Virtus Investment Partners (VRTS) 10-K 27 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 14, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		7,171,300
Entity Public Float			$ 774

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 233,465	$ 82,687
Accounts receivable, net	65,648	35,879
Furniture, equipment, and leasehold improvements, net	10,833	7,728
Intangible assets, net	301,954	38,427
Goodwill	170,153	6,788
Deferred taxes, net	32,428	47,535
Total assets	2,590,799	824,388
Liabilities:
Accrued compensation and benefits	86,658	47,885
Accounts payable and accrued liabilities	29,607	25,176
Dividends payable	6,528	3,479
Other liabilities	39,895	13,505
Total liabilities	1,981,397	465,449
Commitments and Contingencies (Note 10)
Redeemable noncontrolling interests	4,178	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 December 31, 2017 and December 31, 2016, respectively	110,843	0
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,455,934 shares issued and 7,159,645 shares outstanding at December 31, 2017 and 9,119,058 shares issued and 5,889,013 shares outstanding at December 31, 2016	105	91
Additional paid-in capital	1,216,173	1,090,331
Accumulated deficit	(386,216)	(424,279)
Accumulated other comprehensive income (loss)	(600)	(224)
Treasury stock, at cost, 3,296,289 and 3,230,045 shares at December 31, 2017 and December 31, 2016, respectively	(351,748)	(344,246)
Total equity attributable to stockholders	588,557	321,673
Noncontrolling interests	16,667	0
Total equity	605,224	321,673
Total liabilities and equity	2,590,799	824,388
Consolidated entity excluding consolidated investment products
Assets:
Cash and cash equivalents	132,150	64,588
Investments	108,492	89,371
Other assets	35,771	16,789
Liabilities:
Debt	248,320	30,000
Consolidated investment products
Assets:
Cash and cash equivalents	101,315	18,099
Cash pledged or on deposit of CIP	817	984
Investments	1,597,752	489,042
Other assets	33,486	9,158
Liabilities:
Notes payable of CIP	1,457,435	328,761
Securities purchased payable and other liabilities of CIP	112,954	16,643
Redeemable noncontrolling interests	$ 4,178	$ 37,266

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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)	10,455,934	9,119,058
Common stock, shares outstanding (in shares)	7,159,645	5,889,013
Treasury stock, shares (in shares)	3,296,289	3,230,045
Series D preferred stock
Preferred stock, par value (in $ per share)	$ 0.01	$ 0
Preferred stock, shares authorized (in shares)	1,150,000	0
Preferred stock, shares issued (in shares)	1,150,000	0
Preferred stock, shares outstanding (in shares)	1,150,000	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Investment management fees	$ 331,075	$ 235,230	$ 264,865
Distribution and service fees	44,322	48,250	67,066
Administration and shareholder service fees	48,996	38,261	48,247
Other income and fees	1,214	813	1,799
Total revenues	425,607	322,554	381,977
Operating Expenses
Employment expenses	191,394	135,641	137,095
Distribution and other asset-based expenses	71,987	69,049	89,731
Restructuring and severance	10,580	4,270	0
Depreciation and other amortization	3,497	3,092	3,443
Amortization expense	12,173	2,461	3,295
Total operating expenses	367,572	271,740	301,599
Operating Income (Loss)	58,035	50,814	80,378
Other Income (Expense)
Other income (expense), net	1,635	1,089	898
Total other income (expense), net	18,161	8,819	(26,650)
Interest Income (Expense)
Total interest income (expense), net	4,233	10,174	13,915
Income (Loss) Before Income Taxes	80,429	69,807	67,643
Income tax expense (benefit)	40,490	21,044	36,972
Net Income (Loss)	39,939	48,763	30,671
Noncontrolling interests	(2,927)	(261)	4,435
Net Income (Loss) Attributable to Stockholders	37,012	48,502	35,106
Preferred stockholder dividends	(8,336)	0	0
Net Income (Loss) Attributable to Common Stockholders	$ 28,676	$ 48,502	$ 35,106
Earnings per share—Basic (in $ per share)	$ 4.09	$ 6.34	$ 3.99
Earnings per Share—Diluted (in $ per share)	3.96	6.20	3.92
Cash dividends declared per preferred share (in $ per share)	7.25	0	0
Cash dividends declared per common share (in $ per share)	$ 1.80	$ 1.8	$ 1.8
Weighted Average Shares Outstanding—Basic (in shares)	7,013	7,648	8,797
Weighted Average Shares Outstanding—Diluted (in shares)	7,247	7,822	8,960
Consolidated entity excluding consolidated investment products
Operating Expenses
Other operating expenses	$ 69,410	$ 50,274	$ 63,901
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	2,973	4,982	(862)
Interest Income (Expense)
Interest expense	(12,007)	(679)	(523)
Interest and dividend income	2,160	1,743	1,261
Consolidated investment products
Operating Expenses
Other operating expenses	8,531	6,953	4,134
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	13,553	2,748	(26,686)
Interest Income (Expense)
Interest expense	(35,243)	(11,292)	(484)
Interest and dividend income	$ 49,323	$ 20,402	$ 13,661

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 39,939	$ 48,763	$ 30,671
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of ($4), ($348) and $266 for the years ended December 31, 2017, 2016 and 2015	12	569	(434)
Unrealized (loss) gain on available-for-sale securities, net of tax of $100, ($32), and $71 for the years ended December 31, 2017, 2016 and 2015, respectively	(388)	241	(358)
Other comprehensive income (loss)	(376)	810	(792)
Comprehensive income (loss)	39,563	49,573	29,879
Comprehensive (income) loss attributable to noncontrolling interests	(2,927)	(261)	4,435
Comprehensive income (loss) attributable to stockholders	$ 36,636	$ 49,312	$ 34,314

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit (expense)	$ (4)	$ (348)	$ 266
Unrealized gain (loss) on available-for-sale securities, tax benefit (expense)	$ 100	$ (32)	$ 71

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Attributed To Shareholders	Non- controlling Interest	Series D preferred stock	Series D preferred stockPreferred Stock	Series D preferred stockTotal Attributed To Shareholders
Balance (in shares) at Dec. 31, 2014		8,975,833				575,441
Balance at Dec. 31, 2014	$ 563,352	$ 96	$ 1,148,908	$ (507,521)	$ (242)	$ (77,699)	$ 563,542	$ (190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34,930			35,106			35,106	(176)
Net unrealized gain (loss)on securities available-for-sale	(358)				(358)		(358)
Foreign currency translation adjustment	(434)				(434)		(434)
Activity of noncontrolling interests, net				(199)			(199)	199
Cash dividends declared	(16,009)		(16,009)				(16,009)
Repurchase of common shares (in shares)		(638,703)				(638,703)
Repurchase of common shares	(80,000)					$ (80,000)	(80,000)
Issuance of common shares related to employee stock transactions (in shares)		61,814
Issuance of common shares related to employee stock transactions	842		842				842
Taxes paid on stock-based compensation	(5,080)		(5,080)				(5,080)
Stock-based compensation	11,116		11,116				11,116
Excess tax benefits (tax deficiencies) from stock-based compensation	1,098		1,098				1,098
Balance (in shares) at Dec. 31, 2015		8,398,944				1,214,144
Balance at Dec. 31, 2015	509,457	$ 96	1,140,875	(472,614)	(1,034)	$ (157,699)	509,624	(167)
Balance at Dec. 31, 2014	23,071
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Net income (loss)	(4,259)
Activity of noncontrolling interests, net	55,052
Balance at Dec. 31, 2015	73,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	48,502			48,502			48,502	0
Net unrealized gain (loss)on securities available-for-sale	241				241		241
Foreign currency translation adjustment	569				569		569
Activity of noncontrolling interests, net				(167)			(167)	167
Cash dividends declared	(13,015)		(13,015)				(13,015)
Repurchase of common shares (in shares)		(2,572,417)				(2,015,901)
Repurchase of common shares	(233,757)	$ (6)	(47,204)			$ (186,547)	(233,757)
Issuance of common shares related to employee stock transactions (in shares)		62,486
Issuance of common shares related to employee stock transactions	1,055	$ 1	1,054				1,055
Taxes paid on stock-based compensation	(1,530)		(1,530)				(1,530)
Stock-based compensation	11,449		11,449				11,449
Excess tax benefits (tax deficiencies) from stock-based compensation	(1,298)		(1,298)				(1,298)
Balance (in shares) at Dec. 31, 2016		5,889,013				3,230,045
Balance at Dec. 31, 2016	321,673	$ 91	1,090,331	(424,279)	(224)	$ (344,246)	321,673	0
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Net income (loss)	261
Activity of noncontrolling interests, net	(36,859)
Balance at Dec. 31, 2016	37,266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for adoption of ASU 2016-09	1,051			1,051			1,051
Net income (loss)	38,519			37,012			37,012	1,507
Net unrealized gain (loss)on securities available-for-sale	(388)				(388)		(388)
Foreign currency translation adjustment	12				12		12
Activity of noncontrolling interests, net	$ 15,160							15,160
Issuance of stock, net of offering costs (in shares)	1,260,169	1,046,500								1,150,000
Issuance of stock, net of offering costs	$ 109,327	$ 11	109,316				109,327		$ 110,843	$ 110,843	$ 110,843
Dividends	(8,337)		(8,337)				(8,337)
Issuance of common stock for acquisition of business (in shares)		213,669
Issuance of common stock for acquisition of business	21,740	$ 2	21,738				21,740
Cash dividends declared	$ (13,545)		(13,545)				(13,545)
Repurchase of common shares (in shares)	(66,244)	(66,244)				(66,244)
Repurchase of common shares	$ (7,502)					$ (7,502)	(7,502)
Issuance of common shares related to employee stock transactions (in shares)		76,707
Issuance of common shares related to employee stock transactions	841	$ 1	840				841
Taxes paid on stock-based compensation	(3,499)		(3,499)				(3,499)
Stock-based compensation	19,329		19,329				19,329
Balance (in shares) at Dec. 31, 2017		7,159,645				3,296,289				1,150,000
Balance at Dec. 31, 2017	605,224	$ 105	$ 1,216,173	$ (386,216)	$ (600)	$ (351,748)	$ 588,557	$ 16,667		$ 110,843
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Net income (loss)	1,420
Activity of noncontrolling interests, net	(34,508)
Balance at Dec. 31, 2017	$ 4,178

Consolidated Statements of Cha8

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.80	$ 1.8	$ 1.8
Cash dividends declared per preferred share (in $ per share)	$ 1.8125	$ 1.8125	$ 1.8125	$ 1.8125	$ 7.25	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities:
Net income (loss)	$ 39,939,000	$ 48,763,000	$ 30,671,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	18,329,000	5,796,000	6,967,000
Stock-based compensation	20,327,000	11,948,000	11,863,000
Excess tax benefit from stock-based compensation	0	(401,000)	(1,586,000)
Amortization of deferred commissions	2,308,000	2,413,000	7,924,000
Payments of deferred commissions	(2,871,000)	(1,887,000)	(3,322,000)
Equity in earnings of equity method investments	(1,678,000)	(1,075,000)	(879,000)
Realized (gain) loss on sale of equity method investment	0	(2,883,000)	0
Realized and unrealized (gains) losses on trading securities, net	(3,237,000)	(2,099,000)	1,158,000
Distributions from equity method investments	911,000	0	0
Sales (purchases) of trading securities, net	20,444,000	16,828,000	8,962,000
(Gain) loss on disposal of fixed assets	345,000	185,000	0
Deferred taxes, net	22,835,000	6,399,000	6,356,000
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	(961,000)	(1,695,000)	10,620,000
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	11,468,000	50,000	(14,795,000)
Operating activities of consolidated investment products (CIP):
Net cash provided by (used in) operating activities	(182,692,000)	30,522,000	(209,430,000)
Cash Flows from Investing Activities:
Capital expenditures	(1,511,000)	(2,023,000)	(4,683,000)
Proceeds from sale of equity method investment	0	8,621,000	0
Equity method investment contributions	0	(2,471,000)	(1,617,000)
Acquisition of business, net of cash acquired	(393,446,000)
Acquisition of business, net of cash acquired		0	89,000
Purchases of available-for-sale securities	(21,433,000)	(145,000)	(227,000)
Net cash provided by (used in) investing activities	(416,994,000)	3,079,000	(6,438,000)
Cash Flows from Financing Activities:
Issuance of debt	260,000,000	0	0
Payment of long term debt	(650,000)	0	0
Payment of contingent consideration	(51,690,000)	0	0
Payment of deferred financing costs	(15,549,000)	(1,159,000)	(47,000)
Borrowings (Repayments) on credit facility and other debt	(30,970,000)	30,000,000	0
Repurchase of common shares	(7,502,000)	(233,757,000)	(80,000,000)
Preferred stock dividends paid	(6,253,000)	0	0
Common stock dividends paid	(12,581,000)	(13,774,000)	(16,047,000)
Proceeds from exercise of stock options	111,000	491,000	116,000
Taxes paid related to net share settlement of restricted stock units	(3,499,000)	(1,530,000)	(5,080,000)
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs	111,004,000
Proceeds from issuance of common stock, net of issuance costs	109,487,000	0	0
Excess tax benefits from stock-based compensation	0	401,000	1,586,000
Contributions of noncontrolling interests, net	30,047,000	10,904,000	55,700,000
Net cash provided by (used in) financing activities	750,464,000	(48,298,000)	109,948,000
Net increase (decrease) in cash and cash equivalents	150,778,000	(14,697,000)	(105,920,000)
Cash and cash equivalents, beginning of year	82,687,000	97,384,000	203,304,000
Cash and cash equivalents, end of year	233,465,000	82,687,000	97,384,000
Supplemental Disclosure of Cash Flow Information
Interest paid	8,147,000	420,000	266,000
Income taxes paid, net	12,149,000	16,715,000	31,850,000
Supplemental Disclosure of Non-Cash Activities
Capital expenditures	70,000	134,000	(692,000)
Preferred stock dividends payable	2,084,000	0	0
Common stock dividends payable	965,000	2,650,000	4,233,000
Stock issued for acquisition of business	21,738,000	0	0
Accrued stock issuance costs	332,000	0	0
Consolidated investment products
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on trading securities, net	(14,051,000)	(3,648,000)	30,037,000
Operating activities of consolidated investment products (CIP):
Purchases of investments by CIP	(923,519,000)	(464,216,000)	(653,139,000)
Sales of investments by CIP	615,565,000	400,493,000	408,416,000
Net proceeds (purchases) of short term investments by CIP	595,000	6,139,000	(54,495,000)
(Purchases) sales of securities sold short by CIP, net	256,000	(4,520,000)	(1,747,000)
Change in cash pledged or on deposit of CIP	167,000	9,604,000	(2,604,000)
Change in other assets of CIP	(255,000)	(1,491,000)	(2,428,000)
Change in liabilities of CIP	5,284,000	2,100,000	2,591,000
Amortization of discount on notes payable of CIP	5,107,000	3,719,000	0
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to deconsolidation, net	(604,000)	(903,000)	0
Cash Flows from Financing Activities:
Borrowings of proceeds from short sales by CIP	0	0	1,473,000
(Repayment) Borrowings by CIP	105,000,000	156,154,000	(152,247,000)
Proceeds from issuance of notes payable by consolidated investment product	474,009,000	316,280,000	0
Repayment of notes payable by CIP	(500,000)	0	0
Cash and cash equivalents, beginning of year	18,099,000
Cash and cash equivalents, end of year	101,315,000	18,099,000
Supplemental Disclosure of Non-Cash Activities
Increase (Decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net	$ (65,576,000)	$ (47,763,000)	$ (648,000)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 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. The Company’s retail investment management services are provided to individuals through products consisting of U.S. 1940 Act mutual funds and Undertaking for Collective Investment in Transferable Securities ("UCITS") (collectively, "open-end funds"), closed-end funds, exchange traded funds (“ETFs”) and retail separate accounts. Institutional investment management services are provided to corporations, multi-employer retirement funds, employee retirement systems, foundations, endowments, structured products and as a subadviser to unaffiliated mutual funds. On June 1, 2017, the Company acquired RidgeWorth Investments ("RidgeWorth"), which provided investment management services through its affiliated managers to clients in North America, Europe and Asia. (See Note 3 for further discussion of the RidgeWorth acquisition.)

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies, which have been consistently applied, are as follows: Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. See Note 18 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated. The Company evaluates the appropriateness of consolidation of any variable interest entity ("VIEs") in which the Company has a variable interest. 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 reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. Previously, the Company reported consolidated investment products and consolidated sponsored investment products separately. Currently, the Company combines these categories under the caption "consolidated investment products" and has accordingly reclassified prior presentations. The reclassifications were not material to the Consolidated Financial Statements. Noncontrolling Interest Noncontrolling interests represent the profit or loss attributed to third-party investors in consolidated investment products and other affiliates. Noncontrolling interests related to certain consolidated investment products are classified as redeemable noncontrolling interests because investors in these funds may request withdrawals at any time. Use of Estimates The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Segment Information Accounting Standards Codification (“ASC”) 280, Segment Reporting , establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company’s chief operating decision maker reviews the Company’s financial performance on a consolidated level. Investment managers within the Company are generally not aligned with specific product lines. Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and money market fund investments. Investments Marketable Securities and collateralized loan obligations Marketable securities are carried at fair value in accordance with ASC 320 , Investments—Debt and Equity Securities (“ASC 320”). Marketable securities include sponsored open-end funds and other equity securities classified as trading securities and sponsored closed-end funds classified as available-for-sale securities. The Company also has investments in CLOs for which the Company provides investment management services. These investments in collateralized loan obligations are classified as both trading and available-for-sale. Marketable securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Marketable securities transactions are recorded on a trade date basis. Any unrealized appreciation or depreciation on trading securities is reported as realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations. Any unrealized appreciation or depreciation on available-for-sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders in the Consolidated Statement of Comprehensive Income. On a quarterly basis, the Company conducts a review to assess whether other-than-temporary impairments exist on its available-for-sale marketable securities. Other-than-temporary declines in value may exist if the fair value of a marketable security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. Equity Method Investments The Company’s investment in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters, is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures . Under the equity method of accounting, the Company’s share of the noncontrolled entities net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statements of Operations. Distributions received reduce the Company’s investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded. Non-qualified Retirement Plan Assets and Liabilities The Company has a non-qualified retirement plan (the “Excess Incentive Plan”) that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered trading securities, are included in investments and are carried at fair value in accordance with ASC 820, Fair Value Measurement ; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets and approximate the fair value of the associated assets . See Note 5 Investments for additional information related to the Excess Incentive Plan. Deferred Commissions Deferred commissions, which are included in other assets in the Company's Consolidated Balance Sheets, are commissions paid to broker-dealers on sales of certain mutual fund share classes. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within one to five years, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over a one to five -year period, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate. Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment, and three to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred. Leases The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. A single reporting unit has been identified for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment, which states that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s 2017 and 2016 annual goodwill impairment analysis did not result in any impairment charges. Definite-lived intangible assets comprise acquired investment advisory contracts. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from one to sixteen years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. Indefinite-lived intangible assets comprise closed-end and exchange traded fund investment advisory contracts. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment , which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s 2017 and 2016 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges. Treasury Stock Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock. Revenue Recognition Investment management fees, distribution and service fees and administration and shareholder service fees are recorded as revenues during the period in which services are performed. Investment management fees are earned based upon a percentage of assets under management and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payment. The Company accounts for investment management fees in accordance with ASC 605, Revenue Recognition , and has recorded its management fees net of fees paid to unaffiliated subadvisers. The Company considers the nature of its contractual arrangements in determining whether to recognize revenue based on the gross amount billed or net amount retained. The Company has evaluated the factors in ASC 605-45 in determining whether to record revenue on a gross or net basis with significant weight placed on: (i) whether the Company is the primary obligor in the arrangement; and (ii) whether the Company has latitude in establishing price. Amounts paid to unaffiliated subadvisers for the years ended December 31, 2017 , 2016 and 2015 were $46.7 million , $47.2 million and $76.4 million , respectively. Distribution and service fees are earned based on a percentage of assets under management and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Underwriter fees are sales-based charges on sales of certain class A-share mutual funds. Administration and shareholder service fees consist of fund administration fees and shareholder service fees. Fund administration and shareholder service fees are earned based on the average daily assets in the funds. Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds. Advertising and Promotion Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expenses in the Consolidated Statements of Operations. Stock-based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. Restricted stock units (“RSUs”) are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time or when certain performance targets are achieved. The fair value of each RSU award is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, ("ASC 740")which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from temporary differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized. Comprehensive Income The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax). Earnings per Share Earnings per share (“EPS”) is calculated in accordance with ASC 260, Earnings per Share . Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, 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 mandatory convertible preferred stock ("MCPS"), as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive. Fair Value Measurements and Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The FASB defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. Recent Accounting Pronouncements New Accounting Standards Implemented The Company adopted 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 of certain components of share-based awards. Upon adoption, 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 Consolidated Statements of Operations and Cash Flows prospectively. 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, a reporting entity 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 consolidated financial statements. New Accounting Standards Not Yet Implemented In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for interim and annual periods beginning after December 15, 2017. The Company will apply the standard prospectively upon adoption. The impact of this standard on the Company’s consolidated financial statements will depend on acquisitions (or disposals) of assets or businesses by the Company in periods following adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). Under ASU 2017-04, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value. This standard is effective for annual or any interim goodwill impairment test in fiscal years beginning after December 15, 2019, with early adoption permitted for impairment tests performed after January 1, 2017. The Company adopted this standard effective January 1, 2018, and will a pply the standard prospectively for all future annual and interim goodwill impairment tests . The impact of the new standard will depend on the outcomes of future goodwill impairment tests. In November 2016, the 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, 2017, and interim periods within those fiscal years. Early adoption is permitted. A reporting entity is required to apply this standard on a retrospective basis as of the beginning of the fiscal year for which the standard is effective. The Company adopted this standard effective January 1, 2018. T he adoption of this standard did not have a material impact on the Company's 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. The Company adopted this standard effective January 1, 2018. T he adoption of this standard did not have a material impact on the Company's 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 or 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. 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. These updates are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. The Company's implementation assessment included the identification of revenue within the scope of the guidance, as well as the review of terms and conditions of a sample of revenue contracts covering a broad range of products. The Company adopted ASU 2014-09 effective January 1, 2018, using the modified retrospective approach and has determined that the adoption did not have a material change in the timing of recognition of the Company's revenue. Due to the revised criteria related to whether or not the Company is acting as a principal or agent the Company expects certain costs that are currently presented on a net of revenue basis to be presented on a gross revenue basis under the revised criteria. 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 guidance 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 has evaluated 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 (loss), net of tax, with respect to these equity investments was $(0.4) million and $0.2 million for the years ended December 31, 2017 and December 31, 2016 , respectively. The Company adopted this standard effective January 1, 2018. T he adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Business Combinations	Business Combinations The Company acquired RidgeWorth Investments (the "Acquisition" or the "Acquired Business"), a multi-boutique asset manager with approximately $40.1 billion in assets under management, including $35.7 billion in long term assets under management and $4.4 billion in liquidity strategies on June 1, 2017. The Acquisition significantly increased assets under management, expanded the number of affiliated managers and provided a wider range of strategies for institutional and individual investors and broader distribution and client service resources. The total purchase price of the Acquisition was $547.1 million , comprising $485.2 million for the business and $61.9 million for certain balance sheet investments. At the closing, the Company paid $471.4 million in cash, issued 213,669 shares of common stock with a value of $21.7 million based on a stock price of $101.76 and recorded $51.7 million in contingent consideration and $2.3 million in deferred cash consideration. The conditions for the $51.7 million of contingent consideration were met and the Company paid this amount during the fourth quarter of 2017. The Company accounted for the acquisition in accordance with ASC 805, Business Combinations . Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the Acquisition. Given the timing of this transaction and complexity of the purchase accounting, the Company's estimate of the fair value adjustment specific to the acquired intangible assets and final tax positions is preliminary. The Company intends to finalize the accounting for these items as soon as reasonably possible. The Company may adjust the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. During the seven months ended December 31, 2017, the Company recorded measurement period adjustments of $1.0 million to increase deferred tax assets, with a corresponding reduction to goodwill as a result of the finalization of certain tax analyses, as well other immaterial adjustments to the assets and liabilities and noncontrolling interests of the consolidated investment products which had no impact on goodwill or any intangible assets. The excess purchase price over the estimated fair values of assets acquired and liabilities and non-controlling interests assumed of $163.4 million was recorded as goodwill, all of which will be deductible for tax purposes over 15 years. In addition, $6.4 million in acquisition costs will be included as goodwill for tax purposes and also deducted over 15 years. The following table summarizes the initial estimate of amounts of identified acquired assets and liabilities assumed as of the acquisition date: June 1, 2017 ($ in thousands) Assets: Cash and cash equivalents $ 39,343 Investments 5,516 Accounts receivable 20,311 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 38,261 Investments of CIP 899,274 Other assets of CIP 19,158 Furniture, equipment and leasehold improvements 5,505 Intangible assets 275,700 Goodwill 163,365 Deferred taxes, net 6,590 Other assets 3,003 Total Assets 1,476,026 Liabilities: Accrued compensation and benefits 18,263 Accounts payable and accrued liabilities 11,858 Other liabilities 2,601 Liabilities of CIP Notes payable of CIP 770,160 Securities purchased payable and other liabilities of CIP 109,881 Noncontrolling Interests of CIP 16,181 Total Liabilities & Noncontrolling Interests 928,944 Total Net Assets Acquired $ 547,082 Identifiable Intangible Assets Acquired In connection with the allocation of the purchase price, we identified the following intangible assets: June 1, 2017 Approximate Fair Value Weighted Average of Useful Life ($ in thousands) Definite-lived intangible assets: Mutual fund investment contracts $ 189,200 16.0 years Institutional and retail separate account investment contracts 77,000 10.4 years Trademarks/Trade names 800 10.0 years Total finite-lived intangible assets 267,000 Indefinite-lived intangible assets: Trade names 8,700 N/A Total identifiable intangible assets $ 275,700 Acquired Business For the twelve months ended December 31, 2017 , the Company incurred $26.3 million in transaction and integration costs associated with the Acquisition, comprising $10.2 million in severance and restructuring charges, $9.7 million of other operating expenses, and $6.4 million in employment expenses. Immediately following the acquisition date, the Company commenced the integration of the Acquired Business into the Company's operations. The integration was largely complete as of September 30, 2017; as such, accurate segregated expense information for (and therefore earnings generated by) the Acquired Business for periods subsequent to September 30, 2017 is no longer determinable. Revenues associated with the Acquired Business, which can be separately identified, from the closing date of June 1 through December 31, 2017 were $77.1 million . The following Unaudited Pro Forma Consolidated Results of Operations are provided for illustrative purposes only and assume that the acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the transaction had been consummated on January 1, 2016. The unaudited pro forma financial information does not reflect any adjustment to the timing of any synergies or other costs savings realized. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future. Years Ended December 31, 2017 2016 ($ in thousands, except per share amounts) Total Revenues $ 489,094 $ 466,429 Net Income (Loss) Attributable to Common Stockholders $ 27,523 $ 23,511 Basic EPS per Common Share $ 3.92 $ 2.99 Diluted EPS per Common Share $ 3.80 $ 2.92

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets, net are summarized as follows: December 31, 2017 2016 ($ in thousands) Definite-lived intangible assets, net: Investment contracts $ 425,747 $ 158,747 Accumulated amortization (167,309 ) (155,136 ) Definite-lived intangible assets, net 258,438 3,611 Indefinite-lived intangible assets 43,516 34,816 Total intangible assets, net $ 301,954 $ 38,427 Activity in goodwill and intangible assets, net is as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 38,427 $ 40,887 $ 41,783 Acquisitions (1) 275,700 — 2,400 Amortization expense (12,173 ) (2,460 ) (3,296 ) Balance, end of period $ 301,954 $ 38,427 $ 40,887 Goodwill Balance, beginning of period $ 6,788 $ 6,701 $ 5,260 Acquisition (1) 163,365 — 1,441 Acquisition related adjustments — 87 — Balance, end of period $ 170,153 $ 6,788 $ 6,701 (1) - See Note 3 for details on the acquired intangible assets. Definite-lived intangible asset amortization for the next five years is estimated as follows: 2018 — $20.1 million , 2019 — $20.0 million , 2020 — $19.9 million , 2021 — $19.9 million , 2022 — $19.7 million , and thereafter— $158.8 million . At December 31, 2017 , the weighted average estimated remaining amortization period for definite-lived intangible assets is 13.7 years .

Investments

Investments	12 Months Ended
	Dec. 31, 2017
Investments Schedule [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored products. The Company’s investments, excluding the assets of consolidated investment products discussed in Note 18, at December 31, 2017 and 2016 were as follows: December 31, 2017 2016 ($ in thousands) Marketable securities $ 66,424 $ 74,907 Equity method investments 11,098 7,731 Nonqualified retirement plan assets 6,706 5,808 Investments in collateralized loan obligations 23,339 — Other investments 925 925 Total investments $ 108,492 $ 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: December 31, 2017 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 47,084 $ (1,294 ) $ 1,059 $ 46,849 Equity securities 13,141 (2 ) 2,671 15,810 Available-for-sale: Sponsored closed-end funds 3,761 (302 ) 306 3,765 Total marketable securities $ 63,986 $ (1,598 ) $ 4,036 $ 66,424 December 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 61,784 $ (1,942 ) $ 177 $ 60,019 Equity securities 10,578 — 895 11,473 Available-for-sale: Sponsored closed-end funds 3,500 (265 ) 180 3,415 Total marketable securities $ 75,862 $ (2,207 ) $ 1,252 $ 74,907 For the year ended December 31, 2017 , the Company recognized a net realized loss of $1.5 million on trading securities. For the year ended December 31, 2016 , the Company recognized a net realized loss of $0.3 million on trading securities. For the year ended December 31, 2015 , the Company recognized a net realized gain of $0.4 million on trading securities. Equity Method Investments In 2014, the Company acquired an interest in a limited partnership for approximately $5.0 million which included a future capital commitment for up to $5.0 million , in the event that it was called by the partnership. For the year ended December 31, 2017, distributions from the partnership were $0.9 million . For the year ended December 31, 2016, there were no distributions from the partnership. For the year ended December 31, 2016, the Company made capital contributions of $2.5 million to the partnership, and the remaining capital commitment is $2.3 million . Nonqualified Retirement Plan Assets The Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Each participant is responsible for designating investment options for assets they contribute, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets . Investments in collateralized loan obligations The Company has investments in CLOs for which the Company provides investment management services. These investments in collateralized loan obligations are classified as both trading and available-for-sale. Other Investments Other investments represent interests in entities not accounted for under the equity method such as the cost method or fair value.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 investment products discussed in Note 18 , as of December 31, 2017 and December 31, 2016 , by fair value hierarchy level were as follows: December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Marketable securities trading: Sponsored funds 46,849 — — 46,849 Equity securities 15,810 — — 15,810 Marketable securities available-for-sale: Sponsored closed-end funds 3,765 — — 3,765 Other investments Investments in collateralized loan obligations — 18,900 4,439 23,339 Nonqualified retirement plan assets 6,706 — — 6,706 Total assets measured at fair value $ 146,123 $ 18,900 $ 4,439 $ 169,462 December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored funds 60,019 — — 60,019 Equity securities 11,473 — — 11,473 Marketable securities available-for-sale: Sponsored closed-end funds 3,415 — — 3,415 Other investments Nonqualified retirement plan assets 5,808 — — 5,808 Total assets measured at fair value $ 129,335 $ — $ — $ 129,335 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 and closed-end funds for which the Company acts as the investment manager. The fair value of open-end funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price on the exchange they are traded on and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Investments in collateralized loan obligations represent investments in CLOs for which the Company provides investment management services. The investments in collateralized loan obligations are measured at fair value based on independent third party valuations and are categorized as Level 2 and Level 3. Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2017 and 2016 . The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value: Twelve Months Ended December 31, ($ in thousands) 2017 2016 Level 3 Investments (a) Balance at beginning of period $ — $ — Acquired in business combination 2,916 — Purchases 2,370 — Change in unrealized gain (loss), net (847 ) — Balance at end of period $ 4,439 $ — (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements, Net	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements, Net	Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements, net are summarized as follows: December 31, 2017 2016 ($ in thousands) Furniture and office equipment $ 7,564 $ 5,933 Computer equipment and software 9,274 7,330 Leasehold improvements 14,132 11,334 30,970 24,597 Accumulated depreciation and amortization (20,137 ) (16,869 ) Furniture, equipment and leasehold improvements, net $ 10,833 $ 7,728

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the provision for income taxes are as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands) Current Federal $ 15,670 $ 12,790 $ 28,077 State 1,985 1,855 2,539 Total current tax expense (benefit) 17,655 14,645 30,616 Deferred Federal 20,895 5,489 4,339 State 1,940 910 2,017 Total deferred tax expense (benefit) 22,835 6,399 6,356 Total expense (benefit) for income taxes $ 40,490 $ 21,044 $ 36,972 The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: Years Ended December 31, 2017 2016 2015 ($ in thousands) Tax at statutory rate $ 28,150 35 % $ 24,432 35 % $ 23,675 35 % State taxes, net of federal benefit 3,548 4 2,010 3 2,717 4 Effect of U.S. tax reform (the Tax Act) 13,074 16 — — — — Effect of net income (loss) attributable to noncontrolling interests (1,017 ) (1 ) (91 ) — 1,492 2 Change in valuation allowance (2,613 ) (3 ) (5,125 ) (7 ) 7,812 12 Other, net (652 ) (1 ) (182 ) (1 ) 1,276 2 Income tax expense (benefit) $ 40,490 50 % $ 21,044 30 % $ 36,972 55 % The provision for income taxes reflects U.S. federal, state and local taxes at an effective tax rate of 50% , 30% and 55% for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company's tax position for the years ended December 31, 2017, 2016 and 2015 was impacted by changes in the valuation allowance related to the unrealized and realized gains and losses on the Company’s investments. On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted which made significant changes to federal income tax law, including reducing the statutory corporate income tax rate to 21 percent from 35 percent. The Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 118, which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Act should be used, if determinable. The Company has accounted for the effects of the Tax Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Company has made or the issuance of new tax or accounting guidance. In accordance with ASC 740, the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted , this was the primary driver of the $13.1 million estimated income tax expense impact recognized in 2017 as a result of this legislation. Deferred taxes resulted from temporary differences between the amounts reported in the consolidated financial statements and the tax basis of assets and liabilities. The tax effects of temporary differences are as follows: December 31, 2017 2016 ($ in thousands) Deferred tax assets: Intangible assets $ 10,706 $ 19,348 Net operating losses 16,769 20,272 Compensation accruals 7,681 8,854 Capitalized transaction costs 5,849 10,022 Unrealized loss/(gain) 1,473 5,291 Capital losses 870 417 Other 1,675 977 Gross deferred tax assets 45,023 65,181 Valuation allowance (3,088 ) (5,731 ) Gross deferred tax assets after valuation allowance 41,935 59,450 Deferred tax liabilities: Intangible assets (9,507 ) (11,915 ) Gross deferred tax liabilities (9,507 ) (11,915 ) Deferred tax assets, net $ 32,428 $ 47,535 At each reporting date, the Company evaluates the positive and negative evidence used to determine the likelihood of realization of its deferred tax assets. The Company maintained a valuation allowance in the amount of $3.1 million and $5.7 million at December 31, 2017 and 2016 , respectively, relating to deferred tax assets on items of a capital nature as well as certain state deferred tax assets. As of December 31, 2017 , the Company had net operating loss carry-forwards for federal income tax purposes represented by a $8.5 million deferred tax asset. The related federal net operating loss carry-forwards are scheduled to begin to expire in the year 2031. As of December 31, 2017 , the Company had state net operating loss carry-forwards, varying by subsidiary and jurisdiction, represented by a $8.3 million deferred tax asset. The state net operating loss carry-forwards are scheduled to begin to expire in 2018. Internal Revenue Code Section 382 limits tax deductions for net operating losses, capital losses and net unrealized built-in losses after there is a substantial change in ownership in a corporation’s stock involving a 50 percentage point increase in ownership by 5% or larger stockholders. During the year ended December 31, 2009, the Company incurred an ownership change as defined in Section 382. At December 31, 2017 , the Company has pre-change losses represented by deferred tax assets totaling $12.6 million . The utilization of these assets is subject to an annual limitation of $1.1 million . The Company has had no unrecognized tax benefits activity for the years ended December 31, 2017, 2016 and 2015. The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. The Company recorded no interest or penalties related to unrecognized tax benefits at December 31, 2017 , 2016 and 2015 . The earliest federal tax year that remains open for examination is 2010 since net operating loss carry-forwards from 2010 could be denied when claimed in future years. The earliest open years in the Company’s major state tax jurisdictions are 2008 for Connecticut and 2013 for all of the Company's remaining state tax jurisdictions.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Credit Agreement On June 1, 2017, in connection with the Acquisition, the Company entered into a new credit agreement ("Credit Agreement") comprising (1) $260.0 million of seven -year term debt ("Term Loan") and (2) a $100.0 million five -year revolving credit facility ("Credit Facility"). At December 31, 2017 , $259.4 million was outstanding under the Term Loan. In 2017, the Company's previous revolving credit facility and financing commitment were terminated and as a result $1.1 million of unamortized deferred financing costs were expensed. Amounts outstanding under the Credit Agreement for the Term Loan and the Credit Facility bear interest at an annual rate equal to, at the option of the Company, either (i) LIBOR (adjusted for reserves) for interest periods of one, two, three or six months (or, solely in the case of the Credit Facility, if agreed to by each relevant Lender, twelve months or periods less than one month), subject to a “floor” of 0% for the Credit Facility and 0.75% for the Term Loan, or (ii) an alternate base rate, in either case plus an applicable margin. The applicable margins are set initially at 3.75% , in the case of LIBOR-based loans, and 2.75% , in the case of alternate base rate loans, and will range from 3.50% to 3.75% , in the case of LIBOR-based loans, and 2.50% to 2.75% , in the case of alternate base rate loans, based on the secured net leverage ratio of the Company as of the last day of the preceding fiscal quarter. Interest is payable on the last day of each interest period with respect to LIBOR-based loans, but at least at three-month intervals, and quarterly in arrears with respect to alternate base rate loans (but, in the case of LIBOR-based loans with an interest period of more than three months). The obligations of the Company under the Credit Agreement are guaranteed by certain of its subsidiaries (the “Guarantors”) and secured by substantially all of the assets of the Company and the Guarantors, subject to customary exceptions. The Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the Company and its subsidiaries to incur additional indebtedness, create liens, merge or dissolve, make investments, dispose of assets, engage in sale and leaseback transactions, purchase shares of our common stock, make distributions and dividends and pre-payments of junior indebtedness, engage in transactions with affiliates, enter into restrictive agreements, amend documentation governing junior indebtedness, modify its fiscal year, or modify its organizational documents, subject to customary exceptions, thresholds, qualifications and “baskets.” In addition, the Credit Agreement contains a financial maintenance covenant, requiring a maximum leverage ratio, as of the last day of each of the trailing four fiscal quarter periods, of no greater than the levels set forth in the Credit Agreement. At any time, upon timely notice, the Company may terminate the Credit Agreement in full, reduce the commitment under the Credit Facility in minimum specified increments or prepay the Term Loan in whole or in part, subject to the payment of breakage fees with respect to LIBOR-based loans and, in the case of any Term Loans that are prepaid in connection with a “repricing transaction” occurring within the six-month period following the closing date, a 1.00% premium. Term Loan The Term Loan, which was priced on March 2, 2017, had a delayed draw fee of $1.2 million between March 2, 2017 and the closing date of June 1, 2017. The Term Loan amortizes at the rate of 1.00% per annum payable in equal quarterly installments and will be mandatorily repaid with: (a) 50% of the Company’s excess cash flow, as defined in the Credit Agreement, on an annual basis, beginning with the fiscal year ended December 31, 2018, stepping down to 25% if the Company’s secured net leverage ratio declines below 1.0, and further stepping down to 0% if the Company’s secured net leverage ratio declines below 0.5; (b) the net proceeds of certain asset sales, casualty or condemnation events, subject to customary reinvestment rights; and (c) the proceeds of any indebtedness incurred other than indebtedness permitted to be incurred by the Credit Agreement. Future minimum Term Loan payments (exclusive of unamortized debt issuance costs) as of December 31, 2017 are as follows (in thousands): Year Amount 2018 $ 3,250 2019 2,600 2020 2,600 2021 2,600 2022 1,950 Thereafter 246,350 $ 259,350 Credit Facility At December 31, 2017 , no amounts were outstanding under the Credit Facility. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement up to an aggregate amount equal to the sum of (x) $75.0 million and (y) an amount subject to a pro forma secured net leverage ratio of the Company of no greater than 1.75 to 1.00. Under the terms of the Credit Agreement, the Company is required to pay a quarterly commitment fee on the average unused amount of the Credit Facility, which fee is initially set at 0.50% and will, following the first delivery of certain financial reports required under the Credit Agreement, range from 0.375% to 0.50% , based on the secured net leverage ratio of the Company as of the last day of the preceding fiscal quarter, as reflected in such financial reports.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 SEC, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve but are not limited to the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, Loss Contingencies . The disclosures, accruals or estimates, if any, resulting from the foregoing analysis are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. Based on information currently available, available insurance coverage and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or its consolidated financial condition. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any claim, dispute, regulatory examination or investigation or other legal matter will reflect the ultimate outcome and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. In re Virtus Investment Partners, Inc. Securities Litigation; formerly Tom Cummins v. Virtus Investment Partners Inc. et al On February 20, 2015, a putative class action complaint alleging violations of certain provisions of the federal securities laws was filed by an individual shareholder against the Company and certain of the Company’s current officers (the “defendants”) in the United States District Court for the Southern District of New York (the “Court”). On April 21, 2015, three plaintiffs, including the original plaintiff, filed motions to be appointed lead plaintiff and, on June 9, 2015, the Court appointed Arkansas Teachers Retirement System lead plaintiff. On August 21, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint, which was purportedly filed on behalf of all purchasers of the Company’s common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that, during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds formerly subadvised by F-Squared Investments Inc (“F-Squared”). The Consolidated Complaint alleges claims under Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5. The plaintiffs seek 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 plaintiffs' 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. Plaintiffs' motion for class certification was granted on May 15, 2017. Discovery has since been completed. On October 6, 2017, defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision. The Company believes that the suit is without merit, nonetheless, on February 6, 2018, it reached an agreement in principle with the plaintiffs, subject to Court approval, settling all claims in the litigation, in order to avoid the cost, distraction, disruption, and inherent litigation uncertainty. Upon approval by the Court, which the Company believes is likely, the resolution of this matter will not have a material impact on the Company’s results of operations, cash flows or its consolidated financial condition. 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. Plaintiffs' motion for class certification was denied on May 15, 2017. On December 4, 2017, the Court denied plaintiffs' motion seeking leave to amend their complaint to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs' Second Amended Complaint and denying class certification. On December 22, 2017, plaintiffs voluntarily dismissed all remaining claims against the Company with prejudice and waived all rights to appeal. Lease Commitments The Company incurred rental expenses, primarily related to office space, under operating leases of $6.2 million , $4.4 million and $4.3 million in 2017 , 2016 and 2015 , respectively. Minimum aggregate rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2017 are as follows: $6.8 million in 2018 ; $5.1 million in 2019 ; $4.3 million in 2020 ; $2.9 million in 2021 ; $1.8 million in 2022 ; and $3.5 million thereafter.

Equity Transactions

Equity Transactions	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity Transactions	Equity Transactions Stock Repurchases As of December 31, 2017, 4.2 million shares of the Company's common stock have been authorized to be repurchased under the Board of Directors approved share repurchase program and 0.9 million shares remain available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time. During the year ended December 31, 2017 , the Company repurchased a total of 66,244 common shares for approximately $7.5 million . As of December 31, 2017 , the Company had repurchased a total of 3,852,805 shares of common stock at a weighted average price of $103.55 per share plus transaction costs for a total cost of $399.0 million . During the year ended December 31, 2016, the Company repurchased 1,727,746 common shares at a price of $93.50 per share for a total purchase price of $161.5 million from the Bank of Montreal Holdings Inc. pursuant to a Stock Purchase Agreement and repurchased 556,516 shares representing 6.7% of the Company's common stock outstanding, pursuant to a "modified Dutch Auction" tender offer. Equity Issuances During the year ended December 31, 2017 , the Company issued 1,260,169 shares of common stock consisting of: (1) 1,046,500 shares of common stock in a public offering, which included the exercise of the underwriters' over-allotment option, for net proceeds of $109.5 million , after underwriting discounts, commissions and other offering expenses; and (2) 213,669 shares of the Company's common stock as part of the consideration for the acquisition of RidgeWorth. (See Note 3 for further discussion of the Acquisition.) During the year ended December 31, 2017 , the Company issued 1,150,000 shares of 7.25% mandatory convertible preferred stock ("MCPS") in a public offering which included the exercised over-allotment option for net proceeds of $111.0 million , after underwriting discounts, commissions and other offering expenses. The MCPS was issued with 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 (a conversion price range between $132 to $110 per share, respectively), 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 percent on the liquidation preference of $100.00 per share. If declared, these dividends will be paid in cash, or, subject to certain limitations, in shares of Virtus' common stock (or a combination) on February 1, May 1, August 1, and November 1 of each year, commencing May 1, 2017, and continuing to, and including, February 1, 2020. Dividends During each quarter of the year ended December 31, 2017 , the Board of Directors declared quarterly cash dividends on the Company's common stock of $0.45 each. Total dividends declared on the Company's common stock were $13.5 million for the year ended December 31, 2017 . During each quarter of the year ended December 31, 2017 , the Board of Directors declared quarterly cash dividends on the Company's preferred stock of $1.8125 each. Total dividends declared on the Company's preferred stock were $8.3 million for the year ended December 31, 2017 . At December 31, 2017 , $6.5 million was included as dividends payable in liabilities in the Consolidated Balance Sheet. This balance represents the fourth quarter dividends of $2.1 million to be paid on February 1, 2018 for the Company's preferred stock shareholders of record as of January 15, 2018 and $4.4 million to be paid on February 15, 2018 for the Company's common stock shareholders of record as of January 31, 2018 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss), by component, are as follows: Unrealized Gains (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2016 $ (224 ) $ — Unrealized net gain (loss) on available-for-sale securities, net of tax of $100 (388 ) — Foreign currency translation adjustments, net of tax of ($4) — 12 Net current-period other comprehensive income (loss) (388 ) 12 Balance December 31, 2017 $ (612 ) $ 12 Unrealized Gains Foreign ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net gain (loss) on available-for-sale securities, net of tax of ($32) 241 — Foreign currency translation adjustments, net of tax of ($348) — 569 Net current-period other comprehensive income (loss) 241 569 Balance December 31, 2016 $ (224 ) $ —

Retirement Savings Plan

Retirement Savings Plan	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Retirement Savings Plan	Retirement Savings Plan The Company sponsors a defined contribution 401(k) retirement plan (the “401(k) Plan”) covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. Through December 31, 2017, the Company matched employees’ contributions at a rate of 100% of employees’ contributions up to the first 3.0% and 50.0% of the next 2.0% of the employees’ compensation contributed to the 401(k) Plan. The Company’s matching contributions were $2.8 million , $2.4 million and $2.1 million in 2017 , 2016 and 2015 , respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has an Omnibus Incentive and Equity Plan (the “Plan”) under which officers, employees and directors may be granted equity-based awards, including restricted stock units (“RSUs”), stock options and unrestricted shares of common stock. At December 31, 2017 , 481,948 shares of common stock remain available for issuance of the 2,400,000 shares that are authorized for issuance under the Plan. Stock-based compensation expense is summarized as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands) Stock-based compensation expense $ 20,288 $ 11,948 $ 11,863 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. Shares that are issued upon vesting are newly issued shares from the Plan and are not issued from treasury stock. RSU activity for the year ended December 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 290,630 $ 108.32 Forfeited (30,450 ) $ 120.08 Settled (79,983 ) $ 141.24 Outstanding at December 31, 2017 483,021 $ 104.16 The grant-date intrinsic value of RSUs granted during the year ended December 31, 2017 was $31.5 million . The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2017 , 2016 and 2015 was $108.32 , $80.33 and $134.37 per share, respectively. The total fair value of RSUs vested during the years ended December 31, 2017 , 2016 and 2015 was $11.3 million , $9.3 million and $11.8 million , respectively. For the years ended December 31, 2017 , 2016 and 2015 , a total of 32,716 , 37,488 and 50,952 RSUs, respectively, were withheld through net share settlement by the Company to settle minimum employee tax withholding obligations. The Company paid $3.5 million , $1.5 million and $5.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. As of December 31, 2017 and 2016, unamortized stock-based compensation expense for outstanding RSUs was $29.3 million and $16.0 million with a weighted average remaining contractual life of 1.6 years and 1.4 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2017 , 2016 and 2015 . During the years ended December 31, 2017 and 2016 , the Company granted 87,458 and 33,244 RSUs, respectively, each of which contain performance-based metrics in addition to a service condition (Performance Share Units or "PSUs"). Compensation expense for these PSUs is recognized over a 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 years ended December 31, 2017 and 2016 , total stock-based compensation expense included $7.3 million and $2.8 million respectively, for these PSUs. As of December 31, 2017 and 2016 , unamortized stock-based compensation expense related to these PSUs was $7.6 million and $3.3 million , respectively. On June 1, 2017, the Company also granted 35,148 PSUs and 65,561 RSUs to certain RidgeWorth employees in connection with the Acquisition to replace equity incentives that were in place prior to the Acquisition. The PSUs will vest if certain performance measures are met over a five -year period, with the ability for accelerated vesting if those same conditions are met by year four . The RSUs contain only a service condition and will vest over four years beginning with year two. For the twelve months ended December 31, 2017, total stock-based compensation expense was $1.5 million for these PSUs and RSUs. At December 31, 2017, unamortized stock-based compensation expense related to these PSUs and RSUs was $8.6 million . Stock Options Stock option activity for the year ended December 31, 2017 is summarized as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2016 137,157 $ 17.77 Granted — $ — Exercised (27,349 ) $ 23.12 Forfeited — $ — Outstanding at December 31, 2017 109,808 $ 16.44 Vested and exercisable at December 31, 2017 109,808 $ 16.44 Stock options generally cliff vest after three years and have a contractual life of ten years . Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. The weighted-average remaining contractual term for stock options outstanding at December 31, 2017 and December 31, 2016 was 1.2 and 1.9 years, respectively. The weighted-average remaining contractual term for stock options vested and exercisable at December 31, 2017 was 1.2 years. At December 31, 2017 , the aggregate intrinsic value of stock options outstanding and vested and exercisable was $10.8 million . There were no unvested stock options at December 31, 2017 . The total intrinsic value of stock options exercised for the years ended December 31, 2017 , 2016 and 2015 was $2.5 million , $1.3 million and $0.7 million , respectively. Cash received from stock option exercises was $0.1 million , $0.5 million and $0.1 million for 2017 , 2016 and 2015 , respectively. Employee Stock Purchase Plan The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.

Restructuring and Severance

Restructuring and Severance	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Severance	Restructuring and Severance During the year ended December 31, 2017 , the Company incurred $ 9.6 million in severance costs primarily related to staff reductions in connection with the Acquisition and the Company's outsourcing activities and $ 1.0 million in restructuring costs related to future lease obligations and leasehold improvement write-offs for vacated office space. During the year ended December 31, 2016 , the Company incurred $3.9 million in severance costs related to staff reductions, primarily in business support areas, and $0.4 million in costs related to future lease obligations and leasehold improvement write-offs for vacated office space. Total unpaid severance and related charges as of December 31, 2017 was $5.6 million which the Company expects to pay over the next three years. The Company expects to incur additional severance costs in connection with the Acquisition of approximately $0.2 million related to one-time termination benefits that are being earned over a transition period.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The computation of basic and diluted earnings (loss) per share is as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands, except per share amounts) Net Income (Loss) $ 39,939 $ 48,763 $ 30,671 Noncontrolling interests (2,927 ) (261 ) 4,435 Net Income (Loss) Attributable to Stockholders 37,012 48,502 35,106 Preferred stock dividends (8,336 ) — — Net Income (Loss) Attributable to Common Stockholders $ 28,676 $ 48,502 $ 35,106 Shares (in thousands): Basic: Weighted-average number of shares outstanding 7,013 7,648 8,797 Plus: Incremental shares from assumed conversion of dilutive instruments 234 174 163 Diluted: Weighted-average number of shares outstanding 7,247 7,822 8,960 Earnings (Loss) per Share—Basic $ 4.09 $ 6.34 $ 3.99 Earnings (Loss) per Share—Diluted $ 3.96 $ 6.20 $ 3.92 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. Years Ended December 31, (In thousands) 2017 2016 2015 Restricted stock units and stock options — 8 2 Preferred stock 897 — — Total anti-dilutive securities 897 8 2

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. The following funds provided 10 percent or more of the total revenues of the Company: Years Ended December 31, 2017 2016 2015 ($ in thousands) Virtus Emerging Markets Opportunities Fund Investment management, administration and shareholder service fees $ 48,826 $ 49,085 $ 62,329 Percent of total revenues 12 % 15 % 16 % Virtus Multi-Sector Short Term Bond Fund Investment management, administration and shareholder service fees $ 44,577 $ 43,579 $ 49,174 Percent of total revenues 11 % 14 % 13 %

Consolidation

Consolidation	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The 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. In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. Consolidated investment products include both VOEs, made up primarily of open-end funds in which the Company holds a controlling financial interest, and VIEs, which primarily consist of collateralized loan obligations ("CLOs") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on net income (loss) attributable to stockholders. The Company’s risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products. The following table presents the balances of the consolidated investment products that, after intercompany eliminations, are reflected in the Consolidated Balance Sheets as of December 31, 2017 and 2016 : As of December 31, 2017 2016 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 820 $ 82,823 $ 18,489 $ 1,859 $ 14,449 $ 2,775 Investments 34,623 1,555,879 7,250 99,247 346,967 42,828 Other assets 767 32,671 48 2,211 5,888 1,059 Notes payable — (1,457,435 ) — — (328,761 ) — Securities purchased payable and other liabilities (1,319 ) (110,871 ) (764 ) (2,310 ) (12,534 ) (1,799 ) Noncontrolling interests (4,178 ) (16,667 ) — (12,505 ) — $ (24,761 ) The Company’s net interests in consolidated investment products $ 30,713 $ 86,400 $ 25,023 $ 88,502 $ 26,009 $ 20,102 Consolidated CLOs The majority of the Company's consolidated investment products that are VIEs are CLOs. At December 31, 2017 , the Company consolidated four CLOs. The financial information of certain CLOs is included in the Company's consolidated financial statements on a one-month lag based upon the availability of financial information. Majority-owned consolidated private funds, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, are also included. Investments of CLOs The CLOs' investments of $1.6 billion at December 31, 2017 represent bank loan investments, which comprise the majority of the CLOs' portfolio asset collateral and are senior secured corporate loans across a variety of industries. These bank loan investments mature at various dates between 2018 and 2026 and pay interest at LIBOR plus a spread of up to 9.5% . At December 31, 2017 , the fair value of the senior bank loans exceeded the unpaid principal balance by approximately $9.7 million . At December 31, 2017 , there were no collateral assets in default. Notes Payable of CLOs The CLOs hold notes payable with a total value, at par, of $1.6 billion , consisting of senior secured floating rate notes payable with a par value of $1.5 billion and subordinated notes with a par value of $139.8 million . These note obligations bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 1.0% to 8.75% . The principal amounts outstanding of the note obligations issued by the CLOs mature on dates ranging from April 2018 to October 2029. The CLOs may elect to reinvest any prepayments received on bank loan investments between October 2019 and October 2021, depending on the CLO. Generally, subsequent prepayments received after the reinvestment period must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to: (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, as adopted on January 1, 2016, prescribed by ASU 2014-13, results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2017, as shown in the table below: ($ in thousands) Subordinated notes $ 85,066 Accrued investment management fees 1,334 Total Beneficial Interests $ 86,400 The following table represents income and expenses of the consolidated CLOs included in the Company's Consolidated Statements of Operations for the period indicated: Year Ended ($ in thousands) December 31, 2017 Income: Realized and unrealized gain (loss), net $ 7,270 Interest income 45,526 Other income 1,552 Total income $ 54,348 Expenses: Other operating expenses $ 6,684 Interest expense 35,243 Total Expense 41,927 Noncontrolling interest (1,507 ) Net Income (loss) attributable to CIPs $ 10,914 As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation: Year Ended ($ in thousands) December 31, 2017 Distributions received and unrealized gains on the subordinated notes held by the Company $ 6,830 Investment management fees 4,084 Total Economic Interests $ 10,914 Fair Value Measurements of Consolidated Investment Products The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 82,769 $ — $ — $ 82,769 Debt investments — 1,527,845 33,887 1,561,732 Equity investments 35,126 — 894 36,020 Total assets measured at fair value $ 117,895 $ 1,527,845 $ 34,781 $ 1,680,521 Liabilities Notes payable $ — $ 1,457,435 $ — $ 1,457,435 Derivatives 2 — — 2 Short sales 719 — — 719 Total liabilities measured at fair value $ 721 $ 1,457,435 $ — $ 1,458,156 As of December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 14,449 $ — $ — $ 14,449 Debt investments — 448,477 87 448,564 Equity investments 40,270 208 — 40,478 Derivatives 4 — — 4 Total assets measured at fair value $ 54,723 $ 448,685 $ 87 $ 503,495 Liabilities Notes payable $ — $ 328,761 $ — $ 328,761 Derivatives $ 3 $ 235 $ 62 $ 300 Short sales 649 — — 649 Total liabilities measured at fair value $ 652 $ 328,996 $ 62 $ 329,710 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment products 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. Debt and equity investments represent the underlying debt, equity and other securities held in consolidated investment products. Equity investments are valued at the official closing price on the exchange on which the securities are traded and are generally categorized within Level 1. Level 2 investments represent most debt securities, including bank loans 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. Debt investments are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments are generally priced 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. 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 years ended December 31, 2017 and 2016 , no securities held by consolidated investment products were transferred from Level 2 to Level 1 and no securities held by consolidated investment products were transferred from Level 1 to Level 2. Notes payable represent notes issued by consolidated investments products that are CLOs 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. Short Sales are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Consolidated Balance Sheets within other liabilities of CIPs and are classified as level 1 based on the underlying equity security. The securities purchase payable at December 31, 2017 and 2016 approximated fair value due to the short term nature of the instruments. The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2017 2016 (in thousands) Level 3 Securities (a) Balance at beginning of period $ 25 $ 1,397 Purchases 3,174 174 Sales (3,357 ) (1,472 ) Paydowns — (5 ) Amortization 9 — Change in unrealized gains (losses), net 434 348 Realized gains (loss), net (49 ) (355 ) Acquired in business combination 9,151 — Transfers to Level 2 (35,258 ) — Transfers from Level 2 60,652 (62 ) Balance at end of period $ 34,781 $ 25 (a) 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. For the years ended December 31, 2017 and December 31, 2016 , respectively, there were no securities held by consolidated investment products that transferred between Level 1 and Level 2. Short Sales Certain consolidated sponsored investment products may engage in short sales, which are transactions in which a security is sold, which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products. Nonconsolidated VIEs The Company serves as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, “CDOs”) that are not consolidated. The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership, 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 December 31, 2017 , the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $43.2 million .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Securities Purchase Agreement On February 1, 2018, the Company entered into an agreement to acquire (the "Purchase Agreement" or the "Transaction") a majority interest in Sustainable Growth Advisers, LP ("SGA"), an investment manager specializing in U.S. and global growth equity portfolios. The purchase price payable by the Company at the Closing is $129.5 million , subject to certain potential adjustments. The transaction is expected to close in mid-2018, subject to customary closing conditions and client approvals. The Purchase Agreement contains customary termination rights for the Company and SGA, including in the event the Transaction is not consummated on or before September 30, 2018 (the “Termination Date”). The Purchase Agreement also contains customary representations, warranties, covenants and indemnification and escrow provisions. Credit Agreement On February 15, 2018, the Company amended its Credit Agreement that resulted in $105.0 million of additional Term Loan commitments to fund its proposed acquisition of SGA. The $105.0 million will be drawn at the closing of the SGA acquisition and is subject to a delayed draw fee. The amended Credit Agreement removed the financial maintenance covenant on the Term Loan and replaced the existing financial maintenance covenant on the $100.0 million Credit Facility with a net leverage ratio covenant, defined as net debt divided by EBITDA, set at 2.5 to 1, that is in place when $30.0 million or more has been drawn down on the revolving credit facility. In addition, the applicable margin in the case of LIBOR-based loans was reduced by 1.25% to 2.50% and will range from 2.25% to 2.50% based on the secured net leverage ratio of the Company. Dividends Declared On February 14, 2018, the Company declared a quarterly cash dividend of $0.45 per common share to be paid on May 15, 2018 to shareholders of record at the close of business on April 30, 2018. The Company also declared a quarterly cash dividend of $1.8125 per share on the Company's 7.25% mandatory convertible preferred stock to be paid on May 1, 2018 to shareholders of record at the close of business on April 16, 2018.

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Selected Quarterly Data (Unaudited) 2017 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 128,024 $ 123,675 $ 94,132 $ 79,776 Operating Income (Loss) 28,015 16,789 3,184 10,047 Net Income (Loss) Attributable to Common Stockholders 3,414 16,708 (2,389 ) 10,943 Earnings (loss) per share—Basic $ 0.48 $ 2.32 $ (0.34 ) $ 1.67 Earnings (loss) per share—Diluted $ 0.46 $ 2.21 $ (0.34 ) $ 1.62 2016 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 79,850 $ 82,324 $ 80,085 $ 80,295 Operating Income (Loss) 12,783 16,538 8,743 12,750 Net Income (Loss) Attributable to Common Stockholders 12,426 15,625 8,088 12,363 Earnings (loss) per share—Basic $ 1.94 $ 2.04 $ 0.99 $ 1.48 Earnings (loss) per share—Diluted $ 1.87 $ 1.99 $ 0.97 $ 1.45

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Consolidation	The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. See Note 18 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated.
Variable Interest Entities	The Company evaluates the appropriateness of consolidation of any variable interest entity ("VIEs") in which the Company has a variable interest. 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 serves as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, “CDOs”) that are not consolidated. The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership, 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. The 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. In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. Consolidated investment products include both VOEs, made up primarily of open-end funds in which the Company holds a controlling financial interest, and VIEs, which primarily consist of collateralized loan obligations ("CLOs") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on net income (loss) attributable to stockholders. The Company’s risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products.
Reclassifications	The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. Previously, the Company reported consolidated investment products and consolidated sponsored investment products separately. Currently, the Company combines these categories under the caption "consolidated investment products" and has accordingly reclassified prior presentations. The reclassifications were not material to the Consolidated Financial Statements.
Noncontrolling Interest	Noncontrolling interests represent the profit or loss attributed to third-party investors in consolidated investment products and other affiliates. Noncontrolling interests related to certain consolidated investment products are classified as redeemable noncontrolling interests because investors in these funds may request withdrawals at any time.
Use of Estimates	The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Segment Information	Accounting Standards Codification (“ASC”) 280, Segment Reporting , establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company’s chief operating decision maker reviews the Company’s financial performance on a consolidated level. Investment managers within the Company are generally not aligned with specific product lines.
Cash and Cash Equivalents	Cash and cash equivalents consist of cash in banks and money market fund investments.
Marketable Securities	Marketable securities are carried at fair value in accordance with ASC 320 , Investments—Debt and Equity Securities (“ASC 320”). Marketable securities include sponsored open-end funds and other equity securities classified as trading securities and sponsored closed-end funds classified as available-for-sale securities. The Company also has investments in CLOs for which the Company provides investment management services. These investments in collateralized loan obligations are classified as both trading and available-for-sale. Marketable securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Marketable securities transactions are recorded on a trade date basis. Any unrealized appreciation or depreciation on trading securities is reported as realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations. Any unrealized appreciation or depreciation on available-for-sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders in the Consolidated Statement of Comprehensive Income. On a quarterly basis, the Company conducts a review to assess whether other-than-temporary impairments exist on its available-for-sale marketable securities. Other-than-temporary declines in value may exist if the fair value of a marketable security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income.
Equity Method Investments	The Company’s investment in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters, is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures . Under the equity method of accounting, the Company’s share of the noncontrolled entities net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statements of Operations. Distributions received reduce the Company’s investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded.
Non-qualified Retirement Plan Assets and Liabilities	The Company has a non-qualified retirement plan (the “Excess Incentive Plan”) that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered trading securities, are included in investments and are carried at fair value in accordance with ASC 820, Fair Value Measurement ; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets and approximate the fair value of the associated assets .
Deferred Commissions	Deferred commissions, which are included in other assets in the Company's Consolidated Balance Sheets, are commissions paid to broker-dealers on sales of certain mutual fund share classes. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within one to five years, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over a one to five -year period, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate.
Furniture, Equipment and Leasehold Improvements, Net	Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment, and three to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred.
Leases	The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease.
Intangible Assets and Goodwill	Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. A single reporting unit has been identified for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment, which states that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s 2017 and 2016 annual goodwill impairment analysis did not result in any impairment charges. Definite-lived intangible assets comprise acquired investment advisory contracts. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from one to sixteen years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. Indefinite-lived intangible assets comprise closed-end and exchange traded fund investment advisory contracts. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment , which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s 2017 and 2016 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges.
Treasury Stock	Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock.
Revenue Recognition	Distribution and service fees are earned based on a percentage of assets under management and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Underwriter fees are sales-based charges on sales of certain class A-share mutual funds. Administration and shareholder service fees consist of fund administration fees and shareholder service fees. Fund administration and shareholder service fees are earned based on the average daily assets in the funds. Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds. Investment management fees, distribution and service fees and administration and shareholder service fees are recorded as revenues during the period in which services are performed. Investment management fees are earned based upon a percentage of assets under management and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payment. The Company accounts for investment management fees in accordance with ASC 605, Revenue Recognition , and has recorded its management fees net of fees paid to unaffiliated subadvisers. The Company considers the nature of its contractual arrangements in determining whether to recognize revenue based on the gross amount billed or net amount retained. The Company has evaluated the factors in ASC 605-45 in determining whether to record revenue on a gross or net basis with significant weight placed on: (i) whether the Company is the primary obligor in the arrangement; and (ii) whether the Company has latitude in establishing price.
Advertising and Promotion	Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expenses in the Consolidated Statements of Operations.
Stock-based Compensation	The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. Restricted stock units (“RSUs”) are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time or when certain performance targets are achieved. The fair value of each RSU award is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis.
Income Taxes	The Company accounts for income taxes in accordance with ASC 740, Income Taxes, ("ASC 740")which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from temporary differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized.
Comprehensive Income	The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax).
Earnings per Share	Earnings per share (“EPS”) is calculated in accordance with ASC 260, Earnings per Share . Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, 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 mandatory convertible preferred stock ("MCPS"), as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive.
Fair Value Measurement and Fair Value of Financial Instruments	ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The FASB defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end and closed-end funds for which the Company acts as the investment manager. The fair value of open-end funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price on the exchange they are traded on and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Investments in collateralized loan obligations represent investments in CLOs for which the Company provides investment management services. The investments in collateralized loan obligations are measured at fair value based on independent third party valuations and are categorized as Level 2 and Level 3. Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment products 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. Debt and equity investments represent the underlying debt, equity and other securities held in consolidated investment products. Equity investments are valued at the official closing price on the exchange on which the securities are traded and are generally categorized within Level 1. Level 2 investments represent most debt securities, including bank loans 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. Debt investments are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments are generally priced 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. 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 years ended December 31, 2017 and 2016 , no securities held by consolidated investment products were transferred from Level 2 to Level 1 and no securities held by consolidated investment products were transferred from Level 1 to Level 2. Notes payable represent notes issued by consolidated investments products that are CLOs 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. Short Sales are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Consolidated Balance Sheets within other liabilities of CIPs and are classified as level 1 based on the underlying equity security.
Recent Accounting Pronouncements	New Accounting Standards Implemented The Company adopted 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 of certain components of share-based awards. Upon adoption, 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 Consolidated Statements of Operations and Cash Flows prospectively. 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, a reporting entity 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 consolidated financial statements. New Accounting Standards Not Yet Implemented In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for interim and annual periods beginning after December 15, 2017. The Company will apply the standard prospectively upon adoption. The impact of this standard on the Company’s consolidated financial statements will depend on acquisitions (or disposals) of assets or businesses by the Company in periods following adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). Under ASU 2017-04, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value. This standard is effective for annual or any interim goodwill impairment test in fiscal years beginning after December 15, 2019, with early adoption permitted for impairment tests performed after January 1, 2017. The Company adopted this standard effective January 1, 2018, and will a pply the standard prospectively for all future annual and interim goodwill impairment tests . The impact of the new standard will depend on the outcomes of future goodwill impairment tests. In November 2016, the 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, 2017, and interim periods within those fiscal years. Early adoption is permitted. A reporting entity is required to apply this standard on a retrospective basis as of the beginning of the fiscal year for which the standard is effective. The Company adopted this standard effective January 1, 2018. T he adoption of this standard did not have a material impact on the Company's 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. The Company adopted this standard effective January 1, 2018. T he adoption of this standard did not have a material impact on the Company's 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 or 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. 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. These updates are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. The Company's implementation assessment included the identification of revenue within the scope of the guidance, as well as the review of terms and conditions of a sample of revenue contracts covering a broad range of products. The Company adopted ASU 2014-09 effective January 1, 2018, using the modified retrospective approach and has determined that the adoption did not have a material change in the timing of recognition of the Company's revenue. Due to the revised criteria related to whether or not the Company is acting as a principal or agent the Company expects certain costs that are currently presented on a net of revenue basis to be presented on a gross revenue basis under the revised criteria. 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 guidance 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 has evaluated 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 (loss), net of tax, with respect to these equity investments was $(0.4) million and $0.2 million for the years ended December 31, 2017 and December 31, 2016 , respectively. The Company adopted this standard effective January 1, 2018. T he adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value.
Short Sales	Certain consolidated sponsored investment products may engage in short sales, which are transactions in which a security is sold, which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products.

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the initial estimate of amounts of identified acquired assets and liabilities assumed as of the acquisition date: June 1, 2017 ($ in thousands) Assets: Cash and cash equivalents $ 39,343 Investments 5,516 Accounts receivable 20,311 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 38,261 Investments of CIP 899,274 Other assets of CIP 19,158 Furniture, equipment and leasehold improvements 5,505 Intangible assets 275,700 Goodwill 163,365 Deferred taxes, net 6,590 Other assets 3,003 Total Assets 1,476,026 Liabilities: Accrued compensation and benefits 18,263 Accounts payable and accrued liabilities 11,858 Other liabilities 2,601 Liabilities of CIP Notes payable of CIP 770,160 Securities purchased payable and other liabilities of CIP 109,881 Noncontrolling Interests of CIP 16,181 Total Liabilities & Noncontrolling Interests 928,944 Total Net Assets Acquired $ 547,082
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	In connection with the allocation of the purchase price, we identified the following intangible assets: June 1, 2017 Approximate Fair Value Weighted Average of Useful Life ($ in thousands) Definite-lived intangible assets: Mutual fund investment contracts $ 189,200 16.0 years Institutional and retail separate account investment contracts 77,000 10.4 years Trademarks/Trade names 800 10.0 years Total finite-lived intangible assets 267,000 Indefinite-lived intangible assets: Trade names 8,700 N/A Total identifiable intangible assets $ 275,700
Pro Forma Information	The following Unaudited Pro Forma Consolidated Results of Operations are provided for illustrative purposes only and assume that the acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the transaction had been consummated on January 1, 2016. The unaudited pro forma financial information does not reflect any adjustment to the timing of any synergies or other costs savings realized. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future. Years Ended December 31, 2017 2016 ($ in thousands, except per share amounts) Total Revenues $ 489,094 $ 466,429 Net Income (Loss) Attributable to Common Stockholders $ 27,523 $ 23,511 Basic EPS per Common Share $ 3.92 $ 2.99 Diluted EPS per Common Share $ 3.80 $ 2.92

Goodwill and Other Intangible32

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill and Intangible Assets, Net	Intangible assets, net are summarized as follows: December 31, 2017 2016 ($ in thousands) Definite-lived intangible assets, net: Investment contracts $ 425,747 $ 158,747 Accumulated amortization (167,309 ) (155,136 ) Definite-lived intangible assets, net 258,438 3,611 Indefinite-lived intangible assets 43,516 34,816 Total intangible assets, net $ 301,954 $ 38,427 Activity in goodwill and intangible assets, net is as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 38,427 $ 40,887 $ 41,783 Acquisitions (1) 275,700 — 2,400 Amortization expense (12,173 ) (2,460 ) (3,296 ) Balance, end of period $ 301,954 $ 38,427 $ 40,887 Goodwill Balance, beginning of period $ 6,788 $ 6,701 $ 5,260 Acquisition (1) 163,365 — 1,441 Acquisition related adjustments — 87 — Balance, end of period $ 170,153 $ 6,788 $ 6,701 (1) - See Note 3 for details on the acquired intangible assets.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Investments Schedule [Abstract]
Summary of Investments	The Company’s investments, excluding the assets of consolidated investment products discussed in Note 18, at December 31, 2017 and 2016 were as follows: December 31, 2017 2016 ($ in thousands) Marketable securities $ 66,424 $ 74,907 Equity method investments 11,098 7,731 Nonqualified retirement plan assets 6,706 5,808 Investments in collateralized loan obligations 23,339 — Other investments 925 925 Total investments $ 108,492 $ 89,371
Schedule of Marketable Securities	The composition of the Company’s marketable securities is summarized as follows: December 31, 2017 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 47,084 $ (1,294 ) $ 1,059 $ 46,849 Equity securities 13,141 (2 ) 2,671 15,810 Available-for-sale: Sponsored closed-end funds 3,761 (302 ) 306 3,765 Total marketable securities $ 63,986 $ (1,598 ) $ 4,036 $ 66,424 December 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 61,784 $ (1,942 ) $ 177 $ 60,019 Equity securities 10,578 — 895 11,473 Available-for-sale: Sponsored closed-end funds 3,500 (265 ) 180 3,415 Total marketable securities $ 75,862 $ (2,207 ) $ 1,252 $ 74,907

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 investment products discussed in Note 18 , as of December 31, 2017 and December 31, 2016 , by fair value hierarchy level were as follows: December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Marketable securities trading: Sponsored funds 46,849 — — 46,849 Equity securities 15,810 — — 15,810 Marketable securities available-for-sale: Sponsored closed-end funds 3,765 — — 3,765 Other investments Investments in collateralized loan obligations — 18,900 4,439 23,339 Nonqualified retirement plan assets 6,706 — — 6,706 Total assets measured at fair value $ 146,123 $ 18,900 $ 4,439 $ 169,462 December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored funds 60,019 — — 60,019 Equity securities 11,473 — — 11,473 Marketable securities available-for-sale: Sponsored closed-end funds 3,415 — — 3,415 Other investments Nonqualified retirement plan assets 5,808 — — 5,808 Total assets measured at fair value $ 129,335 $ — $ — $ 129,335 The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 82,769 $ — $ — $ 82,769 Debt investments — 1,527,845 33,887 1,561,732 Equity investments 35,126 — 894 36,020 Total assets measured at fair value $ 117,895 $ 1,527,845 $ 34,781 $ 1,680,521 Liabilities Notes payable $ — $ 1,457,435 $ — $ 1,457,435 Derivatives 2 — — 2 Short sales 719 — — 719 Total liabilities measured at fair value $ 721 $ 1,457,435 $ — $ 1,458,156 As of December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 14,449 $ — $ — $ 14,449 Debt investments — 448,477 87 448,564 Equity investments 40,270 208 — 40,478 Derivatives 4 — — 4 Total assets measured at fair value $ 54,723 $ 448,685 $ 87 $ 503,495 Liabilities Notes payable $ — $ 328,761 $ — $ 328,761 Derivatives $ 3 $ 235 $ 62 $ 300 Short sales 649 — — 649 Total liabilities measured at fair value $ 652 $ 328,996 $ 62 $ 329,710
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 for Level 3 investments for which significant unobservable inputs were used to determine fair value: Twelve Months Ended December 31, ($ in thousands) 2017 2016 Level 3 Investments (a) Balance at beginning of period $ — $ — Acquired in business combination 2,916 — Purchases 2,370 — Change in unrealized gain (loss), net (847 ) — Balance at end of period $ 4,439 $ — (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2017 2016 (in thousands) Level 3 Securities (a) Balance at beginning of period $ 25 $ 1,397 Purchases 3,174 174 Sales (3,357 ) (1,472 ) Paydowns — (5 ) Amortization 9 — Change in unrealized gains (losses), net 434 348 Realized gains (loss), net (49 ) (355 ) Acquired in business combination 9,151 — Transfers to Level 2 (35,258 ) — Transfers from Level 2 60,652 (62 ) Balance at end of period $ 34,781 $ 25 (a) 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.

Furniture, Equipment and Leas35

Furniture, Equipment and Leasehold Improvements, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements, Net	Furniture, equipment and leasehold improvements, net are summarized as follows: December 31, 2017 2016 ($ in thousands) Furniture and office equipment $ 7,564 $ 5,933 Computer equipment and software 9,274 7,330 Leasehold improvements 14,132 11,334 30,970 24,597 Accumulated depreciation and amortization (20,137 ) (16,869 ) Furniture, equipment and leasehold improvements, net $ 10,833 $ 7,728

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands) Current Federal $ 15,670 $ 12,790 $ 28,077 State 1,985 1,855 2,539 Total current tax expense (benefit) 17,655 14,645 30,616 Deferred Federal 20,895 5,489 4,339 State 1,940 910 2,017 Total deferred tax expense (benefit) 22,835 6,399 6,356 Total expense (benefit) for income taxes $ 40,490 $ 21,044 $ 36,972
Reconciliation of Provision (Benefit) for Income Taxes	The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: Years Ended December 31, 2017 2016 2015 ($ in thousands) Tax at statutory rate $ 28,150 35 % $ 24,432 35 % $ 23,675 35 % State taxes, net of federal benefit 3,548 4 2,010 3 2,717 4 Effect of U.S. tax reform (the Tax Act) 13,074 16 — — — — Effect of net income (loss) attributable to noncontrolling interests (1,017 ) (1 ) (91 ) — 1,492 2 Change in valuation allowance (2,613 ) (3 ) (5,125 ) (7 ) 7,812 12 Other, net (652 ) (1 ) (182 ) (1 ) 1,276 2 Income tax expense (benefit) $ 40,490 50 % $ 21,044 30 % $ 36,972 55 %
Summary of Tax Effects of Temporary Differences	The tax effects of temporary differences are as follows: December 31, 2017 2016 ($ in thousands) Deferred tax assets: Intangible assets $ 10,706 $ 19,348 Net operating losses 16,769 20,272 Compensation accruals 7,681 8,854 Capitalized transaction costs 5,849 10,022 Unrealized loss/(gain) 1,473 5,291 Capital losses 870 417 Other 1,675 977 Gross deferred tax assets 45,023 65,181 Valuation allowance (3,088 ) (5,731 ) Gross deferred tax assets after valuation allowance 41,935 59,450 Deferred tax liabilities: Intangible assets (9,507 ) (11,915 ) Gross deferred tax liabilities (9,507 ) (11,915 ) Deferred tax assets, net $ 32,428 $ 47,535

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Future Minimum Repayments of Debt (Excluding Unamortized Debt Issuance Costs)	Future minimum Term Loan payments (exclusive of unamortized debt issuance costs) as of December 31, 2017 are as follows (in thousands): Year Amount 2018 $ 3,250 2019 2,600 2020 2,600 2021 2,600 2022 1,950 Thereafter 246,350 $ 259,350

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive income (loss), by component, are as follows: Unrealized Gains (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2016 $ (224 ) $ — Unrealized net gain (loss) on available-for-sale securities, net of tax of $100 (388 ) — Foreign currency translation adjustments, net of tax of ($4) — 12 Net current-period other comprehensive income (loss) (388 ) 12 Balance December 31, 2017 $ (612 ) $ 12 Unrealized Gains Foreign ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net gain (loss) on available-for-sale securities, net of tax of ($32) 241 — Foreign currency translation adjustments, net of tax of ($348) — 569 Net current-period other comprehensive income (loss) 241 569 Balance December 31, 2016 $ (224 ) $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense	Stock-based compensation expense is summarized as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands) Stock-based compensation expense $ 20,288 $ 11,948 $ 11,863
Summary of Restricted Stock Units Activity	RSU activity for the year ended December 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 290,630 $ 108.32 Forfeited (30,450 ) $ 120.08 Settled (79,983 ) $ 141.24 Outstanding at December 31, 2017 483,021 $ 104.16
Summary of Stock Option Activity	Stock option activity for the year ended December 31, 2017 is summarized as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2016 137,157 $ 17.77 Granted — $ — Exercised (27,349 ) $ 23.12 Forfeited — $ — Outstanding at December 31, 2017 109,808 $ 16.44 Vested and exercisable at December 31, 2017 109,808 $ 16.44

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings (loss) per share is as follows: Years Ended December 31, 2017 2016 2015 ($ in thousands, except per share amounts) Net Income (Loss) $ 39,939 $ 48,763 $ 30,671 Noncontrolling interests (2,927 ) (261 ) 4,435 Net Income (Loss) Attributable to Stockholders 37,012 48,502 35,106 Preferred stock dividends (8,336 ) — — Net Income (Loss) Attributable to Common Stockholders $ 28,676 $ 48,502 $ 35,106 Shares (in thousands): Basic: Weighted-average number of shares outstanding 7,013 7,648 8,797 Plus: Incremental shares from assumed conversion of dilutive instruments 234 174 163 Diluted: Weighted-average number of shares outstanding 7,247 7,822 8,960 Earnings (Loss) per Share—Basic $ 4.09 $ 6.34 $ 3.99 Earnings (Loss) per Share—Diluted $ 3.96 $ 6.20 $ 3.92
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	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. Years Ended December 31, (In thousands) 2017 2016 2015 Restricted stock units and stock options — 8 2 Preferred stock 897 — — Total anti-dilutive securities 897 8 2

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Summary of Funds Provided Ten Percent or More of Total Revenues	The following funds provided 10 percent or more of the total revenues of the Company: Years Ended December 31, 2017 2016 2015 ($ in thousands) Virtus Emerging Markets Opportunities Fund Investment management, administration and shareholder service fees $ 48,826 $ 49,085 $ 62,329 Percent of total revenues 12 % 15 % 16 % Virtus Multi-Sector Short Term Bond Fund Investment management, administration and shareholder service fees $ 44,577 $ 43,579 $ 49,174 Percent of total revenues 11 % 14 % 13 %

Consolidation (Tables)

Consolidation (Tables)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets	The following table presents the balances of the consolidated investment products that, after intercompany eliminations, are reflected in the Consolidated Balance Sheets as of December 31, 2017 and 2016 : As of December 31, 2017 2016 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 820 $ 82,823 $ 18,489 $ 1,859 $ 14,449 $ 2,775 Investments 34,623 1,555,879 7,250 99,247 346,967 42,828 Other assets 767 32,671 48 2,211 5,888 1,059 Notes payable — (1,457,435 ) — — (328,761 ) — Securities purchased payable and other liabilities (1,319 ) (110,871 ) (764 ) (2,310 ) (12,534 ) (1,799 ) Noncontrolling interests (4,178 ) (16,667 ) — (12,505 ) — $ (24,761 ) The Company’s net interests in consolidated investment products $ 30,713 $ 86,400 $ 25,023 $ 88,502 $ 26,009 $ 20,102
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 investment products discussed in Note 18 , as of December 31, 2017 and December 31, 2016 , by fair value hierarchy level were as follows: December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Marketable securities trading: Sponsored funds 46,849 — — 46,849 Equity securities 15,810 — — 15,810 Marketable securities available-for-sale: Sponsored closed-end funds 3,765 — — 3,765 Other investments Investments in collateralized loan obligations — 18,900 4,439 23,339 Nonqualified retirement plan assets 6,706 — — 6,706 Total assets measured at fair value $ 146,123 $ 18,900 $ 4,439 $ 169,462 December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 48,620 $ — $ — $ 48,620 Marketable securities trading: Sponsored funds 60,019 — — 60,019 Equity securities 11,473 — — 11,473 Marketable securities available-for-sale: Sponsored closed-end funds 3,415 — — 3,415 Other investments Nonqualified retirement plan assets 5,808 — — 5,808 Total assets measured at fair value $ 129,335 $ — $ — $ 129,335 The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 82,769 $ — $ — $ 82,769 Debt investments — 1,527,845 33,887 1,561,732 Equity investments 35,126 — 894 36,020 Total assets measured at fair value $ 117,895 $ 1,527,845 $ 34,781 $ 1,680,521 Liabilities Notes payable $ — $ 1,457,435 $ — $ 1,457,435 Derivatives 2 — — 2 Short sales 719 — — 719 Total liabilities measured at fair value $ 721 $ 1,457,435 $ — $ 1,458,156 As of December 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 14,449 $ — $ — $ 14,449 Debt investments — 448,477 87 448,564 Equity investments 40,270 208 — 40,478 Derivatives 4 — — 4 Total assets measured at fair value $ 54,723 $ 448,685 $ 87 $ 503,495 Liabilities Notes payable $ — $ 328,761 $ — $ 328,761 Derivatives $ 3 $ 235 $ 62 $ 300 Short sales 649 — — 649 Total liabilities measured at fair value $ 652 $ 328,996 $ 62 $ 329,710
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 for Level 3 investments for which significant unobservable inputs were used to determine fair value: Twelve Months Ended December 31, ($ in thousands) 2017 2016 Level 3 Investments (a) Balance at beginning of period $ — $ — Acquired in business combination 2,916 — Purchases 2,370 — Change in unrealized gain (loss), net (847 ) — Balance at end of period $ 4,439 $ — (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2017 2016 (in thousands) Level 3 Securities (a) Balance at beginning of period $ 25 $ 1,397 Purchases 3,174 174 Sales (3,357 ) (1,472 ) Paydowns — (5 ) Amortization 9 — Change in unrealized gains (losses), net 434 348 Realized gains (loss), net (49 ) (355 ) Acquired in business combination 9,151 — Transfers to Level 2 (35,258 ) — Transfers from Level 2 60,652 (62 ) Balance at end of period $ 34,781 $ 25 (a) 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.
Reconciliation of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, 2017 2016 (in thousands) Level 3 Securities (a) Balance at beginning of period $ 25 $ 1,397 Purchases 3,174 174 Sales (3,357 ) (1,472 ) Paydowns — (5 ) Amortization 9 — Change in unrealized gains (losses), net 434 348 Realized gains (loss), net (49 ) (355 ) Acquired in business combination 9,151 — Transfers to Level 2 (35,258 ) — Transfers from Level 2 60,652 (62 ) Balance at end of period $ 34,781 $ 25 (a) 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	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 assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2017, as shown in the table below: ($ in thousands) Subordinated notes $ 85,066 Accrued investment management fees 1,334 Total Beneficial Interests $ 86,400 The following table represents income and expenses of the consolidated CLOs included in the Company's Consolidated Statements of Operations for the period indicated: Year Ended ($ in thousands) December 31, 2017 Income: Realized and unrealized gain (loss), net $ 7,270 Interest income 45,526 Other income 1,552 Total income $ 54,348 Expenses: Other operating expenses $ 6,684 Interest expense 35,243 Total Expense 41,927 Noncontrolling interest (1,507 ) Net Income (loss) attributable to CIPs $ 10,914 As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation: Year Ended ($ in thousands) December 31, 2017 Distributions received and unrealized gains on the subordinated notes held by the Company $ 6,830 Investment management fees 4,084 Total Economic Interests $ 10,914

Selected Quarterly Data (Unau43

Selected Quarterly Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Data	2017 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 128,024 $ 123,675 $ 94,132 $ 79,776 Operating Income (Loss) 28,015 16,789 3,184 10,047 Net Income (Loss) Attributable to Common Stockholders 3,414 16,708 (2,389 ) 10,943 Earnings (loss) per share—Basic $ 0.48 $ 2.32 $ (0.34 ) $ 1.67 Earnings (loss) per share—Diluted $ 0.46 $ 2.21 $ (0.34 ) $ 1.62 2016 Fourth Quarter Third Quarter Second Quarter First Quarter ($ in thousands, except share data) Revenues $ 79,850 $ 82,324 $ 80,085 $ 80,295 Operating Income (Loss) 12,783 16,538 8,743 12,750 Net Income (Loss) Attributable to Common Stockholders 12,426 15,625 8,088 12,363 Earnings (loss) per share—Basic $ 1.94 $ 2.04 $ 0.99 $ 1.48 Earnings (loss) per share—Diluted $ 1.87 $ 1.99 $ 0.97 $ 1.45

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | Segment	1
Fees paid to unaffiliated advisers	$ 46,700	$ 47,200	$ 76,400
Cumulative effect adjustment for adoption of ASU 2016-09		1,051
Comprehensive income (loss), net of tax, equity investments	$ (400)	200
Minimum
Summary Of Significant Accounting Policies [Line Items]
Deferred commissions amortization period	1 year
Deferred sales charges amortization period	1 year
Weighted Average of Useful Life	1 year
Maximum
Summary Of Significant Accounting Policies [Line Items]
Deferred commissions amortization period	5 years
Deferred sales charges amortization period	5 years
Weighted Average of Useful Life	16 years
Furniture and office equipment | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	3 years
Furniture and office equipment | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	7 years
Computer equipment and software | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	3 years
Computer equipment and software | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	5 years
Accounting Standards Update 2016-09
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect adjustment for adoption of ASU 2016-09		$ 1,100

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Acquisition related adjustments				$ 0	$ (87)	$ 0
Goodwill		$ 170,153	$ 170,153	170,153	6,788	6,701	$ 5,260
RidgeWorth
Business Acquisition [Line Items]
Purchase price, consideration transferred	$ 547,100	$ 51,700
Purchase price, cash	$ 471,400
Purchase price, shares issued (in shares)	213,669
Purchase price, shares issued, value	$ 21,700
Purchase price, price of shares issued (in dollars per share)	$ 101.76
Purchase price, contingent consideration	$ 51,700
Consideration transferred, deferred cash	2,300
Acquisition related adjustments			1,000
Goodwill	163,365
Acquisition costs included in goodwill for tax purposes	6,400
Transaction and integration costs				26,300
Severance costs				10,200
Other operating expenses				9,700
Employment expenses				6,400
Revenue since closing date			$ 77,100
RidgeWorth
Business Acquisition [Line Items]
Assets under management	40,100,000
Long term assets under management	35,700,000
Liquidity strategy assets under management	4,400,000
Consolidated entity excluding consolidated investment products
Business Acquisition [Line Items]
Other operating expenses				69,410	$ 50,274	$ 63,901
Consolidated entity excluding consolidated investment products | RidgeWorth
Business Acquisition [Line Items]
Purchase price, consideration transferred	485,200
CLOs
Business Acquisition [Line Items]
Other operating expenses				$ 6,684
CLOs | RidgeWorth
Business Acquisition [Line Items]
Purchase price, consideration transferred	$ 61,900

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities & Equity Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 01, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets:
Goodwill	$ 170,153		$ 6,788	$ 6,701	$ 5,260
RidgeWorth
Assets:
Cash and cash equivalents		$ 39,343
Investments		5,516
Accounts receivable		20,311
Other assets		3,003
Furniture, equipment and leasehold improvements		5,505
Intangible assets		275,700
Goodwill		163,365
Deferred taxes, net		6,590
Total Assets		1,476,026
Liabilities:
Accrued compensation and benefits		18,263
Accounts payable and accrued liabilities		11,858
Other liabilities		2,601
Noncontrolling Interests of CIP		16,181
Total Liabilities & Noncontrolling Interests		928,944
Total Net Assets Acquired		547,082
Consolidated investment products | RidgeWorth
Assets:
Cash and cash equivalents		38,261
Investments		899,274
Other assets		19,158
Liabilities:
Notes payable of CIP		770,160
Securities purchased payable and other liabilities of CIP		$ 109,881

Business Combinations - Schedul

Business Combinations - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - RidgeWorth $ in Thousands	Jun. 01, 2017USD ($)
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 267,000
Indefinite lived intangibles acquired	8,700
Intangible assets	275,700
Mutual fund investment contracts
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 189,200
Weighted Average of Useful Life	16 years
Institutional and retail separate account investment contracts
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 77,000
Weighted Average of Useful Life	10 years 4 months 24 days
Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 800
Weighted Average of Useful Life	10 years

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - RidgeWorth - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total Revenues	$ 489,094	$ 466,429
Net Income (Loss) Attributable to Common Stockholders	$ 27,523	$ 23,511
Basic EPS (in dollars per share)	$ 3.92	$ 2.99
Diluted EPS (in dollars per share)	$ 3.80	$ 2.92

Goodwill and Other Intangible49

Goodwill and Other Intangible Assets - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Definite-lived intangible assets, net:
Investment contracts	$ 425,747	$ 158,747
Accumulated amortization	(167,309)	(155,136)
Definite-lived intangible assets, net	258,438	3,611
Indefinite-lived intangible assets	43,516	34,816
Total intangible assets, net	$ 301,954	$ 38,427	$ 40,887	$ 41,783

Goodwill and Other Intangible50

Goodwill and Other Intangible Assets - Schedule of Activity in Goodwill and Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible assets, net
Balance, beginning of period	$ 38,427	$ 40,887	$ 41,783
Acquisition	275,700	0	2,400
Amortization expense	(12,173)	(2,460)	(3,296)
Balance, end of period	301,954	38,427	40,887
Goodwill
Balance, beginning of period	6,788	6,701	5,260
Acquisition	163,365	0	1,441
Acquisition related adjustments	0	87	0
Balance, end of period	$ 170,153	$ 6,788	$ 6,701

Goodwill and Other Intangible51

Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 20.1
2,019	20
2,020	19.9
2,021	19.9
2,022	19.7
Thereafter	$ 158.8
Weighted average estimated remaining amortization period	13 years 8 months 18 days

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Marketable securities	$ 66,424	$ 74,907
Parent
Investment [Line Items]
Marketable securities	66,424	74,907
Equity method investments	11,098	7,731
Nonqualified retirement plan assets	6,706	5,808
Investments in collateralized loan obligations	23,339	0
Other investments	925	925
Total investments	$ 108,492	$ 89,371

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale:
Cost	$ 63,986	$ 75,862
Unrealized Loss	(1,598)	(2,207)
Unrealized Gain	4,036	1,252
Fair Value	66,424	74,907
Sponsored funds
Trading:
Cost	47,084	61,784
Unrealized Loss	(1,294)	(1,942)
Unrealized Gain	1,059	177
Fair Value	46,849	60,019
Equity securities
Trading:
Cost	13,141	10,578
Unrealized Loss	(2)	0
Unrealized Gain	2,671	895
Fair Value	15,810	11,473
Sponsored closed-end funds
Available-for-sale:
Cost	3,761	3,500
Unrealized Loss	(302)	(265)
Unrealized Gain	306	180
Fair Value	$ 3,765	$ 3,415

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Realized (loss) gain on trading securities	$ (1,500,000)	$ (300,000)	$ 400,000
Investment in equity method investment				$ 5,000,000
Capital contributions to equity method investments		2,500,000
Distributions from equity method investments	$ 911,000	0	0
Percentage of noncontrolling equity interest acquired	50.00%
Realized gain on sale of equity method investment	$ 0	2,883,000	$ 0
Capital commitments
Investment [Line Items]
Future capital commitment (up to)		$ 2,300,000		$ 5,000,000

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 72,993	$ 48,620
Other Investments [Abstract]
Total assets measured at fair value	169,462	129,335
Sponsored funds
Marketable securities trading:
Marketable securities trading	46,849	60,019
Equity securities
Marketable securities trading:
Marketable securities trading	15,810	11,473
Sponsored closed-end funds
Marketable securities available-for-sale:
Marketable securities available for sale	3,765	3,415
Collateralized loan obligations
Other Investments [Abstract]
Investments in collateralized loan obligations	23,339
Nonqualified retirement plan assets
Other Investments [Abstract]
Other investments	6,706	5,808
Level 1
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	72,993	48,620
Other Investments [Abstract]
Total assets measured at fair value	146,123	129,335
Level 1 | Sponsored funds
Marketable securities trading:
Marketable securities trading	46,849	60,019
Level 1 | Equity securities
Marketable securities trading:
Marketable securities trading	15,810	11,473
Level 1 | Sponsored closed-end funds
Marketable securities available-for-sale:
Marketable securities available for sale	3,765	3,415
Level 1 | Collateralized loan obligations
Other Investments [Abstract]
Investments in collateralized loan obligations	0
Level 1 | Nonqualified retirement plan assets
Other Investments [Abstract]
Other investments	6,706	5,808
Level 2
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Other Investments [Abstract]
Total assets measured at fair value	18,900	0
Level 2 | Sponsored funds
Marketable securities trading:
Marketable securities trading	0	0
Level 2 | Equity securities
Marketable securities trading:
Marketable securities trading	0	0
Level 2 | Sponsored closed-end funds
Marketable securities available-for-sale:
Marketable securities available for sale	0	0
Level 2 | Collateralized loan obligations
Other Investments [Abstract]
Investments in collateralized loan obligations	18,900
Level 2 | Nonqualified retirement plan assets
Other Investments [Abstract]
Other investments	0	0
Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Other Investments [Abstract]
Total assets measured at fair value	4,439	0
Level 3 | Sponsored funds
Marketable securities trading:
Marketable securities trading	0	0
Level 3 | Equity securities
Marketable securities trading:
Marketable securities trading	0	0
Level 3 | Sponsored closed-end funds
Marketable securities available-for-sale:
Marketable securities available for sale	0	0
Level 3 | Collateralized loan obligations
Other Investments [Abstract]
Investments in collateralized loan obligations	4,439
Level 3 | Nonqualified retirement plan assets
Other Investments [Abstract]
Other investments	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Investments - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0	$ 0
Acquired in business combination	2,916,000	0
Purchases	2,370,000	0
Sales	(847,000)	0
Balance at end of period	$ 4,439,000	$ 0

Furniture, Equipment and Leas57

Furniture, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Furniture and office equipment	$ 7,564	$ 5,933
Computer equipment and software	9,274	7,330
Leasehold improvements	14,132	11,334
Furniture, equipment and leasehold improvements, gross	30,970	24,597
Accumulated depreciation and amortization	(20,137)	(16,869)
Furniture, equipment and leasehold improvements, net	$ 10,833	$ 7,728

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
Federal	$ 15,670	$ 12,790	$ 28,077
State	1,985	1,855	2,539
Total current tax expense (benefit)	17,655	14,645	30,616
Deferred
Federal	20,895	5,489	4,339
State	1,940	910	2,017
Total deferred tax expense (benefit)	22,835	6,399	6,356
Income tax expense (benefit)	$ 40,490	$ 21,044	$ 36,972

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at statutory rate	$ 28,150	$ 24,432	$ 23,675
State taxes, net of federal benefit	3,548	2,010	2,717
Effect of U.S. tax reform (the Tax Act)	13,074	0	0
Effect of net income (loss) attributable to noncontrolling interests	(1,017)	(91)	1,492
Change in valuation allowance	(2,613)	(5,125)	7,812
Other, net	(652)	(182)	1,276
Income tax expense (benefit)	$ 40,490	$ 21,044	$ 36,972
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at statutory rate	35.00%	35.00%	35.00%
State taxes, net of federal benefit	4.00%	3.00%	4.00%
Effect of U.S. tax reform (the Tax Act)	16.00%	0.00%	0.00%
Effect of net income (loss) attributable to noncontrolling interests	(1.00%)	(0.00%)	2.00%
Change in valuation allowance	(3.00%)	(7.00%)	12.00%
Other, net	(1.00%)	(1.00%)	2.00%
Income tax expense (benefit)	50.00%	30.00%	55.00%

Income Taxes - Summary of Tax E

Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Intangible assets	$ 10,706	$ 19,348
Net operating losses	16,769	20,272
Compensation accruals	7,681	8,854
Capitalized transaction costs	5,849	10,022
Unrealized loss/(gain)	1,473	5,291
Capital losses	870	417
Other	1,675	977
Gross deferred tax assets	45,023	65,181
Valuation allowance	(3,088)	(5,731)
Gross deferred tax assets after valuation allowance	41,935	59,450
Deferred tax liabilities:
Intangible assets	(9,507)	(11,915)
Gross deferred tax liabilities	(9,507)	(11,915)
Deferred tax assets, net	$ 32,428	$ 47,535

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Reconciliation [Line Items]
Estimated effective income tax rate	50.00%	30.00%	55.00%
Valuation allowance for deferred tax assets	$ 3,088,000	$ 5,731,000
Deferred tax assets related to net operating losses for federal income tax purposes	$ 16,769,000	20,272,000
Ownership percentage	50.00%
Percentage increasing ownership	5.00%
Pre-tax net operating loss carryovers	$ 12,600,000
Built-in losses annual limitation	1,100,000
Interest or penalties related to unrecognized tax benefits	0	0	$ 0
Effect of U.S. tax reform (the Tax Act)	13,074,000	$ 0	$ 0
Federal
Income Tax Reconciliation [Line Items]
Deferred tax assets related to net operating losses for federal income tax purposes	8,500,000
State
Income Tax Reconciliation [Line Items]
Deferred tax assets related to net operating losses for federal income tax purposes	$ 8,300,000

Debt (Detail)

Debt (Detail)	Jun. 01, 2017USD ($)	May 31, 2017USD ($)	Dec. 31, 2017USD ($)
Credit Facility 2017 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			3.75%
Credit Facility 2017 | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			3.50%
Credit Facility 2017 | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			3.75%
Credit Facility 2017 | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			2.75%
Credit Facility 2017 | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			2.50%
Credit Facility 2017 | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate			2.75%
Term Loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 260,000,000
Debt term	7 years
Amount outstanding			$ 259,400,000
Premium due if prepaid in connection with repricing transaction within six months of credit agreement closing			1.00%
Delayed draw fee		$ 1,200,000
Annual principal payment, percentage of principal			1.00%
Amount required to be prepaid, percent of excess cash flow			50.00%
Term Loan | Credit Facility 2017 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, floor			0.75%
Revolving Credit Facility | Credit Facility 2017
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000
Debt term	5 years
Amount outstanding			$ 0
Potential additional borrowing capacity	$ 75,000,000
Potential increase in borrowing capacity, pro forma leverage ratio used for calculation	1.75
Commitment fee on undrawn amounts			0.50%
Revolving Credit Facility | Credit Facility 2017 | Minimum
Line of Credit Facility [Line Items]
Commitment fee on undrawn amounts			0.375%
Revolving Credit Facility | Credit Facility 2017 | Maximum
Line of Credit Facility [Line Items]
Commitment fee on undrawn amounts			0.50%
Revolving Credit Facility | Credit Facility 2017 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, floor			0.00%
Revolving Credit Facility | Credit Facility
Line of Credit Facility [Line Items]
Write off of deferred debt issuance cost			$ 1,100,000
Leverage Ratio Below 1.00 | Term Loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Amount required to be prepaid, percent of excess cash flow			25.00%
Leverage Ratio Below 0.50 | Term Loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Amount required to be prepaid, percent of excess cash flow			0.00%

Debt - Summary of Future Debt M

Debt - Summary of Future Debt Maturities (Details) - Term Loan - Credit Facility 2017 $ in Thousands	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
2,018	$ 3,250
2,019	2,600
2,020	2,600
2,021	2,600
2,022	1,950
Thereafter	246,350
Total repayments of debt, excluding unamortized debt issuance costs	$ 259,350

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions	Jul. 01, 2016claimdefendant	Jun. 07, 2015plaintiff	Apr. 21, 2015plaintiff	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Rental expenses				$ 6.2	$ 4.4	$ 4.3
Minimum aggregate rental payments required under operating lease, 2018				6.8
Minimum aggregate rental payments required under operating lease, 2019				5.1
Minimum aggregate rental payments required under operating lease, 2020				4.3
Minimum aggregate rental payments required under operating lease, 2021				2.9
Minimum aggregate rental payments required under operating lease, 2022				1.8
Thereafter				$ 3.5
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
Claims dismissed | claim	4

Equity Transactions (Detail)

Equity Transactions (Detail) $ / shares in Units, $ in Thousands	Feb. 15, 2018USD ($)$ / shares	Feb. 01, 2018USD ($)	Feb. 01, 2017USD ($)day$ / sharesshares	Jun. 08, 2016shares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Feb. 01, 2020$ / sharesshares	Feb. 24, 2017$ / shares
Equity, Class of Treasury Stock [Line Items]
Common stock authorized to be repurchased (in shares)					4,200,000				4,200,000			4,200,000
Remaining common stock authorized for repurchase (in shares)										883,756
Repurchase of common shares (in shares)									66,244			3,852,805
Cost of shares repurchased | $									$ 7,500			$ 399,000
Weighted average price (in $ per share) | $ / shares												$ 103.55
Stock issued (in shares)									1,260,169
Cash dividends declared per common share (in $ per share) | $ / shares					$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.80	$ 1.8	$ 1.8
Cash dividends declared | $									$ 13,545	$ 13,015	$ 16,009
Cash dividends declared per preferred share (in $ per share) | $ / shares					$ 1.8125	$ 1.8125	$ 1.8125	$ 1.8125	$ 7.25	$ 0	$ 0
Cash dividends declared. preferred | $									$ 8,337
Dividends payable | $					$ 6,528				$ 6,528	$ 3,479		$ 6,528
Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)			1,150,000
Preferred stock dividend rate			7.25%
Preferred stock liquidation preference (in $ per share) | $ / shares			$ 100											$ 100
Preferred stock conversion, threshold consecutive trading days | day			20
Convertible preferred stock | Forecast | Minimum
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares issuable upon conversion (in shares)													0.7576
Conversion price of stock (USD per share) | $ / shares													$ 110
Convertible preferred stock | Forecast | Maximum
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares issuable upon conversion (in shares)													0.9091
Conversion price of stock (USD per share) | $ / shares													$ 132
Common Stock
Equity, Class of Treasury Stock [Line Items]
Net proceeds from stock issuance | $			$ 111,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per common share (in $ per share) | $ / shares	$ 0.45
Cash dividends declared | $	$ 4,400
Cash dividends declared per preferred share (in $ per share) | $ / shares	$ 1.8125
Cash dividends declared. preferred | $		$ 2,100
Stock Purchase Agreement
Equity, Class of Treasury Stock [Line Items]
Repurchase of common shares (in shares)										1,727,746
Cost of shares repurchased | $										$ 161,500
Weighted average price (in $ per share) | $ / shares										$ 93.50
Repurchase Plan, Tender Offer
Equity, Class of Treasury Stock [Line Items]
Repurchase of common shares (in shares)				556,516
Shares repurchased, percentage of common stock outstanding				6.70%
Public Offering
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)									1,046,500
Proceeds received on sale of stock | $									$ 109,500
RidgeWorth
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)									213,669
Additional Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared | $									$ 13,545	$ 13,015	$ 16,009

Accumulated Other Comprehensi66

Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 321,673	$ 509,457	$ 563,352
Other comprehensive income (loss)	(376)	810	(792)
Balance	605,224	321,673	509,457
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(224)	(465)
Unrealized net gain (loss) on available-for-sale securities and foreign currency translation adjustments, net of tax	(388)	241
Other comprehensive income (loss)	(388)	241
Balance	(612)	(224)	(465)
Other comprehensive income (loss) before reclassification, tax	96	(32)
Foreign Currency Translation Adjustments [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	0	(569)
Unrealized net gain (loss) on available-for-sale securities and foreign currency translation adjustments, net of tax	12	569
Other comprehensive income (loss)	12	569
Balance	12	0	$ (569)
Other comprehensive income (loss) before reclassification, tax	$ 0	$ (348)

Retirement Savings Plan (Detail

Retirement Savings Plan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Matching contributions	$ 2.8	$ 2.4	$ 2.1
First 3.0% [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contribution percentage	100.00%
Percentage of employee's gross pay matched	3.00%
Next 2.0% [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contribution percentage	50.00%
Percentage of employee's gross pay matched	2.00%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	Jun. 01, 2017shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) | shares		2,400,000
Common stock available for issuance (in shares) | shares		481,948
Stock-based compensation expense		$ 20,288	$ 11,948	$ 11,863
Weighted-average remaining contractual term, stock options outstanding		1 year 2 months 24 days	1 year 10 months 24 days
Weighted-average remaining contractual term, stock options vested and exercisable		1 year 2 months 24 days
Aggregate intrinsic value, stock options outstanding		$ 0
Aggregate intrinsic value, stock options vested and exercisable		10,800
Stock options vested (in shares) | shares			0
Intrinsic value, stock options exercised		2,500	$ 1,300	700
Cash received from stock option exercises		111	$ 491	$ 116
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date intrinsic value		$ 31,500
Weighted-average grant-date fair value (in $ per share) | $ / shares		$ 108.32	$ 80.33	$ 134.37
Fair value of awards vested		$ 11,300	$ 9,300	$ 11,800
Share settlement under RSUs (in shares) | shares		32,716	37,488	50,952
Cash used for employee withholding tax payments		$ 3,500	$ 1,500	$ 5,100
Unamortized stock-based compensation expense		$ 29,300
Weighted average remaining amortization period		1 year 6 months 24 days	1 year 4 months 24 days
Restricted stock units (RSUs), performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares		87,458	33,244
Stock-based compensation expense		$ 7,300	$ 2,800
Unamortized stock-based compensation expense		7,600	$ 3,300
Performance Stock Units, Incentive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options in years	5 years
Accelerated vesting period in years	4 years
Performance Share Units and Restricted Stock Units, Acquisition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,500
Restricted Stock Units and Performance Shares Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense					$ 8,600
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years		10 years
Vesting period of stock options in years		3 years
Minimum | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years		1 year
Maximum | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years		3 years
RidgeWorth | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	65,561
RidgeWorth | Performance Stock Units, Incentive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	35,148
Vesting Beginning With Year Two [Member] | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options in years	4 years
Common Stock | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio		1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 20,288	$ 11,948	$ 11,863

Stock-Based Compensation - Su70

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted stock units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of shares
Number of shares, outstanding	302,824
Number of shares, granted	290,630
Number of shares, forfeited	(30,450)
Number of shares, settled	(79,983)
Number of shares, outstanding	483,021	302,824
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding (in $ per share)	$ 111.56
Weighted average grant date fair value, granted (in $ per share)	108.32	$ 80.33	$ 134.37
Weighted average grant date fair value, forfeited (in $ per share)	120.08
Weighted average grant date fair value, settled (in $ per share)	141.24
Weighted average grant date fair value, outstanding (in $ per share)	$ 104.16	$ 111.56

Stock-Based Compensation - Su71

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Number of shares
Number of shares, outstanding | shares	137,157
Number of shares, granted | shares	0
Number of shares, exercised | shares	(27,349)
Number of shares, forfeited | shares	0
Number of shares, outstanding | shares	109,808
Number of shares, vested and exercisable | shares	109,808
Weighted Average Exercise Price
Weighted average exercise price, outstanding (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	23.12
Weighted average exercise price, forfeited (in $ per share) | $ / shares	0
Weighted average exercise price, outstanding (in $ per share) | $ / shares	16.44
Weighted average exercise price, vested and exercisable (in $ per share) | $ / shares	$ 16.44

Restructuring and Severance (De

Restructuring and Severance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Unpaid severance and related charges	$ 5.6
Unpaid severance and related charges, period of payment	3 years
Employee Severance
Restructuring Cost and Reserve [Line Items]
Unpaid severance and related charges	$ 0.2
RidgeWorth Acquisition and Middle Office Outsourcing Restructuring Plans | Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs	9.6	$ 3.9
RidgeWorth Acquisition Restructuring Plan | Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1	$ 0.4

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Income (Loss)									$ 39,939	$ 48,763	$ 30,671
Noncontrolling interests									(2,927)	(261)	4,435
Net Income (Loss) Attributable to Stockholders									37,012	48,502	35,106
Preferred stockholder dividends									(8,336)	0	0
Net Income (Loss) Attributable to Common Stockholders	$ 3,414	$ 16,708	$ (2,389)	$ 10,943	$ 12,426	$ 15,625	$ 8,088	$ 12,363	$ 28,676	$ 48,502	$ 35,106
Shares (in thousands):
Basic: Weighted-average number of shares outstanding (in shares)									7,013	7,648	8,797
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)									234	174	163
Diluted: Weighted-average number of shares outstanding (in shares)									7,247	7,822	8,960
Earnings per share—basic (in $ per share)	$ 0.48	$ 2.32	$ (0.34)	$ 1.67	$ 1.94	$ 2.04	$ 0.99	$ 1.48	$ 4.09	$ 6.34	$ 3.99
Earnings per share—diluted (in $ per share)	$ 0.46	$ 2.21	$ (0.34)	$ 1.62	$ 1.87	$ 1.99	$ 0.97	$ 1.45	$ 3.96	$ 6.20	$ 3.92

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	897	8	2
Restricted stock units and stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	8	2
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	897	0	0

Concentration of Credit Risk -

Concentration of Credit Risk - Summary of Funds Provided Ten Percent or More of Total Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Virtus Emerging Markets Opportunities Fund
Concentration Risk [Line Items]
Investment management, administration and shareholder service fees	$ 48,826	$ 49,085	$ 62,329
Virtus Multi-Sector Short Term Bond Fund
Concentration Risk [Line Items]
Investment management, administration and shareholder service fees	$ 44,577	$ 43,579	$ 49,174
Sales Revenue, Services, Net | Virtus Emerging Markets Opportunities Fund
Concentration Risk [Line Items]
Percent of total revenues	12.00%	15.00%	16.00%
Sales Revenue, Services, Net | Virtus Multi-Sector Short Term Bond Fund
Concentration Risk [Line Items]
Percent of total revenues	11.00%	14.00%	13.00%

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 233,465	$ 82,687	$ 97,384	$ 203,304
Noncontrolling interests	(4,178)	(37,266)	$ (73,864)	$ (23,071)
VOEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	820	1,859
Investments	34,623	99,247
Other assets	767	2,211
Notes payable	0	0
Securities purchased payable and other liabilities	(1,319)	(2,310)
Noncontrolling interests	(4,178)	(12,505)
The Company’s net interests in consolidated investment products	30,713	88,502
CLOs
Variable Interest Entity [Line Items]
Cash and cash equivalents	82,823	14,449
Investments	1,555,879	346,967
Other assets	32,671	5,888
Notes payable	(1,457,435)	(328,761)
Securities purchased payable and other liabilities	(110,871)	(12,534)
Noncontrolling interests	(16,667)	0
The Company’s net interests in consolidated investment products	86,400	26,009
Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	18,489	2,775
Investments	7,250	42,828
Other assets	48	1,059
Notes payable	0	0
Securities purchased payable and other liabilities	(764)	(1,799)
Noncontrolling interests	0	(24,761)
The Company’s net interests in consolidated investment products	$ 25,023	$ 20,102

Consolidation - Additional Info

Consolidation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)collateralized_loan_obligation	Dec. 31, 2016USD ($)
CLOs
Variable Interest Entity [Line Items]
Number of consolidated CLOs | collateralized_loan_obligation	4
Investments	$ 1,555,879,000	$ 346,967,000
CLOs | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	9.50%
CLOs | London Interbank Offered Rate (LIBOR) | Minimum
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	1.00%
CLOs | London Interbank Offered Rate (LIBOR) | Maximum
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	8.75%
CLOs | Senior notes
Variable Interest Entity [Line Items]
Unpaid principal balance exceeds fair value	$ 9,700,000
CLOs | CLO senior secured floating rate notes | Senior notes
Variable Interest Entity [Line Items]
Debt par value	1,500,000,000
CLOs | CLO subordinated notes
Variable Interest Entity [Line Items]
Debt par value	1,600,000,000
CLOs | CLO subordinated notes | Subordinated debt
Variable Interest Entity [Line Items]
Debt par value	139,800,000
Consolidated investment products
Variable Interest Entity [Line Items]
Investments	1,597,752,000	$ 489,042,000
Fair value, securities, Level 2 to Level 1 transfers, amount	0
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 43,200,000

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Detail) - CLOs $ in Thousands	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 85,066
Accrued investment management fees	1,334
Total Beneficial Interests	$ 86,400

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income:
Total revenues	$ 128,024	$ 123,675	$ 94,132	$ 79,776	$ 79,850	$ 82,324	$ 80,085	$ 80,295	$ 425,607	$ 322,554	$ 381,977
Expenses:
Net Income (Loss) Attributable to Common Stockholders	$ 3,414	$ 16,708	$ (2,389)	$ 10,943	$ 12,426	$ 15,625	$ 8,088	$ 12,363	28,676	$ 48,502	$ 35,106
CLOs
Income:
Realized and unrealized gain (loss), net									7,270
Interest Income									45,526
Other income									1,552
Total revenues									54,348
Expenses:
Other operating expenses									6,684
Interest expense									35,243
Total Expense									41,927
Noncontrolling interest									(1,507)
Net Income (Loss) Attributable to Common Stockholders									$ 10,914

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Detail) - CLOs $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains on the subordinated notes held by the Company	$ 7
Investment management fees	4
Total Economic Interests	$ 11

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash equivalents	$ 72,993	$ 48,620
Total assets measured at fair value	169,462	129,335
Level 1
Assets
Cash equivalents	72,993	48,620
Total assets measured at fair value	146,123	129,335
Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	18,900	0
Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	4,439	0
Consolidated investment products | Fair Value, Measurements, Recurring
Assets
Cash equivalents	82,769	14,449
Derivatives		4
Total assets measured at fair value	1,680,521	503,495
Liabilities
Notes payable	1,457,435	328,761
Derivatives	2	300
Short sales	719	649
Total liabilities measured at fair value	1,458,156	329,710
Consolidated investment products | Fair Value, Measurements, Recurring | Debt investments
Assets
Investments and bank loans	1,561,732	448,564
Consolidated investment products | Fair Value, Measurements, Recurring | Equity securities
Assets
Investments and bank loans	36,020	40,478
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	82,769	14,449
Derivatives		4
Total assets measured at fair value	117,895	54,723
Liabilities
Notes payable	0	0
Derivatives	2	3
Short sales	719	649
Total liabilities measured at fair value	721	652
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Debt investments
Assets
Investments and bank loans	0	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Equity securities
Assets
Investments and bank loans	35,126	40,270
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	0	0
Derivatives		0
Total assets measured at fair value	1,527,845	448,685
Liabilities
Notes payable	1,457,435	328,761
Derivatives	0	235
Short sales	0	0
Total liabilities measured at fair value	1,457,435	328,996
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Debt investments
Assets
Investments and bank loans	1,527,845	448,477
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Equity securities
Assets
Investments and bank loans	0	208
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents	0	0
Derivatives		0
Total assets measured at fair value	34,781	87
Liabilities
Notes payable	0	0
Derivatives	0	62
Short sales	0	0
Total liabilities measured at fair value	0	62
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3 | Debt investments
Assets
Investments and bank loans	33,887	87
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3 | Equity securities
Assets
Investments and bank loans	$ 894	$ 0

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Detail) - Consolidated investment products - Debt investments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 25	$ 1,397
Purchases	3,174	174
Sales	(3,357)	(1,472)
Paydowns	0	(5)
Amortization	9	0
Change in unrealized gains (losses), net	434	348
Realized gains (loss), net	(49)	(355)
Acquired in business combination	9,151	0
Transfers to Level 2	(35,258)	0
Transfers from Level 2	60,652	(62)
Balance at end of period	$ 34,781	$ 25

Subsequent Events (Details)

Subsequent Events (Details)	Jun. 30, 2018USD ($)	Feb. 15, 2018USD ($)$ / shares	Feb. 01, 2017	Dec. 31, 2017$ / shares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2017$ / shares	Dec. 31, 2016$ / shares	Dec. 31, 2015$ / shares	Jun. 01, 2017USD ($)
Subsequent Event [Line Items]
Cash dividends declared per common share (in $ per share) | $ / shares				$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.80	$ 1.8	$ 1.8
Cash dividends declared per preferred share (in $ per share) | $ / shares				$ 1.8125	$ 1.8125	$ 1.8125	$ 1.8125	$ 7.25	$ 0	$ 0
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per common share (in $ per share) | $ / shares		$ 0.45
Cash dividends declared per preferred share (in $ per share) | $ / shares		$ 1.8125
Term Loan | Additional Term Loan 2018 | Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 105,000,000
Covenant terms, leverage ratio		2.5
Covenant terms, amount drawn down		$ 30,000,000
Term Loan | Credit Facility 2017
Subsequent Event [Line Items]
Maximum borrowing capacity											$ 260,000,000
Revolving Credit Facility | Credit Facility 2017
Subsequent Event [Line Items]
Maximum borrowing capacity											$ 100,000,000
Convertible preferred stock
Subsequent Event [Line Items]
Preferred stock dividend rate			7.25%
Forecast
Subsequent Event [Line Items]
Purchase price, cash	$ 129,500,000
London Interbank Offered Rate (LIBOR) | Credit Facility 2017
Subsequent Event [Line Items]
Basis spread on variable interest rate								3.75%
London Interbank Offered Rate (LIBOR) | Credit Facility 2017 | Subsequent Event
Subsequent Event [Line Items]
Reduction in rate		1.25%
Basis spread on variable interest rate		2.50%
Minimum | London Interbank Offered Rate (LIBOR) | Credit Facility 2017
Subsequent Event [Line Items]
Basis spread on variable interest rate								3.50%
Minimum | London Interbank Offered Rate (LIBOR) | Credit Facility 2017 | Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable interest rate		2.25%
Maximum | London Interbank Offered Rate (LIBOR) | Credit Facility 2017
Subsequent Event [Line Items]
Basis spread on variable interest rate								3.75%
Maximum | London Interbank Offered Rate (LIBOR) | Credit Facility 2017 | Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable interest rate		2.50%

Selected Quarterly Data (Unau84

Selected Quarterly Data (Unaudited) - Summary of Selected Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 128,024	$ 123,675	$ 94,132	$ 79,776	$ 79,850	$ 82,324	$ 80,085	$ 80,295	$ 425,607	$ 322,554	$ 381,977
Operating Income (Loss)	28,015	16,789	3,184	10,047	12,783	16,538	8,743	12,750	58,035	50,814	80,378
Net Income (Loss) Attributable to Common Stockholders	$ 3,414	$ 16,708	$ (2,389)	$ 10,943	$ 12,426	$ 15,625	$ 8,088	$ 12,363	$ 28,676	$ 48,502	$ 35,106
Earnings (loss) per share—Basic (in $ per share)	$ 0.48	$ 2.32	$ (0.34)	$ 1.67	$ 1.94	$ 2.04	$ 0.99	$ 1.48	$ 4.09	$ 6.34	$ 3.99
Earnings (loss) per share—Diluted (in $ per share)	$ 0.46	$ 2.21	$ (0.34)	$ 1.62	$ 1.87	$ 1.99	$ 0.97	$ 1.45	$ 3.96	$ 6.20	$ 3.92