Virtus Investment Partners (VRTS) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,989,326

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 251,753	$ 82,687
Accounts receivable, net	37,841	35,879
Furniture, equipment and leasehold improvements, net	7,264	7,728
Intangible assets, net	38,194	38,427
Goodwill	6,788	6,788
Deferred taxes, net	45,716	47,535
Total assets	1,013,423	824,388
Liabilities:
Accrued compensation and benefits	16,519	47,885
Accounts payable and accrued liabilities	30,364	25,176
Dividends payable	5,991	3,479
Other liabilities	13,702	13,505
Total liabilities	416,059	465,449
Commitments and Contingencies
Redeemable noncontrolling interests	44,976	37,266
Equity attributable to stockholders:
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized; 1,150,000 and 0 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively.	110,837	0
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,219,189 shares issued and 6,989,144 shares outstanding at March 31, 2017 and 9,119,058 shares issued and 5,889,013 shares outstanding at December 31, 2016	102	91
Additional paid-in capital	1,196,031	1,090,331
Accumulated deficit	(410,200)	(424,279)
Accumulated other comprehensive loss	(136)	(224)
Treasury stock, at cost, 3,230,045 and 3,230,045 shares at March 31, 2017 and December 31, 2016, respectively	(344,246)	(344,246)
Total equity attributable to stockholders	552,388	321,673
Total liabilities and equity	1,013,423	824,388
Parent
Assets:
Cash and cash equivalents	235,930	64,588
Investments	86,066	89,371
Other assets	25,908	16,789
Liabilities:
Debt	0	30,000
Consolidated Sponsored Investment Products
Assets:
Cash	1,866	3,650
Cash pledged or on deposit	1,107	984
Investments	112,930	142,075
Other assets	39,702	3,270
Liabilities:
Total liabilities	2,834	4,109
Consolidated Investment Product
Assets:
Cash equivalents	13,957	14,449
Investments	354,002	346,967
Other assets	6,152	5,888
Liabilities:
Notes payable of consolidated investment product	325,843	328,761
Securities purchased payable and other liabilities of consolidated investment product	$ 20,806	$ 12,534

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	10,219,189	9,119,058
Common stock, shares outstanding (in shares)	6,989,144	5,889,013
Treasury stock, shares (in shares)	3,230,045	3,230,045
Series D convertible preferred stock
Preferred stock, par value (in $ per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,150,000	1,150,000
Preferred stock, shares issued (in shares)	1,150,000	0
Preferred stock, shares outstanding (in shares)	1,150,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Investment management fees	$ 59,271	$ 57,644
Distribution and service fees	10,783	12,478
Administration and transfer agent fees	8,981	9,998
Other income and fees	741	175
Total revenues	79,776	80,295
Operating Expenses
Employment expenses	39,641	35,977
Distribution and other asset-based expenses	15,323	18,101
Other operating expenses	13,226	10,765
Depreciation and other amortization	664	862
Amortization expense	233	651
Total operating expenses	69,729	67,545
Operating Income	10,047	12,750
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	297	(658)
Other income, net	646	228
Total other income, net	5,387	2,100
Interest Income (Expense)
Interest and dividend income	188	273
Total interest income, net	2,744	4,576
Income Before Income Taxes	18,178	19,426
Income tax expense	4,433	7,556
Net Income	13,745	11,870
Noncontrolling interests	(718)	493
Net Income Attributable to Stockholders	13,027	12,363
Preferred stockholder dividends	(2,084)	0
Net Income Attributable to Common Stockholders	$ 10,943	$ 12,363
Earnings per share—Basic (in $ per share)	$ 1.67	$ 1.48
Earnings per Share—Diluted (in $ per share)	1.62	1.45
Cash Dividends Declared per Preferred Share (in $ per share)	1.8125	0
Cash Dividends Declared per Common Share (in $ per share)	$ 0.45	$ 0.45
Weighted Average Shares Outstanding—Basic (in shares)	6,542	8,344
Weighted Average Shares Outstanding—Diluted (in shares)	6,773	8,506
Parent
Interest Income (Expense)
Interest expense	$ (243)	$ (132)
Consolidated Sponsored Investment Products
Operating Expenses
Other operating expenses	577	1,133
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	3,726	295
Interest Income (Expense)
Interest and dividend income	1,495	2,961
Consolidated Investment Product
Revenues
Total revenues	4,879
Operating Expenses
Other operating expenses	65	56
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	718	2,235
Interest Income (Expense)
Interest expense	(2,857)	(732)
Interest and dividend income	4,161	$ 2,206
Net Income Attributable to Common Stockholders	$ 1,957

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 13,745	$ 11,870
Other comprehensive income, net of tax:
Foreign currency translation adjustment, net of tax of ($61) for the three months ended March 31, 2016	0	99
Unrealized gain on available-for-sale securities, net of tax of $(54) and ($97) for the three months ended March 31, 2017 and 2016, respectively	88	160
Other comprehensive income	88	259
Comprehensive income	13,833	12,129
Comprehensive (income) loss attributable to noncontrolling interests	(718)	493
Comprehensive Income Attributable to Stockholders	$ 13,115	$ 12,622

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax		$ (61)
Unrealized (loss) gain on available-for-sale securities, tax	$ (54)	$ (97)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 13,745	$ 11,870
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense, intangible asset and other amortization	960	1,573
Stock-based compensation	3,491	3,270
Excess tax benefit from stock-based compensation	0	(130)
Payments of deferred commissions	(671)	(500)
Equity in earnings of equity method investments	(629)	(218)
Realized and unrealized (gains) losses on trading securities, net	(297)	658
Sales of trading securities, net	2,396	11,197
Deferred taxes, net	2,817	4,900
Purchases of investments by consolidated sponsored investment products
Accounts receivable, net and other assets	(13,013)	(4,944)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(24,305)	(35,710)
Net cash used in operating activities	(15,305)	(38,375)
Cash Flows from Investing Activities:
Capital expenditures	(369)	(591)
Equity method investment contributions	0	(759)
Purchases of available-for-sale securities	(66)	(60)
Net cash provided by (used in) investing activities	5,180	(1,307)
Cash Flows from Financing Activities:
Repayments on credit facility	(30,000)	0
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs	111,280	0
Proceeds from issuance of common stock, net of issuance costs	109,762	0
Common stock dividends paid	(2,894)	(3,911)
Repurchases of common shares	0	(15,000)
Proceeds from exercise of stock options	86	375
Taxes paid related to net share settlement of restricted stock units	(2,464)	(1,001)
Excess tax benefits from stock-based compensation	0	130
Payment of deferred financing costs	(61)	0
(Redemptions) Contributions of noncontrolling interests, net	(6,091)	19,928
Net cash provided by financing activities	179,191	1,549
Net increase (decrease) in cash and cash equivalents	169,066	(38,133)
Cash and cash equivalents, beginning of period	82,687	97,384
Cash and Cash Equivalents, End of Period	251,753	59,251
Non-Cash Investing Activities:
Change in accrual for capital expenditures	(166)	(153)
Non-Cash Financing Activities:
Decrease to noncontrolling interest due to consolidation and (deconsolidation) of consolidated sponsored investment products	13,083	(52,874)
Common stock dividends payable	3,145	4,173
Preferred stock dividends payable	2,084	0
Accrued stock issuance costs	886	0
Consolidated Sponsored Investment Products
Adjustments to reconcile net income to net cash used in operating activities:
Realized and unrealized (gains) losses on trading securities, net	(4,139)	(683)
Purchases of investments by consolidated sponsored investment products	(32,805)	(112,013)
Sales of investments	39,706	103,196
Net purchases of short term investments by consolidated sponsored investment products	(1,735)	(12,728)
Purchases of securities sold short by consolidated sponsored investment products, net	(20)	(3,655)
Change in cash pledged or on deposit of consolidated sponsored investment products	(123)	1,682
Purchases of investments by consolidated sponsored investment products
Purchases of securities sold short by consolidated sponsored investment products, net	118	(1,292)
Change in liabilities of consolidated investment product	128	618
Cash Flows from Investing Activities:
Increase in cash and cash equivalents of consolidated sponsored investment products due to consolidation, net	5,615	103
Cash Flows from Financing Activities:
Borrowings (Payments) on borrowings by consolidated sponsored investment products, net	73	(1,839)
Consolidated Investment Product
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of deferred commissions	516	763
Realized and unrealized (gains) losses on trading securities, net	(718)	(2,235)
Purchases of investments by consolidated sponsored investment products	(59,673)	(7,481)
Sales of investments	58,485	3,402
Purchases of investments by consolidated sponsored investment products
Purchases of securities sold short by consolidated sponsored investment products, net	417	(163)
Change in liabilities of consolidated investment product	44	248
Cash Flows from Financing Activities:
Borrowings of debt of consolidated investment product	0	2,867
Repayment of notes payable by consolidated investment product	$ (500)	$ 0

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series D convertible preferred stock	Common Stock	Preferred StockSeries D convertible preferred stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Attributed To Stockholders	Total Attributed To StockholdersSeries D convertible preferred stock	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2015			8,398,944	0				1,214,144
Beginning Balance at Dec. 31, 2015	$ 509,457		$ 96	$ 0	$ 1,140,875	$ (472,614)	$ (1,034)	$ (157,699)	$ 509,624		$ (167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,363					12,363			12,363		0
Net unrealized gain (loss) on securities available-for-sale	160						160		160
Foreign currency translation adjustments	99						99		99
Cash dividends declared	(3,850)				(3,850)				(3,850)
Repurchases of common shares	(15,000)							$ (15,000)	(15,000)
Repurchases of common shares (in shares)			(176,204)					(176,204)
Issuance of common shares related to employee stock transactions (in shares)			37,091
Issuance of common shares related to employee stock transactions	375		$ 1		374				375
Taxes paid on stock-based compensation	(1,001)				(1,001)				(1,001)
Stock-based compensation	4,029				4,029				4,029
Tax deficiencies from stock-based compensation	(1,246)				(1,246)				(1,246)
Ending Balance (in shares) at Mar. 31, 2016			8,259,831					1,390,348
Ending Balance at Mar. 31, 2016	505,386		$ 97		1,139,181	(460,251)	(775)	$ (172,699)	505,553		(167)
Beginning Balance at Dec. 31, 2015	73,864
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	(493)
Activity of noncontrolling interests, net	(32,946)
Ending Balance at Mar. 31, 2016	40,425
Beginning Balance (in shares) at Dec. 31, 2016			5,889,013	0				3,230,045
Beginning Balance at Dec. 31, 2016	321,673		$ 91	$ 0	1,090,331	(424,279)	(224)	$ (344,246)	321,673		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU 2016-09	1,052					1,052			1,052
Net income (loss)	13,027					13,027			13,027		0
Net unrealized gain (loss) on securities available-for-sale	88						88		88
Foreign currency translation adjustments	0						0		0
Issuance of stock, net of offering costs (in shares)			1,046,500	1,150,000
Issuance of stock, net of offering costs	109,320	$ 110,837	$ 10	$ 110,837	109,310				109,320	$ 110,837
Dividends	(2,084)				(2,084)				(2,084)
Cash dividends declared	(3,322)				(3,322)				(3,322)
Issuance of common shares related to employee stock transactions (in shares)			53,631
Issuance of common shares related to employee stock transactions	86		$ 1		85				86
Taxes paid on stock-based compensation	(2,464)				(2,464)				(2,464)
Stock-based compensation	4,175				4,175				4,175
Ending Balance (in shares) at Mar. 31, 2017			6,989,144	1,150,000				3,230,045
Ending Balance at Mar. 31, 2017	552,388		$ 102	$ 110,837	$ 1,196,031	(410,200)	$ (136)	$ (344,246)	552,388		0
Beginning Balance at Dec. 31, 2016	37,266
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	718
Activity of noncontrolling interests, net	6,992					$ 0			$ 0		$ 0
Ending Balance at Mar. 31, 2017	$ 44,976

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Feb. 15, 2017	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in $ per share)	$ 0.45	$ 0.45	$ 0.45
Cash dividends declared per preferred share (in $ per share)	$ 1.8125	$ 1.8125	$ 0

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2017
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”), Undertaking for Collective Investment in Transferable Securities (“UCITS”) and separately managed accounts. Institutional investment management services are provided to corporations, multiemployer retirement funds, employee retirement systems, foundations, endowments, structured products and as a subadviser to unaffiliated mutual funds.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The Company has reclassified its prior net presentation of purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2016 to conform with the current year presentation of showing such purchases and sales 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 Condensed Consolidated Statement of Cash Flows, or any impact on the other Condensed Consolidated Financial Statements. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2016 Annual Report on Form 10-K. New Accounting Standards Implemented The Company adopted Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting (" ASU 2016-09") on January 1, 2017. This standard makes several modifications to the accounting for forfeitures and employer tax withholdings on share-based compensation as well as 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. Upon adoption of this ASU, the Company recorded a $1.1 million 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. The Company elected to adopt all provisions impacting the Condensed Consolidated Statements of Operations and Cash Flows prospectively and the Company elected to recognize the impact of forfeitures as they occur. The Company adopted ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 232): Simplifying the Transition to the Equity Method of Accounting, on January 1, 2017 . 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) would be recognized through earnings. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. New Accounting Standards Not Yet Implemented In 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 and ending cash 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 FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), which clarifies the treatment of several cash flow activities. ASU 2016-15 also clarifies that when cash receipts and cash payments have aspects of more than one classification 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 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. Adoption of the standard requires either a retrospective or a modified retrospective approach to adoption and early adoption is permitted as of the original effective date. 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. The Company's implementation assessment includes the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts, and it is also evaluating the presentation of certain revenue-related costs on a gross versus net basis and related disclosures of revenue. Although the Company is still evaluating the impact of ASU 2014-09, it has not identified material changes in the timing of revenue recognition. 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, discussed above. 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 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, this standard permits companies 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. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"). The standard clarifies the definition of a business and adds guidance to assist entities when evaluating whether transactions should be accounted for as acquisitions or disposals of assets or as businesses. The standard provides a screen to determine whether a set of assets and activities qualifies as a business or as a set of assets. ASU 2017-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017. The standard requires a prospective approach to adoption, and early adoption is only permitted for specific transactions. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 requires that an entity perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss cannot exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The amendments require a prospective approach to adoption and early adoption is permitted for interim or annual goodwill impairment tests. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: March 31, 2017 December 31, 2016 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (155,369 ) (155,136 ) Definite-lived intangible assets, net 3,378 3,611 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 38,194 $ 38,427 Activity in intangible assets, net is as follows: Three Months Ended March 31, 2017 2016 ($ in thousands) Intangible assets, net Balance, beginning of period $ 38,427 $ 40,887 Amortization (233 ) (651 ) Balance, end of period $ 38,194 $ 40,236

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments Schedule [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored mutual funds, excluding the investments in consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 14. At March 31, 2017 and December 31, 2016 the Company's investments were as follows: March 31, 2017 December 31, 2016 ($ in thousands) Marketable securities $ 70,595 $ 74,907 Equity method investments 8,360 7,731 Nonqualified retirement plan assets 6,186 5,808 Other investments 925 925 Total investments $ 86,066 $ 89,371 Marketable Securities The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: March 31, 2017 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored mutual funds $ 57,071 $ (2,185 ) $ 112 $ 54,998 Equity securities 10,705 — 1,269 11,974 Available-for-sale: Sponsored closed-end funds 3,566 (247 ) 304 3,623 Total marketable securities $ 71,342 $ (2,432 ) $ 1,685 $ 70,595 December 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored mutual 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 For the three months ended March 31, 2017 , the Company recognized a net realized gain of $0.6 million on trading securities, and for three months ended March 31, 2016 , the Company recognized a net realized loss of $0.4 million on trading securities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 14, as of March 31, 2017 and December 31, 2016 by fair value hierarchy level were as follows: March 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 223,087 $ — $ — $ 223,087 Marketable securities trading: Sponsored mutual funds 54,998 — — 54,998 Equity securities 11,974 — — 11,974 Marketable securities available-for-sale: Sponsored closed-end funds 3,623 — — 3,623 Other investments: Nonqualified retirement plan assets 6,186 — — 6,186 Total assets measured at fair value $ 299,868 $ — $ — $ 299,868 December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored mutual 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 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 and closed-end funds for which the Company acts as the investment manager. The fair value of open-end mutual funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Nonqualified retirement plan assets represent open-end mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Transfers into and out of levels are reflected when (1) significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable, (2) when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or (3) if the book value no longer represents fair value. There were no transfers between levels during the three months ended March 31, 2017 and 2016 .

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Business Combinations	Business Combinations On December 16, 2016, the Company entered into an agreement (the “Merger Agreement”) to acquire RidgeWorth Holdings, LLC (“RidgeWorth”). The purchase price for the acquisition of RidgeWorth (the “Proposed Acquisition”) will be (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.

Equity Transactions

Equity Transactions	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity Transactions	Equity Transactions The Company did not make any share repurchases during the three months ended March 31, 2017 . As of March 31, 2017 , there were 200,000 shares available to be repurchased of a total of 3,430,045 shares of Company common stock that had been approved by the Company's Board of Directors. 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 three months ended March 31, 2017, the Company issued 1,046,500 shares of common stock and 1,150,000 shares of 7.25% mandatory convertible preferred stock ("MCPS") in public offerings, which included the exercise of the underwriters' over-allotment option, for net proceeds of $220.1 million , after underwriting discounts, commissions and other offering expenses. The MCPS has a liquidation preference of $100.00 per share. Unless converted earlier, each share of MCPS 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 the Company's 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 MCPS will be payable on a cumulative basis when, as and if declared by the 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 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 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% MCPS to be paid on May 1, 2017 to shareholders of record at the close of business on April 15, 2017.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2017 and 2016 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale ($ in thousands) Balance December 31, 2016 $ (224 ) Unrealized net gains on securities available-for-sale, net of tax of ($54) 88 Amounts reclassified from accumulated other comprehensive income — Net current-period other comprehensive income 88 Balance March 31, 2017 $ (136 ) Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net losses on securities available-for-sale, net of tax of $(97) 160 — Foreign currency translation adjustments, net of tax of $(61) — 99 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive loss 160 99 Balance March 31, 2016 $ (305 ) $ (470 )

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation The Company's Amended and Restated Omnibus Incentive and Equity Plan (the “Plan”) provides for the grant of equity-based awards, including restricted stock units (“RSUs”), stock options and unrestricted shares of common stock. As of March 31, 2017 , a maximum of 2,400,000 shares of common stock were authorized for issuance under the Plan. At March 31, 2017 , 616,820 shares of common stock remained available for issuance. Shares that are issued upon exercise of stock options and vesting of RSUs are newly issued shares from the Plan and are not issued from treasury stock. Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs generally have a term of one to three years and may be time-vested or performance-contingent. The fair value of each RSU is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. RSU activity for the three months ended March 31, 2017 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 302,824 $ 111.56 Granted 158,687 $ 111.38 Forfeited (26,329 ) $ 124.22 Settled (55,418 ) $ 129.75 Outstanding at March 31, 2017 379,764 $ 107.95 For the three months ended March 31, 2017 and 2016 , a total of 22,977 and 13,024 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $2.5 million and $1.0 million for the three months ended March 31, 2017 and 2016 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the three months ended March 31, 2017 , the Company granted 24,784 RSUs which contain performance based metrics in addition to a service condition (Performance Share Units or "PSUs"). 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. For the three months ended March 31, 2017 , total stock-based compensation expense was $0.1 million for these PSUs. During the three months ended March 31, 2017 , the Company also granted 48,241 PSUs as special one-time awards in connection with the execution of the Proposed Acquisition. These PSUs will vest in equal installments on the first and second anniversary of the grant date, subject to (1) the closing of the Proposed Acquisition and (2) execution of integration activities of the Proposed Acquisition. For the three months ended March 31, 2017 , there was no stock-based compensation expense for the PSUs related to the Proposed Acquisition. The Company recognized total stock compensation expense of $3.5 million and $3.3 million , respectively, for the three months ended March 31, 2017 and 2016. As of March 31, 2017 , unamortized stock-based compensation expense for unvested RSUs was $23.6 million , with a weighted-average remaining amortization period of 2.1 years. Stock Options Stock options generally cliff vest after three years and have a contractual life of 10 years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. Stock option activity for the three months ended March 31, 2017 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 137,157 $ 17.77 Granted — $ — Exercised (26,149 ) $ 23.25 Forfeited — $ — Outstanding at March 31, 2017 111,008 $ 16.48

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including (1) shares issuable upon the vesting of RSUs and common stock option exercises using the treasury stock method and (2) shares issuable upon the conversion of the Company's MCPS as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income in periods in which utilizing the if-converted method would be anti-dilutive. The computation of basic and diluted EPS is as follows: Three Months Ended March 31, 2017 2016 ($ in thousands, except per share amounts) Net Income $ 13,745 $ 11,870 Noncontrolling interests (718 ) 493 Net Income Attributable to Stockholders 13,027 12,363 Preferred stock dividends (2,084 ) — Net Income Attributable to Common Stockholders $ 10,943 $ 12,363 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 6,542 8,344 Plus: Incremental shares from assumed conversion of dilutive instruments 231 162 Diluted: Weighted-average number of shares outstanding 6,773 8,506 Earnings per Share—Basic $ 1.67 $ 1.48 Earnings per Share—Diluted $ 1.62 $ 1.45 The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended March 31, 2017 2016 (in thousands) Restricted stock units — 14 Preferred stock 674 — Total anti-dilutive securities 674 14

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, as compared to those forecasted at the beginning of the fiscal year and each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 24.4% and 38.9% for the three months ended March 31, 2017 and 2016 , respectively. The decrease in the estimated effective tax rate was primarily due to changes in the valuation allowances related to market adjustments on the Company’s marketable securities and the impact of recording excess tax benefits as a result of stock option exercises and RSU vestings.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Credit Facility During the three months ended March 31, 2017, the Company made $30.0 million in repayments on its senior unsecured revolving credit facility ("Credit Facility"). At March 31, 2017 , no amounts were outstanding under the Credit Facility. Amounts outstanding under the Credit Facility bear interest at an annual rate equal to, at the Company’s option, either LIBOR for interest periods of one, two, three or six months or an alternate base rate (as defined in the Credit Facility agreement), plus, in each case, an applicable margin, that ranges from 0.75% to 2.25% . Under the terms of the Credit Facility, the Company is also required to pay certain fees, including an annual commitment fee that ranges from 0.30% to 0.45% on undrawn amounts and a letter of credit participation fee at an annual rate equal to the applicable margin as well as any applicable fronting fees, each of which is payable quarterly in arrears. The credit agreement governing the Credit Facility contains customary restrictive covenants on the Company and its subsidiaries. Restrictive covenants in the credit agreement include, but are not limited to: prohibitions on creating, incurring or assuming any liens; entering into merger arrangements; selling, leasing, transferring or otherwise disposing of assets; making a material change in the nature of the business; entering into transactions with affiliates; and incurring indebtedness through the subsidiaries. Many of these restrictions are subject to certain minimum thresholds and exceptions. Financial covenants under the credit agreement include: (i) the quarterly maintenance of a leverage ratio (total debt to adjusted EBITDA), as defined in the credit agreement, of not greater than 3.00 :1.00, and (ii) a minimum interest coverage ratio (EBITDA to interest expense) for the four consecutive fiscal quarters ended before the date of determination) of not less than 4.00 :1.00. The credit agreement governing the Credit Facility also contains customary provisions regarding events of default which could result in an acceleration or increase in amounts due, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, material inaccuracy of a representation or warranty, bankruptcy or insolvency proceedings, change of control, certain judgments, ERISA matters, cross-default to other debt agreements, governmental action prohibiting or restricting the company or its subsidiaries in a manner that has a material adverse effect and failure of certain guaranty obligations. The lenders (and their respective affiliates) may have provided, and may in the future provide, investment banking, cash management, underwriting, lending, commercial banking, leasing, foreign exchange, trust or other advisory services to the company and its subsidiaries and affiliates. These parties may have received, and may in the future receive, customary compensation for these services. 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, as of March 31, 2017, of (i) a term loan of up to $260.0 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 March 2, 2017, the Company priced a $260.0 million first-lien term loan with a seven year tenor. The loan was priced with 0.50% of upfront fees and a spread of LIBOR plus 3.75% (LIBOR floor of 0.75% ). The spread steps down to LIBOR plus 3.50% at net leverage levels of less than 1.0 . The term loan will be drawn down at the closing date for the Proposed Acquisition. A delayed draw fee is in place for the period between pricing of the term loan on March 2, 2017 and the closing date of the Proposed Acquisition. In addition, the Company priced a $100.0 million , five year revolving credit facility at a spread of LIBOR plus 3.75% (LIBOR floor is 0.00% ). The availability of borrowings under the term loan and revolving credit facility are 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 term loan and revolving credit facility will contain affirmative and negative financial and operating covenants and events of default customary for facilities of this type. The term loan and revolving 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	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is regularly involved in litigation and arbitration as well as examinations, inquiries and investigations by various regulatory bodies, including the Securities and Exchange Commission ("SEC"), involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve but are not limited to the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, Loss Contingencies . The disclosures, accruals or estimates, if any, resulting from the foregoing analysis are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. Based on information currently available, available insurance coverage and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or its consolidated financial condition. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any claim, dispute, regulatory examination or investigation or other legal matter will reflect the ultimate outcome and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. In re Virtus Investment Partners, Inc. Securities Litigation; formerly Tom Cummins v. Virtus Investment Partners Inc. et al On February 20, 2015, a putative class action complaint alleging violations of certain provisions of the federal securities laws was filed by an individual shareholder against the Company and certain of the Company’s current officers (the “defendants”) in the United States District Court for the Southern District of New York (the "Court"). On April 21, 2015, three plaintiffs, including the original plaintiff, filed motions to be appointed lead plaintiffs and, on June 9, 2015, the Court appointed Arkansas Teachers Retirement System lead plaintiff. On August 21, 2015, the plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint, which was purportedly filed on behalf of all purchasers of the Company’s common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that, during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds formerly subadvised by F-Squared Investments Inc. ("F-Squared"). The Consolidated Complaint alleges claims under Sections 10(b) and 20(a) of the 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. Plaintiff's motion for class certification is fully briefed, and oral argument was held on March 3, 2017. The motion remains pending. 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. Plaintiff's motion for class certification is fully briefed, and oral argument was held on March 3, 2017. The motion remains pending. The Company believes that the suit has no basis in law or fact and intends to defend it vigorously. The Company believes that there is not a material loss that is probable and reasonably estimable related to this claim.

Consolidation

Consolidation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company evaluates any variable interest entities ("VIEs") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company has two types of investment products that are consolidated: consolidated sponsored investment products and a consolidated investment product. Consolidated sponsored investment products ("CSIPs") are investment products in which the Company generally holds a majority of the beneficial interests. The consolidated investment product ("CIP") is a collateralized loan obligation ("CLO") in which the Company has less than the majority of the beneficial interests. 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 CSIP, an investment product when it owns a majority of the voting interest in the entity as a VOE or it is the primary beneficiary of an investment product that is a VIE. As of March 31, 2017 and December 31, 2016 , the Company consolidated 18 and 19 sponsored investment products, respectively, which includes one sponsored investment product that was considered a VIE for which the Company is the primary beneficiary. During the three months ended March 31, 2017 , the Company deconsolidated one sponsored investment product. The following table presents the balances of the CSIPs that, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016 : As of March 31, 2017 December 31, 2016 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 2,044 $ 929 $ 1,859 $ 2,775 Investments 61,028 51,902 99,247 42,828 All other assets 38,603 1,099 2,211 1,059 Total liabilities (2,033 ) (801 ) (2,310 ) (1,799 ) Redeemable noncontrolling interests (12,175 ) (32,801 ) (12,505 ) (24,761 ) The Company’s net interests in consolidated sponsored investment products $ 87,467 $ 20,328 $ 88,502 $ 20,102 Fair Value Measurements of Consolidated Sponsored Investment Products The assets and liabilities of the CSIPs measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by fair value hierarchy level were as follows: As of March 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 71,932 $ 161 $ 72,093 Equity securities 40,470 367 — 40,837 Total Assets Measured at Fair Value $ 40,470 $ 72,299 $ 161 $ 112,930 Liabilities Derivatives $ 1 $ 280 $ — $ 281 Short sales 588 — — 588 Total Liabilities Measured at Fair Value $ 589 $ 280 $ — $ 869 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 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CSIPs measured at fair value. Investments of CSIPs represent the underlying debt, equity and other securities held in sponsored products which are consolidated by the Company. Equity securities are valued at the official closing price on the exchange on which the securities are traded and are categorized within Level 1. Level 2 investments include most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and certain equity securities, including non-US securities, for which closing prices are not readily available or are deemed to not reflect readily available market prices and are valued using an independent pricing service. Pricing services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. Level 3 investments include debt securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. For the three months ended March 31, 2017 and 2016 , securities held by CSIPs with an end of period value of $0.3 million and $3.8 million , respectively, were transferred from Level 2 to Level 1 because an exchange price became available. For the three months ended March 31, 2017 and 2016 , securities held by CSIPs with an end of period value of $0.4 million and $0.0 million , respectively, were transferred from Level 1 to Level 2 because an exchange price was no longer available. The following table is a reconciliation of assets of CSIPs for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2017 2016 Level 3 Debt securities (a) Balance at beginning of period $ 25 $ 1,397 Realized losses, net (65 ) (102 ) Purchases 100 19 Paydowns (1 ) (1 ) Sales (36 ) (498 ) Transferred to Level 2 — (618 ) Transfers from Level 2 76 710 Change in unrealized gain, net 62 89 Balance at end of period $ 161 $ 996 (a) None of the securities reflected in the table were internally fair valued at March 31, 2017 or March 31, 2016 . The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end. Short Sales Some of the Company’s CSIPs may engage in short sales, which are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheets within other liabilities of CSIPs. Consolidated Investment Product At March 31, 2017 , the Company consolidated one 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 $36.3 million . The following table presents the balances of the CIP that, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016 : As of March 31, 2017 December 31, 2016 ($ in thousands) Cash equivalents $ 13,957 $ 14,449 Investments 354,002 346,967 Other assets 6,152 5,888 Notes payable (325,843 ) (328,761 ) Securities purchased payable and other liabilities (20,806 ) (12,534 ) The Company’s net interests in the consolidated investment product $ 27,462 $ 26,009 Investments of Consolidated Investment Product Total investments of $354.0 million at March 31, 2017 represent bank loan investments, which comprise the majority of the CLO portfolio asset collateral and are senior secured corporate loans from a variety of industries. Bank loan investments mature at various dates between 2018 and 2025, pay interest at LIBOR plus a spread of up to 9.5% and typically range in S&P credit rating categories from BBB- to CCC-. At March 31, 2017 , the unpaid principal balance of the senior bank loans exceeded the fair value by approximately $0.6 million . No collateral assets were in default as of March 31, 2017 . Notes Payable of Consolidated Investment Product The CLO has note obligations that bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 1.0% to 8.75% . The principal amounts outstanding of the note obligations issued by the CLO mature in April 2028. The CLO may elect to reinvest any prepayments received on bank loan investments prior to April 2020. Any subsequent prepayments received must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to the CIP is limited to (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, as adopted on January 1, 2016, prescribed by ASU 2014-13, results in the net amount of the CIP shown above to be equivalent to the beneficial interests retained by the Company at March 31, 2017 as shown in the table below: As of Beneficial Interests March 31, 2017 ($ in thousands) Subordinated notes $ 27,091 Accrued investment management fees 371 Total Beneficial Interests $ 27,462 The following table represents revenue and expenses of the CIP included in the Company’s Condensed Consolidated Statements of Operations for the periods indicated: Three Months Ended March 31, ($ in thousands) 2017 Income: Realized and unrealized gain, net $ 718 Interest Income 4,161 Total Income $ 4,879 Expenses: Other operating expenses 65 Interest expense 2,857 Total Expense $ 2,922 Net Income (loss) attributable to consolidated investment product $ 1,957 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 CIP which are eliminated upon consolidation: Economic Interests Three Months Ended March 31, ($ in thousands) 2017 Distributions received and unrealized gains on the subordinated notes held by the Company $ 1,477 Investment management fees 480 Total Economic Interests $ 1,957 Fair Value Measurements of Consolidated Investment Product The assets and liabilities of the CIP measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of March 31, 2017 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 13,957 $ — $ — $ 13,957 Bank loans — 352,440 $ 1,562 $ 354,002 Total Assets Measured at Fair Value $ 13,957 $ 352,440 $ 1,562 $ 367,959 Liabilities Notes payable $ — $ 325,843 $ — $ 325,843 Total Liabilities Measured at Fair Value — 325,843 — 325,843 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 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP 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 securities purchase payable at March 31, 2017 and December 31, 2016 approximated fair value due to the short-term nature of the instruments. The following table is a reconciliation of assets of CIPs for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2017 Level 3 Debt securities (a) Balance at beginning of period $ — Purchases — Sales — Transferred from Level 2 1,562 Realized gains — Balance at end of period $ 1,562 (a) None of the securities reflected in the table were internally fair valued at March 31, 2017 . The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end. Nonconsolidated VIEs 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 has determined that the investment management fees it receives for serving 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 and amounts that are customarily present in arrangements for similar services negotiated at arm's length. The Company has interests in certain other 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 these entities does not provide the Company with the power to direct the activities that most significantly impact the entities economic performance. At March 31, 2017 , the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $9.6 million .

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Variable Interest Entity [Line Items]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017
Reclassifications	The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The Company has reclassified its prior net presentation of purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2016 to conform with the current year presentation of showing such purchases and sales 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 Condensed Consolidated Statement of Cash Flows, or any impact on the other Condensed Consolidated Financial Statements.
New Accounting Standards	New Accounting Standards Implemented The Company adopted Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting (" ASU 2016-09") on January 1, 2017. This standard makes several modifications to the accounting for forfeitures and employer tax withholdings on share-based compensation as well as 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. Upon adoption of this ASU, the Company recorded a $1.1 million 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. The Company elected to adopt all provisions impacting the Condensed Consolidated Statements of Operations and Cash Flows prospectively and the Company elected to recognize the impact of forfeitures as they occur. The Company adopted ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 232): Simplifying the Transition to the Equity Method of Accounting, on January 1, 2017 . 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) would be recognized through earnings. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. New Accounting Standards Not Yet Implemented In 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 and ending cash 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 FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), which clarifies the treatment of several cash flow activities. ASU 2016-15 also clarifies that when cash receipts and cash payments have aspects of more than one classification 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 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. Adoption of the standard requires either a retrospective or a modified retrospective approach to adoption and early adoption is permitted as of the original effective date. 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. The Company's implementation assessment includes the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts, and it is also evaluating the presentation of certain revenue-related costs on a gross versus net basis and related disclosures of revenue. Although the Company is still evaluating the impact of ASU 2014-09, it has not identified material changes in the timing of revenue recognition. 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, discussed above. 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 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, this standard permits companies 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. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"). The standard clarifies the definition of a business and adds guidance to assist entities when evaluating whether transactions should be accounted for as acquisitions or disposals of assets or as businesses. The standard provides a screen to determine whether a set of assets and activities qualifies as a business or as a set of assets. ASU 2017-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017. The standard requires a prospective approach to adoption, and early adoption is only permitted for specific transactions. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 requires that an entity perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss cannot exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The amendments require a prospective approach to adoption and early adoption is permitted for interim or annual goodwill impairment tests. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
Fair Value Measurements	The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end mutual funds and closed-end funds for which the Company acts as the investment manager. The fair value of open-end mutual funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Nonqualified retirement plan assets represent open-end mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when (1) significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable, (2) when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or (3) if the book value no longer represents fair value.
Consolidated Sponsored Investment Products
Variable Interest Entity [Line Items]
Fair Value Measurements	Investments of CSIPs 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.
Short Sales	Some of the Company’s CSIPs may engage in short sales, which are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheets within other liabilities of CSIPs.
Consolidated Investment Product
Variable Interest Entity [Line Items]
Fair Value Measurements	Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Bank loans represent the underlying debt securities held in the sponsored product which are consolidated by the Company. Bank loan investments include debt securities, which are generally at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. In certain instances, fair value has been determined utilizing discounted cash flow analyses or single broker non-binding quotes. Depending on the nature of the inputs, these assets are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. Notes payable represent notes issued by the CLO and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (a) the fair value of the beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: March 31, 2017 December 31, 2016 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (155,369 ) (155,136 ) Definite-lived intangible assets, net 3,378 3,611 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 38,194 $ 38,427
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Three Months Ended March 31, 2017 2016 ($ in thousands) Intangible assets, net Balance, beginning of period $ 38,427 $ 40,887 Amortization (233 ) (651 ) Balance, end of period $ 38,194 $ 40,236

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Investments Schedule [Abstract]
Summary of Investments	At March 31, 2017 and December 31, 2016 the Company's investments were as follows: March 31, 2017 December 31, 2016 ($ in thousands) Marketable securities $ 70,595 $ 74,907 Equity method investments 8,360 7,731 Nonqualified retirement plan assets 6,186 5,808 Other investments 925 925 Total investments $ 86,066 $ 89,371
Schedule of Marketable Securities	The composition of the Company’s marketable securities is summarized as follows: March 31, 2017 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored mutual funds $ 57,071 $ (2,185 ) $ 112 $ 54,998 Equity securities 10,705 — 1,269 11,974 Available-for-sale: Sponsored closed-end funds 3,566 (247 ) 304 3,623 Total marketable securities $ 71,342 $ (2,432 ) $ 1,685 $ 70,595 December 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored mutual 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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 14, as of March 31, 2017 and December 31, 2016 by fair value hierarchy level were as follows: March 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 223,087 $ — $ — $ 223,087 Marketable securities trading: Sponsored mutual funds 54,998 — — 54,998 Equity securities 11,974 — — 11,974 Marketable securities available-for-sale: Sponsored closed-end funds 3,623 — — 3,623 Other investments: Nonqualified retirement plan assets 6,186 — — 6,186 Total assets measured at fair value $ 299,868 $ — $ — $ 299,868 December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored mutual 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

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2017 and 2016 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale ($ in thousands) Balance December 31, 2016 $ (224 ) Unrealized net gains on securities available-for-sale, net of tax of ($54) 88 Amounts reclassified from accumulated other comprehensive income — Net current-period other comprehensive income 88 Balance March 31, 2017 $ (136 ) Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net losses on securities available-for-sale, net of tax of $(97) 160 — Foreign currency translation adjustments, net of tax of $(61) — 99 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive loss 160 99 Balance March 31, 2016 $ (305 ) $ (470 )

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Units Activity	RSU activity for the three months ended March 31, 2017 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 302,824 $ 111.56 Granted 158,687 $ 111.38 Forfeited (26,329 ) $ 124.22 Settled (55,418 ) $ 129.75 Outstanding at March 31, 2017 379,764 $ 107.95
Summary of Stock Option Activity	Stock option activity for the three months ended March 31, 2017 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2016 137,157 $ 17.77 Granted — $ — Exercised (26,149 ) $ 23.25 Forfeited — $ — Outstanding at March 31, 2017 111,008 $ 16.48

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The computation of basic and diluted EPS is as follows: Three Months Ended March 31, 2017 2016 ($ in thousands, except per share amounts) Net Income $ 13,745 $ 11,870 Noncontrolling interests (718 ) 493 Net Income Attributable to Stockholders 13,027 12,363 Preferred stock dividends (2,084 ) — Net Income Attributable to Common Stockholders $ 10,943 $ 12,363 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 6,542 8,344 Plus: Incremental shares from assumed conversion of dilutive instruments 231 162 Diluted: Weighted-average number of shares outstanding 6,773 8,506 Earnings per Share—Basic $ 1.67 $ 1.48 Earnings per Share—Diluted $ 1.62 $ 1.45
Securities Excluded from Computation of Diluted EPS	The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended March 31, 2017 2016 (in thousands) Restricted stock units — 14 Preferred stock 674 — Total anti-dilutive securities 674 14

Consolidation (Tables)

Consolidation (Tables)	3 Months Ended
	Mar. 31, 2017
Variable Interest Entity [Line Items]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product, which are separately discussed in Note 14, as of March 31, 2017 and December 31, 2016 by fair value hierarchy level were as follows: March 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 223,087 $ — $ — $ 223,087 Marketable securities trading: Sponsored mutual funds 54,998 — — 54,998 Equity securities 11,974 — — 11,974 Marketable securities available-for-sale: Sponsored closed-end funds 3,623 — — 3,623 Other investments: Nonqualified retirement plan assets 6,186 — — 6,186 Total assets measured at fair value $ 299,868 $ — $ — $ 299,868 December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored mutual 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
Consolidated Sponsored Investment Products
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following table presents the balances of the CSIPs that, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016 : As of March 31, 2017 December 31, 2016 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 2,044 $ 929 $ 1,859 $ 2,775 Investments 61,028 51,902 99,247 42,828 All other assets 38,603 1,099 2,211 1,059 Total liabilities (2,033 ) (801 ) (2,310 ) (1,799 ) Redeemable noncontrolling interests (12,175 ) (32,801 ) (12,505 ) (24,761 ) The Company’s net interests in consolidated sponsored investment products $ 87,467 $ 20,328 $ 88,502 $ 20,102
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The assets and liabilities of the CSIPs measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by fair value hierarchy level were as follows: As of March 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 71,932 $ 161 $ 72,093 Equity securities 40,470 367 — 40,837 Total Assets Measured at Fair Value $ 40,470 $ 72,299 $ 161 $ 112,930 Liabilities Derivatives $ 1 $ 280 $ — $ 281 Short sales 588 — — 588 Total Liabilities Measured at Fair Value $ 589 $ 280 $ — $ 869 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
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets of CSIPs for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2017 2016 Level 3 Debt securities (a) Balance at beginning of period $ 25 $ 1,397 Realized losses, net (65 ) (102 ) Purchases 100 19 Paydowns (1 ) (1 ) Sales (36 ) (498 ) Transferred to Level 2 — (618 ) Transfers from Level 2 76 710 Change in unrealized gain, net 62 89 Balance at end of period $ 161 $ 996 (a) None of the securities reflected in the table were internally fair valued at March 31, 2017 or March 31, 2016 . The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.
Consolidated Investment Product
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following table presents the balances of the CIP that, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016 : As of March 31, 2017 December 31, 2016 ($ in thousands) Cash equivalents $ 13,957 $ 14,449 Investments 354,002 346,967 Other assets 6,152 5,888 Notes payable (325,843 ) (328,761 ) Securities purchased payable and other liabilities (20,806 ) (12,534 ) The Company’s net interests in the consolidated investment product $ 27,462 $ 26,009
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The assets and liabilities of the CIP measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of March 31, 2017 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 13,957 $ — $ — $ 13,957 Bank loans — 352,440 $ 1,562 $ 354,002 Total Assets Measured at Fair Value $ 13,957 $ 352,440 $ 1,562 $ 367,959 Liabilities Notes payable $ — $ 325,843 $ — $ 325,843 Total Liabilities Measured at Fair Value — 325,843 — 325,843 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
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets of CIPs for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2017 Level 3 Debt securities (a) Balance at beginning of period $ — Purchases — Sales — Transferred from Level 2 1,562 Realized gains — Balance at end of period $ 1,562 (a) None of the securities reflected in the table were internally fair valued at March 31, 2017 . The investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.
Schedule of VIE Consolidated Investment Product	The Company’s beneficial interests and maximum exposure to loss related to the CIP is limited to (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, as adopted on January 1, 2016, prescribed by ASU 2014-13, results in the net amount of the CIP shown above to be equivalent to the beneficial interests retained by the Company at March 31, 2017 as shown in the table below: As of Beneficial Interests March 31, 2017 ($ in thousands) Subordinated notes $ 27,091 Accrued investment management fees 371 Total Beneficial Interests $ 27,462 The following table represents revenue and expenses of the CIP included in the Company’s Condensed Consolidated Statements of Operations for the periods indicated: Three Months Ended March 31, ($ in thousands) 2017 Income: Realized and unrealized gain, net $ 718 Interest Income 4,161 Total Income $ 4,879 Expenses: Other operating expenses 65 Interest expense 2,857 Total Expense $ 2,922 Net Income (loss) attributable to consolidated investment product $ 1,957 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 CIP which are eliminated upon consolidation: Economic Interests Three Months Ended March 31, ($ in thousands) 2017 Distributions received and unrealized gains on the subordinated notes held by the Company $ 1,477 Investment management fees 480 Total Economic Interests $ 1,957

Basis of Presentation and Sig32

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Comprehensive income (loss) from equity investments	$ 0.2
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption		$ 1.1

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Definite-lived intangible assets:
Investment contracts	$ 158,747	$ 158,747
Accumulated amortization	(155,369)	(155,136)
Definite-lived intangible assets, net	3,378	3,611
Indefinite-lived intangible assets	34,816	34,816
Total intangible assets, net	$ 38,194	$ 38,427	$ 40,236	$ 40,887

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Intangible assets, net
Balance, beginning of period	$ 38,427	$ 40,887
Amortization	(233)	(651)
Balance, end of period	$ 38,194	$ 40,236

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Marketable securities	$ 70,595	$ 74,907
Parent
Investment [Line Items]
Marketable securities	70,595	74,907
Equity method investments	8,360	7,731
Nonqualified retirement plan assets	6,186	5,808
Other investments	925	925
Total investments	$ 86,066	$ 89,371

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Available-for-sale:
Cost	$ 71,342	$ 75,862
Unrealized Loss	(2,432)	(2,207)
Unrealized Gain	1,685	1,252
Fair Value	70,595	74,907
Sponsored mutual funds
Trading:
Cost	57,071	61,784
Unrealized Loss	(2,185)	(1,942)
Unrealized Gain	112	177
Fair Value	54,998	60,019
Equity securities
Trading:
Cost	10,705	10,578
Unrealized Loss	0	0
Unrealized Gain	1,269	895
Fair Value	11,974	11,473
Sponsored closed-end funds
Available-for-sale:
Cost	3,566	3,500
Unrealized Loss	(247)	(265)
Unrealized Gain	304	180
Fair Value	$ 3,623	$ 3,415

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments Schedule [Abstract]
Realized gain (loss) on trading securities	$ 0.6	$ (0.4)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 223,087	$ 48,620
Total assets measured at fair value	299,868	129,335
Sponsored mutual funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	54,998	60,019
Equity securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	11,974	11,473
Sponsored closed-end funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,623	3,415
Nonqualified retirement plan assets
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	6,186	5,808
Level 1
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	223,087	48,620
Total assets measured at fair value	299,868	129,335
Level 1 | Sponsored mutual funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	54,998	60,019
Level 1 | Equity securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	11,974	11,473
Level 1 | Sponsored closed-end funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,623	3,415
Level 1 | Nonqualified retirement plan assets
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	6,186	5,808
Level 2
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 2 | Sponsored mutual funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	0	0
Level 2 | Equity securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	0	0
Level 2 | Sponsored closed-end funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	0	0
Level 2 | Nonqualified retirement plan assets
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	0	0
Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3 | Sponsored mutual funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	0	0
Level 3 | Equity securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	0	0
Level 3 | Sponsored closed-end funds
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	0	0
Level 3 | Nonqualified retirement plan assets
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair value, equity, Level 1 to Level 2 transfers, amount	$ 0	$ 0

Business Combinations (Details)

Business Combinations (Details) $ in Millions	3 Months Ended
	Jun. 30, 2017USD ($)
Forecast | RidgeWorth Holdings, LLC
Business Acquisition [Line Items]
Purchase price	$ 472

Equity Transactions - Additiona

Equity Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Feb. 15, 2017	Mar. 31, 2017	Mar. 31, 2016	Feb. 01, 2020	Feb. 01, 2017
Equity, Class of Treasury Stock [Line Items]
Common stock available to repurchase (in shares)		200,000
Common stock authorized to be repurchased (in shares)		3,430,045
Proceeds from stock issuance		$ 220.1
Common stock cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45	$ 0.45
Preferred stock cash dividends declared per share (in $ per share)	$ 1.8125	$ 1.8125	$ 0
Common stock
Equity, Class of Treasury Stock [Line Items]
Common stock issued (in shares)		1,046,500
Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Common stock issued (in shares)		1,150,000
Convertible preferred stock dividend rate		7.25%
Convertible preferred stock liquidation preference (in dollars per share)		$ 100			$ 100
Convertible preferred stock, threshold consecutive trading days		20 days
Minimum | Forecast | Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)				0.7576
Maximum | Forecast | Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)				0.9091

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 321,673	$ 509,457
Other comprehensive income	88	259
Ending Balance	552,388	505,386
Unrealized Gains and (Losses) on Securities Available-for- Sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(224)	(465)
Other comprehensive income (loss), before reclassifications	88	160
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive income	88	160
Ending Balance	(136)	(305)
Other comprehensive income (loss), before reclassifications, tax	(54)	(97)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(569)
Other comprehensive income (loss), before reclassifications		99
Amounts reclassified from accumulated other comprehensive income		0
Other comprehensive income		99
Ending Balance		(470)
Other comprehensive income (loss), before reclassifications, tax		$ (61)

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance (in shares)	2,400,000
Shares of common stock available for issuance (in shares)	616,820
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)	22,977	13,024
Cash used for employee withholding tax payments	$ 2,500,000	$ 1,000,000
Unamortized stock-based compensation expense	$ 23,600,000
Weighted-average remaining amortization period	2 years 1 month 6 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	3 years
Stock-based compensation expense	$ 3,500,000	$ 3,300,000
Contractual life	10 years
Restricted Stock Units (RSUs), Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	24,784
Stock-based compensation expense	$ 100,000
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	48,241
Stock-based compensation expense	$ 0
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	1 year
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	3 years

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance | shares	302,824
Number of shares, Granted | shares	158,687
Number of shares, Forfeited | shares	(26,329)
Number of shares, Settled | shares	(55,418)
Number of shares, Ending Balance | shares	379,764
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in $ per share) | $ / shares	$ 111.56
Weighted Average Grant Date Fair Value, Granted (in $ per share) | $ / shares	111.38
Weighted Average Grant Date Fair Value, Forfeited (in $ per share) | $ / shares	124.22
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	129.75
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 107.95

Stock-based Compensation - Su45

Stock-based Compensation - Summary of Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance | shares	137,157
Number of Shares, Granted | shares	0
Number of Shares, Exercised | shares	(26,149)
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	111,008
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Beginning Balance (in $ per share) | $ / shares	$ 17.77
Weighted Average Exercise Price, Granted (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Exercised (in $ per share) | $ / shares	23.25
Weighted Average Exercise Price, Forfeited (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 16.48

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
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income	$ 13,745	$ 11,870
Noncontrolling interests	(718)	493
Net Income Attributable to Stockholders	13,027	12,363
Preferred stockholder dividends	(2,084)	0
Net Income Attributable to Common Stockholders	$ 10,943	$ 12,363
Shares:
Basic: Weighted-average number of shares outstanding (in shares)	6,542	8,344
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	231	162
Diluted: Weighted-average number of shares outstanding (in shares)	6,773	8,506
Earnings per share—Basic (in $ per share)	$ 1.67	$ 1.48
Earnings per Share—Diluted (in $ per share)	$ 1.62	$ 1.45

Earnings per Share - Securities

Earnings per Share - Securities Excluded from Computation of Diluted EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	674	14
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	0	14
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	674	0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	24.40%	38.90%

Debt (Details)

Debt (Details)	Mar. 02, 2017USD ($)	Dec. 16, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Repayments on credit facility			$ 30,000,000	$ 0
Revolving credit facility
Line of Credit Facility [Line Items]
Leverage ratio			3
Minimum interest coverage ratio for four consecutive fiscal quarters			4
Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			0.75%
Commitment fee on undrawn amounts			0.30%
Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			2.25%
Commitment fee on undrawn amounts			0.45%
Credit Facility | Revolving credit facility
Line of Credit Facility [Line Items]
Repayments on credit facility			$ 30,000,000
Amount outstanding			$ 0
Loan Facility | Revolving credit facility
Line of Credit Facility [Line Items]
Borrowing capacity	$ 100,000,000	$ 100,000,000
Debt term	5 years	5 years
Loan Facility | Revolving credit facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.75%
Basis spread on variable interest rate, floor	0.00%
Loan Facility | Term loan
Line of Credit Facility [Line Items]
Borrowing capacity	$ 260,000,000	$ 260,000,000
Debt term	7 years	7 years
Upfront fee	0.50%
Loan Facility | Term loan | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.75%
Basis spread on variable interest rate, floor	0.75%
Loan Facility | Term loan | LIBOR | Net leverage levels of less than 1.0
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.50%
Leverage ratio	1

Commitments and Contingencies (

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

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Total cash and cash equivalents	$ 251,753	$ 82,687	$ 59,251	$ 97,384
Total liabilities	(416,059)	(465,449)
Redeemable noncontrolling interests	(44,976)	(37,266)	$ (40,425)	$ (73,864)
Consolidated Sponsored Investment Products
Variable Interest Entity [Line Items]
Investments	112,930	142,075
All other assets	39,702	3,270
Total liabilities	(2,834)	(4,109)
Consolidated Investment Product
Variable Interest Entity [Line Items]
Cash equivalents	13,957	14,449
Investments	354,002	346,967
All other assets	6,152	5,888
Notes payable	(325,843)	(328,761)
Securities purchased payable and other liabilities	(20,806)	(12,534)
The Company’s net interests in consolidated sponsored investment products	27,462	26,009
Consolidated Sponsored Investment Products - VOEs | Consolidated Sponsored Investment Products
Variable Interest Entity [Line Items]
Total cash and cash equivalents	2,044	1,859
Investments	61,028	99,247
All other assets	38,603	2,211
Total liabilities	(2,033)	(2,310)
Redeemable noncontrolling interests	(12,175)	(12,505)
The Company’s net interests in consolidated sponsored investment products	87,467	88,502
Consolidated Sponsored Investment Product - VIE | Consolidated Sponsored Investment Products
Variable Interest Entity [Line Items]
Total cash and cash equivalents	929	2,775
Investments	51,902	42,828
All other assets	1,099	1,059
Total liabilities	(801)	(1,799)
Redeemable noncontrolling interests	(32,801)	(24,761)
The Company’s net interests in consolidated sponsored investment products	$ 20,328	$ 20,102

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash equivalents	$ 223,087	$ 48,620
Total assets measured at fair value	299,868	129,335
Level 1
Assets
Cash equivalents	223,087	48,620
Total assets measured at fair value	299,868	129,335
Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	0
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring
Assets
Derivatives		4
Total assets measured at fair value	112,930	142,079
Liabilities
Derivatives	281	300
Short sales	588	649
Total liabilities measured at fair value	869	949
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Debt securities
Assets
Investments	72,093	101,597
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Equity securities
Assets
Investments	40,837	40,478
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 1
Assets
Derivatives		4
Total assets measured at fair value	40,470	40,274
Liabilities
Derivatives	1	3
Short sales	588	649
Total liabilities measured at fair value	589	652
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 1 | Debt securities
Assets
Investments	0	0
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 1 | Equity securities
Assets
Investments	40,470	40,270
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 2
Assets
Derivatives		0
Total assets measured at fair value	72,299	101,718
Liabilities
Derivatives	280	235
Short sales	0	0
Total liabilities measured at fair value	280	235
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 2 | Debt securities
Assets
Investments	71,932	101,510
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 2 | Equity securities
Assets
Investments	367	208
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 3
Assets
Derivatives		0
Total assets measured at fair value	161	87
Liabilities
Derivatives	0	62
Short sales	0	0
Total liabilities measured at fair value	0	62
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 3 | Debt securities
Assets
Investments	161	87
Consolidated Sponsored Investment Products | Fair Value, Measurements, Recurring | Level 3 | Equity securities
Assets
Investments	0	0
Consolidated Investment Product | Fair Value, Measurements, Recurring
Assets
Cash equivalents	13,957	14,449
Investments	354,002	346,967
Total assets measured at fair value	367,959	361,416
Liabilities
Notes payable	325,843	328,761
Total liabilities measured at fair value	325,843	328,761
Consolidated Investment Product | Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	13,957	14,449
Investments	0	0
Total assets measured at fair value	13,957	14,449
Liabilities
Notes payable	0	0
Total liabilities measured at fair value	0	0
Consolidated Investment Product | Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	0	0
Investments	352,440	346,967
Total assets measured at fair value	352,440	346,967
Liabilities
Notes payable	325,843	328,761
Total liabilities measured at fair value	325,843	328,761
Consolidated Investment Product | Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents	0	0
Investments	1,562	0
Total assets measured at fair value	1,562	0
Liabilities
Notes payable	0	0
Total liabilities measured at fair value	$ 0	$ 0

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidated Sponsored Investment Products | Debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 25	$ 1,397
Realized gains (losses), net	(65)	(102)
Purchases	100	19
Paydowns	(1)	(1)
Sales	(36)	(498)
Transferred to Level 2	0	(618)
Transfers from Level 2	76	710
Change in unrealized gain, net	62	89
Balance at end of period	161	$ 996
Consolidated Investment Product
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	0
Realized gains (losses), net	0
Purchases	0
Sales	0
Transfers from Level 2	1,562
Balance at end of period	$ 1,562

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Details) - Consolidated Investment Product $ in Thousands	Mar. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 27,091
Accrued investment management fees	371
Total Beneficial Interests	$ 27,462

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income:
Realized and unrealized gain, net	$ 297	$ (658)
Interest Income	188	273
Total revenues	79,776	80,295
Expenses:
Other operating expenses	13,226	10,765
Net Income Attributable to Common Stockholders	10,943	12,363
Consolidated Investment Product
Income:
Realized and unrealized gain, net	718	2,235
Interest Income	4,161	2,206
Total revenues	4,879
Expenses:
Other operating expenses	65	56
Interest expense	2,857	$ 732
Total Expense	2,922
Net Income Attributable to Common Stockholders	$ 1,957

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Details) - Consolidated Investment Product $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains on the subordinated notes held by the Company	$ 1,477
Investment management fees	480
Total Economic Interests	$ 1,957

Consolidation - Additional Info

Consolidation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017USD ($)Productclasses_notes	Dec. 31, 2016USD ($)Product	Mar. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Fair value, securities, Level 1 to Level 2 transfers, amount	$ 0		$ 0
Consolidated Sponsored Investment Products
Variable Interest Entity [Line Items]
Fair value, securities, Level 2 to Level 1 transfers, amount	300,000		3,800,000
Fair value, securities, Level 1 to Level 2 transfers, amount	400,000		$ 0
Investments	$ 112,930,000	$ 142,075,000
Consolidated Sponsored Investment Products | Consolidated Sponsored Investment Products - VOEs
Variable Interest Entity [Line Items]
Number of consolidated products | Product	18	19
Number products deconsolidated during the period | Product	1
Investments	$ 61,028,000	$ 99,247,000
Consolidated Sponsored Investment Products | Consolidated Sponsored Investment Product - VIE
Variable Interest Entity [Line Items]
Number of consolidated products | Product	1
Investments	$ 51,902,000	42,828,000
Consolidated Investment Product
Variable Interest Entity [Line Items]
Investments	354,002,000	$ 346,967,000
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 9,600,000
LIBOR | Consolidated Investment Product
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	9.50%
LIBOR | Minimum | Consolidated Investment Product
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	1.00%
LIBOR | Maximum | Consolidated Investment Product
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	8.75%
Senior Notes | Consolidated Investment Product
Variable Interest Entity [Line Items]
Unpaid principal balance exceeds fair value	$ 600,000
Subordinated Notes - Newfleet CLO 2016-1 | Consolidated Investment Product
Variable Interest Entity [Line Items]
Debt par value	356,300,000
Subordinated Notes - Newfleet CLO 2016-1 | Subordinated Debt | Consolidated Investment Product
Variable Interest Entity [Line Items]
Debt par value	36,300,000
Senior Secured Floating Rate Notes - Newfleet CLO 2016-1 | Senior Notes | Consolidated Investment Product
Variable Interest Entity [Line Items]
Debt par value	$ 320,000,000
Number of classes of notes | classes_notes	6