Virtus Investment Partners (VRTS) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		5,888,533

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 179,273	$ 97,384
Accounts receivable, net	36,867	38,757
Furniture, equipment and leasehold improvements, net	7,864	9,116
Intangible assets, net	39,030	40,887
Goodwill	6,788	6,701
Deferred taxes, net	44,623	54,143
Total assets	929,564	859,729
Liabilities:
Accrued compensation and benefits	37,813	49,617
Accounts payable and accrued liabilities	21,429	23,036
Dividends payable	4,117	4,233
Other liabilities	13,619	13,051
Total liabilities	429,464	276,408
Commitments and Contingencies
Redeemable noncontrolling interests	30,301	73,864
Equity attributable to stockholders:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,112,052 shares issued and 7,609,753 shares outstanding at September 30, 2016 and 9,613,088 shares issued and 8,398,944 shares outstanding at December 31, 2015	91	96
Additional paid-in capital	1,089,350	1,140,875
Accumulated deficit	(436,705)	(472,614)
Accumulated other comprehensive loss	(235)	(1,034)
Treasury stock, at cost, 1,502,299 and 1,214,144 shares at September 30, 2016 and December 31, 2015, respectively	(182,702)	(157,699)
Total equity attributable to stockholders	469,799	509,624
Noncontrolling interests	0	(167)
Total equity	469,799	509,457
Total liabilities and equity	929,564	859,729
Parent [Member]
Assets:
Cash and cash equivalents	165,421	87,574
Investments	95,174	56,738
Other assets	14,463	12,814
Consolidated Sponsored Investment Products [Member]
Assets:
Cash	1,149	1,513
Cash pledged or on deposit	944	10,353
Investments	137,140	323,335
Other assets	2,560	8,549
Liabilities:
Total liabilities	2,930	15,387
Consolidated Investment Product [Member]
Assets:
Total cash equivalents	12,703	8,297
Investments	360,210	199,485
Other assets	4,628	1,467
Liabilities:
Debt of consolidated investment product	0	152,597
Notes payable of consolidated investment product	323,852	0
Securities purchased payable and other liabilities of consolidated investment product	$ 25,704	$ 18,487

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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)	9,112,052	9,613,088
Common stock, shares outstanding (in shares)	7,609,753	8,398,944
Treasury stock, shares (in shares)	1,502,299	1,214,144

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Investment management fees	$ 60,398	$ 64,891	$ 176,234	$ 204,254
Distribution and service fees	12,116	15,587	36,761	52,820
Administration and transfer agent fees	9,588	11,614	29,085	37,233
Other income and fees	222	283	624	1,555
Total revenues	82,324	92,375	242,704	295,862
Operating Expenses
Employment expenses	33,142	33,504	102,184	102,719
Distribution and other asset-based expenses	17,380	21,717	52,913	69,900
Other operating expenses	11,392	11,165	34,614	51,403
Restructuring and severance	1,879	0	4,270	0
Depreciation and other amortization	754	910	2,392	2,562
Amortization expense	604	837	1,858	2,511
Total operating expenses	65,786	69,253	204,673	231,990
Operating Income	16,538	23,122	38,031	63,872
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	961	(2,082)	3,584	(1,194)
Other income, net	250	141	463	823
Total other income (expense), net	4,891	(20,281)	13,935	(19,363)
Interest Income (Expense)
Interest and dividend income	221	324	1,113	906
Total interest income, net	1,716	3,125	5,392	8,885
Income Before Income Taxes	23,145	5,966	57,358	53,394
Income tax expense	6,869	9,669	20,512	28,360
Net Income (Loss)	16,276	(3,703)	36,846	25,034
Noncontrolling interests	(651)	3,054	(770)	3,436
Net Income (Loss) Attributable to Common Stockholders	$ 15,625	$ (649)	$ 36,076	$ 28,470
Earnings (Loss) per share—Basic (in $ per share)	$ 2.04	$ (0.07)	$ 4.47	$ 3.21
Earnings (Loss) per Share—Diluted (in $ per share)	1.99	(0.07)	4.39	3.15
Cash Dividends Declared per Share (in $ per share)	$ 0.45	$ 0.45	$ 1.35	$ 1.35
Weighted Average Shares Outstanding—Basic (in shares)	7,676	8,775	8,062	8,876
Weighted Average Shares Outstanding—Diluted (in shares)	7,854	8,775	8,223	9,039
Parent [Member]
Interest Income (Expense)
Interest expense	$ (128)	$ (138)	$ (389)	$ (382)
Consolidated Sponsored Investment Products [Member]
Operating Expenses
Other operating expenses	611	1,120	2,521	2,895
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	3,536	(17,619)	6,928	(18,271)
Interest Income (Expense)
Interest and dividend income	1,364	2,898	6,021	8,320
Consolidated Investment Product [Member]
Revenues
Total revenues	4,191		11,795
Operating Expenses
Other operating expenses	24	0	3,921	0
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	144	(721)	2,960	(721)
Interest Income (Expense)
Interest expense	(3,788)	(1)	(10,188)	(1)
Interest and dividend income	4,047	$ 42	8,835	$ 42
Net Income (Loss) Attributable to Common Stockholders	$ 379		$ (2,314)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 16,276	$ (3,703)	$ 36,846	$ 25,034
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of ($28) for the three months ended September 30, 2015 and ($348) and $167 for the nine months ended September 30, 2016 and 2015, respectively	0	49	569	(271)
Unrealized (loss) gain on available-for-sale securities, net of tax of $31 and $35 for the three months ended September 30, 2016 and 2015, respectively and ($140) and $26 for the nine months ended September 30, 2016 and 2015 respectively	(50)	(290)	230	(389)
Other comprehensive (loss) income	(50)	(241)	799	(660)
Comprehensive income (loss)	16,226	(3,944)	37,645	24,374
Comprehensive (income) loss attributable to noncontrolling interests	(651)	3,054	(770)	3,436
Comprehensive Income (Loss) Attributable to Common Stockholders	$ 15,575	$ (890)	$ 36,875	$ 27,810

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax		$ (28)	$ (348)	$ 167
Unrealized (loss) gain on available-for-sale securities, tax	$ 31	$ 35	$ (140)	$ 26

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 36,846	$ 25,034
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense, intangible asset and other amortization	4,430	5,241
Stock-based compensation	9,064	9,166
Excess tax benefits from stock-based compensation	(192)	(1,515)
Amortization of deferred commissions	1,900	6,903
Payments of deferred commissions	(1,405)	(2,585)
Equity in earnings of equity method investments	(444)	(804)
Realized gain on sale of equity method investment	(2,883)	0
Realized and unrealized (gains) losses on trading securities, net	(700)	1,490
Sales (purchases) of trading securities, net	10,811	9,945
Deferred taxes, net	9,032	655
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	(297)	4,101
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(12,893)	(8,102)
Net cash used in operating activities	(1,130)	(56,951)
Cash Flows from Investing Activities:
Capital expenditures	(1,461)	(3,723)
Proceeds from sale of equity method investment	8,621	0
Equity method investment contributions	(2,471)	(1,617)
Cash acquired in business combination	0	89
Purchases of available-for-sale securities	(183)	(168)
Net cash provided by (used in) investing activities	4,609	(5,419)
Cash Flows from Financing Activities:
Dividends paid	(11,119)	(12,146)
Repurchases of common shares	(72,216)	(45,000)
Proceeds from exercise of stock options	428	70
Taxes paid related to net share settlement of restricted stock units	(1,518)	(5,080)
Excess tax benefits from stock-based compensation	192	1,515
Payment of deferred financing costs	(1,442)	0
Contributions of noncontrolling interests, net	3,959	38,747
Net cash provided by (used in) financing activities	78,410	(12,087)
Net increase (decrease) in cash and cash equivalents	81,889	(74,457)
Cash and cash equivalents, beginning of period	97,384	203,304
Cash and Cash Equivalents, End of Period	179,273	128,847
Non-Cash Investing Activities:
Change in accrual for capital expenditures	140	(313)
Investment in acquired business	0	4,800
Non-Cash Financing Activities:
Decrease to noncontrolling interest due to deconsolidation of consolidated sponsored investment products	(48,292)	(8,640)
Dividends payable	3,424	4,258
Consolidated Sponsored Investment Products [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Realized and unrealized (gains) losses on trading securities, net	(7,815)	21,611
Sales (purchases) of trading securities, net	97,569	(96,222)
(Purchases) sales of securities sold short by consolidated sponsored investment products, net	(4,648)	3,534
Changes in operating assets and liabilities:
Cash pledged or on deposit of consolidated sponsored investment products	9,644	(6,912)
Other assets of consolidated sponsored investment products	(478)	(1,649)
Liabilities of consolidated sponsored investment products	426	1,499
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	(3,557)	(164)
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 (gains) losses on trading securities, net	(2,289)	721
Sales (purchases) of trading securities, net	(154,139)	(29,085)
Changes in operating assets and liabilities:
Other assets of consolidated sponsored investment products	(415)	43
Liabilities of consolidated investment product, net	4,027	(20)
Cash Flows from Financing Activities:
Repayment of debt of consolidated investment product	(152,597)	0
Borrowings of debt of consolidated investment product	0	9,140
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)	28,364			28,470			28,470	(106)
Net unrealized gain (loss) on securities available-for-sale	(389)				(389)		(389)
Foreign currency translation adjustments	(271)				(271)		(271)
Cash dividends declared	(12,136)		(12,136)				(12,136)
Repurchases of common shares	$ (45,000)					$ (45,000)	(45,000)
Repurchases of common shares (in shares)	368,468	368,468				368,468
Issuance of common shares related to employee stock transactions	$ 796		796				796
Issuance of common shares related to employee stock transactions (in shares)		60,301
Taxes paid on stock-based compensation	(5,080)		(5,080)				(5,080)
Stock-based compensation	8,656		8,656				8,656
Excess tax benefits from stock-based compensation	1,038		1,038				1,038
Ending Balance at Sep. 30, 2015	539,330	$ 96	1,142,182	(479,051)	(902)	$ (122,699)	539,626	(296)
Ending Balance (in shares) at Sep. 30, 2015		8,667,666				943,909
Beginning Balance at Dec. 31, 2014	23,071
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	(3,330)
Activity of noncontrolling interests, net	30,154
Ending Balance at Sep. 30, 2015	49,895
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)	36,076			36,076			36,076	0
Net unrealized gain (loss) on securities available-for-sale	230				230		230
Foreign currency translation adjustments	569				569		569
Cash dividends declared	(11,003)		(11,003)				(11,003)
Repurchases of common shares	$ (72,216)	$ (6)	(47,207)			$ (25,003)	(72,216)
Repurchases of common shares (in shares)	844,671	844,671				288,155
Issuance of common shares related to employee stock transactions	$ 992	$ 1	991				992
Issuance of common shares related to employee stock transactions (in shares)		55,480
Taxes paid on stock-based compensation	(1,518)		(1,518)				(1,518)
Stock-based compensation	8,815		8,815				8,815
Tax deficiencies from stock-based compensation	(1,603)		(1,603)				(1,603)
Ending Balance at Sep. 30, 2016	469,799	$ 91	$ 1,089,350	(436,705)	$ (235)	$ (182,702)	469,799	0
Ending Balance (in shares) at Sep. 30, 2016		7,609,753				1,502,299
Beginning Balance at Dec. 31, 2015	73,864
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	770
Activity of noncontrolling interests, net	(44,333)			$ (167)			$ (167)	$ 167
Ending Balance at Sep. 30, 2016	$ 30,301

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.35	$ 1.35

Organization and Business

Organization and Business	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 entity. 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 an 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 has two types of investment products that are consolidated: consolidated sponsored investment products and the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the beneficial interests. The consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has less than the majority of the beneficial interests. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. 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 beneficial interests in these products. 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 14 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated as a result of consolidation. 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 14 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. Disclosures for the Company's CFE are included in Note 14 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. 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. 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 No. 2016-09, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09"). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholdings 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 Revenue from Contracts with Customers ; as further discussed below. 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 GAAP rules 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"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year for periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date and requires either a retrospective or a modified retrospective approach to adoption. 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	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: September 30, 2016 December 31, 2015 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (154,533 ) (152,676 ) Definite-lived intangible assets, net 4,214 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 39,030 $ 40,887 Activity in intangible assets, net is as follows: Nine Months Ended September 30, 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 Additions — 2,400 Amortization (1,857 ) (2,511 ) Balance, end of period $ 39,030 $ 41,672

Investments

Investments	9 Months Ended
	Sep. 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 14, at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 ($ in thousands) Marketable securities $ 81,486 $ 41,496 Equity method investments 7,101 9,007 Nonqualified retirement plan assets 5,662 5,310 Other investments 925 925 Total investments $ 95,174 $ 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: September 30, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 68,284 $ (2,819 ) $ 1,404 $ 66,869 Equity securities 10,591 — 476 11,067 Available-for-sale: Sponsored closed-end funds 3,538 (215 ) 227 3,550 Total marketable securities $ 82,413 $ (3,034 ) $ 2,107 $ 81,486 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 September 30, 2016 , the Company recognized a net realized gain of $0.1 million on trading securities and for the nine months ended September 30, 2016 , the Company recognized a net realized loss of $ 0.3 million on trading securities. For the three and nine months ended September 30, 2015 , the Company recognized net realized losses of $0.5 million and $0.4 million , respectively, on trading securities.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 14, as of September 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: September 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 138,303 $ — $ — $ 138,303 Marketable securities trading: Sponsored funds 66,869 — — 66,869 Equity securities 11,067 — — 11,067 Marketable securities available-for-sale: Sponsored closed-end funds 3,550 — — 3,550 Other investments: Nonqualified retirement plan assets 5,662 — — 5,662 Total assets measured at fair value $ 225,451 $ — $ — $ 225,451 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 nine months ended September 30, 2016 and 2015 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 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 nine months ended September 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 ($140) 230 — Foreign currency translation adjustments, net of tax of ($348) — 569 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income 230 569 Balance September 30, 2016 $ (235 ) $ — 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 $26 (389 ) — Foreign currency translation adjustments, net of tax of $167 — (271 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive loss (389 ) (271 ) Balance September 30, 2015 $ (496 ) $ (406 )

Equity Transactions

Equity Transactions	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Equity Transactions	Equity Transactions During the nine months ended September 30, 2016 and 2015 , the Company repurchased 844,671 and 368,468 common shares, respectively, at a weighted average price of $83.94 and $122.09 per share, respectively, for a total cost, including fees and expenses, of approximately $72.2 million and $45.0 million , respectively. The 844,671 shares repurchased during the nine months ended September 30, 2016 included 556,516 shares repurchased pursuant to a tender offer that was completed in the second quarter of 2016. Shares repurchased under the tender offer were at a price of $82.50 per share for an aggregate cost of $47.2 million , or $84.81 per share including fees and expenses and were retired by the Company. Excluding share repurchased under the tender offer described above, the Company has repurchased a total of 1,502,299 shares of common stock at a weighted average price of $121.58 per share plus transaction costs for a total cost of $182.7 million under its share repurchase program. At September 30, 2016 , there were 1,197,701 shares of common stock available to repurchase under the Company’s current share repurchase program. On October 27, 2016, the Company entered into and completed a Stock Purchase Agreement with Bank of Montreal Holdings Inc. (“BMO”) to purchase 1,727,746 shares of the Company’s common stock at a price of $93.50 per share for a total purchase price of $161.5 million . To effect this transaction, the Company used $131.5 million of cash and cash equivalents and borrowed $30.0 million on its Credit Facility. The purchase represented all of the shares held by BMO and reflected approximately 22.7% of the Company’s outstanding common stock at September 30, 2016. In connection with the purchase, the Board of Directors authorized an additional 730,045 shares to cover the incremental shares purchased beyond the remaining 1,197,701 shares available for repurchase under the Company's previously approved share repurchase program. After the completion of this transaction there were 200,000 shares remaining for future share repurchases. The Board of Directors declared cash dividends of $0.45 per share in each of the first three quarters of 2016 and 2015 . Total dividends declared were $11.0 million and $12.1 million for the nine months ended September 30, 2016 and 2015 , respectively. Dividends declared in the third quarter of 2016 will be paid on November 11, 2016 to all shareholders of record on October 31, 2016 .

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 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 September 30, 2016 , 768,981 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 nine months ended September 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 155,361 $ 75.72 Forfeited (8,333 ) $ 110.81 Settled (55,233 ) $ 167.34 Outstanding at September 30, 2016 283,412 $ 111.56 For the nine months ended September 30, 2016 and 2015 , a total of 19,457 and 37,488 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $1.5 million and $5.1 million for the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2016 , total stock-based compensation expense included $0.2 million for these performance contingent RSUs. The Company recognized total stock compensation expense of $2.4 million and $9.1 million , respectively, for the three and nine months ended September 30, 2016 and $2.7 million and $9.2 million , respectively, for the three and nine months ended September 30, 2015 . As of September 30, 2016 , unamortized stock-based compensation expense for unvested RSUs was $14.8 million , with a weighted-average remaining amortization period of 1.8 years. Stock Options Stock option activity for the nine months ended September 30, 2016 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (12,729 ) $ 33.56 Forfeited — $ — Outstanding at September 30, 2016 143,907 $ 17.47

Restructuring and Severance

Restructuring and Severance	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Severance	Restructuring and Severance During the three months ended September 30, 2016 , the Company incurred severance costs of $1.9 million associated with select staff reductions. During the nine months ended September 30, 2016 , the Company incurred $3.9 million in severance costs related to staff reductions, primarily in business support areas and $0.4 million in costs related to future lease obligations and leasehold improvement write-offs for vacated office space. Total unpaid severance and related charges as of September 30, 2016 was $3.6 million .

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 ($ in thousands, except per share amounts) Net Income (Loss) $ 16,276 $ (3,703 ) $ 36,846 $ 25,034 Noncontrolling interests (651 ) 3,054 (770 ) 3,436 Net Income (Loss) Attributable to Common Stockholders $ 15,625 $ (649 ) $ 36,076 $ 28,470 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 7,676 8,775 8,062 8,876 Plus: Incremental shares from assumed conversion of dilutive instruments 178 — 161 163 Diluted: Weighted-average number of shares outstanding 7,854 8,775 8,223 9,039 Earnings (Loss) per Share—Basic $ 2.04 $ (0.07 ) $ 4.47 $ 3.21 Earnings (Loss) per Share—Diluted $ 1.99 $ (0.07 ) $ 4.39 $ 3.15 For the three and nine months ended September 30, 2016 , there were 11,502 and 10,630 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, and for the three and nine months ended September 30, 2015 , there were 323,570 and 2,028 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	9 Months Ended
	Sep. 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 35.8% and 53.1% for the nine months ended September 30, 2016 and 2015 , respectively. The decrease in the estimated effective tax rate was primarily due to changes in the valuation allowances related to market adjustments on the Company’s marketable securities.

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Credit Facility	Credit Facility On September 30, 2016, the Company entered into a new senior unsecured revolving credit facility (“Credit Facility”) replacing the previous senior secured revolving credit facility. The Credit Facility has a five -year term and provides borrowing capacity of up to $150.0 million , with an increase provision conditioned on approval by the lending group, to a borrowing capacity of $200.0 million . In addition, the Credit Facility has a $7.5 million sub-limit for the issuance of standby letters of credit. At September 30, 2016 and December 31, 2015, no amounts were outstanding under the Credit Facility. As of September 30, 2016, the Company had the capacity to draw on the full amount of the Credit Facility. Amounts outstanding under the Credit Facility bear interest at an annual rate equal to, at the Company’s option, either LIBOR for interest periods of one, two, three or six months or an alternate base rate (as defined in the Credit Facility agreement), plus, in each case, an applicable margin, that ranges from 0.75% to 2.25% . Under the terms of the Credit Facility, the Company is also required to pay certain fees, including an annual commitment fee that ranges from 0.30% to 0.45% on undrawn amounts and a letter of credit participation fee at an annual rate equal to the applicable margin as well as any applicable fronting fees, each of which is payable quarterly in arrears. The credit agreement governing the Credit Facility contains customary restrictive covenants on the Company and its subsidiaries. Restrictive covenants in the credit agreement include, but are not limited to: prohibitions on creating, incurring or assuming any liens; entering into merger arrangements; selling, leasing, transferring or otherwise disposing of assets; making a material change in the nature of the business; entering into transactions with affiliates; and incurring indebtedness through the subsidiaries. Many of these restrictions are subject to certain minimum thresholds and exceptions. Financial covenants under the credit agreement include: (i) the quarterly maintenance of a leverage ratio (total debt to adjusted EBITDA), as defined in the credit agreement, of not greater than 3.00 :1.00, and (ii) a minimum interest coverage ratio (EBITDA to interest expense) for the four consecutive fiscal quarters ended before the date of determination) of not less than 4.00 :1.00. The credit agreement governing the Credit Facility also contains customary provisions regarding events of default which could result in an acceleration or increase in amounts due, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, material inaccuracy of a representation or warranty, bankruptcy or insolvency proceedings, change of control, certain judgments, ERISA matters, cross-default to other debt agreements, governmental action prohibiting or restricting the company or its subsidiaries in a manner that has a material adverse effect and failure of certain guaranty obligations. The lenders (and their respective affiliates) may have provided, and may in the future provide, investment banking, cash management, underwriting, lending, commercial banking, leasing, foreign exchange, trust or other advisory services to the company and its subsidiaries and affiliates. These parties may have received, and may in the future receive, customary compensation for these services.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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, the plaintiffs 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, the 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 the Plaintiffs 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. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act was filed on September 15, 2016. The defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. Oral argument on the motion was held on 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	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation Consolidated Sponsored Investment Products As of September 30, 2016 and December 31, 2015 , the Company consolidated 18 and 12 sponsored investment products, respectively. During the nine months ended September 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 Company has one consolidated sponsored investment product that 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 September 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, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 December 31, 2015 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 1,961 $ 132 $ 11,408 $ 458 Total investments 95,452 41,688 291,247 32,088 All other assets 1,943 617 8,281 268 Total liabilities (2,538 ) (392 ) (14,948 ) (439 ) Redeemable noncontrolling interests (8,816 ) (21,485 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 88,002 $ 20,560 $ 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 September 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of September 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 98,727 $ 146 $ 98,873 Equity securities 33,524 4,743 — 38,267 Derivatives — 6 — 6 Total Assets Measured at Fair Value $ 33,524 $ 103,476 $ 146 $ 137,146 Liabilities Derivatives $ — $ 188 $ — $ 188 Short sales 522 — — 522 Total Liabilities Measured at Fair Value $ 522 $ 188 $ — $ 710 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. For the nine months ended September 30, 2016 and 2015 , securities held by consolidated sponsored investment products with an end of period value of $0.3 million and $8.9 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 nine months ended September 30, 2016 and 2015 , securities held by consolidated sponsored investment products with an end of period value of 0.5 million and $0.3 million , respectively, were transferred from Level 1 to Level 2 because certain non-U.S. securities quoted market prices were adjusted based on third-party factors derived from model-based valuation techniques for which the significant assumptions were observable in the market. The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Nine Months Ended September 30, ($ in thousands) 2016 2015 Level 3 Debt securities (a) Balance at beginning of period $ 1,397 $ 1,065 Realized losses, net (356 ) — Purchases 163 135 Paydowns (5 ) (14 ) Sales (1,461 ) (13 ) Transferred to Level 2 — (126 ) Transfers from Level 2 58 — Change in unrealized gain, net 350 (121 ) Balance at end of period $ 146 $ 926 (a) None of the securities reflected in the table were internally fair valued at September 30, 2016 or September 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. 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 September 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 Overview The Company's consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has a beneficial interest. The term CLO generally refers to a special purpose vehicle that owns a portfolio of investments and issues various tranches of debt and subordinated note securities to finance the purchase of those investments. The investment activities of a CLO are governed by investment guidelines, generally contained within a CLO’s “indenture” and other governing documents which limit, among other things, the CLO’s exposure to any single industry or obligor and provide that the CLO’s assets satisfy certain ratings requirements. Most CLOs have a defined investment period during which they are allowed to make investments and reinvest capital as it becomes available. The CLOs are considered variable interest entities (VIE). The assets of each of the CLOs, including cash and cash equivalents, are held solely as collateral to satisfy the obligations of the CLOs. The Company does not own and has no right to the benefits from, nor does it bear the risks associated with, the assets held by the CLOs, beyond its direct investments in, and investment advisory fees generated from, the CLOs. If the Company were to liquidate, the assets of the CLOs would not be available to its general creditors, and as a result, the Company does not consider these assets available for the benefit of its investors. Additionally, the investors in the CLOs have no recourse to the Company’s general assets for the debt issued by the CLOs. Therefore, this debt is not the Company’s obligation. The Company consolidates entities when it is determined to be the primary beneficiary under current VIE accounting guidance. On June 9, 2016, the Company issued a CLO with a par value of $356.3 million consisting of six classes of senior secured floating rate notes payable 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 warehouse debt of $152.6 million was repaid and the Company redeemed its preference shares while simultaneously making a $36.3 million investment in the CLO's subordinated notes. 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 it 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 elected the measurement alternative for its consolidated investment product and 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's earnings from the consolidated investment product will reflect changes in value of the Company's beneficial interest in the consolidated investment product. The fair value of the Company’s beneficial interest, which is eliminated in consolidation, is determined primarily based on an income approach. The income approach is driven by current information such as market yields and projected cash flows expected to be received from the portfolio of collateral assets based on forecasted default and recovery rates that a market participant would use in determining the current fair value of the interest. The Company utilizes unadjusted third party pricing information in determining the fair value of its beneficial interest. The following table presents the balances of the consolidated investment product that, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 December 31, 2015 ($ in thousands) Total cash equivalents $ 12,703 $ 8,297 Total investments 360,210 199,485 Other assets 4,628 1,467 Debt — (152,597 ) Notes payable (323,852 ) — Securities purchased payable and other liabilities (25,704 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 27,985 $ 38,165 Total Investments of Consolidated Investment Product Total investments represent bank loan investments of $360.2 million at September 30, 2016 , which comprise the majority of the CLO portfolio asset collateral, are senior secured corporate loans from a variety of industries. Bank loan investments mature at various dates between 2017 and 2024, 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 September 30, 2016 , the fair value of the senior bank loans exceeded the unpaid principal balance by approximately $0.1 million . No collateral assets were in default as of September 30, 2016 . Notes Payable of Consolidated Investment Product The CLO has note obligations that bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 1.0% to 8.75% . The principal amounts outstanding of the note obligations issued by the CLO mature in April 2028. The CLO may elect to reinvest any prepayments received on bank loan investments prior to April 2020. Any subsequent prepayments received must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to the consolidated investment product is limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, as adopted on January 1, 2016, prescribed by ASU 2014-13, results in the net amount of the consolidated investment product shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2016 as shown in the table below: As of Beneficial Interests September 30, 2016 ($ in thousands) Subordinated notes $ 27,443 Accrued investment management fees 542 Total Beneficial Interests $ 27,985 The following table represents revenue and expenses of the consolidated investment product included in the Company’s Consolidated Statements of Operations for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2016 Income: Realized and unrealized gain, net $ 144 $ 2,960 Interest Income 4,047 8,835 Total Revenue $ 4,191 $ 11,795 Expenses: Other operating expenses 24 3,921 Interest expense 3,788 10,188 Total Expense $ 3,812 $ 14,109 Net Income (loss) attributable to consolidated investment product $ 379 $ (2,314 ) As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated investment product which are eliminated upon consolidation: Economic Interests Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2016 Distributions received and unrealized losses on the subordinated notes held by the Company $ (58 ) $ (2,857 ) Investment management fees 437 543 Total Economic Interests $ 379 $ (2,314 ) 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 September 30, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 12,703 $ — $ — $ 12,703 Bank loans — 360,210 — 360,210 Total Assets Measured at Fair Value $ 12,703 $ 360,210 $ — $ 372,913 Liabilities Notes payable $ — $ 323,852 $ — $ 323,852 Total Liabilities Measured at Fair Value $ — $ 323,852 $ — $ 323,852 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 generally at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. In certain instances, fair value has been determined utilizing discounted cash flow analyses or single broker non-binding quotes. Depending on the nature of the inputs, these assets are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. Notes payable represent notes issued by the CLO and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (a) the fair value of the beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. 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 September 30, 2016 and December 31, 2015 approximated fair value due to the short-term nature of the instruments. 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 September 30, 2016 , the carrying value and maximum risk of loss related to these VIEs was $ 8.1 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 27, 2016, the Company entered into and completed a Stock Purchase Agreement with Bank of Montreal Holdings Inc. (“BMO”) to purchase 1,727,746 shares of the Company’s common stock at a price of $93.50 per share for a total purchase price of $161.5 million .

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 entity. 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 an 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 has two types of investment products that are consolidated: consolidated sponsored investment products and the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the beneficial interests. The consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has less than the majority of the beneficial interests. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. 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 beneficial interests in these products. 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 14 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated as a result of consolidation.
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 an 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 has two types of investment products that are consolidated: consolidated sponsored investment products and the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the beneficial interests. The consolidated investment product is a collateralized loan obligation ("CLO") in which the Company has less than the majority of the beneficial interests. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. 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 beneficial interests in these products. 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 14 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated as a result of consolidation.
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 14 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. Disclosures for the Company's CFE are included in Note 14 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. 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. 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 No. 2016-09, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09"). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholdings 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 Revenue from Contracts with Customers ; as further discussed below. 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 GAAP rules 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"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year for periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date and requires either a retrospective or a modified retrospective approach to adoption. 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 generally at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. In certain instances, fair value has been determined utilizing discounted cash flow analyses or single broker non-binding quotes. Depending on the nature of the inputs, these assets are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. Notes payable represent notes issued by the CLO and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (a) the fair value of the beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: September 30, 2016 December 31, 2015 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (154,533 ) (152,676 ) Definite-lived intangible assets, net 4,214 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 39,030 $ 40,887
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Nine Months Ended September 30, 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 Additions — 2,400 Amortization (1,857 ) (2,511 ) Balance, end of period $ 39,030 $ 41,672

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 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 14, at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 ($ in thousands) Marketable securities $ 81,486 $ 41,496 Equity method investments 7,101 9,007 Nonqualified retirement plan assets 5,662 5,310 Other investments 925 925 Total investments $ 95,174 $ 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: September 30, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 68,284 $ (2,819 ) $ 1,404 $ 66,869 Equity securities 10,591 — 476 11,067 Available-for-sale: Sponsored closed-end funds 3,538 (215 ) 227 3,550 Total marketable securities $ 82,413 $ (3,034 ) $ 2,107 $ 81,486 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)	9 Months Ended
	Sep. 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 14, as of September 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: September 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 138,303 $ — $ — $ 138,303 Marketable securities trading: Sponsored funds 66,869 — — 66,869 Equity securities 11,067 — — 11,067 Marketable securities available-for-sale: Sponsored closed-end funds 3,550 — — 3,550 Other investments: Nonqualified retirement plan assets 5,662 — — 5,662 Total assets measured at fair value $ 225,451 $ — $ — $ 225,451 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 Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 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 ($140) 230 — Foreign currency translation adjustments, net of tax of ($348) — 569 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income 230 569 Balance September 30, 2016 $ (235 ) $ — 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 $26 (389 ) — Foreign currency translation adjustments, net of tax of $167 — (271 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive loss (389 ) (271 ) Balance September 30, 2015 $ (496 ) $ (406 )

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Units Activity	RSU activity for the nine months ended September 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 155,361 $ 75.72 Forfeited (8,333 ) $ 110.81 Settled (55,233 ) $ 167.34 Outstanding at September 30, 2016 283,412 $ 111.56
Summary of Stock Option Activity	Stock option activity for the nine months ended September 30, 2016 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (12,729 ) $ 33.56 Forfeited — $ — Outstanding at September 30, 2016 143,907 $ 17.47

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 ($ in thousands, except per share amounts) Net Income (Loss) $ 16,276 $ (3,703 ) $ 36,846 $ 25,034 Noncontrolling interests (651 ) 3,054 (770 ) 3,436 Net Income (Loss) Attributable to Common Stockholders $ 15,625 $ (649 ) $ 36,076 $ 28,470 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 7,676 8,775 8,062 8,876 Plus: Incremental shares from assumed conversion of dilutive instruments 178 — 161 163 Diluted: Weighted-average number of shares outstanding 7,854 8,775 8,223 9,039 Earnings (Loss) per Share—Basic $ 2.04 $ (0.07 ) $ 4.47 $ 3.21 Earnings (Loss) per Share—Diluted $ 1.99 $ (0.07 ) $ 4.39 $ 3.15

Consolidation (Tables)

Consolidation (Tables)	9 Months Ended
	Sep. 30, 2016
Variable Interest Entity [Line Items]
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 14, as of September 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: September 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 138,303 $ — $ — $ 138,303 Marketable securities trading: Sponsored funds 66,869 — — 66,869 Equity securities 11,067 — — 11,067 Marketable securities available-for-sale: Sponsored closed-end funds 3,550 — — 3,550 Other investments: Nonqualified retirement plan assets 5,662 — — 5,662 Total assets measured at fair value $ 225,451 $ — $ — $ 225,451 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
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, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 December 31, 2015 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 1,961 $ 132 $ 11,408 $ 458 Total investments 95,452 41,688 291,247 32,088 All other assets 1,943 617 8,281 268 Total liabilities (2,538 ) (392 ) (14,948 ) (439 ) Redeemable noncontrolling interests (8,816 ) (21,485 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 88,002 $ 20,560 $ 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 September 30, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of September 30, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 98,727 $ 146 $ 98,873 Equity securities 33,524 4,743 — 38,267 Derivatives — 6 — 6 Total Assets Measured at Fair Value $ 33,524 $ 103,476 $ 146 $ 137,146 Liabilities Derivatives $ — $ 188 $ — $ 188 Short sales 522 — — 522 Total Liabilities Measured at Fair Value $ 522 $ 188 $ — $ 710 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. Nine Months Ended September 30, ($ in thousands) 2016 2015 Level 3 Debt securities (a) Balance at beginning of period $ 1,397 $ 1,065 Realized losses, net (356 ) — Purchases 163 135 Paydowns (5 ) (14 ) Sales (1,461 ) (13 ) Transferred to Level 2 — (126 ) Transfers from Level 2 58 — Change in unrealized gain, net 350 (121 ) Balance at end of period $ 146 $ 926 (a) None of the securities reflected in the table were internally fair valued at September 30, 2016 or September 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, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 December 31, 2015 ($ in thousands) Total cash equivalents $ 12,703 $ 8,297 Total investments 360,210 199,485 Other assets 4,628 1,467 Debt — (152,597 ) Notes payable (323,852 ) — Securities purchased payable and other liabilities (25,704 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 27,985 $ 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 September 30, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 12,703 $ — $ — $ 12,703 Bank loans — 360,210 — 360,210 Total Assets Measured at Fair Value $ 12,703 $ 360,210 $ — $ 372,913 Liabilities Notes payable $ — $ 323,852 $ — $ 323,852 Total Liabilities Measured at Fair Value $ — $ 323,852 $ — $ 323,852 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
Schedule of VIE Consolidated Investment Product	The Company’s beneficial interests and maximum exposure to loss related to the consolidated investment product is limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, as adopted on January 1, 2016, prescribed by ASU 2014-13, results in the net amount of the consolidated investment product shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2016 as shown in the table below: As of Beneficial Interests September 30, 2016 ($ in thousands) Subordinated notes $ 27,443 Accrued investment management fees 542 Total Beneficial Interests $ 27,985 The following table represents revenue and expenses of the consolidated investment product included in the Company’s Consolidated Statements of Operations for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2016 Income: Realized and unrealized gain, net $ 144 $ 2,960 Interest Income 4,047 8,835 Total Revenue $ 4,191 $ 11,795 Expenses: Other operating expenses 24 3,921 Interest expense 3,788 10,188 Total Expense $ 3,812 $ 14,109 Net Income (loss) attributable to consolidated investment product $ 379 $ (2,314 ) As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated investment product which are eliminated upon consolidation: Economic Interests Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2016 Distributions received and unrealized losses on the subordinated notes held by the Company $ (58 ) $ (2,857 ) Investment management fees 437 543 Total Economic Interests $ 379 $ (2,314 )

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Definite-lived intangible assets:
Investment contracts	$ 158,747	$ 158,747
Accumulated amortization	(154,533)	(152,676)
Definite-lived intangible assets, net	4,214	6,071
Indefinite-lived intangible assets	34,816	34,816
Total intangible assets, net	$ 39,030	$ 40,887	$ 41,672	$ 41,783

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Intangible assets, net
Balance, beginning of period	$ 40,887	$ 41,783
Additions	0	2,400
Amortization	(1,857)	(2,511)
Balance, end of period	$ 39,030	$ 41,672

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investment [Line Items]
Marketable securities	$ 81,486	$ 41,496
Parent [Member]
Investment [Line Items]
Marketable securities	81,486	41,496
Equity method investments	7,101	9,007
Nonqualified retirement plan assets	5,662	5,310
Other investments	925	925
Total investments	$ 95,174	$ 56,738

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Available-for-sale:
Cost	$ 82,413	$ 43,956
Unrealized Loss	(3,034)	(2,885)
Unrealized Gain	2,107	425
Fair Value	81,486	41,496
Sponsored Funds [Member]
Trading:
Cost	68,284	31,167
Unrealized Loss	(2,819)	(2,134)
Unrealized Gain	1,404	298
Fair Value	66,869	29,331
Equity Securities [Member]
Trading:
Cost	10,591	9,434
Unrealized Loss	0	(386)
Unrealized Gain	476	120
Fair Value	11,067	9,168
Sponsored Closed-End Funds [Member]
Available-for-sale:
Cost	3,538	3,355
Unrealized Loss	(215)	(365)
Unrealized Gain	227	7
Fair Value	$ 3,550	$ 2,997

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investments Schedule [Abstract]
Realized gain (loss) on trading securities	$ 0.1	$ (0.5)	$ (0.3)	$ (0.4)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 138,303	$ 54,772
Total assets measured at fair value	225,451	101,578
Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	66,869	29,331
Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	11,067	9,168
Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,550	2,997
Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	5,662	5,310
Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	138,303	54,772
Total assets measured at fair value	225,451	101,578
Level 1 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	66,869	29,331
Level 1 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	11,067	9,168
Level 1 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,550	2,997
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	5,662	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]
Fair Value	0	0
Level 2 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	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]
Fair Value	0	0
Level 3 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	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 ($)	Sep. 30, 2016	Sep. 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	Oct. 27, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)								844,671	368,468
Share repurchase price (in $ per share)								$ 83.94	$ 122.09
Total cost of treasury shares acquired								$ 72,200	$ 45,000
Common stock available to repurchase (in shares)		1,197,701						1,197,701		1,197,701
Cash dividends declared per share (in $ per share)		$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.35	$ 1.35
Total cash dividends								$ 11,003	$ 12,136
Repurchase Plan, Tender Offer [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)			556,516
Share repurchase price (in $ per share)			$ 82.50
Total cost of treasury shares acquired			$ 47,200
Share repurchase price, including fees and expenses (in $ per share)			$ 84.81
Repurchase Plan, Excluding Tender Offer [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)										1,502,299
Share repurchase price (in $ per share)										$ 121.58
Total cost of treasury shares acquired										$ 182,700
Bank of Montreal Holdings [Member]
Equity, Class of Treasury Stock [Line Items]
Ownership percentage by noncontrolling owners		22.70%						22.70%		22.70%
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock available to repurchase (in shares)	200,000
Subsequent Event [Member] | Stock Purchase Agreement [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchases of common shares (in shares)	1,727,746
Share repurchase price (in $ per share)	$ 93.50
Total cost of treasury shares acquired	$ 161,500
Repurchases of common shares utilizing cash on hand	131,500
Proceeds from credit facility	$ 30,000
Additional shares authorized for repurchase (in shares)	730,045

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 509,457	$ 563,352
Other comprehensive (loss) income	$ (50)	$ (241)	799	(660)
Ending Balance	469,799	539,330	469,799	539,330
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			230	(389)
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive (loss) income			230	(389)
Ending Balance	(235)	(496)	(235)	(496)
Other comprehensive income (loss), before reclassifications, tax			(140)	26
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	(271)
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive (loss) income			569	(271)
Ending Balance	$ 0	$ (406)	0	(406)
Other comprehensive income (loss), before reclassifications, tax			$ (348)	$ 167

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	May 25, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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)		768,981		768,981
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)				19,457	37,488
Cash used for employee withholding tax payments				$ 1.5	$ 5.1
Unamortized stock-based compensation expense		$ 14.8		$ 14.8
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		$ 2.4	$ 2.7	$ 9.1	$ 9.2
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				$ 0.2
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]	9 Months Ended
	Sep. 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	155,361
Number of shares, Forfeited | shares	(8,333)
Number of shares, Settled | shares	(55,233)
Number of shares, Ending Balance | shares	283,412
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	75.72
Weighted Average Grant Date Fair Value, Forfeited (in $ per share) | $ / shares	110.81
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	167.34
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 111.56

Stock-based Compensation - Su44

Stock-based Compensation - Summary of Stock Option Activity (Detail)	9 Months Ended
	Sep. 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	(12,729)
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	143,907
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	33.56
Weighted Average Exercise Price, Forfeited (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 17.47

Restructuring and Severance (De

Restructuring and Severance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and severance	$ 1,879	$ 0	$ 4,270	$ 0
Unpaid severance and related charges	$ 3,600		3,600
Severance costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and severance			3,900
Other exit costs [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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Income (Loss)	$ 16,276	$ (3,703)	$ 36,846	$ 25,034
Noncontrolling interests	(651)	3,054	(770)	3,436
Net Income (Loss) Attributable to Common Stockholders	$ 15,625	$ (649)	$ 36,076	$ 28,470
Shares:
Basic: Weighted-average number of shares outstanding (in shares)	7,676	8,775	8,062	8,876
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	178	0	161	163
Diluted: Weighted-average number of shares outstanding (in shares)	7,854	8,775	8,223	9,039
Earnings (Loss) per share—Basic (in $ per share)	$ 2.04	$ (0.07)	$ 4.47	$ 3.21
Earnings (Loss) per Share—Diluted (in $ per share)	$ 1.99	$ (0.07)	$ 4.39	$ 3.15

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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)	11,502	323,570	10,630	2,028

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	35.80%	53.10%

Credit Facility (Details)

Credit Facility (Details)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Debt term	5 years
Borrowing capacity	$ 150,000,000
Potential maximum borrowing capacity	200,000,000
Amounts outstanding	$ 0	$ 0
Minimum interest coverage ratio for four consecutive fiscal quarters	4
Leverage ratio	3
Standby letters of credit [Member]
Line of Credit Facility [Line Items]
Borrowing capacity	$ 7,500,000
Minimum [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.75%
Commitment fee on undrawn amounts	0.30%
Maximum [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.25%
Commitment fee on undrawn amounts	0.45%

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
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
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	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Total cash and cash equivalents	$ 179,273	$ 97,384	$ 128,847	$ 203,304
Total liabilities	(429,464)	(276,408)
Redeemable noncontrolling interests	(30,301)	(73,864)	$ (49,895)	$ (23,071)
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total investments	137,140	323,335
All other assets	2,560	8,549
Total liabilities	(2,930)	(15,387)
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Total cash equivalents	12,703	8,297
Total investments	360,210	199,485
All other assets	4,628	1,467
Debt	0	(152,597)
Notes payable	(323,852)	0
Securities purchased payable and other liabilities	(25,704)	(18,487)
The Company’s net interests in consolidated sponsored investment products	27,985	38,165
Consolidated Sponsored Investment Products - VOEs [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash and cash equivalents	1,961	11,408
Total investments	95,452	291,247
All other assets	1,943	8,281
Total liabilities	(2,538)	(14,948)
Redeemable noncontrolling interests	(8,816)	(61,236)
The Company’s net interests in consolidated sponsored investment products	88,002	234,752
Consolidated Sponsored Investment Product - VIE [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash and cash equivalents	132	458
Total investments	41,688	32,088
All other assets	617	268
Total liabilities	(392)	(439)
Redeemable noncontrolling interests	(21,485)	(12,628)
The Company’s net interests in consolidated sponsored investment products	$ 20,560	$ 19,747

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash equivalents	$ 138,303	$ 54,772
Total assets measured at fair value	225,451	101,578
Level 1 [Member]
Assets
Cash equivalents	138,303	54,772
Total assets measured at fair value	225,451	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	6	771
Total assets measured at fair value	137,146	324,106
Liabilities
Derivatives	188	972
Short sales	522	5,409
Total liabilities measured at fair value	710	6,381
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Assets
Investments	98,873	152,553
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Assets
Investments	38,267	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	33,524	163,019
Liabilities
Derivatives	0	128
Short sales	522	5,334
Total liabilities measured at fair value	522	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	33,524	162,986
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Derivatives	6	738
Total assets measured at fair value	103,476	159,690
Liabilities
Derivatives	188	844
Short sales	0	75
Total liabilities measured at fair value	188	919
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member]
Assets
Investments	98,727	151,156
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Securities [Member]
Assets
Investments	4,743	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	146	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	146	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] | Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	12,703	8,297
Investments	360,210	199,485
Total assets measured at fair value	372,913	207,782
Liabilities
Notes payable	323,852
Total liabilities measured at fair value	323,852
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Cash equivalents	12,703	8,297
Investments	0	0
Total assets measured at fair value	12,703	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	360,210	199,485
Total assets measured at fair value	360,210	199,485
Liabilities
Notes payable	323,852
Total liabilities measured at fair value	323,852
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	9 Months Ended
	Sep. 30, 2016	Sep. 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	163	135
Paydowns	(5)	(14)
Sales	(1,461)	(13)
Transferred to Level 2	0	(126)
Transfers from Level 2	58	0
Change in unrealized gain/(loss), net	350	(121)
Balance at end of period	$ 146	$ 926

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Details) - Consolidated Investment Product [Member] $ in Thousands	Sep. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 27,443
Accrued investment management fees	542
Total Beneficial Interests	$ 27,985

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income:
Realized and unrealized gain, net	$ 961	$ (2,082)	$ 3,584	$ (1,194)
Interest Income	221	324	1,113	906
Total revenues	82,324	92,375	242,704	295,862
Expenses:
Other operating expenses	11,392	11,165	34,614	51,403
Net Income (Loss) Attributable to Common Stockholders	15,625	(649)	36,076	28,470
Consolidated Investment Product [Member]
Income:
Realized and unrealized gain, net	144	(721)	2,960	(721)
Interest Income	4,047	42	8,835	42
Total revenues	4,191		11,795
Expenses:
Other operating expenses	24	0	3,921	0
Interest expense	3,788	$ 1	10,188	$ 1
Total Expense	3,812		14,109
Net Income (Loss) Attributable to Common Stockholders	$ 379		$ (2,314)

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Details) - Consolidated Investment Product [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Variable Interest Entity [Line Items]
Distributions received and unrealized losses on the subordinated notes held by the Company	$ (58)	$ (2,857)
Investment management fees	437	543
Total Economic Interests	$ 379	$ (2,314)

Consolidation - Additional Info

Consolidation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2016USD ($)Product	Jun. 09, 2016USD ($)classes_notes	Dec. 31, 2015USD ($)Product	Sep. 30, 2015USD ($)
Variable Interest Entity [Line Items]
Fair value, securities, Level 1 to Level 2 transfers, amount	$ 0			$ 0
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	8,100,000
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair value, securities, Level 2 to Level 1 transfers, amount	300,000			8,900,000
Fair value, securities, Level 1 to Level 2 transfers, amount	500,000			$ 300,000
Investments	$ 137,140,000		$ 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	$ 95,452,000		$ 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	$ 41,688,000		32,088,000
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt par value		$ 356,300,000
Debt outstanding	0		152,597,000
Investments	$ 360,210,000		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
Financing Facility [Member] | Secured Debt [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
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	$ 100,000
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

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 27, 2016	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Repurchases of common shares (in shares)		844,671	368,468
Share repurchase price (in $ per share)		$ 83.94	$ 122.09
Total cost of treasury shares acquired		$ 72.2	$ 45
Stock Purchase Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchases of common shares (in shares)	1,727,746
Share repurchase price (in $ per share)	$ 93.50
Total cost of treasury shares acquired	$ 161.5