Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'VRTS | ' |
Entity Registrant Name | 'VIRTUS INVESTMENT PARTNERS, INC. | ' |
Entity Central Index Key | '0000883237 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 9,101,026 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $244,683 | $63,432 |
Cash and cash equivalents of consolidated sponsored investment products | 44 | 14 |
Trading securities, at fair value | 18,917 | 12,392 |
Available-for-sale securities, at fair value | 2,684 | 2,656 |
Investments of consolidated sponsored investment products | 95,998 | 43,227 |
Accounts receivable, net | 46,655 | 37,328 |
Deferred taxes, net | 4,843 | 1,143 |
Prepaid expenses and other current assets | 4,312 | 3,951 |
Other current assets of consolidated sponsored investment products | 43,002 | 683 |
Total current assets | 461,138 | 164,826 |
Furniture, equipment, and leasehold improvements, net | 7,335 | 7,788 |
Intangible assets, net | 45,907 | 48,711 |
Goodwill | 5,260 | 5,260 |
Deferred taxes, net | 63,274 | 95,780 |
Long-term investments ($3,783 and $2,970 at fair value, respectively) and other assets | 18,720 | 10,384 |
Total assets | 601,634 | 332,749 |
Current Liabilities | ' | ' |
Accrued compensation and benefits | 39,410 | 41,252 |
Accounts payable | 10,842 | 7,582 |
Investment securities purchased of consolidated sponsored investment products | 42,503 | 260 |
Other accrued liabilities | 8,499 | 7,048 |
Other accrued liabilities of consolidated sponsored investment products | 295 | 117 |
Broker-dealer payable | 7,354 | 6,152 |
Total current liabilities | 108,903 | 62,411 |
Long-term debt | ' | 15,000 |
Lease obligations and other long-term liabilities | 8,072 | 7,704 |
Total liabilities | 116,975 | 85,115 |
Commitments and Contingencies (Note 13) | ' | ' |
Redeemable noncontrolling interests | 18,855 | 3,163 |
Equity attributable to stockholders: | ' | ' |
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,450,798 shares issued and 9,100,798 shares outstanding at September 30, 2013 and 8,071,674 shares issued and 7,826,674 shares outstanding at December 31, 2012 | 95 | 81 |
Additional paid-in capital | 1,133,350 | 942,825 |
Accumulated deficit | -629,977 | -680,411 |
Accumulated other comprehensive loss | -177 | -287 |
Treasury stock, at cost, 350,000 and 245,000 shares at September 30, 2013 and December 31, 2012, respectively | -37,438 | -17,734 |
Total equity attributable to stockholders | 465,853 | 244,474 |
Noncontrolling interest | -49 | -3 |
Total equity | 465,804 | 244,471 |
Total liabilities and equity | $601,634 | $332,749 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Long-term investments and other assets, fair value | $3,783 | $2,970 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 9,450,798 | 8,071,674 |
Common stock, shares outstanding | 9,100,798 | 7,826,674 |
Treasury stock, shares | 350,000 | 245,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Investment management fees | $67,119 | $47,985 | $189,371 | $134,710 |
Distribution and service fees | 20,322 | 14,661 | 57,007 | 40,969 |
Administration and transfer agent fees | 12,492 | 8,774 | 35,248 | 24,199 |
Other income and fees | 476 | 531 | 1,091 | 1,289 |
Total revenues | 100,409 | 71,951 | 282,717 | 201,167 |
Operating Expenses | ' | ' | ' | ' |
Employment expenses | 33,022 | 25,899 | 98,311 | 77,724 |
Distribution and administration expenses | 25,253 | 17,764 | 71,133 | 52,483 |
Other operating expenses | 8,538 | 8,346 | 27,778 | 25,274 |
Other operating expenses of consolidated sponsored investment products | 231 | 154 | 547 | 154 |
Restructuring and severance | ' | 555 | 203 | 1,349 |
Depreciation expense | 610 | 435 | 1,782 | 1,194 |
Amortization expense | 1,125 | 1,031 | 3,351 | 3,016 |
Total operating expenses | 68,779 | 54,184 | 203,105 | 161,194 |
Operating Income | 31,630 | 17,767 | 79,612 | 39,973 |
Other Income (Expense) | ' | ' | ' | ' |
Realized and unrealized gain on trading securities, net | 1,285 | 629 | 1,887 | 1,639 |
Realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net | 324 | 541 | -2,460 | 541 |
Other income (expense), net | 111 | -16 | 82 | -16 |
Total other income (expense), net | 1,720 | 1,154 | -491 | 2,164 |
Interest Income (Expense) | ' | ' | ' | ' |
Interest expense | -207 | -196 | -634 | -671 |
Interest and dividend income | 126 | 98 | 426 | 375 |
Interest and dividend income of investments of consolidated sponsored investment products | 600 | 98 | 1,692 | 98 |
Total interest income (expense), net | 519 | 0 | 1,484 | -198 |
Income Before Income Taxes | 33,869 | 18,921 | 80,605 | 41,939 |
Income tax expense | 12,567 | 7,279 | 30,335 | 16,480 |
Net Income | 21,302 | 11,642 | 50,270 | 25,459 |
Noncontrolling interests | -213 | ' | 164 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | -64 |
Net Income Attributable to Common Stockholders | $21,089 | $11,642 | $50,434 | $25,395 |
Earnings per share - Basic | $2.64 | $1.48 | $6.40 | $3.30 |
Earnings per share - Diluted | $2.56 | $1.43 | $6.21 | $3.15 |
Weighted Average Shares Outstanding - Basic (in thousands) | 7,995 | 7,843 | 7,879 | 7,692 |
Weighted Average Shares Outstanding - Diluted (in thousands) | 8,227 | 8,117 | 8,125 | 8,055 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $21,302 | $11,642 | $50,270 | $25,459 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment, net of tax of ($23) and ($12) for the three and nine months ended September 30, 2013, respectively | 37 | ' | 19 | ' |
Unrealized (loss) gain on available-for-sale securities, net of tax of $29 and $58 for the three months ended September 30, 2013 and 2012, respectively and $207 and $35 for the nine months ended September 30, 2013 and 2012, respectively | -48 | -89 | 91 | -54 |
Other comprehensive (loss) income | -11 | -89 | 110 | -54 |
Comprehensive income | 21,291 | 11,553 | 50,380 | 25,405 |
Allocation of comprehensive income to preferred stockholders | ' | ' | ' | -64 |
Comprehensive (income) loss attributable to noncontrolling interests | -213 | ' | 164 | ' |
Comprehensive income attributable to common stockholders | $21,078 | $11,553 | $50,544 | $25,341 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, tax | ($23) | ' | ($12) | ' |
Unrealized (loss) gain on available-for-sale securities, tax | $29 | $58 | $207 | $35 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $50,270 | $25,459 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 1,782 | 1,194 |
Intangible asset and other amortization | 3,509 | 3,016 |
Stock-based compensation | 5,983 | 5,366 |
Amortization of deferred commissions | 10,032 | 8,089 |
Payments of deferred commissions | -13,993 | -7,744 |
Realized and unrealized gains on trading securities | -1,887 | -1,639 |
Realized and unrealized losses (gains) on investments of consolidated sponsored investment products | 2,460 | -541 |
(Purchases) and sales of trading securities, net | -1,163 | 691 |
Purchase of investments by consolidated sponsored investment products, net | -53,531 | -35,024 |
Loss on disposal of fixed assets | 29 | 17 |
Equity in earnings of affiliates | -98 | ' |
Deferred income taxes | 29,001 | 15,952 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -9,327 | -5,747 |
Prepaid expenses and other assets | -781 | -1,518 |
Other current assets of consolidated sponsored investment products | -40,944 | ' |
Accounts payable and accrued liabilities | 2,820 | 1,288 |
Other liabilities | 966 | 3,511 |
Investment securities purchased of consolidated sponsored investment products | 40,824 | 2,054 |
Other accrued liabilities of consolidated sponsored investment products | 127 | 128 |
Net cash provided by operating activities | 26,079 | 14,552 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -1,654 | -2,612 |
Purchase of investment management contracts | ' | -350 |
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation | -666 | ' |
Acquisition of equity method investee | -3,364 | ' |
Purchase of available-for-sale securities | -145 | -232 |
Net cash used in investing activities | -5,829 | -3,194 |
Cash Flows from Financing Activities: | ' | ' |
Contingent consideration paid for acquired investment management contracts | -420 | -510 |
Repurchase of common shares | -19,704 | -3,059 |
Proceeds from exercise of stock options | 478 | 1,787 |
Payment of deferred financing costs | -26 | -563 |
Taxes paid related to net share settlement of restricted stock units | -7,493 | -11,280 |
Proceeds from issuance of common stock, net of issuance costs | 191,800 | ' |
Repayment of debt | -15,000 | ' |
Contributions of noncontrolling interests, net | 11,396 | 235 |
Net cash provided by (used in) financing activities | 161,031 | -13,390 |
Net increase (decrease) in cash and cash equivalents | 181,281 | -2,032 |
Cash and cash equivalents, beginning of period | 63,446 | 45,267 |
Cash and Cash Equivalents, end of period | 244,727 | 43,235 |
Non-Cash Financing Activities: | ' | ' |
Increase to noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment products | 4,414 | ' |
Preferred stock conversion | ' | $35,217 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total Attributed To Shareholders [Member] | Non-controlling Interest [Member] | Redeemable Non-controlling Interest [Member] |
In Thousands, except Share data | |||||||||
Beginning Balance at Dec. 31, 2011 | $183,155 | $63 | $909,983 | ($718,083) | ($14) | ($8,794) | $183,155 | ' | ' |
Beginning Balance, shares at Dec. 31, 2011 | ' | 6,188,295 | ' | ' | ' | 155,000 | ' | ' | ' |
Net income (loss) | 25,459 | ' | ' | 25,459 | ' | ' | 25,459 | ' | ' |
Net unrealized gain (loss) on securities available-for-sale | -54 | ' | ' | ' | -54 | ' | -54 | ' | ' |
Activity of noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | 235 |
Preferred stock conversion | 35,217 | 14 | 35,203 | ' | ' | ' | 35,217 | ' | ' |
Preferred stock conversion, shares | ' | 1,349,300 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common shares | -3,060 | ' | ' | ' | ' | -3,060 | -3,060 | ' | ' |
Repurchase of common shares, shares | ' | -35,000 | ' | ' | ' | 35,000 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 2,339 | 3 | 2,336 | ' | ' | ' | 2,339 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 334,817 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -11,280 | ' | -11,280 | ' | ' | ' | -11,280 | ' | ' |
Stock-based compensation | 4,921 | ' | 4,921 | ' | ' | ' | 4,921 | ' | ' |
Ending Balance at Sep. 30, 2012 | 236,697 | 80 | 941,163 | -692,624 | -68 | -11,854 | 236,697 | ' | 235 |
Ending Balance, shares at Sep. 30, 2012 | ' | 7,837,412 | ' | ' | ' | 190,000 | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 244,474 | 81 | 942,825 | -680,411 | -287 | -17,734 | 244,474 | -3 | 3,163 |
Beginning Balance, shares at Dec. 31, 2012 | ' | 7,826,674 | ' | ' | ' | 245,000 | ' | ' | ' |
Net income (loss) | 50,270 | ' | ' | 50,434 | ' | ' | 50,434 | -46 | -118 |
Net unrealized gain (loss) on securities available-for-sale | 91 | ' | ' | ' | 91 | ' | 91 | ' | ' |
Foreign currency translation adjustment | 19 | ' | ' | ' | 19 | ' | 19 | ' | ' |
Activity of noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | 15,810 |
Issuance of common stock, net | 191,581 | 13 | 191,568 | ' | ' | ' | 191,581 | ' | ' |
Issuance of common stock, net, shares | ' | 1,298,386 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common shares | -19,704 | ' | ' | ' | ' | -19,704 | -19,704 | ' | ' |
Repurchase of common shares, shares | ' | -105,000 | ' | ' | ' | 105,000 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 983 | 1 | 982 | ' | ' | ' | 983 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 80,738 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -7,493 | ' | -7,493 | ' | ' | ' | -7,493 | ' | ' |
Stock-based compensation | 5,468 | ' | 5,468 | ' | ' | ' | 5,468 | ' | ' |
Ending Balance at Sep. 30, 2013 | $465,804 | $95 | $1,133,350 | ($629,977) | ($177) | ($37,438) | $465,853 | ($49) | $18,855 |
Ending Balance, shares at Sep. 30, 2013 | ' | 9,100,798 | ' | ' | ' | 350,000 | ' | ' | ' |
Organization_and_Business
Organization and Business | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Business | ' |
1. 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 wholly-owned subsidiaries. | |
The Company provides investment management and related services to individuals and institutions throughout the United States of America. The Company’s retail investment management services are provided to individuals through products consisting of open-end mutual funds, closed-end funds, variable insurance funds and separately managed accounts. Separately managed accounts are offered through intermediary programs that are sponsored and distributed by unaffiliated broker-dealers, and individual direct managed account investment services that are provided by the Company. Institutional investment management services are provided primarily to corporations, multi-employer retirement funds, public employee retirement systems, foundations and endowments and special purpose funds. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies | ' |
2. Basis of Presentation and Significant Accounting Policies | |
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 fair presentation of the Company’s financial condition and results of operations. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and sponsored investment products in which it has a controlling interest. Material intercompany accounts and transactions have been eliminated. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
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, 2012 filed with the Securities and Exchange Commission (“SEC”). The Company’s significant accounting policies, which have been consistently applied, are summarized in the Company’s 2012 Annual Report on Form 10-K. | |
Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. |
Intangible_Assets_Net
Intangible Assets, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets, Net | ' | ||||||||
3. Intangible Assets, Net | |||||||||
Intangible assets, net are summarized as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
($ in thousands) | |||||||||
Definite-lived intangible assets: | |||||||||
Investment contracts | $ | 162,358 | $ | 197,704 | |||||
Accumulated amortization | (148,867 | ) | (181,409 | ) | |||||
Definite-lived intangible assets, net | 13,491 | 16,295 | |||||||
Indefinite-lived intangible assets | 32,416 | 32,416 | |||||||
Total intangible assets, net | $ | 45,907 | $ | 48,711 | |||||
Activity in intangible assets, net is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
($ in thousands) | |||||||||
Intangible assets, net | |||||||||
Balance, beginning of period | $ | 48,711 | $ | 52,096 | |||||
Purchases | 356 | 350 | |||||||
Amortization | (3,160 | ) | (2,893 | ) | |||||
Balance, end of period | $ | 45,907 | $ | 49,553 | |||||
Equity_Method_Investment_in_Af
Equity Method Investment in Affiliate | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Equity Method Investment in Affiliate | ' |
4. Equity Method Investment in Affiliate | |
On April 9, 2013, the Company acquired a 24% noncontrolling equity interest in Kleinwort Benson Investors International, Ltd. (“KBII”), a subsidiary of Kleinwort Benson Investors (Dublin) (“KBID”) for €2.6 million or $3.4 million. KBII is a U.S. registered investment adviser that provides specialized equity strategies to institutional clients. As of the date of acquisition, the Company allocated $2.5 million of this investment to goodwill, $0.6 million to definite-lived intangible assets that are being amortized over 7 years and $0.3 million allocated to the remaining assets and liabilities of KBII. In conjunction with this investment, the Company entered into a put and call option with KBID. | |
The Company’s investment is a Euro-denominated noncontrolled affiliate that is accounted for under the equity method of accounting in accordance with Accounting Standard Codification (“ASC”) 323, Investments-Equity Method and Joint Ventures. The entire investment in KBII, including goodwill and definite-lived intangible assets, is recorded on the Condensed Consolidated Balance Sheet within long-term investments and other assets. Under the equity method of accounting, the Company’s share of the noncontrolled affiliate’s net income or loss is recorded in other income (expense), net in the accompanying Condensed Consolidated Statement of Operations. Distributions received reduce the Company’s investment balance. The investment is evaluated for impairment as events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of this investment does exceed fair value and the decline in fair value is deemed to be other than temporary, an impairment charge will be recorded. If the carrying amounts of the assets exceed their respective fair values, additional impairment tests are performed to measure the amount of the impairment loss, if any. | |
This investment is translated into U.S. dollars at current exchange rates as of the end of each accounting period. Net income or loss of the noncontrolled affiliate is translated at average exchange rates in effect during the accounting period. Net translation exchange gains and losses are excluded from income and recorded in accumulated other comprehensive income. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
5. Marketable Securities | |||||||||||||||||
The Company’s marketable securities consist of trading securities, investments of consolidated sponsored investment products, and available-for-sale securities. The composition of the Company’s marketable securities as of September 30, 2013 and December 31, 2012 is summarized as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 11,845 | $ | (685 | ) | $ | 2,653 | $ | 13,813 | ||||||||
Equity securities | 3,898 | — | 1,206 | 5,104 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | 29,598 | (2,154 | ) | 165 | 27,609 | ||||||||||||
Equity securities | 66,679 | (415 | ) | 2,125 | 68,389 | ||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,764 | (125 | ) | 45 | 2,684 | ||||||||||||
Total marketable securities | $ | 114,784 | $ | (3,379 | ) | $ | 6,194 | $ | 117,599 | ||||||||
December 31, 2012 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 7,312 | $ | (689 | ) | $ | 1,390 | $ | 8,013 | ||||||||
Equity securities | 3,739 | — | 640 | 4,379 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | 24,830 | (21 | ) | 1,003 | 25,812 | ||||||||||||
Equity securities | 16,537 | (144 | ) | 1,022 | 17,415 | ||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,619 | (37 | ) | 74 | 2,656 | ||||||||||||
Total marketable securities | $ | 55,037 | $ | (891 | ) | $ | 4,129 | $ | 58,275 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
6. Fair Value Measurements | |||||||||||||||||
The Company’s assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by fair value hierarchy level were as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 13,813 | $ | — | $ | — | $ | 13,813 | |||||||||
Equity securities | 5,104 | — | — | 5,104 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | — | 27,609 | — | 27,609 | |||||||||||||
Equity securities | 67,449 | 940 | — | 68,389 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,684 | — | — | 2,684 | |||||||||||||
Other assets | |||||||||||||||||
Nonqualified retirement plan assets | 3,783 | — | — | 3,783 | |||||||||||||
Total assets measured at fair value | $ | 92,833 | $ | 28,549 | $ | — | $ | 121,382 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 8,013 | $ | — | $ | — | $ | 8,013 | |||||||||
Equity securities | 4,379 | — | — | 4,379 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | — | 25,812 | — | 25,812 | |||||||||||||
Equity securities | 10,092 | 7,323 | — | 17,415 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,656 | — | — | 2,656 | |||||||||||||
Other assets | |||||||||||||||||
Nonqualified retirement plan assets | 2,970 | — | — | 2,970 | |||||||||||||
Total assets measured at fair value | $ | 28,110 | $ | 33,135 | $ | — | $ | 61,245 | |||||||||
The following is a discussion of the valuation methodologies used for assets measured at fair value. | |||||||||||||||||
Sponsored mutual funds and variable insurance funds represent investments in open-end mutual funds and variable insurance funds for which the Company acts as advisor and distributor. The fair value of these securities is determined based on their published net asset values and are categorized as Level 1. | |||||||||||||||||
Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored mutual funds in which the Company has an investment and are consolidated by the Company. Equity securities are valued at the official closing price on the exchange on which the securities are traded and are categorized within Level 1. Level 2 investments include certain 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 as well as most debt securities which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. | |||||||||||||||||
Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are classified within Level 1. | |||||||||||||||||
Sponsored closed-end funds represent investments for which the Company acts as advisor and are actively traded on the New York Stock Exchange. The fair value of these securities is determined based on the official closing price and are categorized as Level 1. | |||||||||||||||||
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 classified as Level 1. | |||||||||||||||||
Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. The estimated fair value of long-term debt at December 31, 2012, which has a variable interest rate, approximates its carrying value and is classified as Level 2. Marketable securities are reflected in the financial statements at fair value based upon publicly quoted market prices. | |||||||||||||||||
Transfers into and out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value of certain equity method investments no longer represents fair value. Securities held by the consolidated sponsored investment products, with an end-of-period value of $5.2 million were transferred from Level 2 to Level 1 during the nine months ended September 30, 2013 due to the availability of unadjusted quoted market prices in active markets. There were no transfers from Level 1 to Level 2 during the nine months ended September 30, 2013. There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2012. |
Equity_Transactions
Equity Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Equity Transactions | ' |
7. Equity Transactions | |
During September 2013, the Company issued 1.3 million shares of common stock in a public offering for net proceeds of $191.6 million after underwriting discounts, commissions and other offering expenses, pursuant to an already effective shelf registration statement. | |
During the nine months ended September 30, 2013, pursuant to the Company’s initial share repurchase program implemented in the fourth quarter of 2010, the Company repurchased 105,000 common shares at a weighted average price of $187.61 per share plus transaction costs for a total cost of approximately $19.7 million. During the nine months ended September 30, 2012, the Company repurchased 35,000 common shares at a weighted average price of $87.41 per share for a total cost of approximately $3.1 million under the initial share repurchase program. As of September 30, 2013, the Company has repurchased a total of 350,000 shares of common stock at a weighted average price of $106.92 per share plus transaction costs for a total cost of $37.4 million completing the initial share repurchase program. | |
In May 2013, the Company’s board of directors authorized an extension of its share repurchase program to permit the purchase of an additional 350,000 shares of common stock prior to May 21, 2016. At September 30, 2013, there were 350,000 shares of common stock remaining authorized for repurchase under the extended share repurchase program. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Income | ' | ||||||||
8. Accumulated Other Comprehensive Income | |||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2013 and 2012 are as follows: | |||||||||
($ in thousands) | Unrealized Gains | Foreign Currency | |||||||
and (Losses) | Translation Adjustments | ||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
Balance December 31, 2012 | $ | (287 | ) | $ | — | ||||
Unrealized net gains on investments, net of tax of $207 | 91 | — | |||||||
Foreign currency translation adjustments, net of tax of ($12) | — | 19 | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 91 | 19 | |||||||
Balance September 30, 2013 | $ | (196 | ) | $ | 19 | ||||
($ in thousands) | Unrealized | ||||||||
Losses | |||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
Balance December 31, 2011 | $ | (14 | ) | ||||||
Unrealized net losses on investments, net of tax of $35 | (54 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | ||||||||
Net current-period other comprehensive income | (54 | ) | |||||||
Balance September 30, 2012 | $ | (68 | ) | ||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
9. Related Party Transactions | |
In May 2006, the Company acquired the rights to advise, distribute and administer the Insight Funds from BMO Asset Management Corp. (“BMO”), a subsidiary of BMO Financial Corp. BMO and BMO Financial Corp., a significant stockholder of the Company, are related parties of the Company. | |
Sub-advisory investment management fees and distribution and administration fee expenses paid or payable to BMO were $0.1 million and $0.4 million for the three months ended September 30, 2013 and 2012, respectively and $0.5 million and $1.8 million for the nine months ended September 30, 2013 and 2012, respectively. At both September 30, 2013 and December 31, 2012, less than $0.1 million was payable to BMO and its affiliates related to sub-advisory investment management fees and distribution fees. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
10. Stock-Based Compensation | |||||||||
The Company has an Omnibus Incentive and Equity Plan (the “Plan”) under which employees, directors and consultants may be granted equity-based awards, including restricted stock units (“RSUs”), stock options and unrestricted shares of common stock. At September 30, 2013, 496,694 shares of common stock remain available for issuance of the 1,800,000 shares that were reserved for issuance under the Plan. Each RSU entitles the holder to one share of Virtus common stock when the restriction expires. RSUs generally have a term of three years and may be time-vested or performance-contingent. Stock options generally vest over three years and have a contractual life of ten years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. The fair value of each RSU is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant. Shares that are issued upon exercise of employee stock options and vesting of RSUs are newly issued shares and not issued from treasury stock. | |||||||||
Restricted Stock Units | |||||||||
RSU activity for the nine months ended September 30, 2013 is summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2012 | 292,057 | $ | 57.89 | ||||||
Granted | 46,000 | $ | 188.36 | ||||||
Forfeited | (11,942 | ) | $ | 88 | |||||
Settled | (91,269 | ) | $ | 38.23 | |||||
Outstanding at September 30, 2013 | 234,846 | $ | 88.26 | ||||||
For the nine months ended September 30, 2013, a total of 38,128 RSUs were withheld by the Company as a result of net share settlements to satisfy employee tax withholding obligations. During the nine months ended September 30, 2013, the Company paid $7.5 million in employee tax withholding obligations related to the 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. | |||||||||
Stock Options | |||||||||
Stock option activity for the nine months ended September 30, 2013 is summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2012 | 220,349 | $ | 20.03 | ||||||
Exercised | (25,512 | ) | $ | 18.76 | |||||
Forfeited | (363 | ) | $ | 55.18 | |||||
Outstanding at September 30, 2013 | 194,474 | $ | 20.13 | ||||||
During the three months ended September 30, 2013 and 2012, the Company recognized $2.0 million and $1.6 million, respectively, in total stock-based compensation expense. During the nine months ended September 30, 2013 and 2012, the Company recognized $6.0 million and $5.4 million, respectively, in total stock-based compensation expense. As of September 30, 2013, unamortized stock-based compensation expense for unvested RSUs and stock options was $11.2 million and $0.1 million, respectively, with weighted-average remaining amortization periods of 1.2 years and 0.5 years, respectively. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
11. Earnings per Share | |||||||||||||||||
Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted-average number of shares is increased by the dilutive effect of RSUs and stock options using the treasury stock method. | |||||||||||||||||
The computation of basic and diluted EPS is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
($ in thousands, except per share amounts) | |||||||||||||||||
Net Income | $ | 21,302 | $ | 11,642 | $ | 50,270 | $ | 25,459 | |||||||||
Noncontrolling interests | (213 | ) | — | 164 | — | ||||||||||||
Allocation of earnings to preferred stockholders | — | — | — | (64 | ) | ||||||||||||
Net Income Attributable to Common Stockholders | $ | 21,089 | $ | 11,642 | 50,434 | $ | 25,395 | ||||||||||
Shares (in thousands): | |||||||||||||||||
Basic: Weighted-average number of shares outstanding | 7,995 | 7,843 | 7,879 | 7,692 | |||||||||||||
Plus: Incremental shares from assumed conversion of dilutive instruments | 232 | 274 | 246 | 363 | |||||||||||||
Diluted: Weighted-average number of shares outstanding | 8,227 | 8,117 | 8,125 | 8,055 | |||||||||||||
Earnings per share - basic | $ | 2.64 | $ | 1.48 | $ | 6.4 | $ | 3.3 | |||||||||
Earnings per share - diluted | $ | 2.56 | $ | 1.43 | $ | 6.21 | $ | 3.15 | |||||||||
For the three and nine months ended September 30, 2013, respectively, there were 3,115 instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive. For the three and nine months ended September 30, 2012, respectively, there were no instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive. |
Long_Term_Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Long Term Debt | ' |
12. Long Term Debt | |
During the third quarter of 2013, the Company repaid the $15.0 million outstanding balance under its senior secured revolving credit facility (“Credit Facility”). As of September 30, 2013, no amount remains outstanding and the Company had the capacity to draw on the full $75.0 million available under the Credit Facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
13. Commitments and Contingencies | |
The Company can be involved in litigation and arbitration as well as examinations 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, subadvisors and other activities. Legal and regulatory matters of this nature may involve activities of the Company as an employer, issuer of securities, investor, investment advisor, broker-dealer or taxpayer. The Company cannot predict the ultimate outcome of such legal claims or matters or in certain instances provide reasonable ranges of potential losses. As of the date of this report, the Company believes that the outcomes of its legal or regulatory matters are not likely, either individually or in the aggregate, to have a material adverse effect on its consolidated financial statements. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, there can be no assurance that the Company’s 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. |
Consolidation_of_Sponsored_Inv
Consolidation of Sponsored Investment Products | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Consolidation of Sponsored Investment Products | ' | ||||||||||||||||
14. Consolidation of Sponsored Investment Products | |||||||||||||||||
In the normal course of its business, the Company sponsors and is the manager of various types of investment products. During the nine months ended September 30, 2013 and the year ended December 31, 2012, the Company sponsored and consolidated several mutual funds in which it had a majority voting interest. The consolidation of these investment products has no impact on net income attributable to stockholders. The Company’s risk with respect to these investments is limited to its investment in these products. The Company has no right to the benefits from, nor does it bear the risks associated with, these investment products, beyond the Company’s investments in, and fees generated from these products. If the Company were to liquidate, these investments would not be available to the general creditors of the Company. The Company does not consider cash and cash equivalents and investments held by consolidated sponsored investment products to be assets of the Company other than its direct investment in these products. | |||||||||||||||||
During the nine months ended September 30, 2013, the Company consolidated three additional mutual funds and deconsolidated three mutual funds because it no longer had a majority voting interest. As of September 30, 2013, the Company consolidated a total of eight mutual funds. | |||||||||||||||||
The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 respectively: | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment Products | Products | Adjustments (a) | Condensed | ||||||||||||||
Consolidated | |||||||||||||||||
Balance Sheet | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Current assets | $ | 399,485 | $ | 139,044 | (1) | $ | (77,391 | ) | $ | 461,138 | |||||||
Non-current assets | 140,496 | — | — | 140,496 | |||||||||||||
Total assets | $ | 539,981 | $ | 139,044 | $ | (77,391 | ) | $ | 601,634 | ||||||||
Current liabilities | $ | 66,105 | $ | 42,824 | $ | (26 | ) | $ | 108,903 | ||||||||
Non-current liabilities | 8,072 | — | — | 8,072 | |||||||||||||
Total liabilities | 74,177 | 42,824 | (26 | ) | 116,975 | ||||||||||||
Redeemable noncontrolling interest | — | — | 18,855 | 18,855 | |||||||||||||
Equity attributable to stockholders of the Company | 465,853 | 96,220 | (96,220 | ) | 465,853 | ||||||||||||
Non-redeemable noncontrolling interest | (49 | ) | — | — | (49 | ) | |||||||||||
Total liabilities and equity | $ | 539,981 | $ | 139,044 | $ | (77,391 | ) | $ | 601,634 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment Products | Products | Adjustments (a) | Consolidated | ||||||||||||||
Balance Sheet | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Current assets | $ | 161,286 | $ | 43,924 | $ | (40,384 | ) | $ | 164,826 | ||||||||
Non-current assets | 167,923 | — | — | 167,923 | |||||||||||||
Total assets | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
Current liabilities | $ | 62,034 | $ | 364 | $ | 13 | $ | 62,411 | |||||||||
Other non-current liabilities | 22,704 | — | — | 22,704 | |||||||||||||
Total liabilities | 84,738 | 364 | 13 | 85,115 | |||||||||||||
Redeemable noncontrolling interest | — | — | 3,163 | 3,163 | |||||||||||||
Equity attributable to stockholders of the Company | 244,474 | 43,560 | (43,560 | ) | 244,474 | ||||||||||||
Non-redeemable noncontrolling interest | (3 | ) | — | — | (3 | ) | |||||||||||
Total liabilities and equity | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
-1 | Includes other current assets of $41.0 million related to unsettled fund share receivables of consolidated sponsored investment products at September 30, 2013. | ||||||||||||||||
The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 100,319 | $ | — | $ | 90 | $ | 100,409 | |||||||||
Total operating expenses | 68,547 | 142 | 90 | 68,779 | |||||||||||||
Operating income (loss) | 31,772 | (142 | ) | — | 31,630 | ||||||||||||
Total other non-operating income (expense) | 1,870 | 923 | (554 | ) | 2,239 | ||||||||||||
Income (loss) before income tax expense | 33,642 | 781 | (554 | ) | 33,869 | ||||||||||||
Income tax expense | 12,567 | — | — | 12,567 | |||||||||||||
Net income (loss) | 21,075 | 781 | (554 | ) | 21,302 | ||||||||||||
Noncontrolling interests | 14 | — | (227 | ) | (213 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 21,089 | $ | 781 | $ | (781 | ) | $ | 21,089 | ||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 71,825 | $ | — | $ | 126 | $ | 71,951 | |||||||||
Total operating expenses | 54,030 | 28 | 126 | 54,184 | |||||||||||||
Operating income (loss) | 17,795 | (28 | ) | — | 17,767 | ||||||||||||
Total other non-operating income (expense) | 1,126 | 639 | (611 | ) | 1,154 | ||||||||||||
Income (loss) before income tax expense | 18,921 | 611 | (611 | ) | 18,921 | ||||||||||||
Income tax expense | 7,279 | — | — | 7,279 | |||||||||||||
Net income (loss) | 11,642 | 611 | (611 | ) | 11,642 | ||||||||||||
Noncontrolling interests | — | — | — | — | |||||||||||||
Net income (loss) attributable to the Company | $ | 11,642 | $ | 611 | $ | (611 | ) | $ | 11,642 | ||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 282,575 | $ | — | $ | 142 | $ | 282,717 | |||||||||
Total operating expenses | 202,557 | 406 | 142 | 203,105 | |||||||||||||
Operating income (loss) | 80,018 | (406 | ) | — | 79,612 | ||||||||||||
Total other non-operating income (expense) | 705 | (768 | ) | 1,056 | 993 | ||||||||||||
Income (loss) before income tax expense | 80,723 | (1,174 | ) | 1,056 | 80,605 | ||||||||||||
Income tax expense | 30,335 | — | — | 30,335 | |||||||||||||
Net income (loss) | 50,388 | (1,174 | ) | 1,056 | 50,270 | ||||||||||||
Noncontrolling interests | 46 | — | 118 | 164 | |||||||||||||
Net income (loss) attributable to the Company | $ | 50,434 | $ | (1,174 | ) | $ | 1,174 | $ | 50,434 | ||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
Total operating revenues | $ | 201,041 | $ | — | $ | 126 | $ | 201,167 | |||||||||
Total operating expenses | 161,040 | 28 | 126 | 161,194 | |||||||||||||
Operating income (loss) | 40,001 | (28 | ) | — | 39,973 | ||||||||||||
Total other non-operating income (expense) | 1,938 | 639 | (611 | ) | 1,966 | ||||||||||||
Income (loss) before income tax expense | 41,939 | 611 | (611 | ) | 41,939 | ||||||||||||
Income tax expense | 16,480 | — | — | 16,480 | |||||||||||||
Net income (loss) | 25,459 | 611 | (611 | ) | 25,459 | ||||||||||||
Allocation of earnings to preferred stockholders | (64 | ) | — | — | (64 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 25,395 | $ | 611 | $ | (611 | ) | $ | 25,395 | ||||||||
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
14. New Accounting Standards | |
In October 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-04, Technical Corrections and Improvements. This update amends source literature, clarifies guidance and reference corrections and relocates some guidance within the ASC. The Company adopted this standard as of January 2013. | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated Other Comprehensive Income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes thereto, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. The Company has adopted this standard as of January 2013. |
Equity_Method_Investment_in_Af1
Equity Method Investment in Affiliate (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Investments-Equity Method and Joint Ventures | ' |
The Company’s investment is a Euro-denominated noncontrolled affiliate that is accounted for under the equity method of accounting in accordance with Accounting Standard Codification (“ASC”) 323, Investments-Equity Method and Joint Ventures. The entire investment in KBII, including goodwill and definite-lived intangible assets, is recorded on the Condensed Consolidated Balance Sheet within long-term investments and other assets. Under the equity method of accounting, the Company’s share of the noncontrolled affiliate’s net income or loss is recorded in other income (expense), net in the accompanying Condensed Consolidated Statement of Operations. Distributions received reduce the Company’s investment balance. The investment is evaluated for impairment as events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of this investment does exceed fair value and the decline in fair value is deemed to be other than temporary, an impairment charge will be recorded. If the carrying amounts of the assets exceed their respective fair values, additional impairment tests are performed to measure the amount of the impairment loss, if any. |
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Summary of Intangible Assets | ' | ||||||||
Intangible assets, net are summarized as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
($ in thousands) | |||||||||
Definite-lived intangible assets: | |||||||||
Investment contracts | $ | 162,358 | $ | 197,704 | |||||
Accumulated amortization | (148,867 | ) | (181,409 | ) | |||||
Definite-lived intangible assets, net | 13,491 | 16,295 | |||||||
Indefinite-lived intangible assets | 32,416 | 32,416 | |||||||
Total intangible assets, net | $ | 45,907 | $ | 48,711 | |||||
Schedule of Activity in Intangible Assets | ' | ||||||||
Activity in intangible assets, net is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
($ in thousands) | |||||||||
Intangible assets, net | |||||||||
Balance, beginning of period | $ | 48,711 | $ | 52,096 | |||||
Purchases | 356 | 350 | |||||||
Amortization | (3,160 | ) | (2,893 | ) | |||||
Balance, end of period | $ | 45,907 | $ | 49,553 | |||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||
Schedule of Marketable Securities | ' | ||||||||||||||||
The Company’s marketable securities consist of trading securities, investments of consolidated sponsored investment products, and available-for-sale securities. The composition of the Company’s marketable securities as of September 30, 2013 and December 31, 2012 is summarized as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 11,845 | $ | (685 | ) | $ | 2,653 | $ | 13,813 | ||||||||
Equity securities | 3,898 | — | 1,206 | 5,104 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | 29,598 | (2,154 | ) | 165 | 27,609 | ||||||||||||
Equity securities | 66,679 | (415 | ) | 2,125 | 68,389 | ||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,764 | (125 | ) | 45 | 2,684 | ||||||||||||
Total marketable securities | $ | 114,784 | $ | (3,379 | ) | $ | 6,194 | $ | 117,599 | ||||||||
December 31, 2012 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 7,312 | $ | (689 | ) | $ | 1,390 | $ | 8,013 | ||||||||
Equity securities | 3,739 | — | 640 | 4,379 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | 24,830 | (21 | ) | 1,003 | 25,812 | ||||||||||||
Equity securities | 16,537 | (144 | ) | 1,022 | 17,415 | ||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,619 | (37 | ) | 74 | 2,656 | ||||||||||||
Total marketable securities | $ | 55,037 | $ | (891 | ) | $ | 4,129 | $ | 58,275 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company’s assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by fair value hierarchy level were as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 13,813 | $ | — | $ | — | $ | 13,813 | |||||||||
Equity securities | 5,104 | — | — | 5,104 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | — | 27,609 | — | 27,609 | |||||||||||||
Equity securities | 67,449 | 940 | — | 68,389 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,684 | — | — | 2,684 | |||||||||||||
Other assets | |||||||||||||||||
Nonqualified retirement plan assets | 3,783 | — | — | 3,783 | |||||||||||||
Total assets measured at fair value | $ | 92,833 | $ | 28,549 | $ | — | $ | 121,382 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 8,013 | $ | — | $ | — | $ | 8,013 | |||||||||
Equity securities | 4,379 | — | — | 4,379 | |||||||||||||
Investments of consolidated sponsored investment products: | |||||||||||||||||
Debt securities | — | 25,812 | — | 25,812 | |||||||||||||
Equity securities | 10,092 | 7,323 | — | 17,415 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,656 | — | — | 2,656 | |||||||||||||
Other assets | |||||||||||||||||
Nonqualified retirement plan assets | 2,970 | — | — | 2,970 | |||||||||||||
Total assets measured at fair value | $ | 28,110 | $ | 33,135 | $ | — | $ | 61,245 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2013 and 2012 are as follows: | |||||||||
($ in thousands) | Unrealized Gains | Foreign Currency | |||||||
and (Losses) | Translation Adjustments | ||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
Balance December 31, 2012 | $ | (287 | ) | $ | — | ||||
Unrealized net gains on investments, net of tax of $207 | 91 | — | |||||||
Foreign currency translation adjustments, net of tax of ($12) | — | 19 | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 91 | 19 | |||||||
Balance September 30, 2013 | $ | (196 | ) | $ | 19 | ||||
($ in thousands) | Unrealized | ||||||||
Losses | |||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
Balance December 31, 2011 | $ | (14 | ) | ||||||
Unrealized net losses on investments, net of tax of $35 | (54 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | ||||||||
Net current-period other comprehensive income | (54 | ) | |||||||
Balance September 30, 2012 | $ | (68 | ) | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of Restricted Stock Units Activity | ' | ||||||||
RSU activity for the nine months ended September 30, 2013 is summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2012 | 292,057 | $ | 57.89 | ||||||
Granted | 46,000 | $ | 188.36 | ||||||
Forfeited | (11,942 | ) | $ | 88 | |||||
Settled | (91,269 | ) | $ | 38.23 | |||||
Outstanding at September 30, 2013 | 234,846 | $ | 88.26 | ||||||
Summary of Stock Option Activity | ' | ||||||||
Stock option activity for the nine months ended September 30, 2013 is summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2012 | 220,349 | $ | 20.03 | ||||||
Exercised | (25,512 | ) | $ | 18.76 | |||||
Forfeited | (363 | ) | $ | 55.18 | |||||
Outstanding at September 30, 2013 | 194,474 | $ | 20.13 | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Computation of Basic and Diluted EPS | ' | ||||||||||||||||
The computation of basic and diluted EPS is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
($ in thousands, except per share amounts) | |||||||||||||||||
Net Income | $ | 21,302 | $ | 11,642 | $ | 50,270 | $ | 25,459 | |||||||||
Noncontrolling interests | (213 | ) | — | 164 | — | ||||||||||||
Allocation of earnings to preferred stockholders | — | — | — | (64 | ) | ||||||||||||
Net Income Attributable to Common Stockholders | $ | 21,089 | $ | 11,642 | 50,434 | $ | 25,395 | ||||||||||
Shares (in thousands): | |||||||||||||||||
Basic: Weighted-average number of shares outstanding | 7,995 | 7,843 | 7,879 | 7,692 | |||||||||||||
Plus: Incremental shares from assumed conversion of dilutive instruments | 232 | 274 | 246 | 363 | |||||||||||||
Diluted: Weighted-average number of shares outstanding | 8,227 | 8,117 | 8,125 | 8,055 | |||||||||||||
Earnings per share - basic | $ | 2.64 | $ | 1.48 | $ | 6.4 | $ | 3.3 | |||||||||
Earnings per share - diluted | $ | 2.56 | $ | 1.43 | $ | 6.21 | $ | 3.15 |
Consolidation_of_Sponsored_Inv1
Consolidation of Sponsored Investment Products (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Consolidated Statement of Balance Sheets | ' | ||||||||||||||||
The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 respectively: | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment Products | Products | Adjustments (a) | Condensed | ||||||||||||||
Consolidated | |||||||||||||||||
Balance Sheet | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Current assets | $ | 399,485 | $ | 139,044 | (1) | $ | (77,391 | ) | $ | 461,138 | |||||||
Non-current assets | 140,496 | — | — | 140,496 | |||||||||||||
Total assets | $ | 539,981 | $ | 139,044 | $ | (77,391 | ) | $ | 601,634 | ||||||||
Current liabilities | $ | 66,105 | $ | 42,824 | $ | (26 | ) | $ | 108,903 | ||||||||
Non-current liabilities | 8,072 | — | — | 8,072 | |||||||||||||
Total liabilities | 74,177 | 42,824 | (26 | ) | 116,975 | ||||||||||||
Redeemable noncontrolling interest | — | — | 18,855 | 18,855 | |||||||||||||
Equity attributable to stockholders of the Company | 465,853 | 96,220 | (96,220 | ) | 465,853 | ||||||||||||
Non-redeemable noncontrolling interest | (49 | ) | — | — | (49 | ) | |||||||||||
Total liabilities and equity | $ | 539,981 | $ | 139,044 | $ | (77,391 | ) | $ | 601,634 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment Products | Products | Adjustments (a) | Consolidated | ||||||||||||||
Balance Sheet | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Current assets | $ | 161,286 | $ | 43,924 | $ | (40,384 | ) | $ | 164,826 | ||||||||
Non-current assets | 167,923 | — | — | 167,923 | |||||||||||||
Total assets | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
Current liabilities | $ | 62,034 | $ | 364 | $ | 13 | $ | 62,411 | |||||||||
Other non-current liabilities | 22,704 | — | — | 22,704 | |||||||||||||
Total liabilities | 84,738 | 364 | 13 | 85,115 | |||||||||||||
Redeemable noncontrolling interest | — | — | 3,163 | 3,163 | |||||||||||||
Equity attributable to stockholders of the Company | 244,474 | 43,560 | (43,560 | ) | 244,474 | ||||||||||||
Non-redeemable noncontrolling interest | (3 | ) | — | — | (3 | ) | |||||||||||
Total liabilities and equity | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
-1 | Includes other current assets of $41.0 million related to unsettled fund share receivables of consolidated sponsored investment products at September 30, 2013. | ||||||||||||||||
Consolidated Statement of Operations | ' | ||||||||||||||||
The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 100,319 | $ | — | $ | 90 | $ | 100,409 | |||||||||
Total operating expenses | 68,547 | 142 | 90 | 68,779 | |||||||||||||
Operating income (loss) | 31,772 | (142 | ) | — | 31,630 | ||||||||||||
Total other non-operating income (expense) | 1,870 | 923 | (554 | ) | 2,239 | ||||||||||||
Income (loss) before income tax expense | 33,642 | 781 | (554 | ) | 33,869 | ||||||||||||
Income tax expense | 12,567 | — | — | 12,567 | |||||||||||||
Net income (loss) | 21,075 | 781 | (554 | ) | 21,302 | ||||||||||||
Noncontrolling interests | 14 | — | (227 | ) | (213 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 21,089 | $ | 781 | $ | (781 | ) | $ | 21,089 | ||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 71,825 | $ | — | $ | 126 | $ | 71,951 | |||||||||
Total operating expenses | 54,030 | 28 | 126 | 54,184 | |||||||||||||
Operating income (loss) | 17,795 | (28 | ) | — | 17,767 | ||||||||||||
Total other non-operating income (expense) | 1,126 | 639 | (611 | ) | 1,154 | ||||||||||||
Income (loss) before income tax expense | 18,921 | 611 | (611 | ) | 18,921 | ||||||||||||
Income tax expense | 7,279 | — | — | 7,279 | |||||||||||||
Net income (loss) | 11,642 | 611 | (611 | ) | 11,642 | ||||||||||||
Noncontrolling interests | — | — | — | — | |||||||||||||
Net income (loss) attributable to the Company | $ | 11,642 | $ | 611 | $ | (611 | ) | $ | 11,642 | ||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 282,575 | $ | — | $ | 142 | $ | 282,717 | |||||||||
Total operating expenses | 202,557 | 406 | 142 | 203,105 | |||||||||||||
Operating income (loss) | 80,018 | (406 | ) | — | 79,612 | ||||||||||||
Total other non-operating income (expense) | 705 | (768 | ) | 1,056 | 993 | ||||||||||||
Income (loss) before income tax expense | 80,723 | (1,174 | ) | 1,056 | 80,605 | ||||||||||||
Income tax expense | 30,335 | — | — | 30,335 | |||||||||||||
Net income (loss) | 50,388 | (1,174 | ) | 1,056 | 50,270 | ||||||||||||
Noncontrolling interests | 46 | — | 118 | 164 | |||||||||||||
Net income (loss) attributable to the Company | $ | 50,434 | $ | (1,174 | ) | $ | 1,174 | $ | 50,434 | ||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Investment | and | Reported in | ||||||||||||||
Investment | Products | Adjustments (a) | Condensed | ||||||||||||||
Products | Consolidated | ||||||||||||||||
Statement of | |||||||||||||||||
Operations | |||||||||||||||||
Total operating revenues | $ | 201,041 | $ | — | $ | 126 | $ | 201,167 | |||||||||
Total operating expenses | 161,040 | 28 | 126 | 161,194 | |||||||||||||
Operating income (loss) | 40,001 | (28 | ) | — | 39,973 | ||||||||||||
Total other non-operating income (expense) | 1,938 | 639 | (611 | ) | 1,966 | ||||||||||||
Income (loss) before income tax expense | 41,939 | 611 | (611 | ) | 41,939 | ||||||||||||
Income tax expense | 16,480 | — | — | 16,480 | |||||||||||||
Net income (loss) | 25,459 | 611 | (611 | ) | 25,459 | ||||||||||||
Allocation of earnings to preferred stockholders | (64 | ) | — | — | (64 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 25,395 | $ | 611 | $ | (611 | ) | $ | 25,395 | ||||||||
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest. |
Intangible_Assets_Net_Summary_
Intangible Assets, Net - Summary of Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Definite-lived intangible assets: | ' | ' | ' | ' |
Investment contracts | $162,358 | $197,704 | ' | ' |
Accumulated amortization | -148,867 | -181,409 | ' | ' |
Definite-lived intangible assets, net | 13,491 | 16,295 | ' | ' |
Indefinite-lived intangible assets | 32,416 | 32,416 | ' | ' |
Total intangible assets, net | $45,907 | $48,711 | $49,553 | $52,096 |
Intangible_Assets_Net_Schedule
Intangible Assets, Net - Schedule of Activity in Intangible Assets (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Intangible assets, net | ' | ' |
Intangible assets, net Balance, beginning of period | $48,711 | $52,096 |
Purchases | 356 | 350 |
Amortization | -3,160 | -2,893 |
Intangible assets, net, ending balance | $45,907 | $49,553 |
Equity_Method_Investment_in_Af2
Equity Method Investment in Affiliate - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 09, 2013 | Apr. 09, 2013 |
USD ($) | USD ($) | Kleinwort Benson Investors International, Ltd. [Member] | Kleinwort Benson Investors International, Ltd. [Member] | |
USD ($) | EUR (€) | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Acquisition date | ' | ' | 9-Apr-13 | 9-Apr-13 |
Percentage of noncontrolling equity interest acquired | ' | ' | 24.00% | 24.00% |
Noncontrolling equity interest acquired, amount | ' | ' | $3,400,000 | € 2,600,000 |
Investment to goodwill | 5,260,000 | 5,260,000 | 2,500,000 | ' |
Definite-lived intangible assets, | ' | ' | 600,000 | ' |
Period of amortization of definite-lived intangible assets | ' | ' | '7 years | '7 years |
Remaining assets and liabilities | ' | ' | $300,000 | ' |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Marketable Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale And Trading Securities [Line Items] | ' | ' |
Fair Value | $95,998 | $43,227 |
Cost | 114,784 | 55,037 |
Unrealized Loss | -3,379 | -891 |
Unrealized Gain | 6,194 | 4,129 |
Fair Value | 117,599 | 58,275 |
Sponsored mutual funds and variable insurance funds [Member] | ' | ' |
Schedule Of Available For Sale And Trading Securities [Line Items] | ' | ' |
Cost | 11,845 | 7,312 |
Unrealized Loss | -685 | -689 |
Unrealized Gain | 2,653 | 1,390 |
Fair Value | 13,813 | 8,013 |
Debt securities [Member] | ' | ' |
Schedule Of Available For Sale And Trading Securities [Line Items] | ' | ' |
Cost | 29,598 | 24,830 |
Unrealized Loss | -2,154 | -21 |
Unrealized Gain | 165 | 1,003 |
Fair Value | 27,609 | 25,812 |
Equity securities [Member] | ' | ' |
Schedule Of Available For Sale And Trading Securities [Line Items] | ' | ' |
Cost | 3,898 | 3,739 |
Unrealized Gain | 1,206 | 640 |
Fair Value | 5,104 | 4,379 |
Cost | 66,679 | 16,537 |
Unrealized Loss | -415 | -144 |
Unrealized Gain | 2,125 | 1,022 |
Fair Value | 68,389 | 17,415 |
Sponsored closed-end funds [Member] | ' | ' |
Schedule Of Available For Sale And Trading Securities [Line Items] | ' | ' |
Cost | 2,764 | 2,619 |
Unrealized Loss | -125 | -37 |
Unrealized Gain | 45 | 74 |
Fair Value | $2,684 | $2,656 |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Investments of consolidated sponsored investment products | $95,998 | $43,227 |
Total assets measured at fair value | 121,382 | 61,245 |
Sponsored mutual funds and variable insurance funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 13,813 | 8,013 |
Debt securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Investments of consolidated sponsored investment products | 27,609 | 25,812 |
Equity securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 5,104 | 4,379 |
Investments of consolidated sponsored investment products | 68,389 | 17,415 |
Sponsored closed-end funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | 2,684 | 2,656 |
Nonqualified retirement plan assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other assets, nonqualified retirement plan assets | 3,783 | 2,970 |
Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total assets measured at fair value | 92,833 | 28,110 |
Level 1 [Member] | Sponsored mutual funds and variable insurance funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 13,813 | 8,013 |
Level 1 [Member] | Debt securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Investments of consolidated sponsored investment products | ' | ' |
Level 1 [Member] | Equity securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 5,104 | 4,379 |
Investments of consolidated sponsored investment products | 67,449 | 10,092 |
Level 1 [Member] | Sponsored closed-end funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | 2,684 | 2,656 |
Level 1 [Member] | Nonqualified retirement plan assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other assets, nonqualified retirement plan assets | 3,783 | 2,970 |
Level 2 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total assets measured at fair value | 28,549 | 33,135 |
Level 2 [Member] | Sponsored mutual funds and variable insurance funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Level 2 [Member] | Debt securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Investments of consolidated sponsored investment products | 27,609 | 25,812 |
Level 2 [Member] | Equity securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Investments of consolidated sponsored investment products | 940 | 7,323 |
Level 2 [Member] | Sponsored closed-end funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | ' | ' |
Level 2 [Member] | Nonqualified retirement plan assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other assets, nonqualified retirement plan assets | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total assets measured at fair value | ' | ' |
Level 3 [Member] | Sponsored mutual funds and variable insurance funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Level 3 [Member] | Debt securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Investments of consolidated sponsored investment products | ' | ' |
Level 3 [Member] | Equity securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Investments of consolidated sponsored investment products | ' | ' |
Level 3 [Member] | Sponsored closed-end funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | ' | ' |
Level 3 [Member] | Nonqualified retirement plan assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other assets, nonqualified retirement plan assets | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Fair Value, Equity, Level 2 to Level 1 Transfers, Amount | $5.20 |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | 31-May-13 | Dec. 31, 2012 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
Common stock value | $191,581,000 | ' | ' | ' |
Treasury stock, shares acquired | 105,000 | 35,000 | ' | ' |
Weighted average purchase price per share | $187.61 | $87.41 | ' | ' |
Total cost of treasury shares acquired | 19,700,000 | 3,100,000 | ' | ' |
Treasury stock, shares | 350,000 | ' | ' | 245,000 |
Treasury stock, at cost | 37,438,000 | ' | ' | 17,734,000 |
Repurchased additional shares of common stock, shares | ' | ' | 350,000 | ' |
Common stock remaining authorized for repurchase | 350,000 | ' | ' | ' |
Repurchase program expiration date | 21-May-16 | ' | ' | ' |
Public Offering [Member] | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares issued | 1,300,000 | ' | ' | ' |
Common stock value | $191,600,000 | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($287) | ' |
Other comprehensive income (loss) before reclassifications, net of tax | -48 | -89 | 91 | -54 |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | 37 | ' | 19 | ' |
Other comprehensive (loss) income | -11 | -89 | 110 | -54 |
Ending Balance | -177 | ' | -177 | ' |
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -287 | -14 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 91 | -54 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Other comprehensive (loss) income | ' | ' | 91 | -54 |
Ending Balance | -196 | -68 | -196 | -68 |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | ' | ' | 19 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Other comprehensive (loss) income | ' | ' | 19 | ' |
Ending Balance | $19 | ' | $19 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | $29 | $58 | $207 | $35 |
Other comprehensive income (loss) before reclassifications, tax | -23 | ' | -12 | ' |
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | ' | ' | 207 | 35 |
Other comprehensive income (loss) before reclassifications, tax | ' | ' | ' | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | ' | ' | ($12) | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Maximum [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Accounts payable, related parties | ' | ' | ' | ' | $0.10 | $0.10 |
Distribution and administration expenses | $0.10 | $0.40 | $0.50 | $1.80 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares of common stock available for issuance | 496,694 | ' | 496,694 | ' |
Shares of common stock reserved for issuance | 1,800,000 | ' | 1,800,000 | ' |
Vesting period of stock options in years | ' | ' | '3 years | ' |
Taxes paid related to net share settlement of restricted stock units | ' | ' | $7,493,000 | $11,280,000 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Contractual life in years | ' | ' | '10 years | ' |
Recognized stock-based compensation expense | 2,000,000 | 1,600,000 | 6,000,000 | 5,400,000 |
Unamortized stock-based compensation expense | 100,000 | ' | 100,000 | ' |
Weighted-average remaining amortization period | ' | ' | '5 months | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Contractual life in years | ' | ' | '3 years | ' |
RSUs paid to settle tax withholding obligations | ' | ' | 38,128 | ' |
Taxes paid related to net share settlement of restricted stock units | ' | ' | 7,500,000 | ' |
Unamortized stock-based compensation expense | $11,200,000 | ' | $11,200,000 | ' |
Weighted-average remaining amortization period | ' | ' | '1 year 2 months 12 days | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) (Restricted Stock Units [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Beginning Balance | 292,057 |
Number of Shares, Granted | 46,000 |
Number of Shares, Forfeited | -11,942 |
Number of Shares, Settled | -91,269 |
Number of Shares, Ending Balance | 234,846 |
Weighted Average Grant Date Fair Value, Beginning Balance | $57.89 |
Weighted Average Grant Date Fair Value, Granted | $188.36 |
Weighted Average Grant Date Fair Value, Forfeited | $88 |
Weighted Average Grant Date Fair Value, Settled | $38.23 |
Weighted Average Grant Date Fair Value, Ending Balance | $88.26 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares, Beginning Balance | 220,349 |
Number of Shares, Exercised | -25,512 |
Number of Shares, Forfeited | -363 |
Number of Shares, Ending Balance | 194,474 |
Weighted Average Exercise Price, Beginning Balance | $20.03 |
Weighted Average Exercise Price, Exercised | $18.76 |
Weighted Average Exercise Price, Forfeited | $55.18 |
Weighted Average Exercise Price, Ending Balance | $20.13 |
Earnings_per_Share_Schedule_of
Earnings per Share - Schedule of Computation of Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income | $21,302 | $11,642 | $50,270 | $25,459 |
Noncontrolling interests | -213 | ' | 164 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | -64 |
Net Income Attributable to Common Stockholders | $21,089 | $11,642 | $50,434 | $25,395 |
Shares (in thousands): | ' | ' | ' | ' |
Basic: Weighted-average number of shares outstanding | 7,995 | 7,843 | 7,879 | 7,692 |
Plus: Incremental shares from assumed conversion of dilutive instruments | 232 | 274 | 246 | 363 |
Diluted: Weighted-average number of shares outstanding | 8,227 | 8,117 | 8,125 | 8,055 |
Earnings per share - Basic | $2.64 | $1.48 | $6.40 | $3.30 |
Earnings per share - Diluted | $2.56 | $1.43 | $6.21 | $3.15 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number of anti-dilutive instruments excluded from computation of weighted average shares for diluted EPS | 3,115 | 0 | 3,115 | 0 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ' | ' |
Repayment of debt | $15,000 | $15,000 |
Available borrowing capacity | ' | $75,000 |
Consolidation_of_Sponsored_Inv2
Consolidation of Sponsored Investment Products - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Funds | |
Stockholders Equity Excluding Portion Attributable To Subsidiaries Noncontrolling Interest [Abstract] | ' |
Number of deconsolidated mutual funds | 3 |
Number of additional consolidated mutual funds | 3 |
Number of consolidated mutual funds | 8 |
Consolidation_of_Sponsored_Inv3
Consolidation of Sponsored Investment Products - Consolidated Statement of Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Current assets | $461,138 | $164,826 | ' |
Non-current assets | 140,496 | 167,923 | ' |
Total assets | 601,634 | 332,749 | ' |
Current liabilities | 108,903 | 62,411 | ' |
Non-current liabilities | 8,072 | 22,704 | ' |
Total liabilities | 116,975 | 85,115 | ' |
Redeemable noncontrolling interest | 18,855 | 3,163 | ' |
Equity attributable to stockholders of the Company | 465,853 | 244,474 | 183,155 |
Non-redeemable noncontrolling interest | -49 | -3 | ' |
Total liabilities and equity | 601,634 | 332,749 | ' |
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Current assets | 399,485 | 161,286 | ' |
Non-current assets | 140,496 | 167,923 | ' |
Total assets | 539,981 | 329,209 | ' |
Current liabilities | 66,105 | 62,034 | ' |
Non-current liabilities | 8,072 | 22,704 | ' |
Total liabilities | 74,177 | 84,738 | ' |
Redeemable noncontrolling interest | ' | ' | ' |
Equity attributable to stockholders of the Company | 465,853 | 244,474 | ' |
Non-redeemable noncontrolling interest | -49 | -3 | ' |
Total liabilities and equity | 539,981 | 329,209 | ' |
Reportable Legal Entities [Member] | Consolidated Investment Products [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Current assets | 139,044 | 43,924 | ' |
Non-current assets | ' | ' | ' |
Total assets | 139,044 | 43,924 | ' |
Current liabilities | 42,824 | 364 | ' |
Non-current liabilities | ' | ' | ' |
Total liabilities | 42,824 | 364 | ' |
Redeemable noncontrolling interest | ' | ' | ' |
Equity attributable to stockholders of the Company | 96,220 | 43,560 | ' |
Non-redeemable noncontrolling interest | ' | ' | ' |
Total liabilities and equity | 139,044 | 43,924 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Current assets | -77,391 | -40,384 | ' |
Non-current assets | ' | ' | ' |
Total assets | -77,391 | -40,384 | ' |
Current liabilities | -26 | 13 | ' |
Non-current liabilities | ' | ' | ' |
Total liabilities | -26 | 13 | ' |
Redeemable noncontrolling interest | 18,855 | 3,163 | ' |
Equity attributable to stockholders of the Company | -96,220 | -43,560 | ' |
Non-redeemable noncontrolling interest | ' | ' | ' |
Total liabilities and equity | ($77,391) | ($40,384) | ' |
Consolidation_of_Sponsored_Inv4
Consolidation of Sponsored Investment Products - Consolidated Statement of Balance Sheets (Parenthetical) (Detail) (Consolidated Investment Products [Member], Reportable Legal Entities [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Consolidated Investment Products [Member] | Reportable Legal Entities [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Other current assets of consolidated sponsored investment products | $41 |
Consolidation_of_Sponsored_Inv5
Consolidation of Sponsored Investment Products - Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Total operating revenues | $100,409 | $71,951 | $282,717 | $201,167 |
Total operating expenses | 68,779 | 54,184 | 203,105 | 161,194 |
Operating income (loss) | 31,630 | 17,767 | 79,612 | 39,973 |
Total other non-operating income (expense) | 2,239 | 1,154 | 993 | 1,966 |
Income Before Income Taxes | 33,869 | 18,921 | 80,605 | 41,939 |
Income tax expense | 12,567 | 7,279 | 30,335 | 16,480 |
Net income (loss) | 21,302 | 11,642 | 50,270 | 25,459 |
Noncontrolling interests | -213 | ' | 164 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | -64 |
Net Income Attributable to Common Stockholders | 21,089 | 11,642 | 50,434 | 25,395 |
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Total operating revenues | 100,319 | 71,825 | 282,575 | 201,041 |
Total operating expenses | 68,547 | 54,030 | 202,557 | 161,040 |
Operating income (loss) | 31,772 | 17,795 | 80,018 | 40,001 |
Total other non-operating income (expense) | 1,870 | 1,126 | 705 | 1,938 |
Income Before Income Taxes | 33,642 | 18,921 | 80,723 | 41,939 |
Income tax expense | 12,567 | 7,279 | 30,335 | 16,480 |
Net income (loss) | 21,075 | 11,642 | 50,388 | 25,459 |
Noncontrolling interests | 14 | ' | 46 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | -64 |
Net Income Attributable to Common Stockholders | 21,089 | 11,642 | 50,434 | 25,395 |
Reportable Legal Entities [Member] | Consolidated Investment Products [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' |
Total operating expenses | 142 | 28 | 406 | 28 |
Operating income (loss) | -142 | -28 | -406 | -28 |
Total other non-operating income (expense) | 923 | 639 | -768 | 639 |
Income Before Income Taxes | 781 | 611 | -1,174 | 611 |
Income tax expense | ' | ' | ' | ' |
Net income (loss) | 781 | 611 | -1,174 | 611 |
Noncontrolling interests | ' | ' | ' | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' |
Net Income Attributable to Common Stockholders | 781 | 611 | -1,174 | 611 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Total operating revenues | 90 | 126 | 142 | 126 |
Total operating expenses | 90 | 126 | 142 | 126 |
Operating income (loss) | ' | ' | ' | ' |
Total other non-operating income (expense) | -554 | -611 | 1,056 | -611 |
Income Before Income Taxes | -554 | -611 | 1,056 | -611 |
Income tax expense | ' | ' | ' | ' |
Net income (loss) | -554 | -611 | 1,056 | -611 |
Noncontrolling interests | -227 | ' | 118 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' |
Net Income Attributable to Common Stockholders | ($781) | ($611) | $1,174 | ($611) |