Virtus Investment Partners (VRTS) 10-Q 6 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	0000883237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		6,987,281

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Accounts receivable, net	$ 74,150	$ 70,047
Furniture, equipment and leasehold improvements, net	20,171	20,154
Intangible assets, net	331,271	338,812
Goodwill	290,366	290,366
Deferred taxes, net	23,564	22,116
Total assets	2,845,302	2,870,535
Liabilities:
Accrued compensation and benefits	31,105	93,339
Accounts payable and accrued liabilities	27,723	27,926
Dividends payable	7,473	7,762
Debt	317,665	329,184
Other liabilities	40,573	20,010
Total liabilities	2,139,841	2,169,187
Commitments and Contingencies (Note 15)
Temporary Equity:
Redeemable noncontrolling interests	59,003	57,481
Equity attributable to stockholders:
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized, issued and outstanding at March 31, 2019 and December 31, 2018	110,843	110,843
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,682,129 shares issued and 6,978,925 shares outstanding at March 31, 2019 and 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018, respectively	107	106
Additional paid-in capital	1,205,926	1,209,805
Retained earnings (accumulated deficit)	(289,119)	(310,865)
Accumulated other comprehensive income (loss)	1	(731)
Treasury stock, at cost, 3,703,204 and 3,555,242 shares at March 31, 2019 and December 31, 2018, respectively	(394,248)	(379,249)
Total equity attributable to stockholders	633,510	629,909
Total equity	646,458	643,867
Total liabilities and equity	2,845,302	2,870,535
Consolidated entity excluding consolidated investment products
Assets:
Cash and cash equivalents	142,343	201,705
Investments	75,925	79,558
Other assets	32,694	14,201
Consolidated investment products
Assets:
Cash and cash equivalents	55,353	52,015
Investments	1,767,942	1,749,568
Cash pledged or on deposit of CIP	370	936
Other assets	31,153	31,057
Liabilities:
Notes payable of CIP	1,640,360	1,620,260
Securities purchased payable and other liabilities of CIP	74,942	70,706
Equity attributable to stockholders:
Noncontrolling interests of CIP	$ 12,948	$ 13,958

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	10,682,129	10,552,624
Common stock, shares outstanding (in shares)	6,978,925	6,997,382
Treasury stock, shares (in shares)	3,703,204	3,555,242
Series D convertible preferred stock
Preferred stock, par value (in $ per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,150,000	1,150,000
Preferred stock, shares issued (in shares)	1,150,000	1,150,000
Preferred stock, shares outstanding (in shares)	1,150,000	1,150,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Revenues	$ 130,718	$ 129,028
Operating Expenses
Employment expenses	60,851	60,696
Distribution and other asset-based expenses	19,764	22,291
Other operating expenses	18,723	16,862
Restructuring and severance	1,176	0
Depreciation and other amortization	1,213	1,015
Amortization expense	7,541	5,036
Total operating expenses	109,719	106,411
Operating Income (Loss)	20,999	22,617
Other Income (Expense)
Other income (expense), net	450	1,319
Total other income (expense), net	1,962	4,016
Interest Income (Expense)
Total interest income (expense), net	3,726	3,717
Income (Loss) Before Income Taxes	26,687	30,350
Income tax expense (benefit)	4,219	6,523
Net Income (Loss)	22,468	23,827
Noncontrolling interests	(722)	(527)
Net Income (Loss) Attributable to Stockholders	21,746	23,300
Preferred stockholder dividends	(2,084)	(2,084)
Net Income (Loss) Attributable to Common Stockholders	$ 19,662	$ 21,216
Earnings (Loss) per share—Basic (in $ per share)	$ 2.80	$ 2.95
Earnings (Loss) per Share—Diluted (in $ per share)	2.61	2.77
Cash Dividends Declared per Preferred Share (in $ per share)	1.8125	1.8125
Cash Dividends Declared per Common Share (in $ per share)	$ 0.55	$ 0.45
Weighted Average Shares Outstanding—Basic (in shares)	7,015	7,197
Weighted Average Shares Outstanding—Diluted (in shares)	8,322	8,411
Consolidated investment products
Operating Expenses
Total operating expenses	$ 451	$ 511
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(1,921)	2,259
Interest Income (Expense)
Interest expense	(19,701)	(14,549)
Interest and dividend income	27,402	21,403
Consolidated entity excluding consolidated investment products
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	3,433	438
Interest Income (Expense)
Interest expense	(5,165)	(3,858)
Interest and dividend income	1,190	721
Investment management fees
Revenues
Revenues	105,918	100,476
Distribution and service fees
Revenues
Revenues	10,063	12,607
Administration and shareholder service fees
Revenues
Revenues	14,413	15,738
Other income and fees
Revenues
Revenues	$ 324	$ 207

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 22,468	$ 23,827
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $(3) and ($4) for the three months ended March 31, 2019 and 2018, respectively	6	10
Unrealized gain (loss) on available-for-sale securities, net of tax of $97 for the three months ended March 31, 2018	0	(249)
Other comprehensive income (loss)	6	(239)
Comprehensive income (loss)	22,474	23,588
Comprehensive (income) loss attributable to noncontrolling interests	(722)	(527)
Comprehensive Income (Loss) Attributable to Stockholders	$ 21,752	$ 23,061

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ (3)	$ (4)
Unrealized (loss) gain on available-for-sale securities, tax		$ 97

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income (loss)	$ 22,468	$ 23,827
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	9,874	6,819
Stock-based compensation	5,629	5,909
Amortization of deferred commissions	980	737
Payments of deferred commissions	(455)	(1,075)
Equity in earnings of equity method investments	(496)	(1,322)
Sales (purchases) of investments, net	9,413	4,718
Deferred taxes, net	(1,705)	646
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	(2,732)	2,629
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(60,857)	(51,148)
Operating activities of consolidated investment products (CIP):
Net cash provided by (used in) operating activities	(23,215)	(61,755)
Cash Flows from Investing Activities:
Capital expenditures	(2,568)	(1,275)
Sale of available-for-sale securities	2,044	0
Purchases of available-for-sale securities	0	(20,302)
Net cash provided by (used in) investing activities	(2,095)	(21,577)
Cash Flows from Financing Activities:
Repayments on debt	(12,413)	(650)
Payment of deferred financing costs	0	(3,400)
Common stock dividends paid	(4,441)	(3,412)
Preferred stock dividends paid	(2,084)	(2,084)
Repurchases of common shares	(14,999)	0
Stock options exercised	449	698
Taxes paid related to net share settlement of restricted stock units	(4,804)	(5,014)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests	6,012
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests		(589)
Net cash provided by (used in) financing activities	(31,280)	(14,451)
Net increase (decrease) in cash, cash equivalents and restricted cash	(56,590)	(97,783)
Cash, cash equivalents and restricted cash, beginning of period	254,656	234,282
Cash, Cash Equivalent and Restricted Cash, End of Period	198,066	136,499
Non-Cash Investing Activities:
Change in accrual for capital expenditures	(1,267)	(375)
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net	(6,423)	0
Common stock dividends payable	3,865	3,248
Preferred stock dividends payable	2,084	2,084
Reconciliation of cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at end of period	254,656	234,282
Consolidated entity excluding consolidated investment products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on investments, net	(3,292)	(333)
Consolidated investment products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on investments, net	1,497	(2,382)
Operating activities of consolidated investment products (CIP):
Purchases of investments by CIP	(157,158)	(264,398)
Sales of investments by CIP	152,572	217,564
Net purchases of short term investments by CIP	(911)	(177)
Sales (purchases) of securities sold short by CIP, net	1,064	190
Change in other assets of CIP	578	(492)
Change in liabilities of CIP	316	(3,467)
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net	(1,571)	0
Cash Flows from Financing Activities:
Borrowings (payments) on borrowings by CIP	0	350,000
Proceeds from issuance of notes payable by CIP	1,000	0
Repayment of notes payable by CIP	$ 0	$ (350,000)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred StockSeries D convertible preferred stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Attributed To Stockholders	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2017		7,159,645	1,150,000				3,296,289
Beginning Balance at Dec. 31, 2017	$ 605,224	$ 105	$ 110,843	$ 1,216,173	$ (386,216)	$ (600)	$ (351,748)	$ 588,557	$ 16,667
Adjustment for adoption of ASU 2016-01 at Dec. 31, 2017					(178)	178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,972				23,300			23,300	672
Net unrealized gain (loss) on securities available-for-sale	(249)					(249)		(249)
Foreign currency translation adjustments	10					10		10
Net subscriptions (redemptions) and other	(720)								(720)
Cash dividends declared, preferred	(2,084)			(2,084)				(2,084)
Cash dividends declared, common	(3,394)			(3,394)				(3,394)
Issuance of common shares related to employee stock transactions (in shares)		57,798
Issuance of common shares related to employee stock transactions	698			698				698
Taxes paid on stock-based compensation	(5,014)			(5,014)				(5,014)
Stock-based compensation	6,963			6,963				6,963
Ending Balance (in shares) at Mar. 31, 2018		7,217,443	1,150,000				3,296,289
Ending Balance at Mar. 31, 2018	625,406	$ 105	$ 110,843	1,213,342	(363,094)	(661)	$ (351,748)	608,787	16,619
Beginning Balance at Dec. 31, 2017	4,178
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss) attributable to noncontrolling interests	(145)
Net subscriptions (redemptions) and other	129
Ending Balance at Mar. 31, 2018	4,162
Beginning Balance (in shares) at Dec. 31, 2018		6,997,382	1,150,000				3,555,242
Beginning 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 Stockholders' Equity [Roll Forward]
Net income (loss)	21,293				21,746			21,746	(453)
Net unrealized gain (loss) on securities available-for-sale	0
Foreign currency translation adjustments	6					6		6
Net subscriptions (redemptions) and other	(557)								(557)
Reclassification from other comprehensive (income) loss	726					726		726
Cash dividends declared, preferred	(2,084)			(2,084)				(2,084)
Cash dividends declared, common	$ (4,152)			(4,152)				(4,152)
Repurchases of common shares (in shares)	(147,962)	(147,962)					(147,962)
Repurchases of common shares	$ (14,999)						$ (14,999)	(14,999)
Issuance of common shares related to employee stock transactions (in shares)		129,505
Issuance of common shares related to employee stock transactions	449	$ 1		448				449
Taxes paid on stock-based compensation	(4,804)			(4,804)				(4,804)
Stock-based compensation	6,713			6,713				6,713
Ending Balance (in shares) at Mar. 31, 2019		6,978,925	1,150,000				3,703,204
Ending Balance at Mar. 31, 2019	646,458	$ 107	$ 110,843	$ 1,205,926	$ (289,119)	$ 1	$ (394,248)	$ 633,510	$ 12,948
Beginning Balance at Dec. 31, 2018	57,481
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss) attributable to noncontrolling interests	1,175
Net subscriptions (redemptions) and other	347
Ending Balance at Mar. 31, 2019	$ 59,003

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Feb. 21, 2019	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in $ per share)	$ 0.55	$ 0.55	$ 0.45
Cash dividends declared per preferred share (in $ per share)	$ 1.8125	$ 1.8125	$ 1.8125

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2019
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" or "offshore funds" and collectively with U.S. 1940 Act mutual funds, "open-end funds"), exchange traded funds ("ETFs"), closed-end funds (collectively with open-end funds and ETFs, "funds") and retail separate accounts. Institutional investment management services are provided to corporations, multi-employer retirement funds, employee retirement systems, foundations, endowments and structured products. The Company also provides subadvisory services to other investment advisors.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2018 Annual Report on Form 10-K. New Accounting Standards Implemented In July 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-09, Codification Improvements . On January 1, 2019, the Company adopted this standard. This standard which does not prescribe any new accounting guidance, makes minor improvements and clarifications of several different FASB Accounting Standards Codification ("ASC") areas based on comments and suggestions made by various stakeholders. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The standard provides financial statement preparers with the option to reclassify tax effects within other comprehensive income (referred to as stranded tax effects) 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. On January 1, 2019, the Company adopted this standard. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 - Leases with updated guidance on accounting for leases that 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 on the balance sheet 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 future lease payments. In addition to recognizing the lease liability, companies are required to recognize a corresponding asset representing the right to use the underlying asset over the lease term. The right of use asset ("ROU") is initially measured as the value of the lease liability, plus indirect costs and prepaid lease payments, less lease incentives. 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. The Company elected this optional transition method along with the package of practical expedients permitted under the guidance which resulted in not having to reassess whether expired or existing contracts upon adoption contained a lease as well as retaining the historical classifications of the Company's leases and initial direct costs. The Company also elected the hindsight practical expedient in evaluating lessee options and to combine lease and non-lease components in calculating the lease liability and ROU asset for operating leases. The adoption of this standard resulted in the recording of a ROU asset of $20.5 million and lease liability of $28.6 million on January 1, 2019 which represented a non-cash investing activity in the Company's condensed consolidated statements of cash flows. See Note 8 for further discussion. New Accounting Standards Not Yet Implemented In August 2018, the 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 will have a material impact on the Company's condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) . 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 will have a material impact on the Company's condensed consolidated financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to customers. Investment management fees, distribution and service fees and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which investment management, distribution and service and administration and shareholder service fees are calculated are variable in nature and subject to factors outside of the Company's control such as deposits, withdrawals and market performance. Because of this, they are considered constrained until the end of the contractual measurement period (monthly or quarterly) which is when asset values are generally determinable. Revenue Disaggregated by Source The following table summarizes revenue by source: Three Months Ended March 31, 2019 2018 ($ in thousands) Investment management fees Open-end funds $ 53,293 $ 54,361 Closed-end funds 10,019 10,378 Retail separate accounts 18,005 16,529 Institutional accounts 22,177 15,818 Structured products 1,647 2,326 Other products 777 1,064 Total investment management fees 105,918 100,476 Distribution and service fees 10,063 12,607 Administration and shareholder service fees 14,413 15,738 Other income and fees 324 207 Total revenues $ 130,718 $ 129,028

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations Sustainable Growth Advisers, LP On July 1, 2018, the Company completed the acquisition of 70% of the outstanding limited partnership interests of Sustainable Growth Advisors, LP ("SGA") and 100% of the membership interests in its general partner, SGIA, LLC (the "SGA Acquisition"). SGA is an investment manager specializing in U.S. and global growth equity portfolios. 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 noncontrolling 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 $127.5 million of this amount to be tax deductible over 15 years. The Company has not completed its final assessment of the fair values of purchased receivables or acquired contracts. The final fair value of the net assets acquired may result in adjustments to certain assets and liabilities, including goodwill. The following table summarizes the identified acquired assets, liabilities assumed and redeemable noncontrolling interests as of the acquisition date: July 1, 2018 ($ in thousands) 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 Approximate Fair Value Weighted Average of Useful Life ($ in thousands) 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

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: March 31, 2019 December 31, 2018 ($ in thousands) Definite-lived intangible assets: Investment contracts and other $ 487,747 $ 487,747 Accumulated amortization (199,992 ) (192,451 ) Definite-lived intangible assets, net 287,755 295,296 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 331,271 $ 338,812 Activity in intangible assets, net is as follows: Three Months Ended March 31, 2019 2018 ($ in thousands) Intangible assets, net Balance, beginning of period $ 338,812 $ 301,954 Amortization (7,541 ) (5,036 ) Balance, end of period $ 331,271 $ 296,918 Estimated amortization expense of intangible assets for the remainder of fiscal year 2019 and succeeding fiscal years is as follows: Fiscal Year Amount ($ in thousands) Remainder of 2019 $ 22,569 2020 29,945 2021 29,933 2022 29,809 2023 29,148 2024 and thereafter 146,351 $ 287,755

Investments

Investments	3 Months Ended
	Mar. 31, 2019
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 17, at March 31, 2019 and December 31, 2018 , were as follows: March 31, 2019 December 31, 2018 ($ in thousands) Investment securities - fair value $ 56,362 $ 59,271 Investment securities - available for sale — 2,023 Equity method investments 11,051 10,573 Nonqualified retirement plan assets 7,519 6,716 Other investments 993 975 Total investments $ 75,925 $ 79,558 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: March 31, 2019 December 31, 2018 Cost Fair Value Cost Fair Value ($ in thousands) Investment Securities - fair value Sponsored funds $ 33,082 $ 33,075 $ 43,507 $ 40,191 Equity securities 16,628 18,827 16,380 16,981 Debt securities 4,460 4,460 3,816 2,099 Total Investment Securities - fair value $ 54,170 $ 56,362 $ 63,703 $ 59,271 For the three months ended March 31, 2019 , the Company recognized a realized loss of $0.8 million on the sale of its investment securities - fair value. For the three months ended March 31, 2018, the Company recognized a realized loss of $0.4 million on investment securities - fair value. Investments securities - available for sale The investment securities - available for sale primarily consist of investments in CLOs for which the Company provides investment management services and does not consolidate. The Company had no investment securities - available for sale as of March 31, 2019. The composition of the Company’s investment securities - available for sale is summarized as follows: December 31, 2018 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Investment Securities - available for sale Investments in CLOs $ 3,696 $ (1,673 ) $ — $ 2,023

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 17, as of March 31, 2019 and December 31, 2018 by fair value hierarchy level were as follows: March 31, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 110,304 $ — $ — $ 110,304 Investment securities - fair value Sponsored funds 33,075 — — 33,075 Equity securities 18,827 — — 18,827 Debt securities — 43 4,417 4,460 Nonqualified retirement plan assets 7,519 — — 7,519 Total assets measured at fair value $ 169,725 $ 43 $ 4,417 $ 174,185 December 31, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 158,596 $ — $ — $ 158,596 Investment securities - fair value Sponsored funds 40,191 — — 40,191 Equity securities 16,981 — — 16,981 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 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 is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities represent 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. Debt securities primarily 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 levels during the three months ended March 31, 2019 and 2018 . The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2019 2018 Level 3 Investments (a) Balance at beginning of period $ 4,122 $ 4,439 Purchases (sales), net 232 1,326 Change in realized and unrealized gain (loss), net 63 (233 ) Balance at end of period $ 4,417 $ 5,532 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases When an arrangement qualifies as a lease, the Company recognizes a lease liability and a corresponding asset (ROU asset) on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, the Company's incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability excluding any lease incentives and initial direct costs incurred. The Company's leases qualify as operating leases and consist primarily of real estate leases for its office locations which have remaining initial lease terms of 1.3 to 11.1 years and a weighted average remaining lease term of 7.3 years . The Company has options to renew some of its leases for periods ranging from 3.0 to 15.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and were excluded from the initial lease term used to determine the Company's ROU asset and lease liability. The balance at March 31, 2019 of the ROU asset recorded in other assets was $19.6 million and the balance of the lease liability recorded in other liabilities was $27.8 million in the Company's condensed consolidated balance sheet. As the Company's leases do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of its lease payments which was 4.91% . at March 31, 2019 . Lease expense is recorded within other operating expenses on the Company’s condensed consolidated statement of operations and is recognized on a straight-line basis over the lease term. Lease expense for the Company totaled $1.3 million and $1.7 million for the three months ended March 31, 2019 and 2018 , respectively. Cash payments relating to operating leases during the three months ended March 31, 2019 were $1.1 million . The maturities of lease liabilities as of March 31, 2019 is as follows: ($ in thousands) Amount Remainder of 2019 $ 4,054 2020 5,703 2021 4,707 2022 3,664 2023 3,339 Thereafter 12,202 Total lease payments 33,669 Less: Imputed interest 5,872 Present value of lease liabilities $ 27,797 Minimum aggregate rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year recorded in accordance with ASC 840 as of December 31, 2018 were 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	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity Transactions	Equity Transactions 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 ("MCPS") to be paid on May 1, 2019 to shareholders of record at the close of business on April 15, 2019. As of March 31, 2019 , 4,180,045 shares of the Company's common stock had been authorized to be repurchased under the share repurchase program approved by the Company's Board of Directors, and 476,841 shares remained 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 three months ended March 31, 2019 , the Company repurchased 147,962 common shares at a weighted average price of $101.34 per share for a total cost, including fees and expenses, of $15.0 million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2019 and 2018 were as follows: Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign ($ in thousands) Balance at December 31, 2018 $ (726 ) $ (5 ) Foreign currency translation adjustments, net of tax of $(3) — 6 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(254) 726 — Net current-period other comprehensive income (loss) 726 6 Balance at March 31, 2019 $ — $ 1 Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments ($ in thousands) Balance at December 31, 2017 $ (612 ) $ 12 Unrealized net gain (loss) on securities available-for-sale, net of tax of $97 (249 ) — Foreign currency translation adjustments, net of tax of $(4) — 10 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1) 178 — Net current-period other comprehensive income (loss) (71 ) 10 Balance at March 31, 2018 $ (683 ) $ 22 (1) On January 1, 2018, t he Company adopted amendments to ASC 825 pursuant to ASU 2016-01 . This standard requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
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, consultants 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 March 31, 2019 , 162,031 shares of common stock remained 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: Three Months Ended March 31, 2019 2018 ($ in thousands) Stock-based compensation expense $ 5,629 $ 5,909 Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs generally have a term of one to three years and may be time-vested or performance-contingent. The fair value of each RSU is 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 three months ended March 31, 2019 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 552,238 $ 111.49 Granted 147,369 $ 108.03 Forfeited (11,993 ) $ 77.21 Settled (126,081 ) $ 96.57 Outstanding at March 31, 2019 561,533 $ 114.67 For the three months ended March 31, 2019 and 2018 , a total of 47,658 and 28,851 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $4.8 million and $5.0 million for the three months ended March 31, 2019 and 2018 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the three months ended March 31, 2019 , the Company granted 43,445 PSUs included in the table above which contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three -year service period based upon the value determined using a combination of (1) the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, and (2) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for the awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for the awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon the final outcome. For the three months ended March 31, 2019 , total stock-based compensation expense for PSUs was $2.0 million . As of March 31, 2019 , unamortized stock-based compensation expense for unvested RSUs and PSUs was $39.5 million , with a weighted-average remaining amortization period of 1.8 years . Stock Options Stock options generally cliff vest after three years and have a contractual life of 10 years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. Stock option activity for the three months ended March 31, 2019 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2018 76,751 $ 12.86 Exercised (55,106 ) $ 9.52 Outstanding, vested and exercisable at March 31, 2019 21,645 $ 21.37

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings per share ("EPS") is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (1) shares issuable upon the vesting of RSUs and common stock option exercises using the treasury stock method; and (2) shares issuable upon the conversion of the Company's MCPS, as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive. The computation of basic and diluted EPS is as follows: Three Months Ended March 31, 2019 2018 ($ in thousands, except per share amounts) Net Income (Loss) $ 22,468 $ 23,827 Noncontrolling interests (722 ) (527 ) Net Income (Loss) Attributable to Stockholders 21,746 23,300 Preferred stock dividends (2,084 ) (2,084 ) Net Income (Loss) Attributable to Common Stockholders $ 19,662 $ 21,216 Shares (in thousands): Basic: Weighted-average number of common shares outstanding 7,015 7,197 Plus: Incremental shares from assumed conversion of dilutive instruments 1,307 1,214 Diluted: Weighted-average number of common shares outstanding 8,322 8,411 Earnings (Loss) per Share—Basic $ 2.80 $ 2.95 Earnings (Loss) per Share—Diluted $ 2.61 $ 2.77 The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended March 31, 2019 2018 (in thousands) Restricted stock units and stock options 121 15 Total anti-dilutive securities 121 15

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, as compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 15.8% and 21.5% for the three months ended March 31, 2019 and 2018 , respectively. The decrease in the estimated effective tax rate for the three months ended March 31, 2019 was primarily due to the decrease in the valuation allowance associated with various investments the Company holds.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt C redit Agreement The Company's credit agreement, as amended ("Credit Agreement"), comprises (1) $365.0 million of seven -year term debt ("Term Loan") expiring in May 2024 and (2) a $100.0 million five -year revolving credit facility ("Credit Facility") expiring in May 2022. During the three months ended March 31, 2019 , the Company made principal loan payments of $12.4 million . At March 31, 2019 , $328.2 million was outstanding under the Term Loan, and the Company had no outstanding 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 $10.5 million as of March 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is regularly involved in litigation and arbitration as well as examinations, inquiries and investigations by various regulatory bodies, including the Securities and Exchange Commission, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve but are not limited to the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, Loss Contingencies . The disclosures, accruals or estimates, if any, resulting from the foregoing analysis are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or its consolidated financial condition. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any claim, dispute, regulatory examination or investigation or other legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable noncontrolling interests represent third-party investor equity in the Company's consolidated investment products and 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. Minority interests held in an affiliate are generally recorded at estimated redemption value within redeemable noncontrolling interests on the Company's condensed consolidated balance sheets, and changes in estimated redemption value of these interests are recorded in the Company’s condensed consolidated statements of operations within noncontrolling interests. Redeemable noncontrolling interests for the three months ended March 31, 2019 included the following amounts: ($ in thousands) Consolidated Investment Products Affiliate Noncontrolling Interests Total Balances at December 31, 2018 $ 2,384 $ 55,097 $ 57,481 Net income (loss) attributable to noncontrolling interests 338 837 1,175 Net subscriptions (redemptions) and other 1,923 (1,576 ) 347 Balances at March 31, 2019 $ 4,645 $ 54,358 $ 59,003

Consolidation

Consolidation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company evaluates any variable interest entities ("VIEs") in which the Company has a variable interest for consolidation. A VIE is an entity in which either: (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support; or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance, (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. Consolidated investment products include both VOEs, made up primarily of open-end funds in which the Company holds a controlling financial interest, and VIEs, which primarily consist of collateralized loan obligations ("CLOs") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on net income (loss) attributable to stockholders. The Company’s risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company’s investments in, and fees generated from, these products. The following table presents the balances of the consolidated investment products that, after intercompany eliminations, are reflected in the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 : As of March 31, 2019 December 31, 2018 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 592 $ 54,805 $ 326 $ 1,029 $ 51,363 $ 559 Investments 15,495 1,723,411 29,036 12,923 1,709,266 27,379 Other assets 66 30,444 643 228 30,426 403 Notes payable — (1,640,360 ) — — (1,620,260 ) — Securities purchased payable and other liabilities (482 ) (74,070 ) (390 ) (823 ) (69,737 ) (146 ) Noncontrolling interests (4,645 ) (12,948 ) — (2,348 ) (13,958 ) (36 ) The Company’s net interests in consolidated investment products $ 11,026 $ 81,282 $ 29,615 $ 11,009 $ 87,100 $ 28,159 Consolidated CLOs The majority of the Company's consolidated investment products that are VIEs are CLOs. At March 31, 2019 , the Company consolidated five CLOs. The financial information for certain of these CLOs is included in the Company's condensed consolidated financial statements one-month in arrears based upon the availability of financial information. Majority-owned consolidated private funds, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, are also included. Investments of CLOs The CLOs' investments of $1.7 billion at March 31, 2019 represented 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 March 31, 2019 , the fair value of the senior bank loans exceeded the unpaid principal balance by $36.8 million . Notes Payable of CLOs The CLOs have issued 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 with a par value of $156.7 million and subordinated notes with a par value of $179.8 million . These note obligations bear interest at variable rates based on LIBOR plus a pre-defined spread. The principal amounts outstanding of the note obligations issued by the CLOs mature on dates ranging from April 2019 to October 2029. The CLOs may elect to reinvest any prepayments received on bank loan investments between October 2019 and October 2021, depending on the CLO. Generally, subsequent prepayments received after the reinvestment period must be used to pay down the note obligations. The Company’s beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to: (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at March 31, 2019 , as shown in the table below: As of March 31, 2019 ($ in thousands) Subordinated notes $ 80,206 Accrued investment management fees 1,076 Total Beneficial Interests $ 81,282 The following table represents income and expenses of the consolidated CLOs included in the Company’s condensed consolidated statements of operations for the period indicated: Three Months Ended March 31, ($ in thousands) 2019 Income: Realized and unrealized gain (loss), net $ (5,719 ) Interest income 26,882 Total Income 21,163 Expenses: Other operating expenses 305 Interest expense 19,701 Total Expense 20,006 Noncontrolling interest (453 ) Net Income (loss) attributable to CIPs $ 704 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: Three Months Ended March 31, ($ in thousands) 2019 Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ (1,036 ) Investment management fees 1,740 Total Economic Interests $ 704 Fair Value Measurements of Consolidated Investment Products The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 by fair value hierarchy level were as follows: As of March 31, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,805 $ — $ — $ 54,805 Debt investments 5,681 1,715,732 31,759 1,753,172 Equity investments 14,770 — — 14,770 Total Assets Measured at Fair Value $ 75,256 $ 1,715,732 $ 31,759 $ 1,822,747 Liabilities Notes payable $ — $ 1,640,360 $ — $ 1,640,360 Short sales 297 — — 297 Total Liabilities Measured at Fair Value $ 297 $ 1,640,360 $ — $ 1,640,657 As of December 31, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) 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 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment products measured at fair value: Cash equivalents represent investments in money ma rket funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Debt and equity investments represent the underlying debt, equity and other securities held in consolidated investment products. Equity investments are valued at the official closing price on the exchange on which the securities are traded and are generally categorized within Level 1. Level 2 investments represent most debt securities, including bank loans and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect 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. Notes payable represent notes issued by consolidated investment products that are CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of: (a) the fair value of the beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Short sales are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the condensed consolidated balance sheets within other liabilities of consolidated investment products and are classified as Level 1 based on the underlying equity security. For the three months ended March 31, 2019 and 2018 , no securities held by consolidated investment products were transferred from Level 2 to Level 1. For the three months ended March 31, 2019 and 2018 , no securities held by consolidated investment products were transferred from Level 1 to Level 2. The securities purchase payable at March 31, 2019 and December 31, 2018 approximated fair value due to the short-term nature of the instruments. The following table is a reconciliation of assets of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value: Three Months Ended March 31, ($ in thousands) 2019 2018 Level 3 Investments of CIPs (a) Balance at beginning of period $ 6,848 $ 34,781 Realized gains (losses), net 6 43 Change in unrealized gains (losses), net (45 ) 2,375 Purchases 1,595 7,122 Amortization 2 19 Sales (429 ) (11,934 ) Transfers to Level 2 (7,199 ) (29,658 ) Transfers from Level 2 30,981 — Balance at end of period $ 31,759 $ 2,748 (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 trading activities at period end. Nonconsolidated VIEs The Company serves as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, "CDOs") that are not consolidated. The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership, nor holds any notes issued by, the CDOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CDOs did not represent a variable interest as: (1) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services; (2) the Company does not hold other interests in the CDOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CDOs expected losses or receive more than an insignificant amount of the CDOs expected residual return; and (3) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length. The Company has interests in certain other entities that are VIEs that the Company does not consolidate as it is not the primary beneficiary of those entities. The Company is not the primary beneficiary as its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance. At March 31, 2019 , the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $12.9 million .

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2018 Annual Report on Form 10-K.
New Accounting Standards Implemented and Not Yet Implemented	New Accounting Standards Implemented In July 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-09, Codification Improvements . On January 1, 2019, the Company adopted this standard. This standard which does not prescribe any new accounting guidance, makes minor improvements and clarifications of several different FASB Accounting Standards Codification ("ASC") areas based on comments and suggestions made by various stakeholders. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The standard provides financial statement preparers with the option to reclassify tax effects within other comprehensive income (referred to as stranded tax effects) 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. On January 1, 2019, the Company adopted this standard. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 - Leases with updated guidance on accounting for leases that 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 on the balance sheet 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 future lease payments. In addition to recognizing the lease liability, companies are required to recognize a corresponding asset representing the right to use the underlying asset over the lease term. The right of use asset ("ROU") is initially measured as the value of the lease liability, plus indirect costs and prepaid lease payments, less lease incentives. 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. The Company elected this optional transition method along with the package of practical expedients permitted under the guidance which resulted in not having to reassess whether expired or existing contracts upon adoption contained a lease as well as retaining the historical classifications of the Company's leases and initial direct costs. The Company also elected the hindsight practical expedient in evaluating lessee options and to combine lease and non-lease components in calculating the lease liability and ROU asset for operating leases. The adoption of this standard resulted in the recording of a ROU asset of $20.5 million and lease liability of $28.6 million on January 1, 2019 which represented a non-cash investing activity in the Company's condensed consolidated statements of cash flows. See Note 8 for further discussion. New Accounting Standards Not Yet Implemented In August 2018, the 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 will have a material impact on the Company's condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) . 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 will have a material impact on the Company's condensed consolidated financial statements.
Fair Value Measurements	The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end 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 is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities represent 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. Debt securities primarily 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. Cash equivalents represent investments in money ma rket funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Debt and equity investments represent the underlying debt, equity and other securities held in consolidated investment products. Equity investments are valued at the official closing price on the exchange on which the securities are traded and are generally categorized within Level 1. Level 2 investments represent most debt securities, including bank loans and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect 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. Notes payable represent notes issued by consolidated investment 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.
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.
Consolidation and Nonconsolidated VIEs	The Company has interests in certain other entities that are VIEs that the Company does not consolidate as it is not the primary beneficiary of those entities. The Company is not the primary beneficiary as its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenue by source: Three Months Ended March 31, 2019 2018 ($ in thousands) Investment management fees Open-end funds $ 53,293 $ 54,361 Closed-end funds 10,019 10,378 Retail separate accounts 18,005 16,529 Institutional accounts 22,177 15,818 Structured products 1,647 2,326 Other products 777 1,064 Total investment management fees 105,918 100,476 Distribution and service fees 10,063 12,607 Administration and shareholder service fees 14,413 15,738 Other income and fees 324 207 Total revenues $ 130,718 $ 129,028

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the identified acquired assets, liabilities assumed and redeemable noncontrolling interests as of the acquisition date: July 1, 2018 ($ in thousands) 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 Approximate Fair Value Weighted Average of Useful Life ($ in thousands) 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

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: March 31, 2019 December 31, 2018 ($ in thousands) Definite-lived intangible assets: Investment contracts and other $ 487,747 $ 487,747 Accumulated amortization (199,992 ) (192,451 ) Definite-lived intangible assets, net 287,755 295,296 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 331,271 $ 338,812
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Three Months Ended March 31, 2019 2018 ($ in thousands) Intangible assets, net Balance, beginning of period $ 338,812 $ 301,954 Amortization (7,541 ) (5,036 ) Balance, end of period $ 331,271 $ 296,918
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years	Estimated amortization expense of intangible assets for the remainder of fiscal year 2019 and succeeding fiscal years is as follows: Fiscal Year Amount ($ in thousands) Remainder of 2019 $ 22,569 2020 29,945 2021 29,933 2022 29,809 2023 29,148 2024 and thereafter 146,351 $ 287,755

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments Schedule [Abstract]
Summary of 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 17, at March 31, 2019 and December 31, 2018 , were as follows: March 31, 2019 December 31, 2018 ($ in thousands) Investment securities - fair value $ 56,362 $ 59,271 Investment securities - available for sale — 2,023 Equity method investments 11,051 10,573 Nonqualified retirement plan assets 7,519 6,716 Other investments 993 975 Total investments $ 75,925 $ 79,558
Schedule of Marketable Securities	The composition of the Company’s investment securities - fair value is summarized as follows: March 31, 2019 December 31, 2018 Cost Fair Value Cost Fair Value ($ in thousands) Investment Securities - fair value Sponsored funds $ 33,082 $ 33,075 $ 43,507 $ 40,191 Equity securities 16,628 18,827 16,380 16,981 Debt securities 4,460 4,460 3,816 2,099 Total Investment Securities - fair value $ 54,170 $ 56,362 $ 63,703 $ 59,271
Schedule of Investment Securities - Available-for-Sale	The composition of the Company’s investment securities - available for sale is summarized as follows: December 31, 2018 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Investment Securities - available for sale Investments in CLOs $ 3,696 $ (1,673 ) $ — $ 2,023

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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 17, as of March 31, 2019 and December 31, 2018 by fair value hierarchy level were as follows: March 31, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 110,304 $ — $ — $ 110,304 Investment securities - fair value Sponsored funds 33,075 — — 33,075 Equity securities 18,827 — — 18,827 Debt securities — 43 4,417 4,460 Nonqualified retirement plan assets 7,519 — — 7,519 Total assets measured at fair value $ 169,725 $ 43 $ 4,417 $ 174,185 December 31, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 158,596 $ — $ — $ 158,596 Investment securities - fair value Sponsored funds 40,191 — — 40,191 Equity securities 16,981 — — 16,981 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 The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 by fair value hierarchy level were as follows: As of March 31, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,805 $ — $ — $ 54,805 Debt investments 5,681 1,715,732 31,759 1,753,172 Equity investments 14,770 — — 14,770 Total Assets Measured at Fair Value $ 75,256 $ 1,715,732 $ 31,759 $ 1,822,747 Liabilities Notes payable $ — $ 1,640,360 $ — $ 1,640,360 Short sales 297 — — 297 Total Liabilities Measured at Fair Value $ 297 $ 1,640,360 $ — $ 1,640,657 As of December 31, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) 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
Reconciliation of Level Three Investments	The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2019 2018 Level 3 Investments (a) Balance at beginning of period $ 4,122 $ 4,439 Purchases (sales), net 232 1,326 Change in realized and unrealized gain (loss), net 63 (233 ) Balance at end of period $ 4,417 $ 5,532 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. The following table is a reconciliation of assets of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value: Three Months Ended March 31, ($ in thousands) 2019 2018 Level 3 Investments of CIPs (a) Balance at beginning of period $ 6,848 $ 34,781 Realized gains (losses), net 6 43 Change in unrealized gains (losses), net (45 ) 2,375 Purchases 1,595 7,122 Amortization 2 19 Sales (429 ) (11,934 ) Transfers to Level 2 (7,199 ) (29,658 ) Transfers from Level 2 30,981 — Balance at end of period $ 31,759 $ 2,748 (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 trading activities at period end.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Maturity of Operating Lease Liabilities	The maturities of lease liabilities as of March 31, 2019 is as follows: ($ in thousands) Amount Remainder of 2019 $ 4,054 2020 5,703 2021 4,707 2022 3,664 2023 3,339 Thereafter 12,202 Total lease payments 33,669 Less: Imputed interest 5,872 Present value of lease liabilities $ 27,797

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2019 and 2018 were as follows: Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign ($ in thousands) Balance at December 31, 2018 $ (726 ) $ (5 ) Foreign currency translation adjustments, net of tax of $(3) — 6 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(254) 726 — Net current-period other comprehensive income (loss) 726 6 Balance at March 31, 2019 $ — $ 1 Unrealized Net Gains and (Losses) on Securities Available-for-Sale Foreign Currency Translation Adjustments ($ in thousands) Balance at December 31, 2017 $ (612 ) $ 12 Unrealized net gain (loss) on securities available-for-sale, net of tax of $97 (249 ) — Foreign currency translation adjustments, net of tax of $(4) — 10 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($61) (1) 178 — Net current-period other comprehensive income (loss) (71 ) 10 Balance at March 31, 2018 $ (683 ) $ 22 (1) On January 1, 2018, t he Company adopted amendments to ASC 825 pursuant to ASU 2016-01 . This standard requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-based Compensation Expense	Stock-based compensation expense is summarized as follows: Three Months Ended March 31, 2019 2018 ($ in thousands) Stock-based compensation expense $ 5,629 $ 5,909
Summary of Restricted Stock Units Activity	RSU activity for the three months ended March 31, 2019 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 552,238 $ 111.49 Granted 147,369 $ 108.03 Forfeited (11,993 ) $ 77.21 Settled (126,081 ) $ 96.57 Outstanding at March 31, 2019 561,533 $ 114.67
Summary of Stock Option Activity	Stock option activity for the three months ended March 31, 2019 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2018 76,751 $ 12.86 Exercised (55,106 ) $ 9.52 Outstanding, vested and exercisable at March 31, 2019 21,645 $ 21.37

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The computation of basic and diluted EPS is as follows: Three Months Ended March 31, 2019 2018 ($ in thousands, except per share amounts) Net Income (Loss) $ 22,468 $ 23,827 Noncontrolling interests (722 ) (527 ) Net Income (Loss) Attributable to Stockholders 21,746 23,300 Preferred stock dividends (2,084 ) (2,084 ) Net Income (Loss) Attributable to Common Stockholders $ 19,662 $ 21,216 Shares (in thousands): Basic: Weighted-average number of common shares outstanding 7,015 7,197 Plus: Incremental shares from assumed conversion of dilutive instruments 1,307 1,214 Diluted: Weighted-average number of common shares outstanding 8,322 8,411 Earnings (Loss) per Share—Basic $ 2.80 $ 2.95 Earnings (Loss) per Share—Diluted $ 2.61 $ 2.77
Securities Excluded from Computation of Diluted EPS	The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended March 31, 2019 2018 (in thousands) Restricted stock units and stock options 121 15 Total anti-dilutive securities 121 15

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable noncontrolling interests for the three months ended March 31, 2019 included the following amounts: ($ in thousands) Consolidated Investment Products Affiliate Noncontrolling Interests Total Balances at December 31, 2018 $ 2,384 $ 55,097 $ 57,481 Net income (loss) attributable to noncontrolling interests 338 837 1,175 Net subscriptions (redemptions) and other 1,923 (1,576 ) 347 Balances at March 31, 2019 $ 4,645 $ 54,358 $ 59,003

Consolidation (Tables)

Consolidation (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets	The following table presents the balances of the consolidated investment products that, after intercompany eliminations, are reflected in the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 : As of March 31, 2019 December 31, 2018 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 592 $ 54,805 $ 326 $ 1,029 $ 51,363 $ 559 Investments 15,495 1,723,411 29,036 12,923 1,709,266 27,379 Other assets 66 30,444 643 228 30,426 403 Notes payable — (1,640,360 ) — — (1,620,260 ) — Securities purchased payable and other liabilities (482 ) (74,070 ) (390 ) (823 ) (69,737 ) (146 ) Noncontrolling interests (4,645 ) (12,948 ) — (2,348 ) (13,958 ) (36 ) The Company’s net interests in consolidated investment products $ 11,026 $ 81,282 $ 29,615 $ 11,009 $ 87,100 $ 28,159
Schedule of Consolidated Collateralized Loan Obligations	March 31, 2019 , as shown in the table below: As of March 31, 2019 ($ in thousands) Subordinated notes $ 80,206 Accrued investment management fees 1,076 Total Beneficial Interests $ 81,282 The following table represents income and expenses of the consolidated CLOs included in the Company’s condensed consolidated statements of operations for the period indicated: Three Months Ended March 31, ($ in thousands) 2019 Income: Realized and unrealized gain (loss), net $ (5,719 ) Interest income 26,882 Total Income 21,163 Expenses: Other operating expenses 305 Interest expense 19,701 Total Expense 20,006 Noncontrolling interest (453 ) Net Income (loss) attributable to CIPs $ 704 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: Three Months Ended March 31, ($ in thousands) 2019 Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ (1,036 ) Investment management fees 1,740 Total Economic Interests $ 704
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 17, as of March 31, 2019 and December 31, 2018 by fair value hierarchy level were as follows: March 31, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 110,304 $ — $ — $ 110,304 Investment securities - fair value Sponsored funds 33,075 — — 33,075 Equity securities 18,827 — — 18,827 Debt securities — 43 4,417 4,460 Nonqualified retirement plan assets 7,519 — — 7,519 Total assets measured at fair value $ 169,725 $ 43 $ 4,417 $ 174,185 December 31, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 158,596 $ — $ — $ 158,596 Investment securities - fair value Sponsored funds 40,191 — — 40,191 Equity securities 16,981 — — 16,981 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 The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 by fair value hierarchy level were as follows: As of March 31, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,805 $ — $ — $ 54,805 Debt investments 5,681 1,715,732 31,759 1,753,172 Equity investments 14,770 — — 14,770 Total Assets Measured at Fair Value $ 75,256 $ 1,715,732 $ 31,759 $ 1,822,747 Liabilities Notes payable $ — $ 1,640,360 $ — $ 1,640,360 Short sales 297 — — 297 Total Liabilities Measured at Fair Value $ 297 $ 1,640,360 $ — $ 1,640,657 As of December 31, 2018 Level 1 Level 2 Level 3 Total ($ in thousands) 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
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2019 2018 Level 3 Investments (a) Balance at beginning of period $ 4,122 $ 4,439 Purchases (sales), net 232 1,326 Change in realized and unrealized gain (loss), net 63 (233 ) Balance at end of period $ 4,417 $ 5,532 (a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. The following table is a reconciliation of assets of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value: Three Months Ended March 31, ($ in thousands) 2019 2018 Level 3 Investments of CIPs (a) Balance at beginning of period $ 6,848 $ 34,781 Realized gains (losses), net 6 43 Change in unrealized gains (losses), net (45 ) 2,375 Purchases 1,595 7,122 Amortization 2 19 Sales (429 ) (11,934 ) Transfers to Level 2 (7,199 ) (29,658 ) Transfers from Level 2 30,981 — Balance at end of period $ 31,759 $ 2,748 (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 trading activities at period end.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right of use assets	$ 19,600
Operating lease liabilities	$ 27,797
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right of use assets		$ 20,500
Operating lease liabilities		$ 28,600

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 130,718	$ 129,028
Investment management fees
Disaggregation of Revenue [Line Items]
Revenues	105,918	100,476
Open-end funds
Disaggregation of Revenue [Line Items]
Revenues	53,293	54,361
Closed-end funds
Disaggregation of Revenue [Line Items]
Revenues	10,019	10,378
Retail separate accounts
Disaggregation of Revenue [Line Items]
Revenues	18,005	16,529
Institutional accounts
Disaggregation of Revenue [Line Items]
Revenues	22,177	15,818
Structured products
Disaggregation of Revenue [Line Items]
Revenues	1,647	2,326
Other products
Disaggregation of Revenue [Line Items]
Revenues	777	1,064
Distribution and service fees
Disaggregation of Revenue [Line Items]
Revenues	10,063	12,607
Administration and shareholder service fees
Disaggregation of Revenue [Line Items]
Revenues	14,413	15,738
Other income and fees
Disaggregation of Revenue [Line Items]
Revenues	$ 324	$ 207

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 290,366	$ 290,366
Sustainable Growth Advisers, LP
Business Acquisition [Line Items]
Percentage of voting interests acquired	70.00%
Purchase price	$ 129,500
Goodwill	120,213
Intangible assets	62,000
Expected tax deductible amount of goodwill and other intangible assets	$ 127,500
Sustainable Growth Advisers, LP | SGIA, LLC | 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	Mar. 31, 2019	Dec. 31, 2018	Jul. 01, 2018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 290,366	$ 290,366
Sustainable Growth Advisers, LP
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
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

Business Combinations - Schedul

Business Combinations - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - Sustainable Growth Advisers, LP $ in Thousands	Jul. 01, 2018USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Approximate Fair Value	$ 62,000
Institutional and retail separate account investment contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Approximate Fair Value	$ 49,000
Weighted Average of Useful Life	6 years
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Approximate Fair Value	$ 7,000
Weighted Average of Useful Life	10 years
Non-competition agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Approximate Fair Value	$ 6,000
Weighted Average of Useful Life	5 years

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Definite-lived intangible assets:
Investment contracts and other	$ 487,747	$ 487,747
Accumulated amortization	(199,992)	(192,451)
Definite-lived intangible assets, net	287,755	295,296
Indefinite-lived intangible assets	43,516	43,516
Total intangible assets, net	$ 331,271	$ 338,812	$ 296,918	$ 301,954

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Intangible assets, net
Balance, beginning of period	$ 338,812	$ 301,954
Amortization	(7,541)	(5,036)
Balance, end of period	$ 331,271	$ 296,918

Intangible Assets, Net - Sche_2

Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 22,569
2020	29,945
2021	29,933
2022	29,809
2023	29,148
2024 and thereafter	146,351
Definite-lived intangible assets, net	$ 287,755	$ 295,296

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Investment securities - fair value	$ 56,362,000	$ 59,271,000
Investment securities - available for sale	0	2,023,000
Parent
Investment [Line Items]
Investment securities - fair value	56,362,000	59,271,000
Investment securities - available for sale	0	2,023,000
Equity method investments	11,051,000	10,573,000
Nonqualified retirement plan assets	7,519,000	6,716,000
Other investments	993,000	975,000
Total investments	$ 75,925,000	$ 79,558,000

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment Securities - fair value
Cost	$ 54,170	$ 63,703
Fair Value	56,362	59,271
Sponsored funds
Investment Securities - fair value
Cost	33,082	43,507
Fair Value	33,075	40,191
Equity securities
Investment Securities - fair value
Cost	16,628	16,380
Fair Value	18,827	16,981
Debt securities
Investment Securities - fair value
Cost	4,460	3,816
Fair Value	$ 4,460	$ 2,099

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investments Schedule [Abstract]
Realized gain (loss) on marketable securities	$ (800,000)	$ (400,000)
Investment securities - available for sale	$ 0		$ 2,023,000

Investments - Schedule of Inves

Investments - Schedule of Investment Securities - Available-for-Sale (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Investments Schedule [Abstract]
Cost		$ 3,696,000
Unrealized Loss		(1,673,000)
Unrealized Gain		0
Fair Value	$ 0	$ 2,023,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 110,304,000	$ 158,596,000
Investment securities - fair value
Fair Value	56,362,000	59,271,000
Investment securities - available for sale	0	2,023,000
Total assets measured at fair value	174,185,000	226,606,000
Sponsored funds
Investment securities - fair value
Fair Value	33,075,000	40,191,000
Equity securities
Investment securities - fair value
Fair Value	18,827,000	16,981,000
Debt securities
Investment securities - fair value
Fair Value	4,460,000	2,099,000
Collateralized loan obligation
Investment securities - fair value
Investment securities - available for sale		2,023,000
Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	7,519,000	6,716,000
Level 1
Assets
Cash equivalents	110,304,000	158,596,000
Investment securities - fair value
Total assets measured at fair value	169,725,000	222,484,000
Level 1 | Sponsored funds
Investment securities - fair value
Fair Value	33,075,000	40,191,000
Level 1 | Equity securities
Investment securities - fair value
Fair Value	18,827,000	16,981,000
Level 1 | Debt securities
Investment securities - fair value
Fair Value	0	0
Level 1 | Collateralized loan obligation
Investment securities - fair value
Investment securities - available for sale		0
Level 1 | Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	7,519,000	6,716,000
Level 2
Assets
Cash equivalents	0	0
Investment securities - fair value
Total assets measured at fair value	43,000	0
Level 2 | Sponsored funds
Investment securities - fair value
Fair Value	0	0
Level 2 | Equity securities
Investment securities - fair value
Fair Value	0	0
Level 2 | Debt securities
Investment securities - fair value
Fair Value	43,000	0
Level 2 | Collateralized loan obligation
Investment securities - fair value
Investment securities - available for sale		0
Level 2 | Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	0	0
Level 3
Assets
Cash equivalents	0	0
Investment securities - fair value
Total assets measured at fair value	4,417,000	4,122,000
Level 3 | Sponsored funds
Investment securities - fair value
Fair Value	0	0
Level 3 | Equity securities
Investment securities - fair value
Fair Value	0	0
Level 3 | Debt securities
Investment securities - fair value
Fair Value	4,417,000	2,099,000
Level 3 | Collateralized loan obligation
Investment securities - fair value
Investment securities - available for sale		2,023,000
Level 3 | Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair value, equity, Level 1 to Level 2 transfers, amount	$ 0	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level Three Investments (Details) - Level 3 - Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 4,122	$ 4,439
Purchases (sales), net	232	1,326
Change in realized and unrealized gain (loss), net	63	(233)
Balance at end of period	$ 4,417	$ 5,532

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	7 years 4 months
Operating lease right of use assets	$ 19,600
Operating lease liabilities	$ 27,797
Incremental borrowing rate	4.91%
Lease cost	$ 1,300	$ 1,700
Operating cash flows from operating leases	$ 1,100
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019			$ 6,100
2020			6,500
2021			5,100
2022			3,900
2023			3,500
Thereafter			$ 12,900
Minimum
Lessee, Lease, Description [Line Items]
Remaining initial lease terms	1 year 3 months
Term of options to extend	3 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining initial lease terms	11 years 1 month
Term of options to extend	15 years

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 4,054
2020	5,703
2021	4,707
2022	3,664
2023	3,339
Thereafter	12,202
Total lease payments	33,669
Less: Imputed interest	5,872
Present value of lease liabilities	$ 27,797

Equity Transactions - Additiona

Equity Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 21, 2019	Mar. 31, 2019	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Common stock cash dividends declared per share (in $ per share)	$ 0.55	$ 0.55	$ 0.45
Preferred stock cash dividends declared per share (in $ per share)	$ 1.8125	$ 1.8125	$ 1.8125
Shares authorized for repurchase (in shares)		4,180,045
Shares available for repurchase (in shares)		476,841
Repurchases of common shares (in shares)		147,962
Weighted average price (in dollars per share)		$ 101.34
Total cost of shares repurchased		$ 15
Public offering | Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock dividend rate		7.25%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 643,867	$ 605,224
Reclassification from other comprehensive (income) loss	726
Other comprehensive income (loss)	6	(239)
Ending Balance	646,458	625,406
Unrealized Net Gains and (Losses) on Securities Available-for-Sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(726)	(612)
Other comprehensive income (loss), before reclassifications		(249)
Reclassification from other comprehensive (income) loss	726	178
Other comprehensive income (loss)	726	(71)
Ending Balance	0	(683)
Other comprehensive income (loss), before reclassifications, tax		97
Reclassification from AOCI, tax	(254)	(61)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(5)	12
Other comprehensive income (loss), before reclassifications	6	10
Reclassification from other comprehensive (income) loss	0	0
Other comprehensive income (loss)	6	10
Ending Balance	1	22
Other comprehensive income (loss), before reclassifications, tax	$ (3)	$ (4)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	162,031
Shares of common stock reserved for issuance (in shares)	2,400,000
Stock-based compensation expense	$ 5,629	$ 5,909
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 39,500
Weighted-average remaining amortization period	1 year 9 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)	47,658	28,851
Cash used for employee withholding tax payments	$ 4,800	$ 5,000
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	43,445
Period for recognition of compensation expense	3 years
Stock-based compensation expense	$ 2,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	3 years
Contractual life	10 years
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	1 year
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 5,629	$ 5,909

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance (in shares) | shares	552,238
Number of shares, Granted (in shares) | shares	147,369
Number of shares, Forfeited (in shares) | shares	(11,993)
Number of shares, Settled (in shares) | shares	(126,081)
Number of shares, Ending Balance (in shares) | shares	561,533
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in $ per share) | $ / shares	$ 111.49
Weighted Average Grant Date Fair Value, Granted (in $ per share) | $ / shares	108.03
Weighted Average Grant Date Fair Value, Forfeited (in $ per share) | $ / shares	77.21
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	96.57
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 114.67

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of Shares
Number of Shares, Beginning Balance (in shares) | shares	76,751
Number of Shares, Exercised (in shares) | shares	(55,106)
Number of Shares, Ending Balance (in shares) | shares	21,645
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning Balance (in $ per share) | $ / shares	$ 12.86
Weighted Average Exercise Price, Exercised (in $ per share) | $ / shares	9.52
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 21.37

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
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income (Loss)	$ 22,468	$ 23,827
Noncontrolling interests	(722)	(527)
Net Income (Loss) Attributable to Stockholders	21,746	23,300
Preferred stockholder dividends	(2,084)	(2,084)
Net Income (Loss) Attributable to Common Stockholders	$ 19,662	$ 21,216
Shares:
Basic: Weighted-average number of common shares outstanding (in shares)	7,015	7,197
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	1,307	1,214
Diluted: Weighted-average number of common shares outstanding (in shares)	8,322	8,411
Earnings (Loss) per share—Basic (in $ per share)	$ 2.80	$ 2.95
Earnings (Loss) per Share—Diluted (in $ per share)	$ 2.61	$ 2.77

Earnings (Loss) Per Share - Sec

Earnings (Loss) Per Share - Securities Excluded from Computation of Diluted EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	121	15
Restricted stock units and stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	121	15

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	15.80%	21.50%

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Amount outstanding	$ 317,665,000	$ 329,184,000
Credit Agreement | Term loan
Line of Credit Facility [Line Items]
Borrowing capacity	$ 365,000,000
Term of debt	7 years
Principal loan payments	$ 12,400,000
Amount outstanding	328,200,000
Debt issuance costs	(10,500,000)
Credit Agreement | Revolving credit facility
Line of Credit Facility [Line Items]
Borrowing capacity	$ 100,000,000
Term of debt	5 years
Amount outstanding	$ 0

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details)	3 Months Ended
	Mar. 31, 2019
Minimum
Noncontrolling Interest [Line Items]
Exercise period	4 years
Maximum
Noncontrolling Interest [Line Items]
Exercise period	7 years

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Beginning balance	$ 57,481
Net income (loss) attributable to noncontrolling interests	1,175	$ (145)
Net subscriptions (redemptions) and other	347
Ending balance	59,003
Consolidated investment products
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Beginning balance	2,384
Net income (loss) attributable to noncontrolling interests	338
Net subscriptions (redemptions) and other	1,923
Ending balance	4,645
Affiliate Noncontrolling Interests
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Beginning balance	55,097
Net income (loss) attributable to noncontrolling interests	837
Net subscriptions (redemptions) and other	(1,576)
Ending balance	$ 54,358

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Noncontrolling interests	$ (59,003)	$ (57,481)	$ (4,162)	$ (4,178)
VOEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	592	1,029
Investments	15,495	12,923
Other assets	66	228
Notes payable	0	0
Securities purchased payable and other liabilities	(482)	(823)
Noncontrolling interests	(4,645)	(2,348)
The Company’s net interests in consolidated investment products	11,026	11,009
CLOs
Variable Interest Entity [Line Items]
Cash and cash equivalents	54,805	51,363
Investments	1,723,411	1,709,266
Other assets	30,444	30,426
Notes payable	(1,640,360)	(1,620,260)
Securities purchased payable and other liabilities	(74,070)	(69,737)
Noncontrolling interests	(12,948)	(13,958)
The Company’s net interests in consolidated investment products	81,282	87,100
Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	326	559
Investments	29,036	27,379
Other assets	643	403
Notes payable	0	0
Securities purchased payable and other liabilities	(390)	(146)
Noncontrolling interests	0	(36)
The Company’s net interests in consolidated investment products	$ 29,615	$ 28,159

Consolidation - Additional Info

Consolidation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019USD ($)collateralized_loan_obligation	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Fair value, securities, Level 1 to Level 2 transfers, amount	$ 0		$ 0
CLOs
Variable Interest Entity [Line Items]
Number of CLOs consolidated | collateralized_loan_obligation	5
Investments	$ 1,723,411,000	$ 1,709,266,000
Consolidated investment products
Variable Interest Entity [Line Items]
Investments	1,767,942,000	$ 1,749,568,000
Fair value, securities, Level 2 to Level 1 transfers, amount	0		0
Fair value, securities, Level 1 to Level 2 transfers, amount	0		$ 0
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 12,900,000
LIBOR | CLOs
Variable Interest Entity [Line Items]
Investments, basis spread on variable interest rate	8.75%
Senior Notes | CLOs
Variable Interest Entity [Line Items]
Unpaid principal balance exceeds fair value	$ 36,800,000
Subordinated Notes - Newfleet CLO 2016-1 | CLOs
Variable Interest Entity [Line Items]
Debt par value	1,782,500,000
Subordinated Notes - Newfleet CLO 2016-1 | Warehouse Facility Debt | CLOs
Variable Interest Entity [Line Items]
Debt par value	156,700,000
Subordinated Notes - Newfleet CLO 2016-1 | Subordinated Debt | CLOs
Variable Interest Entity [Line Items]
Debt par value	179,800,000
Senior Secured Floating Rate Notes - Newfleet CLO 2016-1 | Senior Notes | CLOs
Variable Interest Entity [Line Items]
Debt par value	$ 1,446,000,000

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	Mar. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 80,206
Accrued investment management fees	1,076
Total Beneficial Interests	$ 81,282

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Expenses:
Other operating expenses	$ 18,723	$ 16,862
Noncontrolling interest	(722)	(527)
Net Income (Loss) Attributable to Common Stockholders	19,662	$ 21,216
CLOs
Income:
Realized and unrealized gain (loss), net	(5,719)
Interest income	26,882
Total revenues	21,163
Expenses:
Other operating expenses	305
Interest expense	19,701
Total Expense	20,006
Noncontrolling interest	(453)
Net Income (Loss) Attributable to Common Stockholders	$ 704

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains on the subordinated notes held by the Company	$ (1,036)
Investment management fees	1,740
Total Economic Interests	$ 704

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 110,304	$ 158,596
Total assets measured at fair value	174,185	226,606
Level 1
Assets
Cash equivalents	110,304	158,596
Total assets measured at fair value	169,725	222,484
Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	43	0
Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	4,417	4,122
Consolidated investment products | Fair Value, Measurements, Recurring
Assets
Cash equivalents	54,805	51,363
Total assets measured at fair value	1,822,747	1,800,931
Liabilities
Notes payable	1,640,360	1,620,260
Short sales	297	707
Total liabilities measured at fair value	1,640,657	1,620,967
Consolidated investment products | Fair Value, Measurements, Recurring | Debt investments
Assets
Investments	1,753,172	1,736,868
Consolidated investment products | Fair Value, Measurements, Recurring | Equity investments
Assets
Investments	14,770	12,700
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	54,805	51,363
Total assets measured at fair value	75,256	69,369
Liabilities
Notes payable	0	0
Short sales	297	707
Total liabilities measured at fair value	297	707
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Debt investments
Assets
Investments	5,681	5,306
Consolidated investment products | Fair Value, Measurements, Recurring | Level 1 | Equity investments
Assets
Investments	14,770	12,700
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	1,715,732	1,724,714
Liabilities
Notes payable	1,640,360	1,620,260
Short sales	0	0
Total liabilities measured at fair value	1,640,360	1,620,260
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Debt investments
Assets
Investments	1,715,732	1,724,714
Consolidated investment products | Fair Value, Measurements, Recurring | Level 2 | Equity investments
Assets
Investments	0	0
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	31,759	6,848
Liabilities
Notes payable	0	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	31,759	6,848
Consolidated investment products | Fair Value, Measurements, Recurring | Level 3 | Equity investments
Assets
Investments	$ 0	$ 0

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Consolidated investment products - Debt investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,848	$ 34,781
Realized gains (losses), net	6	43
Change in unrealized gains (losses), net	(45)	2,375
Purchases	1,595	7,122
Amortization	2	19
Sales	(429)	(11,934)
Transfers to Level 2	(7,199)	(29,658)
Transfers from Level 2	30,981	0
Balance at end of period	$ 31,759	$ 2,748