398,944 shares outstanding at December 31, 2015	91	96
Additional paid-in capital	1,091,228	1,140,875
Accumulated deficit	(452,163)	(472,614)
Accumulated other comprehensive loss	(184)	(1,034)
Treasury stock, at cost, 1,390,348 and 1,214,144 shares at June 30, 2016 and December 31, 2015, respectively	(172,699)	(157,699)
Total equity attributable to stockholders	466,273	509,624
Noncontrolling interests	(167)	(167)
Total equity	466,106	509,457
Total liabilities and equity	975,003	859,729
Parent [Member]
Assets:
Cash and cash equivalents	155,532	87,574
Investments	91,736	56,738
Other assets	13,404	12,814
Consolidated Sponsored Investment Products [Member]
Assets:
Cash	1,094	1,513
Cash pledged or on deposit	1,006	10,353
Investments	130,396	323,335
Other assets	2,594	8,549
Liabilities:
Total liabilities	3,073	15,387
Consolidated Investment Product [Member]
Assets:
Total cash equivalents	91,044	8,297
Investments	344,886	199,485
Other assets	6,078	1,467
Liabilities:
Debt of consolidated investment product	0	152,597
Notes payable of consolidated investment product	319,716	0
Securities purchased payable and other liabilities of consolidated investment product	$ 94,683	$ 18,487

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in $ per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	9,108,411	9,613,088
Common stock, shares outstanding (in shares)	7,718,063	8,398,944
Treasury stock, shares (in shares)	1,390,348	1,214,144

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Investment management fees	$ 58,192	$ 68,867	$ 115,836	$ 139,363
Distribution and service fees	12,167	17,635	24,645	37,233
Administration and transfer agent fees	9,499	12,577	19,497	25,619
Other income and fees	227	577	402	1,272
Total revenues	80,085	99,656	160,380	203,487
Operating Expenses
Employment expenses	33,065	33,593	69,042	69,215
Distribution and other asset-based expenses	17,432	23,676	35,533	48,183
Other operating expenses	12,457	23,512	23,222	40,238
Restructuring and severance	2,391	0	2,391	0
Depreciation and other amortization	776	873	1,638	1,652
Amortization expense	603	837	1,254	1,674
Total operating expenses	71,342	83,448	138,887	162,737
Operating Income	8,743	16,208	21,493	40,750
Other Income (Expense)
Realized and unrealized gain on investments, net	3,281	343	2,623	888
Other (expense) income, net	(15)	247	213	682
Total other income (expense), net	6,944	(2,652)	9,044	918
Interest Income (Expense)
Interest and dividend income	619	302	892	582
Total interest (expense) income, net	(900)	3,279	3,676	5,760
Income Before Income Taxes	14,787	16,835	34,213	47,428
Income tax expense	6,087	7,823	13,643	18,691
Net Income	8,700	9,012	20,570	28,737
Noncontrolling interests	(612)	765	(119)	382
Net Income Attributable to Common Stockholders	$ 8,088	$ 9,777	$ 20,451	$ 29,119
Earnings per share—Basic (in $ per share)	$ 0.99	$ 1.10	$ 2.48	$ 3.26
Earnings per Share—Diluted (in $ per share)	0.97	1.08	2.43	3.20
Cash Dividends Declared per Share (in $ per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.9
Weighted Average Shares Outstanding—Basic (in shares)	8,170	8,889	8,257	8,927
Weighted Average Shares Outstanding—Diluted (in shares)	8,314	9,037	8,410	9,094
Parent [Member]
Interest Income (Expense)
Interest expense	$ (129)	$ (121)	$ (261)	$ (244)
Consolidated Sponsored Investment Products [Member]
Operating Expenses
Other operating expenses	777	957	1,910	1,775
Other Income (Expense)
Realized and unrealized gain on investments, net	3,097	(3,242)	3,392	(652)
Interest Income (Expense)
Interest and dividend income	1,696	3,098	4,657	5,422
Consolidated Investment Product [Member]
Operating Expenses
Other operating expenses	3,841	0	3,897	0
Other Income (Expense)
Realized and unrealized gain on investments, net	581	0	2,816	0
Interest Income (Expense)
Interest expense	(5,668)	0	(6,400)	0
Interest and dividend income	$ 2,582	$ 0	$ 4,788	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 8,700	$ 9,012	$ 20,570	$ 28,737
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of ($287) and $30 for the three months ended June 30, 2016 and 2015, respectively and ($348) and $195 for the six months ended June 30, 2016 and 2015, respectively	470	(49)	569	(320)
Unrealized gain (loss) on available-for-sale securities, net of tax of ($74) and $62 for the three months ended June 30, 2016 and 2015, respectively and ($171) and $61 for the six months ended June 30, 2016 and 2015 respectively	121	(103)	281	(99)
Other comprehensive income (loss)	591	(152)	850	(419)
Comprehensive income	9,291	8,860	21,420	28,318
Comprehensive income (loss) attributable to noncontrolling interests	(612)	765	(119)	382
Comprehensive Income Attributable to Common Stockholders	$ 8,679	$ 9,625	$ 21,301	$ 28,700

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ (287)	$ 30	$ (348)	$ 195
Unrealized (loss) gain on available-for-sale securities, tax	$ (74)	$ 62	$ (171)	$ 61

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 20,570	$ 28,737
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense, intangible asset and other amortization	3,009	3,436
Stock-based compensation	6,658	6,433
Excess tax benefits from stock-based compensation	(164)	(1,328)
Amortization of deferred commissions	1,365	5,339
Payments of deferred commissions	(921)	(2,040)
Equity in earnings of equity method investments	(201)	(669)
Realized gain on sale of equity method investment	(2,883)	0
Realized and unrealized losses (gains) on trading securities, net	260	(609)
Sales (purchases) of trading securities, net	11,122	8,131
Deferred taxes, net	7,190	636
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	576	4,665
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(25,430)	(15,104)
Net cash provided by operating activities	51,945	1,554
Cash Flows from Investing Activities:
Capital expenditures	(1,093)	(2,978)
Proceeds from sale of equity method investment	8,621	0
Asset acquisitions and purchases of other investments	(759)	(1,601)
Cash acquired in business combination	0	89
Purchases of available-for-sale securities	(121)	(111)
Net cash provided by (used in) investing activities	6,751	(4,601)
Cash Flows from Financing Activities:
Dividends paid	(7,638)	(8,167)
Repurchases of common shares	(61,809)	(28,000)
Proceeds from exercise of stock options	400	61
Taxes paid related to net share settlement of restricted stock units	(1,332)	(4,841)
Excess tax benefits from stock-based compensation	164	1,328
Contributions of noncontrolling interests, net	1,537	34,237
Net cash provided by (used in) financing activities	91,590	(4,551)
Net increase (decrease) in cash and cash equivalents	150,286	(7,598)
Cash and cash equivalents, beginning of period	97,384	203,304
Cash and Cash Equivalents, End of Period	247,670	195,706
Non-Cash Investing Activities:
Change in accrual for capital expenditures	45	(465)
Transfer from Investments	0	4,800
Non-Cash Financing Activities:
Decrease to noncontrolling interest due to deconsolidation of consolidated sponsored investment products	(52,874)	(1,569)
Dividends payable	3,473	4,048
Consolidated Sponsored Investment Products [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Realized and unrealized losses (gains) on trading securities, net	(4,218)	2,315
Sales (purchases) of trading securities, net	100,436	(39,993)
(Purchases) sales of securities sold short by consolidated sponsored investment products, net	(4,455)	2,040
Changes in operating assets and liabilities:
Cash pledged or on deposit of consolidated sponsored investment products	9,582	(3,489)
Other assets of consolidated sponsored investment products	(358)	(1,855)
Liabilities of consolidated sponsored investment products	187	4,909
Cash Flows from Investing Activities:
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation	103	0
Cash Flows from Financing Activities:
Borrowings of proceeds from short sales by consolidated sponsored investment products	0	831
Payments on borrowings by consolidated sponsored investment products	(3,415)
Consolidated Investment Product [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount on notes payable of consolidated investment product	3,719	0
Realized and unrealized losses (gains) on trading securities, net	(2,146)	0
Sales (purchases) of trading securities, net	(71,943)	0
Changes in operating assets and liabilities:
Other assets of consolidated sponsored investment products	(227)	0
Liabilities of consolidated investment product, net	217	0
Cash Flows from Financing Activities:
Repayment of debt of consolidated investment product	(152,597)	0
Proceeds from issuance of notes payable by consolidated investment product	$ 316,280	$ 0

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Attributed To Shareholders [Member]	Non-controlling Interests [Member]
Beginning Balance at Dec. 31, 2014	$ 563,352	$ 96	$ 1,148,908	$ (507,521)	$ (242)	$ (77,699)	$ 563,542	$ (190)
Beginning Balance (in shares) at Dec. 31, 2014		8,975,833				575,441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,919			29,119			29,119	(200)
Net unrealized gain (loss) on securities available-for-sale	(99)				(99)		(99)
Foreign currency translation adjustments	(320)				(320)		(320)
Cash dividends declared	(8,143)		(8,143)				(8,143)
Repurchases of common shares	$ (28,000)					$ (28,000)	(28,000)
Repurchases of common shares (in shares)	212,588	212,588				212,588
Issuance of common shares related to employee stock transactions	$ 787		787				787
Issuance of common shares related to employee stock transactions (in shares)		55,384
Taxes paid on stock-based compensation	(4,841)		(4,841)				(4,841)
Stock-based compensation	6,168		6,168				6,168
Excess tax benefits from stock-based compensation	1,150		1,150				1,150
Ending Balance at Jun. 30, 2015	558,973	$ 96	1,144,029	(478,402)	(661)	$ (105,699)	559,363	(390)
Ending Balance (in shares) at Jun. 30, 2015		8,818,629				788,029
Beginning Balance at Dec. 31, 2014	23,071
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	(182)
Activity of noncontrolling interests, net	32,688
Ending Balance at Jun. 30, 2015	55,577
Beginning Balance at Dec. 31, 2015	509,457	$ 96	1,140,875	(472,614)	(1,034)	$ (157,699)	509,624	(167)
Beginning Balance (in shares) at Dec. 31, 2015		8,398,944				1,214,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	20,451			20,451			20,451	0
Net unrealized gain (loss) on securities available-for-sale	281				281		281
Foreign currency translation adjustments	569				569		569
Cash dividends declared	(7,452)		(7,452)				(7,452)
Repurchases of common shares	$ (62,139)	$ (6)	(47,133)			$ (15,000)	(62,139)
Repurchases of common shares (in shares)	732,713	732,713				176,204
Issuance of common shares related to employee stock transactions	$ 964	$ 1	963				964
Issuance of common shares related to employee stock transactions (in shares)		51,832
Taxes paid on stock-based compensation	(1,332)		(1,332)				(1,332)
Stock-based compensation	6,620		6,620				6,620
Tax deficiencies from stock-based compensation	(1,313)		(1,313)				(1,313)
Ending Balance at Jun. 30, 2016	466,106	$ 91	$ 1,091,228	$ (452,163)	$ (184)	$ (172,699)	$ 466,273	$ (167)
Ending Balance (in shares) at Jun. 30, 2016		7,718,063				1,390,348
Beginning Balance at Dec. 31, 2015	73,864
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	119
Activity of noncontrolling interests, net	(46,838)
Ending Balance at Jun. 30, 2016	$ 27,145

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.90	$ 0.9

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Virtus Investment Partners, Inc. (the “Company,” “we,” “us,” “our” or “Virtus”), a Delaware corporation, operates in the investment management industry through its subsidiaries. The Company provides investment management and related services to individuals and institutions throughout the United States of America. The Company’s retail investment management services are provided to individuals through products consisting of open-end mutual funds, closed-end funds, exchange traded funds (“ETFs”), variable insurance funds, Undertaking for Collective Investment in Transferable Securities (“UCITS”) and separately managed accounts. Institutional investment management services are provided to corporations, multiemployer retirement funds, employee retirement systems, foundations, endowments, structured products and as a subadviser to unaffiliated mutual funds.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary or investment product. The Company evaluates any variable interest entities (“VIEs”) in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If any entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company's investment products that are consolidated are referred to as consolidated sponsored investment products or the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the economic interests. The consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has a beneficial interest. The consolidation and deconsolidation of these investment products have no impact on net income attributable to stockholders. The Company’s risk with respect to these investments is limited to its investment in these products and any investment management fees it earns. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products. The Company does not consider cash and investments held by the investment products it consolidates to be assets of the Company other than its direct investment in these products. See Note 13 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2015 Annual Report on Form 10-K. New Accounting Standards Implemented The Company adopted Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02") on January 1, 2016. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain entities. Certain unconsolidated entities that had been classified as VOEs under previous consolidation guidance are now classified as VIEs under ASU 2015-02. As such, disclosure for VIEs is included in Note 13 to the condensed consolidated financial statements. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. The Company adopted ASU No. 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”) ("ASU 2014-13") on January 1, 2016. This new standard requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. It permits entities to make an accounting policy election to apply this same measurement approach after initial consolidation or to apply other GAAP to account for the consolidated CFE’s financial assets and financial liabilities. It also prohibits all entities from electing to use the fair value option in ASC 825, Financial Instruments , to measure either the financial assets or financial liabilities of a consolidated CFE that is within the scope of this issue. The Company has elected the measurement alternative for its consolidated investment product. The Company's subsequent earnings from the consolidated investment product will reflect changes in value of the Company's own economic interest in the consolidated investment product. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. The Company adopted ASU No. 2015-16 “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” ("ASU 2015-16") on January 1, 2016. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the financial statements of the period in which adjustments to provisional amounts are determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. The Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-3") on January 1, 2016, which changes the presentation of debt issuance costs in the balance sheet. This new standard requires that debt issuance costs be presented as a deduction from the carrying amount of the related debt rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. In August 2015, the FASB issued ASU 2015-15 to amend ASU 2015-03 to address line-of-credit agreements. ASU 2015-15 allows entities to present debt issuance costs related to line-of-credit agreements as an asset and amortize deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. New Accounting Standards Not Yet Implemented In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) ("ASU 2016-09"). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) , which amends the principal-versus-agent implementation guidance in ASU 2014-09. The new guidance will impact whether an entity reports revenue on a gross or net basis. The Company is currently evaluating the impact of adopting ASU 2016-08, which is effective for the Company in conjunction with the adoption of ASU 2014-09. In March 2016, the FASB issued ASU No. 2016-07, " Investments—Equity Method and Joint Ventures (Topic 232): Simplifying the Transition to the Equity Method of Accounting." This standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 with updated guidance on accounting for leases and requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet, whereas previous U.S. GAAP did not require lease assets and liabilities to be recognized for most leases. Furthermore, companies are permitted to make an accounting policy election to not recognize lease assets and liabilities for leases with a term of 12 months or less. For both finance leases and operating leases, the lease liability should be initially measured at the present value of the lease payments. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will not significantly change under this new guidance. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-1"), which requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 and interim periods therein. Early adoption is not permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach. In July 2015, the FASB confirmed a deferral of the effective date by one year, with early adoption on the original effective date permitted. As deferred, ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: June 30, 2016 December 31, 2015 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (153,930 ) (152,676 ) Definite-lived intangible assets, net 4,817 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 39,633 $ 40,887 Activity in intangible assets, net is as follows: Six Months Ended June 30, 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 Additions — 2,400 Amortization (1,254 ) (1,674 ) Balance, end of period $ 39,633 $ 42,509

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments Schedule [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored mutual funds. The Company’s investments, excluding the investments of consolidated sponsored investment products and the investments of the consolidated investment product, which are separately discussed in Note 13, at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 ($ in thousands) Marketable securities $ 80,234 $ 41,496 Equity method investments 5,147 9,007 Nonqualified retirement plan assets 5,430 5,310 Other investments 925 925 Total investments $ 91,736 $ 56,738 Marketable Securities The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: June 30, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 69,355 $ (3,146 ) $ 256 $ 66,465 Equity securities 10,217 (356 ) 339 10,200 Available-for-sale: Sponsored closed-end funds 3,476 (221 ) 314 3,569 Total marketable securities $ 83,048 $ (3,723 ) $ 909 $ 80,234 December 31, 2015 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 31,167 $ (2,134 ) $ 298 $ 29,331 Equity securities 9,434 (386 ) 120 9,168 Available-for-sale: Sponsored closed-end funds 3,355 (365 ) 7 2,997 Total marketable securities $ 43,956 $ (2,885 ) $ 425 $ 41,496 For the three months ended June 30, 2016 , the Company recognized a net realized gain of $0.2 million on trading securities and for the six months ended June 30, 2016, the Company recognized a net realized loss of $ 0.2 million on trading securities. For the three and six months ended June 30, 2015 , the Company recognized a net realized gain of $0.5 million and $0.9 million , respectively, on trading securities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 13, as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: June 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 121,552 $ — $ — $ 121,552 Marketable securities trading: Sponsored funds 66,465 — — 66,465 Equity securities 10,200 — — 10,200 Marketable securities available-for-sale: Sponsored closed-end funds 3,569 — — 3,569 Other investments: Nonqualified retirement plan assets 5,430 — — 5,430 Total assets measured at fair value $ 207,216 $ — $ — $ 207,216 December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,772 $ — $ — $ 54,772 Marketable securities trading: Sponsored funds 29,331 — — 29,331 Equity securities 9,168 — — 9,168 Marketable securities available-for-sale: Sponsored closed-end funds 2,997 — — 2,997 Other investments Nonqualified retirement plan assets 5,310 — — 5,310 Total assets measured at fair value $ 101,578 $ — $ — $ 101,578 The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end mutual funds, variable insurance funds and closed-end funds for which the Company acts as the investment manager. The fair value of open-end mutual funds and variable insurance funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Transfers into and out of levels are reflected when (1) significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable, (2) when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or (3) if the book value no longer represents fair value. There were no transfers between levels during the three and six months ended June 30, 2016 and 2015 .

Equity Transactions

Equity Transactions	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity Transactions	Equity Transactions During the six months ended June 30, 2016 and 2015 , the Company repurchased 732,713 and 212,588 common shares, respectively, at a weighted average price of $83.12 and $131.67 per share, respectively, for a total cost, including fees and expenses, of approximately $62.1 million and $28.0 million , respectively. The shares repurchased of 732,713 during the six months ended June 30, 2016 included 556,509 shares repurchased pursuant to a tender offer that was completed in the second quarter of 2016. The shares were repurchased at a price of $82.50 for an aggregate cost of $47.1 million , including fees and expenses related to the tender offer. The shares repurchased under the tender offer were retired by the Company and $47.1 million was recorded as Additional Paid-in-Capital in the Company's condensed consolidated balance sheet. Excluding shares repurchased under the tender offer described above, the Company has repurchased a total of 1,390,348 shares of common stock at a weighted average price of $124.17 per share plus transaction costs for a total cost of $172.7 million under its share repurchase program. At June 30, 2016 , there were 1,309,652 shares of common stock available to repurchase under the Company’s current share repurchase program. The Board of Directors declared cash dividends of $0.45 per share in each of the first two quarters of 2016 and 2015 . Total dividends declared were $7.5 million and $8.1 million for the six months ended June 30, 2016 and 2015 , respectively. Dividends declared in the second quarter of 2016 will be paid on August 12, 2016 to all shareholders of record on July 29, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2016 and 2015 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net gains on securities available-for-sale, net of tax of ($171) 281 — Foreign currency translation adjustments, net of tax of ($348) — 569 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income 281 569 Balance June 30, 2016 $ (184 ) $ — Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net losses on securities available-for-sale, net of tax of $61 (99 ) — Foreign currency translation adjustments, net of tax of $195 — (320 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive loss (99 ) (320 ) Balance June 30, 2015 $ (206 ) $ (455 )

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation The Company has an Amended and Restated Omnibus Incentive and Equity Plan (the “Plan”) under which officers, employees and directors may be granted equity-based awards, including restricted stock units (“RSUs”), stock options and unrestricted shares of common stock. On May 25, 2016, the shareholders of the Company approved an amendment to the Plan which increased the number of shares of common stock available under the Plan by 600,000 , bringing the total number of authorized shares to 2,400,000 . At June 30, 2016 , 767,213 shares of common stock remained available for issuance of the 2,400,000 shares that were reserved for issuance under the Plan. Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs generally have a term of one to three years and may be time-vested or performance-contingent. The fair value of each RSU is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Shares that are issued upon exercise of stock options and vesting of RSUs are newly issued shares from the Plan and are not issued from treasury stock. Stock options generally cliff vest after three years and have a contractual life of 10 years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. Restricted Stock Units RSU activity for the six months ended June 30, 2016 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 191,617 $ 156.66 Granted 149,989 $ 75.22 Forfeited (1,193 ) $ 127.42 Settled (50,773 ) $ 170.75 Outstanding at June 30, 2016 289,640 $ 112.14 For the six months ended June 30, 2016 and 2015 , a total of 17,333 and 35,486 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $1.3 million and $4.8 million for the six months ended June 30, 2016 and 2015 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the six months ended June 30, 2016 , the Company granted 33,244 RSUs which contain performance based metrics in addition to a service condition. The performance metrics are based on the Company’s growth in operating income, as adjusted, relative to peers, over a one -year period and total shareholder return (“TSR”) relative to peers over a three -year period. For the six months ended June 30, 2016 , total stock-based compensation expense included $0.1 million for these performance contingent RSUs. The Company recognized total stock compensation expense of $3.4 million and $6.7 million , respectively, for the three and six months ended June 30, 2016 and $3.4 million and $6.4 million , respectively, for the three and six months ended June 30, 2015 . As of June 30, 2016 , unamortized stock-based compensation expense for unvested RSUs was $17.6 million , with a weighted-average remaining amortization period of 1.8 years. Stock Options Stock option activity for the six months ended June 30, 2016 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (11,417 ) $ 34.97 Forfeited — $ — Outstanding at June 30, 2016 145,219 $ 17.51

Restructuring and Severance

Restructuring and Severance	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Severance	Restructuring and Severance The Company incurred $2.4 million in restructuring and severance costs during the three months ended June 30, 2016. Approximately $2.0 million was related to severance costs, associated with a reduction in headcount, and $0.4 million related to future lease obligations and leasehold improvements for vacated office space. Total unpaid severance and related charges as of June 30, 2016 was $2.1 million .

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted-average number of shares is increased by the dilutive effect of RSUs and common stock options using the treasury stock method. The computation of basic and diluted EPS is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 ($ in thousands, except per share amounts) Net Income $ 8,700 $ 9,012 $ 20,570 $ 28,737 Noncontrolling interests (612 ) 765 (119 ) 382 Net Income Attributable to Common Stockholders $ 8,088 $ 9,777 $ 20,451 $ 29,119 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 8,170 8,889 8,257 8,927 Plus: Incremental shares from assumed conversion of dilutive instruments 144 148 153 167 Diluted: Weighted-average number of shares outstanding 8,314 9,037 8,410 9,094 Earnings per Share—Basic $ 0.99 $ 1.10 $ 2.48 $ 3.26 Earnings per Share—Diluted $ 0.97 $ 1.08 $ 2.43 $ 3.20 For the three and six months ended June 30, 2016, there were 6,159 and 10,195 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, and for the three and six months ended June 30, 2015, there were 0 and 3,043 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, because the effect would be anti-dilutive.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, as compared to those forecasted at the beginning of the fiscal year and each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 39.9% and 39.4% for the six months ended June 30, 2016 and 2015 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is regularly involved in litigation and arbitration as well as examinations, inquiries and investigations by various regulatory bodies, including the Securities and Exchange Commission ("SEC"), involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve but are not limited to the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, Loss Contingencies . The disclosures, accruals or estimates, if any, resulting from the foregoing analysis are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. Based on information currently available, available insurance coverage and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or its consolidated financial condition. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any claim, dispute, regulatory examination or investigation or other legal matter will reflect the ultimate outcome and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. In re Virtus Investment Partners, Inc. Securities Litigation; formerly Tom Cummins v. Virtus Investment Partners Inc. et al On February 20, 2015, a putative class action complaint alleging violations of certain provisions of the federal securities laws was filed by an individual shareholder against the Company and certain of the Company’s current officers (the “defendants”) in the United States District Court for the Southern District of New York (the "Court"). On April 21, 2015, three plaintiffs, including the original plaintiff, filed motions to be appointed lead plaintiff and, on June 9, 2015, the Court appointed Arkansas Teachers Retirement System lead plaintiff. On August 21, 2015, plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint, which was purportedly filed on behalf of all purchasers of the Company’s common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that, during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds formerly subadvised by F-Squared Investments Inc. ("F-Squared"). The Consolidated Complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5. The plaintiff seeks to recover unspecified damages. A motion to dismiss the Consolidated Complaint was filed on behalf of the Company and the other defendants on October 21, 2015. On July 1, 2016, the Court entered an opinion and order granting in part, and denying in part, the motion to dismiss, narrowing Plaintiff's claims under Sections 10(b) and 20(a) of the Exchange Act and dismissing one of the defendants from the suit. The remaining defendants' Answer to the Consolidated Complaint was filed on August 5, 2016. The Company believes that the suit is without merit and intends to defend it vigorously. The Company believes that there is not a material loss that is probable and reasonably estimable related to this claim. Mark Youngers v. Virtus Investment Partners, Inc. et al On May 8, 2015, a putative class action complaint alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California (the "District Court") by an individual who alleges he is a former shareholder of one of the Virtus mutual funds formerly subadvised by F-Squared and formerly known as the AlphaSector Funds. The complaint alleges claims against the Company, certain of the Company’s officers and affiliates, and certain other parties (the “defendants”). The complaint was purportedly filed on behalf of purchasers of the AlphaSector Funds between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”). The complaint alleges that, during the Class Period, the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On June 7, 2015, a group of three individuals, including the original plaintiff, filed a motion to be appointed lead plaintiff and on July 27, 2015, the District Court appointed movants as lead plaintiff. On October 1, 2015, plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of Virtus Opportunities Trust. On October 19, 2015, the District Court entered an order transferring the action to the Southern District of New York (the "Court"). On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. On July 1, 2016, the Court entered an opinion and order granting in part, and denying in part, the motion to dismiss. The Court dismissed four causes of action entirely and a fifth cause of action with respect to a portion of the Class Period. The Court also dismissed all claims against ten defendants named in the Complaint. The Court held that Plaintiff's may pursue certain securities claims under Sections 10(b) and 20(a) of the Exchange Act and Section 12 of the Securities Act of 1933. The Answer to the Second Amended Complaint was filed on August 5, 2016. The defendants intend to file a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on or before August 26, 2016. Oral argument on the motion is scheduled for October 7, 2016. The Company believes that the suit has no basis in law or fact and intends to defend it vigorously. The Company believes that there is not a material loss that is probable and reasonably estimable related to this claim.

Consolidation

Consolidation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation Consolidated Sponsored Investment Products As of June 30, 2016 and December 31, 2015 , the Company consolidated 18 and 12 sponsored investment products, respectively. During the six months ended June 30, 2016 , the Company consolidated 11 additional sponsored investment products and deconsolidated five sponsored investment products in which it no longer held a majority voting interest. Consolidated sponsored investment products that are voting interest entities ("VOEs") are funds in which the Company has a controlling financial interest. Consolidated sponsored investment products are typically consolidated when the Company makes an initial investment in a newly launched fund as the Company typically owns a majority of the voting interest and are deconsolidated when the Company redeems its investment or its voting interests decrease to a minority percentage. The consolidated sponsored investment product is a global fund that is considered a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company determined that it is the primary beneficiary of the VIE as the Company has the power to direct the activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses, or the rights to receive benefits from, the VIE that could potentially be significant to the VIE. As of June 30, 2016 , the Company consolidated one sponsored investment product that was a VIE. The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 December 31, 2015 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 1,209 $ 891 $ 11,408 $ 458 Total investments 91,669 38,727 291,247 32,088 All other assets 2,244 350 8,281 268 Total liabilities (2,753 ) (320 ) (14,948 ) (439 ) Redeemable noncontrolling interests (7,825 ) (19,320 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 84,544 $ 20,328 $ 234,752 $ 19,747 Fair Value Measurements The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of June 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 94,996 $ 89 $ 95,085 Equity securities 26,931 8,380 — 35,311 Derivatives — — — — Total Assets Measured at Fair Value $ 26,931 $ 103,376 $ 89 $ 130,396 Liabilities Derivatives $ — $ 136 $ — $ 136 Short sales 715 — — 715 Total Liabilities Measured at Fair Value $ 715 $ 136 $ — $ 851 As of December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 151,156 $ 1,397 $ 152,553 Equity securities 162,986 7,796 — 170,782 Derivatives 33 738 — 771 Total Assets Measured at Fair Value $ 163,019 $ 159,690 $ 1,397 $ 324,106 Liabilities Derivatives $ 128 $ 844 $ — $ 972 Short sales 5,334 75 — 5,409 Total Liabilities Measured at Fair Value $ 5,462 $ 919 $ — $ 6,381 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated sponsored investment products measured at fair value. Investments of consolidated sponsored investment products represent the underlying debt, equity and other securities held in sponsored products which are consolidated by the Company. Equity securities are valued at the official closing price on the exchange on which the securities are traded and are categorized within Level 1. Level 2 investments include most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and certain equity securities, including non-US securities, for which closing prices are not readily available or are deemed to not reflect readily available market prices and are valued using an independent pricing service. Pricing services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. Level 3 investments include debt securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Six Months Ended June 30, ($ in thousands) 2016 2015 Level 3 Debt securities (a) Balance at beginning of period $ 1,397 $ 1,065 Realized losses, net (356 ) — Purchases 151 — Paydowns (5 ) (3 ) Sales (1,449 ) — Transferred to Level 2 — (162 ) Transfers from Level 2 1 — Change in unrealized gain, net 350 (48 ) Balance at end of period $ 89 $ 852 (a) None of the securities reflected in the table were internally fair valued at June 30, 2016 or June 30, 2015 . The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. For the six months ended June 30, 2016 and 2015 , securities held by consolidated sponsored investment products with an end of period value of $0.1 million and $14.6 million , respectively, were transferred from Level 2 to Level 1 because certain non-U.S. securities quoted market prices were no longer adjusted based on third-party factors derived from model-based valuation techniques for which the significant assumptions were observable in the market. For the six months ended June 30, 2016 and 2015 , securities held by consolidated sponsored investment products with an end of period value of $4.1 million and $0.0 million , respectively, were transferred from Level 1 to Level 2 because certain non-U.S. securities quoted market prices were adjusted based on third-party factors derived from model-based valuation techniques for which the significant assumptions were observable in the market. Derivatives The Company has certain consolidated sponsored investment products which include derivative instruments as part of their investment strategies. These derivatives may include futures contracts, options contracts and forward contracts. Derivative instruments in an asset position are classified as other assets of consolidated sponsored investment products in the Condensed Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of consolidated sponsored investment products within the Condensed Consolidated Balance Sheets. The change in fair value of such derivatives is recorded in realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net, in the Condensed Consolidated Statements of Operations. In connection with entering into these derivative contracts, these funds may be required to pledge to the broker an amount of cash equal to the “initial margin” requirements that varies based on the type of derivative. The cash pledged or on deposit is recorded in the Condensed Consolidated Balance Sheets of the Company as cash pledged or on deposit of consolidated sponsored investment products. The fair value of such derivatives at June 30, 2016 and 2015 was immaterial. Short Sales Some of the Company’s consolidated sponsored investment products may engage in short sales, which are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products. Consolidated Investment Product During 2015, the Company contributed $40.0 million in the form of preference shares to a special purpose entity ("SPE") that was created specifically to accumulate bank loan assets for securitization as a CLO to be managed by its Newfleet affiliate. During the warehouse phase of the CLO, the SPE entered into a $160.0 million three -year term financing transaction with a bank lending counterparty (the “Financing Facility”). At December 31, 2015, $152.6 million was outstanding under the Financing Facility. The warehouse debt was paid off in June 2016 in connection with the launch of the Newfleet CLO 2016-1 (the "CLO") discussed below. On June 9, 2016, the SPE issued the CLO with a par value of $356.3 million consisting of six classes of senior secured floating rate notes loans with a par value of $320.0 million and subordinated notes with a par value of $36.3 million . Upon the launch of the CLO, the warehousing debt was repaid by the SPE and the Company redeemed its preference shares while simultaneously making a $36.3 million investment in the CLO's subordinated notes at par. Bank loan investments of $344.9 million , which comprise the majority of the CLO portfolio collateral, are senior secured corporate loans from a variety of industries. Bank loan investments mature at various dates between 2018 and 2023, pay interest at LIBOR plus a spread of up to 7.5% , and typically range in S&P credit rating categories from BBB to CCC+. At June 30, 2016, the unpaid principal balance exceeded the fair value of the senior bank loans by approximately $3.8 million . No collateral assets were in default as of June 30, 2016. The CLO has note obligations that bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 1.0% to 8.75% . The principal amounts outstanding of the note obligations issued by the CLO mature in April 2028. The CLO may elect to reinvest any prepayments received on bank loan investments prior to April 2020. Any subsequent prepayments received must be used to pay down the note obligations. The CLO is a VIE and the Company consolidates the CLO's assets and liabilities as a consolidated investment product within its financial statements as it is the primary beneficiary of the VIE. The Company has determined that the Company is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses, or the rights to receive benefits from, the VIE that could potentially be significant to the VIE. As discussed in Note 2, the Company adopted ASU 2014-13 effective January 1, 2016. This guidance requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. The Company has determined that the fair value of the financial assets of the CFE is more observable than the fair value of the financial liabilities of the CFE. The Company has elected the measurement alternative for its consolidated investment product, and the Company's subsequent earnings from the consolidated investment product will reflect changes in value of the Company's own economic interest in the consolidated investment product. The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 December 31, 2015 ($ in thousands) Total cash equivalents $ 91,044 $ 8,297 Total investments 344,886 199,485 Other assets 6,078 1,467 Debt — (152,597 ) Notes payable (319,716 ) — Securities purchased payable and other liabilities (94,790 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 27,502 $ 38,165 Fair Value Measurements of Consolidated Investment Product The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of June 30, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 91,044 $ — $ — $ 91,044 Bank loans — 344,886 — 344,886 Total Assets Measured at Fair Value $ 91,044 $ 344,886 $ — $ 435,930 Liabilities Notes payable $ — $ 319,716 $ — $ 319,716 Total Liabilities Measured at Fair Value $ — $ 319,716 $ — $ 319,716 As of December 31, 2015 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 8,297 $ — $ — $ 8,297 Bank loans — 199,485 — 199,485 Total Assets Measured at Fair Value $ 8,297 $ 199,485 $ — $ 207,782 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment product measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Bank loans represent the underlying debt securities held in the sponsored product which are consolidated by the Company. Bank loan investments include debt securities, which are valued based on quotations received from an independent pricing service. Pricing services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. Notes payable represents notes issued by the CLO and are measured using the measurement alternative in ASU 2014-13. The estimated fair value of debt at December 31, 2015 , which had a variable interest rate, approximated its carrying value. The securities purchase payable at June 30, 2016 and December 31, 2015 approximated fair value due to the short-term nature of the instruments. Consolidating Financial Data The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 155,532 $ 1,209 $ 891 $ 91,044 $ — $ 248,676 Total investments 223,994 91,669 38,727 344,886 (132,258 ) 567,018 All other assets 150,860 2,245 350 6,077 (223 ) 159,309 Total assets $ 530,386 $ 95,123 $ 39,968 $ 442,007 $ (132,481 ) $ 975,003 Total liabilities $ 64,280 $ 2,814 $ 374 $ 442,007 $ (27,723 ) $ 481,752 Redeemable noncontrolling interest — — — — 27,145 27,145 Equity attributable to stockholders of the Company 466,273 92,309 39,594 — (131,903 ) 466,273 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 530,386 $ 95,123 $ 39,968 $ 442,007 $ (132,481 ) $ 975,003 As of December 31, 2015 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 87,574 $ 11,408 $ 458 $ 8,297 $ — $ 107,737 Total investments 349,147 291,247 32,088 199,485 (292,409 ) 579,558 All other assets 162,673 8,281 268 1,467 (255 ) 172,434 Total assets $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 Total liabilities $ 89,937 $ 15,181 $ 461 $ 171,084 $ (255 ) $ 276,408 Redeemable noncontrolling interest — — — — 73,864 73,864 Equity attributable to stockholders of the Company 509,624 295,755 32,353 38,165 (366,273 ) 509,624 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest. The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2016 and 2015 : For the Three Months Ended June 30, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 80,058 $ — $ — $ — $ 27 $ 80,085 Total operating expenses 66,723 556 89 3,947 27 71,342 Operating income (loss) 13,335 (556 ) (89 ) (3,947 ) — 8,743 Total other non-operating income, net 840 3,947 845 3,947 (3,535 ) 6,044 Income before income taxes 14,175 3,391 756 — (3,535 ) 14,787 Income taxes 6,087 — — — — 6,087 Net income 8,088 3,391 756 — (3,535 ) 8,700 Noncontrolling interests — — — — (612 ) (612 ) Net income attributable to common stockholders $ 8,088 $ 3,391 $ 756 $ — $ (4,147 ) $ 8,088 For the Three Months Ended June 30, 2015 Balance Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 100,052 $ — $ — $ — $ (396 ) $ 99,656 Total operating expenses 82,491 43 1,310 — (396 ) 83,448 Operating income (loss) 17,561 (43 ) (1,310 ) — — 16,208 Total other non-operating income, net (127 ) 101 (245 ) — 898 627 Income (loss) before income taxes 17,434 58 (1,555 ) — 898 16,835 Income taxes 7,823 — — — — 7,823 Net income (loss) 9,611 58 (1,555 ) — 898 9,012 Noncontrolling interests 166 — — — 599 765 Net income (loss) attributable to common stockholders $ 9,777 $ 58 $ (1,555 ) $ — $ 1,497 $ 9,777 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest. For the Six Months Ended June 30, 2016 Balance Before Consolidated Sponsored Investment Product-VIE Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 160,562 $ — $ — $ — $ (182 ) $ 160,380 Total operating expenses 133,080 1,822 164 4,003 (182 ) 138,887 Operating income (loss) 27,482 (1,822 ) (164 ) (4,003 ) — 21,493 Total other non-operating income, net 6,612 6,678 1,370 6,508 (8,448 ) 12,720 Income before income taxes 34,094 4,856 1,206 2,505 (8,448 ) 34,213 Income taxes 13,643 — — — — 13,643 Net income 20,451 4,856 1,206 2,505 (8,448 ) 20,570 Noncontrolling interests — — — — (119 ) (119 ) Net income attributable to common stockholders $ 20,451 $ 4,856 $ 1,206 $ 2,505 $ (8,567 ) $ 20,451 For the Six Months Ended June 30, 2015 Balance Before Consolidated Sponsored Investment Product-VIE Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 204,284 $ — $ — $ — $ (797 ) $ 203,487 Total operating expenses 160,962 80 2,492 — (797 ) 162,737 Operating income (loss) 43,322 (80 ) (2,492 ) — — 40,750 Total other non-operating income, net 4,288 363 4,407 — (2,380 ) 6,678 Income before income taxes 47,610 283 1,915 — (2,380 ) 47,428 Income taxes 18,691 — — — — 18,691 Net income 28,919 283 1,915 — (2,380 ) 28,737 Noncontrolling interests 200 — — — 182 382 Net income attributable to common stockholders $ 29,119 $ 283 $ 1,915 $ — $ (2,198 ) $ 29,119 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest. Nonconsolidated VIEs The Company has interests in certain entities that are VIEs that the Company does not consolidate as it is not the primary beneficiary of those entities. The Company is not the primary beneficiary as its interest in the entities does not provide the Company with the power to direct the activities that most significantly impact the entities economic performance. At June 30, 2016 , the carrying value and maximum risk of loss related to these VIEs was $ 6.1 million . Certain of the Company’s affiliates serve as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, “CDOs”). The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership in, nor holds any notes issued by, the CDOs and provides neither recourse nor guarantees. Accordingly, the Company’s financial exposure to these CDOs is limited only to the collateral investment management fees it earns which the Company has concluded are "at-market" fees. These CDOs are not consolidated as the Company does not have a variable interest in these CDOs.

Basis of Presentation and Sig23

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entity [Line Items]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016
Consolidation	The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary or investment product. The Company evaluates any variable interest entities (“VIEs”) in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If any entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company's investment products that are consolidated are referred to as consolidated sponsored investment products or the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the economic interests. The consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has a beneficial interest. The consolidation and deconsolidation of these investment products have no impact on net income attributable to stockholders. The Company’s risk with respect to these investments is limited to its investment in these products and any investment management fees it earns. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products. The Company does not consider cash and investments held by the investment products it consolidates to be assets of the Company other than its direct investment in these products. See Note 13 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated.
Consolidation, Variable Interest Entities	The Company evaluates any variable interest entities (“VIEs”) in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If any entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company's investment products that are consolidated are referred to as consolidated sponsored investment products or the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the economic interests. The consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has a beneficial interest. The consolidation and deconsolidation of these investment products have no impact on net income attributable to stockholders. The Company’s risk with respect to these investments is limited to its investment in these products and any investment management fees it earns. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products. The Company does not consider cash and investments held by the investment products it consolidates to be assets of the Company other than its direct investment in these products. See Note 13 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated.
New Accounting Standards	New Accounting Standards Implemented The Company adopted Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02") on January 1, 2016. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain entities. Certain unconsolidated entities that had been classified as VOEs under previous consolidation guidance are now classified as VIEs under ASU 2015-02. As such, disclosure for VIEs is included in Note 13 to the condensed consolidated financial statements. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. The Company adopted ASU No. 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”) ("ASU 2014-13") on January 1, 2016. This new standard requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. It permits entities to make an accounting policy election to apply this same measurement approach after initial consolidation or to apply other GAAP to account for the consolidated CFE’s financial assets and financial liabilities. It also prohibits all entities from electing to use the fair value option in ASC 825, Financial Instruments , to measure either the financial assets or financial liabilities of a consolidated CFE that is within the scope of this issue. The Company has elected the measurement alternative for its consolidated investment product. The Company's subsequent earnings from the consolidated investment product will reflect changes in value of the Company's own economic interest in the consolidated investment product. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. The Company adopted ASU No. 2015-16 “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” ("ASU 2015-16") on January 1, 2016. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the financial statements of the period in which adjustments to provisional amounts are determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. The Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-3") on January 1, 2016, which changes the presentation of debt issuance costs in the balance sheet. This new standard requires that debt issuance costs be presented as a deduction from the carrying amount of the related debt rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. In August 2015, the FASB issued ASU 2015-15 to amend ASU 2015-03 to address line-of-credit agreements. ASU 2015-15 allows entities to present debt issuance costs related to line-of-credit agreements as an asset and amortize deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. New Accounting Standards Not Yet Implemented In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) ("ASU 2016-09"). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) , which amends the principal-versus-agent implementation guidance in ASU 2014-09. The new guidance will impact whether an entity reports revenue on a gross or net basis. The Company is currently evaluating the impact of adopting ASU 2016-08, which is effective for the Company in conjunction with the adoption of ASU 2014-09. In March 2016, the FASB issued ASU No. 2016-07, " Investments—Equity Method and Joint Ventures (Topic 232): Simplifying the Transition to the Equity Method of Accounting." This standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 with updated guidance on accounting for leases and requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet, whereas previous U.S. GAAP did not require lease assets and liabilities to be recognized for most leases. Furthermore, companies are permitted to make an accounting policy election to not recognize lease assets and liabilities for leases with a term of 12 months or less. For both finance leases and operating leases, the lease liability should be initially measured at the present value of the lease payments. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will not significantly change under this new guidance. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-1"), which requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 and interim periods therein. Early adoption is not permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach. In July 2015, the FASB confirmed a deferral of the effective date by one year, with early adoption on the original effective date permitted. As deferred, ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements.
Fair Value Measurements	The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end mutual funds, variable insurance funds and closed-end funds for which the Company acts as the investment manager. The fair value of open-end mutual funds and variable insurance funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when (1) significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable, (2) when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or (3) if the book value no longer represents fair value.
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair Value Measurements	Investments of consolidated sponsored investment products represent the underlying debt, equity and other securities held in sponsored products which are consolidated by the Company. Equity securities are valued at the official closing price on the exchange on which the securities are traded and are categorized within Level 1. Level 2 investments include most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and certain equity securities, including non-US securities, for which closing prices are not readily available or are deemed to not reflect readily available market prices and are valued using an independent pricing service. Pricing services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. Level 3 investments include debt securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security.
Derivatives	The Company has certain consolidated sponsored investment products which include derivative instruments as part of their investment strategies. These derivatives may include futures contracts, options contracts and forward contracts. Derivative instruments in an asset position are classified as other assets of consolidated sponsored investment products in the Condensed Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of consolidated sponsored investment products within the Condensed Consolidated Balance Sheets. The change in fair value of such derivatives is recorded in realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net, in the Condensed Consolidated Statements of Operations. In connection with entering into these derivative contracts, these funds may be required to pledge to the broker an amount of cash equal to the “initial margin” requirements that varies based on the type of derivative. The cash pledged or on deposit is recorded in the Condensed Consolidated Balance Sheets of the Company as cash pledged or on deposit of consolidated sponsored investment products.
Short Sales	Some of the Company’s consolidated sponsored investment products may engage in short sales, which are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products.
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Fair Value Measurements	Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Bank loans represent the underlying debt securities held in the sponsored product which are consolidated by the Company. Bank loan investments include debt securities, which are valued based on quotations received from an independent pricing service. Pricing services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: June 30, 2016 December 31, 2015 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (153,930 ) (152,676 ) Definite-lived intangible assets, net 4,817 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 39,633 $ 40,887
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Six Months Ended June 30, 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 Additions — 2,400 Amortization (1,254 ) (1,674 ) Balance, end of period $ 39,633 $ 42,509

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Investments Schedule [Abstract]
Summary of Investments	The Company’s investments, excluding the investments of consolidated sponsored investment products and the investments of the consolidated investment product, which are separately discussed in Note 13, at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 ($ in thousands) Marketable securities $ 80,234 $ 41,496 Equity method investments 5,147 9,007 Nonqualified retirement plan assets 5,430 5,310 Other investments 925 925 Total investments $ 91,736 $ 56,738
Schedule of Marketable Securities	The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: June 30, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 69,355 $ (3,146 ) $ 256 $ 66,465 Equity securities 10,217 (356 ) 339 10,200 Available-for-sale: Sponsored closed-end funds 3,476 (221 ) 314 3,569 Total marketable securities $ 83,048 $ (3,723 ) $ 909 $ 80,234 December 31, 2015 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 31,167 $ (2,134 ) $ 298 $ 29,331 Equity securities 9,434 (386 ) 120 9,168 Available-for-sale: Sponsored closed-end funds 3,355 (365 ) 7 2,997 Total marketable securities $ 43,956 $ (2,885 ) $ 425 $ 41,496

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 13, as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: June 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 121,552 $ — $ — $ 121,552 Marketable securities trading: Sponsored funds 66,465 — — 66,465 Equity securities 10,200 — — 10,200 Marketable securities available-for-sale: Sponsored closed-end funds 3,569 — — 3,569 Other investments: Nonqualified retirement plan assets 5,430 — — 5,430 Total assets measured at fair value $ 207,216 $ — $ — $ 207,216 December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,772 $ — $ — $ 54,772 Marketable securities trading: Sponsored funds 29,331 — — 29,331 Equity securities 9,168 — — 9,168 Marketable securities available-for-sale: Sponsored closed-end funds 2,997 — — 2,997 Other investments Nonqualified retirement plan assets 5,310 — — 5,310 Total assets measured at fair value $ 101,578 $ — $ — $ 101,578

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2016 and 2015 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net gains on securities available-for-sale, net of tax of ($171) 281 — Foreign currency translation adjustments, net of tax of ($348) — 569 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income 281 569 Balance June 30, 2016 $ (184 ) $ — Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net losses on securities available-for-sale, net of tax of $61 (99 ) — Foreign currency translation adjustments, net of tax of $195 — (320 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive loss (99 ) (320 ) Balance June 30, 2015 $ (206 ) $ (455 )

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Units Activity	RSU activity for the six months ended June 30, 2016 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 191,617 $ 156.66 Granted 149,989 $ 75.22 Forfeited (1,193 ) $ 127.42 Settled (50,773 ) $ 170.75 Outstanding at June 30, 2016 289,640 $ 112.14
Summary of Stock Option Activity	Stock option activity for the six months ended June 30, 2016 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (11,417 ) $ 34.97 Forfeited — $ — Outstanding at June 30, 2016 145,219 $ 17.51

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The computation of basic and diluted EPS is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 ($ in thousands, except per share amounts) Net Income $ 8,700 $ 9,012 $ 20,570 $ 28,737 Noncontrolling interests (612 ) 765 (119 ) 382 Net Income Attributable to Common Stockholders $ 8,088 $ 9,777 $ 20,451 $ 29,119 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 8,170 8,889 8,257 8,927 Plus: Incremental shares from assumed conversion of dilutive instruments 144 148 153 167 Diluted: Weighted-average number of shares outstanding 8,314 9,037 8,410 9,094 Earnings per Share—Basic $ 0.99 $ 1.10 $ 2.48 $ 3.26 Earnings per Share—Diluted $ 0.97 $ 1.08 $ 2.43 $ 3.20

Consolidation (Tables)

Consolidation (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 155,532 $ 1,209 $ 891 $ 91,044 $ — $ 248,676 Total investments 223,994 91,669 38,727 344,886 (132,258 ) 567,018 All other assets 150,860 2,245 350 6,077 (223 ) 159,309 Total assets $ 530,386 $ 95,123 $ 39,968 $ 442,007 $ (132,481 ) $ 975,003 Total liabilities $ 64,280 $ 2,814 $ 374 $ 442,007 $ (27,723 ) $ 481,752 Redeemable noncontrolling interest — — — — 27,145 27,145 Equity attributable to stockholders of the Company 466,273 92,309 39,594 — (131,903 ) 466,273 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 530,386 $ 95,123 $ 39,968 $ 442,007 $ (132,481 ) $ 975,003 As of December 31, 2015 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 87,574 $ 11,408 $ 458 $ 8,297 $ — $ 107,737 Total investments 349,147 291,247 32,088 199,485 (292,409 ) 579,558 All other assets 162,673 8,281 268 1,467 (255 ) 172,434 Total assets $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 Total liabilities $ 89,937 $ 15,181 $ 461 $ 171,084 $ (255 ) $ 276,408 Redeemable noncontrolling interest — — — — 73,864 73,864 Equity attributable to stockholders of the Company 509,624 295,755 32,353 38,165 (366,273 ) 509,624 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest.
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 13, as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: June 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 121,552 $ — $ — $ 121,552 Marketable securities trading: Sponsored funds 66,465 — — 66,465 Equity securities 10,200 — — 10,200 Marketable securities available-for-sale: Sponsored closed-end funds 3,569 — — 3,569 Other investments: Nonqualified retirement plan assets 5,430 — — 5,430 Total assets measured at fair value $ 207,216 $ — $ — $ 207,216 December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,772 $ — $ — $ 54,772 Marketable securities trading: Sponsored funds 29,331 — — 29,331 Equity securities 9,168 — — 9,168 Marketable securities available-for-sale: Sponsored closed-end funds 2,997 — — 2,997 Other investments Nonqualified retirement plan assets 5,310 — — 5,310 Total assets measured at fair value $ 101,578 $ — $ — $ 101,578
Condensed Consolidated Statements of Operations	The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2016 and 2015 : For the Three Months Ended June 30, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 80,058 $ — $ — $ — $ 27 $ 80,085 Total operating expenses 66,723 556 89 3,947 27 71,342 Operating income (loss) 13,335 (556 ) (89 ) (3,947 ) — 8,743 Total other non-operating income, net 840 3,947 845 3,947 (3,535 ) 6,044 Income before income taxes 14,175 3,391 756 — (3,535 ) 14,787 Income taxes 6,087 — — — — 6,087 Net income 8,088 3,391 756 — (3,535 ) 8,700 Noncontrolling interests — — — — (612 ) (612 ) Net income attributable to common stockholders $ 8,088 $ 3,391 $ 756 $ — $ (4,147 ) $ 8,088 For the Three Months Ended June 30, 2015 Balance Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 100,052 $ — $ — $ — $ (396 ) $ 99,656 Total operating expenses 82,491 43 1,310 — (396 ) 83,448 Operating income (loss) 17,561 (43 ) (1,310 ) — — 16,208 Total other non-operating income, net (127 ) 101 (245 ) — 898 627 Income (loss) before income taxes 17,434 58 (1,555 ) — 898 16,835 Income taxes 7,823 — — — — 7,823 Net income (loss) 9,611 58 (1,555 ) — 898 9,012 Noncontrolling interests 166 — — — 599 765 Net income (loss) attributable to common stockholders $ 9,777 $ 58 $ (1,555 ) $ — $ 1,497 $ 9,777 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest. For the Six Months Ended June 30, 2016 Balance Before Consolidated Sponsored Investment Product-VIE Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 160,562 $ — $ — $ — $ (182 ) $ 160,380 Total operating expenses 133,080 1,822 164 4,003 (182 ) 138,887 Operating income (loss) 27,482 (1,822 ) (164 ) (4,003 ) — 21,493 Total other non-operating income, net 6,612 6,678 1,370 6,508 (8,448 ) 12,720 Income before income taxes 34,094 4,856 1,206 2,505 (8,448 ) 34,213 Income taxes 13,643 — — — — 13,643 Net income 20,451 4,856 1,206 2,505 (8,448 ) 20,570 Noncontrolling interests — — — — (119 ) (119 ) Net income attributable to common stockholders $ 20,451 $ 4,856 $ 1,206 $ 2,505 $ (8,567 ) $ 20,451 For the Six Months Ended June 30, 2015 Balance Before Consolidated Sponsored Investment Product-VIE Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 204,284 $ — $ — $ — $ (797 ) $ 203,487 Total operating expenses 160,962 80 2,492 — (797 ) 162,737 Operating income (loss) 43,322 (80 ) (2,492 ) — — 40,750 Total other non-operating income, net 4,288 363 4,407 — (2,380 ) 6,678 Income before income taxes 47,610 283 1,915 — (2,380 ) 47,428 Income taxes 18,691 — — — — 18,691 Net income 28,919 283 1,915 — (2,380 ) 28,737 Noncontrolling interests 200 — — — 182 382 Net income attributable to common stockholders $ 29,119 $ 283 $ 1,915 $ — $ (2,198 ) $ 29,119 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, consisting primarily of the elimination of the Company's investments held in the consolidated sponsored investment product or consolidated investment product and the recording of any noncontrolling interest.
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 December 31, 2015 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 1,209 $ 891 $ 11,408 $ 458 Total investments 91,669 38,727 291,247 32,088 All other assets 2,244 350 8,281 268 Total liabilities (2,753 ) (320 ) (14,948 ) (439 ) Redeemable noncontrolling interests (7,825 ) (19,320 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 84,544 $ 20,328 $ 234,752 $ 19,747
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of June 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 94,996 $ 89 $ 95,085 Equity securities 26,931 8,380 — 35,311 Derivatives — — — — Total Assets Measured at Fair Value $ 26,931 $ 103,376 $ 89 $ 130,396 Liabilities Derivatives $ — $ 136 $ — $ 136 Short sales 715 — — 715 Total Liabilities Measured at Fair Value $ 715 $ 136 $ — $ 851 As of December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 151,156 $ 1,397 $ 152,553 Equity securities 162,986 7,796 — 170,782 Derivatives 33 738 — 771 Total Assets Measured at Fair Value $ 163,019 $ 159,690 $ 1,397 $ 324,106 Liabilities Derivatives $ 128 $ 844 $ — $ 972 Short sales 5,334 75 — 5,409 Total Liabilities Measured at Fair Value $ 5,462 $ 919 $ — $ 6,381
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Six Months Ended June 30, ($ in thousands) 2016 2015 Level 3 Debt securities (a) Balance at beginning of period $ 1,397 $ 1,065 Realized losses, net (356 ) — Purchases 151 — Paydowns (5 ) (3 ) Sales (1,449 ) — Transferred to Level 2 — (162 ) Transfers from Level 2 1 — Change in unrealized gain, net 350 (48 ) Balance at end of period $ 89 $ 852 (a) None of the securities reflected in the table were internally fair valued at June 30, 2016 or June 30, 2015 . The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs.
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 December 31, 2015 ($ in thousands) Total cash equivalents $ 91,044 $ 8,297 Total investments 344,886 199,485 Other assets 6,078 1,467 Debt — (152,597 ) Notes payable (319,716 ) — Securities purchased payable and other liabilities (94,790 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 27,502 $ 38,165
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of June 30, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 91,044 $ — $ — $ 91,044 Bank loans — 344,886 — 344,886 Total Assets Measured at Fair Value $ 91,044 $ 344,886 $ — $ 435,930 Liabilities Notes payable $ — $ 319,716 $ — $ 319,716 Total Liabilities Measured at Fair Value $ — $ 319,716 $ — $ 319,716 As of December 31, 2015 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 8,297 $ — $ — $ 8,297 Bank loans — 199,485 — 199,485 Total Assets Measured at Fair Value $ 8,297 $ 199,485 $ — $ 207,782

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Definite-lived intangible assets:
Investment contracts	$ 158,747	$ 158,747
Accumulated amortization	(153,930)	(152,676)
Definite-lived intangible assets, net	4,817	6,071
Indefinite-lived intangible assets	34,816	34,816
Total intangible assets, net	$ 39,633	$ 40,887	$ 42,509	$ 41,783

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Intangible assets, net
Balance, beginning of period	$ 40,887	$ 41,783
Additions	0	2,400
Amortization	(1,254)	(1,674)
Balance, end of period	$ 39,633	$ 42,509

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investment [Line Items]
Marketable securities	$ 80,234	$ 41,496
Total investments	567,018	579,558
Parent [Member]
Investment [Line Items]
Marketable securities	80,234	41,496
Equity method investments	5,147	9,007
Nonqualified retirement plan assets	5,430	5,310
Other investments	925	925
Total investments	$ 91,736	$ 56,738

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Available-for-sale:
Cost	$ 83,048	$ 43,956
Unrealized Loss	(3,723)	(2,885)
Unrealized Gain	909	425
Fair Value	80,234	41,496
Sponsored Funds [Member]
Trading:
Cost	69,355	31,167
Unrealized Loss	(3,146)	(2,134)
Unrealized Gain	256	298
Fair Value	66,465	29,331
Equity Securities [Member]
Trading:
Cost	10,217	9,434
Unrealized Loss	(356)	(386)
Unrealized Gain	339	120
Fair Value	10,200	9,168
Sponsored Closed-End Funds [Member]
Available-for-sale:
Cost	3,476	3,355
Unrealized Loss	(221)	(365)
Unrealized Gain	314	7
Fair Value	$ 3,569	$ 2,997

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investments Schedule [Abstract]
Realized gain (loss) on trading securities	$ 0.2	$ 0.5	$ (0.2)	$ 0.9

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 121,552	$ 54,772
Total assets measured at fair value	207,216	101,578
Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	66,465	29,331
Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	10,200	9,168
Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,569	2,997
Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	5,430	5,310
Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	121,552	54,772
Total assets measured at fair value	207,216	101,578
Level 1 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	66,465	29,331
Level 1 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	10,200	9,168
Level 1 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,569	2,997
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	5,430	5,310
Level 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 2 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 2 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 2 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	0	0
Level 2 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	0	0
Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 3 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 3 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	0	0
Level 3 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value, equity, Level 1 to Level 2 transfers, amount	$ 0	$ 0

Equity Transactions - Additiona

Equity Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		67 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)					732,713	212,588
Weighted average purchase price per share (in $ per share)					$ 83.12	$ 131.67
Total cost of treasury shares acquired					$ 62,100	$ 28,000
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.90	$ 0.9
Total cash dividends					$ 7,452	$ 8,143
Repurchase Plan, Tender Offer [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)					556,509
Weighted average purchase price per share (in $ per share)					$ 82.50
Total cost of treasury shares acquired					$ 47,100
Repurchase Plan, Excluding Tender Offer [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)							1,390,348
Weighted average purchase price per share (in $ per share)							$ 124.17
Total cost of treasury shares acquired							$ 172,700
Common stock available to repurchase (in shares)	1,309,652				1,309,652		1,309,652
Additional Paid-in Capital [Member]
Equity, Class of Treasury Stock [Line Items]
Total cash dividends					$ 7,452	$ 8,143
Additional Paid-in Capital [Member] | Repurchase Plan, Tender Offer [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased and retired					$ 47,100

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 509,457	$ 563,352
Other comprehensive income (loss)	$ 591	$ (152)	850	(419)
Ending Balance	466,106	558,973	466,106	558,973
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(465)	(107)
Other comprehensive income (loss), before reclassifications			281	(99)
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive income (loss)			281	(99)
Ending Balance	(184)	(206)	(184)	(206)
Other comprehensive income (loss), before reclassifications, tax			(171)	61
Foreign Currency Translation Adjustments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(569)	(135)
Other comprehensive income (loss), before reclassifications			569	(320)
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive income (loss)			569	(320)
Ending Balance	$ 0	$ (455)	0	(455)
Other comprehensive income (loss), before reclassifications, tax			$ (348)	$ 195

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	May 16, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares of common stock authorized, available for issuance (in shares)	600,000
Shares of common stock reserved for issuance (in shares)		2,400,000		2,400,000
Shares of common stock available for issuance (in shares)		767,213		767,213
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)				17,333	35,486
Cash used for employee withholding tax payments				$ 1.3	$ 4.8
Unamortized stock-based compensation expense		$ 17.6		$ 17.6
Weighted-average remaining amortization period				1 year 9 months 18 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life				10 years
Vesting period				3 years
Stock-based compensation expense		$ 3.4	$ 3.4	$ 6.7	$ 6.4
Restricted Stock Units (RSUs), Performance-Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company granted performance contingent RSU (in shares)				33,244
Measurement period for growth in operating income				1 year
Measurement period for total shareholder return				3 years
Stock-based compensation expense				$ 0.1
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life				1 year
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life				3 years

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance | shares	191,617
Number of shares, Granted | shares	149,989
Number of shares, Forfeited | shares	(1,193)
Number of shares, Settled | shares	(50,773)
Number of shares, Ending Balance | shares	289,640
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in $ per share) | $ / shares	$ 156.66
Weighted Average Grant Date Fair Value, Granted (in $ per share) | $ / shares	75.22
Weighted Average Grant Date Fair Value, Forfeited (in $ per share) | $ / shares	127.42
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	170.75
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 112.14

Stock-based Compensation - Su42

Stock-based Compensation - Summary of Stock Option Activity (Detail)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance | shares	156,636
Number of Shares, Granted | shares	0
Number of Shares, Exercised | shares	(11,417)
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	145,219
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Beginning Balance (in $ per share) | $ / shares	$ 18.78
Weighted Average Exercise Price, Granted (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Exercised (in $ per share) | $ / shares	34.97
Weighted Average Exercise Price, Forfeited (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 17.51

Restructuring and Severance (De

Restructuring and Severance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and severance	$ 2,391	$ 0	$ 2,391	$ 0
Unpaid severance and related charges	2,100		$ 2,100
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and severance	2,000
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and severance	$ 400

Earnings per Share - Schedule o

Earnings per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income	$ 8,700	$ 9,012	$ 20,570	$ 28,737
Noncontrolling interests	(612)	765	(119)	382
Net Income Attributable to Common Stockholders	$ 8,088	$ 9,777	$ 20,451	$ 29,119
Shares:
Basic: Weighted-average number of shares outstanding (in shares)	8,170	8,889	8,257	8,927
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	144	148	153	167
Diluted: Weighted-average number of shares outstanding (in shares)	8,314	9,037	8,410	9,094
Earnings per share—Basic (in $ per share)	$ 0.99	$ 1.10	$ 2.48	$ 3.26
Earnings per Share—Diluted (in $ per share)	$ 0.97	$ 1.08	$ 2.43	$ 3.20

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share (in shares)	6,159	0	10,195	3,043

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	39.90%	39.40%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jul. 01, 2016claimdefendant	Jun. 07, 2015plaintiff	Apr. 21, 2015plaintiff
Virtus Investment Partners, Inc. Securities Litigation [Member]
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff			3
Virtus Investment Partners, Inc. Securities Litigation [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of defendants dismissed | defendant	1
Mark Youngers v. Virtus Investment Partners, Inc. et al [Member]
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff		3
Mark Youngers v. Virtus Investment Partners, Inc. et al [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of defendants dismissed | defendant	10
Number of causes of action dismissed | claim	4

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Total cash and cash equivalents	$ 247,670	$ 97,384	$ 195,706	$ 203,304
Total investments	567,018	579,558
All other assets	159,309	172,434
Total liabilities	(481,752)	(276,408)
Redeemable noncontrolling interests	(27,145)	(73,864)	$ (55,577)	$ (23,071)
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total investments	130,396	323,335
All other assets	2,594	8,549
Total liabilities	(3,073)	(15,387)
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Total cash equivalents	91,044	8,297
Total investments	344,886	199,485
All other assets	6,078	1,467
Debt	0	(152,597)
Notes payable	(319,716)	0
Securities purchased payable and other liabilities	(94,790)	(18,487)
The Company’s net interests in consolidated sponsored investment products	27,502	38,165
Consolidated Sponsored Investment Products - VOEs [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash and cash equivalents	1,209	11,408
Total investments	91,669	291,247
All other assets	2,244	8,281
Total liabilities	(2,753)	(14,948)
Redeemable noncontrolling interests	(7,825)	(61,236)
The Company’s net interests in consolidated sponsored investment products	84,544	234,752
Consolidated Sponsored Investment Product - VIE [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash and cash equivalents	891	458
Total investments	38,727	32,088
All other assets	350	268
Total liabilities	(320)	(439)
Redeemable noncontrolling interests	(19,320)	(12,628)
The Company’s net interests in consolidated sponsored investment products	$ 20,328	$ 19,747

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash equivalents	$ 121,552	$ 54,772
Total assets measured at fair value	207,216	101,578
Level 1 [Member]
Assets
Cash equivalents	121,552	54,772
Total assets measured at fair value	207,216	101,578
Level 2 [Member]
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3 [Member]
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivatives	0	771
Total assets measured at fair value	130,396	324,106
Liabilities
Derivatives	136	972
Short sales	715	5,409
Total liabilities measured at fair value	851	6,381
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Assets
Investments	95,085	152,553
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Assets
Investments	35,311	170,782
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Derivatives	0	33
Total assets measured at fair value	26,931	163,019
Liabilities
Derivatives	0	128
Short sales	715	5,334
Total liabilities measured at fair value	715	5,462
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt Securities [Member]
Assets
Investments	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Securities [Member]
Assets
Investments	26,931	162,986
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Derivatives	0	738
Total assets measured at fair value	103,376	159,690
Liabilities
Derivatives	136	844
Short sales	0	75
Total liabilities measured at fair value	136	919
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member]
Assets
Investments	94,996	151,156
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Securities [Member]
Assets
Investments	8,380	7,796
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Derivatives	0	0
Total assets measured at fair value	89	1,397
Liabilities
Derivatives	0	0
Short sales	0	0
Total liabilities measured at fair value	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Debt Securities [Member]
Assets
Investments	89	1,397
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Securities [Member]
Assets
Investments	0	0
Consolidated Investment Product [Member]
Liabilities
Notes payable of consolidated investment product	319,716	0
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	91,044	8,297
Investments	344,886	199,485
Total assets measured at fair value	435,930	207,782
Liabilities
Notes payable	319,716
Total liabilities measured at fair value	319,716
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Cash equivalents	91,044	8,297
Investments	0	0
Total assets measured at fair value	91,044	8,297
Liabilities
Notes payable	0
Total liabilities measured at fair value	0
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Cash equivalents	0	0
Investments	344,886	199,485
Total assets measured at fair value	344,886	199,485
Liabilities
Total liabilities measured at fair value	319,716
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Cash equivalents	0	0
Investments	0	0
Total assets measured at fair value	0	$ 0
Liabilities
Notes payable	0
Total liabilities measured at fair value	$ 0

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Detail) - Consolidated Sponsored Investment Products [Member] - Debt Securities [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,397	$ 1,065
Realized losses, net	(356)	0
Purchases	151	0
Paydowns	(5)	(3)
Sales	(1,449)	0
Transferred to Level 2	0	(162)
Transfers from Level 2	1	0
Change in unrealized gain/(loss), net	350	(48)
Balance at end of period	$ 89	$ 852

Consolidation - Condensed Con51

Consolidation - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 09, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	$ 248,676		$ 107,737
Total investments	567,018		579,558
All other assets	159,309		172,434
Total assets	975,003		859,729
Total liabilities	481,752		276,408
Redeemable noncontrolling interest	27,145		73,864	$ 55,577	$ 23,071
Equity attributable to stockholders of the Company	466,273		509,624
Non-redeemable noncontrolling interest	(167)		(167)
Total liabilities and equity	975,003		859,729
Eliminations and Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	0		0
Total investments	(132,258)	$ 36,300	(292,409)
All other assets	(223)		(255)
Total assets	(132,481)		(292,664)
Total liabilities	(27,723)		(255)
Redeemable noncontrolling interest	27,145		73,864
Equity attributable to stockholders of the Company	(131,903)		(366,273)
Non-redeemable noncontrolling interest	0		0
Total liabilities and equity	(132,481)		(292,664)
Balance Before Consolidation of Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	91,736		56,738
All other assets	13,404		12,814
Balance Before Consolidation of Investment Products [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	155,532		87,574
Total investments	223,994		349,147
All other assets	150,860		162,673
Total assets	530,386		599,394
Total liabilities	64,280		89,937
Redeemable noncontrolling interest	0		0
Equity attributable to stockholders of the Company	466,273		509,624
Non-redeemable noncontrolling interest	(167)		(167)
Total liabilities and equity	530,386		599,394
Consolidated Sponsored Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	130,396		323,335
All other assets	2,594		8,549
Total liabilities	3,073		15,387
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	91,669		291,247
All other assets	2,244		8,281
Total liabilities	2,753		14,948
Redeemable noncontrolling interest	7,825		61,236
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	38,727		32,088
All other assets	350		268
Total liabilities	320		439
Redeemable noncontrolling interest	19,320		12,628
Consolidated Sponsored Investment Products [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	1,209		11,408
Total investments	91,669		291,247
All other assets	2,245		8,281
Total assets	95,123		310,936
Total liabilities	2,814		15,181
Redeemable noncontrolling interest	0		0
Equity attributable to stockholders of the Company	92,309		295,755
Non-redeemable noncontrolling interest	0		0
Total liabilities and equity	95,123		310,936
Consolidated Sponsored Investment Products [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	891		458
Total investments	38,727		32,088
All other assets	350		268
Total assets	39,968		32,814
Total liabilities	374		461
Redeemable noncontrolling interest	0		0
Equity attributable to stockholders of the Company	39,594		32,353
Non-redeemable noncontrolling interest	0		0
Total liabilities and equity	39,968		32,814
Consolidated Investment Product [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	344,886		199,485
All other assets	6,078		1,467
Consolidated Investment Product [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	91,044		8,297
Total investments	344,886		199,485
All other assets	6,077		1,467
Total assets	442,007		209,249
Total liabilities	442,007		171,084
Redeemable noncontrolling interest	0		0
Equity attributable to stockholders of the Company	0		38,165
Non-redeemable noncontrolling interest	0		0
Total liabilities and equity	$ 442,007		$ 209,249

Consolidation - Condensed Con52

Consolidation - Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Income Statements, Captions [Line Items]
Total operating revenues	$ 80,085	$ 99,656	$ 160,380	$ 203,487
Total operating expenses	71,342	83,448	138,887	162,737
Operating Income	8,743	16,208	21,493	40,750
Total other non-operating income, net	6,044	627	12,720	6,678
Income Before Income Taxes	14,787	16,835	34,213	47,428
Income taxes	6,087	7,823	13,643	18,691
Net Income	8,700	9,012	20,570	28,737
Noncontrolling interests	(612)	765	(119)	382
Net Income Attributable to Common Stockholders	8,088	9,777	20,451	29,119
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	80,058	100,052	160,562	204,284
Total operating expenses	66,723	82,491	133,080	160,962
Operating Income	13,335	17,561	27,482	43,322
Total other non-operating income, net	840	(127)	6,612	4,288
Income Before Income Taxes	14,175	17,434	34,094	47,610
Income taxes	6,087	7,823	13,643	18,691
Net Income	8,088	9,611	20,451	28,919
Noncontrolling interests	0	166	0	200
Net Income Attributable to Common Stockholders	8,088	9,777	20,451	29,119
Reportable Legal Entities [Member] | Consolidated Investment Product [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating expenses	3,947	0	164	2,492
Operating Income	(3,947)	0	(164)	(2,492)
Total other non-operating income, net	3,947	0	1,370	4,407
Income Before Income Taxes	0	0	1,206	1,915
Income taxes	0	0	0	0
Net Income	0	0	1,206	1,915
Noncontrolling interests	0	0	0	0
Net Income Attributable to Common Stockholders	0	0	1,206	1,915
Eliminations and Adjustments [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	27	(396)	(182)	(797)
Total operating expenses	27	(396)	(182)	(797)
Operating Income	0	0	0	0
Total other non-operating income, net	(3,535)	898	(8,448)	(2,380)
Income Before Income Taxes	(3,535)	898	(8,448)	(2,380)
Income taxes	0	0	0	0
Net Income	(3,535)	898	(8,448)	(2,380)
Noncontrolling interests	(612)	599	(119)	182
Net Income Attributable to Common Stockholders	(4,147)	1,497	(8,567)	(2,198)
Consolidated Sponsored Investment Products - VOEs [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating expenses	556	43	4,003	0
Operating Income	(556)	(43)	(4,003)	0
Total other non-operating income, net	3,947	101	6,508	0
Income Before Income Taxes	3,391	58	2,505	0
Income taxes	0	0	0	0
Net Income	3,391	58	2,505	0
Noncontrolling interests	0	0	0	0
Net Income Attributable to Common Stockholders	3,391	58	2,505	0
Consolidated Sponsored Investment Product - VIE [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating expenses	89	1,310	1,822	80
Operating Income	(89)	(1,310)	(1,822)	(80)
Total other non-operating income, net	845	(245)	6,678	363
Income Before Income Taxes	756	(1,555)	4,856	283
Income taxes	0	0	0	0
Net Income	756	(1,555)	4,856	283
Noncontrolling interests	0	0	0	0
Net Income Attributable to Common Stockholders	$ 756	$ (1,555)	$ 4,856	$ 283

Consolidation - Additional Info

Consolidation - Additional Information (Details)	Jun. 09, 2016USD ($)classes_notes	Jun. 30, 2016USD ($)Product	Dec. 31, 2015USD ($)Product	Jun. 30, 2015USD ($)
Variable Interest Entity [Line Items]
Fair value, securities, Level 1 to Level 2 transfers, amount		$ 0		$ 0
Investment of capital			$ 40,000,000
Investments		567,018,000	579,558,000
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss		6,100,000
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair value, securities, Level 2 to Level 1 transfers, amount		100,000		14,600,000
Fair value, securities, Level 1 to Level 2 transfers, amount		4,100,000		$ 0
Investments		$ 130,396,000	$ 323,335,000
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Variable Interest Entity [Line Items]
Number of consolidated products | Product		18	12
Number of additional products consolidated during the period | Product		11
Number products deconsolidated during the period | Product		5
Investments		$ 91,669,000	$ 291,247,000
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Variable Interest Entity [Line Items]
Number of consolidated products | Product		1
Investments		$ 38,727,000	32,088,000
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt outstanding		0	152,597,000
Debt par value	$ 356,300,000
Investments		344,886,000	199,485,000
LIBOR [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	7.50%
LIBOR [Member] | Minimum [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	1.00%
LIBOR [Member] | Maximum [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	8.75%
Eliminations and Adjustments [Member]
Variable Interest Entity [Line Items]
Investments	$ 36,300,000	$ (132,258,000)	$ (292,409,000)
Financing Facility [Member] | Secured Debt [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt term			3 years
Maximum borrowing capacity			$ 160,000,000
Debt outstanding			$ 152,600,000
Senior Secured Floating Rate Notes - Newfleet CLO 2016-1 [Member] | Senior Notes [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt par value	$ 320,000,000
Number of classes of notes | classes_notes	6
Unpaid principal balance exceeds fair value	$ 3,800,000
Subordinated Notes - Newfleet CLO 2016-1 [Member] | Subordinated Debt [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt par value	$ 36,300,000