Virtus Investment Partners (VRTS) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		7,166,139

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 180,528	$ 234,282
Accounts receivable, net	67,810	65,648
Furniture, equipment and leasehold improvements, net	11,409	10,833
Intangible assets, net	291,894	301,954
Goodwill	170,153	170,153
Deferred taxes, net	31,133	32,428
Total assets	2,689,900	2,590,799
Liabilities:
Accrued compensation and benefits	45,187	86,658
Accounts payable and accrued liabilities	25,805	29,607
Dividends payable	6,688	6,528
Debt	245,147	248,320
Other liabilities	39,236	39,895
Total liabilities	2,046,114	1,981,397
Commitments and Contingencies (Note 14)
Redeemable noncontrolling interests of CIP	3,420	4,178
Equity attributable to stockholders:
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized, issued and outstanding at June 30, 2018 and December 31, 2017	110,843	110,843
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,523,050 shares issued and 7,166,139 shares outstanding at June 30, 2018 and 10,455,934 shares issued and 7,159,645 shares outstanding at December 31, 2017	105	105
Additional paid-in capital	1,213,341	1,216,173
Retained earnings (accumulated deficit)	(340,024)	(386,216)
Accumulated other comprehensive income (loss)	(622)	(600)
Treasury stock, at cost, 3,356,911 shares at June 30, 2018 and 3,296,289 shares at December 31, 2017, respectively	(359,248)	(351,748)
Total equity attributable to stockholders	624,395	588,557
Total equity	640,366	605,224
Total liabilities and equity	2,689,900	2,590,799
Consolidated entity excluding consolidated investment products
Assets:
Cash and cash equivalents	138,827	132,150
Investments	87,209	108,492
Other assets	40,090	35,771
Consolidated investment products
Assets:
Cash and cash equivalents	40,755	101,315
Investments	1,775,069	1,597,752
Cash pledged or on deposit of CIP	946	817
Other assets	34,605	33,486
Liabilities:
Notes payable of CIP	1,569,663	1,457,435
Securities purchased payable and other liabilities of CIP	114,388	112,954
Redeemable noncontrolling interests of CIP	3,420	4,178
Equity attributable to stockholders:
Noncontrolling interests of CIP	$ 15,971	$ 16,667

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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)	10,523,050	10,455,934
Common stock, shares outstanding (in shares)	7,166,139	7,159,645
Treasury stock, shares (in shares)	3,356,911	3,296,289
Series D convertible preferred stock
Preferred stock, par value (in $ per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,150,000	1,150,000
Preferred stock, shares issued (in shares)	1,150,000	1,150,000
Preferred stock, shares outstanding (in shares)	1,150,000	1,150,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Revenues	$ 132,932	$ 94,132	$ 261,960	$ 173,908
Operating Expenses
Employment expenses	54,868	42,992	115,564	82,633
Distribution and other asset-based expenses	23,721	15,764	46,012	31,087
Other operating expenses	19,128	20,236	35,990	33,462
Restructuring and severance	0	8,894	0	8,894
Depreciation and other amortization	1,100	776	2,115	1,440
Amortization expense	5,024	1,813	10,060	2,046
Total operating expenses	105,624	90,948	212,035	160,677
Operating Income (Loss)	27,308	3,184	49,925	13,231
Other Income (Expense)
Other income (expense), net	455	47	1,774	693
Total other income (expense), net	(364)	(90)	3,652	5,297
Interest Income (Expense)
Total interest income (expense), net	5,750	(1,186)	9,467	1,558
Income (Loss) Before Income Taxes	32,694	1,908	63,044	20,086
Income tax expense (benefit)	9,465	1,880	15,988	6,313
Net Income (Loss)	23,229	28	47,056	13,773
Noncontrolling interests	(159)	(333)	(686)	(1,051)
Net Income (Loss) Attributable to Stockholders	23,070	(305)	46,370	12,722
Preferred stockholder dividends	(2,084)	(2,084)	(4,168)	(4,168)
Net Income (Loss) Attributable to Common Stockholders	$ 20,986	$ (2,389)	$ 42,202	$ 8,554
Earnings (Loss) per share—Basic (in $ per share)	$ 2.91	$ (0.34)	$ 5.86	$ 1.26
Earnings (Loss) per Share—Diluted (in $ per share)	2.75	(0.34)	5.52	1.22
Cash Dividends Declared per Preferred Share (in $ per share)	1.81	1.81	3.63	3.63
Cash Dividends Declared per Common Share (in $ per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.90
Weighted Average Shares Outstanding—Basic (in shares)	7,211	7,064	7,204	6,804
Weighted Average Shares Outstanding—Diluted (in shares)	8,401	7,064	8,396	7,020
Consolidated investment products
Operating Expenses
Total operating expenses	$ 1,783	$ 473	$ 2,294	$ 1,115
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(1,779)	(1,424)	480	3,020
Interest Income (Expense)
Interest expense	(15,278)	(2,995)	(29,827)	(5,852)
Interest and dividend income	23,679	5,102	45,082	10,758
Consolidated entity excluding consolidated investment products
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	960	1,287	1,398	1,584
Interest Income (Expense)
Interest expense	(4,469)	(3,739)	(8,327)	(3,982)
Interest and dividend income	1,818	446	2,539	634
Investment management fees
Revenues
Revenues	103,168	74,062	203,644	133,333
Distribution and service fees
Revenues
Revenues	13,549	10,439	26,156	21,222
Administration and shareholder service fees
Revenues
Revenues	15,967	9,476	31,705	18,457
Other income and fees
Revenues
Revenues	$ 248	$ 155	$ 455	$ 896

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 23,229	$ 28	$ 47,056	$ 13,773
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $6 and $2 for the three and six months ended June 30, 2018, respectively.	(18)	2	(8)	2
Unrealized gain (loss) on available-for-sale securities, net of tax of ($20) and ($29) for the three months ended June 30, 2018 and 2017, respectively, and $77 and ($83) for the six months ended June 30, 2018 and 2017, respectively	57	46	(192)	134
Other comprehensive income (loss)	39	48	(200)	136
Comprehensive income (loss)	23,268	76	46,856	13,909
Comprehensive (income) loss attributable to noncontrolling interests	(159)	(333)	(686)	(1,051)
Comprehensive Income (Loss) Attributable to Stockholders	$ 23,109	$ (257)	$ 46,170	$ 12,858

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 6	$ 0	$ 2	$ 0
Unrealized (loss) gain on available-for-sale securities, tax	$ (20)	$ (29)	$ 77	$ (83)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income (loss)	$ 47,056	$ 13,773
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	13,641	4,894
Stock-based compensation	12,073	9,490
Amortization of deferred commissions	1,646	1,072
Payments of deferred commissions	(2,600)	(1,389)
Equity in earnings of equity method investments	(1,801)	(679)
Distributions from equity method investments	669	0
Sales (purchases) of trading securities, net	6,150	5,558
Deferred taxes, net	1,374	(576)
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	(5,469)	(7,359)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(45,713)	(22,465)
Operating activities of consolidated investment products (CIP):
Net cash provided by (used in) operating activities	(154,513)	54,502
Cash Flows from Investing Activities:
Capital expenditures	(2,274)	(678)
Acquisition of business (cash paid $471.4 million, less cash acquired $77.6 million)	0	(393,784)
Sale of available-for-sale securities	37,785	0
Purchases of available-for-sale securities	(20,188)	(130)
Net cash provided by (used in) investing activities	15,323	(389,126)
Cash Flows from Financing Activities:
Issuance of debt	0	260,000
Repayments on debt	(1,300)	(30,271)
Payment of deferred financing costs	(3,548)	(15,520)
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs	0	111,004
Proceeds from issuance of common stock, net of issuance costs	0	109,487
Common stock dividends paid	(6,735)	(6,060)
Preferred stock dividends paid	(4,168)	(2,084)
Repurchases of common shares	(7,500)	0
Stock options exercised	698	86
Taxes paid related to net share settlement of restricted stock units	(5,238)	(3,029)
Contributions (redemptions) of noncontrolling interests, net	(2,140)	7,733
Net cash provided by (used in) financing activities	85,436	430,846
Net increase (decrease) in cash and cash equivalents	(53,754)	96,222
Cash and cash equivalents, beginning of period	234,282	83,671
Cash and Cash Equivalent, End of Period	180,528	179,893
Non-Cash Investing Activities:
Change in accrual for capital expenditures	(439)	(174)
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net	0	11,286
Stock issued for acquisition of business	0	21,738
Contingent consideration for acquisition of business	0	51,690
Common stock dividends payable	4,569	3,248
Preferred stock dividends payable	2,084	2,084
Accrued stock issuance costs	0	334
Reconciliation of cash and cash equivalents
Cash and cash equivalents	234,282	83,671
Consolidated entity excluding consolidated investment products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on trading securities, net	(1,398)	(1,584)
Cash Flows from Financing Activities:
Cash and cash equivalents, beginning of period	132,150
Cash and Cash Equivalent, End of Period	138,827
Reconciliation of cash and cash equivalents
Cash and cash equivalents	132,150
Consolidated investment products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on trading securities, net	(608)	(2,879)
Operating activities of consolidated investment products (CIP):
Purchases of investments by CIP	(641,236)	(150,500)
Sales of investments by CIP	465,213	205,347
Net purchases of short term investments by CIP	97	265
Sales (purchases) of securities sold short by CIP, net	187	153
Change in other assets of CIP	(829)	1,589
Change in liabilities of CIP	(2,965)	(208)
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to consolidation, net	0	5,466
Cash Flows from Financing Activities:
Proceeds from issuance of notes payable by CIP	784,867	0
Repayment of notes payable by CIP	(669,500)	$ (500)
Cash and cash equivalents, beginning of period	101,315
Cash and Cash Equivalent, End of Period	40,755
Reconciliation of cash and cash equivalents
Cash and cash equivalents	$ 101,315

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Statement of Cash Flows [Abstract]
Acquisition of business, cash paid	$ (471.4)
Acquisition of business, cash acquired	$ 77.6

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Series D convertible preferred stock	Common Stock	Preferred StockSeries D convertible preferred stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Attributed To Stockholders	Total Attributed To StockholdersSeries D convertible preferred stock	Non- controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for adoption of ASU	$ 1,051					$ 1,051			$ 1,051
Beginning Balance (in shares) at Dec. 31, 2016			5,889,013	0				3,230,045
Beginning Balance at Dec. 31, 2016	321,673		$ 91	$ 0	$ 1,090,331	(424,279)	$ (224)	$ (344,246)	321,673		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,722					12,722			12,722
Net unrealized gain (loss) on securities available-for-sale	134						134		134
Foreign currency translation adjustments	2						2		2
Activity of noncontrolling interests, net	15,731										15,731
Issuance of stock, net of offering costs (in shares)			1,046,500	1,150,000
Issuance of stock, net of offering costs	109,320	$ 110,837	$ 10	$ 110,837	109,310				109,320	$ 110,837
Cash dividends declared, preferred	(4,168)				(4,168)				(4,168)
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, common	(6,670)				(6,670)				(6,670)
Issuance of common shares related to employee stock transactions (in shares)			68,726
Issuance of common shares related to employee stock transactions	817		$ 1		816				817
Taxes paid on stock-based compensation	(3,029)				(3,029)				(3,029)
Stock-based compensation	9,173				9,173				9,173
Ending Balance (in shares) at Jun. 30, 2017			7,217,908	1,150,000				3,230,045
Ending Balance at Jun. 30, 2017	589,333		$ 104	$ 110,837	1,217,501	(410,506)	(88)	$ (344,246)	573,602		15,731
Beginning Balance at Dec. 31, 2016	37,266
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	1,051
Activity of noncontrolling interests, net	19,019
Ending Balance at Jun. 30, 2017	57,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for adoption of ASU						(178)	178
Beginning Balance (in shares) at Dec. 31, 2017			7,159,645	1,150,000				3,296,289
Beginning Balance at Dec. 31, 2017	605,224		$ 105	$ 110,843	1,216,173	(386,216)	(600)	$ (351,748)	588,557		16,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	47,136					46,370			46,370		766
Net unrealized gain (loss) on securities available-for-sale	(192)						(192)		(192)
Foreign currency translation adjustments	(8)						(8)		(8)
Activity of noncontrolling interests, net	(1,462)										(1,462)
Cash dividends declared, preferred	(4,168)				(4,168)				(4,168)
Cash dividends declared, common	$ (6,877)				(6,877)				(6,877)
Repurchases of common shares (in shares)	(60,622)		(60,622)					(60,622)
Repurchases of common shares	$ (7,500)							$ (7,500)	(7,500)
Issuance of common shares related to employee stock transactions (in shares)			67,116
Issuance of common shares related to employee stock transactions	1,378				1,378				1,378
Taxes paid on stock-based compensation	(5,238)				(5,238)				(5,238)
Stock-based compensation	12,073				12,073				12,073
Ending Balance (in shares) at Jun. 30, 2018			7,166,139	1,150,000				3,356,911
Ending Balance at Jun. 30, 2018	640,366		$ 105	$ 110,843	$ 1,213,341	$ (340,024)	$ (622)	$ (359,248)	$ 624,395		$ 15,971
Beginning Balance at Dec. 31, 2017	4,178
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	(80)
Activity of noncontrolling interests, net	(678)
Ending Balance at Jun. 30, 2018	$ 3,420

Condensed Consolidated Statem10

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	May 15, 2018	May 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in $ per share)	$ 0.45		$ 0.45	$ 0.45	$ 0.90	$ 0.90
Cash dividends declared per preferred share (in $ per share)		$ 1.8125	$ 1.81	$ 1.81	$ 3.63	$ 3.63

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2018
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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2017 Annual Report on Form 10-K. The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The reclassifications were not material to the condensed consolidated financial statements. New Accounting Standards Implemented On January 1, 2018, t he Company adopted the new Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), pursuant to Accounting Standards Update ("ASU") 2014-09 , Revenue from Contracts with Customers, and all the related amendments ("the new revenue standard") using the modified retrospective approach. The core principle of the new revenue standard 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. Based on the revised criteria in the new revenue standard for determining whether the Company is acting as a principal or agent, certain costs that were previously presented on a net of revenue basis are now presented on a gross basis. The comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. No cumulative-effect adjustment to the balance sheet was necessary upon the adoption of ASC 606. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). On January 1, 2018, t he Company adopted amendments to ASC 825 - Financial Instruments pursuant to ASU 2016-01 . This standard 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. The Company recorded a $0.2 million cumulative-effect adjustment to the balance sheet upon adoption. ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). On January 1, 2018, t he Company adopted amendments to ASC 230 - Statement of Cash Flows ("ASC 230") on a retrospective basis pursuant to ASU 2016-15 . This standard 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. T he adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). On January 1, 2018, the Company adopted amendments to ASC 230 on a retrospective basis pursuant to ASU 2016-18 . This standard requires the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning and ending cash on the statement of cash flows. Restricted cash includes cash pledged or on deposit with brokers of consolidated investment products. Cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows now includes $0.8 million , $0.9 million and $1.0 million of cash pledged or on deposit of consolidated investment products as of December 31, 2017, June 30, 2017, and December 31, 2016, respectively, as well as previously reported cash and cash equivalents. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). On January 1, 2018, t he Company adopted amendments to ASC 805 - Business Combinations ("ASC 805") pursuant to ASU 2017-01, and will a pply the standard prospectively. This standard provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). On January 1, 2018, t he Company adopted amendments to ASC 350 - Intangibles Goodwill and Other pursuant to ASU 2017-04, and will a pply the standard prospectively for all future annual and interim goodwill impairment tests . Under ASU 2017-04, a goodwill impairment is defined to be the amount by which a reporting unit’s carrying value exceeds its fair value. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). In March 2018, the Company adopted the amendments to ASC 740 - Income Taxes pursuant to ASU 2018-05. The standard adds various Securities and Exchange Commission ("SEC") paragraphs pursuant to the issuance of the December 2017 SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"), which was effective immediately. The SEC issued SAB 118 to address concerns about reporting entities’ ability to comply with the accounting requirements to recognize all of the effects of the Tax Cuts and Jobs Act in the period of enactment on a timely basis. SAB 118 allows disclosure stating that timely determination of some or all of the income tax effects from the Tax Cuts and Jobs Act are incomplete by the due date of the financial statements and if possible to provide a reasonable estimate of the income tax effects. We have accounted for the tax effects of the Tax Cuts and Jobs Act under the guidance of SAB 118, on a provisional basis. Our accounting for certain income tax effects is incomplete, but we have determined reasonable estimates for those effects and have recorded provisional amounts in our condensed consolidated financial statements as of June 30, 2018 and December 31, 2017. New Accounting Standards Not Yet Implemented In July 2018, the FASB issued ASU 2018-09, Codification Improvements ("ASU 2018-09"). This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB ASC areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while other updates provide for a transition period for adoption over the next fiscal year beginning after December 15, 2018. The Company is currently evaluating the potential impact of the guidance but does not expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). The standard provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 - Leases 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) , which provides narrow amendments to clarify how to apply certain aspects of ASU 2016-02. Both standards are 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 condensed consolidated financial statements but expects to record a right-of-use asset and a related lease obligation in the Company's condensed consolidated balance sheet upon adoption.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Adoption of ASC 606, Revenue from Contracts with Customers The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to customers. Investment management fees, distribution and service fees and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which investment management, distribution and service and administration and shareholder service fees are calculated, are variable in nature and subject to factors outside of the Company's control such as deposits, withdrawals and market performance. Because of this, they are considered constrained until the end of the contractual measurement period (monthly or quarterly) which is when asset values are generally determinable. Revenue Disaggregated by Source The following table summarizes revenue by source: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 (1) 2018 2017 (1) ($ in thousands) Investment management fees Open-end funds $ 57,192 $ 39,186 $ 111,566 $ 69,712 Closed-end funds 10,168 11,174 20,547 22,253 Retail separate accounts 17,091 12,759 33,620 24,192 Institutional accounts 15,778 8,790 31,596 13,931 Structured products 2,068 1,163 4,394 1,662 Other products 871 990 1,921 1,583 Total investment management fees 103,168 74,062 203,644 133,333 Distribution and service fees 13,549 10,439 26,156 21,222 Administration and shareholder service fees 15,967 9,476 31,705 18,457 Other income and fees 248 155 455 896 Total revenues $ 132,932 $ 94,132 $ 261,960 $ 173,908 (1) Prior period amounts have not been adjusted and are reported in accordance with historical accounting under ASC 605, Revenue Recognition . Investment Management Fees The Company provides investment management services pursuant to investment management agreements through its affiliated investment advisers (each an "Adviser"). Investment management services represent a series of distinct daily service periods which are performed over time. With respect to the Company's funds, the Company earns fees based on each fund’s average daily or weekly net assets which are generally received and calculated on a monthly basis. The Company has recorded its management fees net of investment management fees paid to unaffiliated subadvisers, as the Company considers itself an agent of the fund as it relates to the day-to-day investment management services performed by unaffiliated subadvisers. With respect to services performed by the unaffiliated subadviser, the Company's performance obligation is to arrange for the provision of that service, and it does not control the specified service before that service is performed. Amounts paid to unaffiliated subadvisers for the three and six months ended June 30, 2018 were $12.3 million and $25.2 million , respectively. Retail separate account fees are calculated based on the end of the preceding or current quarter's asset values or on an average of month-end balances. Institutional account fees are calculated based on an average of month-end balances or current quarter’s asset values. Fees for structured finance products, for which the Company acts as the collateral manager, consist of senior, subordinated and, in certain instances, incentive management fees. Senior and subordinated management fees are calculated at a contractual fee rate applied against the end of the preceding quarter par value of the total collateral being managed with subordinated fees being recognized only after certain portfolio criteria are met. Incentive fees on certain of the Company's CLOs are typically 20% of the excess cash flows available to holders of the subordinated notes, above a threshold level internal rate of return. Distribution and Service Fees Distribution and service fees are asset-based fees earned from open-end funds for distribution services. Depending on the fund type or share class, these fees primarily consist of an asset-based fee (12b-1 fee) that is charged to the fund over a period of years to cover allowable sales and marketing expenses for the fund or front-end sales charges which are based on a percentage of the offering price. Asset-based distribution and service fees are primarily based on percentages of the average daily net assets value and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Distribution and service fees represent two performance obligations comprised of distribution and related shareholder servicing activities. Distribution services are generally satisfied upon the sale of a fund share. Shareholder servicing activities are generally services satisfied over time. The Company distributes its open-end funds through unaffiliated financial intermediaries that comprise national and regional broker dealers. These unaffiliated financial intermediaries provide distribution and shareholder service activities on behalf of the Company. The Company passes related distribution and service fees to these unaffiliated financial intermediaries for these services and considers itself the principal in these arrangements as it has control of the services prior to the services being transferred to the customer. These payments are classified within distribution and other asset-based expenses. Administration & Shareholder Service Fees The Company provides administrative fund services to its open-end funds and certain of its closed-end funds and shareholder services to its open-end funds. Administration and shareholder services are performed over time. The Company earns fees based on each fund’s average daily or weekly net assets which are calculated and paid monthly. Administrative fund services include: record keeping, preparing and filing documents required to comply with securities laws, legal administration and compliance services, customer service, supervision of the activities of the funds’ service providers, tax services and treasury services as well as providing office space, equipment and personnel that may be necessary for managing and administering the business affairs of the funds. Shareholder services include maintaining shareholder accounts, processing shareholder transactions, preparing filings and performing necessary reporting, among other things. Financial Statement Impact of the Adoption of ASC 606 The adoption of ASC 606 resulted in a change from the Company’s treatment under ASC 605 whereby front-end sales charges earned for the sale execution of certain share classes were presented net of the amounts retained by unaffiliated third-party dealers and banks. These front-end sales charges earned are now presented on a gross basis under ASC 606. The impact of adoption of ASC 606 on the Company's condensed consolidated statement of operations was as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 ($ in Thousands) As Balance Effect of Higher/(Lower) As Balance Effect of Higher/(Lower) Revenues Distribution and service fees $ 13,549 $ 11,455 $ 2,094 $ 26,156 $ 22,826 $ 3,330 Operating Expenses Distribution and other asset-based expenses $ 23,721 $ 21,627 $ 2,094 $ 46,012 $ 42,682 $ 3,330

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Business Combination	Business Combinations RidgeWorth Investments On June 1, 2017, 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. The total purchase price of the Acquisition was $547.1 million , comprising $485.2 million for the business and $61.9 million for certain balance sheet investments. The Company accounted for the acquisition in accordance with ASC 805 . The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the Acquisition. No incremental measurement period adjustments were recorded in the three and six months ended June 30, 2018 , the measurement period was complete on June 1, 2018. The following table summarizes the identified acquired assets and liabilities assumed as of the acquisition date: June 1, 2017 ($ 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 consolidated investment products ("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 Income of the Acquired Business subsequent to the effective closing date of the Acquisition of June 1, 2017 within the quarter ended June 30, 2017, was as follows: One Month Ended June 30, 2017 ($ in thousands) Total Revenues $ 11,536 Restructuring and severance $ 8,396 All other operating expenses $ 8,564 Operating Income (Loss) $ (5,424 ) Income (Loss) Before Income Taxes $ (5,398 ) The following unaudited pro forma condensed 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 Acquisition had been consummated on January 1, 2016. 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. Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 ($ in thousands, except per share amounts) Total Revenues $ 119,803 $ 237,395 Net Income (Loss) Attributable to Common Stockholders $ (2,724 ) $ 9,982 Basic EPS $ (0.39 ) $ 1.47 Diluted EPS $ (0.39 ) $ 1.42 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 definite-lived intangible assets 267,000 Indefinite-lived intangible assets: Trade names 8,700 N/A Total identifiable intangible assets $ 275,700 Sustainable Growth Advisers, LP On February 1, 2018 , the Company entered into an agreement to acquire a majority interest in Sustainable Growth Advisers, LP ("SGA"), an investment manager specializing in U.S. and global growth equity portfolios (the "Transaction"). The Transaction closed effective July 1, 2018.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: June 30, 2018 December 31, 2017 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 425,747 $ 425,747 Accumulated amortization (177,369 ) (167,309 ) Definite-lived intangible assets, net 248,378 258,438 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 291,894 $ 301,954 Activity in intangible assets, net is as follows: Six Months Ended June 30, 2018 2017 ($ in thousands) Intangible assets, net Balance, beginning of period $ 301,954 $ 38,427 Additions (1) — 275,700 Amortization (10,060 ) (2,046 ) Balance, end of period $ 291,894 $ 312,081 (1) See Note 4 for details on the acquired intangible assets related to the Acquisition. Estimated amortization expense of intangible assets for the remainder of fiscal year 2018 and succeeding fiscal years is as follows: ($ in thousands) Fiscal Year Amount 2018 $ 10,049 2019 20,043 2020 19,878 2021 19,867 2022 19,742 2023 and thereafter 158,799 $ 248,378

Investments

Investments	6 Months Ended
	Jun. 30, 2018
Investments Schedule [Abstract]
Investments	Investments At June 30, 2018 and December 31, 2017 , the Company's investments were as follows: June 30, 2018 December 31, 2017 ($ in thousands) Marketable securities $ 61,401 $ 66,424 Equity method investments 12,230 11,098 Nonqualified retirement plan assets 6,909 6,706 Investments in collateralized loan obligations 5,744 23,339 Other investments 925 925 Total investments $ 87,209 $ 108,492 Marketable Securities Marketable securities consist primarily of investments in the Company's sponsored mutual funds, excluding the investments in consolidated investment products discussed in Note 15. The composition of the Company’s marketable securities is summarized as follows: June 30, 2018 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Marketable securities: Sponsored funds $ 40,235 $ (895 ) $ 1,333 $ 40,673 Equity securities 14,018 (10 ) 3,000 17,008 Sponsored closed-end funds 3,778 (360 ) 302 3,720 Total marketable securities $ 58,031 $ (1,265 ) $ 4,635 $ 61,401 December 31, 2017 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Marketable securities: Sponsored funds $ 47,084 $ (1,294 ) $ 1,059 $ 46,849 Equity securities 13,141 (2 ) 2,671 15,810 Sponsored closed-end funds 3,761 (302 ) 306 3,765 Total marketable securities $ 63,986 $ (1,598 ) $ 4,036 $ 66,424 For the three and six months ended June 30, 2018 , the Company recognized net realized gains of $1.7 million and $1.3 million , respectively, on marketable securities. For the three and six months ended June 30, 2017 , the Company recognized net realized losses of $1.8 million and $1.9 million , respectively, on marketable securities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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, which are separately discussed in Note 15, as of June 30, 2018 and December 31, 2017 by fair value hierarchy level were as follows: June 30, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 99,441 $ — $ — $ 99,441 Marketable securities: Sponsored funds 40,673 — — 40,673 Equity securities 17,008 — — 17,008 Sponsored closed-end funds 3,720 — — 3,720 Other investments: Investments in collateralized loan obligations — — 5,744 5,744 Nonqualified retirement plan assets 6,909 — — 6,909 Total assets measured at fair value $ 167,751 $ — $ 5,744 $ 173,495 December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Marketable securities: Sponsored funds 46,849 — — 46,849 Equity securities 15,810 — — 15,810 Sponsored closed-end funds 3,765 — — 3,765 Other investments Investment 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 The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end mutual funds, closed-end funds and ETFs for which the Company acts as the investment manager. The fair value of open-end mutual funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs are determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. 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 or Level 3. Nonqualified retirement plan assets represent open-end mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Transfers into and out of levels are reflected when: (1) significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable; or (2) if the book value no longer represents fair value. There were no transfers between levels during the three and six months ended June 30, 2018 and 2017 . The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2018 2017 2018 2017 Level 3 Investments (a) Balance at beginning of period $ 5,532 $ — $ 4,439 $ — Acquired in period — 2,916 1,326 2,916 Change in unrealized gain (loss), net 212 7 (21 ) 7 Balance at end of period $ 5,744 $ 2,923 $ 5,744 $ 2,923 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

Equity Transactions

Equity Transactions	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity Transactions	Equity Transactions On May 15, 2018, the Company declared a quarterly cash dividend of $0.45 per common share to be paid on August 15, 2018 to shareholders of record at the close of business on July 31, 2018. The Company also declared a quarterly cash dividend of $1.8125 per share on the Company's 7.25% mandatory convertible preferred stock ("MCPS") to be paid on August 1, 2018 to shareholders of record at the close of business on July 16, 2018. As of June 30, 2018 , there were 823,134 shares available to be repurchased from a total of 4,180,045 shares of Company common stock that had been approved by the Company's Board of Directors. 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. During the six months ended June 30, 2018 , the Company repurchased 60,622 common shares at a weighted average price of $123.69 per share for a total cost, including fees and expenses, of $7.5 million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018 and 2017 were as follows: Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign ($ in thousands) Balance at December 31, 2017 $ (612 ) $ 12 Unrealized net gain (loss) on securities available-for-sale, net of tax of $77 (192 ) — Foreign currency translation adjustments, net of tax of $2 — (8 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1) 178 — Net current-period other comprehensive income (loss) (14 ) (8 ) Balance at June 30, 2018 $ (626 ) $ 4 Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments ($ in thousands) Balance at December 31, 2016 $ (224 ) $ — Unrealized net gain (loss) on securities available-for-sale, net of tax of $(83) 134 — Foreign currency translation adjustments — 2 Net current-period other comprehensive income (loss) 134 2 Balance at June 30, 2017 $ (90 ) $ 2 (1) On January 1, 2018, t he Company adopted amendments to ASC 825 pursuant to ASU 2016-01 . This standard 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.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company's Amended and Restated Omnibus Incentive and Equity Plan (the "Plan") provides for the grant of equity-based awards, including restricted stock units ("RSUs"), stock options and unrestricted shares of common stock. As of June 30, 2018 , a maximum of 2,400,000 shares of common stock were authorized for issuance under the Plan, and 300,637 shares remained available for issuance. Shares that are issued upon exercise of stock options and vesting of RSUs are newly issued shares from the Plan and are not issued from treasury stock. The Company recognized total stock compensation expense of $12.1 million and $9.5 million for the six months ended June 30, 2018 and 2017, respectively. Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs generally have a term of one to three years and may be time-vested or performance-contingent. The fair value of each RSU is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. RSU activity for the six months ended June 30, 2018 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 483,021 $ 104.16 Granted 175,284 $ 133.37 Settled (80,032 ) $ 110.81 Outstanding at June 30, 2018 578,273 $ 112.16 For the six months ended June 30, 2018 and 2017 , a total of 30,598 and 28,444 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $5.2 million and $3.0 million for the six months ended June 30, 2018 and 2017 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the six months ended June 30, 2018 , the Company granted 23,356 performance based stock awards ("PSUs") which contain performance-based metrics in addition to a service condition. 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 six months ended June 30, 2018 , total stock-based compensation expense for PSUs was $4.3 million . As of June 30, 2018 , unamortized stock-based compensation expense for unvested RSUs and PSUs was $42.3 million , with a weighted-average remaining amortization period of 1.8 years . Stock Options Stock options generally cliff vest after three years and have a contractual life of 10 years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. Stock option activity for the six months ended June 30, 2018 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2017 109,808 $ 16.44 Exercised (22,245 ) $ 31.38 Outstanding at June 30, 2018 87,563 $ 12.64

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (1) shares issuable upon the vesting of RSUs and common stock option exercises using the treasury stock method; and (2) shares issuable upon the conversion of the Company's MCPS, as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive. The computation of basic and diluted EPS is as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 ($ in thousands, except per share amounts) Net Income (Loss) $ 23,229 $ 28 $ 47,056 $ 13,773 Noncontrolling interests (159 ) (333 ) (686 ) (1,051 ) Net Income (Loss) Attributable to Stockholders 23,070 (305 ) 46,370 12,722 Preferred stock dividends (2,084 ) (2,084 ) (4,168 ) (4,168 ) Net Income (Loss) Attributable to Common Stockholders $ 20,986 $ (2,389 ) $ 42,202 $ 8,554 Shares (in thousands) : Basic: Weighted-average number of common shares outstanding 7,211 7,064 7,204 6,804 Plus: Incremental shares from assumed conversion of dilutive instruments 1,190 — 1,192 216 Diluted: Weighted-average number of common shares outstanding 8,401 7,064 8,396 7,020 Earnings (Loss) per Share—Basic $ 2.91 $ (0.34 ) $ 5.86 $ 1.26 Earnings (Loss) per Share—Diluted $ 2.75 $ (0.34 ) $ 5.52 $ 1.22 The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands) Restricted stock units and stock options 44 202 29 1 Preferred stock — 1,037 — 859 Total anti-dilutive securities 44 1,239 29 860

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, as compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 25.4% and 31.4% for the six months ended June 30, 2018 and 2017 , respectively. The decrease in the estimated effective tax rate was primarily due to the Tax Cuts and Jobs Act enacted on December 22, 2017, which included a reduction of the statutory federal corporate income tax rate to 21% from 35%. This decrease in tax rates was partially offset by a decrease in the tax benefit associated with valuation allowance changes related to the Company's investments.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt C redit Agreement On February 15, 2018 (the "Effective Date") the Company entered into Amendment No. 1 (the "Amendment") to its Credit Agreement, dated as of June 1, 2017, with Morgan Stanley Senior Funding, Inc., as administrative agent and the lenders from time to time party thereto (the Credit Agreement as amended by the Amendment is hereinafter referred to as the "Credit Agreement"). The Amendment provided commitments for an additional $105.0 million of term loans ("Additional Term Loans") which were subject to, among other customary conditions, the substantially concurrent consummation of the Company’s agreement to acquire (i) 70% of the outstanding limited partnership interests of SGA and (ii) 100% of the outstanding membership interests of SGIA, LLC, the general partner of SGA. On July 2, 2018, the Company borrowed the $105.0 million of additional term loans and used the proceeds, in combination with balance sheet resources, to fund the Transaction. The applicable margin on amounts outstanding under the Credit Agreement, commencing as of the Effective Date, is 2.50% , in the case of LIBOR-based loans, and 1.50% in the case of alternate base rate loans, in each case subject to a 25 basis point reduction based on the secured net leverage ratio (as defined in the Credit Agreement) of the Company as of the last day of the preceding fiscal quarter being not greater than 1.00 to 1.00, as reflected in certain financial reports required under the Credit Agreement. The Additional Term Loans were subject to a delayed draw fee accruing for the period (i) from the date which is 31 days after the Effective Date to the date which is 60 days after the Effective Date, at 1.25% per annum and (ii) thereafter, at 2.50% per annum until the funding of the Additional Term Loans on July 2, 2018. The Amendment also eliminated a maximum Total Net Leverage Ratio (as defined in the Credit Agreement) financial maintenance covenant as applied to term loans under the Credit Agreement. The Credit Agreement includes, for the benefit of revolving lenders, a financial maintenance covenant that the Company will not permit the Total Net Leverage Ratio to exceed 2.50 :1.00 as of the last day of any fiscal quarter, provided that this covenant will apply only if on such day the aggregate principal amount of outstanding revolving loans and letters of credit exceeds 30% of the aggregate revolving commitments as of such day. At June 30, 2018 , $258.1 million was outstanding under the Term Loan and no amounts were outstanding under the Company's $100.0 million revolving credit facility.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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, indemnities 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. 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. 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. The parties executed a final settlement agreement on May 18, 2018. On June 28, 2018, the Court entered an order preliminarily approving the settlement and scheduling a hearing for final approval on October 24, 2018. Upon final 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.

Consolidation

Consolidation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company also 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 condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017 : As of June 30, 2018 December 31, 2017 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 910 $ 40,327 $ 464 $ 820 $ 82,823 $ 18,489 Investments 28,756 1,722,625 23,688 34,623 1,555,879 7,250 Other assets 257 33,937 411 767 32,671 48 Notes payable — (1,569,663 ) — — (1,457,435 ) — Securities purchased payable and other liabilities (1,073 ) (112,701 ) (614 ) (1,319 ) (110,871 ) (764 ) Noncontrolling interests (3,381 ) (15,971 ) (39 ) (4,178 ) (16,667 ) — The Company’s net interests in consolidated investment vehicles $ 25,469 $ 98,554 $ 23,910 $ 30,713 $ 86,400 $ 25,023 Consolidated CLOs The majority of the Company's consolidated investment products that are VIEs are CLOs. At June 30, 2018 , the Company consolidated five CLOs including one CLO currently in warehouse-stage. The financial information of certain CLOs is included in the Company's condensed consolidated financial statements one-month in arrears 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 $1.7 billion at June 30, 2018 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 10.0% . At June 30, 2018 , the fair value of the senior bank loans exceeded the unpaid principal balance by $12.1 million . At June 30, 2018 , there were no collateral assets in default. Notes Payable of CLOs The CLOs have issued notes payable with a total value, at par, of $1.7 billion , consisting of senior secured floating rate notes payable with a par value of $1.4 billion , warehouse facility debt with a par value of $91.0 million and subordinated notes with a par value of $172.3 million . These note obligations bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 0.8% to 7.00% . The principal amounts outstanding of the note obligations issued by the CLOs mature on dates ranging from November 2018 to October 2029. The CLOs may elect to reinvest any prepayments received on bank loan investments between October 2019 and October 2021, depending on the CLO. Generally, subsequent prepayments received after the reinvestment period must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to: (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes and warehouse facility debt of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at June 30, 2018 , as shown in the table below: As of June 30, 2018 ($ in thousands) Subordinated notes $ 97,566 Accrued investment management fees 988 Total Beneficial Interests $ 98,554 The following table represents income and expenses of the consolidated CLOs included in the Company’s condensed consolidated statements of operations for the period indicated: Six Months Ended June 30, ($ in thousands) 2018 Income: Realized and unrealized gain (loss), net $ 1,935 Interest income 44,259 Total Income 46,194 Expenses: Other operating expenses 1,830 Interest expense 29,827 Total Expense 31,657 Noncontrolling interest (767 ) Net Income (loss) attributable to CIPs $ 13,770 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: Six Months Ended June 30, ($ in thousands) 2018 Distributions received and unrealized gains on the subordinated notes held by the Company $ 10,380 Investment management fees 3,390 Total Economic Interests $ 13,770 Fair Value Measurements of Consolidated Investment Products The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 by fair value hierarchy level were as follows: As of June 30, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 39,937 $ — $ — $ 39,937 Debt investments — 1,740,396 3,514 1,743,910 Equity investments 29,241 1,918 — 31,159 Total Assets Measured at Fair Value $ 69,178 $ 1,742,314 $ 3,514 $ 1,815,006 Liabilities Notes payable $ — $ 1,569,663 $ — $ 1,569,663 Short sales 804 — — 804 Total Liabilities Measured at Fair Value $ 804 $ 1,569,663 $ — $ 1,570,467 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 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 ma rket 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-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readil y available market prices, and are valued using an independent pricing service. Debt investments, including bank loan investments, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. 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 analysis 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 six months ended June 30, 2018 and 2017 , no securities held by consolidated investment products were transferred from Level 2 to Level 1. For the six months ended June 30, 2018 and 2017 , 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 condensed consolidated balance sheets within other liabilities of consolidated investment products and are classified as Level 1 based on the underlying equity security. The securities purchase payable at June 30, 2018 and December 31, 2017 approximated fair value due to the short-term nature of the instruments. The following table is a reconciliation of assets of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value: Six Months Ended June 30, ($ in thousands) 2018 2017 Level 3 Debt and Equity securities (a) Balance at beginning of period $ 34,781 $ 25 Realized gains (losses), net 1,993 (4 ) Change in unrealized gains (losses), net 575 — Acquired in business combination — 9,150 Purchases 7,122 100 Paydowns — — Amortization 19 — Sales (13,884 ) (121 ) Transfers to Level 2 (30,606 ) — Transfers from Level 2 3,514 — Balance at end of period $ 3,514 $ 9,150 (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 are due to trading activities at period end. 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 June 30, 2018 , the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $59.8 million .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 1, 2018 the Company closed on its majority investment in Sustainable Growth Advisers, an investment manager with $11.3 billion in assets under management at June 30, 2018. The transaction was financed with balance sheet resources and $105.0 million of term loan debt, which was drawn at the closing.

Basis of Presentation and Sig27

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2017 Annual Report on Form 10-K.
New Accounting Standards	New Accounting Standards Implemented On January 1, 2018, t he Company adopted the new Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), pursuant to Accounting Standards Update ("ASU") 2014-09 , Revenue from Contracts with Customers, and all the related amendments ("the new revenue standard") using the modified retrospective approach. The core principle of the new revenue standard 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. Based on the revised criteria in the new revenue standard for determining whether the Company is acting as a principal or agent, certain costs that were previously presented on a net of revenue basis are now presented on a gross basis. The comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. No cumulative-effect adjustment to the balance sheet was necessary upon the adoption of ASC 606. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). On January 1, 2018, t he Company adopted amendments to ASC 825 - Financial Instruments pursuant to ASU 2016-01 . This standard 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. The Company recorded a $0.2 million cumulative-effect adjustment to the balance sheet upon adoption. ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). On January 1, 2018, t he Company adopted amendments to ASC 230 - Statement of Cash Flows ("ASC 230") on a retrospective basis pursuant to ASU 2016-15 . This standard 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. T he adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). On January 1, 2018, the Company adopted amendments to ASC 230 on a retrospective basis pursuant to ASU 2016-18 . This standard requires the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning and ending cash on the statement of cash flows. Restricted cash includes cash pledged or on deposit with brokers of consolidated investment products. Cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows now includes $0.8 million , $0.9 million and $1.0 million of cash pledged or on deposit of consolidated investment products as of December 31, 2017, June 30, 2017, and December 31, 2016, respectively, as well as previously reported cash and cash equivalents. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). On January 1, 2018, t he Company adopted amendments to ASC 805 - Business Combinations ("ASC 805") pursuant to ASU 2017-01, and will a pply the standard prospectively. This standard provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). On January 1, 2018, t he Company adopted amendments to ASC 350 - Intangibles Goodwill and Other pursuant to ASU 2017-04, and will a pply the standard prospectively for all future annual and interim goodwill impairment tests . Under ASU 2017-04, a goodwill impairment is defined to be the amount by which a reporting unit’s carrying value exceeds its fair value. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. ASU 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). In March 2018, the Company adopted the amendments to ASC 740 - Income Taxes pursuant to ASU 2018-05. The standard adds various Securities and Exchange Commission ("SEC") paragraphs pursuant to the issuance of the December 2017 SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"), which was effective immediately. The SEC issued SAB 118 to address concerns about reporting entities’ ability to comply with the accounting requirements to recognize all of the effects of the Tax Cuts and Jobs Act in the period of enactment on a timely basis. SAB 118 allows disclosure stating that timely determination of some or all of the income tax effects from the Tax Cuts and Jobs Act are incomplete by the due date of the financial statements and if possible to provide a reasonable estimate of the income tax effects. We have accounted for the tax effects of the Tax Cuts and Jobs Act under the guidance of SAB 118, on a provisional basis. Our accounting for certain income tax effects is incomplete, but we have determined reasonable estimates for those effects and have recorded provisional amounts in our condensed consolidated financial statements as of June 30, 2018 and December 31, 2017. New Accounting Standards Not Yet Implemented In July 2018, the FASB issued ASU 2018-09, Codification Improvements ("ASU 2018-09"). This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB ASC areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while other updates provide for a transition period for adoption over the next fiscal year beginning after December 15, 2018. The Company is currently evaluating the potential impact of the guidance but does not expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). The standard provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 - Leases 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) , which provides narrow amendments to clarify how to apply certain aspects of ASU 2016-02. Both standards are 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 condensed consolidated financial statements but expects to record a right-of-use asset and a related lease obligation in the Company's condensed consolidated balance sheet upon adoption.
Fair Value Measurements	The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end mutual funds, closed-end funds and ETFs for which the Company acts as the investment manager. The fair value of open-end mutual funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs are determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. 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 or Level 3. Nonqualified retirement plan assets represent open-end mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Cash equivalents represent investments in money ma rket 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-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readil y available market prices, and are valued using an independent pricing service. Debt investments, including bank loan investments, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. 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 analysis 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.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when: (1) significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable; or (2) if the book value no longer represents fair value.
Consolidation and 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.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenue by source: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 (1) 2018 2017 (1) ($ in thousands) Investment management fees Open-end funds $ 57,192 $ 39,186 $ 111,566 $ 69,712 Closed-end funds 10,168 11,174 20,547 22,253 Retail separate accounts 17,091 12,759 33,620 24,192 Institutional accounts 15,778 8,790 31,596 13,931 Structured products 2,068 1,163 4,394 1,662 Other products 871 990 1,921 1,583 Total investment management fees 103,168 74,062 203,644 133,333 Distribution and service fees 13,549 10,439 26,156 21,222 Administration and shareholder service fees 15,967 9,476 31,705 18,457 Other income and fees 248 155 455 896 Total revenues $ 132,932 $ 94,132 $ 261,960 $ 173,908 (1) Prior period amounts have not been adjusted and are reported in accordance with historical accounting under ASC 605, Revenue Recognition .
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The impact of adoption of ASC 606 on the Company's condensed consolidated statement of operations was as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 ($ in Thousands) As Balance Effect of Higher/(Lower) As Balance Effect of Higher/(Lower) Revenues Distribution and service fees $ 13,549 $ 11,455 $ 2,094 $ 26,156 $ 22,826 $ 3,330 Operating Expenses Distribution and other asset-based expenses $ 23,721 $ 21,627 $ 2,094 $ 46,012 $ 42,682 $ 3,330

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the 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 consolidated investment products ("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
Business Acquisition, Pro Forma Information	Income of the Acquired Business subsequent to the effective closing date of the Acquisition of June 1, 2017 within the quarter ended June 30, 2017, was as follows: One Month Ended June 30, 2017 ($ in thousands) Total Revenues $ 11,536 Restructuring and severance $ 8,396 All other operating expenses $ 8,564 Operating Income (Loss) $ (5,424 ) Income (Loss) Before Income Taxes $ (5,398 ) The following unaudited pro forma condensed 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 Acquisition had been consummated on January 1, 2016. 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. Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 ($ in thousands, except per share amounts) Total Revenues $ 119,803 $ 237,395 Net Income (Loss) Attributable to Common Stockholders $ (2,724 ) $ 9,982 Basic EPS $ (0.39 ) $ 1.47 Diluted EPS $ (0.39 ) $ 1.42
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 definite-lived intangible assets 267,000 Indefinite-lived intangible assets: Trade names 8,700 N/A Total identifiable intangible assets $ 275,700

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: June 30, 2018 December 31, 2017 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 425,747 $ 425,747 Accumulated amortization (177,369 ) (167,309 ) Definite-lived intangible assets, net 248,378 258,438 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 291,894 $ 301,954
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Six Months Ended June 30, 2018 2017 ($ in thousands) Intangible assets, net Balance, beginning of period $ 301,954 $ 38,427 Additions (1) — 275,700 Amortization (10,060 ) (2,046 ) Balance, end of period $ 291,894 $ 312,081 (1) See Note 4 for details on the acquired intangible assets related to the Acquisition.
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years	Estimated amortization expense of intangible assets for the remainder of fiscal year 2018 and succeeding fiscal years is as follows: ($ in thousands) Fiscal Year Amount 2018 $ 10,049 2019 20,043 2020 19,878 2021 19,867 2022 19,742 2023 and thereafter 158,799 $ 248,378

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Investments Schedule [Abstract]
Summary of Investments	At June 30, 2018 and December 31, 2017 , the Company's investments were as follows: June 30, 2018 December 31, 2017 ($ in thousands) Marketable securities $ 61,401 $ 66,424 Equity method investments 12,230 11,098 Nonqualified retirement plan assets 6,909 6,706 Investments in collateralized loan obligations 5,744 23,339 Other investments 925 925 Total investments $ 87,209 $ 108,492
Schedule of Marketable Securities	The composition of the Company’s marketable securities is summarized as follows: June 30, 2018 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Marketable securities: Sponsored funds $ 40,235 $ (895 ) $ 1,333 $ 40,673 Equity securities 14,018 (10 ) 3,000 17,008 Sponsored closed-end funds 3,778 (360 ) 302 3,720 Total marketable securities $ 58,031 $ (1,265 ) $ 4,635 $ 61,401 December 31, 2017 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Marketable securities: Sponsored funds $ 47,084 $ (1,294 ) $ 1,059 $ 46,849 Equity securities 13,141 (2 ) 2,671 15,810 Sponsored closed-end funds 3,761 (302 ) 306 3,765 Total marketable securities $ 63,986 $ (1,598 ) $ 4,036 $ 66,424

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
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, which are separately discussed in Note 15, as of June 30, 2018 and December 31, 2017 by fair value hierarchy level were as follows: June 30, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 99,441 $ — $ — $ 99,441 Marketable securities: Sponsored funds 40,673 — — 40,673 Equity securities 17,008 — — 17,008 Sponsored closed-end funds 3,720 — — 3,720 Other investments: Investments in collateralized loan obligations — — 5,744 5,744 Nonqualified retirement plan assets 6,909 — — 6,909 Total assets measured at fair value $ 167,751 $ — $ 5,744 $ 173,495 December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Marketable securities: Sponsored funds 46,849 — — 46,849 Equity securities 15,810 — — 15,810 Sponsored closed-end funds 3,765 — — 3,765 Other investments Investment 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 The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 by fair value hierarchy level were as follows: As of June 30, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 39,937 $ — $ — $ 39,937 Debt investments — 1,740,396 3,514 1,743,910 Equity investments 29,241 1,918 — 31,159 Total Assets Measured at Fair Value $ 69,178 $ 1,742,314 $ 3,514 $ 1,815,006 Liabilities Notes payable $ — $ 1,569,663 $ — $ 1,569,663 Short sales 804 — — 804 Total Liabilities Measured at Fair Value $ 804 $ 1,569,663 $ — $ 1,570,467 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
Reconciliation of Level Three Investments	The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2018 2017 2018 2017 Level 3 Investments (a) Balance at beginning of period $ 5,532 $ — $ 4,439 $ — Acquired in period — 2,916 1,326 2,916 Change in unrealized gain (loss), net 212 7 (21 ) 7 Balance at end of period $ 5,744 $ 2,923 $ 5,744 $ 2,923 (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 of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value: Six Months Ended June 30, ($ in thousands) 2018 2017 Level 3 Debt and Equity securities (a) Balance at beginning of period $ 34,781 $ 25 Realized gains (losses), net 1,993 (4 ) Change in unrealized gains (losses), net 575 — Acquired in business combination — 9,150 Purchases 7,122 100 Paydowns — — Amortization 19 — Sales (13,884 ) (121 ) Transfers to Level 2 (30,606 ) — Transfers from Level 2 3,514 — Balance at end of period $ 3,514 $ 9,150 (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 are due to trading activities at period end.

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018 and 2017 were as follows: Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign ($ in thousands) Balance at December 31, 2017 $ (612 ) $ 12 Unrealized net gain (loss) on securities available-for-sale, net of tax of $77 (192 ) — Foreign currency translation adjustments, net of tax of $2 — (8 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1) 178 — Net current-period other comprehensive income (loss) (14 ) (8 ) Balance at June 30, 2018 $ (626 ) $ 4 Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments ($ in thousands) Balance at December 31, 2016 $ (224 ) $ — Unrealized net gain (loss) on securities available-for-sale, net of tax of $(83) 134 — Foreign currency translation adjustments — 2 Net current-period other comprehensive income (loss) 134 2 Balance at June 30, 2017 $ (90 ) $ 2 (1) On January 1, 2018, t he Company adopted amendments to ASC 825 pursuant to ASU 2016-01 . This standard 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.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Units Activity	RSU activity for the six months ended June 30, 2018 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 483,021 $ 104.16 Granted 175,284 $ 133.37 Settled (80,032 ) $ 110.81 Outstanding at June 30, 2018 578,273 $ 112.16
Summary of Stock Option Activity	Stock option activity for the six months ended June 30, 2018 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2017 109,808 $ 16.44 Exercised (22,245 ) $ 31.38 Outstanding at June 30, 2018 87,563 $ 12.64

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The computation of basic and diluted EPS is as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 ($ in thousands, except per share amounts) Net Income (Loss) $ 23,229 $ 28 $ 47,056 $ 13,773 Noncontrolling interests (159 ) (333 ) (686 ) (1,051 ) Net Income (Loss) Attributable to Stockholders 23,070 (305 ) 46,370 12,722 Preferred stock dividends (2,084 ) (2,084 ) (4,168 ) (4,168 ) Net Income (Loss) Attributable to Common Stockholders $ 20,986 $ (2,389 ) $ 42,202 $ 8,554 Shares (in thousands) : Basic: Weighted-average number of common shares outstanding 7,211 7,064 7,204 6,804 Plus: Incremental shares from assumed conversion of dilutive instruments 1,190 — 1,192 216 Diluted: Weighted-average number of common shares outstanding 8,401 7,064 8,396 7,020 Earnings (Loss) per Share—Basic $ 2.91 $ (0.34 ) $ 5.86 $ 1.26 Earnings (Loss) per Share—Diluted $ 2.75 $ (0.34 ) $ 5.52 $ 1.22
Securities Excluded from Computation of Diluted EPS	The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands) Restricted stock units and stock options 44 202 29 1 Preferred stock — 1,037 — 859 Total anti-dilutive securities 44 1,239 29 860

Consolidation (Tables)

Consolidation (Tables)	6 Months Ended
	Jun. 30, 2018
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 condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017 : As of June 30, 2018 December 31, 2017 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 910 $ 40,327 $ 464 $ 820 $ 82,823 $ 18,489 Investments 28,756 1,722,625 23,688 34,623 1,555,879 7,250 Other assets 257 33,937 411 767 32,671 48 Notes payable — (1,569,663 ) — — (1,457,435 ) — Securities purchased payable and other liabilities (1,073 ) (112,701 ) (614 ) (1,319 ) (110,871 ) (764 ) Noncontrolling interests (3,381 ) (15,971 ) (39 ) (4,178 ) (16,667 ) — The Company’s net interests in consolidated investment vehicles $ 25,469 $ 98,554 $ 23,910 $ 30,713 $ 86,400 $ 25,023
Schedule of Consolidated Collateralized Loan Obligations	Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative 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 June 30, 2018 , as shown in the table below: As of June 30, 2018 ($ in thousands) Subordinated notes $ 97,566 Accrued investment management fees 988 Total Beneficial Interests $ 98,554 The following table represents income and expenses of the consolidated CLOs included in the Company’s condensed consolidated statements of operations for the period indicated: Six Months Ended June 30, ($ in thousands) 2018 Income: Realized and unrealized gain (loss), net $ 1,935 Interest income 44,259 Total Income 46,194 Expenses: Other operating expenses 1,830 Interest expense 29,827 Total Expense 31,657 Noncontrolling interest (767 ) Net Income (loss) attributable to CIPs $ 13,770 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: Six Months Ended June 30, ($ in thousands) 2018 Distributions received and unrealized gains on the subordinated notes held by the Company $ 10,380 Investment management fees 3,390 Total Economic Interests $ 13,770
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, which are separately discussed in Note 15, as of June 30, 2018 and December 31, 2017 by fair value hierarchy level were as follows: June 30, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 99,441 $ — $ — $ 99,441 Marketable securities: Sponsored funds 40,673 — — 40,673 Equity securities 17,008 — — 17,008 Sponsored closed-end funds 3,720 — — 3,720 Other investments: Investments in collateralized loan obligations — — 5,744 5,744 Nonqualified retirement plan assets 6,909 — — 6,909 Total assets measured at fair value $ 167,751 $ — $ 5,744 $ 173,495 December 31, 2017 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Marketable securities: Sponsored funds 46,849 — — 46,849 Equity securities 15,810 — — 15,810 Sponsored closed-end funds 3,765 — — 3,765 Other investments Investment 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 The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 by fair value hierarchy level were as follows: As of June 30, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 39,937 $ — $ — $ 39,937 Debt investments — 1,740,396 3,514 1,743,910 Equity investments 29,241 1,918 — 31,159 Total Assets Measured at Fair Value $ 69,178 $ 1,742,314 $ 3,514 $ 1,815,006 Liabilities Notes payable $ — $ 1,569,663 $ — $ 1,569,663 Short sales 804 — — 804 Total Liabilities Measured at Fair Value $ 804 $ 1,569,663 $ — $ 1,570,467 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
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. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2018 2017 2018 2017 Level 3 Investments (a) Balance at beginning of period $ 5,532 $ — $ 4,439 $ — Acquired in period — 2,916 1,326 2,916 Change in unrealized gain (loss), net 212 7 (21 ) 7 Balance at end of period $ 5,744 $ 2,923 $ 5,744 $ 2,923 (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 of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value: Six Months Ended June 30, ($ in thousands) 2018 2017 Level 3 Debt and Equity securities (a) Balance at beginning of period $ 34,781 $ 25 Realized gains (losses), net 1,993 (4 ) Change in unrealized gains (losses), net 575 — Acquired in business combination — 9,150 Purchases 7,122 100 Paydowns — — Amortization 19 — Sales (13,884 ) (121 ) Transfers to Level 2 (30,606 ) — Transfers from Level 2 3,514 — Balance at end of period $ 3,514 $ 9,150 (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 are due to trading activities at period end.

Basis of Presentation and Sig37

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment for adoption of ASU			$ 1,051
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment for adoption of ASU	$ 200
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash pledged or on deposit of CIP	$ 800	$ 900	$ 1,000

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 132,932	$ 94,132	$ 261,960	$ 173,908
Investment management fees
Disaggregation of Revenue [Line Items]
Revenues	103,168	74,062	203,644	133,333
Open-end funds
Disaggregation of Revenue [Line Items]
Revenues	57,192	39,186	111,566	69,712
Closed-end funds
Disaggregation of Revenue [Line Items]
Revenues	10,168	11,174	20,547	22,253
Retail separate accounts
Disaggregation of Revenue [Line Items]
Revenues	17,091	12,759	33,620	24,192
Institutional accounts
Disaggregation of Revenue [Line Items]
Revenues	15,778	8,790	31,596	13,931
Structured products
Disaggregation of Revenue [Line Items]
Revenues	2,068	1,163	4,394	1,662
Other products
Disaggregation of Revenue [Line Items]
Revenues	871	990	1,921	1,583
Distribution and service fees
Disaggregation of Revenue [Line Items]
Revenues	13,549	10,439	26,156	21,222
Administration and shareholder service fees
Disaggregation of Revenue [Line Items]
Revenues	15,967	9,476	31,705	18,457
Other income and fees
Disaggregation of Revenue [Line Items]
Revenues	$ 248	$ 155	$ 455	$ 896

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Subadvisory fees for mutual funds	$ 12.3	$ 25.2

Revenues - Financial Statement

Revenues - Financial Statement Impact of Adopting ASC 606 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 132,932	$ 94,132	$ 261,960	$ 173,908
Distribution and other asset-based expenses	23,721	15,764	46,012	31,087
Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Distribution and other asset-based expenses	21,627		42,682
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Distribution and other asset-based expenses	2,094		3,330
Distribution and service fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	13,549	$ 10,439	26,156	$ 21,222
Distribution and service fees | Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	11,455		22,826
Distribution and service fees | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 2,094		$ 3,330

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 01, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Total operating expenses		$ 105,624	$ 90,948	$ 212,035	$ 160,677
Employment expenses		$ 54,868	$ 42,992	115,564	$ 82,633
Purchase price, cash				$ 471,400
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
Purchase price	547,100
Consolidated entity excluding consolidated investment products | RidgeWorth
Business Acquisition [Line Items]
Purchase price	485,200
CLOs | RidgeWorth
Business Acquisition [Line Items]
Purchase price	$ 61,900

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Definite-lived intangible assets:
Investment contracts	$ 425,747	$ 425,747
Accumulated amortization	(177,369)	(167,309)
Definite-lived intangible assets, net	248,378	258,438
Indefinite-lived intangible assets	43,516	43,516
Total intangible assets, net	$ 291,894	$ 301,954	$ 312,081	$ 38,427

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities & Equity Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 01, 2017
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 170,153	$ 170,153
RidgeWorth
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Accounts receivable			$ 20,311
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 entity excluding consolidated investment products | RidgeWorth
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents			39,343
Investments			5,516
Other assets			3,003
Consolidated investment products | RidgeWorth
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
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

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Intangible assets, net
Balance, beginning of period	$ 301,954	$ 38,427
Additions (1)	0	275,700
Amortization	(10,060)	(2,046)
Balance, end of period	$ 291,894	$ 312,081

Business Combinations - Schedul

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

Intangible Assets, Net - Sche46

Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 10,049
2,019	20,043
2,020	19,878
2,021	19,867
2,022	19,742
2023 and thereafter	158,799
Definite-lived intangible assets, net	$ 248,378	$ 258,438

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - RidgeWorth - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2017
Actual results subsequent to closing date:
Total Revenues	$ 11,536
Restructuring and severance	8,396
All other operating expenses	8,564
Operating Income (Loss)	(5,424)
Income (Loss) Before Income Taxes	$ (5,398)
Pro Forma results:
Total Revenues		$ 119,803	$ 237,395
Net Income (Loss) Attributable to Common Stockholders		$ (2,724)	$ 9,982
Basic EPS (in dollars per share)		$ (0.39)	$ 1.47
Diluted EPS (in dollars per share)		$ (0.39)	$ 1.42

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - Parent - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investment [Line Items]
Marketable securities	$ 61,401	$ 66,424
Equity method investments	12,230	11,098
Nonqualified retirement plan assets	6,909	6,706
Investments in collateralized loan obligations	5,744	23,339
Other investments	925	925
Total investments	$ 87,209	$ 108,492

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Marketable securities:
Cost	$ 58,031	$ 63,986
Unrealized Loss	1,265	1,598
Unrealized Gain	4,635	4,036
Fair Value	61,401	66,424
Sponsored funds
Marketable securities:
Cost	40,235	47,084
Unrealized Loss	(895)	(1,294)
Unrealized Gain	1,333	1,059
Fair Value	40,673	46,849
Fair Value	40,673	46,849
Equity securities
Marketable securities:
Cost	14,018	13,141
Unrealized Loss	10	2
Unrealized Gain	3,000	2,671
Fair Value	17,008	15,810
Fair Value	17,008	15,810
Sponsored closed-end funds
Marketable securities:
Cost	3,778	3,761
Unrealized Loss	360	302
Unrealized Gain	302	306
Fair Value	3,720	3,765
Fair Value	$ 3,720	$ 3,765

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investments Schedule [Abstract]
Realized gain (loss) on marketable securities	$ 1.7	$ (1.8)	$ 1.3	$ (1.9)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash equivalents	$ 99,441	$ 72,993
Marketable securities:
Marketable securities trading	61,401	66,424
Other investments:
Total assets measured at fair value	173,495	169,462
Sponsored funds
Marketable securities:
Marketable securities trading	40,673	46,849
Equity securities
Marketable securities:
Marketable securities trading	17,008	15,810
Sponsored closed-end funds
Marketable securities:
Marketable securities trading	3,720	3,765
Collateralized loan obligation
Other investments:
Investments in collateralized loan obligations	5,744	23,339
Nonqualified retirement plan assets
Other investments:
Nonqualified retirement plan assets	6,909	6,706
Level 1
Assets
Cash equivalents	99,441	72,993
Other investments:
Total assets measured at fair value	167,751	146,123
Level 1 | Sponsored funds
Marketable securities:
Marketable securities trading	40,673	46,849
Level 1 | Equity securities
Marketable securities:
Marketable securities trading	17,008	15,810
Level 1 | Sponsored closed-end funds
Marketable securities:
Marketable securities trading	3,720	3,765
Level 1 | Collateralized loan obligation
Other investments:
Investments in collateralized loan obligations	0	0
Level 1 | Nonqualified retirement plan assets
Other investments:
Nonqualified retirement plan assets	6,909	6,706
Level 2
Assets
Cash equivalents	0	0
Other investments:
Total assets measured at fair value	0	18,900
Level 2 | Sponsored funds
Marketable securities:
Marketable securities trading	0	0
Level 2 | Equity securities
Marketable securities:
Marketable securities trading	0	0
Level 2 | Sponsored closed-end funds
Marketable securities:
Marketable securities trading	0	0
Level 2 | Collateralized loan obligation
Other investments:
Investments in collateralized loan obligations	0	18,900
Level 2 | Nonqualified retirement plan assets
Other investments:
Nonqualified retirement plan assets	0	0
Level 3
Assets
Cash equivalents	0	0
Other investments:
Total assets measured at fair value	5,744	4,439
Level 3 | Sponsored funds
Marketable securities:
Marketable securities trading	0	0
Level 3 | Equity securities
Marketable securities:
Marketable securities trading	0	0
Level 3 | Sponsored closed-end funds
Marketable securities:
Marketable securities trading	0	0
Level 3 | Collateralized loan obligation
Other investments:
Investments in collateralized loan obligations	5,744	4,439
Level 3 | Nonqualified retirement plan assets
Other investments:
Nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair value, equity, Level 1 to Level 2 transfers, amount	$ 0	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level Three Investments (Details) - Level 3 - Investments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 5,532	$ 0	$ 4,439	$ 0
Acquired in period	0	2,916	1,326	2,916
Change in unrealized gain (loss), net	212	7	(21)	7
Balance at end of period	$ 5,744	$ 2,923	$ 5,744	$ 2,923

Equity Transactions - Additiona

Equity Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 15, 2018	May 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity, Class of Treasury Stock [Line Items]
Common stock cash dividends declared per share (in $ per share)	$ 0.45		$ 0.45	$ 0.45	$ 0.90	$ 0.90
Preferred stock cash dividends declared per share (in $ per share)		$ 1.8125	$ 1.81	$ 1.81	$ 3.63	$ 3.63
Shares available for repurchase (in shares)			823,134		823,134
Shares authorized for repurchase (in shares)			4,180,045		4,180,045
Repurchases of common shares (in shares)					60,622
Weighted average price (in dollars per share)					$ 123.69
Total cost of shares repurchased					$ 7.5
Public offering 1 | Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock dividend rate					7.25%

Accumulated Other Comprehensi55

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 605,224	$ 321,673
Other comprehensive income (loss)	$ 39	$ 48	(200)	136
Ending Balance	640,366	589,333	640,366	589,333
Unrealized Net Gains and (Losses) on Securities Available-for-Sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(612)	(224)
Other comprehensive income (loss), before reclassifications			(192)	134
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1)			178
Other comprehensive income (loss)			(14)	134
Ending Balance	(626)	(90)	(626)	(90)
Other comprehensive income (loss), before reclassifications, tax			77	(83)
Reclassification from AOCI, tax			(61)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			12	0
Other comprehensive income (loss), before reclassifications			(8)	2
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1)			0
Other comprehensive income (loss)			(8)	2
Ending Balance	$ 4	$ 2	4	$ 2
Other comprehensive income (loss), before reclassifications, tax			$ 2

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance (in shares)	2,400,000
Shares of common stock available for issuance (in shares)	300,637
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 12.1	$ 9.5
Unamortized stock-based compensation expense	$ 42.3
Weighted-average remaining amortization period	1 year 10 months 2 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)	30,598	28,444
Cash used for employee withholding tax payments	$ 5.2	$ 3
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	23,356
Period for recognition of compensation expense	3 years
Stock-based compensation expense	$ 4.3
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	3 years
Contractual life	10 years
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	1 year
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance | shares	483,021
Number of shares, Granted | shares	175,284
Number of shares, Settled | shares	(80,032)
Number of shares, Ending Balance | shares	578,273
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in $ per share) | $ / shares	$ 104.16
Weighted Average Grant Date Fair Value, Granted (in $ per share) | $ / shares	133.37
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	110.81
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 112.16

Stock-Based Compensation - Su58

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance | shares	109,808
Number of Shares, Exercised | shares	(22,245)
Number of Shares, Ending Balance | shares	87,563
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Beginning Balance (in $ per share) | $ / shares	$ 16.44
Weighted Average Exercise Price, Exercised (in $ per share) | $ / shares	31.38
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 12.64

Earnings per Share - Schedule o

Earnings per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income (Loss)	$ 23,229	$ 28	$ 47,056	$ 13,773
Noncontrolling interests	(159)	(333)	(686)	(1,051)
Net Income (Loss) Attributable to Stockholders	23,070	(305)	46,370	12,722
Preferred stockholder dividends	(2,084)	(2,084)	(4,168)	(4,168)
Net Income (Loss) Attributable to Common Stockholders	$ 20,986	$ (2,389)	$ 42,202	$ 8,554
Shares:
Basic: Weighted-average number of common shares outstanding (in shares)	7,211	7,064	7,204	6,804
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	1,190	0	1,192	216
Diluted: Weighted-average number of common shares outstanding (in shares)	8,401	7,064	8,396	7,020
Earnings (Loss) per share—Basic (in $ per share)	$ 2.91	$ (0.34)	$ 5.86	$ 1.26
Earnings (Loss) per Share—Diluted (in $ per share)	$ 2.75	$ (0.34)	$ 5.52	$ 1.22

Earnings per Share - Securities

Earnings per Share - Securities Excluded from Computation of Diluted EPS (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	44	1,239	29	860
Restricted stock units and stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	44	202	29	1
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	0	1,037	0	859

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	25.40%	31.40%

Debt (Details)

Debt (Details) - USD ($)	Jul. 02, 2018	Apr. 15, 2018	Mar. 16, 2018	Feb. 15, 2018	Jun. 30, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Amount outstanding					$ 245,147,000	$ 248,320,000
Additional Term Loan 2018 | Term loan
Line of Credit Facility [Line Items]
Borrowing capacity				$ 105,000,000
Covenant terms, leverage ratio				2.50
Covenant terms, percent of aggregate revolving commitments				30.00%
Credit Facility
Line of Credit Facility [Line Items]
Period after effective date		60 days	31 days
Delayed draw fee, percent		2.50%	1.25%
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				2.50%
Basis spread on variable rate, reduction in rate				0.25%
Potential reduction to basis spread on variable rate, pro forma leverage ratio used for calculation				1
Credit Facility | Alternate base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				1.50%
Credit Facility | Term loan
Line of Credit Facility [Line Items]
Amount outstanding					258,100,000
Credit Facility | Revolving credit facility
Line of Credit Facility [Line Items]
Borrowing capacity					100,000,000
Amount outstanding					$ 0
Sustainable Growth Advisers, LP
Line of Credit Facility [Line Items]
Percentage of voting interests acquired				70.00%
SGIA, LLC
Line of Credit Facility [Line Items]
Percentage of voting interests acquired				100.00%
Subsequent Event | Sustainable Growth Advisers, LP
Line of Credit Facility [Line Items]
Term loan debt drawn at closing	$ 105,000,000

Commitments and Contingencies (

Commitments and Contingencies (Detail) - Virtus Investment Partners, Inc. Securities Litigation	Jul. 01, 2016defendant	Apr. 21, 2015plaintiff
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff		3
Number of defendants dismissed | defendant	1

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 180,528	$ 234,282	$ 179,893	$ 83,671
Noncontrolling interests	(3,420)	(4,178)	$ (57,336)	$ (37,266)
VOEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	910	820
Investments	28,756	34,623
Other assets	257	767
Notes payable	0	0
Securities purchased payable and other liabilities	(1,073)	(1,319)
Noncontrolling interests	(3,381)	(4,178)
The Company’s net interests in consolidated investment vehicles	25,469	30,713
CLOs
Variable Interest Entity [Line Items]
Cash and cash equivalents	40,327	82,823
Investments	1,722,625	1,555,879
Other assets	33,937	32,671
Notes payable	(1,569,663)	(1,457,435)
Securities purchased payable and other liabilities	(112,701)	(110,871)
Noncontrolling interests	(15,971)	(16,667)
The Company’s net interests in consolidated investment vehicles	98,554	86,400
Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	464	18,489
Investments	23,688	7,250
Other assets	411	48
Notes payable	0	0
Securities purchased payable and other liabilities	(614)	(764)
Noncontrolling interests	(39)	0
The Company’s net interests in consolidated investment vehicles	$ 23,910	$ 25,023

Consolidation - Additional Info

Consolidation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2018USD ($)collateralized_loan_obligation	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)
Variable Interest Entity [Line Items]
Fair value, securities, Level 1 to Level 2 transfers, amount	$ 0		$ 0
CLOs
Variable Interest Entity [Line Items]
Number of CLOs consolidated | collateralized_loan_obligation	5
Investments	$ 1,722,625,000	$ 1,555,879,000
Consolidated investment products
Variable Interest Entity [Line Items]
Investments	1,775,069,000	$ 1,597,752,000
Fair value, securities, Level 2 to Level 1 transfers, amount	0
Fair value, securities, Level 1 to Level 2 transfers, amount	0
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 59,800,000
LIBOR | CLOs
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	10.00%
LIBOR | Minimum | CLOs
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	0.80%
LIBOR | Maximum | CLOs
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	7.00%
Senior Notes | CLOs
Variable Interest Entity [Line Items]
Unpaid principal balance exceeds fair value	$ 12,100,000
Subordinated Notes - Newfleet CLO 2016-1 | CLOs
Variable Interest Entity [Line Items]
Debt par value	1,709,300,000
Subordinated Notes - Newfleet CLO 2016-1 | Warehouse Facility Debt | CLOs
Variable Interest Entity [Line Items]
Debt par value	90,970,000
Subordinated Notes - Newfleet CLO 2016-1 | Subordinated Debt | CLOs
Variable Interest Entity [Line Items]
Debt par value	172,300,000
Senior Secured Floating Rate Notes - Newfleet CLO 2016-1 | Senior Notes | CLOs
Variable Interest Entity [Line Items]
Debt par value	$ 1,446,000,000

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	Jun. 30, 2018USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 97,566
Accrued investment management fees	988
Total Beneficial Interests	$ 98,554

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Expenses:
Other operating expenses	$ 19,128	$ 20,236	$ 35,990	$ 33,462
Noncontrolling interest	(159)	(333)	(686)	(1,051)
Net Income (Loss) Attributable to Common Stockholders	$ 20,986	$ (2,389)	42,202	$ 8,554
CLOs
Income:
Realized and unrealized gain (loss), net			1,935
Interest income			44,259
Total revenues			46,194
Expenses:
Other operating expenses			1,830
Interest expense			29,827
Total Expense			31,657
Noncontrolling interest			(767)
Net Income (Loss) Attributable to Common Stockholders			$ 13,770

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains on the subordinated notes held by the Company	$ 10,380
Investment management fees	3,390
Total Economic Interests	$ 13,770

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash equivalents	$ 99,441	$ 72,993
Total assets measured at fair value	173,495	169,462
Level 1
Assets
Cash equivalents	99,441	72,993
Total assets measured at fair value	167,751	146,123
Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	18,900
Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	5,744	4,439
Consolidated investment products | Fair Value, Measurements, Recurring
Assets
Cash equivalents	39,937	82,769
Total assets measured at fair value	1,815,006	1,680,521
Liabilities
Notes payable	1,569,663	1,457,435
Derivatives		2
Short sales	804	719
Total liabilities measured at fair value	1,570,467	1,458,156
Consolidated investment products | Fair Value, Measurements, Recurring | Debt investments
Assets
Investments	1,743,910	1,561,732
Consolidated investment products | Fair Value, Measurements, Recurring | Equity securities
Assets
Investments	31,159	36,020
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	39,937	82,769
Total assets measured at fair value	69,178	117,895
Liabilities
Notes payable	0	0
Derivatives		2
Short sales	804	719
Total liabilities measured at fair value	804	721
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Debt investments
Assets
Investments	0	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Equity securities
Assets
Investments	29,241	35,126
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	1,742,314	1,527,845
Liabilities
Notes payable	1,569,663	1,457,435
Derivatives		0
Short sales	0	0
Total liabilities measured at fair value	1,569,663	1,457,435
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Debt investments
Assets
Investments	1,740,396	1,527,845
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Equity securities
Assets
Investments	1,918	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	3,514	34,781
Liabilities
Notes payable	0	0
Derivatives		0
Short sales	0	0
Total liabilities measured at fair value	0	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3 | Debt investments
Assets
Investments	3,514	33,887
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3 | Equity securities
Assets
Investments	$ 0	$ 894

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Detail) - Consolidated investment products - Debt investments - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 34,781	$ 25
Realized gains (losses), net	1,993	(4)
Change in unrealized gains (losses), net	575	0
Acquired in business combination	0	9,150
Purchases	7,122	100
Paydowns	0	0
Amortization	19	0
Sales	(13,884)	(121)
Transfers to Level 2	(30,606)	0
Transfers from Level 2	3,514	0
Balance at end of period	$ 3,514	$ 9,150

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Jul. 02, 2018	Jul. 01, 2018
Sustainable Growth Advisers, LP
Subsequent Event [Line Items]
Term loan debt drawn at closing	$ 105
Sustainable Growth Advisers, LP
Subsequent Event [Line Items]
Assets under management		$ 11,300