Virtus Investment Partners (VRTS) 10-Q 7 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 22, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'VRTS	'
Entity Registrant Name	'VIRTUS INVESTMENT PARTNERS, INC.	'
Entity Central Index Key	'0000883237	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	9,163,740

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Cash and cash equivalents	$234,795	$271,014
Cash of consolidated sponsored investment products	2,543	531
Investments	102,490	37,258
Investments of consolidated sponsored investment products	62,086	139,054
Accounts receivable, net	54,386	50,166
Furniture, equipment, and leasehold improvements, net	6,898	7,219
Intangible assets, net	43,528	44,633
Goodwill	5,260	5,260
Deferred taxes, net	56,520	64,500
Other assets	16,104	15,724
Other assets of consolidated sponsored investment products	1,217	9,595
Total assets	585,827	644,954
Liabilities:	'	'
Accrued compensation and benefits	18,349	53,140
Accounts payable and accrued liabilities	29,169	29,912
Other liabilities	21,846	18,413
Other liabilities of consolidated sponsored investment products	2,500	8,435
Total liabilities	71,864	109,900
Commitments and Contingencies (Note 9)	'	'
Redeemable noncontrolling interests	3,867	42,186
Equity attributable to stockholders:	'	'
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,513,140 shares issued and 9,163,140 shares outstanding at March 31, 2014 and 9,455,521 shares issued and 9,105,521 shares outstanding at December 31, 2013	95	95
Additional paid-in capital	1,130,857	1,135,644
Accumulated deficit	-583,283	-605,221
Accumulated other comprehensive loss	-63	-150
Treasury stock, at cost, 350,000 shares at March 31, 2014 and December 31, 2013, respectively	-37,438	-37,438
Total equity attributable to stockholders	510,168	492,930
Noncontrolling interests	-72	-62
Total equity	510,096	492,868
Total liabilities and equity	$585,827	$644,954

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	9,513,140	9,455,521
Common stock, shares outstanding	9,163,140	9,105,521
Treasury stock, shares	350,000	350,000

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues	'	'
Investment management fees	$71,792	$57,777
Distribution and service fees	22,438	17,361
Administration and transfer agent fees	13,073	10,695
Other income and fees	568	335
Total revenues	107,871	86,168
Operating Expenses	'	'
Employment expenses	35,029	32,411
Distribution and administration expenses	27,737	21,628
Other operating expenses	10,534	8,957
Other operating expenses of consolidated sponsored investment products	331	184
Restructuring and severance	0	203
Depreciation and other amortization	657	575
Amortization expense	957	1,110
Total operating expenses	75,245	65,068
Operating Income	32,626	21,100
Other Income (Expense)	'	'
Realized and unrealized gain on investments, net	1,846	825
Realized and unrealized gain on investments of consolidated sponsored investment products, net	36	372
Other income (expense), net	151	-18
Total other income, net	2,033	1,179
Interest Income (Expense)	'	'
Interest expense	-138	-221
Interest and dividend income	383	97
Interest and dividend income of investments of consolidated sponsored investment products	873	480
Total interest income, net	1,118	356
Income Before Income Taxes	35,777	22,635
Income tax expense	14,010	8,450
Net Income	21,767	14,185
Noncontrolling interests	171	-225
Net Income Attributable to Common Stockholders	$21,938	$13,960
Earnings per share-Basic	$2.41	$1.79
Earnings per share-Diluted	$2.34	$1.73
Weighted Average Shares Outstanding-Basic (in thousands)	9,116	7,820
Weighted Average Shares Outstanding-Diluted (in thousands)	9,361	8,088

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'
Net Income	$21,767	$14,185
Other comprehensive income, net of tax:	'	'
Foreign currency translation adjustment, net of tax of ($15) for the three months ended March 31, 2014	24	'
Unrealized gain on available-for-sale securities, net of tax of ($40) and $120 for the three months ended March 31, 2014 and 2013, respectively	63	233
Other comprehensive income	87	233
Comprehensive income	21,854	14,418
Comprehensive loss (income) attributable to noncontrolling interests	171	-225
Comprehensive income attributable to common stockholders	$22,025	$14,193

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'
Foreign currency translation adjustment, tax	($15)	'
Unrealized gain on available-for-sale securities, tax	($40)	$120

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities:	'	'
Net Income	$21,767	$14,185
Adjustments to reconcile net income to net cash used in operating activities:	'	'
Depreciation expense, intangible asset and other amortization	1,675	1,739
Stock-based compensation	1,629	1,448
Excess tax benefit from stock-based compensation	-263	'
Amortization of deferred commissions	4,794	2,877
Payments of deferred commissions	-4,559	-4,281
Equity in earnings of equity method investments, net of dividends	-134	'
Realized and unrealized gains on trading securities	-1,846	-825
Realized and unrealized gains on investments of consolidated sponsored investment products	-36	-372
(Purchase) sale of trading securities, net	-18,223	126
Purchase of investments by consolidated sponsored investment products, net	-12,481	-4,176
Deferred income taxes	7,925	7,984
Changes in operating assets and liabilities:	'	'
Accounts receivable, net and other assets	-4,833	-6,431
Other assets of consolidated sponsored investment products	6,480	-799
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	-31,052	-17,303
Other liabilities of consolidated sponsored investment products	-4,074	466
Net cash used in operating activities	-33,231	-5,362
Cash Flows from Investing Activities:	'	'
Capital expenditures	-439	-762
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation	-366	-734
Purchase of available-for-sale securities	-53	-48
Net cash used in investing activities	-858	-1,544
Cash Flows from Financing Activities:	'	'
Contingent consideration paid for acquired investment management contracts	0	-145
Repurchase of common shares	0	-10,356
Proceeds from exercise of stock options	105	126
Taxes paid related to net share settlement of restricted stock units	-7,401	-5,157
Excess tax benefit from stock-based compensation	263	'
Contributions of noncontrolling interests, net	6,915	4,923
Net cash used in financing activities	-118	-10,609
Net decrease in cash and cash equivalents	-34,207	-17,515
Cash and cash equivalents, beginning of period	271,545	63,446
Cash and Cash Equivalents, end of period	237,338	45,931
Non-Cash Financing Activities:	'	'
Satisfaction of accrued compensation through the issuance of RSU's	849	420
Decrease to noncontrolling interest due to deconsolidation of sponsored investment products, net	($45,075)	($6,187)

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Changes in 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 Interests [Member]	Redeemable Non-controlling Interests [Member]
In Thousands, except Share data
Beginning Balance at Dec. 31, 2012	$244,471	$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)	13,942	'	'	13,960	'	'	13,960	-18	243
Net unrealized gain on securities available-for-sale	233	'	'	'	233	'	233	'	'
Activity of noncontrolling interests, net	'	'	'	'	'	'	'	'	-1,264
Repurchase of common shares	-10,356	'	'	'	'	-10,356	-10,356	'	'
Repurchase of common shares, shares	'	-60,000	'	'	'	60,000	'	'	'
Issuance of common stock related to employee stock transactions	126	'	126	'	'	'	126	'	'
Issuance of common stock related to employee stock transactions, shares	'	53,465	'	'	'	'	'	'	'
Taxes paid on stock-based compensation	-5,157	'	-5,157	'	'	'	-5,157	'	'
Stock-based compensation	1,868	'	1,868	'	'	'	1,868	'	'
Ending Balance at Mar. 31, 2013	245,127	81	939,662	-666,451	-54	-28,090	245,148	-21	2,142
Ending Balance, shares at Mar. 31, 2013	'	7,820,139	'	'	'	305,000	'	'	'
Beginning Balance at Dec. 31, 2013	492,868	95	1,135,644	-605,221	-150	-37,438	492,930	-62	42,186
Beginning Balance, shares at Dec. 31, 2013	'	9,105,521	'	'	'	350,000	'	'	'
Net income (loss)	21,928	0	0	21,938	0	0	21,938	-10	-161
Net unrealized gain on securities available-for-sale	63	0	0	0	63	0	63	0	0
Foreign currency translation adjustment	24	0	0	0	24	0	24	0	0
Activity of noncontrolling interests, net	0	0	0	0	0	0	0	0	-38,158
Issuance of common stock related to employee stock transactions	105	0	105	0	0	0	105	0	0
Issuance of common stock related to employee stock transactions, shares	'	57,619	'	'	'	'	'	'	'
Taxes paid on stock-based compensation	-7,401	0	-7,401	0	0	0	-7,401	0	0
Stock-based compensation	2,509	0	2,509	0	0	0	2,509	0	0
Ending Balance at Mar. 31, 2014	$510,096	$95	$1,130,857	($583,283)	($63)	($37,438)	$510,168	($72)	$3,867
Ending Balance, shares at Mar. 31, 2014	'	9,163,140	'	'	'	350,000	'	'	'

Organization_and_Business

Organization and Business	3 Months Ended
	Mar. 31, 2014
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, employee retirement systems, foundations and endowments.

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
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 subsidiaries and sponsored investment products in which it has a controlling financial interest. The Company is generally considered to have a controlling financial interest when it owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary. See Note 10 for additional information related to the consolidation of sponsored investment products. Material intercompany accounts and transactions have been eliminated. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	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, 2013 (the “2013 Annual Report on Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). The Company’s significant accounting policies, which have been consistently applied, are summarized in the 2013 Annual Report on Form 10-K.
	Effective December 31, 2013, the Company changed the presentation of its Consolidated Balance Sheets from a classified basis, which distinguishes between current and long-term assets and liabilities, to an unclassified basis, which has no such distinction. There were no changes to the Condensed Consolidated Balance Sheets that impacted the Condensed Consolidated Statements of Operations. Amounts in the prior year’s Condensed Consolidated Statements of Cash Flows have been recast to conform to the current year’s presentation.

Intangible_Assets_Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Intangible Assets, Net	'
	3. Intangible Assets, Net
	Intangible assets, net are summarized as follows:
		March 31,			December 31,
		2014			2013
	($ in thousands)
	Definite-lived intangible assets:
	Investment contracts	$	157,672		$	157,882
	Accumulated amortization		(146,560	)		(145,665	)
	Definite-lived intangible assets, net		11,112			12,217
	Indefinite-lived intangible assets		32,416			32,416
	Total intangible assets, net	$	43,528		$	44,633
	Activity in intangible assets, net is as follows:
		Three Months Ended March 31,
		2014			2013
	($ in thousands)
	Intangible assets, net
	Balance, beginning of period	$	44,633		$	48,711
	Amortization		(1,105	)		(1,053	)
	Balance, end of period	$	43,528		$	47,658

Investments

Investments	3 Months Ended
	Mar. 31, 2014
Investments Schedule [Abstract]	'
Investments	'
	4. Investments
	Investments consist primarily of investments in our sponsored mutual funds. The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 10, at March 31, 2014 and December 31, 2013 are as follows:
		March 31,		December 31,
		2014		2013
	($ in thousands)
	Marketable securities	$	93,949	$	28,968
	Equity method investments		4,242		4,070
	Nonqualified retirement plan assets		4,299		4,220
	Total investments	$	102,490	$	37,258
	Marketable Securities
	The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows:
	March 31, 2014
		Cost		Unrealized			Unrealized		Fair
				Loss			Gain		Value
	($ in thousands)
	Trading:
	Sponsored mutual funds and variable insurance funds	$	75,866	$	(627	)	$	6,959	$	82,198
	Equity securities		7,486		—			1,424		8,910
	Available-for-sale:
	Sponsored closed-end funds		2,867		(108	)		82		2,841
	Total marketable securities	$	86,219	$	(735	)	$	8,465	$	93,949
	December 31, 2013
		Cost		Unrealized			Unrealized		Fair
				Loss			Gain		Value
	($ in thousands)
	Trading:
	Sponsored mutual funds and variable insurance funds	$	16,079	$	(704	)	$	2,529	$	17,904
	Equity securities		7,043		—			1,336		8,379
	Available-for-sale:
	Sponsored closed-end funds		2,815		(145	)		15		2,685
	Total marketable securities	$	25,937	$	(849	)	$	3,880	$	28,968
	For the three months ended March 31, 2014 and 2013, the Company recognized a realized gain of $0.9 million and $0.1 million, respectively, on trading securities.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	5. Fair Value Measurements
	The Company’s assets and liabilities measured at fair value, excluding the assets and liabilities of consolidated sponsored investment products discussed in Note 10, on a recurring basis as of March 31, 2014 and December 31, 2013 by fair value hierarchy level were as follows:
	March 31, 2014
		Level 1		Level 2		Level 3		Total
	($ in thousands)
	Assets
	Cash equivalents	$	234,181	$	—	$	—	$	234,181
	Marketable securities trading:
	Sponsored mutual funds and variable insurance funds		82,198		—		—		82,198
	Equity securities		8,910		—		—		8,910
	Marketable securities available for sale:
	Sponsored closed-end funds		2,841		—		—		2,841
	Other investments:
	Nonqualified retirement plan assets		4,299		—		—		4,299
	Total assets measured at fair value	$	332,429	$	—	$	—	$	332,429
	December 31, 2013
		Level 1		Level 2		Level 3		Total
	($ in thousands)
	Assets
	Cash equivalents	$	270,262	$	—	$	—	$	270,262
	Marketable securities trading:
	Sponsored mutual funds and variable insurance funds		17,904		—		—		17,904
	Equity securities		8,379		—		—		8,379
	Marketable securities available for sale:
	Sponsored closed-end funds		2,685		—		—		2,685
	Other investments:
	Nonqualified retirement plan assets		4,220		—		—		4,220
	Total assets measured at fair value	$	303,450	$	—	$	—	$	303,450
	The following is a discussion of the valuation methodologies used for the Company’s 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 the investment manager. The fair value of these securities is determined based on their published net asset values and are categorized as Level 1.
	Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1.
	Sponsored closed-end funds represent investments for which the Company acts as adviser 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 categorized 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. Marketable securities are reflected in the condensed consolidated 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. There were no significant transfers between Level 1 and Level 2 during the three months ended March 31, 2014 or 2013.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Accumulated Other Comprehensive Income	'
	6. Accumulated Other Comprehensive Income
	The changes in accumulated other comprehensive income by component for the three months ended March 31, 2014 and 2013 is as follows:
		Unrealized Gains			Foreign Currency
		and (Losses)			Translation
		on Securities			Adjustments
		Available-for-
		Sale
	($ in thousands)
	Balance December 31, 2013	$	(231	)	$	81
	Unrealized net gains on investments, net of tax of ($40)		63			—
	Foreign currency translation adjustments, net of tax of ($15)		—			24
	Amounts reclassified from accumulated other comprehensive income		—			—
	Net current-period other comprehensive income		63			24
	Balance March 31, 2014	$	(168	)	$	105
	($ in thousands)	Unrealized Gains
		and (Losses)
		on Securities
		Available-for-Sale
	Balance December 31, 2012	$	(287	)
	Unrealized net gains on investments, net of tax of $120		233
	Amounts reclassified from accumulated other comprehensive income		—
	Net current-period other comprehensive income		233
	Balance March 31, 2013	$	(54	)

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Stock-based Compensation	'
	7. Stock-based Compensation
	The Company has an Omnibus Incentive and Equity Plan (the “Plan”) under which officers, employees and directors may be granted equity-based awards, including restricted stock units (“RSUs”), stock options and unrestricted shares of common stock. At March 31, 2014, 451,855 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 one to three years and may be time-vested or performance-contingent. Stock options generally cliff vest after three years and have a contractual life of ten years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. The fair value of each RSU is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. Shares that are issued upon exercise of stock options and vesting of RSUs are newly issued shares from the Plan and are not issued from treasury stock.
	Restricted Stock Units
	RSU activity for the three months ended March 31, 2014 is summarized as follows:
		Number			Weighted
		of Shares			Average
					Grant Date
					Fair Value
	Outstanding at December 31, 2013		233,763		$	87.97
	Granted		43,803		$	183.95
	Forfeited		—		$	—
	Settled		(95,997	)	$	61.99
	Outstanding at March 31, 2014		181,569		$	124.86
	For the three months ended March 31, 2014 and 2013, a total of 42,021 and 27,747 RSUs, respectively, were withheld by the Company as a result of net share settlements to satisfy employee tax withholding obligations. During the three months ended March 31, 2014 and 2013, the Company paid $7.4 million and $5.2 million, respectively, in employee tax withholding obligations related to RSUs that vested during each period. 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 three months ended March 31, 2014 is summarized as follows:
		Number			Weighted
		of Shares			Average
					Exercise Price
	Outstanding at December 31, 2013		190,160		$	20.11
	Granted		—		$	—
	Exercised		(3,643	)	$	32.5
	Forfeited		—		$	—
	Outstanding at March 31, 2014		186,517		$	19.87
	During the three months ended March 31, 2014 and 2013, the Company recognized $1.6 million and $1.4 million, respectively, in total stock-based compensation expense. As of March 31, 2014, unamortized stock-based compensation expense for unvested RSUs was $13.4 million, with a weighted-average remaining amortization period of 1.4 years. As of March 31, 2013, unamortized stock-based compensation expense for unvested RSUs was $12.1 million, with a weighted-average remaining amortization period of 1.6 years. Unamortized stock-based compensation expense related to stock options for both periods was immaterial.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings per Share	'
	8. 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 stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted-average number of shares is increased by the dilutive effect of RSUs and common stock options using the treasury stock method.
	The computation of basic and diluted EPS is as follows:
		Three Months Ended March 31,
		2014		2013
	($ in thousands, except per share amounts)
	Net Income	$	21,767	$	14,185
	Noncontrolling interests		171		(225	)
	Net Income Attributable to Common Stockholders	$	21,938	$	13,960
	Shares (in thousands):
	Basic: Weighted-average number of shares outstanding		9,116		7,820
	Plus: Incremental shares from assumed conversion of dilutive instruments		245		268
	Diluted: Weighted-average number of shares outstanding		9,361		8,088
	Earnings per share - basic	$	2.41	$	1.79
	Earnings per share - diluted	$	2.34	$	1.73
	For the three months ended March 31, 2014 and 2013, respectively, there were no instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	9. Commitments and Contingencies
	Legal Matters
	The Company is regularly 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 and other activities. Legal and regulatory matters of this nature may involve activities as an employer, issuer of securities, investor, investment adviser, 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 condition. 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.

Consolidated_Sponsored_Investm

Consolidated Sponsored Investment Products	3 Months Ended
	Mar. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Consolidated Sponsored Investment Products	'
	10. Consolidated 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 three months ended March 31, 2014 and the year ended December 31, 2013, the Company consolidated and deconsolidated several investment products. The Company consolidates an investment product when it owns a majority of the voting interest in the entity or it is the primary beneficiary of an investment product that is a variable interest entity. The consolidation and deconsolidation 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, and does not 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 investments held by consolidated sponsored investment products to be assets of the Company other than its direct investment in these products.
	At December 31, 2013, the Company consolidated eight sponsored investment products. During the three months ended March 31, 2014, the Company consolidated one additional sponsored investment product and deconsolidated one sponsored investment product because it no longer had a majority voting interest. As of March 31, 2014, the Company consolidated a total of eight sponsored investment products.
	The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013:
			As of
			March 31,			December 31,
			2014			2013
	($ in thousands)
	Total cash		$	2,543		$	531
	Total investments			62,086			139,054
	All other assets			1,217			9,595
	Total liabilities			(2,500	)		(8,435	)
	Redeemable noncontrolling interests			(3,867	)		(42,186	)
	The Company’s net interests in consolidated sponsored investment products		$	59,479		$	98,559
	Consolidation
	The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of March, 31, 2014 and December 31, 2013 and the Condensed Consolidated Statements of Income for the three months ended March 31, 2014 and 2013, respectively:
	As of March 31, 2014
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Consolidated
						Products						Balance Sheet
	($ in thousands)
	Total cash		$	234,795		$	2,543		$	—		$	237,338
	Total investments			161,910			62,086			(59,420	)		164,576
	All other assets			182,755			1,217			(59	)		183,913
	Total assets		$	579,460		$	65,846		$	(59,479	)	$	585,827
	Total liabilities		$	69,364		$	2,559		$	(59	)	$	71,864
	Redeemable noncontrolling interests			—			—			3,867			3,867
	Equity attributable to stockholders of the Company			510,168			63,287			(63,287	)		510,168
	Non-redeemable noncontrolling interests			(72	)		—			—			(72	)
	Total liabilities and equity		$	579,460		$	65,846		$	(59,479	)	$	585,827
	As of December 31, 2013
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Consolidated
						Products						Balance Sheet
	($ in thousands)
	Total cash		$	271,014		$	531		$	—		$	271,545
	Total investments			135,692			139,054			(98,434	)		176,312
	All other assets			187,627			9,595			(125	)		197,097
	Total assets		$	594,333		$	149,180		$	(98,559	)	$	644,954
	Total liabilities		$	101,465		$	8,560		$	(125	)	$	109,900
	Redeemable noncontrolling interests			—			—			42,186			42,186
	Equity attributable to stockholders of the Company			492,930			140,620			(140,620	)		492,930
	Non-redeemable noncontrolling interests			(62	)		—			—			(62	)
	Total liabilities and equity		$	594,333		$	149,180		$	(98,559	)	$	644,954
	(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.
	The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 and 2013:
	For the Three Months Ended March 31, 2014
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Condensed
						Products						Consolidated
												Statement of
												Operations
	($ in thousands)
	Total operating revenues		$	107,855		$	—		$	16		$	107,871
	Total operating expenses			74,914			315			16			75,245
	Operating income (loss)			32,941			(315	)		—			32,626
	Total other non-operating income (expense)			2,997			910			(756	)		3,151
	Income (loss) before income tax expense			35,938			595			(756	)		35,777
	Income tax expense			14,010			—			—			14,010
	Net income (loss)			21,928			595			(756	)		21,767
Noncontrolling interests			10			—			161			171
Net income (loss) attributable to the Company		$	21,938		$	595		$	(595	)	$	21,938
For the Three Months Ended March 31, 2013
		Balance Before			Consolidated			Eliminations			Balances as
		Consolidation of			Sponsored			and			Reported in
		Investment Products			Investment			Adjustments (a)			Condensed
					Products						Consolidated
											Statement of
											Operations
($ in thousands)
Total operating revenues		$	86,120		$	—		$	48		$	86,168
Total operating expenses			64,884			136			48			65,068
Operating income (loss)			21,236			(136	)		—			21,100
Total other non-operating income (expense)			1,156			851			(472	)		1,535
Income (loss) before income tax expense			22,392			715			(472	)		22,635
Income tax expense			8,450			—			—			8,450
Net income (loss)			13,942			715			(472	)		14,185
Noncontrolling interests			18			—			(243	)		(225	)
Net income (loss) attributable to the Company		$	13,960		$	715		$	(715	)	$	13,960
(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.
Fair Value Measurements of Consolidated Sponsored Investment Products
The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 by fair value hierarchy level were as follows:
March 31, 2014
		Level 1			Level 2			Level 3			Total
($ in thousands)
Debt securities		$	—		$	52,925		$	—		$	52,925
Equity securities			9,161			—			—			9,161
Total Investments of Consolidated Sponsored Investment Products at Fair Value		$	9,161		$	52,925		$	—		$	62,086
December 31, 2013
		Level 1			Level 2			Level 3			Total
($ in thousands)
Debt securities		$	—		$	47,114		$	—		$	47,114
Equity securities			91,940			—			—			91,940
Total Investments of Consolidated Sponsored Investment Products at Fair Value		$	91,940		$	47,114		$	—		$	139,054
The following is a discussion of the valuation methodologies used for the assets of the Company’s consolidated sponsored investment products measured at fair value.
Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored products which 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.
There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2014 and 2013, respectively.

New_Accounting_Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2014
Accounting Changes And Error Corrections [Abstract]	'
New Accounting Standards	'
	11. New Accounting Standards
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for the Company on January 1, 2014. The Company has adopted this standard as of January 1, 2014. The adoption of this standard did not have a material impact on the Company’s financial results.
	In June, 2013, the FASB issued ASU No. 2013-08, Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements. The new standard clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. The amendments apply to an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Early application is prohibited. The Company has adopted this standard as of January 1, 2014.  The adoption of this standard did not have a material impact on the Company’s financial results.

New_Accounting_Standards_Polic

New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Changes And Error Corrections [Abstract]	'
New Accounting Standards	'
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for the Company on January 1, 2014. The Company has adopted this standard as of January 1, 2014. The adoption of this standard did not have a material impact on the Company’s financial results.
	In June, 2013, the FASB issued ASU No. 2013-08, Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements. The new standard clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. The amendments apply to an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Early application is prohibited. The Company has adopted this standard as of January 1, 2014.   The adoption of this standard did not have a material impact on the Company’s financial results.

Intangible_Assets_Net_Tables

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Summary of Intangible Assets, Net	'
	Intangible assets, net are summarized as follows:
		March 31,			December 31,
		2014			2013
	($ in thousands)
	Definite-lived intangible assets:
	Investment contracts	$	157,672		$	157,882
	Accumulated amortization		(146,560	)		(145,665	)
	Definite-lived intangible assets, net		11,112			12,217
	Indefinite-lived intangible assets		32,416			32,416
	Total intangible assets, net	$	43,528		$	44,633
Schedule of Activity in Intangible Assets, Net	'
	Activity in intangible assets, net is as follows:
		Three Months Ended March 31,
		2014			2013
	($ in thousands)
	Intangible assets, net
	Balance, beginning of period	$	44,633		$	48,711
	Amortization		(1,105	)		(1,053	)
	Balance, end of period	$	43,528		$	47,658

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Investments Schedule [Abstract]	'
Investments	'
	The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 10, at March 31, 2014 and December 31, 2013 are as follows:
		March 31,		December 31,
		2014		2013
	($ in thousands)
	Marketable securities	$	93,949	$	28,968
	Equity method investments		4,242		4,070
	Nonqualified retirement plan assets		4,299		4,220
	Total investments	$	102,490	$	37,258
Schedule of Marketable Securities	'
	The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows:
	March 31, 2014
		Cost		Unrealized			Unrealized		Fair
				Loss			Gain		Value
	($ in thousands)
	Trading:
	Sponsored mutual funds and variable insurance funds	$	75,866	$	(627	)	$	6,959	$	82,198
	Equity securities		7,486		—			1,424		8,910
	Available-for-sale:
	Sponsored closed-end funds		2,867		(108	)		82		2,841
	Total marketable securities	$	86,219	$	(735	)	$	8,465	$	93,949
	December 31, 2013
		Cost		Unrealized			Unrealized		Fair
				Loss			Gain		Value
	($ in thousands)
	Trading:
	Sponsored mutual funds and variable insurance funds	$	16,079	$	(704	)	$	2,529	$	17,904
	Equity securities		7,043		—			1,336		8,379
	Available-for-sale:
	Sponsored closed-end funds		2,815		(145	)		15		2,685
	Total marketable securities	$	25,937	$	(849	)	$	3,880	$	28,968

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis	'
	The Company’s assets and liabilities measured at fair value, excluding the assets and liabilities of consolidated sponsored investment products discussed in Note 10, on a recurring basis as of March 31, 2014 and December 31, 2013 by fair value hierarchy level were as follows:
	March 31, 2014
		Level 1		Level 2		Level 3		Total
	($ in thousands)
	Assets
	Cash equivalents	$	234,181	$	—	$	—	$	234,181
	Marketable securities trading:
	Sponsored mutual funds and variable insurance funds		82,198		—		—		82,198
	Equity securities		8,910		—		—		8,910
	Marketable securities available for sale:
	Sponsored closed-end funds		2,841		—		—		2,841
	Other investments:
	Nonqualified retirement plan assets		4,299		—		—		4,299
	Total assets measured at fair value	$	332,429	$	—	$	—	$	332,429
	December 31, 2013
		Level 1		Level 2		Level 3		Total
	($ in thousands)
	Assets
	Cash equivalents	$	270,262	$	—	$	—	$	270,262
	Marketable securities trading:
	Sponsored mutual funds and variable insurance funds		17,904		—		—		17,904
	Equity securities		8,379		—		—		8,379
	Marketable securities available for sale:
	Sponsored closed-end funds		2,685		—		—		2,685
	Other investments:
	Nonqualified retirement plan assets		4,220		—		—		4,220
	Total assets measured at fair value	$	303,450	$	—	$	—	$	303,450

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Changes in Accumulated Other Comprehensive Income	'
	The changes in accumulated other comprehensive income by component for the three months ended March 31, 2014 and 2013 is as follows:
		Unrealized Gains			Foreign Currency
		and (Losses)			Translation
		on Securities			Adjustments
		Available-for-
		Sale
	($ in thousands)
	Balance December 31, 2013	$	(231	)	$	81
	Unrealized net gains on investments, net of tax of ($40)		63			—
	Foreign currency translation adjustments, net of tax of ($15)		—			24
	Amounts reclassified from accumulated other comprehensive income		—			—
	Net current-period other comprehensive income		63			24
	Balance March 31, 2014	$	(168	)	$	105
	($ in thousands)	Unrealized Gains
		and (Losses)
		on Securities
		Available-for-Sale
	Balance December 31, 2012	$	(287	)
	Unrealized net gains on investments, net of tax of $120		233
	Amounts reclassified from accumulated other comprehensive income		—
	Net current-period other comprehensive income		233
	Balance March 31, 2013	$	(54	)

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Summary of Restricted Stock Units Activity	'
	RSU activity for the three months ended March 31, 2014 is summarized as follows:
		Number			Weighted
		of Shares			Average
					Grant Date
					Fair Value
	Outstanding at December 31, 2013		233,763		$	87.97
	Granted		43,803		$	183.95
	Forfeited		—		$	—
	Settled		(95,997	)	$	61.99
	Outstanding at March 31, 2014		181,569		$	124.86
Summary of Stock Option Activity	'
	Stock option activity for the three months ended March 31, 2014 is summarized as follows:
		Number			Weighted
		of Shares			Average
					Exercise Price
	Outstanding at December 31, 2013		190,160		$	20.11
	Granted		—		$	—
	Exercised		(3,643	)	$	32.5
	Forfeited		—		$	—
	Outstanding at March 31, 2014		186,517		$	19.87

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31,
		2014		2013
	($ in thousands, except per share amounts)
	Net Income	$	21,767	$	14,185
	Noncontrolling interests		171		(225	)
	Net Income Attributable to Common Stockholders	$	21,938	$	13,960
	Shares (in thousands):
	Basic: Weighted-average number of shares outstanding		9,116		7,820
	Plus: Incremental shares from assumed conversion of dilutive instruments		245		268
	Diluted: Weighted-average number of shares outstanding		9,361		8,088
	Earnings per share - basic	$	2.41	$	1.79
	Earnings per share - diluted	$	2.34	$	1.73

Consolidated_Sponsored_Investm1

Consolidated Sponsored Investment Products (Tables)	3 Months Ended
	Mar. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Balances of Consolidated Sponsored Investment Products	'
	The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013:
			As of
			March 31,			December 31,
			2014			2013
	($ in thousands)
	Total cash		$	2,543		$	531
	Total investments			62,086			139,054
	All other assets			1,217			9,595
	Total liabilities			(2,500	)		(8,435	)
	Redeemable noncontrolling interests			(3,867	)		(42,186	)
	The Company’s net interests in consolidated sponsored investment products		$	59,479		$	98,559
Consolidated Balance Sheets	'
	The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of March, 31, 2014 and December 31, 2013 and the Condensed Consolidated Statements of Income for the three months ended March 31, 2014 and 2013, respectively:
	As of March 31, 2014
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Consolidated
						Products						Balance Sheet
	($ in thousands)
	Total cash		$	234,795		$	2,543		$	—		$	237,338
	Total investments			161,910			62,086			(59,420	)		164,576
	All other assets			182,755			1,217			(59	)		183,913
	Total assets		$	579,460		$	65,846		$	(59,479	)	$	585,827
	Total liabilities		$	69,364		$	2,559		$	(59	)	$	71,864
	Redeemable noncontrolling interests			—			—			3,867			3,867
	Equity attributable to stockholders of the Company			510,168			63,287			(63,287	)		510,168
	Non-redeemable noncontrolling interests			(72	)		—			—			(72	)
	Total liabilities and equity		$	579,460		$	65,846		$	(59,479	)	$	585,827
	As of December 31, 2013
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Consolidated
						Products						Balance Sheet
	($ in thousands)
	Total cash		$	271,014		$	531		$	—		$	271,545
	Total investments			135,692			139,054			(98,434	)		176,312
	All other assets			187,627			9,595			(125	)		197,097
	Total assets		$	594,333		$	149,180		$	(98,559	)	$	644,954
	Total liabilities		$	101,465		$	8,560		$	(125	)	$	109,900
	Redeemable noncontrolling interests			—			—			42,186			42,186
	Equity attributable to stockholders of the Company			492,930			140,620			(140,620	)		492,930
	Non-redeemable noncontrolling interests			(62	)		—			—			(62	)
	Total liabilities and equity		$	594,333		$	149,180		$	(98,559	)	$	644,954
	(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.
Consolidated Statements of Income	'
	The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 and 2013:
	For the Three Months Ended March 31, 2014
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Condensed
						Products						Consolidated
												Statement of
												Operations
	($ in thousands)
	Total operating revenues		$	107,855		$	—		$	16		$	107,871
	Total operating expenses			74,914			315			16			75,245
	Operating income (loss)			32,941			(315	)		—			32,626
	Total other non-operating income (expense)			2,997			910			(756	)		3,151
	Income (loss) before income tax expense			35,938			595			(756	)		35,777
	Income tax expense			14,010			—			—			14,010
	Net income (loss)			21,928			595			(756	)		21,767
	Noncontrolling interests			10			—			161			171
	Net income (loss) attributable to the Company		$	21,938		$	595		$	(595	)	$	21,938
	For the Three Months Ended March 31, 2013
			Balance Before			Consolidated			Eliminations			Balances as
			Consolidation of			Sponsored			and			Reported in
			Investment Products			Investment			Adjustments (a)			Condensed
						Products						Consolidated
												Statement of
												Operations
	($ in thousands)
	Total operating revenues		$	86,120		$	—		$	48		$	86,168
	Total operating expenses			64,884			136			48			65,068
	Operating income (loss)			21,236			(136	)		—			21,100
	Total other non-operating income (expense)			1,156			851			(472	)		1,535
	Income (loss) before income tax expense			22,392			715			(472	)		22,635
	Income tax expense			8,450			—			—			8,450
	Net income (loss)			13,942			715			(472	)		14,185
	Noncontrolling interests			18			—			(243	)		(225	)
	Net income (loss) attributable to the Company		$	13,960		$	715		$	(715	)	$	13,960
	(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.
Summary of Assets Measured at Fair Value on Recurring Basis	'
	Fair Value Measurements of Consolidated Sponsored Investment Products
	The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 by fair value hierarchy level were as follows:
	March 31, 2014
			Level 1			Level 2			Level 3			Total
	($ in thousands)
	Debt securities		$	—		$	52,925		$	—		$	52,925
	Equity securities			9,161			—			—			9,161
	Total Investments of Consolidated Sponsored Investment Products at Fair Value		$	9,161		$	52,925		$	—		$	62,086
	December 31, 2013
			Level 1			Level 2			Level 3			Total
	($ in thousands)
	Debt securities		$	—		$	47,114		$	—		$	47,114
	Equity securities			91,940			—			—			91,940
	Total Investments of Consolidated Sponsored Investment Products at Fair Value		$	91,940		$	47,114		$	—		$	139,054

Intangible_Assets_Net_Summary_

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Definite-lived intangible assets:	'	'	'	'
Investment contracts	$157,672	$157,882	'	'
Accumulated amortization	-146,560	-145,665	'	'
Definite-lived intangible assets, net	11,112	12,217	'	'
Indefinite-lived intangible assets	32,416	32,416	'	'
Total intangible assets, net	$43,528	$44,633	$47,658	$48,711

Intangible_Assets_Net_Schedule

Intangible Assets, Net - Schedule of Activity in Intangible Assets (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]	'	'
Intangible assets, net	$44,633	$48,711
Amortization	-1,105	-1,053
Intangible assets, net	$43,528	$47,658

Investments_Investments_Detail

Investments - Investments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments Schedule [Abstract]	'	'
Marketable securities	$93,949	$28,968
Equity method investments	4,242	4,070
Nonqualified retirement plan assets	4,299	4,220
Total investments	$102,490	$37,258

Investments_Schedule_of_Market

Investments - Schedule of Marketable Securities (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost	$86,219	$25,937
Unrealized Loss	-735	-849
Unrealized Gain	8,465	3,880
Fair Value	93,949	28,968
Sponsored Mutual Funds and Variable Insurance Funds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost	75,866	16,079
Unrealized Loss	-627	-704
Unrealized Gain	6,959	2,529
Fair Value	82,198	17,904
Equity Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost	7,486	7,043
Unrealized Loss	0	'
Unrealized Gain	1,424	1,336
Fair Value	8,910	8,379
Sponsored Closed-End Funds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost	2,867	2,815
Unrealized Loss	-108	-145
Unrealized Gain	82	15
Fair Value	$2,841	$2,685

Investments_Additional_Informa

Investments - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investments Schedule [Abstract]	'	'
Realized gain (loss) on trading securities	$0.90	$0.10

Fair_Value_Measurements_Change

Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Cash equivalents	$234,181	$270,262
Total assets measured at fair value	332,429	303,450
Sponsored Mutual Funds and Variable Insurance Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	82,198	17,904
Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	8,910	8,379
Sponsored Closed-End Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities available for sale	2,841	2,685
Nonqualified Retirement Plan Assets [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Other investments, nonqualified retirement plan assets	4,299	4,220
Level 1 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Cash equivalents	234,181	270,262
Total assets measured at fair value	332,429	303,450
Level 1 [Member] | Sponsored Mutual Funds and Variable Insurance Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	82,198	17,904
Level 1 [Member] | Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	8,910	8,379
Level 1 [Member] | Sponsored Closed-End Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities available for sale	2,841	2,685
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Other investments, nonqualified retirement plan assets	4,299	4,220
Level 2 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Cash equivalents	0	'
Total assets measured at fair value	0	'
Level 2 [Member] | Sponsored Mutual Funds and Variable Insurance Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	0	'
Level 2 [Member] | Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	0	'
Level 2 [Member] | Sponsored Closed-End Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities available for sale	0	'
Level 2 [Member] | Nonqualified Retirement Plan Assets [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Other investments, nonqualified retirement plan assets	0	'
Level 3 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Cash equivalents	0	'
Total assets measured at fair value	0	'
Level 3 [Member] | Sponsored Mutual Funds and Variable Insurance Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	0	'
Level 3 [Member] | Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities trading	0	'
Level 3 [Member] | Sponsored Closed-End Funds [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Marketable securities available for sale	0	'
Level 3 [Member] | Nonqualified Retirement Plan Assets [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Other investments, nonqualified retirement plan assets	$0	'

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Fair Value Disclosures [Abstract]	'	'
Fair value, equity, Level 1 to Level 2 transfers, amount	$0	$0

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning Balance	($150)	'
Other comprehensive income (loss) before reclassifications, net of tax	63	233
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax	24	'
Other comprehensive income	87	233
Ending Balance	-63	'
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning Balance	-231	-287
Other comprehensive income (loss) before reclassifications, net of tax	63	233
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax	0	'
Amounts reclassified from accumulated other comprehensive income	0	'
Other comprehensive income	63	233
Ending Balance	-168	-54
Foreign Currency Translation Adjustments [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning Balance	81	'
Other comprehensive income (loss) before reclassifications, net of tax	0	'
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax	24	'
Amounts reclassified from accumulated other comprehensive income	0	'
Other comprehensive income	24	'
Ending Balance	$105	'

Accumulated_Other_Comprehensiv3

Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Other comprehensive income (loss) before reclassifications, tax	($40)	$120
Other comprehensive income (loss) before reclassifications, tax	-15	'
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Other comprehensive income (loss) before reclassifications, tax	-40	120
Foreign Currency Translation Adjustments [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Other comprehensive income (loss) before reclassifications, tax	($15)	'

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares of common stock available for issuance	451,855	'
Shares of common stock reserved for issuance	1,800,000	'
Vesting period of stock options in years	'3 years	'
Taxes paid related to net share settlement of restricted stock units	$7,401,000	$5,157,000
Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
RSUs paid to settle tax withholding obligations	42,021	27,747
Taxes paid related to net share settlement of restricted stock units	7,400,000	5,200,000
Unamortized stock-based compensation expense	13,400,000	12,100,000
Weighted-average remaining amortization period	'1 year 4 months 24 days	'1 year 7 months 6 days
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	$1,600,000	$1,400,000
Minimum [Member] | Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Contractual life in years	'1 year	'
Maximum [Member] | Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Contractual life in years	'3 years	'

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) (Restricted Stock Units [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock Units [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Shares, Beginning Balance	233,763
Number of Shares, Granted	43,803
Number of Shares, Forfeited	0
Number of Shares, Settled	-95,997
Number of Shares, Ending Balance	181,569
Weighted Average Grant Date Fair Value, Beginning Balance	$87.97
Weighted Average Grant Date Fair Value, Granted	$183.95
Weighted Average Grant Date Fair Value, Forfeited	$0
Weighted Average Grant Date Fair Value, Settled	$61.99
Weighted Average Grant Date Fair Value, Ending Balance	$124.86

StockBased_Compensation_Summar1

Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Number of Shares, Beginning Balance	190,160
Number of Shares, Granted	0
Number of Shares, Exercised	-3,643
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	186,517
Weighted Average Exercise Price, Beginning Balance	$20.11
Weighted Average Exercise Price, Granted	$0
Weighted Average Exercise Price, Exercised	$32.50
Weighted Average Exercise Price, Forfeited	$0
Weighted Average Exercise Price, Ending Balance	$19.87

Earnings_per_Share_Schedule_of

Earnings per Share - Schedule of Computation of Basic and Diluted EPS (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Net Income	$21,767	$14,185
Noncontrolling interests	171	-225
Net Income Attributable to Common Stockholders	$21,938	$13,960
Shares:	'	'
Basic: Weighted-average number of shares outstanding	9,116	7,820
Plus: Incremental shares from assumed conversion of dilutive instruments	245	268
Diluted: Weighted-average number of shares outstanding	9,361	8,088
Earnings per share - basic	$2.41	$1.79
Earnings per share - diluted	$2.34	$1.73

Earnings_per_Share_Additional_

Earnings per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share	0	0

Consolidated_Sponsored_Investm2

Consolidated Sponsored Investment Products - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
	Funds	Funds
Investments [Abstract]	'	'	'
Number of consolidated sponsored investment products	8	8	'
Number of additional consolidated sponsored investment product	1	'	'
Number of deconsolidated sponsored investment product	1	'	'
Fair value, equity, Level 1 to Level 2 transfers, amount	$0	'	$0

Consolidated_Sponsored_Investm3

Consolidated Sponsored Investment Products - Balances of Consolidated Sponsored Investment Products (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'
Total cash	$2,543	$531
Total investments	62,086	139,054
All other assets	1,217	9,595
Total liabilities	-2,500	-8,435
Redeemable noncontrolling interests	-3,867	-42,186
Company's net interests in consolidated sponsored investment products	$59,479	$98,559

Consolidated_Sponsored_Investm4

Consolidated Sponsored Investment Products - Consolidated Balance Sheets (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Condensed Financial Statements, Captions [Line Items]	'	'
Total cash	$234,795	$271,014
Total investments	102,490	37,258
All other assets	16,104	15,724
Total assets	585,827	644,954
Total liabilities	71,864	109,900
Redeemable noncontrolling interests	3,867	42,186
Equity attributable to stockholders of the Company	510,168	492,930
Non-redeemable noncontrolling interests	-72	-62
Total liabilities and equity	585,827	644,954
Balances as Reported in Consolidated Balance Sheet [Member]	'	'
Condensed Financial Statements, Captions [Line Items]	'	'
Total cash	237,338	271,545
Total investments	164,576	176,312
All other assets	183,913	197,097
Total assets	585,827	644,954
Total liabilities	71,864	109,900
Redeemable noncontrolling interests	3,867	42,186
Equity attributable to stockholders of the Company	510,168	492,930
Non-redeemable noncontrolling interests	-72	-62
Total liabilities and equity	585,827	644,954
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member]	'	'
Condensed Financial Statements, Captions [Line Items]	'	'
Total cash	234,795	271,014
Total investments	161,910	135,692
All other assets	182,755	187,627
Total assets	579,460	594,333
Total liabilities	69,364	101,465
Redeemable noncontrolling interests	0	'
Equity attributable to stockholders of the Company	510,168	492,930
Non-redeemable noncontrolling interests	-72	-62
Total liabilities and equity	579,460	594,333
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]	'	'
Condensed Financial Statements, Captions [Line Items]	'	'
Total cash	2,543	531
Total investments	62,086	139,054
All other assets	1,217	9,595
Total assets	65,846	149,180
Total liabilities	2,559	8,560
Redeemable noncontrolling interests	0	'
Equity attributable to stockholders of the Company	63,287	140,620
Non-redeemable noncontrolling interests	0	'
Total liabilities and equity	65,846	149,180
Consolidation, Eliminations [Member]	'	'
Condensed Financial Statements, Captions [Line Items]	'	'
Total cash	0	'
Total investments	-59,420	-98,434
All other assets	-59	-125
Total assets	-59,479	-98,559
Total liabilities	-59	-125
Redeemable noncontrolling interests	3,867	42,186
Equity attributable to stockholders of the Company	-63,287	-140,620
Non-redeemable noncontrolling interests	0	'
Total liabilities and equity	($59,479)	($98,559)

Consolidated_Sponsored_Investm5

Consolidated Sponsored Investment Products - Consolidated Statements of Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Condensed Income Statements, Captions [Line Items]	'	'
Total operating revenues	$107,871	$86,168
Total operating expenses	75,245	65,068
Operating income (loss)	32,626	21,100
Total other non-operating income (expense)	3,151	1,535
Income Before Income Taxes	35,777	22,635
Income tax expense	14,010	8,450
Net income (loss)	21,767	14,185
Noncontrolling interests	171	-225
Net Income Attributable to Common Stockholders	21,938	13,960
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member]	'	'
Condensed Income Statements, Captions [Line Items]	'	'
Total operating revenues	107,855	86,120
Total operating expenses	74,914	64,884
Operating income (loss)	32,941	21,236
Total other non-operating income (expense)	2,997	1,156
Income Before Income Taxes	35,938	22,392
Income tax expense	14,010	8,450
Net income (loss)	21,928	13,942
Noncontrolling interests	10	18
Net Income Attributable to Common Stockholders	21,938	13,960
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]	'	'
Condensed Income Statements, Captions [Line Items]	'	'
Total operating revenues	0	'
Total operating expenses	315	136
Operating income (loss)	-315	-136
Total other non-operating income (expense)	910	851
Income Before Income Taxes	595	715
Income tax expense	0	'
Net income (loss)	595	715
Noncontrolling interests	0	'
Net Income Attributable to Common Stockholders	595	715
Consolidation, Eliminations [Member]	'	'
Condensed Income Statements, Captions [Line Items]	'	'
Total operating revenues	16	48
Total operating expenses	16	48
Operating income (loss)	0	'
Total other non-operating income (expense)	-756	-472
Income Before Income Taxes	-756	-472
Income tax expense	0	'
Net income (loss)	-756	-472
Noncontrolling interests	161	-243
Net Income Attributable to Common Stockholders	($595)	($715)

Consolidated_Sponsored_Investm6

Consolidated Sponsored Investment Products - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	$62,086	$139,054
Debt Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	52,925	47,114
Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	9,161	91,940
Level 1 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	9,161	91,940
Level 1 [Member] | Debt Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	0	'
Level 1 [Member] | Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	9,161	91,940
Level 2 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	52,925	47,114
Level 2 [Member] | Debt Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	52,925	47,114
Level 2 [Member] | Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	0	'
Level 3 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	0	'
Level 3 [Member] | Debt Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	0	'
Level 3 [Member] | Equity Securities [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Total Investments of Consolidated Sponsored Investment Products at Fair Value	$0	'