Virtus Investment Partners (VRTS) 10-K 27 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 09, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,819,003
Entity Public Float			$ 409,657,058

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 82,687	$ 97,384
Accounts receivable, net	35,879	38,757
Furniture, equipment, and leasehold improvements, net	7,728	9,116
Intangible assets, net	38,427	40,887
Goodwill	6,788	6,701
Deferred taxes, net	47,535	54,143
Total assets	824,388	859,729
Liabilities:
Accrued compensation and benefits	47,885	49,617
Accounts payable and accrued liabilities	25,176	23,036
Dividends payable	3,479	4,233
Other liabilities	13,505	13,051
Total liabilities	465,449	276,408
Commitments and Contingencies (Note 10)
Redeemable noncontrolling interests	37,266	73,864
Equity attributable to stockholders:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,119,058 shares issued and 5,889,013 shares outstanding at December 31, 2016 and 9,613,088 shares issued and 8,398,944 shares outstanding at December 31, 2015	91	96
Additional paid-in capital	1,090,331	1,140,875
Accumulated deficit	(424,279)	(472,614)
Accumulated other comprehensive loss	(224)	(1,034)
Treasury stock, at cost, 3,230,045 and 1,214,144 shares at December 31, 2016 and December 31, 2015, respectively	(344,246)	(157,699)
Total equity attributable to stockholders	321,673	509,624
Noncontrolling interests	0	(167)
Total equity	321,673	509,457
Total liabilities and equity	824,388	859,729
Parent [Member]
Assets:
Cash and cash equivalents	64,588	87,574
Investments	89,371	56,738
Other assets	16,789	12,814
Liabilities:
Debt	30,000	0
Consolidated Sponsored Investment Products [Member]
Assets:
Cash of consolidated sponsored investment products	3,650	1,513
Cash pledged or on deposit of consolidated sponsored investment products	984	10,353
Investments	142,075	323,335
Other assets	3,270	8,549
Liabilities:
Total liabilities	4,109	15,387
Consolidated Investment Product [Member]
Assets:
Cash equivalents of consolidated investment product	14,449	8,297
Investments	346,967	199,485
Investments of consolidated investment product	346,967	199,485
Other assets	5,888	1,467
Liabilities:
Debt	0	152,597
Notes payable of consolidated investment product	328,761	0
Securities purchased payable and other liabilities of consolidated investment product	$ 12,534	$ 18,487

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	9,119,058	9,613,088
Common stock, shares outstanding (in shares)	5,889,013	8,398,944
Treasury stock, shares (in shares)	3,230,045	1,214,144

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Investment management fees	$ 235,230	$ 264,865	$ 300,663
Distribution and service fees	48,250	67,066	91,950
Administration and transfer agent fees	38,261	48,247	56,016
Other income and fees	813	1,799	1,969
Total revenues	322,554	381,977	450,598
Operating Expenses
Employment expenses	135,641	137,095	139,809
Distribution and other asset-based expenses	69,049	89,731	123,665
Restructuring and severance	4,270	0	294
Depreciation and other amortization	3,092	3,443	2,763
Amortization expense	2,461	3,295	3,778
Total operating expenses	271,740	301,599	319,878
Operating Income	50,814	80,378	130,720
Other Income (Expense)
Other income, net	1,089	898	891
Total other income (expense), net	8,819	(26,650)	(2,843)
Interest Income (Expense)
Total interest income, net	10,174	13,915	8,437
Income Before Income Taxes	69,807	67,643	136,314
Income tax expense	21,044	36,972	39,349
Net Income	48,763	30,671	96,965
Noncontrolling interests	(261)	4,435	735
Net Income Attributable to Common Stockholders	$ 48,502	$ 35,106	$ 97,700
Earnings per share—Basic (in $ per share)	$ 6.34	$ 3.99	$ 10.75
Earnings per Share—Diluted (in $ per share)	6.20	3.92	10.51
Cash Dividends Declared per Share (in $ per share)	$ 1.8	$ 1.8	$ 1.35
Weighted Average Shares Outstanding—Basic (in shares)	7,648	8,797	9,091
Weighted Average Shares Outstanding—Diluted (in shares)	7,822	8,960	9,292
Parent [Member]
Operating Expenses
Other operating expenses	$ 50,274	$ 63,901	$ 46,531
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	4,982	(862)	914
Interest Income (Expense)
Interest expense	(679)	(523)	(537)
Interest and dividend income	1,743	1,261	1,706
Consolidated Sponsored Investment Products [Member]
Operating Expenses
Other operating expenses	3,009	4,134	3,038
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	3,818	(23,181)	(4,648)
Interest Income (Expense)
Interest and dividend income	7,509	11,504	7,268
Consolidated Investment Product [Member]
Revenues
Total revenues	11,823
Operating Expenses
Other operating expenses	3,944	0	0
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(1,070)	(3,505)	0
Interest Income (Expense)
Interest expense	(11,292)	(484)	0
Interest and dividend income	12,893	$ 2,157	$ 0
Net Income Attributable to Common Stockholders	$ (3,413)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 48,763	$ 30,671	$ 96,965
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of ($348), $266 and $132 for the years ended December 31, 2016, 2015 and 2014	569	(434)	(216)
Unrealized (loss) gain on available-for-sale securities, net of tax of ($32), $71, and ($76) for the years ended December 31, 2016, 2015 and 2014, respectively	241	(358)	124
Other comprehensive (loss) income	810	(792)	(92)
Comprehensive income	49,573	29,879	96,873
Comprehensive (income) loss attributable to noncontrolling interests	(261)	4,435	735
Comprehensive income attributable to common stockholders	$ 49,312	$ 34,314	$ 97,608

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit (expense)	$ (348)	$ 266	$ 132
Unrealized gain (loss) on available-for-sale securities, tax benefit (expense)	$ (32)	$ 71	$ (76)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock [Member]	Total Attributed To Shareholders [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Dec. 31, 2013		9,105,521				350,000
Balance at Dec. 31, 2013	$ 492,868	$ 95	$ 1,135,644	$ (605,221)	$ (150)	$ (37,438)	$ 492,930	$ (62)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	97,572			97,700			97,700	(128)
Net unrealized gain on securities available-for-sale	124				124		124
Foreign currency translation adjustment	(216)				(216)		(216)
Activity of noncontrolling interests, net	(18,508)
Cash dividends declared	(12,451)		(12,451)				(12,451)
Repurchase of common shares (in shares)		225,441				225,441
Repurchase of common shares	(40,261)					$ (40,261)	(40,261)
Issuance of common shares related to employee stock transactions (in shares)		95,753
Issuance of common shares related to employee stock transactions	1,417	$ 1	1,416				1,417
Taxes paid on stock-based compensation	(9,512)		(9,512)				(9,512)
Stock-based compensation	9,006		9,006				9,006
Excess tax benefits (tax deficiencies) from stock-based compensation	24,805		24,805				24,805
Balance (in shares) at Dec. 31, 2014		8,975,833				575,441
Balance at Dec. 31, 2014	563,352	$ 96	1,148,908	(507,521)	(242)	$ (77,699)	563,542	(190)
Balance at Dec. 31, 2013	42,186
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Net income	(607)
Activity of noncontrolling interests, net	(18,508)
Balance at Dec. 31, 2014	23,071
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34,930			35,106			35,106	(176)
Net unrealized gain on securities available-for-sale	(358)				(358)		(358)
Foreign currency translation adjustment	(434)				(434)		(434)
Activity of noncontrolling interests, net	55,052			(199)			(199)	199
Cash dividends declared	(16,009)		(16,009)				(16,009)
Repurchase of common shares (in shares)		638,703				638,703
Repurchase of common shares	(80,000)					$ (80,000)	(80,000)
Issuance of common shares related to employee stock transactions (in shares)		61,814
Issuance of common shares related to employee stock transactions	842		842				842
Taxes paid on stock-based compensation	(5,080)		(5,080)				(5,080)
Stock-based compensation	11,116		11,116				11,116
Excess tax benefits (tax deficiencies) from stock-based compensation	1,098		1,098				1,098
Balance (in shares) at Dec. 31, 2015		8,398,944				1,214,144
Balance at Dec. 31, 2015	509,457	$ 96	1,140,875	(472,614)	(1,034)	$ (157,699)	509,624	(167)
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Net income	(4,259)
Activity of noncontrolling interests, net	55,052			(199)			(199)	199
Balance at Dec. 31, 2015	73,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	48,502			48,502			48,502	0
Net unrealized gain on securities available-for-sale	241				241		241
Foreign currency translation adjustment	569				569		569
Activity of noncontrolling interests, net	(36,859)			(167)			(167)	167
Cash dividends declared	$ (13,015)		(13,015)				(13,015)
Repurchase of common shares (in shares)	2,572,417	2,572,417				2,015,901
Repurchase of common shares	$ (233,757)	$ (6)	(47,204)			$ (186,547)	(233,757)
Issuance of common shares related to employee stock transactions (in shares)		62,486
Issuance of common shares related to employee stock transactions	1,055	$ 1	1,054				1,055
Taxes paid on stock-based compensation	(1,530)		(1,530)				(1,530)
Stock-based compensation	11,449		11,449				11,449
Excess tax benefits (tax deficiencies) from stock-based compensation	(1,298)		(1,298)				(1,298)
Balance (in shares) at Dec. 31, 2016		5,889,013				3,230,045
Balance at Dec. 31, 2016	321,673	$ 91	$ 1,090,331	(424,279)	$ (224)	$ (344,246)	321,673	0
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Net income	261
Activity of noncontrolling interests, net	(36,859)			$ (167)			$ (167)	$ 167
Balance at Dec. 31, 2016	$ 37,266

Consolidated Statements of Cha8

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.8	$ 1.8	$ 1.35

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net income	$ 48,763	$ 30,671	$ 96,965
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation expense, intangible asset and other amortization	5,796	6,967	6,759
Stock-based compensation	11,948	11,863	9,778
Excess tax benefit from stock-based compensation	(401)	(1,586)	(24,805)
Amortization of deferred commissions	2,413	7,924	17,907
Payments of deferred commissions	(1,887)	(3,322)	(13,796)
Equity in earnings of equity method investments	(1,075)	(879)	(488)
Realized gain on sale of equity method investment	(2,883)	0	0
Realized and unrealized (gains) losses on trading securities, net	(2,099)	1,158	(914)
Sales (purchases) of trading securities, net	16,828	8,962	26,742
Loss on disposal of fixed assets	185	0	0
Deferred taxes, net	6,399	6,356	4,394
Change in cash pledged or on deposit of consolidated sponsored investment products
Change in operating assets	(1,695)	10,620	(4,157)
Change in operating liabilities	50	(14,795)	17,754
Net cash provided by (used in) operating activities	30,522	(209,430)	(58,871)
Cash Flows from Investing Activities:
Capital expenditures	(2,023)	(4,683)	(2,432)
Proceeds from sale of equity method investment	8,621	0	0
Equity method investment contributions	(2,471)	(1,617)	(5,000)
Cash acquired in business combination	0	89	0
Purchases of available-for-sale securities	(145)	(227)	(313)
Net cash provided by (used) in investing activities	3,079	(6,438)	(8,181)
Cash Flows from Financing Activities:
Borrowings on credit facility	30,000	0	0
Repurchase of common shares	(233,757)	(80,000)	(40,261)
Dividends paid	(13,774)	(16,047)	(8,182)
Proceeds from exercise of stock options	491	116	753
Taxes paid related to net share settlement of restricted stock units	(1,530)	(5,080)	(9,512)
Excess tax benefits from stock-based compensation	401	1,586	24,805
Payment of deferred financing costs	(1,159)	(47)	0
Contributions of noncontrolling interests, net	10,904	55,700	28,653
Net cash (used in) provided by financing activities	(48,298)	109,948	(1,189)
Net decrease in cash and cash equivalents	(14,697)	(105,920)	(68,241)
Cash and cash equivalents, beginning of year	97,384	203,304	271,545
Cash and Cash Equivalents, end of year	82,687	97,384	203,304
Supplemental Disclosure of Cash Flow Information
Interest paid	420	266	266
Income taxes paid, net	16,715	31,850	23,274
Supplemental Disclosure of Non-Cash Activities
Activity related to rabbi trust	(499)	(247)	(843)
Change in accrual for capital expenditures	134	(692)	(311)
Dividends payable	2,650	4,233	4,270
Consolidated Sponsored Investment Products [Member]
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Realized and unrealized (gains) losses on trading securities, net	(4,718)	26,532	4,671
Purchases of investments	(187,489)	(453,247)	(382,015)
Sales of investments	274,991	394,552	210,021
Net proceeds (purchases) of short term investments by consolidated sponsored investment products	6,139	(54,495)	(23,856)
(Purchases) sales of securities sold short by consolidated sponsored investment products, net	(4,520)	(1,747)	8,071
Change in cash pledged or on deposit of consolidated sponsored investment products
Change in cash pledged or on deposit of consolidated sponsored investment products	9,604	(2,604)	(10,785)
Change in other assets	(777)	(2,002)	(1,468)
Change in other liabilities	325	2,107	351
Cash Flows from Investing Activities:
Decrease in cash and cash equivalents due to deconsolidation of sponsored investment products, net	(903)	0	(436)
Cash Flows from Financing Activities:
Borrowings of proceeds from short sales by consolidated sponsored investment products	0	1,473	2,555
Payments on borrowings by consolidated sponsored investment products	(3,557)	(350)	0
Supplemental Disclosure of Non-Cash Activities
Decrease to noncontrolling interest due to consolidation and (deconsolidation) of sponsored investment products, net	(47,763)	(648)	(47,165)
Consolidated Investment Product [Member]
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of discount on notes payable of consolidated investment product	3,719	0	0
Realized and unrealized (gains) losses on trading securities, net	1,070	3,505	0
Purchases of investments	(276,727)	(199,892)	0
Sales of investments	125,502	13,864	0
Change in cash pledged or on deposit of consolidated sponsored investment products
Change in other assets	(714)	(426)	0
Change in other liabilities	1,775	484	0
Cash Flows from Financing Activities:
(Repayment) Borrowings of debt of consolidated investment product	(152,597)	152,597	0
Proceeds from issuance of notes payable by consolidated investment product	$ 316,280	$ 0	$ 0

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies, which have been consistently applied, are as follows: Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). 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. See Note 18 for additional information related to the consolidation of sponsored investment products and the consolidated investment product. Intercompany accounts and transactions have been eliminated. 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 reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The Company has reclassified its net presentation of purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product in the Consolidated Statement of Cash Flows for the years ended December 31, 2015 and 2014 to conform with the current year presentation of showing purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product as separate line items within the cash flows from operating activities. The reclassification had no impact on the net cash provided by or used in operating, investing or financing activities within the Consolidated Statement of Cash Flows, Consolidated Balance Sheets or Statements of Operations, Comprehensive Income or Changes in Stockholders' Equity for any period presented. Noncontrolling Interest Noncontrolling interests represent the profit or loss attributed to third-party investors in consolidated sponsored investment products and other affiliates. Movements in amounts attributable to noncontrolling interests in consolidated entities on the Company’s Consolidated Statements of Operations offset the operating results, gains and losses and interest expense of the third-party investors. Noncontrolling interests related to certain consolidated sponsored investment products are classified as redeemable noncontrolling interests because investors in these funds may request withdrawals at any time. Use of Estimates The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Segment Information Accounting Standards Codification (“ASC”) 280, Segment Reporting , establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and distribution services for individual and institutional clients with investment professionals managing both retail and institutional products. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment and operational resources support multiple products, such products have the same or similar regulatory framework and the Company’s chief operating decision maker reviews the Company’s financial performance at a consolidated level. Investment organizations within the Company are generally not aligned with specific product lines. Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and money market fund investments. Investments Marketable Securities Marketable securities include sponsored mutual funds, sponsored variable insurance funds and other equity securities classified as trading securities and sponsored closed-end funds classified as available-for-sale securities which are carried at fair value in accordance with ASC 320 , Investments—Debt and Equity Securities (“ASC 320”). Marketable securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Marketable securities transactions are recorded on a trade date basis. Any unrealized appreciation or depreciation on available-for-sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders in the Consolidated Statement of Comprehensive Income. Any unrealized appreciation or depreciation on trading securities is reported as realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations. On a quarterly basis, the Company conducts a review to assess whether other-than-temporary impairments exist on its available-for-sale marketable securities. Other-than-temporary declines in value may exist if the fair value of a marketable security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. Equity Method Investments The Company’s investment in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters, is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures . Under the equity method of accounting, the Company’s share of the noncontrolled entities net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statements of Operations. Distributions received reduce the Company’s investment balance. The investment is evaluated for impairment as events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded. Non-qualified Retirement Plan Assets and Liabilities The Company has a non-qualified retirement plan (the “Excess Incentive Plan”) that allows certain employees to voluntarily defer compensation. Under the Excess Incentive Plan, participants elect to defer a portion of their compensation, which the Company then contributes into a trust. Each participant is responsible for designating investment options for assets they contribute, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Assets held in trust, which are considered trading securities, are included in investments and are carried at fair value in accordance with ASC 820, Fair Value Measurement ; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets and approximate the fair value of the associated assets . Assets held in trust consist of mutual funds and are recorded at fair value, utilizing Level 1 valuation techniques. Deferred Commissions Deferred commissions, which are included in other assets in the Company's Consolidated Balance Sheets, are commissions paid to broker-dealers on sales of mutual fund shares. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within one to five years, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over a one to five -year period, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate. Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment, and three to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred. Leasehold improvements that are funded upfront by a landlord and are constructed for the benefit of the Company are recorded at cost and depreciated on a straight-line basis over the original minimum term of the lease and a corresponding lease incentive liability in the same amount is also recorded and initially amortized over the same period. Leases The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits, and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease. Intangible Assets and Goodwill Definite-lived intangible assets are comprised of acquired investment advisory contracts. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from one to sixteen years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis under GAAP whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not being amortized. A single reporting unit has been identified for the purpose of assessing potential future impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment, which states that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s 2016 and 2015 annual goodwill impairment analysis did not result in any impairment charges. Indefinite-lived intangible assets are comprised of closed-end and exchange traded fund investment advisory contracts. These assets are tested for impairment annually and when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment , which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s 2016 and 2015 annual indefinite-lived intangible assets impairment analyses did not result in any impairment charges. Treasury Stock Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock. Revenue Recognition Investment management fees, distribution and service fees and administration and transfer agent fees are recorded as revenues during the period in which services are performed. Investment management fees are earned based upon a percentage of assets under management and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payment. The Company accounts for investment management fees in accordance with ASC 605, Revenue Recognition , and has recorded its management fees net of fees paid to unaffiliated subadvisers. The Company considers the nature of its contractual arrangements in determining whether to recognize revenue based on the gross amount billed or net amount retained. The Company has evaluated the factors in ASC 605-45 in determining whether to record revenue on a gross or net basis with significant weight placed on: (i) whether the Company is the primary obligor in the arrangement; and (ii) whether the Company has latitude in establishing price. Amounts paid to unaffiliated subadvisers for the years ended December 31, 2016 , 2015 and 2014 were $47.2 million , $76.4 million and $124.4 million , respectively. Distribution and service fees are earned based on a percentage of assets under management and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Underwriter fees are sales-based charges on sales of certain class A-share mutual funds. Administration and transfer agent fees consist of fund administration fees, transfer agent fees and fiduciary fees. Fund administration and transfer agent fees are earned based on the average daily assets in the funds. Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds. Advertising and Promotion Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expenses in the Consolidated Statements of Operations. Stock-based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. Restricted stock units (“RSUs”) are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time or when certain performance targets are achieved. The fair value of each RSU award 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. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from temporary differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized. Comprehensive Income The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax). Earnings per Share Earnings per share (“EPS”) is calculated in accordance with ASC 260, Earnings per Share . Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic 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 stock options using the treasury stock method. Fair Value Measurements and Fair Value of Financial Instruments The FASB defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 Fair Value Measurements and Disclosures establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. Recent Accounting Pronouncements 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 18 to the consolidated financial statements. Adoption of this standard did not have a material impact on the Company’s 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 18 to the consolidated financial statements. Adoption of this standard did not have a material impact on the Company's 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 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 consolidated financial statements. New Accounting Standards Not Yet Implemented In November 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-the period and end-of-period total amounts shown on the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted in any interim or annual period. A reporting entity should apply this standard on a retrospective basis as of the beginning of the fiscal year for which the standard is effective. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") 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. Under the modified retrospective transition method, the adoption of this standard will result in the Company recording a cumulative effect adjustment to retained earnings for excess tax benefits that were not previously recognized because the related tax deduction had not reduced current taxes payable. Prospectively the Company will account for all excess tax benefits or deficiencies as part of income tax expense or benefit. The Company will also recognize the impact of forfeitures as they occur. 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 potential impact of adopting this standard on its Consolidated Financial Statements; 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 adoption of this standard will not have a material impact on the Company's 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 but expects to record a right of use asset and a related lease obligation in the Company's consolidated balance sheet upon adoption. In January 2016, the FASB issued ASU No. 2016-01, Recogni

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets, net are summarized as follows: December 31, 2016 2015 ($ in thousands) Definite-lived intangible assets, net: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (155,136 ) (152,676 ) Definite-lived intangible assets, net 3,611 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 38,427 $ 40,887 Activity in goodwill and intangible assets, net is as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 $ 44,633 Acquisition — 2,400 1,075 Amortization expense (2,460 ) (3,296 ) (3,925 ) Balance, end of period $ 38,427 $ 40,887 $ 41,783 Goodwill Balance, beginning of period $ 6,701 $ 5,260 $ 5,260 Acquisition — 1,441 — Acquisition related adjustments 87 — — Balance, end of period $ 6,788 $ 6,701 $ 5,260 Definite-lived intangible asset amortization for the next five years is estimated as follows: 2017 — $0.8 million , 2018 — $0.6 million , 2019 — $0.5 million , 2020 — $0.4 million , 2021 — $0.4 million , and thereafter— $0.9 million . At December 31, 2016 , the weighted average estimated remaining amortization period for definite-lived intangible assets is 6.8 years .

Investments

Investments	12 Months Ended
	Dec. 31, 2016
Investments Schedule [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored mutual funds. The Company’s investments, excluding the assets of consolidated sponsored investment products and the assets of the consolidated investment product discussed in Note 18, at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 ($ in thousands) Marketable securities $ 74,907 $ 41,496 Equity method investments 7,731 9,007 Nonqualified retirement plan assets 5,808 5,310 Other investments 925 925 Total investments $ 89,371 $ 56,738 Marketable Securities The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: December 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 61,784 $ (1,942 ) $ 177 $ 60,019 Equity securities 10,578 — 895 11,473 Available-for-sale: Sponsored closed-end funds 3,500 (265 ) 180 3,415 Total marketable securities $ 75,862 $ (2,207 ) $ 1,252 $ 74,907 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 year ended December 31, 2016 , the Company recognized a net realized loss of $0.3 million on trading securities. For the years ended December 31, 2015 and 2014 , the Company recognized a net realized gain of $0.4 million and $8.2 million , respectively, on trading securities. Equity Method Investments In 2014, the Company acquired an interest in a limited partnership for approximately $5.0 million which included a future capital commitment for up to $5.0 million , in the event that it was called by the partnership. For the year ended December 31, 2016 , the Company made capital contributions of $2.5 million to the partnership, and the remaining capital commitment is $2.3 million . On April 9, 2013, the Company acquired a 24% noncontrolling Euro-denominated equity interest in Kleinwort Benson Investors International, Ltd. (“KBII”), a subsidiary of Kleinwort Benson Investors (Dublin) (“KBID”) for €2.6 million or $3.4 million . KBII is a U.S. registered investment adviser that provides specialized equity strategies. This investment is translated into U.S. dollars at current exchange rates as of the end of each accounting period. Net income or loss of the noncontrolled affiliate is translated at average exchange rates in effect during the accounting period. Net translation exchange gains and losses are excluded from income and recorded in accumulated other comprehensive income. This equity method investment was sold during 2016 for a realized gain of $2.9 million . Nonqualified Retirement Plan Assets The Company has a nonqualified retirement plan ( the "Excess Incentive Plan") which allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Assets held in trust are included in investments and are carried at fair value in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets . Other Investments Other investments represents interests in entities not accounted for under the equity method such as the cost method or fair value.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 discussed in Note 18, as of December 31, 2016 and December 31, 2015 , by fair value hierarchy level were as follows: December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored funds 60,019 — — 60,019 Equity securities 11,473 — — 11,473 Marketable securities available-for-sale: Sponsored closed-end funds 3,415 — — 3,415 Other investments Nonqualified retirement plan assets 5,808 — — 5,808 Total assets measured at fair value $ 129,335 $ — $ — $ 129,335 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 they are traded on 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 significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or 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 if the book value no longer represents fair value. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2016 and 2015 .

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements, Net	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements, Net	Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements, net are summarized as follows: December 31, 2016 2015 ($ in thousands) Furniture and office equipment $ 5,933 $ 5,840 Computer equipment and software 7,330 6,600 Leasehold improvements 11,334 11,071 24,597 23,511 Accumulated depreciation and amortization (16,869 ) (14,395 ) Furniture, equipment and leasehold improvements, net $ 7,728 $ 9,116

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the provision for income taxes are as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Current Federal $ 12,790 $ 28,077 $ 31,787 State 1,855 2,539 3,168 Total current tax expense 14,645 30,616 34,955 Deferred Federal 5,489 4,339 3,200 State 910 2,017 1,194 Total deferred tax expense 6,399 6,356 4,394 Total expense for income taxes $ 21,044 $ 36,972 $ 39,349 The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: Years Ended December 31, 2016 2015 2014 ($ in thousands) Tax at statutory rate $ 24,432 35 % $ 23,675 35 % $ 47,922 35 % State taxes, net of federal benefit 2,010 3 2,717 4 4,357 3 Uncertain tax positions — — — — (30,961 ) (22 ) IRS audit resolution — — — — 15,505 11 Effect of net income attributable to noncontrolling interests (91 ) — 1,492 2 — — Change in valuation allowance (5,125 ) (7 ) 7,812 12 2,165 2 Other, net (182 ) (1 ) 1,276 2 361 — Income tax expense $ 21,044 30 % $ 36,972 55 % $ 39,349 29 % The provision for income taxes reflects U.S. federal, state and local taxes at an estimated effective tax rate of 30% , 55% and 29% for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company's tax position for the years ended December 31, 2016 and 2015 was impacted by changes in the valuation allowance related to the unrealized and realized gain/loss position on the Company’s marketable securities. Additionally, the Company’s effective tax rate for the year ended December 31, 2014 was impacted by a net tax benefit of approximately $15.5 million due to the resolution of an Internal Revenue Service (“IRS”) examination of the Company's 2011 federal consolidated corporate income tax return. The net benefit is comprised of the recognition of tax benefits from previously uncertain tax positions of approximately $31.0 million and a reduction in the available loss deduction of approximately $15.5 million , of which both related to the past dissolution of a subsidiary. Deferred taxes resulted from temporary differences between the amounts reported in the consolidated financial statements and the tax basis of assets and liabilities. The tax effects of temporary differences are as follows: December 31, 2016 2015 ($ in thousands) Deferred tax assets: Intangible assets $ 19,348 $ 27,728 Net operating losses 20,272 20,591 Compensation accruals 8,854 7,804 Capitalized transaction costs 10,022 8,704 Unrealized loss 5,291 12,157 Other 1,394 118 Gross deferred tax assets 65,181 77,102 Valuation allowance (5,731 ) (10,855 ) Gross deferred tax assets after valuation allowance 59,450 66,247 Deferred tax liabilities: Intangible assets (11,915 ) (12,104 ) Gross deferred tax liabilities (11,915 ) (12,104 ) Deferred tax assets, net $ 47,535 $ 54,143 At each reporting date, the Company evaluates the positive and negative evidence used to determine the likelihood of realization of its deferred tax assets. The Company maintained a valuation allowance in the amount of $5.7 million and $10.9 million at December 31, 2016 and 2015 , respectively, relating to deferred tax assets on items of a capital nature as well as certain state deferred tax assets. As of December 31, 2016 , the Company had net operating loss carry-forwards for federal income tax purposes represented by a $14.1 million deferred tax asset. The related federal net operating loss carry-forwards are scheduled to begin to expire in the year 2031. As of December 31, 2016 , the Company had state net operating loss carry-forwards, varying by subsidiary and jurisdiction, represented by a $6.2 million deferred tax asset. The state net operating loss carry-forwards are scheduled to begin to expire in 2017. Internal Revenue Code Section 382 limits tax deductions for net operating losses, capital losses and net unrealized built-in losses after there is a substantial change in ownership in a corporation’s stock involving a 50 percentage point increase in ownership by 5% or larger stockholders. During the year ended December 31, 2009, the Company incurred an ownership change as defined in Section 382. At December 31, 2016 , the Company has pre-change losses, represented by deferred tax assets totaling $21.4 million . The utilization of these assets in subject to an annual limitation of $1.6 million . Activity in unrecognized tax benefits is as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Balance, beginning of year $ — $ — $ 32,602 Decrease related to tax positions taken in prior years — — (32,602 ) Increase related to positions taken in the current year — — — Balance, end of year $ — $ — $ — The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. The Company recorded no interest or penalties related to unrecognized tax benefits at December 31, 2016 , 2015 and 2014 . During the year ended December 31, 2016, the Company experienced a tax shortfall of $1.3 million related to certain stock-based incentive plans. Under ASC 718, these tax shortfalls are able to be offset to the extent of the accumulated windfall deductions recorded in stockholders equity in the Company's Consolidated Balance Sheet. The earliest federal tax year that remains open for examination is 2008 since net operating loss carry-forwards from 2008 could be denied when claimed in future years. The earliest open years in the Company’s major state tax jurisdictions are 2008 for Connecticut and 2012 for all of the Company's remaining state tax jurisdictions.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combinations	Business Combinations Virtus ETF Solutions On April 10, 2015, the Company made an investment of approximately $4.8 million for a majority ownership position in Virtus ETF Solutions (“VES”), formerly known as ETF Issuer Solutions. VES is a New York City-based company that operates a platform for listing, operating, and distributing exchange traded funds. The transaction was accounted for under ASC 805, Business Combinations . Goodwill of $1.5 million and other intangible assets of $2.4 million were recorded as a result of this transaction. The impact of this transaction was not material to the Company’s consolidated financial statements. As part of the purchase agreement, the minority shareholders, who own 42.5% of VES, have the ability to redeem a portion of their membership interests each year beginning in 2021 based on a multiple of 6 times trailing 12 months EBITDA. At December 31, 2016, the Company had $3.5 million accrued for the estimated redemption liability. RidgeWorth Investments On December 16, 2016, we entered into an agreement (the “Merger Agreement”) to acquire RidgeWorth Holdings, LLC (“RidgeWorth”). The purchase price for the Company’s acquisition of RidgeWorth (the “Proposed Acquisition”) equals (x) $472.0 million , plus (y) the fair market value of certain of RidgeWorth’s investments at the effective time of the Proposed Acquisition (the "Closing"), with the final purchase price subject to adjustments for working capital and client consents. The Proposed Acquisition is expected to close in mid-2017, subject to the satisfaction or waiver of various conditions; however, there can be no assurance that the Proposed Acquisition will close, or if it does, when the Closing will occur.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt 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 for borrowing capacity of up to $150.0 million , with an increase provision to $200.0 million conditioned on approval by the lending group. In addition, the Credit Facility has a $7.5 million sub-limit for the issuance of standby letters of credit. At December 31, 2016 and 2015 , we had $30.0 million and $0.0 million respectively, of debt outstanding under our credit facility. On February 6, 2017, the Company repaid its $30.0 million debt outstanding. 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% . At December 31, 2016 , amounts outstanding under the Credit Facility bore interest at a rate of 2.5625% . 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 Company was in compliance with all debt covenants at December 31, 2016 . Debt Financing Commitment In connection with the Merger Agreement, on December 16, 2016, the Company entered into a debt financing commitment letter (the "Commitment Letter") with Barclays Bank PLC and Morgan Stanley Senior Funding, Inc. (the “Initial Commitment Parties”). Pursuant to the Commitment Letter, the Initial Commitment Parties committed to arrange and provide the Company with a senior secured credit facility ("Loan Facility") composed of (i) a term loan of up to $475.0 million with an expected maturity of seven years from the execution date and (ii) a revolving credit facility of up to $100.0 million maturing five years after the execution date. On February 1, 2017 we issued common stock and mandatory convertible preferred stock for total net proceeds of $207.1 million and, as a result, on February 7, 2017, the term loan under the Loan Facility was reduced from $475.0 million to $260.0 million in accordance with the terms of the Commitment Letter. The availability of borrowings under the Loan Facility is subject to satisfaction of certain customary conditions which include termination and repayment of all amounts outstanding under our existing senior unsecured revolving credit facility (using cash on hand). The senior secured credit facility will contain affirmative and negative financial and operating covenants and events of default customary for facilities of this type. The credit facility will be guaranteed by the Company's domestic subsidiaries (subject to certain exceptions) and will be secured by substantially all of the Company's assets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 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, the plaintiffs 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 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 parties are briefing Plaintiff's motion for class certification, and oral argument on class certification will be held on March 3, 2017. 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 remaining defendants filed an Answer to the Second Amended Complaint 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. The motion was denied on January 6, 2017. The parties are briefing Plaintiff's motion for class certification, and oral argument on class certification will be held on March 3, 2017. 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. Lease Commitments The Company incurred rental expenses, primarily related to office space, under operating leases of $4.4 million , $4.3 million and $3.7 million in 2016 , 2015 and 2014 , respectively. Minimum aggregate rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2016 are as follows: $5.0 million in 2017 ; $4.5 million in 2018 ; $3.0 million in 2019 ; $2.4 million in 2020 ; $1.9 million in 2021 ; and $1.3 million thereafter.

Equity Transactions

Equity Transactions	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Equity Transactions	Equity Transactions As of December 31, 2016, 3.43 million shares of the Company's common stock have been authorized to be repurchased under the Board of Directors approved share repurchase program and 0.2 million shares remain available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time. During the year ended December 31, 2016, the Company repurchased a total of 2,572,417 common shares for approximately $233.7 million , under board approved repurchases which included the repurchase of 1,727,746 common shares at a price of $93.50 per share for a total purchase price of $161.5 million with Bank of Montreal Holdings Inc. pursuant to a Stock Purchase Agreement and the repurchase of 556,516 shares, representing 6.7% of the Company's common stock outstanding, pursuant to a "modified Dutch Auction" tender offer. As of December 31, 2016 , the Company has repurchased a total of 3,786,561 shares of common stock at a weighted average price of $103.38 per share plus transaction costs for a total cost of $391.5 million . During each quarter of the year ended December 31, 2016 , the Board of Directors declared quarterly cash dividends of $0.45 each. Total dividends declared were $13.0 million for the year ended December 31, 2016 . At December 31, 2016 , $3.5 million is included as dividends payable in liabilities in the Consolidated Balance Sheet, primarily representing the fourth quarter dividend to be paid on February 10, 2017 to all shareholders of record on January 31, 2017 . On February 1, 2017, the Company issued 910,000 shares of common stock and 1,150,000 shares of 7.25% mandatory convertible preferred stock ("MCPS") in a public offering which included the exercised over-allotment option for the MCPS offering for net proceeds of $207.1 million , after underwriting discounts, commissions and other offering expenses. On February 24, 2017, the underwriters exercised their option to purchase an additional 136,500 shares of common stock for net proceeds of $14.3 million . The mandatory convertible preferred stock was issued and has a liquidation preference of $100.00 per share. Unless converted earlier, each share of mandatory convertible preferred stock will convert automatically on February 1, 2020 (the "mandatory conversion date") into between 0.7576 and 0.9091 shares of common stock, subject to customary anti-dilution adjustments. The number of shares of common stock issuable upon conversion will be determined based on the average volume-weighted average price per share of Virtus common stock over the 20 consecutive trading day period beginning on, and including, the 22nd scheduled trading day immediately preceding the mandatory conversion date. Each share of MCPS can be converted prior to the mandatory conversion date at the option of the holder at the minimum conversion rate of 0.7576 or at specified rate, in the event of a fundamental change as defined in the certificate of designations of the MCPS. Dividends on the mandatory convertible preferred stock will be payable on a cumulative basis when, as and if declared by Virtus' board of directors, at an annual rate of 7.25 percent on the liquidation preference of $100.00 per share. If declared, these dividends will be paid in cash, or, subject to certain limitations, in shares of Virtus' common stock (or a combination) on February 1, May 1, August 1, and November 1 of each year, commencing May 1, 2017, and continuing to, and including, February 1, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in accumulated other comprehensive loss, by component, are 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 gain on available-for-sale securities, net of tax of ($32) 241 — Foreign currency translation adjustments, net of tax of ($348) — 569 Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income 241 569 Balance December 31, 2016 $ (224 ) $ — Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net loss on available-for-sale securities, net of tax of $71 (358 ) — Foreign currency translation adjustments, net of tax of $266 — (434 ) Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive (loss) (358 ) (434 ) Balance December 31, 2015 $ (465 ) $ (569 )

Retirement Savings Plan

Retirement Savings Plan	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement Savings Plan	Retirement Savings Plan The Company sponsors a defined contribution 401(k) retirement plan (the “401(k) Plan”) covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. The Company matches employees’ contributions at a rate of 100% of employees’ contributions up to the first 3.0% and 50.0% of the next 2.0% of the employees’ compensation contributed to the 401(k) Plan. The Company’s matching contributions were $2.4 million , $2.1 million and $2.8 million in 2016 , 2015 and 2014 , respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has an 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 authorized shares to 2,400,000 . At December 31, 2016 , 749,178 shares of common stock remain available for issuance of the 2,400,000 shares that were authorized 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. Stock options generally cliff vest after three years and have a contractual life of ten years . 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. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. Shares that are issued upon vesting of RSUs and exercise of stock options are newly issued shares from the Plan and are not issued from treasury stock. Stock-based compensation expense is summarized as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Stock-based compensation expense $ 11,948 $ 11,863 $ 9,778 RSU activity for the year ended December 31, 2016 is summarized as follows: Number of shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 191,617 $ 156.66 Granted 178,333 $ 80.33 Forfeited (11,502 ) $ 109.64 Settled (55,624 ) $ 167.23 Outstanding at December 31, 2016 302,824 $ 111.56 The grant-date intrinsic value of RSUs granted during the year ended December 31, 2016 was $14.3 million . The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2016 , 2015 and 2014 was $80.33 , $134.37 and $183.83 per share, respectively. The total fair value of RSUs vested during the years ended December 31, 2016 , 2015 and 2014 was $9.3 million , $11.8 million and $21.1 million , respectively. For the years ended December 31, 2016 , 2015 and 2014 , a total of 19,592 , 37,488 and 50,952 RSUs, respectively, were withheld through net share settlement by the Company to settle minimum employee tax withholding obligations. The Company paid $1.5 million , $5.1 million and $9.1 million for the years ended December 31, 2016 , 2015 and 2014 , 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. As of December 31, 2016 , unamortized stock-based compensation expense for outstanding RSUs was $16.0 million , with a weighted average remaining contractual life of 1.4 years. As of December 31, 2015 , unamortized stock-based compensation expense for outstanding RSUs was $16.7 million , with weighted average remaining contractual life of 1.7 years. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2016 , 2015 and 2014 . There were no unvested stock options at December 31, 2016 . During the years ended December 31, 2016 and 2015 , the Company granted 33,244 and 33,632 RSUs, respectively, each of which contains two performance based metrics in addition to a service condition (Performance Share Units or "PSUs"). For the years ended December 31, 2016 and 2015 , total stock-based compensation expense included $2.8 million and $2.5 million respectively, for PSUs. As of December 31, 2016 and 2015 , unamortized stock-based compensation expense related to PSUs was $3.3 million and $6.2 million , respectively. Compensation expense for these PSUs is recognized over the three year service period based upon the value determined using a combination of the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718 and the Monte Carlo simulation valuation model for awards under the performance metric that represents a "market condition" under ASC 718. Compensation expense for the awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for the awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon the final outcome. Stock option activity for the year ended December 31, 2016 is summarized as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (19,479 ) $ 25.89 Forfeited — $ — Outstanding at December 31, 2016 137,157 $ 17.77 Vested and exercisable at December 31, 2016 137,157 $ 17.77 The weighted-average remaining contractual term for stock options outstanding at December 31, 2016 and December 31, 2015 was 1.9 and 2.9 years, respectively. The weighted-average remaining contractual term for stock options vested and exercisable at December 31, 2016 was 1.9 years. At December 31, 2016 , the aggregate intrinsic value of stock options outstanding and vested and exercisable was $13.8 million . The total intrinsic value of stock options exercised for the years ended December 31, 2016 , 2015 and 2014 was $1.3 million , $0.7 million and $4.2 million , respectively. Cash received from stock option exercises was $0.5 million , $0.1 million and $0.8 million for 2016 , 2015 and 2014 , respectively. Employee Stock Purchase Plan The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.

Restructuring and Severance

Restructuring and Severance	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Severance	Restructuring and Severance During the year ended December 31, 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 December 31, 2016 was $2.4 million .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per share is as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands, except per share amounts) Net Income $ 48,763 $ 30,671 $ 96,965 Noncontrolling interests (261 ) 4,435 735 Net Income Attributable to Common Stockholders $ 48,502 $ 35,106 $ 97,700 Shares: Basic: Weighted-average number of shares outstanding 7,648 8,797 9,091 Plus: Incremental shares from assumed conversion of dilutive instruments 174 163 201 Diluted: Weighted-average number of shares outstanding 7,822 8,960 9,292 Earnings per share—basic $ 6.34 $ 3.99 $ 10.75 Earnings per share—diluted $ 6.20 $ 3.92 $ 10.51 For the years ended December 31, 2016 , 2015 and 2014, there were 7,973 , 1,521 and 6,085 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS because the effect would be anti-dilutive.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. The following funds provided 10 percent or more of the total revenues of the Company: Years Ended December 31, 2016 2015 2014 ($ in thousands) Virtus Emerging Markets Opportunities Fund Investment management, administration and transfer agent fees $ 49,085 $ 62,329 $ 50,435 Percent of total revenues 15 % 16 % 11 % Virtus Multi-Sector Short Term Bond Fund Investment management, administration and transfer agent fees $ 43,579 $ 49,174 $ 55,401 Percent of total revenues 14 % 13 % 12 %

Consolidation

Consolidation	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The Company has two types of investment products that are consolidated: consolidated sponsored investment product 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. Consolidated Sponsored Investment Products In the normal course of its business, the Company sponsors various investment products. The Company consolidates, as a consolidated sponsored investment product, an investment product when it owns a majority of the voting interest in the entity or it is the primary beneficiary of an investment product that is a VIE. As of December 31, 2016 and December 31, 2015 , the Company consolidated 19 and 12 sponsored investment products, respectively. During the year ended December 31, 2016 , the Company consolidated 12 additional sponsored investment products and deconsolidated 5 sponsored investment products because the Company no longer has a majority voting interest. The following table presents the balances of the consolidated sponsored investment products that were reflected in the Consolidated Balance Sheets as of December 31, 2016 and 2015 : As of December 31, 2016 2015 ($ in thousands) VOE's VIE VOE's VIE Total cash $ 1,859 $ 2,775 $ 11,408 $ 458 Total investments 99,247 42,828 291,247 32,088 All other assets 2,211 1,059 8,281 268 Total liabilities (2,310 ) (1,799 ) (14,948 ) (439 ) Redeemable noncontrolling interest (12,505 ) (24,761 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 88,502 $ 20,102 $ 234,752 $ 19,747 Fair Value Measurements of Consolidated Sponsored Investment Products The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 101,510 $ 87 $ 101,597 Equity securities 40,270 208 — 40,478 Derivatives 4 — — 4 Total assets measured at fair value $ 40,274 $ 101,718 $ 87 $ 142,079 Liabilities Derivatives $ 3 $ 235 $ 62 $ 300 Short sales 649 — — 649 Total liabilities measured at fair value $ 652 $ 235 $ 62 $ 949 As of December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 151,156 $ 1,397 $ 152,553 Equity securities 162,986 7,796 — 170,782 Derivatives 33 738 — 771 Total assets measured at fair value $ 163,019 $ 159,690 $ 1,397 $ 324,106 Liabilities Derivatives $ 128 $ 844 $ — $ 972 Short sales 5,334 75 — 5,409 Total liabilities measured at fair value $ 5,462 $ 919 $ — $ 6,381 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated sponsored investment products measured at fair value. Investments of consolidated sponsored investment products represent the underlying debt, equity and other securities held in sponsored products, which are consolidated by the Company. Equity securities are valued at the official closing price on the exchange on which the securities are traded and are categorized within Level 1. Level 2 investments include most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and certain equity securities, including non-US securities, for which closing prices are not readily available or are deemed to not reflect readily available market prices and are valued using an independent pricing service. Pricing services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. Level 3 investments include debt securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. The following table is a reconciliation of assets and liabilities of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2016 2015 (in thousands) Level 3 Debt Securities (a) Balance at beginning of period $ 1,397 $ 1,065 Purchases 174 913 Sales (1,472 ) (370 ) Paydowns (5 ) (10 ) Change in unrealized loss, net 348 (113 ) Change in realized loss, net (355 ) (141 ) Transfers from Level 2 (62 ) 151 Transfers to Level 2 — (98 ) Balance at end of period $ 25 $ 1,397 (a) None of the securities were internally fair valued at December 31, 2016 or December 31, 2015. For the year ended December 31, 2016 and December 31, 2015 , respectively, securities held by consolidated sponsored investment products with an end of period value of $3.7 million and $8.4 million , respectively, were transferred from Level 2 to Level 1 because certain non-US 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. No securities were transferred from Level 1 to Level 2 during the year ended December 31, 2016 . Securities with an end of period market value of $0.2 million were transferred from Level 1 to Level 2 during the year ended December 31, 2015 because certain non-US 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 or an exchange price for preferred shares was no longer available. Derivatives Certain consolidated sponsored investment products may employ derivative instruments as part of their investment strategies. These derivatives may include futures contracts, swaps contracts, options contracts and forward contracts. Derivative instruments in an asset position are classified as other assets of consolidated sponsored investment products in the Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of consolidated sponsored investment products within the 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 Consolidated Statements of Operations. In connection with entering into these derivative contracts, these consolidated sponsored investment products may be required to pledge an amount of cash equal to the appropriate “initial margin” requirements . The cash pledged or on deposit is recorded in the Consolidated Balance Sheets of the Company as Cash pledged or on deposit of consolidated sponsored investment products. The fair value of such derivatives at December 31, 2016 was immaterial. Short Sales Certain 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 Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products. Borrowings One of the Company’s consolidated sponsored investment products may employ leverage in the form of using proceeds from short sales, which allows it to use its long positions as collateral in order to purchase additional securities. The use of these proceeds from short sales is secured by the assets of the consolidated sponsored investment product, which are held with the custodian in a separate account. This consolidated sponsored investment product is permitted to borrow up to 33.33% of its total assets. Consolidated Investment Product Overview On June 9, 2016, the Company issued a collateralized loan obligation ("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 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 the CLO are governed by investment guidelines contained within the CLO’s governing documents. The CLO has a defined investment period during which it is permitted to make investments and reinvest capital as it becomes available. 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 December 31, 2016 and December 31, 2015 : As of December 31, 2016 2015 ($ in thousands) Total cash equivalents $ 14,449 $ 8,297 Total investments 346,967 199,485 Other assets 5,888 1,467 Debt — (152,597 ) Notes payable (328,761 ) — Securities purchased payable and other liabilities (12,534 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 26,009 $ 38,165 Total Investments of Consolidated Investment Product Total investments represent bank loan investments of $347.0 million at December 31, 2016 , primarily comprised of secured corporate loans from a variety of industries. These bank loan investments mature at various dates between 2018 and 2025 , pay interest at LIBOR plus a spread of up to 8.25% and typically range in S&P credit rating categories from BBB- to B-. At December 31, 2016 , the fair value of the senior bank loans exceeded the unpaid principal balance by approximately $1.3 million . No collateral assets were in default as of December 31, 2016 . Notes Payable of Consolidated Investment Product The CLO has note obligations that bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 1.0% to 8.75% . The principal amounts outstanding of the note obligations issued by the CLO mature in April 2028 . The CLO may elect to reinvest any prepayments received on bank loan investments prior to April 2020 . Any subsequent prepayments received must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to the consolidated investment product is limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, prescribed by ASU 2014-13 and adopted on January 1, 2016, results in the net amount of the consolidated investment product shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2016 as shown in the table below: As of Beneficial Interests December 31, 2016 ($ in thousands) Subordinated notes $ 25,668 Accrued investment management fees 341 Total Beneficial Interests $ 26,009 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: Year Ended December 31, 2016 ($ in thousands) Income: Realized and unrealized loss, net $ (1,070 ) Interest Income 12,893 Total Revenue $ 11,823 Expenses: Other operating expenses 3,944 Interest expense 11,292 Total Expense $ 15,236 Net Loss attributable to consolidated investment product $ (3,413 ) 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 Year Ended December 31, 2016 ($ in thousands) Distributions received and unrealized losses on the subordinated notes held by the Company (4,398 ) Investment management fees 985 Total Economic Interests $ (3,413 ) 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 December 31, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 14,449 $ — $ — $ 14,449 Bank loans — 346,967 — 346,967 Total Assets Measured at Fair Value $ 14,449 $ 346,967 $ — $ 361,416 Liabilities Notes payable $ — $ 328,761 $ — $ 328,761 Total Liabilities Measured at Fair Value $ — $ 328,761 $ — $ 328,761 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 December 31, 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 December 31, 2016 , the carrying value and maximum risk of loss related to these VIEs was $9.0 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. The Company determined that its investment management fees received as collateral manager for these CDOs did not represent a variable interest as: (1) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services; (2) the Company does not hold other interests in the CDOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CDO's expected losses or receive more than an insignificant amount of the CDO's expected residual return; and (3) the investment management arrangement only includes terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm's length.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 1, 2017 the Company issued 910,000 shares of common stock and 1,150,000 shares of 7.25% mandatory convertible preferred stock in a public offering which included the exercise of the underwriter option to purchase additional mandatory convertible preferred stock for net proceeds of $207.1 million , after underwriting discounts, commissions and other offering expenses. On February 24, 2017, the underwriters exercised their option to purchase an additional 136,500 shares of common stock for net proceeds of $14.3 million . The mandatory convertible preferred stock was issued and has a liquidation preference of $100.00 per share. Unless converted earlier, each share of mandatory convertible preferred stock will convert automatically on February 1, 2020 (the "mandatory conversion date"), into between 0.7576 and 0.9091 shares of common stock, subject to customary anti-dilution adjustments. The number of shares of common stock issuable upon conversion will be determined based on the average VWAP per share of Virtus common stock over the 20 consecutive trading day period beginning on, and including, the 22nd scheduled trading day immediately preceding the mandatory conversion date. Each share of mandatory convertible preferred stock can be converted prior to February 1, 2020 at the option of the holder at the minimum conversion rate of 0.7576 or at specified rate in the event of a fundamental change as defined in the certificate of designations of the mandatory convertible preferred stock. On February 7, 2017, the term loan commitment under the Loan Facility was reduced from $475.0 million to $260.0 million as a result of our February 1, 2017, issuances of common stock and mandatory convertible preferred stock. Dividends on the mandatory convertible preferred stock will be payable on a cumulative basis when, as and if declared by Virtus' board of directors, at an annual rate of 7.25% on the liquidation preference of $100.00 per share. If declared, these dividends will be paid in cash, or, subject to certain limitations, in shares of Virtus' common stock (or a combination) on February 1, May 1, August 1, and November 1 of each year, commencing May 1, 2017, and continuing to, and including, February 1, 2020. On February 6, 2017, the Company repaid the full outstanding balance of $30.0 million on the Company's Credit Facility. On February 15, 2017, the Company declared a quarterly cash dividend of $0.45 per common share to be paid on May 10, 2017 to shareholders of record at the close of business on April 28, 2017. The Company also declared a quarterly cash dividend of $1.8125 per share on the Company's 7.25% mandatory convertible preferred stock to be paid on May 1, 2017 to shareholders of record at the close of business on April 15, 2017.

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Selected Quarterly Data (Unaudited) 2016 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 79,850 $ 82,324 $ 80,085 $ 80,295 Operating Income 12,783 16,538 8,743 12,750 Net Income Attributable to Common Stockholders 12,426 15,625 8,088 12,363 Earnings (loss) per share—Basic $ 1.94 $ 2.04 $ 0.99 $ 1.48 Earnings (loss) per share—Diluted $ 1.87 $ 1.99 $ 0.97 $ 1.45 2015 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 86,115 $ 92,375 $ 99,656 $ 103,831 Operating Income 16,506 23,112 16,208 24,542 Net Income (Loss) Attributable to Common Stockholders 6,636 (649 ) 9,777 19,342 Earnings per share—Basic $ 0.78 $ (0.07 ) $ 1.10 $ 2.16 Earnings per share—Diluted $ 0.76 $ (0.07 ) $ 1.08 $ 2.11

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Variable Interest Entity [Line Items]
Basis of Presentation	The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
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. See Note 18 for additional information related to the consolidation of sponsored investment products and the consolidated investment product. Intercompany accounts and transactions have been eliminated.
Consolidation, Variable Interest Entities	The Company evaluates any variable interest entities ("VIEs") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If 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 product 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.
Reclassifications	The Company reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The Company has reclassified its net presentation of purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product in the Consolidated Statement of Cash Flows for the years ended December 31, 2015 and 2014 to conform with the current year presentation of showing purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product as separate line items within the cash flows from operating activities. The reclassification had no impact on the net cash provided by or used in operating, investing or financing activities within the Consolidated Statement of Cash Flows, Consolidated Balance Sheets or Statements of Operations, Comprehensive Income or Changes in Stockholders' Equity for any period presented.
Noncontrolling Interest	Noncontrolling interests represent the profit or loss attributed to third-party investors in consolidated sponsored investment products and other affiliates. Movements in amounts attributable to noncontrolling interests in consolidated entities on the Company’s Consolidated Statements of Operations offset the operating results, gains and losses and interest expense of the third-party investors. Noncontrolling interests related to certain consolidated sponsored investment products are classified as redeemable noncontrolling interests because investors in these funds may request withdrawals at any time.
Use of Estimates	The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Segment Information	Accounting Standards Codification (“ASC”) 280, Segment Reporting , establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and distribution services for individual and institutional clients with investment professionals managing both retail and institutional products. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment and operational resources support multiple products, such products have the same or similar regulatory framework and the Company’s chief operating decision maker reviews the Company’s financial performance at a consolidated level. Investment organizations within the Company are generally not aligned with specific product lines.
Cash and Cash Equivalents	Cash and cash equivalents consist of cash in banks and money market fund investments.
Marketable Securities	Marketable securities include sponsored mutual funds, sponsored variable insurance funds and other equity securities classified as trading securities and sponsored closed-end funds classified as available-for-sale securities which are carried at fair value in accordance with ASC 320 , Investments—Debt and Equity Securities (“ASC 320”). Marketable securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Marketable securities transactions are recorded on a trade date basis. Any unrealized appreciation or depreciation on available-for-sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders in the Consolidated Statement of Comprehensive Income. Any unrealized appreciation or depreciation on trading securities is reported as realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations. On a quarterly basis, the Company conducts a review to assess whether other-than-temporary impairments exist on its available-for-sale marketable securities. Other-than-temporary declines in value may exist if the fair value of a marketable security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income.
Equity Method Investments	The Company’s investment in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters, is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures . Under the equity method of accounting, the Company’s share of the noncontrolled entities net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statements of Operations. Distributions received reduce the Company’s investment balance. The investment is evaluated for impairment as events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded.
Non-qualified Retirement Plan Assets and Liabilities	The Company has a non-qualified retirement plan (the “Excess Incentive Plan”) that allows certain employees to voluntarily defer compensation. Under the Excess Incentive Plan, participants elect to defer a portion of their compensation, which the Company then contributes into a trust. Each participant is responsible for designating investment options for assets they contribute, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Assets held in trust, which are considered trading securities, are included in investments and are carried at fair value in accordance with ASC 820, Fair Value Measurement ; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets and approximate the fair value of the associated assets . Assets held in trust consist of mutual funds and are recorded at fair value, utilizing Level 1 valuation techniques.
Deferred Commissions	Deferred commissions, which are included in other assets in the Company's Consolidated Balance Sheets, are commissions paid to broker-dealers on sales of mutual fund shares. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within one to five years, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over a one to five -year period, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate.
Furniture, Equipment and Leasehold Improvements, Net	Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment, and three to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred. Leasehold improvements that are funded upfront by a landlord and are constructed for the benefit of the Company are recorded at cost and depreciated on a straight-line basis over the original minimum term of the lease and a corresponding lease incentive liability in the same amount is also recorded and initially amortized over the same period.
Leases	The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits, and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease.
Intangible Assets and Goodwill	Definite-lived intangible assets are comprised of acquired investment advisory contracts. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from one to sixteen years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis under GAAP whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not being amortized. A single reporting unit has been identified for the purpose of assessing potential future impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment, which states that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s 2016 and 2015 annual goodwill impairment analysis did not result in any impairment charges. Indefinite-lived intangible assets are comprised of closed-end and exchange traded fund investment advisory contracts. These assets are tested for impairment annually and when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment , which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s 2016 and 2015 annual indefinite-lived intangible assets impairment analyses did not result in any impairment charges.
Treasury Stock	Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock.
Revenue Recognition	Investment management fees, distribution and service fees and administration and transfer agent fees are recorded as revenues during the period in which services are performed. Investment management fees are earned based upon a percentage of assets under management and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payment. The Company accounts for investment management fees in accordance with ASC 605, Revenue Recognition , and has recorded its management fees net of fees paid to unaffiliated subadvisers. The Company considers the nature of its contractual arrangements in determining whether to recognize revenue based on the gross amount billed or net amount retained. The Company has evaluated the factors in ASC 605-45 in determining whether to record revenue on a gross or net basis with significant weight placed on: (i) whether the Company is the primary obligor in the arrangement; and (ii) whether the Company has latitude in establishing price. Distribution and service fees are earned based on a percentage of assets under management and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Underwriter fees are sales-based charges on sales of certain class A-share mutual funds. Administration and transfer agent fees consist of fund administration fees, transfer agent fees and fiduciary fees. Fund administration and transfer agent fees are earned based on the average daily assets in the funds. Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds.
Advertising and Promotion	Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expenses in the Consolidated Statements of Operations.
Stock-based Compensation	The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. Restricted stock units (“RSUs”) are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time or when certain performance targets are achieved. The fair value of each RSU award 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. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis.
Income Taxes	The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from temporary differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized.
Comprehensive Income	The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax).
Earnings per Share	Earnings per share (“EPS”) is calculated in accordance with ASC 260, Earnings per Share . Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic 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 stock options using the treasury stock method.
Fair Value Measurement	The FASB defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 Fair Value Measurements and Disclosures establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. 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 they are traded on 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.
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 18 to the consolidated financial statements. Adoption of this standard did not have a material impact on the Company’s 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 18 to the consolidated financial statements. Adoption of this standard did not have a material impact on the Company's 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 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 consolidated financial statements. New Accounting Standards Not Yet Implemented In November 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-the period and end-of-period total amounts shown on the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted in any interim or annual period. A reporting entity should apply this standard on a retrospective basis as of the beginning of the fiscal year for which the standard is effective. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") 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. Under the modified retrospective transition method, the adoption of this standard will result in the Company recording a cumulative effect adjustment to retained earnings for excess tax benefits that were not previously recognized because the related tax deduction had not reduced current taxes payable. Prospectively the Company will account for all excess tax benefits or deficiencies as part of income tax expense or benefit. The Company will also recognize the impact of forfeitures as they occur. 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 potential impact of adopting this standard on its Consolidated Financial Statements; 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 adoption of this standard will not have a material impact on the Company's 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 but expects to record a right of use asset and a related lease obligation in the Company's consolidated balance sheet upon adoption. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), 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 impact of this standard on its consolidated financial statements with respect to equity investments that currently report changes in fair value as a component of accumulated other comprehensive income in equity attributable to stockholders. Comprehensive income, net of tax, with respect to these equity investments was $0.2 million for the year ended December 31, 2016 , and the comprehensive loss, net of tax, was $0.4 million for the year ended December 31, 2015 . 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. The core principle of the model is that revenue is recognized upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received for the goods or services. The guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements. The guidance is effective for the Company beginning January 1, 2018 and allows for either a full retrospective or modified approach at adoption. Our implementation efforts include the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts. Although the Company still continues to evaluate the impact of ASU 2014-09, we have not identified material changes in the timing of revenue recognition. We are also evaluating the presentation of certain revenue related-costs on a gross versus net basis and related disclosures of revenue.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or 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 if the book value no longer represents fair value.
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair Value Measurement	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	consolidated sponsored investment products may employ derivative instruments as part of their investment strategies. These derivatives may include futures contracts, swaps contracts, options contracts and forward contracts. Derivative instruments in an asset position are classified as other assets of consolidated sponsored investment products in the Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of consolidated sponsored investment products within the 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 Consolidated Statements of Operations. In connection with entering into these derivative contracts, these consolidated sponsored investment products may be required to pledge an amount of cash equal to the appropriate “initial margin” requirements . The cash pledged or on deposit is recorded in the Consolidated Balance Sheets of the Company as Cash pledged or on deposit of consolidated sponsored investment products.
Short Sales	Certain 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 Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products.
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Fair Value Measurement	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.

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill and Intangible Assets, Net	Intangible assets, net are summarized as follows: December 31, 2016 2015 ($ in thousands) Definite-lived intangible assets, net: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (155,136 ) (152,676 ) Definite-lived intangible assets, net 3,611 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 38,427 $ 40,887 Activity in goodwill and intangible assets, net is as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 $ 44,633 Acquisition — 2,400 1,075 Amortization expense (2,460 ) (3,296 ) (3,925 ) Balance, end of period $ 38,427 $ 40,887 $ 41,783 Goodwill Balance, beginning of period $ 6,701 $ 5,260 $ 5,260 Acquisition — 1,441 — Acquisition related adjustments 87 — — Balance, end of period $ 6,788 $ 6,701 $ 5,260

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Investments Schedule [Abstract]
Summary of Investments	The Company’s investments, excluding the assets of consolidated sponsored investment products and the assets of the consolidated investment product discussed in Note 18, at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 ($ in thousands) Marketable securities $ 74,907 $ 41,496 Equity method investments 7,731 9,007 Nonqualified retirement plan assets 5,808 5,310 Other investments 925 925 Total investments $ 89,371 $ 56,738
Schedule of Marketable Securities	The composition of the Company’s marketable securities is summarized as follows: December 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 61,784 $ (1,942 ) $ 177 $ 60,019 Equity securities 10,578 — 895 11,473 Available-for-sale: Sponsored closed-end funds 3,500 (265 ) 180 3,415 Total marketable securities $ 75,862 $ (2,207 ) $ 1,252 $ 74,907 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)	12 Months Ended
	Dec. 31, 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 discussed in Note 18, as of December 31, 2016 and December 31, 2015 , by fair value hierarchy level were as follows: December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored funds 60,019 — — 60,019 Equity securities 11,473 — — 11,473 Marketable securities available-for-sale: Sponsored closed-end funds 3,415 — — 3,415 Other investments Nonqualified retirement plan assets 5,808 — — 5,808 Total assets measured at fair value $ 129,335 $ — $ — $ 129,335 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

Furniture, Equipment and Leas34

Furniture, Equipment and Leasehold Improvements, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements, Net	Furniture, equipment and leasehold improvements, net are summarized as follows: December 31, 2016 2015 ($ in thousands) Furniture and office equipment $ 5,933 $ 5,840 Computer equipment and software 7,330 6,600 Leasehold improvements 11,334 11,071 24,597 23,511 Accumulated depreciation and amortization (16,869 ) (14,395 ) Furniture, equipment and leasehold improvements, net $ 7,728 $ 9,116

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Current Federal $ 12,790 $ 28,077 $ 31,787 State 1,855 2,539 3,168 Total current tax expense 14,645 30,616 34,955 Deferred Federal 5,489 4,339 3,200 State 910 2,017 1,194 Total deferred tax expense 6,399 6,356 4,394 Total expense for income taxes $ 21,044 $ 36,972 $ 39,349
Reconciliation of Provision (Benefit) for Income Taxes	The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: Years Ended December 31, 2016 2015 2014 ($ in thousands) Tax at statutory rate $ 24,432 35 % $ 23,675 35 % $ 47,922 35 % State taxes, net of federal benefit 2,010 3 2,717 4 4,357 3 Uncertain tax positions — — — — (30,961 ) (22 ) IRS audit resolution — — — — 15,505 11 Effect of net income attributable to noncontrolling interests (91 ) — 1,492 2 — — Change in valuation allowance (5,125 ) (7 ) 7,812 12 2,165 2 Other, net (182 ) (1 ) 1,276 2 361 — Income tax expense $ 21,044 30 % $ 36,972 55 % $ 39,349 29 %
Summary of Tax Effects of Temporary Differences	The tax effects of temporary differences are as follows: December 31, 2016 2015 ($ in thousands) Deferred tax assets: Intangible assets $ 19,348 $ 27,728 Net operating losses 20,272 20,591 Compensation accruals 8,854 7,804 Capitalized transaction costs 10,022 8,704 Unrealized loss 5,291 12,157 Other 1,394 118 Gross deferred tax assets 65,181 77,102 Valuation allowance (5,731 ) (10,855 ) Gross deferred tax assets after valuation allowance 59,450 66,247 Deferred tax liabilities: Intangible assets (11,915 ) (12,104 ) Gross deferred tax liabilities (11,915 ) (12,104 ) Deferred tax assets, net $ 47,535 $ 54,143
Summary of Activity in Unrecognized Tax Benefits	Activity in unrecognized tax benefits is as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Balance, beginning of year $ — $ — $ 32,602 Decrease related to tax positions taken in prior years — — (32,602 ) Increase related to positions taken in the current year — — — Balance, end of year $ — $ — $ —

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive loss, by component, are 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 gain on available-for-sale securities, net of tax of ($32) 241 — Foreign currency translation adjustments, net of tax of ($348) — 569 Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income 241 569 Balance December 31, 2016 $ (224 ) $ — Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net loss on available-for-sale securities, net of tax of $71 (358 ) — Foreign currency translation adjustments, net of tax of $266 — (434 ) Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive (loss) (358 ) (434 ) Balance December 31, 2015 $ (465 ) $ (569 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense	Stock-based compensation expense is summarized as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands) Stock-based compensation expense $ 11,948 $ 11,863 $ 9,778
Summary of Restricted Stock Units Activity	RSU activity for the year ended December 31, 2016 is summarized as follows: Number of shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 191,617 $ 156.66 Granted 178,333 $ 80.33 Forfeited (11,502 ) $ 109.64 Settled (55,624 ) $ 167.23 Outstanding at December 31, 2016 302,824 $ 111.56
Summary of Stock Option Activity	Stock option activity for the year ended December 31, 2016 is summarized as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (19,479 ) $ 25.89 Forfeited — $ — Outstanding at December 31, 2016 137,157 $ 17.77 Vested and exercisable at December 31, 2016 137,157 $ 17.77

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings per share is as follows: Years Ended December 31, 2016 2015 2014 ($ in thousands, except per share amounts) Net Income $ 48,763 $ 30,671 $ 96,965 Noncontrolling interests (261 ) 4,435 735 Net Income Attributable to Common Stockholders $ 48,502 $ 35,106 $ 97,700 Shares: Basic: Weighted-average number of shares outstanding 7,648 8,797 9,091 Plus: Incremental shares from assumed conversion of dilutive instruments 174 163 201 Diluted: Weighted-average number of shares outstanding 7,822 8,960 9,292 Earnings per share—basic $ 6.34 $ 3.99 $ 10.75 Earnings per share—diluted $ 6.20 $ 3.92 $ 10.51

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Summary of Funds Provided Ten Percent or More of Total Revenues	The following funds provided 10 percent or more of the total revenues of the Company: Years Ended December 31, 2016 2015 2014 ($ in thousands) Virtus Emerging Markets Opportunities Fund Investment management, administration and transfer agent fees $ 49,085 $ 62,329 $ 50,435 Percent of total revenues 15 % 16 % 11 % Virtus Multi-Sector Short Term Bond Fund Investment management, administration and transfer agent fees $ 43,579 $ 49,174 $ 55,401 Percent of total revenues 14 % 13 % 12 %

Consolidation (Tables)

Consolidation (Tables)	12 Months Ended
	Dec. 31, 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 discussed in Note 18, as of December 31, 2016 and December 31, 2015 , by fair value hierarchy level were as follows: December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored funds 60,019 — — 60,019 Equity securities 11,473 — — 11,473 Marketable securities available-for-sale: Sponsored closed-end funds 3,415 — — 3,415 Other investments Nonqualified retirement plan assets 5,808 — — 5,808 Total assets measured at fair value $ 129,335 $ — $ — $ 129,335 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 were reflected in the Consolidated Balance Sheets as of December 31, 2016 and 2015 : As of December 31, 2016 2015 ($ in thousands) VOE's VIE VOE's VIE Total cash $ 1,859 $ 2,775 $ 11,408 $ 458 Total investments 99,247 42,828 291,247 32,088 All other assets 2,211 1,059 8,281 268 Total liabilities (2,310 ) (1,799 ) (14,948 ) (439 ) Redeemable noncontrolling interest (12,505 ) (24,761 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 88,502 $ 20,102 $ 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 by fair value hierarchy level were as follows: As of December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 101,510 $ 87 $ 101,597 Equity securities 40,270 208 — 40,478 Derivatives 4 — — 4 Total assets measured at fair value $ 40,274 $ 101,718 $ 87 $ 142,079 Liabilities Derivatives $ 3 $ 235 $ 62 $ 300 Short sales 649 — — 649 Total liabilities measured at fair value $ 652 $ 235 $ 62 $ 949 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 and liabilities of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2016 2015 (in thousands) Level 3 Debt Securities (a) Balance at beginning of period $ 1,397 $ 1,065 Purchases 174 913 Sales (1,472 ) (370 ) Paydowns (5 ) (10 ) Change in unrealized loss, net 348 (113 ) Change in realized loss, net (355 ) (141 ) Transfers from Level 2 (62 ) 151 Transfers to Level 2 — (98 ) Balance at end of period $ 25 $ 1,397 (a) None of the securities were internally fair valued at December 31, 2016 or December 31, 2015.
Reconciliation of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets and liabilities of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2016 2015 (in thousands) Level 3 Debt Securities (a) Balance at beginning of period $ 1,397 $ 1,065 Purchases 174 913 Sales (1,472 ) (370 ) Paydowns (5 ) (10 ) Change in unrealized loss, net 348 (113 ) Change in realized loss, net (355 ) (141 ) Transfers from Level 2 (62 ) 151 Transfers to Level 2 — (98 ) Balance at end of period $ 25 $ 1,397 (a) None of the securities were internally fair valued at December 31, 2016 or December 31, 2015.
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 December 31, 2016 and December 31, 2015 : As of December 31, 2016 2015 ($ in thousands) Total cash equivalents $ 14,449 $ 8,297 Total investments 346,967 199,485 Other assets 5,888 1,467 Debt — (152,597 ) Notes payable (328,761 ) — Securities purchased payable and other liabilities (12,534 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 26,009 $ 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 December 31, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 14,449 $ — $ — $ 14,449 Bank loans — 346,967 — 346,967 Total Assets Measured at Fair Value $ 14,449 $ 346,967 $ — $ 361,416 Liabilities Notes payable $ — $ 328,761 $ — $ 328,761 Total Liabilities Measured at Fair Value $ — $ 328,761 $ — $ 328,761 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, prescribed by ASU 2014-13 and adopted on January 1, 2016, results in the net amount of the consolidated investment product shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2016 as shown in the table below: As of Beneficial Interests December 31, 2016 ($ in thousands) Subordinated notes $ 25,668 Accrued investment management fees 341 Total Beneficial Interests $ 26,009 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: Year Ended December 31, 2016 ($ in thousands) Income: Realized and unrealized loss, net $ (1,070 ) Interest Income 12,893 Total Revenue $ 11,823 Expenses: Other operating expenses 3,944 Interest expense 11,292 Total Expense $ 15,236 Net Loss attributable to consolidated investment product $ (3,413 ) 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 Year Ended December 31, 2016 ($ in thousands) Distributions received and unrealized losses on the subordinated notes held by the Company (4,398 ) Investment management fees 985 Total Economic Interests $ (3,413 )

Selected Quarterly Data (Unau41

Selected Quarterly Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Data	2016 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 79,850 $ 82,324 $ 80,085 $ 80,295 Operating Income 12,783 16,538 8,743 12,750 Net Income Attributable to Common Stockholders 12,426 15,625 8,088 12,363 Earnings (loss) per share—Basic $ 1.94 $ 2.04 $ 0.99 $ 1.48 Earnings (loss) per share—Diluted $ 1.87 $ 1.99 $ 0.97 $ 1.45 2015 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 86,115 $ 92,375 $ 99,656 $ 103,831 Operating Income 16,506 23,112 16,208 24,542 Net Income (Loss) Attributable to Common Stockholders 6,636 (649 ) 9,777 19,342 Earnings per share—Basic $ 0.78 $ (0.07 ) $ 1.10 $ 2.16 Earnings per share—Diluted $ 0.76 $ (0.07 ) $ 1.08 $ 2.11

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)Segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | Segment	1
Fees paid to unaffiliated advisers	$ 47.2	$ 76.4	$ 124.4
Comprehensive income (loss), net of tax, equity investments	$ 0.2	$ (0.4)
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred commissions amortization period	1 year
Deferred sales charges amortization period	1 year
Estimated useful lives of intangibles	1 year
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred commissions amortization period	5 years
Deferred sales charges amortization period	5 years
Estimated useful lives of intangibles	16 years
Furniture and office equipment [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	3 years
Furniture and office equipment [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	7 years
Computer equipment and software [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	3 years
Computer equipment and software [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	5 years

Goodwill and Other Intangible43

Goodwill and Other Intangible Assets - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Definite-lived intangible assets, net:
Investment contracts	$ 158,747	$ 158,747
Accumulated amortization	(155,136)	(152,676)
Definite-lived intangible assets, net	3,611	6,071
Indefinite-lived intangible assets	34,816	34,816
Total intangible assets, net	$ 38,427	$ 40,887	$ 41,783	$ 44,633

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets - Schedule of Activity in Goodwill and Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible assets, net
Balance, beginning of period	$ 40,887	$ 41,783	$ 44,633
Acquisition	0	2,400	1,075
Amortization expense	(2,460)	(3,296)	(3,925)
Balance, end of period	38,427	40,887	41,783
Goodwill
Balance, beginning of period	6,701	5,260	5,260
Acquisition	0	1,441	0
Acquisition related adjustments	87	0	0
Balance, end of period	$ 6,788	$ 6,701	$ 5,260

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 0.8
2,018	0.6
2,019	0.5
2,020	0.4
2,021	0.4
Thereafter	$ 0.9
Weighted average estimated remaining amortization period	6 years 9 months 18 days

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Marketable securities	$ 74,907	$ 41,496
Parent [Member]
Investment [Line Items]
Marketable securities	74,907	41,496
Equity method investments	7,731	9,007
Nonqualified retirement plan assets	5,808	5,310
Other investments	925	925
Total investments	$ 89,371	$ 56,738

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale:
Cost	$ 75,862	$ 43,956
Unrealized Loss	(2,207)	(2,885)
Unrealized Gain	1,252	425
Fair Value	74,907	41,496
Sponsored funds [Member]
Trading:
Cost	61,784	31,167
Unrealized Loss	(1,942)	(2,134)
Unrealized Gain	177	298
Fair Value	60,019	29,331
Equity securities [Member]
Trading:
Cost	10,578	9,434
Unrealized Loss	0	(386)
Unrealized Gain	895	120
Fair Value	11,473	9,168
Sponsored closed-end funds [Member]
Available-for-sale:
Cost	3,500	3,355
Unrealized Loss	(265)	(365)
Unrealized Gain	180	7
Fair Value	$ 3,415	$ 2,997

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)	Apr. 09, 2013
Investment [Line Items]
Realized (loss) gain on trading securities	$ (300)	$ 400	$ 8,200
Investment in equity method investment			5,000
Capital contributions to equity method investments	$ 2,500
Percentage of noncontrolling equity interest acquired	50.00%
Realized gain on sale of equity method investment	$ 2,883	$ 0	0
Kleinwort Benson Investors International, Ltd. [Member]
Investment [Line Items]
Capital contributions to equity method investments			3,400	€ 2.6
Percentage of noncontrolling equity interest acquired					24.00%
Realized gain on sale of equity method investment	2,900
Capital commitments [Member]
Investment [Line Items]
Future capital commitment (up to)	$ 2,300		$ 5,000

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 48,620	$ 54,772
Total assets measured at fair value	129,335	101,578
Sponsored funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	60,019	29,331
Equity securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	11,473	9,168
Sponsored closed-end funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available for sale	3,415	2,997
Nonqualified retirement plan assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments	5,808	5,310
Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	48,620	54,772
Total assets measured at fair value	129,335	101,578
Level 1 [Member] | Sponsored funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	60,019	29,331
Level 1 [Member] | Equity securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	11,473	9,168
Level 1 [Member] | Sponsored closed-end funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available for sale	3,415	2,997
Level 1 [Member] | Nonqualified retirement plan assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments	5,808	5,310
Level 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 2 [Member] | Sponsored funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 2 [Member] | Equity securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 2 [Member] | Sponsored closed-end funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available for sale	0	0
Level 2 [Member] | Nonqualified retirement plan assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments	0	0
Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3 [Member] | Sponsored funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 3 [Member] | Equity securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 3 [Member] | Sponsored closed-end funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available for sale	0	0
Level 3 [Member] | Nonqualified retirement plan assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments	$ 0	$ 0

Furniture, Equipment and Leas50

Furniture, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Furniture and office equipment	$ 5,933	$ 5,840
Computer equipment and software	7,330	6,600
Leasehold improvements	11,334	11,071
Furniture, equipment and leasehold improvements, gross	24,597	23,511
Accumulated depreciation and amortization	(16,869)	(14,395)
Furniture, equipment and leasehold improvements, net	$ 7,728	$ 9,116

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current
Federal	$ 12,790	$ 28,077	$ 31,787
State	1,855	2,539	3,168
Total current tax expense	14,645	30,616	34,955
Deferred
Federal	5,489	4,339	3,200
State	910	2,017	1,194
Total deferred tax expense	6,399	6,356	4,394
Income tax expense	$ 21,044	$ 36,972	$ 39,349

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at statutory rate	35.00%	35.00%	35.00%
State taxes, net of federal benefit	3.00%	4.00%	3.00%
Uncertain tax positions	0.00%	0.00%	(22.00%)
IRS audit resolution	0.00%	0.00%	11.00%
Effect of net income attributable to noncontrolling interests	(0.00%)	2.00%	(0.00%)
Change in valuation allowance	(7.00%)	12.00%	2.00%
Other, net	(1.00%)	2.00%	0.00%
Income tax expense	30.00%	55.00%	29.00%
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at statutory rate	$ 24,432	$ 23,675	$ 47,922
State taxes, net of federal benefit	2,010	2,717	4,357
Uncertain tax positions	0	0	(30,961)
IRS audit resolution	0	0	15,505
Effect of net income attributable to noncontrolling interests	(91)	1,492	0
Change in valuation allowance	(5,125)	7,812	2,165
Other, net	(182)	1,276	361
Income tax expense	$ 21,044	$ 36,972	$ 39,349

Income Taxes - Summary of Tax E

Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Intangible assets	$ 19,348	$ 27,728
Net operating losses	20,272	20,591
Compensation accruals	8,854	7,804
Capitalized transaction costs	10,022	8,704
Unrealized loss	5,291	12,157
Other	1,394	118
Gross deferred tax assets	65,181	77,102
Valuation allowance	(5,731)	(10,855)
Gross deferred tax assets after valuation allowance	59,450	66,247
Deferred tax liabilities:
Intangible assets	(11,915)	(12,104)
Gross deferred tax liabilities	(11,915)	(12,104)
Deferred tax assets, net	$ 47,535	$ 54,143

Income Taxes - Summary of Activ

Income Taxes - Summary of Activity in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	$ 0	$ 0	$ 32,602
Decrease related to tax positions taken in prior years	0	0	(32,602)
Increase related to positions taken in the current year	0	0	0
Balance, end of year	$ 0	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Reconciliation [Line Items]
Estimated effective income tax rate	30.00%	55.00%	29.00%
Effective tax rate impacted by net tax benefit	$ 0	$ 0	$ 15,505,000
Recognized tax benefit from uncertain tax positions			31,000,000
Increase (reduction) in the available loss deduction			(15,500,000)
Valuation allowance for deferred tax assets	5,731,000	10,855,000
Deferred tax assets related to net operating losses for federal income tax purposes	$ 20,272,000	20,591,000
Ownership percentage	50.00%
Percentage increasing ownership	5.00%
Pre-tax net operating loss carryovers	$ 21,400,000
Built-in losses annual limitation	1,600,000
Interest or penalties related to unrecognized tax benefits	0	0	0
Excess tax benefits (tax deficiencies) from stock-based compensation	(1,298,000)	$ 1,098,000	$ 24,805,000
Federal [Member]
Income Tax Reconciliation [Line Items]
Deferred tax assets related to net operating losses for federal income tax purposes	14,100,000
State [Member]
Income Tax Reconciliation [Line Items]
Deferred tax assets related to net operating losses for federal income tax purposes	$ 6,200,000

Business Combinations (Detail)

Business Combinations (Detail) $ in Thousands	Apr. 10, 2015USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Goodwill			$ 6,788	$ 6,701	$ 5,260	$ 5,260
Redeemable noncontrolling interest, EBITDA multiplier for redemption			6
Redeemable noncontrolling interest, redemption liability			$ 3,500
Virtus ETF Solutions [Member]
Business Acquisition [Line Items]
Minority shareholders ownership percentage			42.50%
Virtus ETF Solutions [Member]
Business Acquisition [Line Items]
Purchase price	$ 4,800
Goodwill	1,500
Other intangible assets	$ 2,400
RidgeWorth Holdings, LLC [Member] | Forecast [Member]
Business Acquisition [Line Items]
Purchase price		$ 472,000

Debt (Detail)

Debt (Detail)	Feb. 06, 2017USD ($)	Feb. 01, 2017USD ($)	Dec. 16, 2016USD ($)	Sep. 30, 2016USD ($)	Feb. 07, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent event [Member]
Line of Credit Facility [Line Items]
Net proceeds from stock issuance		$ 207,100,000
Revolving credit facility [Member] | Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt term				5 years
Maximum borrowing capacity				$ 150,000,000
Potential maximum borrowing capacity				$ 200,000,000
Amount outstanding						$ 30,000,000	$ 0
Leverage ratio				3
Minimum interest coverage ratio for four consecutive fiscal quarters				4
Revolving credit facility [Member] | Credit Facility [Member] | Subsequent event [Member]
Line of Credit Facility [Line Items]
Repayment of debt	$ 30,000,000
Revolving credit facility [Member] | Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Commitment fee on undrawn amounts				0.30%
Revolving credit facility [Member] | Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Commitment fee on undrawn amounts				0.45%
Revolving credit facility [Member] | Credit Facility [Member] | LIBOR or alternate base rate [Member]
Line of Credit Facility [Line Items]
Interest rate at end of period						2.5625%
Revolving credit facility [Member] | Credit Facility [Member] | LIBOR or alternate base rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				0.75%
Revolving credit facility [Member] | Credit Facility [Member] | LIBOR or alternate base rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				2.25%
Revolving credit facility [Member] | Loan Facility [Member]
Line of Credit Facility [Line Items]
Debt term			5 years
Maximum borrowing capacity			$ 100,000,000
Standby letters of credit [Member] | Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 7,500,000
Term loan [Member] | Loan Facility [Member]
Line of Credit Facility [Line Items]
Debt term			7 years
Maximum borrowing capacity			$ 475,000,000
Term loan [Member] | Loan Facility [Member] | Subsequent event [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 260,000,000

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions	Jul. 01, 2016claimdefendant	Jun. 07, 2015plaintiff	Apr. 21, 2015plaintiff	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Rental expenses				$ 4.4	$ 4.3	$ 3.7
Minimum aggregate rental payments required under operating lease, 2017				5
Minimum aggregate rental payments required under operating lease, 2018				4.5
Minimum aggregate rental payments required under operating lease, 2019				3
Minimum aggregate rental payments required under operating lease, 2020				2.4
Minimum aggregate rental payments required under operating lease, 2021				1.9
Thereafter				$ 1.3
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
Claims dismissed | claim	4

Equity Transactions (Detail)

Equity Transactions (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 24, 2017	Feb. 15, 2017	Feb. 01, 2017	Jun. 08, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Feb. 01, 2020
Equity, Class of Treasury Stock [Line Items]
Common stock authorized to be repurchased (in shares)					3,430,000				3,430,000			3,430,000
Remaining common stock authorized for repurchase (in shares)					200,000				200,000			200,000
Repurchase of common shares (in shares)									2,572,417			3,786,561
Cost of shares repurchased									$ 233,700			$ 391,500
Weighted average price (in $ per share)												$ 103.38
Cash dividends declared (in $ per share)					$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.8	$ 1.8	$ 1.35
Cash dividends declared									$ 13,015	$ 16,009	$ 12,451
Dividends payable					$ 3,479				$ 3,479	$ 4,233		$ 3,479
Subsequent event [Member]
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared (in $ per share)		$ 0.45
Net proceeds from stock issuance			$ 207,100
Subsequent event [Member] | Common stock [Member]
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)			910,000
Net proceeds from stock issuance			$ 207,100
Subsequent event [Member] | Common stock [Member] | Underwriters option [Member]
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)	136,500
Net proceeds from stock issuance	$ 14,300
Subsequent event [Member] | Common stock [Member] | Forecast [Member] | Underwriters option [Member]
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)	136,500
Subsequent event [Member] | Convertible preferred stock [Member]
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)			1,150,000
Preferred stock dividend rate			7.25%
Preferred stock liquidation preference (in $ per share)	$ 100		$ 100
Preferred stock conversion, threshold consecutive trading days			20 days
Subsequent event [Member] | Convertible preferred stock [Member] | Forecast [Member] | Minimum [Member]
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares issuable upon conversion (in shares)													0.7576
Subsequent event [Member] | Convertible preferred stock [Member] | Forecast [Member] | Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares issuable upon conversion (in shares)													0.9091
Stock Purchase Agreement [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common shares (in shares)									1,727,746
Cost of shares repurchased									$ 161,500
Weighted average price (in $ per share)									$ 93.50
Repurchase Plan, Tender Offer [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common shares (in shares)				556,516
Shares repurchased, percentage of common stock outstanding				6.70%

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 509,457	$ 563,352	$ 492,868
Other comprehensive (loss) income	810	(792)	(92)
Balance	321,673	509,457	563,352
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(465)	(107)
Unrealized net gain (loss) on available-for-sale securities and foreign currency translation adjustments, net of tax	241	(358)
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive (loss) income	241	(358)
Balance	(224)	(465)	(107)
Other comprehensive income (loss), before reclassifications, tax	(32)	71
Foreign Currency Translation Adjustments [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(569)	(135)
Unrealized net gain (loss) on available-for-sale securities and foreign currency translation adjustments, net of tax	569	(434)
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive (loss) income	569	(434)
Balance	0	(569)	$ (135)
Other comprehensive income (loss), before reclassifications, tax	$ (348)	$ 266

Retirement Savings Plan (Detail

Retirement Savings Plan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Matching contributions	$ 2.4	$ 2.1	$ 2.8
First 3.0% [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contribution percentage	100.00%
Percentage of employee's gross pay matched	3.00%
Next 2.0% [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contribution percentage	50.00%
Percentage of employee's gross pay matched	2.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 11,948	$ 11,863	$ 9,778

Stock-Based Compensation - Su63

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted stock units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of shares
Number of shares, outstanding	191,617
Number of shares, granted	178,333
Number of shares, forfeited	(11,502)
Number of shares, settled	(55,624)
Number of shares, outstanding	302,824	191,617
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding (in $ per share)	$ 156.66
Weighted average grant date fair value, granted (in $ per share)	80.33	$ 134.37	$ 183.83
Weighted average grant date fair value, forfeited (in $ per share)	109.64
Weighted average grant date fair value, settled (in $ per share)	167.23
Weighted average grant date fair value, outstanding (in $ per share)	$ 111.56	$ 156.66

Stock-Based Compensation - Su64

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Number of shares
Number of shares, outstanding | shares	156,636
Number of shares, granted | shares	0
Number of shares, exercised | shares	(19,479)
Number of shares, forfeited | shares	0
Number of shares, outstanding | shares	137,157
Number of shares, vested and exercisable | shares	137,157
Weighted Average Exercise Price
Weighted average exercise price, outstanding (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	25.89
Weighted average exercise price, forfeited (in $ per share) | $ / shares	0
Weighted average exercise price, outstanding (in $ per share) | $ / shares	17.77
Weighted average exercise price, vested and exercisable (in $ per share) | $ / shares	$ 17.77

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)performance_metric$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) | shares	2,400,000
Common stock available for issuance (in shares) | shares	749,178
Weighted-average remaining contractual term, stock options outstanding	1 year 10 months 24 days	2 years 10 months 24 days
Weighted-average remaining contractual term, stock options vested and exercisable	1 year 10 months 24 days
Aggregate intrinsic value, stock options outstanding	$ 0
Aggregate intrinsic value, stock options vested and exercisable	13,800
Stock options vested (in shares) | shares		0
Intrinsic value, stock options exercised	1,300	$ 700	$ 4,200
Cash received from stock option exercises	491	$ 116	$ 753
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date intrinsic value	$ 14,300
Weighted-average grant-date fair value (in $ per share) | $ / shares	$ 80.33	$ 134.37	$ 183.83
Fair value of awards vested	$ 9,300	$ 11,800	$ 21,100
Share settlement under RSUs (in shares) | shares	19,592	37,488	50,952
Cash used for employee withholding tax payments	$ 1,500	$ 5,100	$ 9,100
Unamortized stock-based compensation expense	$ 16,000	$ 16,700
Weighted average remaining amortization period	1 year 4 months 24 days	1 year 8 months 12 days
Restricted stock units (RSUs), performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	33,244	33,632
Number of performance metrics | performance_metric	2
Stock-based compensation expense	$ 2,800	$ 2,500
Unamortized stock-based compensation expense	$ 3,300	$ 6,200
Compensation expense recognition period	3 years
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years	10 years
Vesting period of stock options in years	3 years
Unvested stock options (in shares) | shares	0
Minimum [Member] | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years	1 year
Maximum [Member] | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years	3 years

Restructuring and Severance (De

Restructuring and Severance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring and severance	$ 4,270	$ 0	$ 294
Unpaid severance and related charges	2,400
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								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net Income									$ 48,763	$ 30,671	$ 96,965
Noncontrolling interests									(261)	4,435	735
Net Income Attributable to Common Stockholders	$ 12,426	$ 15,625	$ 8,088	$ 12,363	$ 6,636	$ (649)	$ 9,777	$ 19,342	$ 48,502	$ 35,106	$ 97,700
Shares:
Basic: Weighted-average number of shares outstanding (in shares)									7,648	8,797	9,091
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)									174	163	201
Diluted: Weighted-average number of shares outstanding (in shares)									7,822	8,960	9,292
Earnings per share—basic (in $ per share)	$ 1.94	$ 2.04	$ 0.99	$ 1.48	$ 0.78	$ (0.07)	$ 1.10	$ 2.16	$ 6.34	$ 3.99	$ 10.75
Earnings per share—diluted (in $ per share)	$ 1.87	$ 1.99	$ 0.97	$ 1.45	$ 0.76	$ (0.07)	$ 1.08	$ 2.11	$ 6.20	$ 3.92	$ 10.51

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share	7,973	1,521	6,085

Concentration of Credit Risk -

Concentration of Credit Risk - Summary of Funds Provided Ten Percent or More of Total Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Virtus Emerging Markets Opportunities Fund [Member]
Concentration Risk [Line Items]
Investment management, administration and transfer agent fees	$ 49,085	$ 62,329	$ 50,435
Virtus Multi-Sector Short Term Bond Fund [Member]
Concentration Risk [Line Items]
Investment management, administration and transfer agent fees	$ 43,579	$ 49,174	$ 55,401
Sales Revenue, Services, Net [Member] | Virtus Emerging Markets Opportunities Fund [Member]
Concentration Risk [Line Items]
Percent of total revenues	15.00%	16.00%	11.00%
Sales Revenue, Services, Net [Member] | Virtus Multi-Sector Short Term Bond Fund [Member]
Concentration Risk [Line Items]
Percent of total revenues	14.00%	13.00%	12.00%

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Total liabilities	$ (465,449)	$ (276,408)
Redeemable noncontrolling interests	(37,266)	(73,864)	$ (23,071)	$ (42,186)
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash	3,650	1,513
Total investments	142,075	323,335
All other assets	3,270	8,549
Total liabilities	(4,109)	(15,387)
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Variable Interest Entity [Line Items]
Total cash	1,859	11,408
Total investments	99,247	291,247
All other assets	2,211	8,281
Total liabilities	(2,310)	(14,948)
Redeemable noncontrolling interests	(12,505)	(61,236)
The Company’s net interests in consolidated sponsored investment products	88,502	234,752
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Variable Interest Entity [Line Items]
Total cash	2,775	458
Total investments	42,828	32,088
All other assets	1,059	268
Total liabilities	(1,799)	(439)
Redeemable noncontrolling interests	(24,761)	(12,628)
The Company’s net interests in consolidated sponsored investment products	20,102	19,747
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Total cash equivalents	14,449	8,297
Total investments	346,967	199,485
All other assets	5,888	1,467
Debt	0	(152,597)
Notes payable	(328,761)	0
Securities purchased payable and other liabilities	(12,534)	(18,487)
The Company’s net interests in consolidated sponsored investment products	$ 26,009	$ 38,165

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash equivalents	$ 48,620	$ 54,772
Total assets measured at fair value	129,335	101,578
Level 1 [Member]
Assets
Cash equivalents	48,620	54,772
Total assets measured at fair value	129,335	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	4	771
Total assets measured at fair value	142,079	324,106
Liabilities
Derivatives	300	972
Short sales	649	5,409
Total liabilities measured at fair value	949	6,381
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Assets
Investments and bank loans	101,597	152,553
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member]
Assets
Investments and bank loans	40,478	170,782
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Derivatives	4	33
Total assets measured at fair value	40,274	163,019
Liabilities
Derivatives	3	128
Short sales	649	5,334
Total liabilities measured at fair value	652	5,462
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt Securities [Member]
Assets
Investments and bank loans	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity securities [Member]
Assets
Investments and bank loans	40,270	162,986
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Derivatives	0	738
Total assets measured at fair value	101,718	159,690
Liabilities
Derivatives	235	844
Short sales	0	75
Total liabilities measured at fair value	235	919
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member]
Assets
Investments and bank loans	101,510	151,156
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity securities [Member]
Assets
Investments and bank loans	208	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	87	1,397
Liabilities
Derivatives	62	0
Short sales	0	0
Total liabilities measured at fair value	62	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Debt Securities [Member]
Assets
Investments and bank loans	87	1,397
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity securities [Member]
Assets
Investments and bank loans	0	0
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	14,449	8,297
Investments and bank loans	346,967	199,485
Total assets measured at fair value	361,416	207,782
Liabilities
Notes payable	328,761
Total liabilities measured at fair value	328,761
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Cash equivalents	14,449	8,297
Investments and bank loans	0	0
Total assets measured at fair value	14,449	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 and bank loans	346,967	199,485
Total assets measured at fair value	346,967	199,485
Liabilities
Notes payable	328,761
Total liabilities measured at fair value	328,761
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Cash equivalents	0	0
Investments and bank loans	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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,397	$ 1,065
Purchases	174	913
Sales	(1,472)	(370)
Paydowns	(5)	(10)
Change in unrealized loss, net	348	(113)
Change in realized loss, net	(355)	(141)
Transfers from Level 2	(62)	151
Transfers to Level 2	0	(98)
Balance at end of period	$ 25	$ 1,397

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Detail) - Consolidated Investment Product [Member] $ in Thousands	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 25,668
Accrued investment management fees	341
Total Beneficial Interests	$ 26,009

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income:
Total revenues	$ 79,850	$ 82,324	$ 80,085	$ 80,295	$ 86,115	$ 92,375	$ 99,656	$ 103,831	$ 322,554	$ 381,977	$ 450,598
Expenses:
Net Income Attributable to Common Stockholders	$ 12,426	$ 15,625	$ 8,088	$ 12,363	$ 6,636	$ (649)	$ 9,777	$ 19,342	48,502	35,106	97,700
Consolidated Investment Product [Member]
Income:
Realized and unrealized loss, net									(1,070)	(3,505)	0
Interest Income									12,893	2,157	0
Total revenues									11,823
Expenses:
Other operating expenses									3,944	0	0
Interest expense									11,292	$ 484	$ 0
Total Expense									15,236
Net Income Attributable to Common Stockholders									$ (3,413)

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Detail) - Consolidated Investment Product [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized losses on the subordinated notes held by the Company	$ (4,398)
Investment management fees	985
Total Economic Interests	$ (3,413)

Consolidation - Additional Info

Consolidation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Product	Jun. 09, 2016USD ($)classes_notes	Dec. 31, 2015USD ($)Product
VIE, not primary beneficiary [Member]
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 9,000,000
Eliminations and adjustments [Member]
Variable Interest Entity [Line Items]
Investments		$ 36,300,000
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair value, securities, Level 2 to Level 1 transfers, amount	3,700,000		$ 8,400,000
Fair value, securities, Level 1 to Level 2 transfers, amount	0		200,000
Investments	$ 142,075,000		$ 323,335,000
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Variable Interest Entity [Line Items]
Number of consolidated products | Product	19		12
Number of additional products consolidated during the period | Product	12
Number products deconsolidated during the period | Product	5
Investments	$ 99,247,000		$ 291,247,000
Consolidated Sponsored Investment Products [Member] | Maximum [Member]
Variable Interest Entity [Line Items]
Percentage of total assets permitted to borrow	33.33%
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt par value		356,300,000
Debt outstanding	$ 0		152,597,000
Investments	$ 346,967,000		$ 199,485,000
Consolidated Investment Product [Member] | LIBOR [Member]
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	8.25%
Consolidated Investment Product [Member] | LIBOR [Member] | Minimum [Member]
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	1.00%
Consolidated Investment Product [Member] | LIBOR [Member] | Maximum [Member]
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	8.75%
Consolidated Investment Product [Member] | CLO senior secured floating rate notes [Member] | Senior notes [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	$ 1,300,000
Consolidated Investment Product [Member] | CLO subordinated notes [Member] | Subordinated debt [Member]
Variable Interest Entity [Line Items]
Debt par value		$ 36,300,000
Consolidated Investment Product [Member] | CLO warehouse debt [Member] | Secured debt [Member]
Variable Interest Entity [Line Items]
Debt outstanding		$ 152,600,000

Subsequent Events (Detail)

Subsequent Events (Detail) - USD ($)

Feb. 24, 2017

Feb. 15, 2017

Feb. 06, 2017

Feb. 01, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Feb. 01, 2020

Feb. 07, 2017

Dec. 16, 2016

Subsequent Event [Line Items]

Common stock dividends declared (in $ per share)

$ 0.45

$ 0.45

$ 0.45

$ 0.45

$ 1.8

$ 1.8

$ 1.35

Term loan [Member] | Loan Facility [Member]

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 475,000,000

Revolving credit facility [Member] | Loan Facility [Member]

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 100,000,000

Revolving credit facility [Member] | Credit Facility [Member]

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 150,000,000

Subsequent event [Member]

Subsequent Event [Line Items]

Net proceeds from stock issuance

$ 207,100,000

Common stock dividends declared (in $ per share)

$ 0.45

Subsequent event [Member] | Common stock [Member]

Subsequent Event [Line Items]

Stock issued (in shares)

910,000

Net proceeds from stock issuance

$ 207,100,000

Subsequent event [Member] | Convertible preferred stock [Member]

Subsequent Event [Line Items]

Stock issued (in shares)

1,150,000

Preferred stock dividend rate

7.25%

Preferred stock liquidation preference (in $ per share)

$ 100

$ 100

Preferred stock conversion, threshold consecutive trading days

20 days

Preferred stock dividends declared (in $ per share)

$ 1.8125

Subsequent event [Member] | Underwriters option [Member] | Common stock [Member]

Subsequent Event [Line Items]

Stock issued (in shares)

136,500

Net proceeds from stock issuance

$ 14,300,000

Subsequent event [Member] | Forecast [Member] | Underwriters option [Member] | Common stock [Member]

Subsequent Event [Line Items]

Stock issued (in shares)

136,500

Subsequent event [Member] | Minimum [Member] | Forecast [Member] | Convertible preferred stock [Member]

Subsequent Event [Line Items]

Preferred stock, shares issuable upon conversion (in shares)

0.7576

Subsequent event [Member] | Maximum [Member] | Forecast [Member] | Convertible preferred stock [Member]

Subsequent Event [Line Items]

Preferred stock, shares issuable upon conversion (in shares)

0.9091

Subsequent event [Member] | Term loan [Member] | Loan Facility [Member]

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 260,000,000

Subsequent event [Member] | Revolving credit facility [Member] | Credit Facility [Member]

Subsequent Event [Line Items]

Repayment of debt

$ 30,000,000

Selected Quarterly Data (Unau78

Selected Quarterly Data (Unaudited) - Summary of Selected Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 79,850	$ 82,324	$ 80,085	$ 80,295	$ 86,115	$ 92,375	$ 99,656	$ 103,831	$ 322,554	$ 381,977	$ 450,598
Operating Income	12,783	16,538	8,743	12,750	16,506	23,112	16,208	24,542	50,814	80,378	130,720
Net Income Attributable to Common Stockholders	$ 12,426	$ 15,625	$ 8,088	$ 12,363	$ 6,636	$ (649)	$ 9,777	$ 19,342	$ 48,502	$ 35,106	$ 97,700
Earnings (loss) per share—Basic (in $ per share)	$ 1.94	$ 2.04	$ 0.99	$ 1.48	$ 0.78	$ (0.07)	$ 1.10	$ 2.16	$ 6.34	$ 3.99	$ 10.75
Earnings (loss) per share—Diluted (in $ per share)	$ 1.87	$ 1.99	$ 0.97	$ 1.45	$ 0.76	$ (0.07)	$ 1.08	$ 2.11	$ 6.20	$ 3.92	$ 10.51