Virtus Investment Partners (VRTS) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 24, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-10994
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3962811
Entity Address, Address Line One	One Financial Plaza
Entity Address, City or Town	Hartford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06103
City Area Code	800
Local Phone Number	248-7971
Title of 12(b) Security	Common Stock, $0.01 par value (including Preferred Share Purchase Rights)
Trading Symbol	VRTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		6,878,020
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000883237
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Accounts receivable, net	$ 74,173	$ 70,047
Furniture, equipment and leasehold improvements, net	19,494	20,154
Intangible assets, net	317,924	338,812
Goodwill	290,366	290,366
Deferred taxes, net	18,475	22,116
Total assets	3,113,131	2,870,535
Liabilities:
Accrued compensation and benefits	78,073	93,339
Accounts payable and accrued liabilities	23,310	27,926
Dividends payable	8,744	7,762
Debt	291,995	329,184
Other liabilities	36,487	20,010
Total liabilities	2,343,905	2,169,187
Commitments and Contingencies (Note 15)
Temporary Equity:
Redeemable noncontrolling interests	91,610	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 September 30, 2019 and December 31, 2018	110,843	110,843
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,719,458 shares issued and 6,877,596 shares outstanding at September 30, 2019 and 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018, respectively	107	106
Additional paid-in capital	1,202,130	1,209,805
Retained earnings (accumulated deficit)	(238,108)	(310,865)
Accumulated other comprehensive income (loss)	(19)	(731)
Treasury stock, at cost, 3,841,862 and 3,555,242 shares at September 30, 2019 and December 31, 2018, respectively	(409,249)	(379,249)
Total equity attributable to stockholders	665,704	629,909
Total equity	677,616	643,867
Total liabilities and equity	3,113,131	2,870,535
Consolidated entity excluding consolidated investment products
Assets:
Cash and cash equivalents	195,870	201,705
Investments	44,583	79,558
Other assets	33,339	14,201
Consolidated Investment Products
Assets:
Cash and cash equivalents	77,562	52,015
Investments	2,018,923	1,749,568
Cash pledged or on deposit of CIP	5,600	936
Other assets	16,822	31,057
Liabilities:
Notes payable of CIP	1,821,243	1,620,260
Securities purchased payable and other liabilities of CIP	84,053	70,706
Equity attributable to stockholders:
Noncontrolling interests of CIP	$ 11,912	$ 13,958

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	10,719,458	10,552,624
Common stock, shares outstanding (in shares)	6,877,596	6,997,382
Treasury stock, shares (in shares)	3,841,862	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenues	$ 145,955	$ 152,210	$ 417,162	$ 414,170
Operating Expenses
Employment expenses	61,282	63,269	180,256	178,833
Distribution and other asset-based expenses	20,927	25,386	62,013	71,398
Other operating expenses	18,228	20,350	56,125	56,340
Restructuring and severance	523	0	2,019	0
Depreciation and other amortization	1,245	1,189	3,729	3,304
Amortization expense	7,587	7,541	22,711	17,601
Total operating expenses	110,168	118,264	330,248	330,299
Operating Income (Loss)	35,787	33,946	86,914	83,871
Other Income (Expense)
Other income (expense), net	746	549	1,892	2,323
Total other income (expense), net	(4,596)	(4,560)	9,821	(908)
Interest Income (Expense)
Total interest income (expense), net	5,012	5,198	2,842	14,665
Income (Loss) Before Income Taxes	36,203	34,584	99,577	97,628
Income tax expense (benefit)	10,844	6,653	23,851	22,641
Net Income (Loss)	25,359	27,931	75,726	74,987
Noncontrolling interests	(1,274)	(933)	(2,969)	(1,619)
Net Income (Loss) Attributable to Stockholders	24,085	26,998	72,757	73,368
Preferred stockholder dividends	(2,085)	(2,085)	(6,253)	(6,253)
Net Income (Loss) Attributable to Common Stockholders	$ 22,000	$ 24,913	$ 66,504	$ 67,115
Earnings (Loss) per share—Basic (in $ per share)	$ 3.17	$ 3.47	$ 9.51	$ 9.33
Earnings (Loss) per Share—Diluted (in $ per share)	2.95	3.19	8.86	8.67
Cash Dividends Declared per Preferred Share (in $ per share)	1.81	1.81	5.44	5.44
Cash Dividends Declared per Common Share (in $ per share)	$ 0.67	$ 0.55	$ 1.77	$ 1.45
Weighted Average Shares Outstanding—Basic (in shares)	6,947	7,175	6,990	7,195
Weighted Average Shares Outstanding—Diluted (in shares)	8,157	8,456	8,215	8,463
Consolidated Investment Products
Operating Expenses
Total operating expenses	$ 376	$ 529	$ 3,395	$ 2,823
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(5,344)	(4,735)	2,455	(4,255)
Interest Income (Expense)
Interest expense	(21,252)	(16,959)	(72,030)	(46,786)
Interest and dividend income	30,290	26,596	87,060	71,678
Consolidated entity excluding consolidated investment products
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	2	(374)	5,474	1,024
Interest Income (Expense)
Interest expense	(4,889)	(5,155)	(15,205)	(13,482)
Interest and dividend income	863	716	3,017	3,255
Investment management fees
Revenues
Revenues	120,023	121,713	340,532	325,357
Distribution and service fees
Revenues
Revenues	10,442	13,730	31,122	39,886
Administration and shareholder service fees
Revenues
Revenues	15,280	16,567	44,747	48,272
Other income and fees
Revenues
Revenues	$ 210	$ 200	$ 761	$ 655

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 25,359	$ 27,931	$ 75,726	$ 74,987
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $4 and $2 for the three months ended September 30, 2019 and 2018, respectively, and $5 and $4 for the nine months ended September 30, 2019 and 2018, respectively	(12)	(2)	(14)	(10)
Unrealized gain (loss) on available-for-sale securities, net of tax of ($9) and $68 for the three and nine months ended September 30, 2018, respectively	0	24	0	(168)
Other comprehensive income (loss)	(12)	22	(14)	(178)
Comprehensive income (loss)	25,347	27,953	75,712	74,809
Comprehensive (income) loss attributable to noncontrolling interests	(1,274)	(933)	(2,969)	(1,619)
Comprehensive Income (Loss) Attributable to Stockholders	$ 24,073	$ 27,020	$ 72,743	$ 73,190

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 4	$ 2	$ 5	$ 4
Unrealized (loss) gain on available-for-sale securities, tax	$ 0	$ (9)	$ 0	$ 68

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income (loss)	$ 75,726	$ 74,987
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	29,766	23,147
Stock-based compensation	16,384	16,914
Amortization of deferred commissions	2,413	2,734
Payments of deferred commissions	(1,522)	(3,839)
Equity in earnings of equity method investments	(2,001)	(2,358)
Distributions received from equity method investments	828	4,032
Sales (purchases) of investments, net	8,784	5,571
Deferred taxes, net	3,392	9,710
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	(3,057)	10,368
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(24,211)	(39,560)
Operating activities of consolidated investment products (CIP):
Net cash provided by (used in) operating activities	(103,015)	(101,689)
Cash Flows from Investing Activities:
Capital expenditures and other asset purchases	(6,961)	(2,516)
Acquisition of businesses (cash paid of $129.5 million, less cash acquired of $2.5 million in 2018)	0	(126,995)
Sale of available-for-sale securities	2,023	37,785
Purchases of available-for-sale securities	0	(20,188)
Net cash provided by (used in) investing activities	13,470	(111,914)
Cash Flows from Financing Activities:
Issuance of debt	0	105,000
Repayments on debt	(39,839)	(12,863)
Payment of deferred financing costs	0	(3,810)
Common stock dividends paid	(12,244)	(10,093)
Preferred stock dividends paid	(6,253)	(6,253)
Repurchases of common shares	(30,000)	(12,501)
Stock options exercised	648	719
Taxes paid related to net share settlement of restricted stock units	(6,601)	(6,517)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests	7,630
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests		(2,159)
Net cash provided by (used in) financing activities	113,921	199,497
Net increase (decrease) in cash, cash equivalents and restricted cash	24,376	(14,106)
Cash, cash equivalents and restricted cash, beginning of period	254,656	234,282
Cash, Cash Equivalents and Restricted Cash, End of Period	279,032	220,176
Non-Cash Investing Activities:
Change in accrual for capital expenditures	(1,784)	1,906
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net	22,046	0
Common stock dividends payable	4,608	3,930
Preferred stock dividends payable	2,085	2,085
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	(4,636)	(752)
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	(3,063)	2,108
Operating activities of consolidated investment products (CIP):
Purchases of investments by CIP	(805,599)	(857,999)
Sales of investments by CIP	588,678	655,335
Net purchases (sales) of short term investments by CIP	2,294	111
Sales (purchases) of securities sold short by CIP, net	1,241	0
Change in other assets of CIP	(184)	(609)
Change in liabilities of CIP	7,247	(1,589)
Amortization of discount on notes payable of CIP	4,505	0
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net	18,408	0
Cash Flows from Financing Activities:
Payments on borrowings by CIP	195,697	669,500
Borrowings by CIP	$ (396,277)	$ (817,474)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Statement of Cash Flows [Abstract]
Acquisition of business, cash paid	$ 129.5
Acquisition of business, cash acquired	$ 2.5

Condensed Consolidated Statem_6

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)	74,244				73,368			73,368	876
Net unrealized gain (loss) on securities available-for-sale	(168)					(168)		(168)
Foreign currency translation adjustments	(10)					(10)		(10)
Net subscriptions (redemptions) and other	(2,036)								(2,036)
Cash dividends declared, preferred	(6,253)			(6,253)				(6,253)
Cash dividends declared, common	(11,099)			(11,099)				(11,099)
Repurchases of common shares (in shares)		98,806					98,806
Repurchases of common shares	(12,501)			0			$ (12,501)	(12,501)
Issuance of common shares related to employee stock transactions (in shares)		85,763
Issuance of common shares related to employee stock transactions	1,444			1,444				1,444
Taxes paid on stock-based compensation	(6,517)			(6,517)				(6,517)
Stock-based compensation	16,897			16,897				16,897
Ending Balance (in shares) at Sep. 30, 2018		7,146,602	1,150,000				3,395,095
Ending Balance at Sep. 30, 2018	659,225	$ 105	$ 110,843	1,210,645	(313,026)	(600)	$ (364,249)	643,718	15,507
Beginning Balance at Dec. 31, 2017	4,178
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Acquisition of business	55,500
Net income (loss) attributable to noncontrolling interests	743
Net subscriptions (redemptions) and other	(173)
Ending Balance at Sep. 30, 2018	60,248
Beginning Balance (in shares) at Jun. 30, 2018		7,166,139	1,150,000				3,356,911
Beginning Balance at Jun. 30, 2018	640,366	$ 105	$ 110,843	1,213,341	(340,024)	(622)	$ (359,248)	624,395	15,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27,108				26,998			26,998	110
Net unrealized gain (loss) on securities available-for-sale	24					24		24
Foreign currency translation adjustments	(2)					(2)		(2)
Net subscriptions (redemptions) and other	(574)								(574)
Cash dividends declared, preferred	(2,085)			(2,085)				(2,085)
Cash dividends declared, common	(4,222)			(4,222)				(4,222)
Repurchases of common shares (in shares)		38,184					38,184
Repurchases of common shares	(5,001)						$ (5,001)	(5,001)
Issuance of common shares related to employee stock transactions (in shares)		18,647
Issuance of common shares related to employee stock transactions	66			66				66
Taxes paid on stock-based compensation	(1,279)			(1,279)				(1,279)
Stock-based compensation	4,824			4,824				4,824
Ending Balance (in shares) at Sep. 30, 2018		7,146,602	1,150,000				3,395,095
Ending Balance at Sep. 30, 2018	659,225	$ 105	$ 110,843	1,210,645	(313,026)	(600)	$ (364,249)	643,718	15,507
Beginning Balance at Jun. 30, 2018	3,420
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Acquisition of business	55,500
Net income (loss) attributable to noncontrolling interests	823
Net subscriptions (redemptions) and other	505
Ending Balance at Sep. 30, 2018	60,248
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)	72,460				72,757			72,757	(297)
Net unrealized gain (loss) on securities available-for-sale	0
Foreign currency translation adjustments	(14)					(14)		(14)
Net subscriptions (redemptions) and other	(911)			838				838	(1,749)
Reclassification from other comprehensive (income) loss	726					726		726
Cash dividends declared, preferred	(6,253)			(6,253)				(6,253)
Cash dividends declared, common	$ (13,228)			(13,228)				(13,228)
Repurchases of common shares (in shares)	286,620	286,620					286,620
Repurchases of common shares	$ (30,000)						$ (30,000)	(30,000)
Issuance of common shares related to employee stock transactions (in shares)		166,834
Issuance of common shares related to employee stock transactions	1,430	$ 1		1,429				1,430
Taxes paid on stock-based compensation	(6,601)			(6,601)				(6,601)
Stock-based compensation	16,140			16,140				16,140
Ending Balance (in shares) at Sep. 30, 2019		6,877,596	1,150,000				3,841,862
Ending Balance at Sep. 30, 2019	677,616	$ 107	$ 110,843	1,202,130	(238,108)	(19)	$ (409,249)	665,704	11,912
Beginning Balance at Dec. 31, 2018	57,481
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss) attributable to noncontrolling interests	3,266
Net subscriptions (redemptions) and other	30,863
Ending Balance at Sep. 30, 2019	91,610
Beginning Balance (in shares) at Jun. 30, 2019		6,944,892	1,150,000				3,770,913
Beginning Balance at Jun. 30, 2019	663,672	$ 107	$ 110,843	1,204,033	(262,193)	(7)	$ (401,748)	651,035	12,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,017				24,085			24,085	(68)
Net unrealized gain (loss) on securities available-for-sale	0
Foreign currency translation adjustments	(12)					(12)		(12)
Net subscriptions (redemptions) and other	(109)			548				548	(657)
Cash dividends declared, preferred	(2,085)			(2,085)				(2,085)
Cash dividends declared, common	$ (4,972)			(4,972)				(4,972)
Repurchases of common shares (in shares)	70,949	70,949					70,949
Repurchases of common shares	$ (7,501)						$ (7,501)	(7,501)
Issuance of common shares related to employee stock transactions (in shares)		3,653
Issuance of common shares related to employee stock transactions	5	$ 0		5				5
Taxes paid on stock-based compensation	(93)			(93)				(93)
Stock-based compensation	4,694			4,694				4,694
Ending Balance (in shares) at Sep. 30, 2019		6,877,596	1,150,000				3,841,862
Ending Balance at Sep. 30, 2019	677,616	$ 107	$ 110,843	$ 1,202,130	$ (238,108)	$ (19)	$ (409,249)	$ 665,704	$ 11,912
Beginning Balance at Jun. 30, 2019	60,502
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss) attributable to noncontrolling interests	1,342
Net subscriptions (redemptions) and other	29,766
Ending Balance at Sep. 30, 2019	$ 91,610

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Aug. 14, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in $ per share)	$ 0.67	$ 0.67	$ 0.55	$ 1.77	$ 1.45
Cash dividends declared per preferred share (in $ per share)	$ 1.8125	$ 1.81	$ 1.81	$ 5.44	$ 5.44

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 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 and endowments. The Company also provides subadvisory services to other investment advisers and serves as the collateral manager for structured products.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 "SEC"). 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 (the "FASB") issued Accounting Standards Update ("ASU") 2018-09, Codification Improvements . This standard, which does not prescribe any new accounting guidance, clarifies several different FASB Accounting Standards Codification ("ASC") areas based on comments and suggestions made by various stakeholders. 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 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This 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) , with several amendments (collectively, "ASU 2016-02"). This standard requires a lessee to recognize assets and liabilities on the balance sheet arising from operating leases. For both finance leases and operating leases, the lease liability is initially measured at the present value of the future lease payments. In addition to the lease liability, companies are required to recognize a corresponding right of use ("ROU") asset representing the right to use the underlying leased asset over the lease term. The right of use asset is initially measured as the value of the lease liability, less indirect costs and prepaid lease payments, less lease incentives. ASU 2016-02 allows entities the option to apply its provisions 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 standard, which allowed the Company to forgo (a) reassessing whether expired or existing non-lease contracts that commenced before January 1, 2019 contained an embedded lease, (b) reevaluating the accounting classification of our existing operating leases, and (c) determining whether initial direct costs related to existing leases should be capitalized. The Company also elected to combine lease and non-lease components in calculating the lease liability and ROU asset for operating leases. On January 1, 2019, the Company adopted this standard, which resulted in the recording of a ROU asset of $20.5 million and lease liability of $28.6 million representing a non-cash 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 that 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 does not expect that the adoption of this standard will have a material impact on the Company's condensed consolidated financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 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, these fees 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 September 30, Nine Months Ended 2019 2018 2019 2018 ($ in thousands) Investment management fees Open-end funds $ 59,060 $ 62,466 $ 169,326 $ 174,032 Closed-end funds 10,846 10,614 31,485 31,161 Retail separate accounts 22,092 19,532 60,761 53,152 Institutional accounts 25,180 24,614 71,013 56,210 Structured products 1,725 3,602 4,957 7,996 Other products 1,120 885 2,990 2,806 Total investment management fees 120,023 121,713 340,532 325,357 Distribution and service fees 10,442 13,730 31,122 39,886 Administration and shareholder service fees 15,280 16,567 44,747 48,272 Other income and fees 210 200 761 655 Total revenues $ 145,955 $ 152,210 $ 417,162 $ 414,170

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 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 Advisers, 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 redeemable 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 $127.5 million of this amount to be tax deductible over 15 years. The Company completed its final assessment of the fair value of purchased receivables and acquired contracts as of June 30, 2019, with no incremental measurement period adjustments recorded. The following table summarizes the identified acquired assets, liabilities assumed and redeemable noncontrolling interests as of the acquisition date: July 1, 2018 ($ 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 The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the SGA Acquisition occurred on January 1, 2017. The unaudited pro forma information also reflects adjustments for transaction and integration expenses as if the SGA Acquisition occurred on January 1, 2017. This unaudited information should not be relied upon as indicative of historical results that would have been obtained if the SGA Acquisition had occurred on that date, nor of the results that may be obtained in the future. Three Months Ended Nine Months Ended ($ in thousands) Total Revenues $ 152,210 $ 431,400 Net Income (Loss) Attributable to Common Stockholders $ 26,201 $ 69,284

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: September 30, 2019 December 31, 2018 ($ in thousands) Definite-lived intangible assets: Investment contracts and other $ 489,570 $ 487,747 Accumulated amortization (215,162 ) (192,451 ) Definite-lived intangible assets, net 274,408 295,296 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 317,924 $ 338,812 Activity in intangible assets, net is as follows: Nine Months Ended September 30, 2019 2018 ($ in thousands) Intangible assets, net Balance, beginning of period $ 338,812 $ 301,954 Additions 1,823 62,000 Amortization (22,711 ) (17,601 ) Balance, end of period $ 317,924 $ 346,353 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 $ 7,533 2020 30,127 2021 30,116 2022 29,992 2023 29,330 2024 and thereafter 147,310 $ 274,408

Investments

Investments	9 Months Ended
	Sep. 30, 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 ("CIP") discussed in Note 17, at September 30, 2019 and December 31, 2018 , were as follows: September 30, 2019 December 31, 2018 ($ in thousands) Investment securities - fair value $ 23,651 $ 59,271 Investment securities - available for sale — 2,023 Equity method investments 11,562 10,573 Nonqualified retirement plan assets 8,039 6,716 Other investments 1,331 975 Total investments $ 44,583 $ 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: September 30, 2019 December 31, 2018 Cost Fair Value Cost Fair Value ($ in thousands) Investment Securities - fair value Sponsored funds $ 10,991 $ 12,366 $ 43,507 $ 40,191 Equity securities 9,982 11,257 16,380 16,981 Debt securities 44 28 3,816 2,099 Total Investment Securities - fair value $ 21,017 $ 23,651 $ 63,703 $ 59,271 For the three and nine months ended September 30, 2019 , the Company recognized realized gains of $1.0 million and $0.4 million , respectively, on the sale of its investment securities - fair value. For the three and nine months ended September 30, 2018 , the Company recognized realized gains of $0.6 million and $1.9 million , respectively, on investment securities - fair value. Investments Securities - available for sale Investment securities - available for sale primarily consist of investments in collateralized loan obligations ("CLOs") for which the Company provides investment management services and does not consolidate. The Company had no investment securities - available for sale as of September 30, 2019 . The composition of the Company’s investment securities - available for sale as of December 31, 2018 is summarized as follows: December 31, 2018 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Investment Securities - available for sale Investments in CLOs $ 3,696 $ (1,673 ) $ — $ 2,023

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 CIP discussed in Note 17, as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows: September 30, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 159,967 $ — $ — $ 159,967 Investment securities - fair value Sponsored funds 12,366 — — 12,366 Equity securities 11,257 — — 11,257 Debt securities — 28 — 28 Nonqualified retirement plan assets 8,039 — — 8,039 Total assets measured at fair value $ 191,629 $ 28 $ — $ 191,657 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 the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities and Investments - available for sale 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. 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 September 30, Nine Months Ended September 30, ($ in thousands) 2019 2018 2019 2018 Level 3 Investments (1) Balance at beginning of period $ — $ 5,744 $ 4,122 $ 4,439 Purchases (sales), net — — (4,185 ) 1,326 Change in realized and unrealized gain (loss), net — (701 ) 63 (722 ) Balance at end of period $ — $ 5,043 $ — $ 5,043 (1) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases The Company recognizes a lease liability and a corresponding ROU asset on the commencement date of any lease arrangement. 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. A ROU asset is measured initially at the value of the lease liability, excluding any lease incentives and initial direct costs incurred. All of 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 ranging from 0.8 to 10.6 years and a weighted average remaining lease term of 7.1 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, therefore, were excluded from the initial lease term used to determine the Company's ROU asset and lease liability. The Company's ROU asset, recorded in other assets, and lease liability, recorded in other liabilities, at September 30, 2019 was $17.6 million and $26.0 million , respectively. The weighted average discount rate used to measure the Company's lease liability was 4.91% at September 30, 2019 . Lease expense is recognized on a straight-line basis over the lease term and is recorded within other operating expenses. Lease expense totaled $1.3 million and $1.8 million for the three months ended September 30, 2019 and 2018 , respectively, and $3.9 million and $5.2 million for the nine months ended September 30, 2019 and 2018 , respectively. Cash payments relating to operating leases during the nine months ended September 30, 2019 were $3.7 million . Lease liability maturities as of September 30, 2019 were as follows: ($ in thousands) Amount Remainder of 2019 $ 1,628 2020 5,703 2021 4,707 2022 3,664 2023 3,339 Thereafter 12,202 Total lease payments 31,243 Less: Imputed interest 5,207 Present value of lease liabilities $ 26,036 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	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity Transactions	Equity Transactions On August 14, 2019, the Company declared a quarterly cash dividend of $0.67 per common share to be paid on November 15, 2019 to shareholders of record at the close of business on October 31, 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 November 1, 2019 to shareholders of record at the close of business on October 15, 2019. As of September 30, 2019, unless converted earlier, each share of MCPS will convert automatically on February 1, 2020, the mandatory conversion date, into between 0.7605 and 0.9126 shares of common stock (a conversion price range between $131.49 to $109.58 per share, respectively), subject to customary anti-dilution adjustments. During the three and nine months ended September 30, 2019 , the Company repurchased 70,949 and 286,620 common shares, respectively, at weighted average prices of $105.68 and $104.63 per share, respectively, for a total cost, including fees and expenses, of $7.5 million and $30.0 million , respectively, under its share repurchase program. As of September 30, 2019 , 338,183

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 $5 — (14 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($254) 726 — Net current-period other comprehensive income (loss) 726 (14 ) Balance at September 30, 2019 $ — $ (19 ) 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 $68 (168 ) — 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) 10 (10 ) Balance at September 30, 2018 $ (602 ) $ 2 (1) On January 1, 2018, t he Company adopted amendments to ASC 825 pursuant to ASU 2016-01 . This standard requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Officers, employees, consultants and directors of the Company may be granted equity based awards, including registered stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock pursuant to the Company's Omnibus Incentive and Equity Plan (the "Plan"). At September 30, 2019 , 552,128 shares of common stock remained available for issuance of the 2,820,000 shares that are authorized for issuance under the Plan. Stock-based compensation expense is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 ($ in thousands) Stock-based compensation expense $ 5,000 $ 4,841 $ 16,384 $ 16,914 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 nine months ended September 30, 2019 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 552,238 $ 111.49 Granted 181,367 $ 108.42 Forfeited (22,724 ) $ 94.37 Settled (158,916 ) $ 96.33 Outstanding at September 30, 2019 551,965 $ 115.55 For the nine months ended September 30, 2019 and 2018 , a total of 58,487 and 40,384 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $5.9 million and $6.5 million for the nine months ended September 30, 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 nine months ended September 30, 2019 , the Company granted 52,960 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 (a) the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, and (b) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU 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 PSU 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 nine months ended September 30, 2019 , total stock-based compensation expense for PSUs was $5.5 million . As of September 30, 2019 , unamortized stock-based compensation expense for unvested RSUs and PSUs was $32.4 million , with a weighted-average remaining amortization period of 1.5 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 nine months ended September 30, 2019 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2018 76,751 $ 12.86 Exercised (66,120 ) $ 9.79 Outstanding, vested and exercisable at June 30, 2019 10,631 $ 31.96

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share ("EPS") is computed by dividing net income (loss) attributable 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: (a) shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method; and (b) shares issuable upon the conversion of the 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 September 30, Nine Months Ended 2019 2018 2019 2018 ($ in thousands, except per share amounts) Net Income (Loss) $ 25,359 $ 27,931 $ 75,726 $ 74,987 Noncontrolling interests (1,274 ) (933 ) (2,969 ) (1,619 ) Net Income (Loss) Attributable to Stockholders 24,085 26,998 72,757 73,368 Preferred stock dividends (2,085 ) (2,085 ) (6,253 ) (6,253 ) Net Income (Loss) Attributable to Common Stockholders $ 22,000 $ 24,913 $ 66,504 $ 67,115 Shares (in thousands): Basic: Weighted-average number of common shares outstanding 6,947 7,175 6,990 7,195 Plus: Incremental shares from assumed conversion of dilutive instruments 1,210 1,281 1,225 1,268 Diluted: Weighted-average number of common shares outstanding 8,157 8,456 8,215 8,463 Earnings (Loss) per Share—Basic $ 3.17 $ 3.47 $ 9.51 $ 9.33 Earnings (Loss) per Share—Diluted $ 2.95 $ 3.19 $ 8.86 $ 8.67 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Restricted stock units 32 22 29 16 Total anti-dilutive securities 32 22 29 16

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 24.0% and 23.2% for the nine months ended September 30, 2019 and 2018 , respectively. The increase in the estimated effective tax rate for the nine months ended September 30, 2019 was primarily due to the increase in the valuation allowance associated with various investments the Company holds.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt C redit Agreement The Company's credit agreement, as amended (the "Credit Agreement") comprises (a) $365.0 million of seven -year term debt (the "Term Loan") expiring in June 2024, and (b) a $100.0 million five -year revolving credit facility (the "Credit Facility") expiring in June 2022. During the nine months ended September 30, 2019 , the Company made principal loan payments of $39.8 million . At September 30, 2019 , $300.7 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 condensed consolidated balance sheet net of related debt issuance costs, which were $8.7 million as of September 30, 2019 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, including the SEC, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve but are not limited to the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, 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	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable noncontrolling interests represent third-party investor equity in the Company's CIP 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. 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. In addition, under certain circumstances, the Company may issue or sell equity interests of the affiliate to employees or partners of the affiliate. Redeemable noncontrolling interests for the nine months ended September 30, 2019 included the following amounts: ($ in thousands) CIP Affiliate Noncontrolling Interests Total Balances at December 31, 2018 $ 2,384 $ 55,097 $ 57,481 Net income (loss) attributable to noncontrolling interests 774 2,492 3,266 Net subscriptions (redemptions) and other 35,316 (4,453 ) 30,863 Balances at September 30, 2019 $ 38,474 $ 53,136 $ 91,610

Consolidation

Consolidation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The condensed consolidated financial statements include the accounts of the Company, its subsidiaries as well as 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. CIP 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 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 CIP that, after intercompany eliminations, are reflected in the condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 : As of September 30, 2019 December 31, 2018 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 8,717 $ 74,032 $ 413 $ 1,029 $ 51,363 $ 559 Investments 79,434 1,908,324 31,165 12,923 1,709,266 27,379 Other assets 2,584 13,684 554 228 30,426 403 Notes payable — (1,821,243 ) — — (1,620,260 ) — Securities purchased payable and other liabilities (2,658 ) (81,018 ) (377 ) (823 ) (69,737 ) (146 ) Noncontrolling interests (37,307 ) (11,912 ) (1,167 ) (2,348 ) (13,958 ) (36 ) Net interests in CIP $ 50,770 $ 81,867 $ 30,588 $ 11,009 $ 87,100 $ 28,159 Consolidated CLOs The majority of the Company's CIP that are VIEs are CLOs. At September 30, 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 $1.9 billion at September 30, 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 2020 and 2027 and pay interest at LIBOR plus a spread of up to 8.75% . 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. At September 30, 2019 , the fair value of the senior bank loans exceeded the unpaid principal balance by $56.8 million . Notes Payable of CLOs The CLOs have issued notes payable with a total value, at par, of $2.0 billion , consisting of senior secured floating rate notes payable with a par value of $1.8 billion and subordinated notes with a par value of $173.0 million . These note obligations bear interest at variable rates based on LIBOR plus a pre-defined spread. The principal amounts outstanding of these note obligations mature on dates ranging from October 2027 to April 2029. The Company’s beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to: (a) ownership in the subordinated notes, and (b) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13 results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2019 , as shown in the table below: As of September 30, 2019 ($ in thousands) Subordinated notes $ 80,315 Accrued investment management fees 1,552 Total Beneficial Interests $ 81,867 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: Nine Months Ended September 30, ($ in thousands) 2019 Income: Realized and unrealized gain (loss), net $ (2,116 ) Interest income 85,346 Total Income 83,230 Expenses: Other operating expenses 2,960 Interest expense 72,030 Total Expense 74,990 Noncontrolling interests 297 Net Income (loss) attributable to CIP $ 8,537 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: Nine Months Ended September 30, ($ in thousands) 2019 Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 3,345 Investment management fees 5,192 Total Economic Interests $ 8,537 Fair Value Measurements of CIP The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows: As of September 30, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 74,032 $ — $ — $ 74,032 Debt investments 21,686 1,934,395 12,610 1,968,691 Equity investments 49,701 39 492 50,232 Derivatives 105 884 — 989 Total Assets Measured at Fair Value $ 145,524 $ 1,935,318 $ 13,102 $ 2,093,944 Liabilities Notes payable $ — $ 1,821,243 $ — $ 1,821,243 Derivatives 133 1,071 — 1,204 Short sales 424 — — 424 Total Liabilities Measured at Fair Value $ 557 $ 1,822,314 $ — $ 1,822,871 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 CIP 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 CIP. 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 and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. Derivative assets and liabilities represent futures contracts, swaps contracts, option contracts and forward contracts held in CIP. Derivative instruments in an asset position are classified as other assets of CIP in the Condensed Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of CIP within the Condensed Consolidated Balance Sheets. The change in fair value of such derivatives is recorded in realized and unrealized gain (loss) on investments of CIP, net, in the Condensed Consolidated Statements of Operations. Depending on the nature of the inputs, these derivative assets and liabilities are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. In connection with entering into these derivative contracts, these CIP may be required to pledge an amount of cash equal to the appropriate “initial margin” requirements. The cash pledged or on deposit is recorded in the Condensed Consolidated Balance Sheets of the Company as Cash pledged or on deposit of CIP. The fair value of such derivatives at September 30, 2019 was immaterial. Notes payable represent notes issued by CLO CIP and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities is 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 that 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 CIP and are classified as Level 1 based on the underlying equity security. The securities purchase payable at September 30, 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 CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value: Nine Months Ended September 30, ($ in thousands) 2019 2018 Level 3 Investments of CIP (1) Balance at beginning of period $ 6,848 $ 34,781 Realized gains (losses), net (95 ) 1,993 Change in unrealized gains (losses), net 294 602 Purchases 2,157 7,122 Sales (5,414 ) (13,892 ) Transfers to Level 2 (42,232 ) (34,119 ) Transfers from Level 2 51,544 4,517 Balance at end of period $ 13,102 $ 1,004 (1) 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 of, 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 since: (a) 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; (b) 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 (c) 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 September 30, 2019 , the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $13.8 million

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 "SEC"). 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 (the "FASB") issued Accounting Standards Update ("ASU") 2018-09, Codification Improvements . This standard, which does not prescribe any new accounting guidance, clarifies several different FASB Accounting Standards Codification ("ASC") areas based on comments and suggestions made by various stakeholders. 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 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This 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) , with several amendments (collectively, "ASU 2016-02"). This standard requires a lessee to recognize assets and liabilities on the balance sheet arising from operating leases. For both finance leases and operating leases, the lease liability is initially measured at the present value of the future lease payments. In addition to the lease liability, companies are required to recognize a corresponding right of use ("ROU") asset representing the right to use the underlying leased asset over the lease term. The right of use asset is initially measured as the value of the lease liability, less indirect costs and prepaid lease payments, less lease incentives. ASU 2016-02 allows entities the option to apply its provisions 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 standard, which allowed the Company to forgo (a) reassessing whether expired or existing non-lease contracts that commenced before January 1, 2019 contained an embedded lease, (b) reevaluating the accounting classification of our existing operating leases, and (c) determining whether initial direct costs related to existing leases should be capitalized. The Company also elected to combine lease and non-lease components in calculating the lease liability and ROU asset for operating leases. On January 1, 2019, the Company adopted this standard, which resulted in the recording of a ROU asset of $20.5 million and lease liability of $28.6 million representing a non-cash 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 that 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 does not expect that 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 the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities and Investments - available for sale 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 CIP. 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 and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. Derivative assets and liabilities represent futures contracts, swaps contracts, option contracts and forward contracts held in CIP. Derivative instruments in an asset position are classified as other assets of CIP in the Condensed Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of CIP within the Condensed Consolidated Balance Sheets. The change in fair value of such derivatives is recorded in realized and unrealized gain (loss) on investments of CIP, net, in the Condensed Consolidated Statements of Operations. Depending on the nature of the inputs, these derivative assets and liabilities are classified as Level 1, 2 or 3 within the fair value measurement hierarchy. In connection with entering into these derivative contracts, these CIP may be required to pledge an amount of cash equal to the appropriate “initial margin” requirements. The cash pledged or on deposit is recorded in the Condensed Consolidated Balance Sheets of the Company as Cash pledged or on deposit of CIP. The fair value of such derivatives at September 30, 2019 was immaterial. Notes payable represent notes issued by CLO CIP and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities is 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.
Consolidation and Nonconsolidated VIEs

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenue by source: Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 ($ in thousands) Investment management fees Open-end funds $ 59,060 $ 62,466 $ 169,326 $ 174,032 Closed-end funds 10,846 10,614 31,485 31,161 Retail separate accounts 22,092 19,532 60,761 53,152 Institutional accounts 25,180 24,614 71,013 56,210 Structured products 1,725 3,602 4,957 7,996 Other products 1,120 885 2,990 2,806 Total investment management fees 120,023 121,713 340,532 325,357 Distribution and service fees 10,442 13,730 31,122 39,886 Administration and shareholder service fees 15,280 16,567 44,747 48,272 Other income and fees 210 200 761 655 Total revenues $ 145,955 $ 152,210 $ 417,162 $ 414,170

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 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
Business Acquisition, Pro Forma Information	The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the SGA Acquisition occurred on January 1, 2017. The unaudited pro forma information also reflects adjustments for transaction and integration expenses as if the SGA Acquisition occurred on January 1, 2017. This unaudited information should not be relied upon as indicative of historical results that would have been obtained if the SGA Acquisition had occurred on that date, nor of the results that may be obtained in the future. Three Months Ended Nine Months Ended ($ in thousands) Total Revenues $ 152,210 $ 431,400 Net Income (Loss) Attributable to Common Stockholders $ 26,201 $ 69,284

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: September 30, 2019 December 31, 2018 ($ in thousands) Definite-lived intangible assets: Investment contracts and other $ 489,570 $ 487,747 Accumulated amortization (215,162 ) (192,451 ) Definite-lived intangible assets, net 274,408 295,296 Indefinite-lived intangible assets 43,516 43,516 Total intangible assets, net $ 317,924 $ 338,812
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Nine Months Ended September 30, 2019 2018 ($ in thousands) Intangible assets, net Balance, beginning of period $ 338,812 $ 301,954 Additions 1,823 62,000 Amortization (22,711 ) (17,601 ) Balance, end of period $ 317,924 $ 346,353
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 $ 7,533 2020 30,127 2021 30,116 2022 29,992 2023 29,330 2024 and thereafter 147,310 $ 274,408

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments Schedule [Abstract]
Summary of Investments	The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 17, at September 30, 2019 and December 31, 2018 , were as follows: September 30, 2019 December 31, 2018 ($ in thousands) Investment securities - fair value $ 23,651 $ 59,271 Investment securities - available for sale — 2,023 Equity method investments 11,562 10,573 Nonqualified retirement plan assets 8,039 6,716 Other investments 1,331 975 Total investments $ 44,583 $ 79,558
Schedule of Marketable Securities	The composition of the Company’s investment securities - fair value is summarized as follows: September 30, 2019 December 31, 2018 Cost Fair Value Cost Fair Value ($ in thousands) Investment Securities - fair value Sponsored funds $ 10,991 $ 12,366 $ 43,507 $ 40,191 Equity securities 9,982 11,257 16,380 16,981 Debt securities 44 28 3,816 2,099 Total Investment Securities - fair value $ 21,017 $ 23,651 $ 63,703 $ 59,271
Schedule of Investment Securities - Available-for-Sale	The composition of the Company’s investment securities - available for sale as of December 31, 2018 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)	9 Months Ended
	Sep. 30, 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 CIP discussed in Note 17, as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows: September 30, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 159,967 $ — $ — $ 159,967 Investment securities - fair value Sponsored funds 12,366 — — 12,366 Equity securities 11,257 — — 11,257 Debt securities — 28 — 28 Nonqualified retirement plan assets 8,039 — — 8,039 Total assets measured at fair value $ 191,629 $ 28 $ — $ 191,657 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 CIP measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows: As of September 30, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 74,032 $ — $ — $ 74,032 Debt investments 21,686 1,934,395 12,610 1,968,691 Equity investments 49,701 39 492 50,232 Derivatives 105 884 — 989 Total Assets Measured at Fair Value $ 145,524 $ 1,935,318 $ 13,102 $ 2,093,944 Liabilities Notes payable $ — $ 1,821,243 $ — $ 1,821,243 Derivatives 133 1,071 — 1,204 Short sales 424 — — 424 Total Liabilities Measured at Fair Value $ 557 $ 1,822,314 $ — $ 1,822,871 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 September 30, Nine Months Ended September 30, ($ in thousands) 2019 2018 2019 2018 Level 3 Investments (1) Balance at beginning of period $ — $ 5,744 $ 4,122 $ 4,439 Purchases (sales), net — — (4,185 ) 1,326 Change in realized and unrealized gain (loss), net — (701 ) 63 (722 ) Balance at end of period $ — $ 5,043 $ — $ 5,043 (1) 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 CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value: Nine Months Ended September 30, ($ in thousands) 2019 2018 Level 3 Investments of CIP (1) Balance at beginning of period $ 6,848 $ 34,781 Realized gains (losses), net (95 ) 1,993 Change in unrealized gains (losses), net 294 602 Purchases 2,157 7,122 Sales (5,414 ) (13,892 ) Transfers to Level 2 (42,232 ) (34,119 ) Transfers from Level 2 51,544 4,517 Balance at end of period $ 13,102 $ 1,004 (1) 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)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Maturity of Operating Lease Liabilities	ease liability maturities as of September 30, 2019 were as follows: ($ in thousands) Amount Remainder of 2019 $ 1,628 2020 5,703 2021 4,707 2022 3,664 2023 3,339 Thereafter 12,202 Total lease payments 31,243 Less: Imputed interest 5,207 Present value of lease liabilities $ 26,036

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 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 $5 — (14 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of ($254) 726 — Net current-period other comprehensive income (loss) 726 (14 ) Balance at September 30, 2019 $ — $ (19 ) 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 $68 (168 ) — 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) 10 (10 ) Balance at September 30, 2018 $ (602 ) $ 2 (1) On January 1, 2018, t he Company adopted amendments to ASC 825 pursuant to ASU 2016-01 . This standard requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Expense	Stock-based compensation expense is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 ($ in thousands) Stock-based compensation expense $ 5,000 $ 4,841 $ 16,384 $ 16,914
Summary of Restricted Stock Units Activity	RSU activity for the nine months ended September 30, 2019 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 552,238 $ 111.49 Granted 181,367 $ 108.42 Forfeited (22,724 ) $ 94.37 Settled (158,916 ) $ 96.33 Outstanding at September 30, 2019 551,965 $ 115.55
Summary of Stock Option Activity	Stock option activity for the nine months ended September 30, 2019 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2018 76,751 $ 12.86 Exercised (66,120 ) $ 9.79 Outstanding, vested and exercisable at June 30, 2019 10,631 $ 31.96

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended 2019 2018 2019 2018 ($ in thousands, except per share amounts) Net Income (Loss) $ 25,359 $ 27,931 $ 75,726 $ 74,987 Noncontrolling interests (1,274 ) (933 ) (2,969 ) (1,619 ) Net Income (Loss) Attributable to Stockholders 24,085 26,998 72,757 73,368 Preferred stock dividends (2,085 ) (2,085 ) (6,253 ) (6,253 ) Net Income (Loss) Attributable to Common Stockholders $ 22,000 $ 24,913 $ 66,504 $ 67,115 Shares (in thousands): Basic: Weighted-average number of common shares outstanding 6,947 7,175 6,990 7,195 Plus: Incremental shares from assumed conversion of dilutive instruments 1,210 1,281 1,225 1,268 Diluted: Weighted-average number of common shares outstanding 8,157 8,456 8,215 8,463 Earnings (Loss) per Share—Basic $ 3.17 $ 3.47 $ 9.51 $ 9.33 Earnings (Loss) per Share—Diluted $ 2.95 $ 3.19 $ 8.86 $ 8.67
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Restricted stock units 32 22 29 16 Total anti-dilutive securities 32 22 29 16

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable noncontrolling interests for the nine months ended September 30, 2019 included the following amounts: ($ in thousands) CIP Affiliate Noncontrolling Interests Total Balances at December 31, 2018 $ 2,384 $ 55,097 $ 57,481 Net income (loss) attributable to noncontrolling interests 774 2,492 3,266 Net subscriptions (redemptions) and other 35,316 (4,453 ) 30,863 Balances at September 30, 2019 $ 38,474 $ 53,136 $ 91,610

Consolidation (Tables)

Consolidation (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets	The following table presents the balances of the CIP that, after intercompany eliminations, are reflected in the condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 : As of September 30, 2019 December 31, 2018 VIEs VIEs VOEs CLOs Other VOEs CLOs Other ($ in thousands) Cash and cash equivalents $ 8,717 $ 74,032 $ 413 $ 1,029 $ 51,363 $ 559 Investments 79,434 1,908,324 31,165 12,923 1,709,266 27,379 Other assets 2,584 13,684 554 228 30,426 403 Notes payable — (1,821,243 ) — — (1,620,260 ) — Securities purchased payable and other liabilities (2,658 ) (81,018 ) (377 ) (823 ) (69,737 ) (146 ) Noncontrolling interests (37,307 ) (11,912 ) (1,167 ) (2,348 ) (13,958 ) (36 ) Net interests in CIP $ 50,770 $ 81,867 $ 30,588 $ 11,009 $ 87,100 $ 28,159
Schedule of Consolidated Collateralized Loan Obligations	September 30, 2019 , as shown in the table below: As of September 30, 2019 ($ in thousands) Subordinated notes $ 80,315 Accrued investment management fees 1,552 Total Beneficial Interests $ 81,867 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: Nine Months Ended September 30, ($ in thousands) 2019 Income: Realized and unrealized gain (loss), net $ (2,116 ) Interest income 85,346 Total Income 83,230 Expenses: Other operating expenses 2,960 Interest expense 72,030 Total Expense 74,990 Noncontrolling interests 297 Net Income (loss) attributable to CIP $ 8,537 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: Nine Months Ended September 30, ($ in thousands) 2019 Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 3,345 Investment management fees 5,192 Total Economic Interests $ 8,537
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 CIP discussed in Note 17, as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows: September 30, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 159,967 $ — $ — $ 159,967 Investment securities - fair value Sponsored funds 12,366 — — 12,366 Equity securities 11,257 — — 11,257 Debt securities — 28 — 28 Nonqualified retirement plan assets 8,039 — — 8,039 Total assets measured at fair value $ 191,629 $ 28 $ — $ 191,657 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 CIP measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows: As of September 30, 2019 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 74,032 $ — $ — $ 74,032 Debt investments 21,686 1,934,395 12,610 1,968,691 Equity investments 49,701 39 492 50,232 Derivatives 105 884 — 989 Total Assets Measured at Fair Value $ 145,524 $ 1,935,318 $ 13,102 $ 2,093,944 Liabilities Notes payable $ — $ 1,821,243 $ — $ 1,821,243 Derivatives 133 1,071 — 1,204 Short sales 424 — — 424 Total Liabilities Measured at Fair Value $ 557 $ 1,822,314 $ — $ 1,822,871 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 September 30, Nine Months Ended September 30, ($ in thousands) 2019 2018 2019 2018 Level 3 Investments (1) Balance at beginning of period $ — $ 5,744 $ 4,122 $ 4,439 Purchases (sales), net — — (4,185 ) 1,326 Change in realized and unrealized gain (loss), net — (701 ) 63 (722 ) Balance at end of period $ — $ 5,043 $ — $ 5,043 (1) 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 CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value: Nine Months Ended September 30, ($ in thousands) 2019 2018 Level 3 Investments of CIP (1) Balance at beginning of period $ 6,848 $ 34,781 Realized gains (losses), net (95 ) 1,993 Change in unrealized gains (losses), net 294 602 Purchases 2,157 7,122 Sales (5,414 ) (13,892 ) Transfers to Level 2 (42,232 ) (34,119 ) Transfers from Level 2 51,544 4,517 Balance at end of period $ 13,102 $ 1,004 (1) 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	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right of use assets	$ 17,600
Operating lease liabilities	$ 26,036
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 145,955	$ 152,210	$ 417,162	$ 414,170
Investment management fees
Disaggregation of Revenue [Line Items]
Revenues	120,023	121,713	340,532	325,357
Open-end funds
Disaggregation of Revenue [Line Items]
Revenues	59,060	62,466	169,326	174,032
Closed-end funds
Disaggregation of Revenue [Line Items]
Revenues	10,846	10,614	31,485	31,161
Retail separate accounts
Disaggregation of Revenue [Line Items]
Revenues	22,092	19,532	60,761	53,152
Institutional accounts
Disaggregation of Revenue [Line Items]
Revenues	25,180	24,614	71,013	56,210
Structured products
Disaggregation of Revenue [Line Items]
Revenues	1,725	3,602	4,957	7,996
Other products
Disaggregation of Revenue [Line Items]
Revenues	1,120	885	2,990	2,806
Distribution and service fees
Disaggregation of Revenue [Line Items]
Revenues	10,442	13,730	31,122	39,886
Administration and shareholder service fees
Disaggregation of Revenue [Line Items]
Revenues	15,280	16,567	44,747	48,272
Other income and fees
Disaggregation of Revenue [Line Items]
Revenues	$ 210	$ 200	$ 761	$ 655

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Sep. 30, 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	Sep. 30, 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

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Sustainable Growth Advisers, LP - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Business Acquisition [Line Items]
Total Revenues	$ 152,210	$ 431,400
Net Income (Loss) Attributable to Common Stockholders	$ 26,201	$ 69,284

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Definite-lived intangible assets:
Investment contracts and other	$ 489,570	$ 487,747
Accumulated amortization	(215,162)	(192,451)
Definite-lived intangible assets, net	274,408	295,296
Indefinite-lived intangible assets	43,516	43,516
Total intangible assets, net	$ 317,924	$ 338,812	$ 346,353	$ 301,954

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Intangible assets, net
Balance, beginning of period	$ 338,812	$ 301,954
Additions	1,823	62,000
Amortization	(22,711)	(17,601)
Balance, end of period	$ 317,924	$ 346,353

Intangible Assets, Net - Sche_2

Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 7,533
2020	30,127
2021	30,116
2022	29,992
2023	29,330
2024 and thereafter	147,310
Definite-lived intangible assets, net	$ 274,408	$ 295,296

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Investment securities - fair value	$ 23,651,000	$ 59,271,000
Investment securities - available for sale	0	2,023,000
Parent
Investment [Line Items]
Investment securities - fair value	23,651,000	59,271,000
Investment securities - available for sale	0	2,023,000
Equity method investments	11,562,000	10,573,000
Nonqualified retirement plan assets	8,039,000	6,716,000
Other investments	1,331,000	975,000
Total investments	$ 44,583,000	$ 79,558,000

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment Securities - fair value
Cost	$ 21,017	$ 63,703
Fair Value	23,651	59,271
Sponsored funds
Investment Securities - fair value
Cost	10,991	43,507
Fair Value	12,366	40,191
Equity securities
Investment Securities - fair value
Cost	9,982	16,380
Fair Value	11,257	16,981
Debt securities
Investment Securities - fair value
Cost	44	3,816
Fair Value	$ 28	$ 2,099

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investments Schedule [Abstract]
Realized gain (loss) on marketable securities	$ 1,000,000	$ 600,000	$ 400,000	$ 1,900,000
Investment securities - available for sale	$ 0		$ 0		$ 2,023,000

Investments - Schedule of Inves

Investments - Schedule of Investment Securities - Available-for-Sale (Details) - USD ($)	Sep. 30, 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 ($)	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 159,967,000	$ 158,596,000
Investment securities - fair value
Fair Value	23,651,000	59,271,000
Investment securities - available for sale	0	2,023,000
Total assets measured at fair value	191,657,000	226,606,000
Sponsored funds
Investment securities - fair value
Fair Value	12,366,000	40,191,000
Equity securities
Investment securities - fair value
Fair Value	11,257,000	16,981,000
Debt securities
Investment securities - fair value
Fair Value	28,000	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	8,039,000	6,716,000
Level 1
Assets
Cash equivalents	159,967,000	158,596,000
Investment securities - fair value
Total assets measured at fair value	191,629,000	222,484,000
Level 1 | Sponsored funds
Investment securities - fair value
Fair Value	12,366,000	40,191,000
Level 1 | Equity securities
Investment securities - fair value
Fair Value	11,257,000	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	8,039,000	6,716,000
Level 2
Assets
Cash equivalents	0	0
Investment securities - fair value
Total assets measured at fair value	28,000	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	28,000	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	0	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	0	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)	Sep. 30, 2018USD ($)
Fair Value Disclosures [Abstract]
Fair value, equity, Level 1 to Level 2 transfers, amount	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level Three Investments (Details) - Level 3 - Investments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0	$ 5,744	$ 4,122	$ 4,439
Purchases (sales), net	0	0	(4,185)	1,326
Change in realized and unrealized gain (loss), net	0	(701)	63	(722)
Balance at end of period	$ 0	$ 5,043	$ 0	$ 5,043

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	7 years 1 month 6 days		7 years 1 month 6 days
Operating lease right of use assets	$ 17,600		$ 17,600
Operating lease liabilities	$ 26,036		$ 26,036
Incremental borrowing rate	4.91%		4.91%
Lease cost	$ 1,300	$ 1,800	$ 3,900	$ 5,200
Operating cash flows from operating leases			$ 3,700
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			9 months 18 days
Term of options to extend	3 years		3 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining initial lease terms			10 years 7 months 6 days
Term of options to extend	15 years		15 years

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 1,628
2020	5,703
2021	4,707
2022	3,664
2023	3,339
Thereafter	12,202
Total lease payments	31,243
Less: Imputed interest	5,207
Present value of lease liabilities	$ 26,036

Equity Transactions - Additiona

Equity Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 01, 2020	Aug. 14, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity, Class of Treasury Stock [Line Items]
Common stock cash dividends declared per share (in $ per share)		$ 0.67	$ 0.67	$ 0.55	$ 1.77	$ 1.45
Preferred stock cash dividends declared per share (in $ per share)		$ 1.8125	$ 1.81	$ 1.81	$ 5.44	$ 5.44
Repurchases of common shares (in shares)			70,949		286,620
Weighted average price (in $ per share)			$ 105.68		$ 104.63
Total cost of shares repurchased			$ 7,501	$ 5,001	$ 30,000	$ 12,501
Shares available for repurchase (in shares)			338,183		338,183
Public offering | Convertible preferred stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock dividend rate		7.25%
Minimum | Forecast | Common stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock converted shares (in shares)	0.7605
Convertible preferred stock (in $ per share)	$ 109.58
Maximum | Forecast | Common stock
Equity, Class of Treasury Stock [Line Items]
Convertible preferred stock converted shares (in shares)	0.9126
Convertible preferred stock (in $ per share)	$ 131.49

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 663,672	$ 640,366	$ 643,867	$ 605,224
Reclassification from other comprehensive (income) loss			726
Other comprehensive income (loss)	(12)	22	(14)	(178)
Ending Balance	677,616	659,225	677,616	659,225
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				(168)
Reclassification from other comprehensive (income) loss			726	178
Other comprehensive income (loss)			726	10
Ending Balance	0	(602)	0	(602)
Other comprehensive income (loss), before reclassifications, tax				68
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			(14)	(10)
Reclassification from other comprehensive (income) loss			0	0
Other comprehensive income (loss)			(14)	(10)
Ending Balance	$ (19)	$ 2	(19)	2
Other comprehensive income (loss), before reclassifications, tax			$ 5	$ 4

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	552,128		552,128
Shares of common stock reserved for issuance (in shares)	2,820,000		2,820,000
Stock-based compensation expense	$ 5,000	$ 4,841	$ 16,384	$ 16,914
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 32,400		$ 32,400
Weighted-average remaining amortization period			1 year 6 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)			58,487	40,384
Cash used for employee withholding tax payments			$ 5,900	$ 6,500
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			52,960
Period for recognition of compensation expense			3 years
Stock-based compensation expense			$ 5,500
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 5,000	$ 4,841	$ 16,384	$ 16,914

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 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	181,367
Number of shares, Forfeited (in shares) | shares	(22,724)
Number of shares, Settled (in shares) | shares	(158,916)
Number of shares, Ending Balance (in shares) | shares	551,965
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	108.42
Weighted Average Grant Date Fair Value, Forfeited (in $ per share) | $ / shares	94.37
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	96.33
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 115.55

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Shares
Number of Shares, Beginning Balance (in shares) | shares	76,751
Number of Shares, Exercised (in shares) | shares	(66,120)
Number of Shares, Ending Balance (in shares) | shares	10,631
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	9.79
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 31.96

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net Income (Loss)	$ 25,359	$ 27,931	$ 75,726	$ 74,987
Noncontrolling interests	(1,274)	(933)	(2,969)	(1,619)
Net Income (Loss) Attributable to Stockholders	24,085	26,998	72,757	73,368
Preferred stockholder dividends	(2,085)	(2,085)	(6,253)	(6,253)
Net Income (Loss) Attributable to Common Stockholders	$ 22,000	$ 24,913	$ 66,504	$ 67,115
Shares (in thousands):
Basic: Weighted-average number of common shares outstanding (in shares)	6,947	7,175	6,990	7,195
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	1,210	1,281	1,225	1,268
Diluted: Weighted-average number of common shares outstanding (in shares)	8,157	8,456	8,215	8,463
Earnings (Loss) per share—Basic (in $ per share)	$ 3.17	$ 3.47	$ 9.51	$ 9.33
Earnings (Loss) per Share—Diluted (in $ per share)	$ 2.95	$ 3.19	$ 8.86	$ 8.67

Earnings (Loss) Per Share - Sec

Earnings (Loss) Per Share - Securities Excluded from Computation of Diluted EPS (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	32	22	29	16
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	32	22	29	16

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	24.00%	23.20%

Debt (Details)

Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Amount outstanding	$ 291,995,000	$ 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	$ 39,800,000
Amount outstanding	300,700,000
Debt issuance costs	8,700,000
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)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Beginning balance			$ 57,481
Net income (loss) attributable to noncontrolling interests	$ 1,342	$ 823	3,266	$ 743
Net subscriptions (redemptions) and other	29,766	$ 505	30,863	$ (173)
Ending balance	91,610		91,610
CIP
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Beginning balance			2,384
Net income (loss) attributable to noncontrolling interests			774
Net subscriptions (redemptions) and other			35,316
Ending balance	38,474		38,474
Affiliate Noncontrolling Interests
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Beginning balance			55,097
Net income (loss) attributable to noncontrolling interests			2,492
Net subscriptions (redemptions) and other			(4,453)
Ending balance	$ 53,136		$ 53,136

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Noncontrolling interests	$ (91,610)	$ (60,502)	$ (57,481)	$ (60,248)	$ (3,420)	$ (4,178)
VOEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	8,717		1,029
Investments	79,434		12,923
Other assets	2,584		228
Notes payable	0		0
Securities purchased payable and other liabilities	(2,658)		(823)
Noncontrolling interests	(37,307)		(2,348)
Net interests in CIP	50,770		11,009
CLOs
Variable Interest Entity [Line Items]
Cash and cash equivalents	74,032		51,363
Investments	1,908,324		1,709,266
Other assets	13,684		30,426
Notes payable	(1,821,243)		(1,620,260)
Securities purchased payable and other liabilities	(81,018)		(69,737)
Noncontrolling interests	(11,912)		(13,958)
Net interests in CIP	81,867		87,100
Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	413		559
Investments	31,165		27,379
Other assets	554		403
Notes payable	0		0
Securities purchased payable and other liabilities	(377)		(146)
Noncontrolling interests	(1,167)		(36)
Net interests in CIP	$ 30,588		$ 28,159

Consolidation - Additional Info

Consolidation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019USD ($)collateralized_loan_obligation	Dec. 31, 2018USD ($)
CLOs
Variable Interest Entity [Line Items]
Number of CLOs consolidated | collateralized_loan_obligation	5
Investments	$ 1,908,324,000	$ 1,709,266,000
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 13,800,000
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	$ 56,800,000
Subordinated Notes - Newfleet CLO 2016-1 | CLOs
Variable Interest Entity [Line Items]
Debt par value	2,000,000,000
Subordinated Notes - Newfleet CLO 2016-1 | Subordinated Debt | CLOs
Variable Interest Entity [Line Items]
Debt par value	173,000,000
Senior Secured Floating Rate Notes - Newfleet CLO 2016-1 | Senior Notes | CLOs
Variable Interest Entity [Line Items]
Debt par value	$ 1,800,000,000

Consolidation - Beneficial Inte

Consolidation - Beneficial Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	Sep. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 80,315
Accrued investment management fees	1,552
Total Beneficial Interests	$ 81,867

Consolidation - Revenue and Exp

Consolidation - Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Expenses:
Other operating expenses	$ 18,228	$ 20,350	$ 56,125	$ 56,340
Noncontrolling interests	(1,274)	(933)	(2,969)	(1,619)
Net Income (Loss) Attributable to Common Stockholders	$ 22,000	$ 24,913	66,504	$ 67,115
CLOs
Income:
Realized and unrealized gain (loss), net			(2,116)
Interest income			85,346
Total revenues			83,230
Expenses:
Other operating expenses			2,960
Interest expense			72,030
Total Expense			74,990
Noncontrolling interests			297
Net Income (Loss) Attributable to Common Stockholders			$ 8,537

Consolidation - Economic Intere

Consolidation - Economic Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company	$ 3,345
Investment management fees	5,192
Total Economic Interests	$ 8,537

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 159,967	$ 158,596
Total assets measured at fair value	191,657	226,606
Level 1
Assets
Cash equivalents	159,967	158,596
Total assets measured at fair value	191,629	222,484
Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	28	0
Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	4,122
Consolidated Investment Products | Fair Value, Measurements, Recurring
Assets
Cash equivalents	74,032	51,363
Derivatives	989
Total assets measured at fair value	2,093,944	1,800,931
Liabilities
Notes payable	1,821,243	1,620,260
Derivatives	1,204
Short sales	424	707
Total liabilities measured at fair value	1,822,871	1,620,967
Consolidated Investment Products | Fair Value, Measurements, Recurring | Debt investments
Assets
Investments	1,968,691	1,736,868
Consolidated Investment Products | Fair Value, Measurements, Recurring | Equity investments
Assets
Investments	50,232	12,700
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents	74,032	51,363
Derivatives	105
Total assets measured at fair value	145,524	69,369
Liabilities
Notes payable	0	0
Derivatives	133
Short sales	424	707
Total liabilities measured at fair value	557	707
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 1 | Debt investments
Assets
Investments	21,686	5,306
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 1 | Equity investments
Assets
Investments	49,701	12,700
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents	0	0
Derivatives	884
Total assets measured at fair value	1,935,318	1,724,714
Liabilities
Notes payable	1,821,243	1,620,260
Derivatives	1,071
Short sales	0	0
Total liabilities measured at fair value	1,822,314	1,620,260
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 2 | Debt investments
Assets
Investments	1,934,395	1,724,714
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 2 | Equity investments
Assets
Investments	39	0
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents	0	0
Derivatives	0
Total assets measured at fair value	13,102	6,848
Liabilities
Notes payable	0	0
Derivatives	0
Short sales	0	0
Total liabilities measured at fair value	0	0
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 3 | Debt investments
Assets
Investments	12,610	6,848
Consolidated Investment Products | Fair Value, Measurements, Recurring | Level 3 | Equity investments
Assets
Investments	$ 492	$ 0

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Consolidated Investment Products - Debt investments - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 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	(95)	1,993
Change in unrealized gains (losses), net	294	602
Purchases	2,157	7,122
Sales	(5,414)	(13,892)
Transfers to Level 2	(42,232)	(34,119)
Transfers from Level 2	51,544	4,517
Balance at end of period	$ 13,102	$ 1,004