Virtus Investment Partners (VRTS) 10-K 27 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 11, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		7,011,182
Entity Public Float			$ 865

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 201,705	$ 132,150
Accounts receivable, net	70,047	65,648
Furniture, equipment, and leasehold improvements, net	20,154	10,833
Intangible assets, net	338,812	301,954
Goodwill	290,366	170,153
Deferred taxes, net	22,116	32,428
Total assets	2,870,535	2,590,799
Liabilities:
Accrued compensation and benefits	93,339	86,658
Accounts payable and accrued liabilities	27,926	29,607
Dividends payable	7,762	6,528
Other liabilities	20,010	39,895
Total liabilities	2,169,187	1,981,397
Commitments and Contingencies (Note 11)
Redeemable noncontrolling interests	57,481	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 December 31, 2018 and December 31, 2017	110,843	110,843
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018 and 10,455,934 shares issued and 7,159,645 shares outstanding at December 31, 2017	106	105
Additional paid-in capital	1,209,805	1,216,173
Retained earnings (accumulated deficit)	(310,865)	(386,216)
Accumulated other comprehensive income (loss)	(731)	(600)
Treasury stock, at cost, 3,555,242 and 3,296,289 shares at December 31, 2018 and December 31, 2017, respectively	(379,249)	(351,748)
Total equity attributable to stockholders	629,909	588,557
Noncontrolling interests	13,958	16,667
Total equity	643,867	605,224
Total liabilities and equity	2,870,535	2,590,799
Consolidated entity excluding consolidated investment products
Assets:
Cash and cash equivalents	201,705	132,150
Investments	79,558	108,492
Other assets	14,201	35,771
Liabilities:
Debt	329,184	248,320
Consolidated investment products
Assets:
Cash and cash equivalents	52,015	101,315
Cash pledged or on deposit of CIP	936	817
Investments	1,749,568	1,597,752
Other assets	31,057	33,486
Liabilities:
Notes payable of CIP	1,620,260	1,457,435
Securities purchased payable and other liabilities of CIP	70,706	112,954
Redeemable noncontrolling interests	$ 57,481	$ 4,178

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	10,552,624	10,455,934
Common stock, shares outstanding (in shares)	6,997,382	7,159,645
Treasury stock, shares (in shares)	3,555,242	3,296,289
Series D 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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 552,235	$ 425,607	$ 322,554
Operating Expenses
Employment expenses	238,501	191,394	135,641
Distribution and other asset-based expenses	92,441	71,987	69,049
Restructuring and severance	87	10,580	4,270
Depreciation and other amortization	4,597	3,497	3,092
Amortization expense	25,142	12,173	2,461
Total operating expenses	439,136	367,572	271,740
Operating Income (Loss)	113,099	58,035	50,814
Other Income (Expense)
Other income (expense), net	3,289	1,635	1,089
Total other income (expense), net	(23,180)	18,161	8,819
Interest Income (Expense)
Total interest income (expense), net	19,122	4,233	10,174
Income (Loss) Before Income Taxes	109,041	80,429	69,807
Income tax expense (benefit)	32,961	40,490	21,044
Net Income (Loss)	76,080	39,939	48,763
Noncontrolling interests	(551)	(2,927)	(261)
Net Income (Loss) Attributable to Stockholders	75,529	37,012	48,502
Preferred stockholder dividends	(8,337)	(8,336)	0
Net Income (Loss) Attributable to Common Stockholders	$ 67,192	$ 28,676	$ 48,502
Earnings (Loss) per Share—Basic (in $ per share)	$ 9.37	$ 4.09	$ 6.34
Earnings (Loss) per Share—Diluted (in $ per share)	8.86	3.96	6.20
Cash dividends declared per preferred share (in $ per share)	7.25	7.25	0
Cash dividends declared per common share (in $ per share)	$ 2	$ 1.80	$ 1.8
Weighted Average Shares Outstanding—Basic (in shares)	7,174	7,013	7,648
Weighted Average Shares Outstanding—Diluted (in shares)	8,527	7,247	7,822
Consolidated entity excluding consolidated investment products
Operating Expenses
Other operating expenses	$ 74,853	$ 69,410	$ 50,274
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(5,217)	2,973	4,982
Interest Income (Expense)
Interest expense	(19,445)	(12,007)	(679)
Interest and dividend income	4,999	2,160	1,743
Consolidated investment products
Operating Expenses
Other operating expenses	3,515	8,531	6,953
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(21,252)	13,553	2,748
Interest Income (Expense)
Interest expense	(64,788)	(35,243)	(11,292)
Interest and dividend income	98,356	49,323	20,402
Total investment management fees
Revenues
Revenues	437,021	331,075	235,230
Distribution and service fees
Revenues
Revenues	50,715	44,322	48,250
Administration and shareholder service fees
Revenues
Revenues	63,614	48,996	38,261
Other income and fees
Revenues
Revenues	$ 885	$ 1,214	$ 813

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 76,080	$ 39,939	$ 48,763
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $6, ($4) and ($348) for the years ended December 31, 2018, 2017 and 2016	(17)	12	569
Unrealized gain (loss) on available-for-sale securities, net of tax of $111, $100, and ($32) for the years ended December 31, 2018, 2017 and 2016, respectively	(292)	(388)	241
Other comprehensive income (loss)	(309)	(376)	810
Comprehensive income (loss)	75,771	39,563	49,573
Comprehensive (income) loss attributable to noncontrolling interests	(551)	(2,927)	(261)
Comprehensive income (loss) attributable to stockholders	$ 75,220	$ 36,636	$ 49,312

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit (expense)	$ 6	$ (4)	$ (348)
Unrealized gain (loss) on available-for-sale securities, tax benefit (expense)	$ 111	$ 100	$ (32)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Attributed To Shareholders	Non- controlling Interest	Series D preferred stock	Series D preferred stockPreferred Stock	Series D preferred stockTotal Attributed To Shareholders
Balance (in shares) at Dec. 31, 2015		8,398,944	0				1,214,144
Balance at Dec. 31, 2015	$ 509,457	$ 96	$ 0	$ 1,140,875	$ (472,614)	$ (1,034)	$ (157,699)	$ 509,624	$ (167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	48,502				48,502			48,502	0
Net unrealized gain (loss) on securities available-for-sale	241					241		241
Foreign currency translation adjustment	569					569		569
Net subscriptions (redemptions) (distributions) and other					(167)			(167)	167
Repurchase of common shares (in shares)		2,572,417					2,015,901
Repurchase of common shares	(233,757)	$ (6)		(47,204)			$ (186,547)	(233,757)
Issuance of common shares related to employee stock transactions (in shares)		62,486
Issuance of common shares related to employee stock transactions	1,055	$ 1		1,054				1,055
Cash dividends declared, common	(13,015)			(13,015)				(13,015)
Taxes paid on stock-based compensation	(1,530)			(1,530)				(1,530)
Stock-based compensation	11,449			11,449				11,449
Tax deficiencies from stock-based compensation	(1,298)			(1,298)				(1,298)
Balance (in shares) at Dec. 31, 2016		5,889,013	0				3,230,045
Balance at Dec. 31, 2016	321,673	$ 91	$ 0	1,090,331	(424,279)	(224)	$ (344,246)	321,673	0
Balance at Dec. 31, 2015	73,864
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	261
Net subscriptions (redemptions) and other	(36,859)
Balance at Dec. 31, 2016	37,266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	38,519				37,012			37,012	1,507
Net unrealized gain (loss) on securities available-for-sale	(388)					(388)		(388)
Foreign currency translation adjustment	12					12		12
Net subscriptions (redemptions) (distributions) and other	15,160								15,160
Issuance of stock, net of offering costs (in shares)		1,046,500									1,150,000
Issuance of stock, net of offering costs	109,327	$ 11		109,316				109,327		$ 110,843	$ 110,843	$ 110,843
Cash dividends declared. preferred	(8,337)			(8,337)				(8,337)
Issuance of common stock for acquisition of business (in shares)		213,669
Issuance of common stock for acquisition of business	21,740	$ 2		21,738				21,740
Repurchase of common shares (in shares)		66,244					66,244
Repurchase of common shares	(7,502)						$ (7,502)	(7,502)
Issuance of common shares related to employee stock transactions (in shares)		76,707
Issuance of common shares related to employee stock transactions	841	$ 1		840				841
Cash dividends declared, common	(13,545)			(13,545)				(13,545)
Taxes paid on stock-based compensation	(3,499)			(3,499)				(3,499)
Stock-based compensation	19,329			19,329				19,329
Balance (in shares) at Dec. 31, 2017		7,159,645	1,150,000				3,296,289
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 Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	1,420
Net subscriptions (redemptions) and other	(34,508)
Balance at Dec. 31, 2017	4,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	75,565				75,529			75,529	36
Net unrealized gain (loss) on securities available-for-sale	(292)					(292)		(292)
Foreign currency translation adjustment	(17)					(17)		(17)
Net subscriptions (redemptions) (distributions) and other	$ (2,745)								(2,745)
Issuance of stock, net of offering costs (in shares)	1,260,169
Cash dividends declared. preferred	$ (8,337)			(8,337)				(8,337)
Repurchase of common shares (in shares)	258,953	258,953					258,953
Repurchase of common shares	$ (27,501)						$ (27,501)	(27,501)
Issuance of common shares related to employee stock transactions (in shares)		96,690
Issuance of common shares related to employee stock transactions	1,544	$ 1		1,543				1,544
Cash dividends declared, common	(15,267)			(15,267)				(15,267)
Taxes paid on stock-based compensation	(6,591)			(6,591)				(6,591)
Stock-based compensation	22,284			22,284				22,284
Balance (in shares) at Dec. 31, 2018		6,997,382	1,150,000				3,555,242
Balance at Dec. 31, 2018	643,867	$ 106	$ 110,843	$ 1,209,805	$ (310,865)	$ (731)	$ (379,249)	$ 629,909	$ 13,958
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Acquisition of business	55,500
Net income (loss)	515
Net subscriptions (redemptions) and other	(2,712)
Balance at Dec. 31, 2018	$ 57,481

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in $ per share)	$ 0.55	$ 0.55	$ 0.45	$ 0.45	$ 2	$ 1.80	$ 1.8
Cash dividends declared per preferred share (in $ per share)	$ 1.8125	$ 1.8125	$ 1.8125	$ 1.8125	$ 7.25	$ 7.25	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities:
Net income (loss)	$ 76,080,000	$ 39,939,000	$ 48,763,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	33,426,000	18,329,000	5,796,000
Stock-based compensation	23,100,000	20,327,000	11,948,000
Amortization of deferred commissions	3,847,000	2,308,000	2,413,000
Payments of deferred commissions	(4,218,000)	(2,871,000)	(1,887,000)
Equity in earnings of equity method investments	(3,703,000)	(1,678,000)	(1,075,000)
Realized and unrealized (gains) losses on investments, net	5,736,000	(3,237,000)	(2,099,000)
Distributions from equity method investments	4,178,000	911,000	0
Sales (purchases) of investments, net	4,995,000	20,444,000	16,828,000
Other non-cash items, net	39,000	345,000	(3,099,000)
Deferred taxes, net	10,429,000	22,835,000	6,399,000
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	24,794,000	(961,000)	(1,695,000)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(24,714,000)	11,468,000	50,000
Operating activities of consolidated investment products (CIP):
Net cash provided by (used in) operating activities	(62,555,000)	(182,859,000)	20,918,000
Cash Flows from Investing Activities:
Capital expenditures	(11,717,000)	(1,511,000)	(2,023,000)
Proceeds from sale of equity method investment	0	0	8,621,000
Equity method investment contributions	0	0	(2,471,000)
Acquisition of business, net of cash acquired	(126,995,000)	(393,446,000)	0
Sale of available-for-sale securities	37,785,000	0	0
Purchases of available-for-sale securities	(20,188,000)	(21,433,000)	(145,000)
Net cash provided by (used in) investing activities	(121,228,000)	(416,994,000)	3,079,000
Cash Flows from Financing Activities:
Issuance of debt	105,000,000	260,000,000	0
Payment of long term debt	(23,776,000)	(650,000)	0
Payment of contingent consideration	0	(51,690,000)	0
Payment of deferred financing costs	(3,810,000)	(15,549,000)	(1,159,000)
Borrowings (Repayments) on credit facility and other debt	0	(30,970,000)
Borrowings (Repayments) on credit facility and other debt			30,000,000
Repurchase of common shares	(27,501,000)	(7,502,000)	(233,757,000)
Preferred stock dividends paid	(8,338,000)	(6,253,000)	0
Common stock dividends paid	(14,038,000)	(12,581,000)	(13,774,000)
Proceeds from exercise of stock options	819,000	111,000	491,000
Taxes paid related to net share settlement of restricted stock units	(6,591,000)	(3,499,000)	(1,530,000)
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs	0	111,004,000	0
Proceeds from issuance of common stock, net of issuance costs	0	109,487,000	0
Excess tax benefits from stock-based compensation	0	0	401,000
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests	(5,512,000)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests		30,047,000	10,904,000
Net cash provided by (used in) financing activities	204,157,000	750,464,000	(48,063,000)
Net increase (decrease) in cash and cash equivalents	20,374,000	150,611,000	(24,066,000)
Cash, cash equivalents and restricted cash, beginning of year	234,282,000	83,671,000	107,737,000
Cash, cash equivalents and restricted cash, end of year	254,656,000	234,282,000	83,671,000
Supplemental Disclosure of Cash Flow Information
Interest paid	11,846,000	8,147,000	420,000
Income taxes paid, net	23,800,000	12,149,000	16,715,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Capital expenditures	2,165,000	70,000	134,000
Preferred stock dividends payable	2,084,000	2,084,000	0
Common stock dividends payable	3,849,000	965,000	2,650,000
Stock issued for acquisition of business	0	21,738,000	0
Accrued stock issuance costs	0	332,000	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash, cash equivalents and restricted cash at end of period	234,282,000	83,671,000	107,737,000
Consolidated investment products
Operating activities of consolidated investment products (CIP):
Realized and unrealized (gains) losses on investments of CIP, net	18,706,000	(14,051,000)	(3,648,000)
Purchases of investments by CIP	(1,106,991,000)	(923,519,000)	(464,216,000)
Sales of investments by CIP	874,279,000	615,565,000	400,493,000
Net proceeds (purchases) of short term investments by CIP	(552,000)	595,000	6,139,000
(Purchases) sales of securities sold short by CIP, net	209,000	256,000	(4,520,000)
Change in other assets of CIP	(628,000)	(255,000)	(1,491,000)
Change in liabilities of CIP	(1,567,000)	5,284,000	2,100,000
Amortization of discount on notes payable of CIP	0	5,107,000	3,719,000
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to deconsolidation, net	(113,000)	(604,000)	(903,000)
Cash Flows from Financing Activities:
Borrowings of debt of CIP	857,404,000	0	0
(Repayment) on borrowings by CIP	(669,500,000)	(105,000,000)	(155,919,000)
Proceeds from issuance of notes payable by CIP	0	474,009,000	316,280,000
Repayment of notes payable by CIP	0	(500,000)	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Increase (Decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net	$ 56,000	$ (65,576,000)	$ (47,763,000)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 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 and structured products.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Disaggregated by Source The following table summarizes revenue by source: Years Ended December 31, ($ in thousands) 2018 2017 (1) 2016 (1) Investment management fees Open-end funds $ 231,175 $ 175,260 $ 129,542 Closed-end funds 41,455 44,687 43,342 Retail separate accounts 73,532 54,252 40,155 Institutional accounts 77,711 46,600 18,707 Structured products 9,622 6,302 2,211 Other products 3,526 3,974 1,273 Total investment management fees 437,021 331,075 235,230 Distribution and service fees 50,715 44,322 48,250 Administration and shareholder service fees 63,614 48,996 38,261 Other income and fees 885 1,214 813 Total revenues $ 552,235 $ 425,607 $ 322,554 (1) Prior period amounts have not been adjusted and are reported in accordance with historical accounting under ASC 605, Revenue Recognition 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 previously 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 consolidated statement of operations was as follows: Year Ended December 31, 2018 ($ in thousands) As Reported Balance Under Prior ASC 605 Effect of Change Revenues Distribution and service fees $ 50,715 $ 44,739 $ 5,976 Operating Expenses Distribution and other asset-based expenses $ 92,441 $ 86,465 $ 5,976

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies, which have been consistently applied, are as follows: Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. See Note 19 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated. The Company evaluates the appropriateness of consolidation of any variable interest entity ("VIEs") in which the Company has a variable interest. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The reclassifications were not material to the Consolidated Financial Statements. Noncontrolling Interests Noncontrolling interests include third party investor equity in consolidated investment products and minority interests held in an affiliate. Noncontrolling interests - consolidated investment products Represents third-party investor equity in in the Company's consolidated investment products and are classified as redeemable noncontrolling interests if investors in those products may request withdrawal at any time. Noncontrolling interests - affiliate Represents minority interests held in a consolidated affiliate. Minority interests held in an affiliate are subject to holder put rights and Company call rights at established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. They are exercisable at pre-established intervals (between four and seven years from their July 2018 issuance or upon certain conditions such as retirement). The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing affiliate equity, has the option to settle in cash or shares of common stock and is entitled to the cash flow associated with any purchased equity. In addition, under certain circumstances the Company may issue or sell equity interests of the affiliate to employees or partners of the affiliate. Affiliate minority interests are generally recorded at estimated redemption value within redeemable noncontrolling interests on the Company's consolidated balance sheets, and changes in estimated redemption value of these interests are recorded in the Company’s consolidated statements of operations within noncontrolling interests. Use of Estimates The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Segment Information Accounting Standards Codification ("ASC") 280, Segment Reporting , establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company’s chief operating decision maker reviews the Company’s financial performance on a consolidated level. Investment managers within the Company are generally not aligned with specific product lines. Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and money market fund investments. Investments Investment securities - fair value Investment securities - fair value consist primarily of investments in the Company's sponsored funds, equity securities and trading debt securities and are carried at fair value in accordance with ASC 320, Investments-Debt and Equity Securities ("ASC 320") and Topic 321, Investments-Equity Securities ("ASC 321"). These securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. These securities transactions are recorded on a trade date basis. Any unrealized appreciation or depreciation on investment securities is reported as realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations. Investment securities - available for sale Investment securities - available for sale consists of investments in collateralized loan obligations ("CLOs") for which the Company provides investment management services and does not consolidate. These investments are carried at fair value in accordance with ASC 320. Any unrealized appreciation or depreciation on available-for-sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders in the Consolidated Statement of Comprehensive Income. On a quarterly basis, the Company conducts a review to assess whether other-than-temporary impairments exist on its available-for-sale investment securities. Other-than-temporary declines in value may exist if the fair value of an investment security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. Equity Method Investments The Company’s investment in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters, is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures . Under the equity method of accounting, the Company’s share of the noncontrolled entities' net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statements of Operations. Distributions received reduce the Company’s investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded. Non-qualified Retirement Plan Assets and Liabilities The Company has a non-qualified retirement plan (the "Excess Incentive Plan") that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered investment securities, are included in investments and are carried at fair value in accordance with ASC 820, Fair Value Measurement ; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets and approximate the fair value of the associated assets . See Note 6 Investments for additional information related to the Excess Incentive Plan. Deferred Commissions Deferred commissions, which are included in other assets in the Company's Consolidated Balance Sheets, are commissions paid to broker-dealers on sales of certain mutual fund share classes. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within the contingent deferred sales charge period, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over the period during which redemptions by the purchasing shareholder are subject to a contingent deferred sales charge, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate. Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment, and three to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred. Leases The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. A single reporting unit has been identified for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment, which states that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s 2018 and 2017 annual goodwill impairment analysis did not result in any impairment charges. Definite-lived intangible assets are comprised of acquired investment advisory contracts, trade names and certain non-competition agreements. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from five to sixteen years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. Indefinite-lived intangible assets are comprised of trade names and closed-end and exchange traded fund investment advisory contracts. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment , which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s 2018 and 2017 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges. Treasury Stock Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock. Revenue Recognition 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. 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. Fees earned on funds are based on each fund’s average daily or weekly net assets which are generally received and calculated on a monthly basis. The Company records 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 the Company's performance obligation being to arrange for the provision of that service and not control the specified service before that service is performed. Amounts paid to unaffiliated subadvisers for the years ended December 31, 2018 , 2017 and 2016 were $46.7 million , $46.7 million and $47.2 million , respectively. Retail separate account fees are generally 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 generally 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 a percentage 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 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. Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds. Advertising and Promotion Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expenses in the Consolidated Statements of Operations. Stock-based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation ("ASC 718"), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. Restricted stock units ("RSUs") are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time or when certain performance targets are achieved. The fair value of each RSU award is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, ("ASC 740") which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from temporary differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized. Comprehensive Income The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax). Earnings per Share Earnings per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share . Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (1) shares issuable upon the vesting of RSUs and common stock option exercises using the treasury stock method; and (2) shares issuable upon the conversion of the Company's mandatory convertible preferred stock, as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive. Fair Value Measurements and Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The FASB defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. Recent Accounting Pronouncements New Accounting Standards Implemented 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 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 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 consolidated statements of cash flows now includes $0.8 million , $1.0 million and $10.4 million of cash pledged or on deposit of consolidated investment products as of December 31, 2017, 2016 and 2015, 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 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 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 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. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. New Accounting Standards Not Yet Implemented In August 2018, the Financial Accounting Standards Board ("FA

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Business Combinations	Business Combinations Sustainable Growth Advisers, LP ("SGA") On July 1, 2018, the Company completed the acquisition of 70% of the outstanding limited partnership interests of SGA and 100% of the membership interests in its general partner, SGIA, LLC ("SGA Acquisition"). SGA is an investment manager specializing in growth equity investing in U.S. and global equity portfolios. The SGA Acquisition expands the Company's offerings of investment strategies from its affiliated managers and diversifies its client base, particularly among institutional investors and international clients. The total purchase price of the SGA Acquisition was $129.5 million . The Company accounted for the acquisition in accordance with ASC 805, Business Combinations. The purchase price was allocated to the assets acquired, liabilities assumed and non-controlling interests based upon their estimated fair values at the date of the SGA Acquisition. Goodwill of $120.2 million and other intangible assets of $62.0 million were recorded as a result of the SGA Acquisition. The Company expects $127.5 million of this amount to be tax deductible over 15 years. The Company has not completed its final assessment of the fair values of purchased receivables or acquired contracts. The final fair value of the net assets acquired may result in adjustments to certain assets and liabilities, including goodwill. The following table summarizes the identified acquired assets, liabilities assumed and redeemable noncontrolling interests as of the acquisition date: ($ in thousands) July 1, 2018 Assets: Cash and cash equivalents $ 2,505 Investments 262 Accounts receivable 6,649 Furniture, equipment and leasehold improvements 70 Intangible assets 62,000 Goodwill 120,213 Other assets 659 Total Assets 192,358 Liabilities Accrued compensation and benefits 824 Accounts payable and accrued liabilities 6,534 Total liabilities 7,358 Redeemable noncontrolling interests 55,500 Total Net Assets Acquired $ 129,500 Identifiable Intangible Assets Acquired In connection with the allocation of the purchase price, the Company identified the following intangible assets: July 1, 2018 ($ in thousands) Approximate Fair Value Weighted Average of Useful Life Definite-lived intangible assets: Institutional and retail separate account investment contracts $ 49,000 6 years Trade name 7,000 10 years Non-competition agreements 6,000 5 years Total definite-lived intangible assets $ 62,000 The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the SGA Acquisition occurred on January 1, 2017. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the SGA Acquisition had been consummated on January 1, 2017. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the SGA Acquisition had occurred on that date, nor of the results that may be obtained in the future. December 31, ($ in thousands, except per share amounts) 2018 2017 Total Revenues $ 569,465 $ 454,156 Net Income (Loss) Attributable to Common Stockholders $ 69,341 $ 26,175 RidgeWorth Investments On June 1, 2017, the Company acquired RidgeWorth Investments (the "RW Acquisition"), 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 RW Acquisition was $547.1 million , comprising $485.2 million for the business and $61.9 million for certain balance sheet investments. The Company accounted for the RW Acquisition in accordance with ASC 805. The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the RW Acquisition. No incremental measurement period adjustments were recorded in fiscal 2018; the measurement period was complete on June 1, 2018. The following table summarizes the initial estimate of amounts of identified acquired assets and liabilities assumed as of the acquisition date: ($ in thousands) June 1, 2017 Assets: Cash and cash equivalents $ 39,343 Investments 5,516 Accounts receivable 20,311 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 38,261 Investments of CIP 899,274 Other assets of CIP 19,158 Furniture, equipment and leasehold improvements 5,505 Intangible assets 275,700 Goodwill 163,365 Deferred taxes, net 6,590 Other assets 3,003 Total Assets 1,476,026 Liabilities: Accrued compensation and benefits 18,263 Accounts payable and accrued liabilities 11,858 Other liabilities 2,601 Liabilities of CIP Notes payable of CIP 770,160 Securities purchased payable and other liabilities of CIP 109,881 Noncontrolling Interests of CIP 16,181 Total Liabilities & Noncontrolling Interests 928,944 Total Net Assets Acquired $ 547,082 Identifiable Intangible Assets Acquired In connection with the allocation of the purchase price, we identified the following intangible assets: June 1, 2017 ($ in thousands) Approximate Fair Value Weighted Average of Useful Life Definite-lived intangible assets: Mutual fund investment contracts $ 189,200 16 years Institutional and retail separate account investment contracts 77,000 10 years Trademarks/Trade names 800 10 years Total finite-lived intangible assets 267,000 Indefinite-lived intangible assets: Trade names 8,700 N/A Total identifiable intangible assets $ 275,700 The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the RW Acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the RW Acquisition had been consummated on January 1, 2016. The unaudited pro forma financial information does not reflect any adjustment to the timing of any synergies or other costs savings realized. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the RW Acquisition had occurred on that date, nor of the results that may be obtained in the future. Years Ended December 31, ($ in thousands, except per share amounts) 2017 2016 Total Revenues $ 489,094 $ 466,429 Net Income (Loss) Attributable to Common Stockholders $ 27,523 $ 23,511

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets, net are summarized as follows: December 31, ($ in thousands) 2018 2017 Definite-lived intangible assets, net: Investment contracts and other $ 487,747 $ 425,747 Accumulated amortization (192,451 ) (167,309 ) Definite-lived intangible assets, net 295,296 258,438 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 338,812 $ 301,954 Activity in goodwill and intangible assets, net is as follows: Years Ended December 31, ($ in thousands) 2018 2017 2016 Intangible assets, net Balance, beginning of period $ 301,954 $ 38,427 $ 40,887 Acquisitions (1) 62,000 275,700 — Amortization expense (25,142 ) (12,173 ) (2,460 ) Balance, end of period $ 338,812 $ 301,954 $ 38,427 Goodwill Balance, beginning of period $ 170,153 $ 6,788 $ 6,701 Acquisitions (1) 120,213 163,365 — Acquisition related adjustments — — 87 Balance, end of period $ 290,366 $ 170,153 $ 6,788 (1) - See Note 4 for details on the acquired goodwill and intangible assets. Definite-lived intangible asset amortization for the next five years and thereafter is estimated as follows ($ in thousands): Fiscal Year Amount 2019 $ 30,110 2020 29,945 2021 29,933 2022 29,809 2023 29,148 2024 and Thereafter 146,351 $ 295,296 At December 31, 2018 , the weighted average estimated remaining amortization period for definite-lived intangible assets is 11.5 years .

Investments

Investments	12 Months Ended
	Dec. 31, 2018
Investments Schedule [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored products. The Company’s investments, excluding the assets of consolidated investment products discussed in Note 19, at December 31, 2018 and 2017 were as follows: December 31, ($ in thousands) 2018 2017 Investment securities - fair value $ 59,271 $ 69,101 Investment securities - available for sale 2,023 20,662 Equity method investments 10,573 11,098 Nonqualified retirement plan assets 6,716 6,706 Other investments 975 925 Total investments $ 79,558 $ 108,492 Investment Securities - fair value Investment securities - fair value consist of investments in the Company's sponsored funds, separately managed accounts and trading debt securities. The composition of the Company’s investment securities - fair value is summarized as follows: December 31, 2018 ($ in thousands) Cost Fair Value Investment Securities - Equity: Sponsored funds $ 43,507 $ 40,191 Equity securities 16,380 16,981 Trading debt securities 3,816 2,099 Total investment securities - equity $ 63,703 $ 59,271 December 31, 2017 ($ in thousands) Cost Fair Value Investment Securities - Equity: Sponsored funds $ 50,845 $ 50,614 Equity securities 13,141 15,810 Trading debt securities 3,816 2,677 Total investment securities - equity $ 67,802 $ 69,101 For the year ended December 31, 2018 , the Company recognized a net realized gain of $1.8 million on investment securities - equity. For the years ended December 31, 2017 and 2016 , the Company recognized net realized losses of $1.5 million and $0.3 million , respectively, on investment securities - equity. Investments securities - available for sale The investment securities - available for sale consists of investments in CLOs for which the Company provides investment management services and does not consolidate. The composition of the Company’s investment securities - available for sale is summarized as follows: December 31, 2018 ($ in thousands) Cost Unrealized Loss Unrealized Gain Fair Value Investments in CLOs $ 3,696 $ (1,673 ) $ — $ 2,023 December 31, 2017 ($ in thousands) Cost Unrealized Loss Unrealized Gain Fair Value Investments in CLOs $ 21,240 $ (630 ) $ 52 $ 20,662 Equity Method Investments The Company's equity method investments primarily consist of investments in limited partnerships. For the years ended December 31, 2018 and 2017, distributions from equity method investments were $4.2 million and $0.9 million , respectively. For the year ended December 31, 2016, there were no distributions from equity method investments. For the year ended December 31, 2016, the Company made capital contributions of $2.5 million to one of its equity method investments, and the remaining capital commitment at December 31, 2018 is $0.7 million . Nonqualified Retirement Plan Assets The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Each participant is responsible for designating investment options for assets they contribute, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets . Other Investments Other investments represent interests in entities not accounted for under the equity method such as the cost method or fair value.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 discussed in Note 19 , as of December 31, 2018 and December 31, 2017 , by fair value hierarchy level were as follows: December 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 158,596 $ — $ — $ 158,596 Investment securities - fair value Sponsored funds 40,191 — — 40,191 Equity securities 16,981 — — 16,981 Trading debt securities — — 2,099 2,099 Investment securities - available for sale — — 2,023 2,023 Nonqualified retirement plan assets 6,716 — — 6,716 Total assets measured at fair value $ 222,484 $ — $ 4,122 $ 226,606 December 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Investment securities - equity Sponsored funds 50,614 — — 50,614 Equity securities 15,810 — — 15,810 Trading debt securities — — 2,677 2,677 Investment securities - available for sale — 18,900 1,762 20,662 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 funds, closed-end funds and ETFs for which the Company acts as the investment manager. The fair value of open-end funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs are determined based on the official closing price on the exchange they are traded on and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Trading debt securities and Investments - available for sale represent investments in CLOs for which the Company provides investment management services. The investments in CLOs are measured at fair value based on independent third party valuations and are categorized as Level 2 and Level 3. The independent third party valuations are based on discounted cash flow models and comparable trade data. Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value. There were no transfers between Level 1 and Level 2 during the years ended December 31, 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: Twelve Months Ended December 31, ($ in thousands) 2018 2017 Level 3 Investments (a) Balance at beginning of period $ 4,439 $ — Acquired in business combination — 2,916 Purchases 1,326 2,370 Change in unrealized gain (loss), net (1,643 ) (847 ) Balance at end of period $ 4,122 $ 4,439 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements, Net	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements, Net	Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements, net are summarized as follows: December 31, ($ in thousands) 2018 2017 Furniture and office equipment $ 12,543 $ 7,564 Computer equipment and software 6,811 9,274 Leasehold improvements 24,880 14,132 44,234 30,970 Accumulated depreciation and amortization (24,080 ) (20,137 ) Furniture, equipment and leasehold improvements, net $ 20,154 $ 10,833

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the provision for income taxes are as follows: Years Ended December 31, ($ in thousands) 2018 2017 2016 Current Federal $ 18,864 $ 15,670 $ 12,790 State 3,668 1,985 1,855 Total current tax expense (benefit) 22,532 17,655 14,645 Deferred Federal 5,901 20,895 5,489 State 4,528 1,940 910 Total deferred tax expense (benefit) 10,429 22,835 6,399 Total expense (benefit) for income taxes $ 32,961 $ 40,490 $ 21,044 The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: Years Ended December 31, ($ in thousands) 2018 2017 2016 Tax at statutory rate $ 22,899 21 % $ 28,150 35 % $ 24,432 35 % State taxes, net of federal benefit 6,450 6 3,548 4 2,010 3 Effect of U.S. tax reform (the Tax Act) — — 13,074 16 — — Effect of net income (loss) attributable to noncontrolling interests (171 ) — (1,017 ) (1 ) (91 ) — Change in valuation allowance 4,508 4 (2,613 ) (3 ) (5,125 ) (7 ) Other, net (725 ) (1 ) (652 ) (1 ) (182 ) (1 ) Income tax expense (benefit) $ 32,961 30 % $ 40,490 50 % $ 21,044 30 % The provision for income taxes reflects U.S. federal, state and local taxes at an effective tax rate of 30% , 50% and 30% for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company's tax position for the years ended December 31, 2018, 2017 and 2016 was impacted by changes in the valuation allowance related to the unrealized and realized gains and losses on the Company’s investments. On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted which made significant changes to federal income tax law, including reducing the statutory corporate income tax rate to 21 percent from 35 percent. The SEC issued Staff Accounting Bulletin No. 118, which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Act should be used, if determinable. The accounting for these elements of the 2017 Tax Act is complete. Deferred taxes resulted from temporary differences between the amounts reported in the consolidated financial statements and the tax basis of assets and liabilities. The tax effects of temporary differences are as follows: December 31, ($ in thousands) 2018 2017 Deferred tax assets: Intangible assets $ 7,352 $ 10,706 Net operating losses 14,750 16,769 Compensation accruals 11,728 7,681 Investments 7,557 7,322 Capital losses 512 870 Other 942 1,675 Gross deferred tax assets 42,841 45,023 Valuation allowance (8,439 ) (3,088 ) Gross deferred tax assets after valuation allowance 34,402 41,935 Deferred tax liabilities: Intangible assets (12,286 ) (9,507 ) Gross deferred tax liabilities (12,286 ) (9,507 ) Deferred tax assets, net $ 22,116 $ 32,428 At each reporting date, the Company evaluates the positive and negative evidence used to determine the likelihood of realization of its deferred tax assets. The Company maintained a valuation allowance in the amount of $8.4 million and $3.1 million at December 31, 2018 and 2017 , respectively, relating to deferred tax assets on items of a capital nature as well as certain state deferred tax assets. As of December 31, 2018 , the Company had net operating loss carry-forwards for federal income tax purposes represented by an $8.5 million deferred tax asset. The related federal net operating loss carry-forwards are scheduled to begin to expire in the year 2031. As of December 31, 2018 , the Company had state net operating loss carry-forwards, varying by subsidiary and jurisdiction, represented by a $6.3 million deferred tax asset. The state net operating loss carry-forwards are scheduled to begin to expire in 2019. Internal Revenue Code Section 382 limits tax deductions for net operating losses, capital losses and net unrealized built-in losses after there is a substantial change in ownership in a corporation’s stock involving a 50 percentage point increase in ownership by 5% or larger stockholders. During the year ended December 31, 2009, the Company incurred an ownership change as defined in Section 382. At December 31, 2018 , the Company has pre-change losses represented by deferred tax assets totaling $11.6 million . The utilization of these assets is subject to an annual limitation of $1.1 million . The Company has had no unrecognized tax benefits activity for the years ended December 31, 2018, 2017 and 2016. The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. The Company recorded no interest or penalties related to unrecognized tax benefits at December 31, 2018 , 2017 and 2016 . The earliest federal tax year that remains open for examination is 2015. The earliest open years in the Company’s major state tax jurisdictions are 2010 for Connecticut and 2015 for all of the Company's remaining state tax jurisdictions.

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Credit Agreement On June 1, 2017, in connection with the RW Acquisition, the Company entered into a new credit agreement ("Credit Agreement") comprising (1) $260.0 million of seven -year term debt ("Term Loan") and (2) a $100.0 million five -year revolving credit facility ("Credit Facility"). On February 15, 2018 (the "Effective Date"), the Company entered into Amendment No. 1 (the "Amendment") to its Credit Agreement, which 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 SGA Acquisition. 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 SGA Acquisition. At December 31, 2018 , $340.6 million was outstanding under the Term Loan and the Company had no borrowings under its Credit Facility. In accordance with ASC 835, Interest, the amounts outstanding under the Company's Term Loan are presented on the consolidated balance sheet net of related debt issuance costs which were $11.4 million as of December 31, 2018 . Amounts outstanding under the Credit Agreement for the Term Loan and the Credit Facility bear interest at an annual rate equal to, at the option of the Company, either (i) LIBOR (adjusted for reserves) for interest periods of one, two, three or six months (or, solely in the case of the Credit Facility, if agreed to by each relevant Lender, twelve months or periods less than one month), subject to a “floor” of 0% for the Credit Facility and 0.75% for the Term Loan, or (ii) an alternate base rate, in either case plus an applicable margin. The applicable 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 Credit Agreement includes 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 under the Credit Facility exceeds 30% of the aggregate revolving commitments as of such day. The obligations of the Company under the Credit Agreement are guaranteed by certain of its subsidiaries (the "Guarantors") and secured by substantially all of the assets of the Company, subject to customary exceptions. The Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the Company and its subsidiaries to incur additional indebtedness, create liens, merge or dissolve, make investments, dispose of assets, engage in sale and leaseback transactions, purchase shares of our common stock, make distributions and dividends and pre-payments of junior indebtedness, engage in transactions with affiliates, enter into restrictive agreements, amend documentation governing junior indebtedness, modify its fiscal year, or modify its organizational documents, subject to customary exceptions, thresholds, qualifications and "baskets." The Term Loan amortizes at the rate of 1.00% per annum payable in equal quarterly installments and will be mandatorily repaid with: (a) 50% of the Company’s excess cash flow, as defined in the Credit Agreement, on an annual basis, beginning with the fiscal year ended December 31, 2018, declining to 25% if the Company’s secured net leverage ratio declines below 1.0 , and further declining to 0% if the Company’s secured net leverage ratio declines below 0.5 ; (b) the net proceeds of certain asset sales, casualty or condemnation events, subject to customary reinvestment rights; and (c) the proceeds of any indebtedness incurred other than indebtedness permitted to be incurred by the Credit Agreement. At any time, upon timely notice, the Company may terminate the Credit Agreement in full, reduce the commitment under the Credit Facility in minimum specified increments or prepay the Term Loan in whole or in part, subject to the payment of breakage fees with respect to LIBOR-based loans and, in the case of any Term Loans that are prepaid in connection with a "repricing transaction" occurring within the six-month period following the closing date, a 1.00% premium. Future minimum Term Loan payments (exclusive of unamortized debt issuance costs) as of December 31, 2018 are as follows ($ in thousands): Year Amount 2019 $ 3,651 2020 3,652 2021 3,651 2022 3,652 2023 3,651 2024 322,317 $ 340,574

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 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 was filed 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 August 21, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the "Complaint") 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 Complaint alleged that, during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds and alleged claims under Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5. While the Company believed that the suit was without merit, on May 18, 2018, it executed a final settlement agreement with the plaintiffs settling all claims in the litigation in order to avoid the cost, distraction, disruption, and inherent litigation uncertainty. The settlement was approved by the Court on December 4, 2018, and on January 11, 2019, the Court entered final judgment, concluding the action. Lease Commitments The Company incurred rental expenses, primarily related to office space, under operating leases of $8.1 million , $6.2 million and $4.4 million in 2018 , 2017 and 2016 , respectively. Minimum aggregate rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2018 are as follows: $6.1 million in 2019 ; $6.5 million in 2020 ; $5.1 million in 2021 ; $3.9 million in 2022 ; $3.5 million in 2023 ; and $12.9 million thereafter.

Equity Transactions

Equity Transactions	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity Transactions	Equity Transactions Stock Repurchases As of December 31, 2018 , 4.2 million shares of the Company's common stock have been authorized to be repurchased under the Board of Directors approved share repurchase program and 624,803 shares remain available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time. During the year ended December 31, 2018 , the Company repurchased a total of 258,953 common shares for approximately $27.5 million . As of December 31, 2018 , the Company had repurchased a total of 3,555,242 shares of common stock at a weighted average price of $106.65 per share plus transaction costs for a total cost of $379.2 million . Equity Issuances During the year ended December 31, 2017, the Company issued 1,260,169 shares of common stock consisting of: (1) 1,046,500 shares of common stock in a public offering, which included the exercise of the underwriters' over-allotment option, for net proceeds of $109.5 million , after underwriting discounts, commissions and other offering expenses; and (2) 213,669 shares of the Company's common stock as part of the consideration for the RW Acquisition. During the year ended December 31, 2017, the Company issued 1,150,000 shares of 7.25% mandatory convertible preferred stock ("MCPS") in a public offering which included the exercised over-allotment option for net proceeds of $111.0 million , after underwriting discounts, commissions and other offering expenses. The MCPS was issued with a liquidation preference of $100.00 per share. Unless converted earlier, each share of MCPS will convert automatically on February 1, 2020 (the "mandatory conversion date") into between 0.7583 and 0.9100 shares of common stock (a conversion price range between $131.88 to $109.90 per share, respectively), subject to customary anti-dilution adjustments. The number of shares of common stock issuable upon conversion will be determined based on the volume-weighted average price per share of the Company's common stock over the 20 consecutive trading day period beginning on, and including, the 22nd scheduled trading day immediately preceding the mandatory conversion date. Each share of MCPS can be converted prior to the mandatory conversion date at the option of the holder at the minimum conversion rate of 0.7583 or at a specified rate, in the event of a fundamental change as defined in the certificate of designations of the MCPS. Dividends on the MCPS will be payable on a cumulative basis when, as and if declared by the Board of Directors, at an annual rate of 7.25 percent on the liquidation preference of $100.00 per share. If declared, these dividends will be paid in cash, or, subject to certain limitations, in shares of Virtus' common stock (or a combination) on February 1, May 1, August 1, and November 1 of each year, commencing May 1, 2017, and continuing to, and including, February 1, 2020. Dividends During the first and second quarters of the year ended December 31, 2018 , the Board of Directors declared quarterly cash dividends on the Company's common stock of $0.45 each. During the third and fourth quarters of the year ended December 31, 2018 , the Board of Directors declared quarterly cash dividends on the Company's common stock of $0.55 each. Total dividends declared on the Company's common stock were $15.3 million for the year ended December 31, 2018 . During each quarter of the year ended December 31, 2018 , the Board of Directors declared quarterly cash dividends on the Company's preferred stock of $1.8125 each. Total dividends declared on the Company's preferred stock were $8.3 million for the year ended December 31, 2018 . At December 31, 2018 , $7.8 million was included as dividends payable in liabilities in the Consolidated Balance Sheet. This balance represents the fourth quarter dividends of $2.1 million to be paid on February 15, 2019 for the Company's preferred stock shareholders of record as of January 31, 2019 and $5.7 million to be paid on February 15, 2019 for the Company's common stock shareholders of record as of January 31, 2019 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss), by component, are as follows: ($ in thousands) Unrealized Gains (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments Balance December 31, 2017 $ (612 ) $ 12 Unrealized net gain (loss) on available-for-sale securities, net of tax of $111 (292 ) — Foreign currency translation adjustments, net of tax of $6 — (17 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1) 178 — Net current-period other comprehensive income (loss) (114 ) (17 ) Balance December 31, 2018 $ (726 ) $ (5 ) (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. ($ in thousands) Unrealized Gains Foreign Balance December 31, 2016 $ (224 ) $ — Unrealized net gain (loss) on available-for-sale securities, net of tax of $100 (388 ) — Foreign currency translation adjustments, net of tax of ($4) — 12 Net current-period other comprehensive income (loss) (388 ) 12 Balance December 31, 2017 $ (612 ) $ 12

Retirement Savings Plan

Retirement Savings Plan	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Retirement Savings Plan	Retirement Savings Plan The Company sponsors a defined contribution 401(k) retirement plan (the "401(k) Plan") covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. Through December 31, 2018 , the Company matched employees’ contributions at a rate of 100% of employees’ contributions up to the first 5.0% of the employees’ compensation contributed to the 401(k) Plan. The Company’s matching contributions were $5.2 million , $2.8 million and $2.4 million in 2018 , 2017 and 2016 , respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has an Omnibus Incentive and Equity Plan (the "Plan") under which officers, employees and directors may be granted equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock. At December 31, 2018 , 297,407 shares of common stock remain available for issuance of the 2,400,000 shares that are authorized for issuance under the Plan. Stock-based compensation expense is summarized as follows: Years Ended December 31, ($ in thousands) 2018 2017 2016 Stock-based compensation expense $ 23,116 $ 20,288 $ 11,948 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 (PSUs). The fair value of each RSU is based on the closing market price of the Company's common stock on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Shares that are issued upon vesting are newly issued shares from the Plan and are not issued from treasury stock. RSU activity for the year ended December 31, 2018 is summarized as follows: Number of shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 483,021 $ 104.16 Granted 198,180 $ 131.16 Forfeited (19,814 ) $ 134.65 Settled (109,149 ) $ 114.28 Outstanding at December 31, 2018 552,238 $ 111.49 The grant-date intrinsic value of RSUs granted during the year ended December 31, 2018 was $26.0 million . The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2018 , 2017 and 2016 was $131.16 , $108.32 and $80.33 per share, respectively. The total fair value of RSUs vested during the years ended December 31, 2018 , 2017 and 2016 was $12.5 million , $11.3 million and $9.3 million , respectively. For the years ended December 31, 2018 , 2017 and 2016 , a total of 41,101 , 32,716 and 37,488 RSUs, respectively, were withheld through net share settlement by the Company to settle minimum employee tax withholding obligations. The Company paid $5.3 million , $3.5 million and $1.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. As of December 31, 2018 and 2017 , unamortized stock-based compensation expense for outstanding RSUs was $32.2 million and $29.3 million with a weighted average remaining contractual life of 1.5 years and 1.6 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2018 , 2017 and 2016 . During the years ended December 31, 2018 and 2017 , the Company granted 68,803 and 122,606 PSUs, which contain performance-based metrics in addition to a service condition. Compensation expense for these PSUs is generally recognized over a three -year service period based upon the value determined using a combination of the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, and the Monte Carlo simulation valuation model, for awards under the performance metric that represents a "market condition" under ASC 718. Compensation expense for the awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for the awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon the final outcome. For the years ended December 31, 2018 and 2017 , total stock-based compensation expense included $8.2 million and $7.8 million respectively, for PSUs. As of December 31, 2018 and 2017 , unamortized stock-based compensation expense related to PSUs was $11.4 million and $10.9 million , respectively. Stock Options Stock option activity for the year ended December 31, 2018 is summarized as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2017 109,808 $ 16.44 Exercised (33,057 ) $ 24.74 Outstanding at December 31, 2018 76,751 $ 12.86 Vested and exercisable at December 31, 2018 76,751 $ 12.86 Stock options generally cliff vest after three years and have a contractual life of ten years . Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. The weighted-average remaining contractual term for stock options outstanding at December 31, 2018 and December 31, 2017 was 0.5 and 1.2 years, respectively. The weighted-average remaining contractual term for stock options vested and exercisable at December 31, 2018 was 0.5 years. At December 31, 2018 , the aggregate intrinsic value of stock options outstanding and vested and exercisable was $5.1 million . There were no unvested stock options at December 31, 2018 . The total intrinsic value of stock options exercised for the years ended December 31, 2018 , 2017 and 2016 was $3.0 million , $2.5 million and $1.3 million , respectively. Cash received from stock option exercises was $0.8 million , $0.1 million and $0.5 million for 2018 , 2017 and 2016 , respectively. Employee Stock Purchase Plan The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The computation of basic and diluted earnings (loss) per share is as follows: Years Ended December 31, ($ in thousands, except per share amounts) 2018 2017 2016 Net Income (Loss) $ 76,080 $ 39,939 $ 48,763 Noncontrolling interests (551 ) (2,927 ) (261 ) Net Income (Loss) Attributable to Stockholders 75,529 37,012 48,502 Preferred stock dividends (8,337 ) (8,336 ) — Net Income (Loss) Attributable to Common Stockholders $ 67,192 $ 28,676 $ 48,502 Shares (in thousands): Basic: Weighted-average number of shares outstanding 7,174 7,013 7,648 Plus: Incremental shares from assumed conversion of dilutive instruments 1,353 234 174 Diluted: Weighted-average number of shares outstanding 8,527 7,247 7,822 Earnings (Loss) per Share—Basic $ 9.37 $ 4.09 $ 6.34 Earnings (Loss) per Share—Diluted $ 8.86 $ 3.96 $ 6.20 The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Years Ended Years Ended December 31, (In thousands) 2018 2017 2016 Restricted stock units and stock options 12 — 8 Preferred stock — 897 — Total anti-dilutive securities 12 897 8

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. The following funds provided 10 percent or more of the total revenues of the Company: Years Ended December 31, ($ in thousands) 2018 2017 2016 Virtus Vontobel Emerging Markets Opportunities Fund Investment management, administration and shareholder service fees $ 52,548 $ 48,826 $ 49,085 Percent of total revenues 10 % 12 % 15 % Virtus Newfleet Multi-Sector Short Term Bond Fund Investment management, administration and shareholder service fees $ 54,257 $ 44,577 $ 43,579 Percent of total revenues 10 % 11 % 14 %

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable noncontrolling interests for the year ended December 31, 2018 included the following amounts: ($ in thousands) Consolidated Investment Products Affiliate Noncontrolling Interests Total Balance at December 31, 2017 $ 4,178 $ — $ 4,178 Business acquisition — 55,500 55,500 Net income (loss) attributable to noncontrolling interests (472 ) 987 515 Net subscriptions (redemptions) (distributions) and other (1,322 ) (1,390 ) (2,712 ) Balance at December 31, 2018 $ 2,384 $ 55,097 $ 57,481

Consolidation

Consolidation	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company evaluates any variable interest entities ("VIEs") in which the Company has a variable interest for consolidation. A VIE is an entity in which either: (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support; or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance, (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. Consolidated investment products include both VOEs, made up primarily of open-end funds in which the Company holds a controlling financial interest, and VIEs, which primarily consist of collateralized loan obligations ("CLOs") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on net income (loss) attributable to stockholders. The Company’s risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products. The following table presents the balances of the consolidated investment products that, after intercompany eliminations, are reflected in the Consolidated Balance Sheets as of December 31, 2018 and 2017 : As of December 31, 2018 2017 VIEs VIEs ($ in thousands) VOEs CLOs Other VOEs CLOs Other Cash and cash equivalents $ 1,029 $ 51,363 $ 559 $ 820 $ 82,823 $ 18,489 Investments 12,923 1,709,266 27,379 34,623 1,555,879 7,250 Other assets 228 30,426 403 767 32,671 48 Notes payable — (1,620,260 ) — — (1,457,435 ) — Securities purchased payable and other liabilities (823 ) (69,737 ) (146 ) (1,319 ) (110,871 ) (764 ) Noncontrolling interests (2,348 ) (13,958 ) (36 ) (4,178 ) (16,667 ) $ — The Company’s net interests in consolidated investment products $ 11,009 $ 87,100 $ 28,159 $ 30,713 $ 86,400 $ 25,023 Consolidated CLOs The majority of the Company's consolidated investment products that are VIEs are CLOs. At December 31, 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 consolidated financial statements on a one-month lag based upon the availability of financial information. Majority-owned consolidated private funds, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, are also included. Investments of CLOs The CLOs' investments of $1.7 billion at December 31, 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 2019 and 2026 and pay interest at LIBOR plus a spread of up to 8.75% . At December 31, 2018 , the fair value of the bank loan investments exceeded the unpaid principal balance by approximately $49.7 million . At December 31, 2018 , there were no material collateral assets in default. Notes Payable of CLOs The CLOs hold notes payable with a total value, at par, of $1.8 billion , consisting of senior secured floating rate notes payable with a par value of $1.4 billion , warehouse facility debt of $155.7 million and subordinated notes with a par value of $179.8 million . These note obligations bear interest at variable rates based on LIBOR plus a pre-defined spread ranging from 0.8% to 7.0% . The principal amounts outstanding of the note obligations issued by the CLOs mature on dates ranging from October 2027 to January 2029. The CLOs may elect to reinvest any prepayments received on bank loan investments between October 2019 and October 2021, depending on the CLO. Generally, subsequent prepayments received after the reinvestment period must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to: (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2018, as shown in the table below: ($ in thousands) Subordinated notes $ 86,011 Accrued investment management fees 1,089 Total Beneficial Interests $ 87,100 The following table represents income and expenses of the consolidated CLOs included in the Company's Consolidated Statements of Operations for the period indicated: Year Ended ($ in thousands) December 31, 2018 Income: Realized and unrealized gain (loss), net $ (16,202 ) Interest income 96,666 Total Income $ 80,464 Expenses: Other operating expenses $ 2,547 Interest expense 64,788 Total Expense 67,335 Noncontrolling interest (37 ) Net Income (loss) attributable to CIPs $ 13,092 As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation: Year Ended ($ in thousands) December 31, 2018 Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 5,763 Investment management fees 7,329 Total Economic Interests $ 13,092 Fair Value Measurements of Consolidated Investment Products The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of December 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 51,363 $ — $ — $ 51,363 Debt investments 5,306 1,724,714 6,848 1,736,868 Equity investments 12,700 — — 12,700 Total assets measured at fair value $ 69,369 $ 1,724,714 $ 6,848 $ 1,800,931 Liabilities Notes payable $ — $ 1,620,260 $ — $ 1,620,260 Short sales 707 — — 707 Total liabilities measured at fair value $ 707 $ 1,620,260 $ — $ 1,620,967 As of December 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total 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 market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Debt and equity investments represent the underlying debt, equity and other securities held in consolidated investment products. Equity investments are valued at the official closing price on the exchange on which the securities are traded and are generally categorized within Level 1. Level 2 investments represent most debt securities, including bank loans and certain equity securities (including non-US securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. In certain instances, fair value has been determined utilizing discounted cash flow analyses or single broker non-binding quotes. Depending on the nature of the inputs, these assets are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. Level 3 investments include debt securities that are not widely traded, are illiquid, or are priced by dealers based on pricing models used by market makers in the security. For the years ended 2018 and 2017 , no securities held by consolidated investment products were transferred from Level 2 to Level 1 and no securities held by consolidated investment products were transferred from Level 1 to Level 2. Notes payable represent notes issued by consolidated investments products that are CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of: (a) the fair value of the beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment. The securities purchase payable at December 31, 2018 and 2017 approximated fair value due to the short term nature of the instruments. The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, ($ in thousands) 2018 2017 Level 3 Securities (a) Balance at Balance at beginning of period $ 34,781 $ 25 Purchases 7,122 3,174 Sales (13,895 ) (3,357 ) Paydowns — — Amortization 19 9 Change in unrealized gains (losses), net 1,993 434 Realized gains (loss), net 562 (49 ) Acquired in business combination — 9,151 Transfers to Level 2 (33,873 ) (35,258 ) Transfers from Level 2 10,139 60,652 Balance at end of period $ 6,848 $ 34,781 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end. For the years ended December 31, 2018 and December 31, 2017 , respectively, there were no securities held by consolidated investment products that transferred between Level 1 and Level 2. Nonconsolidated VIEs The Company serves as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, "CDOs") that are not consolidated. The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership, nor holds any notes issued by, the CDOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CDOs did not represent a variable interest as: (1) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services; (2) the Company does not hold other interests in the CDOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CDO's expected losses or receive more than an insignificant amount of the CDO's expected residual return; and (3) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length. The Company has interests in certain other entities that are VIEs that the Company does not consolidate as it is not the primary beneficiary of those entities. The Company is not the primary beneficiary as its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance. At December 31, 2018 , the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $16.4 million .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends Declared On February 21, 2019, the Company declared a quarterly cash dividend of $0.55 per common share to be paid on May 15, 2019 to shareholders of record at the close of business on April 30, 2019. The Company also declared a quarterly cash dividend of $1.8125 per share on the Company's 7.25% mandatory convertible preferred stock to be paid on May 1, 2019 to shareholders of record at the close of business on April 15, 2019.

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Selected Quarterly Data (Unaudited) 2018 ($ in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Revenues $ 138,065 $ 152,210 $ 132,932 $ 129,028 Operating Income (Loss) 29,228 33,946 27,308 22,617 Net Income (Loss) 1,093 27,931 23,229 23,827 Net Income (Loss) Attributable to Common Stockholders 77 24,913 20,986 21,216 Earnings (loss) per share—Basic $ 0.01 $ 3.47 $ 2.91 $ 2.95 Earnings (loss) per share—Diluted $ 0.01 $ 3.19 $ 2.75 $ 2.77 2017 ($ in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Revenues $ 128,024 $ 123,675 $ 94,132 $ 79,776 Operating Income (Loss) 28,015 16,789 3,184 10,047 Net Income (Loss) 5,643 20,523 28 13,745 Net Income (Loss) Attributable to Common Stockholders 3,414 16,708 (2,389 ) 10,943 Earnings (loss) per share—Basic $ 0.48 $ 2.32 $ (0.34 ) $ 1.67 Earnings (loss) per share—Diluted $ 0.46 $ 2.21 $ (0.34 ) $ 1.62

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Consolidation	The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. See Note 19 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated.
Variable Interest Entities	The Company evaluates the appropriateness of consolidation of any variable interest entity ("VIEs") in which the Company has a variable interest. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company serves as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, "CDOs") that are not consolidated. The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership, nor holds any notes issued by, the CDOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CDOs did not represent a variable interest as: (1) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services; (2) the Company does not hold other interests in the CDOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CDO's expected losses or receive more than an insignificant amount of the CDO's expected residual return; and (3) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length. The Company has interests in certain other entities that are VIEs that the Company does not consolidate as it is not the primary beneficiary of those entities. The Company is not the primary beneficiary as its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance. The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company evaluates any variable interest entities ("VIEs") in which the Company has a variable interest for consolidation. A VIE is an entity in which either: (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support; or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance, (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. Consolidated investment products include both VOEs, made up primarily of open-end funds in which the Company holds a controlling financial interest, and VIEs, which primarily consist of collateralized loan obligations ("CLOs") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on net income (loss) attributable to stockholders. The Company’s risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products.
Reclassifications	The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. The reclassifications were not material to the Consolidated Financial Statements.
Noncontrolling Interest	Noncontrolling interests include third party investor equity in consolidated investment products and minority interests held in an affiliate. Noncontrolling interests - consolidated investment products Represents third-party investor equity in in the Company's consolidated investment products and are classified as redeemable noncontrolling interests if investors in those products may request withdrawal at any time. Noncontrolling interests - affiliate Represents minority interests held in a consolidated affiliate. Minority interests held in an affiliate are subject to holder put rights and Company call rights at established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. They are exercisable at pre-established intervals (between four and seven years from their July 2018 issuance or upon certain conditions such as retirement). The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing affiliate equity, has the option to settle in cash or shares of common stock and is entitled to the cash flow associated with any purchased equity. In addition, under certain circumstances the Company may issue or sell equity interests of the affiliate to employees or partners of the affiliate. Affiliate minority interests are generally recorded at estimated redemption value within redeemable noncontrolling interests on the Company's consolidated balance sheets, and changes in estimated redemption value of these interests are recorded in the Company’s consolidated statements of operations within noncontrolling interests.
Use of Estimates	The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Segment Information	Accounting Standards Codification ("ASC") 280, Segment Reporting , establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company’s chief operating decision maker reviews the Company’s financial performance on a consolidated level. Investment managers within the Company are generally not aligned with specific product lines.
Cash and Cash Equivalents	Cash and cash equivalents consist of cash in banks and money market fund investments.
Investments	Investment securities - fair value Investment securities - fair value consist primarily of investments in the Company's sponsored funds, equity securities and trading debt securities and are carried at fair value in accordance with ASC 320, Investments-Debt and Equity Securities ("ASC 320") and Topic 321, Investments-Equity Securities ("ASC 321"). These securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. These securities transactions are recorded on a trade date basis. Any unrealized appreciation or depreciation on investment securities is reported as realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations. Investment securities - available for sale Investment securities - available for sale consists of investments in collateralized loan obligations ("CLOs") for which the Company provides investment management services and does not consolidate. These investments are carried at fair value in accordance with ASC 320. Any unrealized appreciation or depreciation on available-for-sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders in the Consolidated Statement of Comprehensive Income. On a quarterly basis, the Company conducts a review to assess whether other-than-temporary impairments exist on its available-for-sale investment securities. Other-than-temporary declines in value may exist if the fair value of an investment security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. Equity Method Investments The Company’s investment in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters, is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures . Under the equity method of accounting, the Company’s share of the noncontrolled entities' net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statements of Operations. Distributions received reduce the Company’s investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded. Non-qualified Retirement Plan Assets and Liabilities The Company has a non-qualified retirement plan (the "Excess Incentive Plan") that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered investment securities, are included in investments and are carried at fair value in accordance with ASC 820, Fair Value Measurement ; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets and approximate the fair value of the associated assets . See Note 6 Investments for additional information related to the Excess Incentive Plan.
Deferred Commissions	Deferred commissions, which are included in other assets in the Company's Consolidated Balance Sheets, are commissions paid to broker-dealers on sales of certain mutual fund share classes. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within the contingent deferred sales charge period, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over the period during which redemptions by the purchasing shareholder are subject to a contingent deferred sales charge, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate.
Furniture, Equipment and Leasehold Improvements, Net	Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment, and three to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred.
Leases	The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease.
Intangible Assets and Goodwill	Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. A single reporting unit has been identified for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment, which states that an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s 2018 and 2017 annual goodwill impairment analysis did not result in any impairment charges. Definite-lived intangible assets are comprised of acquired investment advisory contracts, trade names and certain non-competition agreements. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from five to sixteen years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. Indefinite-lived intangible assets are comprised of trade names and closed-end and exchange traded fund investment advisory contracts. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment , which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s 2018 and 2017 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges.
Treasury Stock	Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock.
Revenue Recognition	Revenue Recognition 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. 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. Fees earned on funds are based on each fund’s average daily or weekly net assets which are generally received and calculated on a monthly basis. The Company records 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 the Company's performance obligation being to arrange for the provision of that service and not control the specified service before that service is performed. Amounts paid to unaffiliated subadvisers for the years ended December 31, 2018 , 2017 and 2016 were $46.7 million , $46.7 million and $47.2 million , respectively. Retail separate account fees are generally 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 generally 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 a percentage 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 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. Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds.
Advertising and Promotion	Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expenses in the Consolidated Statements of Operations.
Stock-based Compensation	The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation ("ASC 718"), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. Restricted stock units ("RSUs") are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time or when certain performance targets are achieved. The fair value of each RSU award is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis.
Income Taxes	The Company accounts for income taxes in accordance with ASC 740, Income Taxes, ("ASC 740") which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from temporary differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized.
Comprehensive Income	The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax).
Earnings per Share	Earnings per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share . Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (1) shares issuable upon the vesting of RSUs and common stock option exercises using the treasury stock method; and (2) shares issuable upon the conversion of the Company's mandatory convertible preferred stock, as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive.
Fair Value Measurement and Fair Value of Financial Instruments	ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The FASB defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end funds, closed-end funds and ETFs for which the Company acts as the investment manager. The fair value of open-end funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs are determined based on the official closing price on the exchange they are traded on and are categorized as Level 1. Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Trading debt securities and Investments - available for sale represent investments in CLOs for which the Company provides investment management services. The investments in CLOs are measured at fair value based on independent third party valuations and are categorized as Level 2 and Level 3. The independent third party valuations are based on discounted cash flow models and comparable trade data. Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment products measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Debt and equity investments represent the underlying debt, equity and other securities held in consolidated investment products. Equity investments are valued at the official closing price on the exchange on which the securities are traded and are generally categorized within Level 1. Level 2 investments represent most debt securities, including bank loans and certain equity securities (including non-US securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. In certain instances, fair value has been determined utilizing discounted cash flow analyses or single broker non-binding quotes. Depending on the nature of the inputs, these assets are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. Level 3 investments include debt securities that are not widely traded, are illiquid, or are priced by dealers based on pricing models used by market makers in the security. For the years ended 2018 and 2017 , no securities held by consolidated investment products were transferred from Level 2 to Level 1 and no securities held by consolidated investment products were transferred from Level 1 to Level 2. Notes payable represent notes issued by consolidated investments products that are CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of: (a) the fair value of the beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment.
Recent Accounting Pronouncements	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 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 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 consolidated statements of cash flows now includes $0.8 million , $1.0 million and $10.4 million of cash pledged or on deposit of consolidated investment products as of December 31, 2017, 2016 and 2015, 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 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 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 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. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. New Accounting Standards Not Yet Implemented In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) ("ASU 2018-15"). This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, including an internal use software license. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) ("ASU 2018-13"). This standard modifies the disclosure requirements on fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. 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 consolidated financial statements. 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 does not expect the adoption of this standard to have a material impact on the Company's 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 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 operating 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, allowing entities the option to instead apply the provisions of the new lease standards at the effective date without adjusting comparative periods presented. We plan to elect this optional transition method along with the practical expedients permitted under the transition guidance that will retain the lease classification and initial direct costs for any leases that exist prior to adoption of the new standards. We have substantially completed aggregating and evaluating our lease contracts. Adoption of these new lease standards is effective January 1, 2019. Upon adoption, we anticipate recording a right-of-use asset and lease liability on our consolidated balance sheet similar in magnitude to the total present value of outstanding future minimum payments for operating leases shown in Note 11. The adoption of these standards is not expected to have a material impact on our consolidated statements of operations or consolidated statements of cash flows.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenue by source: Years Ended December 31, ($ in thousands) 2018 2017 (1) 2016 (1) Investment management fees Open-end funds $ 231,175 $ 175,260 $ 129,542 Closed-end funds 41,455 44,687 43,342 Retail separate accounts 73,532 54,252 40,155 Institutional accounts 77,711 46,600 18,707 Structured products 9,622 6,302 2,211 Other products 3,526 3,974 1,273 Total investment management fees 437,021 331,075 235,230 Distribution and service fees 50,715 44,322 48,250 Administration and shareholder service fees 63,614 48,996 38,261 Other income and fees 885 1,214 813 Total revenues $ 552,235 $ 425,607 $ 322,554 (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 consolidated statement of operations was as follows: Year Ended December 31, 2018 ($ in thousands) As Reported Balance Under Prior ASC 605 Effect of Change Revenues Distribution and service fees $ 50,715 $ 44,739 $ 5,976 Operating Expenses Distribution and other asset-based expenses $ 92,441 $ 86,465 $ 5,976

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the initial estimate of amounts of identified acquired assets and liabilities assumed as of the acquisition date: ($ in thousands) June 1, 2017 Assets: Cash and cash equivalents $ 39,343 Investments 5,516 Accounts receivable 20,311 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 38,261 Investments of CIP 899,274 Other assets of CIP 19,158 Furniture, equipment and leasehold improvements 5,505 Intangible assets 275,700 Goodwill 163,365 Deferred taxes, net 6,590 Other assets 3,003 Total Assets 1,476,026 Liabilities: Accrued compensation and benefits 18,263 Accounts payable and accrued liabilities 11,858 Other liabilities 2,601 Liabilities of CIP Notes payable of CIP 770,160 Securities purchased payable and other liabilities of CIP 109,881 Noncontrolling Interests of CIP 16,181 Total Liabilities & Noncontrolling Interests 928,944 Total Net Assets Acquired $ 547,082 The following table summarizes the identified acquired assets, liabilities assumed and redeemable noncontrolling interests as of the acquisition date: ($ in thousands) July 1, 2018 Assets: Cash and cash equivalents $ 2,505 Investments 262 Accounts receivable 6,649 Furniture, equipment and leasehold improvements 70 Intangible assets 62,000 Goodwill 120,213 Other assets 659 Total Assets 192,358 Liabilities Accrued compensation and benefits 824 Accounts payable and accrued liabilities 6,534 Total liabilities 7,358 Redeemable noncontrolling interests 55,500 Total Net Assets Acquired $ 129,500
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	In connection with the allocation of the purchase price, the Company identified the following intangible assets: July 1, 2018 ($ in thousands) Approximate Fair Value Weighted Average of Useful Life Definite-lived intangible assets: Institutional and retail separate account investment contracts $ 49,000 6 years Trade name 7,000 10 years Non-competition agreements 6,000 5 years Total definite-lived intangible assets $ 62,000
Pro Forma Information	The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the RW Acquisition occurred on January 1, 2016. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the RW Acquisition had been consummated on January 1, 2016. The unaudited pro forma financial information does not reflect any adjustment to the timing of any synergies or other costs savings realized. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the RW Acquisition had occurred on that date, nor of the results that may be obtained in the future. Years Ended December 31, ($ in thousands, except per share amounts) 2017 2016 Total Revenues $ 489,094 $ 466,429 Net Income (Loss) Attributable to Common Stockholders $ 27,523 $ 23,511 The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the SGA Acquisition occurred on January 1, 2017. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the SGA Acquisition had been consummated on January 1, 2017. This unaudited information should not be relied upon as being indicative of historical results that would have been obtained if the SGA Acquisition had occurred on that date, nor of the results that may be obtained in the future. December 31, ($ in thousands, except per share amounts) 2018 2017 Total Revenues $ 569,465 $ 454,156 Net Income (Loss) Attributable to Common Stockholders $ 69,341 $ 26,175
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 ($ in thousands) Approximate Fair Value Weighted Average of Useful Life Definite-lived intangible assets: Mutual fund investment contracts $ 189,200 16 years Institutional and retail separate account investment contracts 77,000 10 years Trademarks/Trade names 800 10 years Total finite-lived intangible assets 267,000 Indefinite-lived intangible assets: Trade names 8,700 N/A Total identifiable intangible assets $ 275,700

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill and Intangible Assets, Net	Intangible assets, net are summarized as follows: December 31, ($ in thousands) 2018 2017 Definite-lived intangible assets, net: Investment contracts and other $ 487,747 $ 425,747 Accumulated amortization (192,451 ) (167,309 ) Definite-lived intangible assets, net 295,296 258,438 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 338,812 $ 301,954 Activity in goodwill and intangible assets, net is as follows: Years Ended December 31, ($ in thousands) 2018 2017 2016 Intangible assets, net Balance, beginning of period $ 301,954 $ 38,427 $ 40,887 Acquisitions (1) 62,000 275,700 — Amortization expense (25,142 ) (12,173 ) (2,460 ) Balance, end of period $ 338,812 $ 301,954 $ 38,427 Goodwill Balance, beginning of period $ 170,153 $ 6,788 $ 6,701 Acquisitions (1) 120,213 163,365 — Acquisition related adjustments — — 87 Balance, end of period $ 290,366 $ 170,153 $ 6,788 (1) - See Note 4 for details on the acquired goodwill and intangible assets.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Definite-lived intangible asset amortization for the next five years and thereafter is estimated as follows ($ in thousands): Fiscal Year Amount 2019 $ 30,110 2020 29,945 2021 29,933 2022 29,809 2023 29,148 2024 and Thereafter 146,351 $ 295,296

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Investments Schedule [Abstract]
Summary of Investments	The Company’s investments, excluding the assets of consolidated investment products discussed in Note 19, at December 31, 2018 and 2017 were as follows: December 31, ($ in thousands) 2018 2017 Investment securities - fair value $ 59,271 $ 69,101 Investment securities - available for sale 2,023 20,662 Equity method investments 10,573 11,098 Nonqualified retirement plan assets 6,716 6,706 Other investments 975 925 Total investments $ 79,558 $ 108,492
Schedule of Marketable Securities	The composition of the Company’s investment securities - fair value is summarized as follows: December 31, 2018 ($ in thousands) Cost Fair Value Investment Securities - Equity: Sponsored funds $ 43,507 $ 40,191 Equity securities 16,380 16,981 Trading debt securities 3,816 2,099 Total investment securities - equity $ 63,703 $ 59,271 December 31, 2017 ($ in thousands) Cost Fair Value Investment Securities - Equity: Sponsored funds $ 50,845 $ 50,614 Equity securities 13,141 15,810 Trading debt securities 3,816 2,677 Total investment securities - equity $ 67,802 $ 69,101
Debt Securities, Available-for-sale	The composition of the Company’s investment securities - available for sale is summarized as follows: December 31, 2018 ($ in thousands) Cost Unrealized Loss Unrealized Gain Fair Value Investments in CLOs $ 3,696 $ (1,673 ) $ — $ 2,023 December 31, 2017 ($ in thousands) Cost Unrealized Loss Unrealized Gain Fair Value Investments in CLOs $ 21,240 $ (630 ) $ 52 $ 20,662

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 discussed in Note 19 , as of December 31, 2018 and December 31, 2017 , by fair value hierarchy level were as follows: December 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 158,596 $ — $ — $ 158,596 Investment securities - fair value Sponsored funds 40,191 — — 40,191 Equity securities 16,981 — — 16,981 Trading debt securities — — 2,099 2,099 Investment securities - available for sale — — 2,023 2,023 Nonqualified retirement plan assets 6,716 — — 6,716 Total assets measured at fair value $ 222,484 $ — $ 4,122 $ 226,606 December 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Investment securities - equity Sponsored funds 50,614 — — 50,614 Equity securities 15,810 — — 15,810 Trading debt securities — — 2,677 2,677 Investment securities - available for sale — 18,900 1,762 20,662 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 by fair value hierarchy level were as follows: As of December 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 51,363 $ — $ — $ 51,363 Debt investments 5,306 1,724,714 6,848 1,736,868 Equity investments 12,700 — — 12,700 Total assets measured at fair value $ 69,369 $ 1,724,714 $ 6,848 $ 1,800,931 Liabilities Notes payable $ — $ 1,620,260 $ — $ 1,620,260 Short sales 707 — — 707 Total liabilities measured at fair value $ 707 $ 1,620,260 $ — $ 1,620,967 As of December 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total 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: Twelve Months Ended December 31, ($ in thousands) 2018 2017 Level 3 Investments (a) Balance at beginning of period $ 4,439 $ — Acquired in business combination — 2,916 Purchases 1,326 2,370 Change in unrealized gain (loss), net (1,643 ) (847 ) Balance at end of period $ 4,122 $ 4,439 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, ($ in thousands) 2018 2017 Level 3 Securities (a) Balance at Balance at beginning of period $ 34,781 $ 25 Purchases 7,122 3,174 Sales (13,895 ) (3,357 ) Paydowns — — Amortization 19 9 Change in unrealized gains (losses), net 1,993 434 Realized gains (loss), net 562 (49 ) Acquired in business combination — 9,151 Transfers to Level 2 (33,873 ) (35,258 ) Transfers from Level 2 10,139 60,652 Balance at end of period $ 6,848 $ 34,781 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements, Net	Furniture, equipment and leasehold improvements, net are summarized as follows: December 31, ($ in thousands) 2018 2017 Furniture and office equipment $ 12,543 $ 7,564 Computer equipment and software 6,811 9,274 Leasehold improvements 24,880 14,132 44,234 30,970 Accumulated depreciation and amortization (24,080 ) (20,137 ) Furniture, equipment and leasehold improvements, net $ 20,154 $ 10,833

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows: Years Ended December 31, ($ in thousands) 2018 2017 2016 Current Federal $ 18,864 $ 15,670 $ 12,790 State 3,668 1,985 1,855 Total current tax expense (benefit) 22,532 17,655 14,645 Deferred Federal 5,901 20,895 5,489 State 4,528 1,940 910 Total deferred tax expense (benefit) 10,429 22,835 6,399 Total expense (benefit) for income taxes $ 32,961 $ 40,490 $ 21,044
Reconciliation of Provision (Benefit) for Income Taxes	The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: Years Ended December 31, ($ in thousands) 2018 2017 2016 Tax at statutory rate $ 22,899 21 % $ 28,150 35 % $ 24,432 35 % State taxes, net of federal benefit 6,450 6 3,548 4 2,010 3 Effect of U.S. tax reform (the Tax Act) — — 13,074 16 — — Effect of net income (loss) attributable to noncontrolling interests (171 ) — (1,017 ) (1 ) (91 ) — Change in valuation allowance 4,508 4 (2,613 ) (3 ) (5,125 ) (7 ) Other, net (725 ) (1 ) (652 ) (1 ) (182 ) (1 ) Income tax expense (benefit) $ 32,961 30 % $ 40,490 50 % $ 21,044 30 %
Summary of Tax Effects of Temporary Differences	The tax effects of temporary differences are as follows: December 31, ($ in thousands) 2018 2017 Deferred tax assets: Intangible assets $ 7,352 $ 10,706 Net operating losses 14,750 16,769 Compensation accruals 11,728 7,681 Investments 7,557 7,322 Capital losses 512 870 Other 942 1,675 Gross deferred tax assets 42,841 45,023 Valuation allowance (8,439 ) (3,088 ) Gross deferred tax assets after valuation allowance 34,402 41,935 Deferred tax liabilities: Intangible assets (12,286 ) (9,507 ) Gross deferred tax liabilities (12,286 ) (9,507 ) Deferred tax assets, net $ 22,116 $ 32,428

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary of Future Minimum Repayments of Debt (Excluding Unamortized Debt Issuance Costs)	Future minimum Term Loan payments (exclusive of unamortized debt issuance costs) as of December 31, 2018 are as follows ($ in thousands): Year Amount 2019 $ 3,651 2020 3,652 2021 3,651 2022 3,652 2023 3,651 2024 322,317 $ 340,574

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive income (loss), by component, are as follows: ($ in thousands) Unrealized Gains (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments Balance December 31, 2017 $ (612 ) $ 12 Unrealized net gain (loss) on available-for-sale securities, net of tax of $111 (292 ) — Foreign currency translation adjustments, net of tax of $6 — (17 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1) 178 — Net current-period other comprehensive income (loss) (114 ) (17 ) Balance December 31, 2018 $ (726 ) $ (5 ) (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. ($ in thousands) Unrealized Gains Foreign Balance December 31, 2016 $ (224 ) $ — Unrealized net gain (loss) on available-for-sale securities, net of tax of $100 (388 ) — Foreign currency translation adjustments, net of tax of ($4) — 12 Net current-period other comprehensive income (loss) (388 ) 12 Balance December 31, 2017 $ (612 ) $ 12

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense	Stock-based compensation expense is summarized as follows: Years Ended December 31, ($ in thousands) 2018 2017 2016 Stock-based compensation expense $ 23,116 $ 20,288 $ 11,948
Summary of Restricted Stock Units Activity	RSU activity for the year ended December 31, 2018 is summarized as follows: Number of shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 483,021 $ 104.16 Granted 198,180 $ 131.16 Forfeited (19,814 ) $ 134.65 Settled (109,149 ) $ 114.28 Outstanding at December 31, 2018 552,238 $ 111.49
Summary of Stock Option Activity	Stock option activity for the year ended December 31, 2018 is summarized as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2017 109,808 $ 16.44 Exercised (33,057 ) $ 24.74 Outstanding at December 31, 2018 76,751 $ 12.86 Vested and exercisable at December 31, 2018 76,751 $ 12.86

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings (loss) per share is as follows: Years Ended December 31, ($ in thousands, except per share amounts) 2018 2017 2016 Net Income (Loss) $ 76,080 $ 39,939 $ 48,763 Noncontrolling interests (551 ) (2,927 ) (261 ) Net Income (Loss) Attributable to Stockholders 75,529 37,012 48,502 Preferred stock dividends (8,337 ) (8,336 ) — Net Income (Loss) Attributable to Common Stockholders $ 67,192 $ 28,676 $ 48,502 Shares (in thousands): Basic: Weighted-average number of shares outstanding 7,174 7,013 7,648 Plus: Incremental shares from assumed conversion of dilutive instruments 1,353 234 174 Diluted: Weighted-average number of shares outstanding 8,527 7,247 7,822 Earnings (Loss) per Share—Basic $ 9.37 $ 4.09 $ 6.34 Earnings (Loss) per Share—Diluted $ 8.86 $ 3.96 $ 6.20
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Years Ended Years Ended December 31, (In thousands) 2018 2017 2016 Restricted stock units and stock options 12 — 8 Preferred stock — 897 — Total anti-dilutive securities 12 897 8

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Summary of Funds Provided Ten Percent or More of Total Revenues	The following funds provided 10 percent or more of the total revenues of the Company: Years Ended December 31, ($ in thousands) 2018 2017 2016 Virtus Vontobel Emerging Markets Opportunities Fund Investment management, administration and shareholder service fees $ 52,548 $ 48,826 $ 49,085 Percent of total revenues 10 % 12 % 15 % Virtus Newfleet Multi-Sector Short Term Bond Fund Investment management, administration and shareholder service fees $ 54,257 $ 44,577 $ 43,579 Percent of total revenues 10 % 11 % 14 %

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable noncontrolling interests for the year ended December 31, 2018 included the following amounts: ($ in thousands) Consolidated Investment Products Affiliate Noncontrolling Interests Total Balance at December 31, 2017 $ 4,178 $ — $ 4,178 Business acquisition — 55,500 55,500 Net income (loss) attributable to noncontrolling interests (472 ) 987 515 Net subscriptions (redemptions) (distributions) and other (1,322 ) (1,390 ) (2,712 ) Balance at December 31, 2018 $ 2,384 $ 55,097 $ 57,481

Consolidation (Tables)

Consolidation (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Balance Sheets as of December 31, 2018 and 2017 : As of December 31, 2018 2017 VIEs VIEs ($ in thousands) VOEs CLOs Other VOEs CLOs Other Cash and cash equivalents $ 1,029 $ 51,363 $ 559 $ 820 $ 82,823 $ 18,489 Investments 12,923 1,709,266 27,379 34,623 1,555,879 7,250 Other assets 228 30,426 403 767 32,671 48 Notes payable — (1,620,260 ) — — (1,457,435 ) — Securities purchased payable and other liabilities (823 ) (69,737 ) (146 ) (1,319 ) (110,871 ) (764 ) Noncontrolling interests (2,348 ) (13,958 ) (36 ) (4,178 ) (16,667 ) $ — The Company’s net interests in consolidated investment products $ 11,009 $ 87,100 $ 28,159 $ 30,713 $ 86,400 $ 25,023
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated investment products discussed in Note 19 , as of December 31, 2018 and December 31, 2017 , by fair value hierarchy level were as follows: December 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 158,596 $ — $ — $ 158,596 Investment securities - fair value Sponsored funds 40,191 — — 40,191 Equity securities 16,981 — — 16,981 Trading debt securities — — 2,099 2,099 Investment securities - available for sale — — 2,023 2,023 Nonqualified retirement plan assets 6,716 — — 6,716 Total assets measured at fair value $ 222,484 $ — $ 4,122 $ 226,606 December 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 72,993 $ — $ — $ 72,993 Investment securities - equity Sponsored funds 50,614 — — 50,614 Equity securities 15,810 — — 15,810 Trading debt securities — — 2,677 2,677 Investment securities - available for sale — 18,900 1,762 20,662 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 by fair value hierarchy level were as follows: As of December 31, 2018 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 51,363 $ — $ — $ 51,363 Debt investments 5,306 1,724,714 6,848 1,736,868 Equity investments 12,700 — — 12,700 Total assets measured at fair value $ 69,369 $ 1,724,714 $ 6,848 $ 1,800,931 Liabilities Notes payable $ — $ 1,620,260 $ — $ 1,620,260 Short sales 707 — — 707 Total liabilities measured at fair value $ 707 $ 1,620,260 $ — $ 1,620,967 As of December 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total 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: Twelve Months Ended December 31, ($ in thousands) 2018 2017 Level 3 Investments (a) Balance at beginning of period $ 4,439 $ — Acquired in business combination — 2,916 Purchases 1,326 2,370 Change in unrealized gain (loss), net (1,643 ) (847 ) Balance at end of period $ 4,122 $ 4,439 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, ($ in thousands) 2018 2017 Level 3 Securities (a) Balance at Balance at beginning of period $ 34,781 $ 25 Purchases 7,122 3,174 Sales (13,895 ) (3,357 ) Paydowns — — Amortization 19 9 Change in unrealized gains (losses), net 1,993 434 Realized gains (loss), net 562 (49 ) Acquired in business combination — 9,151 Transfers to Level 2 (33,873 ) (35,258 ) Transfers from Level 2 10,139 60,652 Balance at end of period $ 6,848 $ 34,781 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.
Reconciliation of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets and liabilities of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Year Ended December 31, ($ in thousands) 2018 2017 Level 3 Securities (a) Balance at Balance at beginning of period $ 34,781 $ 25 Purchases 7,122 3,174 Sales (13,895 ) (3,357 ) Paydowns — — Amortization 19 9 Change in unrealized gains (losses), net 1,993 434 Realized gains (loss), net 562 (49 ) Acquired in business combination — 9,151 Transfers to Level 2 (33,873 ) (35,258 ) Transfers from Level 2 10,139 60,652 Balance at end of period $ 6,848 $ 34,781 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.
Schedule of VIE Consolidated Investment Product	Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2018, as shown in the table below: ($ in thousands) Subordinated notes $ 86,011 Accrued investment management fees 1,089 Total Beneficial Interests $ 87,100 The following table represents income and expenses of the consolidated CLOs included in the Company's Consolidated Statements of Operations for the period indicated: Year Ended ($ in thousands) December 31, 2018 Income: Realized and unrealized gain (loss), net $ (16,202 ) Interest income 96,666 Total Income $ 80,464 Expenses: Other operating expenses $ 2,547 Interest expense 64,788 Total Expense 67,335 Noncontrolling interest (37 ) Net Income (loss) attributable to CIPs $ 13,092 As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation: Year Ended ($ in thousands) December 31, 2018 Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 5,763 Investment management fees 7,329 Total Economic Interests $ 13,092

Selected Quarterly Data (Unau_2

Selected Quarterly Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Data	2018 ($ in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Revenues $ 138,065 $ 152,210 $ 132,932 $ 129,028 Operating Income (Loss) 29,228 33,946 27,308 22,617 Net Income (Loss) 1,093 27,931 23,229 23,827 Net Income (Loss) Attributable to Common Stockholders 77 24,913 20,986 21,216 Earnings (loss) per share—Basic $ 0.01 $ 3.47 $ 2.91 $ 2.95 Earnings (loss) per share—Diluted $ 0.01 $ 3.19 $ 2.75 $ 2.77 2017 ($ in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Revenues $ 128,024 $ 123,675 $ 94,132 $ 79,776 Operating Income (Loss) 28,015 16,789 3,184 10,047 Net Income (Loss) 5,643 20,523 28 13,745 Net Income (Loss) Attributable to Common Stockholders 3,414 16,708 (2,389 ) 10,943 Earnings (loss) per share—Basic $ 0.48 $ 2.32 $ (0.34 ) $ 1.67 Earnings (loss) per share—Diluted $ 0.46 $ 2.21 $ (0.34 ) $ 1.62

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenues	$ 552,235	$ 425,607	$ 322,554
Total investment management fees
Disaggregation of Revenue [Line Items]
Revenues	437,021	331,075	235,230
Open-end funds
Disaggregation of Revenue [Line Items]
Revenues	231,175	175,260	129,542
Closed-end funds
Disaggregation of Revenue [Line Items]
Revenues	41,455	44,687	43,342
Retail separate accounts
Disaggregation of Revenue [Line Items]
Revenues	73,532	54,252	40,155
Institutional accounts
Disaggregation of Revenue [Line Items]
Revenues	77,711	46,600	18,707
Structured products
Disaggregation of Revenue [Line Items]
Revenues	9,622	6,302	2,211
Other products
Disaggregation of Revenue [Line Items]
Revenues	3,526	3,974	1,273
Distribution and service fees
Disaggregation of Revenue [Line Items]
Revenues	50,715	44,322	48,250
Administration and shareholder service fees
Disaggregation of Revenue [Line Items]
Revenues	63,614	48,996	38,261
Other income and fees
Disaggregation of Revenue [Line Items]
Revenues	$ 885	$ 1,214	$ 813

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 01, 2018USD ($)	Jan. 01, 2017USD ($)	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | Segment	1
Fees paid to unaffiliated advisers	$ 46,700	$ 46,700	$ 47,200
Adjustment for adoption of ASU					$ 1,051
Minimum
Summary Of Significant Accounting Policies [Line Items]
Exercise period	4 years
Weighted Average of Useful Life	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Exercise period	7 years
Weighted Average of Useful Life	16 years
Furniture and office equipment | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	3 years
Furniture and office equipment | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	7 years
Computer equipment and software | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	3 years
Computer equipment and software | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of furniture and equipment	5 years
Accounting Standards Update 2016-01
Summary Of Significant Accounting Policies [Line Items]
Adjustment for adoption of ASU				$ 200
Accounting Standards Update 2016-18
Summary Of Significant Accounting Policies [Line Items]
Cash pledged or on deposit of CIP		$ 800	$ 1,000			$ 10,400

Revenues - Financial Statement

Revenues - Financial Statement Impact of Adopting ASC 606 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 552,235	$ 425,607	$ 322,554
Distribution and other asset-based expenses	92,441	71,987	69,049
Balance Under Prior ASC 605 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Distribution and other asset-based expenses	86,465
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Distribution and other asset-based expenses	5,976
Distribution and service fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	50,715	$ 44,322	$ 48,250
Distribution and service fees | Balance Under Prior ASC 605 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	44,739
Distribution and service fees | Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 5,976

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Jun. 01, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill			$ 290,366	$ 170,153	$ 6,788	$ 6,701
Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Percentage of voting interests acquired	70.00%
Purchase price, consideration transferred	$ 129,500
Goodwill	120,213
Intangible assets	62,000
Goodwill and other intangible assets, amount expected to be tax deductible	$ 127,500
RidgeWorth
Business Acquisition [Line Items]
Purchase price, consideration transferred		$ 547,100
Goodwill		163,365
Intangible assets		275,700
Assets under management		40,100,000
Long term assets under management		35,700,000
Liquidity strategy assets under management		4,400,000
Consolidated entity excluding consolidated investment products | RidgeWorth
Business Acquisition [Line Items]
Purchase price, consideration transferred		485,200
CLOs | RidgeWorth
Business Acquisition [Line Items]
Purchase price, consideration transferred		$ 61,900
SGIA, LLC | Sustainable Growth Advisers, LP | Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Percentage of membership interests	100.00%

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities & Equity Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jul. 01, 2018	Dec. 31, 2017	Jun. 01, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets:
Goodwill	$ 290,366		$ 170,153		$ 6,788	$ 6,701
Sustainable Growth Advisers, LP
Assets:
Cash and cash equivalents		$ 2,505
Investments		262
Accounts receivable		6,649
Furniture, equipment and leasehold improvements		70
Intangible assets		62,000
Goodwill		120,213
Other assets		659
Total Assets		192,358
Liabilities:
Accrued compensation and benefits		824
Accounts payable and accrued liabilities		6,534
Noncontrolling Interests of CIP		55,500
Total liabilities		7,358
Total Net Assets Acquired		$ 129,500
RidgeWorth
Assets:
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 Variable Interest Entities (VIE) | RidgeWorth
Assets:
Cash and cash equivalents				39,343
Investments				5,516
Other assets				3,003
Consolidated investment products | RidgeWorth
Assets:
Cash and cash equivalents				38,261
Investments				899,274
Other assets				19,158
Liabilities:
Notes payable of CIP				770,160
Securities purchased payable and other liabilities of CIP				$ 109,881

Business Combinations - Schedul

Business Combinations - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Jun. 01, 2017
Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 62,000
Intangible assets	62,000
RidgeWorth
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 267,000
Indefinite lived intangibles acquired		8,700
Intangible assets		275,700
Mutual fund investment contracts | RidgeWorth
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 189,200
Weighted Average of Useful Life		16 years
Institutional and retail separate account investment contracts | Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 49,000
Weighted Average of Useful Life	6 years
Institutional and retail separate account investment contracts | RidgeWorth
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 77,000
Weighted Average of Useful Life		10 years
Trade names | Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 7,000
Weighted Average of Useful Life	10 years
Trade names | RidgeWorth
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 800
Weighted Average of Useful Life		10 years
Non-competition agreements | Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 6,000
Weighted Average of Useful Life	5 years

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Total Revenues	$ 569,465	$ 454,156
Net Income (Loss) Attributable to Common Stockholders	$ 69,341	26,175
RidgeWorth
Business Acquisition [Line Items]
Total Revenues		489,094	$ 466,429
Net Income (Loss) Attributable to Common Stockholders		$ 27,523	$ 23,511

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Definite-lived intangible assets, net:
Investment contracts and other	$ 487,747	$ 425,747
Accumulated amortization	(192,451)	(167,309)
Definite-lived intangible assets, net	295,296	258,438
Indefinite-lived intangible assets	43,516	43,516
Total intangible assets, net	$ 338,812	$ 301,954	$ 38,427	$ 40,887

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Activity in Goodwill and Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible assets, net
Balance, beginning of period	$ 301,954	$ 38,427	$ 40,887
Acquisition	62,000	275,700	0
Amortization expense	(25,142)	(12,173)	(2,460)
Balance, end of period	338,812	301,954	38,427
Goodwill
Balance, beginning of period	170,153	6,788	6,701
Acquisition	120,213	163,365	0
Acquisition related adjustments	0	0	87
Balance, end of period	$ 290,366	$ 170,153	$ 6,788

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2,019	$ 30,110
2,020	29,945
2,021	29,933
2,022	29,809
2,023	29,148
2024 and Thereafter	146,351
Definite-lived intangible assets, net	$ 295,296	$ 258,438

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average estimated remaining amortization period	11 years 5 months 18 days

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment [Line Items]
Investment securities - fair value	$ 59,271
Investment securities - available for sale	2,023	$ 20,662
Parent
Investment [Line Items]
Investment securities - fair value	59,271	69,101
Investment securities - available for sale	2,023	20,662
Equity method investments	10,573	11,098
Nonqualified retirement plan assets	6,716	6,706
Other investments	975	925
Total investments	$ 79,558	$ 108,492

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Cost	$ 63,703
Fair Value	59,271
Cost		$ 67,802
Fair Value		69,101
Sponsored funds
Debt Securities, Available-for-sale [Line Items]
Cost	43,507
Fair Value	40,191
Cost		50,845
Fair Value		50,614
Equity securities
Debt Securities, Available-for-sale [Line Items]
Cost	16,380
Fair Value	16,981
Cost		13,141
Fair Value		15,810
Trading debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	3,816
Fair Value	$ 2,099
Cost		3,816
Fair Value		$ 2,677

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Realized (loss) gain on trading securities	$ 1,800,000	$ (1,500,000)	$ (300,000)
Distributions from equity method investments	$ 4,178,000	$ 911,000	0
Capital contributions to equity method investments			2,500,000
Capital commitments
Investment [Line Items]
Future capital commitment (up to)			$ 700,000

- Schedule of Investment Securi

- Schedule of Investment Securities - Available-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments Schedule [Abstract]
Cost	$ 3,696	$ 21,240
Unrealized Loss	(1,673)	(630)
Unrealized Gain	0	52
Fair Value	$ 2,023	$ 20,662

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	$ 158,596	$ 72,993
Other Investments [Abstract]
Total assets measured at fair value	226,606	169,462
Sponsored funds
Investment securities - fair value
Marketable securities trading	40,191	50,614
Equity securities
Investment securities - fair value
Marketable securities trading	16,981	15,810
Trading debt securities
Investment securities - fair value
Marketable securities available for sale	2,099	2,677
Investment securities - available for sale
Other Investments [Abstract]
Investment securities - available for sale	2,023	20,662
Nonqualified retirement plan assets
Other Investments [Abstract]
Nonqualified retirement plan assets	6,716	6,706
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	158,596	72,993
Other Investments [Abstract]
Total assets measured at fair value	222,484	146,123
Level 1 | Sponsored funds
Investment securities - fair value
Marketable securities trading	40,191	50,614
Level 1 | Equity securities
Investment securities - fair value
Marketable securities trading	16,981	15,810
Level 1 | Trading debt securities
Investment securities - fair value
Marketable securities available for sale	0	0
Level 1 | Investment securities - available for sale
Other Investments [Abstract]
Investment securities - available for sale	0	0
Level 1 | Nonqualified retirement plan assets
Other Investments [Abstract]
Nonqualified retirement plan assets	6,716	6,706
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	0	0
Other Investments [Abstract]
Total assets measured at fair value	0	18,900
Level 2 | Sponsored funds
Investment securities - fair value
Marketable securities trading	0	0
Level 2 | Equity securities
Investment securities - fair value
Marketable securities trading	0	0
Level 2 | Trading debt securities
Investment securities - fair value
Marketable securities available for sale	0	0
Level 2 | Investment securities - available for sale
Other Investments [Abstract]
Investment securities - available for sale	0	18,900
Level 2 | Nonqualified retirement plan assets
Other Investments [Abstract]
Nonqualified retirement plan assets	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	0	0
Other Investments [Abstract]
Total assets measured at fair value	4,122	4,439
Level 3 | Sponsored funds
Investment securities - fair value
Marketable securities trading	0	0
Level 3 | Equity securities
Investment securities - fair value
Marketable securities trading	0	0
Level 3 | Trading debt securities
Investment securities - fair value
Marketable securities available for sale	2,099	2,677
Level 3 | Investment securities - available for sale
Other Investments [Abstract]
Investment securities - available for sale	2,023	1,762
Level 3 | Nonqualified retirement plan assets
Other Investments [Abstract]
Nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Investments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at Balance at beginning of period	$ 4,439	$ 0
Acquired in business combination	0	2,916
Purchases	1,326	2,370
Sales	(1,643)	(847)
Balance at end of period	$ 4,122	$ 4,439

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Transfers between level 1 and level 2	$ 0	$ 0

Furniture, Equipment and Leas_3

Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Furniture and office equipment	$ 12,543	$ 7,564
Computer equipment and software	6,811	9,274
Leasehold improvements	24,880	14,132
Furniture, equipment and leasehold improvements, gross	44,234	30,970
Accumulated depreciation and amortization	(24,080)	(20,137)
Furniture, equipment and leasehold improvements, net	$ 20,154	$ 10,833

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current
Federal	$ 18,864	$ 15,670	$ 12,790
State	3,668	1,985	1,855
Total current tax expense (benefit)	22,532	17,655	14,645
Deferred
Federal	5,901	20,895	5,489
State	4,528	1,940	910
Total deferred tax expense (benefit)	10,429	22,835	6,399
Income tax expense (benefit)	$ 32,961	$ 40,490	$ 21,044

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at statutory rate	$ 22,899	$ 28,150	$ 24,432
State taxes, net of federal benefit	6,450	3,548	2,010
Effect of U.S. tax reform (the Tax Act)	0	13,074	0
Effect of net income (loss) attributable to noncontrolling interests	(171)	(1,017)	(91)
Change in valuation allowance	4,508	(2,613)	(5,125)
Other, net	(725)	(652)	(182)
Income tax expense (benefit)	$ 32,961	$ 40,490	$ 21,044
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at statutory rate	21.00%	35.00%	35.00%
State taxes, net of federal benefit	6.00%	4.00%	3.00%
Effect of U.S. tax reform (the Tax Act)	0.00%	16.00%	0.00%
Effect of net income (loss) attributable to noncontrolling interests	(0.00%)	(1.00%)	(0.00%)
Change in valuation allowance	4.00%	(3.00%)	(7.00%)
Other, net	(1.00%)	(1.00%)	(1.00%)
Income tax expense (benefit)	30.00%	50.00%	30.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Reconciliation [Line Items]
Estimated effective income tax rate	30.00%	50.00%	30.00%
Valuation allowance for deferred tax assets	$ 8,439,000	$ 3,088,000
Deferred tax assets related to net operating losses for federal income tax purposes	$ 14,750,000	16,769,000
Ownership percentage	50.00%
Percentage increasing ownership	5.00%
Pre-tax net operating loss carryovers	$ 11,600,000
Built-in losses annual limitation	1,100,000
Unrecognized tax benefits activity	0	0	$ 0
Interest or penalties related to unrecognized tax benefits	0	$ 0	$ 0
Federal
Income Tax Reconciliation [Line Items]
Deferred tax assets related to net operating losses for federal income tax purposes	8,500,000
State
Income Tax Reconciliation [Line Items]
Deferred tax assets related to net operating losses for federal income tax purposes	$ 6,300,000

Income Taxes - Summary of Tax E

Income Taxes - Summary of Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Intangible assets	$ 7,352	$ 10,706
Net operating losses	14,750	16,769
Compensation accruals	11,728	7,681
Investments	7,557	7,322
Capital losses	512	870
Other	942	1,675
Gross deferred tax assets	42,841	45,023
Valuation allowance	(8,439)	(3,088)
Gross deferred tax assets after valuation allowance	34,402	41,935
Deferred tax liabilities:
Intangible assets	(12,286)	(9,507)
Gross deferred tax liabilities	(12,286)	(9,507)
Deferred tax assets, net	$ 22,116	$ 32,428

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 02, 2018USD ($)	Feb. 15, 2018USD ($)	Jun. 01, 2017USD ($)	Dec. 31, 2018USD ($)
Credit Facility 2017 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.50%
Reduction in rate		0.25%
Potential reduction to basis spread on variable rate, pro forma leverage ratio used for calculation		1
Credit Facility 2017 | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		1.50%
Term Loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 260,000,000
Debt term			7 years
Amount outstanding				$ 340,600,000
Debt issuance costs				$ 11,400,000
Annual principal payment, percentage of principal				1.00%
Amount required to be prepaid, percent of excess cash flow				50.00%
Premium due if prepaid in connection with repricing transaction within six months of credit agreement closing				1.00%
Term Loan | Credit Facility 2017 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, floor		0.75%
Term Loan | Additional Term Loan 2018
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 105,000,000
Covenant terms, leverage ratio		2.50
Covenant terms, percent of aggregate revolving commitments		30.00%
Revolving Credit Facility | Credit Facility 2017
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 100,000,000
Debt term			5 years
Revolving Credit Facility | Credit Facility 2017 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate, floor		0.00%
Leverage Ratio Below 1.00 | Term Loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Amount required to be prepaid, percent of excess cash flow				25.00%
Leverage Ratio Below 0.50 | Term Loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Amount required to be prepaid, percent of excess cash flow				0.00%
Sustainable Growth Advisers, LP
Line of Credit Facility [Line Items]
Term loan debt drawn at closing	$ 105,000,000

Debt - Summary of Future Debt M

Debt - Summary of Future Debt Maturities (Details) - Term Loan - Credit Facility 2017 $ in Thousands	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 3,651
2,020	3,652
2,021	3,651
2,022	3,652
2,023	3,651
2,024	322,317
Total repayments of debt, excluding unamortized debt issuance costs	$ 340,574

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Rental expenses	$ 8.1	$ 6.2	$ 4.4
Minimum aggregate rental payments required under operating lease, 2019	6.1
Minimum aggregate rental payments required under operating lease, 2020	6.5
Minimum aggregate rental payments required under operating lease, 2021	5.1
Minimum aggregate rental payments required under operating lease, 2022	3.9
Minimum aggregate rental payments required under operating lease, 2023	3.5
Thereafter	$ 12.9

Equity Transactions (Details)

Equity Transactions (Details) $ / shares in Units, $ in Thousands	Feb. 21, 2019$ / shares	Feb. 15, 2019USD ($)	Feb. 01, 2017USD ($)day$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Feb. 01, 2020$ / sharesshares	Feb. 24, 2017$ / shares
Equity, Class of Treasury Stock [Line Items]
Common stock authorized to be repurchased (in shares)				4,200,000				4,200,000
Remaining common stock authorized for repurchase (in shares)									624,803		624,803
Repurchase of common shares (in shares)								258,953			3,555,242
Cost of shares repurchased | $								$ 27,500			$ 379,200
Weighted average price (in $ per share) | $ / shares											$ 106.65
Stock issued (in shares)								1,260,169
Cash dividends declared per common share (in $ per share) | $ / shares				$ 0.55	$ 0.55	$ 0.45	$ 0.45	$ 2	$ 1.80	$ 1.8
Cash dividends declared, common | $								$ 15,267	$ 13,545	$ 13,015
Cash dividends declared per preferred share (in $ per share) | $ / shares				$ 1.8125	$ 1.8125	$ 1.8125	$ 1.8125	$ 7.25	$ 7.25	$ 0
Cash dividends declared. preferred | $								$ 8,337	$ 8,337
Dividends payable | $				$ 7,762				$ 7,762	$ 6,528		$ 6,528
Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)			1,150,000
Preferred stock dividend rate			7.25%
Preferred stock liquidation preference (in $ per share) | $ / shares			$ 100										$ 100
Preferred stock conversion, threshold consecutive trading days | day			20
Convertible preferred stock | Forecast | Minimum
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares issuable upon conversion (in shares)												0.7583
Conversion price of stock (USD per share) | $ / shares												$ 109.90
Convertible preferred stock | Forecast | Maximum
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares issuable upon conversion (in shares)												0.9100
Conversion price of stock (USD per share) | $ / shares												$ 131.88
Common Stock
Equity, Class of Treasury Stock [Line Items]
Net proceeds from stock issuance | $			$ 111,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per common share (in $ per share) | $ / shares	$ 0.55
Cash dividends declared, common | $		$ 5,700
Cash dividends declared per preferred share (in $ per share) | $ / shares	$ 1.8125
Cash dividends declared. preferred | $		$ 2,100
Public Offering
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)								1,046,500
Proceeds received on sale of stock | $								$ 109,500
RidgeWorth
Equity, Class of Treasury Stock [Line Items]
Stock issued (in shares)								213,669

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 605,224	$ 321,673	$ 509,457
Other comprehensive income (loss)	(309)	(376)	810
Balance	643,867	605,224	321,673
Unrealized Gains (Losses) on Securities Available-for-Sale
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(612)	(224)
Unrealized net gain (loss) on available-for-sale securities and foreign currency translation adjustments, net of tax	(292)	(388)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(178)
Other comprehensive income (loss)	(114)	(388)
Balance	(726)	(612)	(224)
Other comprehensive income (loss) before reclassification, tax	(111)	(100)
Reclassification from AOCI, tax	(61)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	12	0
Unrealized net gain (loss) on available-for-sale securities and foreign currency translation adjustments, net of tax	(17)	12
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0
Other comprehensive income (loss)	(17)	12
Balance	(5)	12	$ 0
Other comprehensive income (loss) before reclassification, tax	$ (6)	$ 4

Retirement Savings Plan (Detail

Retirement Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Company matching contribution percentage	100.00%
Percentage of employee's gross pay matched	5.00%
Matching contributions	$ 5.2	$ 2.8	$ 2.4

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) | shares	2,400,000
Common stock available for issuance (in shares) | shares	297,407
Stock-based compensation expense	$ 23,116	$ 20,288	$ 11,948
Weighted-average remaining contractual term, stock options outstanding	6 months	1 year 2 months 24 days
Weighted-average remaining contractual term, stock options vested and exercisable	6 months
Aggregate intrinsic value, stock options outstanding	$ 0
Aggregate intrinsic value, stock options vested and exercisable	5,100
Stock options vested (in shares) | shares		0
Intrinsic value, stock options exercised	3,000	$ 2,500	1,300
Cash received from stock option exercises	819	$ 111	$ 491
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date intrinsic value	$ 26,000
Weighted-average grant-date fair value (in $ per share) | $ / shares	$ 131.16	$ 108.32	$ 80.33
Fair value of awards vested	$ 12,500	$ 11,300	$ 9,300
Share settlement under RSUs (in shares) | shares	41,101	32,716	37,488
Cash used for employee withholding tax payments	$ 5,300	$ 3,500	$ 1,500
Unamortized stock-based compensation expense	$ 32,200	$ 29,300
Weighted average remaining amortization period	1 year 5 months 24 days	1 year 6 months 24 days
Restricted stock units (RSUs), performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	68,803	122,606
Period for recognition of compensation expense		3 years
Stock-based compensation expense	$ 8,200	$ 7,800
Unamortized stock-based compensation expense	$ 11,400	$ 10,900
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years	10 years
Vesting period of stock options in years	3 years
Minimum | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years	1 year
Maximum | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life in years	3 years
Common Stock | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 23,116	$ 20,288	$ 11,948

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted stock units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of shares
Number of shares, outstanding (in shares)	483,021
Number of shares, granted (in shares)	198,180
Number of shares, forfeited (in shares)	(19,814)
Number of shares, settled (in shares)	(109,149)
Number of shares, outstanding (in shares)	552,238	483,021
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding (in $ per share)	$ 104.16
Weighted average grant date fair value, granted (in $ per share)	131.16	$ 108.32	$ 80.33
Weighted average grant date fair value, forfeited (in $ per share)	134.65
Weighted average grant date fair value, settled (in $ per share)	114.28
Weighted average grant date fair value, outstanding (in $ per share)	$ 111.49	$ 104.16

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Number of shares
Number of shares, outstanding (in shares) | shares	109,808
Number of shares, exercised (in shares) | shares	(33,057)
Number of shares, outstanding (in shares) | shares	76,751
Number of shares, vested and exercisable (in shares) | shares	76,751
Weighted Average Exercise Price
Weighted average exercise price, outstanding (in $ per share) | $ / shares	$ 16.44
Weighted average exercise price, exercised (in $ per share) | $ / shares	24.74
Weighted average exercise price, outstanding (in $ per share) | $ / shares	12.86
Weighted average exercise price, vested and exercisable (in $ per share) | $ / shares	$ 12.86

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net Income (Loss)	$ 1,093	$ 27,931	$ 23,229	$ 23,827	$ 5,643	$ 20,523	$ 28	$ 13,745	$ 76,080	$ 39,939	$ 48,763
Noncontrolling interests									(551)	(2,927)	(261)
Net Income (Loss) Attributable to Stockholders									75,529	37,012	48,502
Preferred stockholder dividends									(8,337)	(8,336)	0
Net Income (Loss) Attributable to Common Stockholders	$ 77	$ 24,913	$ 20,986	$ 21,216	$ 3,414	$ 16,708	$ (2,389)	$ 10,943	$ 67,192	$ 28,676	$ 48,502
Shares (in thousands):
Basic: Weighted-average number of shares outstanding (in shares)									7,174	7,013	7,648
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)									1,353	234	174
Diluted: Weighted-average number of shares outstanding (in shares)									8,527	7,247	7,822
Earnings per share—basic (in $ per share)	$ 0.01	$ 3.47	$ 2.91	$ 2.95	$ 0.48	$ 2.32	$ (0.34)	$ 1.67	$ 9.37	$ 4.09	$ 6.34
Earnings per share—diluted (in $ per share)	$ 0.01	$ 3.19	$ 2.75	$ 2.77	$ 0.46	$ 2.21	$ (0.34)	$ 1.62	$ 8.86	$ 3.96	$ 6.20

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	12	897	8
Restricted stock units and stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	12	0	8
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	897	0

Concentration of Credit Risk -

Concentration of Credit Risk - Summary of Funds Provided Ten Percent or More of Total Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Virtus Vontobel Emerging Markets Opportunities Fund
Concentration Risk [Line Items]
Investment management, administration and shareholder service fees	$ 52,548	$ 48,826	$ 49,085
Virtus Newfleet Multi-Sector Short Term Bond Fund
Concentration Risk [Line Items]
Investment management, administration and shareholder service fees	$ 54,257	$ 44,577	$ 43,579
Sales Revenue, Services, Net | Virtus Vontobel Emerging Markets Opportunities Fund
Concentration Risk [Line Items]
Percent of total revenues	10.00%	12.00%	15.00%
Sales Revenue, Services, Net | Virtus Newfleet Multi-Sector Short Term Bond Fund
Concentration Risk [Line Items]
Percent of total revenues	10.00%	11.00%	14.00%

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Balance at December 31, 2017	$ 4,178
Business acquisition	55,500
Net income (loss)	515	$ 1,420	$ 261
Net subscriptions (redemptions) (distributions) and other	(2,712)
Balance at December 31, 2018	57,481	4,178
Consolidated investment products
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Balance at December 31, 2017	4,178
Business acquisition	0
Net income (loss)	(472)
Net subscriptions (redemptions) (distributions) and other	(1,322)
Balance at December 31, 2018	2,384	4,178
Affiliate Noncontrolling Interests
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Balance at December 31, 2017	0
Business acquisition	55,500
Net income (loss)	987
Net subscriptions (redemptions) (distributions) and other	(1,390)
Balance at December 31, 2018	$ 55,097	$ 0

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 201,705	$ 132,150
Noncontrolling interests	(57,481)	(4,178)	$ (37,266)	$ (73,864)
VOEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	1,029	820
Investments	12,923	34,623
Other assets	228	767
Notes payable	0	0
Securities purchased payable and other liabilities	(823)	(1,319)
Noncontrolling interests	(2,348)	(4,178)
The Company’s net interests in consolidated investment products	11,009	30,713
CLOs
Variable Interest Entity [Line Items]
Cash and cash equivalents	51,363	82,823
Investments	1,709,266	1,555,879
Other assets	30,426	32,671
Notes payable	(1,620,260)	(1,457,435)
Securities purchased payable and other liabilities	(69,737)	(110,871)
Noncontrolling interests	(13,958)	(16,667)
The Company’s net interests in consolidated investment products	87,100	86,400
Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	559	18,489
Investments	27,379	7,250
Other assets	403	48
Notes payable	0	0
Securities purchased payable and other liabilities	(146)	(764)
Noncontrolling interests	(36)	0
The Company’s net interests in consolidated investment products	$ 28,159	$ 25,023

Consolidation - Additional Info

Consolidation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)collateralized_loan_obligation	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Transfers between level 1 and level 2	$ 0	$ 0
CLOs
Variable Interest Entity [Line Items]
Number of consolidated CLOs | collateralized_loan_obligation	5
Number of consolidated CLOs, in warehouse-stage | collateralized_loan_obligation	1
Investments	$ 1,709,266,000	1,555,879,000
Transfers between level 2 and level 1	0
Transfers between level 1 and level 2	$ 0
CLOs | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	8.75%
CLOs | London Interbank Offered Rate (LIBOR) | Minimum
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	0.80%
CLOs | London Interbank Offered Rate (LIBOR) | Maximum
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	7.00%
CLOs | Senior notes
Variable Interest Entity [Line Items]
Unpaid principal balance exceeds fair value	$ 49,700,000
CLOs | CLO senior secured floating rate notes | Senior notes
Variable Interest Entity [Line Items]
Debt par value	1,400,000,000
CLOs | CLO subordinated notes
Variable Interest Entity [Line Items]
Debt par value	1,800,000,000
CLOs | CLO subordinated notes | Warehouse Facility Debt
Variable Interest Entity [Line Items]
Debt par value	155,700,000
CLOs | CLO subordinated notes | Subordinated debt
Variable Interest Entity [Line Items]
Debt par value	179,800,000
Consolidated investment products
Variable Interest Entity [Line Items]
Investments	1,749,568,000	1,597,752,000
Transfers between level 2 and level 1		0
Transfers between level 1 and level 2		$ 0
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 16,400,000

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 86,011
Accrued investment management fees	1,089
Total Beneficial Interests	$ 87,100

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income:
Total revenues	$ 138,065	$ 152,210	$ 132,932	$ 129,028	$ 128,024	$ 123,675	$ 94,132	$ 79,776
Expenses:
Net Income (Loss) Attributable to Common Stockholders	$ 77	$ 24,913	$ 20,986	$ 21,216	$ 3,414	$ 16,708	$ (2,389)	$ 10,943	$ 67,192	$ 28,676	$ 48,502
CLOs
Income:
Realized and unrealized gain (loss), net									(16,202)
Interest Income									96,666
Total revenues									80,464
Expenses:
Other operating expenses									2,547
Interest expense									64,788
Total Expense									67,335
Noncontrolling interest									(37)
Net Income (Loss) Attributable to Common Stockholders									$ 13,092

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company	$ 5,763
Investment management fees	7,329
Total Economic Interests	$ 13,092

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash equivalents	$ 158,596	$ 72,993
Total assets measured at fair value	226,606	169,462
Level 1
Assets
Cash equivalents	158,596	72,993
Total assets measured at fair value	222,484	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	4,122	4,439
Consolidated investment products | Fair Value, Measurements, Recurring
Assets
Cash equivalents	51,363	82,769
Total assets measured at fair value	1,800,931	1,680,521
Liabilities
Notes payable	1,620,260	1,457,435
Derivatives		2
Short sales	707	719
Total liabilities measured at fair value	1,620,967	1,458,156
Consolidated investment products | Fair Value, Measurements, Recurring | Debt investments
Assets
Investments and bank loans	1,736,868	1,561,732
Consolidated investment products | Fair Value, Measurements, Recurring | Equity securities
Assets
Investments and bank loans	12,700	36,020
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	51,363	82,769
Total assets measured at fair value	69,369	117,895
Liabilities
Notes payable	0	0
Derivatives		2
Short sales	707	719
Total liabilities measured at fair value	707	721
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Debt investments
Assets
Investments and bank loans	5,306	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Equity securities
Assets
Investments and bank loans	12,700	35,126
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	1,724,714	1,527,845
Liabilities
Notes payable	1,620,260	1,457,435
Derivatives		0
Short sales	0	0
Total liabilities measured at fair value	1,620,260	1,457,435
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Debt investments
Assets
Investments and bank loans	1,724,714	1,527,845
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Equity securities
Assets
Investments and bank loans	0	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	6,848	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 and bank loans	6,848	33,887
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3 | Equity securities
Assets
Investments and bank loans	$ 0	$ 894

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Consolidated investment products - Debt investments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at Balance at beginning of period	$ 34,781	$ 25
Purchases	7,122	3,174
Sales	(13,895)	(3,357)
Paydowns	0	0
Amortization	19	9
Change in unrealized gains (losses), net	1,993	434
Realized gains (loss), net	562	(49)
Acquired in business combination	0	9,151
Transfers to Level 2	(33,873)	(35,258)
Transfers from Level 2	10,139	60,652
Balance at end of period	$ 6,848	$ 34,781

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Feb. 21, 2019	Feb. 01, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Cash dividends declared per common share (in $ per share)			$ 0.55	$ 0.55	$ 0.45	$ 0.45	$ 2	$ 1.80	$ 1.8
Cash dividends declared per preferred share (in $ per share)			$ 1.8125	$ 1.8125	$ 1.8125	$ 1.8125	$ 7.25	$ 7.25	$ 0
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per common share (in $ per share)	$ 0.55
Cash dividends declared per preferred share (in $ per share)	$ 1.8125
Convertible preferred stock
Subsequent Event [Line Items]
Preferred stock dividend rate		7.25%

Selected Quarterly Data (Unau_3

Selected Quarterly Data (Unaudited) - Summary of Selected Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 138,065	$ 152,210	$ 132,932	$ 129,028	$ 128,024	$ 123,675	$ 94,132	$ 79,776
Operating Income (Loss)	29,228	33,946	27,308	22,617	28,015	16,789	3,184	10,047	$ 113,099	$ 58,035	$ 50,814
Net income (loss)	1,093	27,931	23,229	23,827	5,643	20,523	28	13,745	76,080	39,939	48,763
Net Income (Loss) Attributable to Common Stockholders	$ 77	$ 24,913	$ 20,986	$ 21,216	$ 3,414	$ 16,708	$ (2,389)	$ 10,943	$ 67,192	$ 28,676	$ 48,502
Earnings (loss) per share—Basic (in $ per share)	$ 0.01	$ 3.47	$ 2.91	$ 2.95	$ 0.48	$ 2.32	$ (0.34)	$ 1.67	$ 9.37	$ 4.09	$ 6.34
Earnings (loss) per share—Diluted (in $ per share)	$ 0.01	$ 3.19	$ 2.75	$ 2.77	$ 0.46	$ 2.21	$ (0.34)	$ 1.62	$ 8.86	$ 3.96	$ 6.20

Uncategorized Items - vrts-2018

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 178,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,051,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(178,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,051,000
Variable Interest Entity, Primary Beneficiary, and Voting Interest Entity [Member]
Cash	us-gaap_Cash	101,315,000
Cash	us-gaap_Cash	$ 52,015,000