Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 23, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 9,120,254 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and cash equivalents | $170,367 | $271,014 |
Cash of consolidated sponsored investment products | 361 | 531 |
Cash pledged or on deposit of consolidated sponsored investment products | 11,958 | ' |
Investments | 65,099 | 37,258 |
Investments of consolidated sponsored investment products | 207,279 | 139,054 |
Accounts receivable, net | 54,194 | 50,166 |
Furniture, equipment, and leasehold improvements, net | 7,646 | 7,219 |
Intangible assets, net | 42,582 | 44,633 |
Goodwill | 5,260 | 5,260 |
Deferred taxes, net | 57,064 | 64,500 |
Other assets | 15,584 | 15,724 |
Other assets of consolidated sponsored investment products | 3,285 | 9,595 |
Total assets | 640,679 | 644,954 |
Liabilities: | ' | ' |
Accrued compensation and benefits | 29,784 | 53,140 |
Accounts payable and accrued liabilities | 33,131 | 29,912 |
Dividends payable | 4,179 | ' |
Other liabilities | 32,750 | 18,413 |
Other liabilities of consolidated sponsored investment products | 16,011 | 8,435 |
Total liabilities | 115,855 | 109,900 |
Commitments and Contingencies (Note 10) | ' | ' |
Redeemable noncontrolling interests | 10,397 | 42,186 |
Equity attributable to stockholders: | ' | ' |
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,535,913 shares issued and 9,119,000 shares outstanding at June 30, 2014 and 9,455,521 shares issued and 9,105,521 shares outstanding at December 31, 2013 | 95 | 95 |
Additional paid-in capital | 1,128,064 | 1,135,644 |
Accumulated deficit | -563,740 | -605,221 |
Accumulated other comprehensive income (loss) | 48 | -150 |
Treasury stock, at cost, 416,913 shares at June 30, 2014 and 350,000 shares at December 31, 2013 | -49,938 | -37,438 |
Total equity attributable to stockholders | 514,529 | 492,930 |
Noncontrolling interests | -102 | -62 |
Total equity | 514,427 | 492,868 |
Total liabilities and equity | $640,679 | $644,954 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 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 | 9,535,913 | 9,455,521 |
Common stock, shares outstanding | 9,119,000 | 9,105,521 |
Treasury stock, shares | 416,913 | 350,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Investment management fees | $74,537 | $64,475 | $146,329 | $122,252 |
Distribution and service fees | 23,940 | 19,324 | 46,378 | 36,685 |
Administration and transfer agent fees | 13,942 | 12,061 | 27,015 | 22,756 |
Other income and fees | 330 | 280 | 898 | 615 |
Total revenues | 112,749 | 96,140 | 220,620 | 182,308 |
Operating Expenses | ' | ' | ' | ' |
Employment expenses | 35,481 | 32,878 | 70,510 | 65,289 |
Distribution and administration expenses | 39,222 | 24,252 | 66,959 | 45,880 |
Other operating expenses | 13,130 | 10,283 | 23,664 | 19,240 |
Other operating expenses of consolidated sponsored investment products | 797 | 132 | 1,128 | 316 |
Restructuring and severance | ' | ' | ' | 203 |
Depreciation and other amortization | 670 | 597 | 1,327 | 1,172 |
Amortization expense | 947 | 1,116 | 1,904 | 2,226 |
Total operating expenses | 90,247 | 69,258 | 165,492 | 134,326 |
Operating Income | 22,502 | 26,882 | 55,128 | 47,982 |
Other Income (Expense) | ' | ' | ' | ' |
Realized and unrealized gain (loss) on investments, net | 905 | -223 | 2,751 | 602 |
Realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net | 6,444 | -3,156 | 6,480 | -2,784 |
Other income (expense), net | 189 | -11 | 340 | -29 |
Total other income (expense), net | 7,538 | -3,390 | 9,571 | -2,211 |
Interest Income (Expense) | ' | ' | ' | ' |
Interest expense | -125 | -206 | -263 | -427 |
Interest and dividend income | 344 | 203 | 727 | 300 |
Interest and dividend income of investments of consolidated sponsored investment products | 1,639 | 612 | 2,512 | 1,092 |
Total interest income, net | 1,858 | 609 | 2,976 | 965 |
Income Before Income Taxes | 31,898 | 24,101 | 67,675 | 46,736 |
Income tax expense | 12,106 | 9,318 | 26,116 | 17,768 |
Net Income | 19,792 | 14,783 | 41,559 | 28,968 |
Noncontrolling interests | -249 | 602 | -78 | 377 |
Net Income Attributable to Common Stockholders | $19,543 | $15,385 | $41,481 | $29,345 |
Earnings per share-Basic | $2.14 | $1.97 | $4.55 | $3.75 |
Earnings per share-Diluted | $2.10 | $1.91 | $4.44 | $3.64 |
Cash dividends declared per share | $0.45 | $0 | $0.45 | $0 |
Weighted Average Shares Outstanding-Basic (in thousands) | 9,133 | 7,821 | 9,125 | 7,821 |
Weighted Average Shares Outstanding-Diluted (in thousands) | 9,325 | 8,058 | 9,343 | 8,073 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $19,792 | $14,783 | $41,559 | $28,968 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment, net of tax of $8 and $11 for the three months ended June 30, 2014 and 2013, respectively and $(7) and $11 for the six months ended June 30, 2014 and 2013, respectively | -11 | -18 | 13 | -18 |
Unrealized gain (loss) on available-for-sale securities, net of tax of $(75) and $57 for the three months ended June 30, 2014 and 2013, respectively and $(115) and $178 for the six months ended June 30, 2014 and 2013, respectively | 122 | -94 | 185 | 139 |
Other comprehensive income (loss) | 111 | -112 | 198 | 121 |
Comprehensive income | 19,903 | 14,671 | 41,757 | 29,089 |
Comprehensive (income) loss attributable to noncontrolling interests | -249 | 602 | -78 | 377 |
Comprehensive income attributable to common stockholders | $19,654 | $15,273 | $41,679 | $29,466 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, tax | $8 | $11 | ($7) | $11 |
Unrealized gain (loss) on available-for-sale securities, tax | ($75) | $57 | ($115) | $178 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $41,559 | $28,968 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation expense, intangible asset and other amortization | 3,340 | 3,503 |
Stock-based compensation | 4,510 | 4,044 |
Excess tax benefits from stock-based compensation | -583 | 0 |
Amortization of deferred commissions | 9,578 | 6,165 |
Payments of deferred commissions | -8,490 | -9,088 |
Equity in (earnings) losses of equity method investments | -61 | 18 |
Realized and unrealized gains on trading securities | -2,751 | -602 |
Realized and unrealized (gains) losses on investments of consolidated sponsored investment products | -6,666 | 2,784 |
Sale of trading securities, net | 20,576 | 736 |
Purchase of investments by consolidated sponsored investment products, net | -150,473 | -13,798 |
Sale of securities sold short by consolidated sponsored investment products, net | 10,501 | 0 |
Deferred income taxes | 7,314 | 16,869 |
Changes in operating assets and liabilities: | ' | ' |
Cash pledged or on deposit of consolidated sponsored investment products | -11,958 | 0 |
Accounts receivable, net and other assets | -5,022 | -8,301 |
Other assets of consolidated sponsored investment products | 4,455 | -1,294 |
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities | -5,306 | -8,547 |
Other liabilities of consolidated sponsored investment products | -1,606 | 719 |
Net cash (used in) provided by operating activities | -91,083 | 22,176 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -1,459 | -1,271 |
Acquisition of equity method investee | 0 | -3,364 |
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation | -366 | -734 |
Purchase of available-for-sale securities | -204 | -96 |
Net cash used in investing activities | -2,029 | -5,465 |
Cash Flows from Financing Activities: | ' | ' |
Contingent consideration paid for acquired investment management contracts | 0 | -285 |
Repurchase of common shares | -12,500 | -14,966 |
Proceeds from exercise of stock options | 391 | 361 |
Taxes paid related to settlement of employee share transactions | -9,271 | -7,172 |
Excess tax benefits from stock-based compensation | 583 | 0 |
Contributions of noncontrolling interests, net | 13,092 | 12,790 |
Net cash used in financing activities | -7,705 | -9,272 |
Net (decrease) increase in cash and cash equivalents | -100,817 | 7,439 |
Cash and cash equivalents, beginning of period | 271,545 | 63,446 |
Cash and Cash Equivalents, end of period | 170,728 | 70,885 |
Non-Cash Financing Activities: | ' | ' |
Satisfaction of accrued compensation through the issuance of RSU's | 849 | 209 |
Decrease to noncontrolling interest due to deconsolidation of sponsored investment products, net | -45,003 | -6,187 |
Dividend payable | $4,179 | $0 |
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 Stockholders [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 |
Balance, shares at Dec. 31, 2012 | ' | 7,826,674 | ' | ' | ' | 245,000 | ' | ' | ' |
Net income (loss) | 29,313 | ' | ' | 29,345 | ' | ' | 29,345 | -32 | -345 |
Net unrealized gain on securities available-for-sale | 139 | ' | ' | ' | 139 | ' | 139 | ' | ' |
Foreign currency translation adjustment | -18 | ' | ' | ' | -18 | ' | -18 | ' | ' |
Activity of noncontrolling interests, net | 0 | ' | ' | ' | ' | ' | ' | ' | 6,603 |
Repurchase of common shares | -14,966 | ' | ' | ' | ' | -14,966 | -14,966 | ' | ' |
Repurchase of common shares, shares | 80,000 | -80,000 | ' | ' | ' | 80,000 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 864 | ' | 864 | ' | ' | ' | 864 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 74,159 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -7,172 | ' | -7,172 | ' | ' | ' | -7,172 | ' | ' |
Stock-based compensation | 3,750 | ' | 3,750 | ' | ' | ' | 3,750 | ' | ' |
Balance at Jun. 30, 2013 | 256,381 | 81 | 940,267 | -651,066 | -166 | -32,700 | 256,416 | -35 | 9,421 |
Balance, shares at Jun. 30, 2013 | ' | 7,820,833 | ' | ' | ' | 325,000 | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 492,868 | 95 | 1,135,644 | -605,221 | -150 | -37,438 | 492,930 | -62 | 42,186 |
Balance, shares at Dec. 31, 2013 | 9,105,521 | 9,105,521 | ' | ' | ' | 350,000 | ' | ' | ' |
Net income (loss) | 41,441 | ' | ' | 41,481 | ' | ' | 41,481 | -40 | 118 |
Net unrealized gain on securities available-for-sale | 185 | ' | ' | ' | 185 | ' | 185 | ' | ' |
Foreign currency translation adjustment | 13 | ' | ' | ' | 13 | ' | 13 | ' | ' |
Activity of noncontrolling interests, net | 0 | ' | ' | ' | ' | ' | ' | ' | -31,907 |
Cash dividends declared | -4,179 | ' | -4,179 | ' | ' | ' | -4,179 | ' | ' |
Repurchase of common shares | -12,500 | ' | ' | ' | ' | -12,500 | -12,500 | ' | ' |
Repurchase of common shares, shares | 66,913 | -66,913 | ' | ' | ' | 66,913 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 954 | ' | 954 | ' | ' | ' | 954 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 80,392 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -9,271 | ' | -9,271 | ' | ' | ' | -9,271 | ' | ' |
Stock-based compensation | 4,333 | ' | 4,333 | ' | ' | ' | 4,333 | ' | ' |
Excess tax benefits from stock-based compensation | 583 | ' | 583 | ' | ' | ' | 583 | ' | ' |
Balance at Jun. 30, 2014 | $514,427 | $95 | $1,128,064 | ($563,740) | $48 | ($49,938) | $514,529 | ($102) | $10,397 |
Balance, shares at Jun. 30, 2014 | 9,119,000 | 9,119,000 | ' | ' | ' | 416,913 | ' | ' | ' |
Organization_and_Business
Organization and Business | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
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 11 for additional information related to the consolidation of sponsored investment products.) Intercompany accounts and transactions have been eliminated. The Company also evaluates any variable interest entities (“VIEs”) in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support, or (b) where as a group, the holders of equity investment at risk do not possess: (i) the power to direct the activities that most significantly impact the entity’s performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf the equity holders. If an entity has either of these characteristics, it is considered a VIE and required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. | |
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 | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets, Net | ' | ||||||||
3. Intangible Assets, Net | |||||||||
Intangible assets, net are summarized as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Definite-lived intangible assets: | |||||||||
Investment contracts | $ | 157,672 | $ | 157,882 | |||||
Accumulated amortization | (147,506 | ) | (145,665 | ) | |||||
Definite-lived intangible assets, net | 10,166 | 12,217 | |||||||
Indefinite-lived intangible assets | 32,416 | 32,416 | |||||||
Total intangible assets, net | $ | 42,582 | $ | 44,633 | |||||
Activity in intangible assets, net is as follows: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Intangible assets, net | |||||||||
Balance, beginning of period | $ | 44,633 | $ | 48,711 | |||||
Amortization | (2,051 | ) | (2,105 | ) | |||||
Balance, end of period | $ | 42,582 | $ | 46,606 | |||||
Investments
Investments | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 11, at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Marketable securities | $ | 56,403 | $ | 28,968 | |||||||||||||
Equity method investments | 4,150 | 4,070 | |||||||||||||||
Nonqualified retirement plan assets | 4,546 | 4,220 | |||||||||||||||
Total investments | $ | 65,099 | $ | 37,258 | |||||||||||||
Marketable Securities | |||||||||||||||||
The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored funds | $ | 40,403 | $ | (453 | ) | $ | 4,031 | $ | 43,981 | ||||||||
Equity securities | 7,911 | — | 1,322 | 9,233 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored funds | 3,019 | (95 | ) | 265 | 3,189 | ||||||||||||
Total marketable securities | $ | 51,333 | $ | (548 | ) | $ | 5,618 | $ | 56,403 | ||||||||
December 31, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored funds | $ | 16,079 | $ | (704 | ) | $ | 2,529 | $ | 17,904 | ||||||||
Equity securities | 7,043 | — | 1,336 | 8,379 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored funds | 2,815 | (145 | ) | 15 | 2,685 | ||||||||||||
Total marketable securities | $ | 25,937 | $ | (849 | ) | $ | 3,880 | $ | 28,968 | ||||||||
For the three months ended June 30, 2014 and 2013, the Company recognized realized gains of $3.6 million and $0.2 million, respectively, and $4.5 million and $0.3 million for the six months ended June 30, 2014, respectively, on trading securities. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
5. Fair Value Measurements | |||||||||||||||||
The Company’s assets and liabilities measured at fair value, excluding the assets and liabilities of consolidated sponsored investment products discussed in Note 11, on a recurring basis as of June 30, 2014 and December 31, 2013 by fair value hierarchy level were as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 167,586 | $ | — | $ | — | $ | 167,586 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored funds | 43,981 | — | — | 43,981 | |||||||||||||
Equity securities | 9,233 | — | — | 9,233 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored funds | 3,189 | — | — | 3,189 | |||||||||||||
Other investments: | |||||||||||||||||
Nonqualified retirement plan assets | 4,546 | — | — | 4,546 | |||||||||||||
Total assets measured at fair value | $ | 228,535 | $ | — | $ | — | $ | 228,535 | |||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 270,262 | $ | — | $ | — | $ | 270,262 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored funds | 17,904 | — | — | 17,904 | |||||||||||||
Equity securities | 8,379 | — | — | 8,379 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored 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 funds represent investments in open-end mutual funds, variable insurance funds and closed-end funds for which the Company acts as the investment manager. The fair value of open-end mutual funds and variable insurance funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds is determined based on the official closing price of the exchange they are traded on and are categorized as Level 1. | |||||||||||||||||
Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. | |||||||||||||||||
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 transfers between Level 1 and Level 2 during the six months ended June 30, 2014 or 2013. |
Treasury_Stock_and_Dividends
Treasury Stock and Dividends | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Treasury Stock and Dividends | ' |
6. Treasury Stock and Dividends | |
During the six months ended June 30, 2014 and 2013, the Company repurchased 66,913 and 80,000 common shares, respectively, at a weighted average price of $186.77 and $187.03 per share, respectively, plus transaction costs for a total cost of approximately $12.5 million and $15.0 million, respectively. The Company has repurchased a total of 416,913 shares of common stock at a weighted average price of $119.74 per share plus transaction costs for a total cost of $49.9 million under its share repurchase program. At June 30, 2014, there were 283,087 shares of common stock available to repurchase under the Company’s current authorization through the share repurchase program. | |
On May 15, 2014, the Board of Directors approved a cash dividend on the Company’s common stock in the amount of $0.45 per share to stockholders of record as of July 31, 2014, to be paid on August 14, 2014. The total dividend to be paid is approximately $4.2 million and is included in liabilities in the condensed consolidated balance sheet at June 30, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Income | ' | ||||||||
7. Accumulated Other Comprehensive Income | |||||||||
The changes in accumulated other comprehensive income, by component, for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||
Unrealized Gains | Foreign Currency | ||||||||
and (Losses) | Translation | ||||||||
on Securities | Adjustments | ||||||||
Available-for- | |||||||||
Sale | |||||||||
($ in thousands) | |||||||||
Balance December 31, 2013 | $ | (231 | ) | $ | 81 | ||||
Unrealized net gains on investments, net of tax of ($115) | 185 | — | |||||||
Foreign currency translation adjustments, net of tax of $7 | — | 13 | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 185 | 13 | |||||||
Balance June 30, 2014 | $ | (46 | ) | $ | 94 | ||||
($ in thousands) | Unrealized Gains | Foreign Currency | |||||||
and (Losses) | Translation | ||||||||
on Securities | Adjustments | ||||||||
Available-for- | |||||||||
Sale | |||||||||
Balance December 31, 2012 | $ | (287 | ) | $ | — | ||||
Unrealized net gains on investments, net of tax of $178 | 139 | — | |||||||
Foreign currency translation, net of tax of $11 | — | (18 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 139 | (18 | ) | ||||||
Balance June 30, 2013 | $ | (148 | ) | $ | (18 | ) | |||
Stockbased_Compensation
Stock-based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-based Compensation | ' | ||||||||
8. 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 June 30, 2014, 433,130 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 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 six months ended June 30, 2014 are summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2013 | 233,763 | $ | 87.97 | ||||||
Granted | 70,302 | $ | 183.98 | ||||||
Forfeited | (10,966 | ) | $ | 132.15 | |||||
Settled | (115,084 | ) | $ | 60.74 | |||||
Outstanding at June 30, 2014 | 178,015 | $ | 140.77 | ||||||
For the six months ended June 30, 2014 and 2013, a total of 49,819 and 36,427 RSUs, respectively, were withheld by the Company as a result of net share settlements to satisfy employee tax withholding obligations. During the six months ended June 30, 2014 and 2013, the Company paid $9.3 million and $7.2 million, respectively, in employee tax withholding obligations related to employee share transactions 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 or exercise. | |||||||||
Stock Options | |||||||||
Stock option activity for the six months ended June 30, 2014 are summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2013 | 190,160 | $ | 20.11 | ||||||
Granted | — | $ | — | ||||||
Exercised | (14,270 | ) | $ | 28.33 | |||||
Forfeited | — | $ | — | ||||||
Outstanding at June 30, 2014 | 175,890 | $ | 19.44 | ||||||
The Company recognized total stock compensation expense of $2.9 million and $2.6 million, respectively, and $4.5 million and $4.0 million, respectively, for the three and six months ended June 30, 2014 and 2013. As of June 30, 2014 and 2013, unamortized stock-based compensation expense for unvested RSUs was $16.3 million and $13.3 million, with a weighted-average remaining amortization period of 1.6 years and 1.5 years, respectively. There was no unamortized stock-based compensation expense related to stock options as of June 30, 2014 as all outstanding options were fully vested and unamortized stock-based compensation expense related to stock options was $0.1 million with a weighted-average remaining amortization period of 0.6 years at June 30, 2013. |
Earnings_per_Share
Earnings per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
9. Earnings per Share | |||||||||||||||||
Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted-average number of shares is increased by the dilutive effect of RSUs and common stock options using the treasury stock method. | |||||||||||||||||
The computation of basic and diluted EPS is as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
($ in thousands, except per share amounts) | |||||||||||||||||
Net Income | $ | 19,792 | $ | 14,783 | $ | 41,559 | $ | 28,968 | |||||||||
Noncontrolling interests | (249 | ) | 602 | (78 | ) | 377 | |||||||||||
Net Income Attributable to Common Stockholders | $ | 19,543 | $ | 15,385 | $ | 41,481 | 29,345 | ||||||||||
Shares (in thousands): | |||||||||||||||||
Basic: Weighted-average number of shares outstanding | 9,133 | 7,821 | 9,125 | 7,821 | |||||||||||||
Plus: Incremental shares from assumed conversion of dilutive instruments | 192 | 237 | 218 | 252 | |||||||||||||
Diluted: Weighted-average number of shares outstanding | 9,325 | 8,058 | 9,343 | 8,073 | |||||||||||||
Earnings per share - basic | $ | 2.14 | $ | 1.97 | $ | 4.55 | $ | 3.75 | |||||||||
Earnings per share - diluted | $ | 2.1 | $ | 1.91 | $ | 4.44 | $ | 3.64 | |||||||||
Cash dividends declared per share | $ | 0.45 | $ | — | $ | 0.45 | $ | — | |||||||||
For the three months ended June 30, 2014, there were 9,275 instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive. For the three and six months ended June 30, 2013, respectively, there were no instruments excluded from the above computation of weighted-average shares for diluted EPS. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Consolidated Sponsored Investment Products | ' | ||||||||||||||||
11. Consolidated Sponsored Investment Products | |||||||||||||||||
In the normal course of its business, the Company sponsors various types of 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. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company consolidated eleven and eight sponsored investment products, respectively. During the six months ended June 30, 2014, the Company consolidated four additional sponsored investment products and deconsolidated one sponsored investment product because it no longer had a majority voting interest. | |||||||||||||||||
The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||
As of | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 12,319 | $ | 531 | |||||||||||||
Total investments | 207,279 | 139,054 | |||||||||||||||
All other assets | 3,285 | 9,595 | |||||||||||||||
Total liabilities | (16,011 | ) | (8,435 | ) | |||||||||||||
Redeemable noncontrolling interests | (10,397 | ) | (42,186 | ) | |||||||||||||
The Company’s net interests in consolidated sponsored investment products | $ | 196,475 | $ | 98,559 | |||||||||||||
Consolidation | |||||||||||||||||
The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of June, 30, 2014 and December 31, 2013 and the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014 and 2013, respectively: | |||||||||||||||||
As of June 30, 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 | $ | 170,367 | $ | 12,319 | $ | — | $ | 182,686 | |||||||||
Total investments | 261,414 | 207,279 | (196,315 | ) | 272,378 | ||||||||||||
All other assets | 182,490 | 3,285 | (160 | ) | 185,615 | ||||||||||||
Total assets | $ | 614,271 | $ | 222,883 | $ | (196,475 | ) | $ | 640,679 | ||||||||
Total liabilities | $ | 99,844 | $ | 16,171 | $ | (160 | ) | $ | 115,855 | ||||||||
Redeemable noncontrolling interests | — | — | 10,397 | 10,397 | |||||||||||||
Equity attributable to stockholders of the Company | 514,529 | 206,712 | (206,712 | ) | 514,529 | ||||||||||||
Non-redeemable noncontrolling interests | (102 | ) | — | — | (102 | ) | |||||||||||
Total liabilities and equity | $ | 614,271 | $ | 222,883 | $ | (196,475 | ) | $ | 640,679 | ||||||||
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 and six months ended June 30, 2014 and 2013: | |||||||||||||||||
For the Three Months Ended June 30, 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 | $ | 112,871 | $ | — | $ | (122 | ) | $ | 112,749 | ||||||||
Total operating expenses | 89,450 | 919 | (122 | ) | 90,247 | ||||||||||||
Operating income (loss) | 23,421 | (919 | ) | — | 22,502 | ||||||||||||
Total other non-operating income | 8,198 | 8,082 | (6,884 | ) | 9,396 | ||||||||||||
Income before income tax expense | 31,619 | 7,163 | (6,884 | ) | 31,898 | ||||||||||||
Income tax expense | 12,106 | — | — | 12,106 | |||||||||||||
Net income | 19,513 | 7,163 | (6,884 | ) | 19,792 | ||||||||||||
Noncontrolling interests | 30 | — | (279 | ) | (249 | ) | |||||||||||
Net income attributable to the Company | $ | 19,543 | $ | 7,163 | $ | (7,163 | ) | $ | 19,543 | ||||||||
For the Three Months Ended June 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 | $ | 96,135 | $ | — | $ | 5 | $ | 96,140 | |||||||||
Total operating expenses | 69,125 | 128 | 5 | 69,258 | |||||||||||||
Operating income (loss) | 27,010 | (128 | ) | — | 26,882 | ||||||||||||
Total other non-operating (expense) income | (2,321 | ) | (2,543 | ) | 2,083 | (2,781 | ) | ||||||||||
Income (loss) before income tax expense | 24,689 | (2,671 | ) | 2,083 | 24,101 | ||||||||||||
Income tax expense | 9,318 | — | — | 9,318 | |||||||||||||
Net income (loss) | 15,371 | (2,671 | ) | 2,083 | 14,783 | ||||||||||||
Noncontrolling interests | 14 | — | 588 | 602 | |||||||||||||
Net income (loss) attributable to the Company | $ | 15,385 | $ | (2,671 | ) | $ | 2,671 | $ | 15,385 | ||||||||
For the Six Months Ended June 30, 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 | $ | 220,726 | $ | — | $ | (106 | ) | $ | 220,620 | ||||||||
Total operating expenses | 164,364 | 1,234 | (106 | ) | 165,492 | ||||||||||||
Operating income (loss) | 56,362 | (1,234 | ) | — | 55,128 | ||||||||||||
Total other non-operating income | 11,195 | 8,992 | (7,640 | ) | 12,547 | ||||||||||||
Income before income tax expense | 67,557 | 7,758 | (7,640 | ) | 67,675 | ||||||||||||
Income tax expense | 26,116 | — | — | 26,116 | |||||||||||||
Net income | 41,441 | 7,758 | (7,640 | ) | 41,559 | ||||||||||||
Noncontrolling interests | 40 | — | (118 | ) | (78 | ) | |||||||||||
Net income attributable to the Company | $ | 41,481 | $ | 7,758 | $ | (7,758 | ) | $ | 41,481 | ||||||||
For the Six Months Ended June 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 | $ | 182,256 | $ | — | $ | 52 | $ | 182,308 | |||||||||
Total operating expenses | 134,010 | 264 | 52 | 134,326 | |||||||||||||
Operating income (loss) | 48,246 | (264 | ) | — | 47,982 | ||||||||||||
Total other non-operating expense | (1,165 | ) | (1,691 | ) | 1,610 | (1,246 | ) | ||||||||||
Income (loss) before income tax expense | 47,081 | (1,955 | ) | 1,610 | 46,736 | ||||||||||||
Income tax expense | 17,768 | — | — | 17,768 | |||||||||||||
Net income (loss) | 29,313 | (1,955 | ) | 1,610 | 28,968 | ||||||||||||
Noncontrolling interests | 32 | — | 345 | 377 | |||||||||||||
Net income (loss) attributable to the Company | $ | 29,345 | $ | (1,955 | ) | $ | 1,955 | $ | 29,345 | ||||||||
(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 and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 by fair value hierarchy level were as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Debt securities | $ | — | $ | 112,333 | $ | 450 | $ | 112,783 | |||||||||
Equity securities | 93,332 | 1,164 | — | 94,496 | |||||||||||||
Derivatives | 15 | 31 | — | 46 | |||||||||||||
Total Assets Measured at Fair Value | $ | 93,347 | $ | 113,528 | $ | 450 | $ | 207,325 | |||||||||
Liabilities | |||||||||||||||||
Short sales | $ | 9,024 | $ | 2,020 | $ | — | $ | 11,044 | |||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Debt securities | $ | — | $ | 47,114 | $ | — | $ | 47,114 | |||||||||
Equity securities | 91,940 | — | — | 91,940 | |||||||||||||
Total Assets Measured at Fair Value | $ | 91,940 | $ | 47,114 | $ | — | $ | 139,054 | |||||||||
The following is a discussion of the valuation methodologies used for the assets and liabilities 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 equity 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. Level 3 investments include debt securities that are not widely traded and are illiquid that are priced by dealers based on pricing models used by market makers in the security. | |||||||||||||||||
The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. | |||||||||||||||||
Debt | |||||||||||||||||
securities (a) | |||||||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||||||
Purchases | 450 | ||||||||||||||||
Balance at June 30, 2014 | $ | 450 | |||||||||||||||
(a) | None of the securities in the above table are internally fair valued at June 30, 2014. | ||||||||||||||||
The Company recognized no gain or loss in the three and six months ended June 30, 2014 related to changes in market value of these investments. | |||||||||||||||||
There were no transfers between Level 1, Level 2, and Level 3 during the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Derivatives | |||||||||||||||||
Beginning in the second quarter of 2014, the Company consolidated investment products which include derivative instruments as part of their investment strategies. These derivatives may include futures contracts, options contracts, and forward contracts. The fair value of such derivatives at June 30, 2014 was immaterial. The change in fair value of such derivatives, which is recorded in realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net, was immaterial for the three and six months ended June 30, 2014. In connection with entering into these derivative contracts these funds may be required to pledge to the broker an amount of cash equal to the “initial margin” requirements that varies based on the type of derivative. The cash pledged or on deposit is recorded in the Condensed Consolidated Balance Sheet of the Company as Cash pledged or on deposit of consolidated sponsored investment products. | |||||||||||||||||
Short Sales | |||||||||||||||||
Some of the Company’s consolidated sponsored investment products may engage in short sales, which are transactions in which a fund sells a security that it does not own (or that it owns but does not intend to deliver) in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheet within Other liabilities of consolidated sponsored investment products. |
New_Accounting_Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
12. New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is prohibited. The Company is currently evaluating the impact ASU 2014-09 is expected to have on its consolidated financial statements. | |
In July 2013, FASB issued 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. 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) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is prohibited. The Company is currently evaluating the impact ASU 2014-09 is expected to have on its consolidated financial statements. | |
In July 2013, FASB issued 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. 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) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Summary of Intangible Assets, Net | ' | ||||||||
Intangible assets, net are summarized as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Definite-lived intangible assets: | |||||||||
Investment contracts | $ | 157,672 | $ | 157,882 | |||||
Accumulated amortization | (147,506 | ) | (145,665 | ) | |||||
Definite-lived intangible assets, net | 10,166 | 12,217 | |||||||
Indefinite-lived intangible assets | 32,416 | 32,416 | |||||||
Total intangible assets, net | $ | 42,582 | $ | 44,633 | |||||
Schedule of Activity in Intangible Assets, Net | ' | ||||||||
Activity in intangible assets, net is as follows: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Intangible assets, net | |||||||||
Balance, beginning of period | $ | 44,633 | $ | 48,711 | |||||
Amortization | (2,051 | ) | (2,105 | ) | |||||
Balance, end of period | $ | 42,582 | $ | 46,606 | |||||
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Summary of Investments | ' | ||||||||||||||||
The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 11, at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Marketable securities | $ | 56,403 | $ | 28,968 | |||||||||||||
Equity method investments | 4,150 | 4,070 | |||||||||||||||
Nonqualified retirement plan assets | 4,546 | 4,220 | |||||||||||||||
Total investments | $ | 65,099 | $ | 37,258 | |||||||||||||
Schedule of Marketable Securities | ' | ||||||||||||||||
The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored funds | $ | 40,403 | $ | (453 | ) | $ | 4,031 | $ | 43,981 | ||||||||
Equity securities | 7,911 | — | 1,322 | 9,233 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored funds | 3,019 | (95 | ) | 265 | 3,189 | ||||||||||||
Total marketable securities | $ | 51,333 | $ | (548 | ) | $ | 5,618 | $ | 56,403 | ||||||||
December 31, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored funds | $ | 16,079 | $ | (704 | ) | $ | 2,529 | $ | 17,904 | ||||||||
Equity securities | 7,043 | — | 1,336 | 8,379 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored 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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 11, on a recurring basis as of June 30, 2014 and December 31, 2013 by fair value hierarchy level were as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 167,586 | $ | — | $ | — | $ | 167,586 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored funds | 43,981 | — | — | 43,981 | |||||||||||||
Equity securities | 9,233 | — | — | 9,233 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored funds | 3,189 | — | — | 3,189 | |||||||||||||
Other investments: | |||||||||||||||||
Nonqualified retirement plan assets | 4,546 | — | — | 4,546 | |||||||||||||
Total assets measured at fair value | $ | 228,535 | $ | — | $ | — | $ | 228,535 | |||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 270,262 | $ | — | $ | — | $ | 270,262 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored funds | 17,904 | — | — | 17,904 | |||||||||||||
Equity securities | 8,379 | — | — | 8,379 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored 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) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||
The changes in accumulated other comprehensive income, by component, for the six months ended June 30, 2014 and 2013 were 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 ($115) | 185 | — | |||||||
Foreign currency translation adjustments, net of tax of $7 | — | 13 | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 185 | 13 | |||||||
Balance June 30, 2014 | $ | (46 | ) | $ | 94 | ||||
($ in thousands) | Unrealized Gains | Foreign Currency | |||||||
and (Losses) | Translation | ||||||||
on Securities | Adjustments | ||||||||
Available-for- | |||||||||
Sale | |||||||||
Balance December 31, 2012 | $ | (287 | ) | $ | — | ||||
Unrealized net gains on investments, net of tax of $178 | 139 | — | |||||||
Foreign currency translation, net of tax of $11 | — | (18 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 139 | (18 | ) | ||||||
Balance June 30, 2013 | $ | (148 | ) | $ | (18 | ) | |||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of Restricted Stock Units Activity | ' | ||||||||
RSU activity for the six months ended June 30, 2014 are summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2013 | 233,763 | $ | 87.97 | ||||||
Granted | 70,302 | $ | 183.98 | ||||||
Forfeited | (10,966 | ) | $ | 132.15 | |||||
Settled | (115,084 | ) | $ | 60.74 | |||||
Outstanding at June 30, 2014 | 178,015 | $ | 140.77 | ||||||
Summary of Stock Option Activity | ' | ||||||||
Stock option activity for the six months ended June 30, 2014 are summarized as follows: | |||||||||
Number | Weighted | ||||||||
of Shares | Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2013 | 190,160 | $ | 20.11 | ||||||
Granted | — | $ | — | ||||||
Exercised | (14,270 | ) | $ | 28.33 | |||||
Forfeited | — | $ | — | ||||||
Outstanding at June 30, 2014 | 175,890 | $ | 19.44 | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
($ in thousands, except per share amounts) | |||||||||||||||||
Net Income | $ | 19,792 | $ | 14,783 | $ | 41,559 | $ | 28,968 | |||||||||
Noncontrolling interests | (249 | ) | 602 | (78 | ) | 377 | |||||||||||
Net Income Attributable to Common Stockholders | $ | 19,543 | $ | 15,385 | $ | 41,481 | 29,345 | ||||||||||
Shares (in thousands): | |||||||||||||||||
Basic: Weighted-average number of shares outstanding | 9,133 | 7,821 | 9,125 | 7,821 | |||||||||||||
Plus: Incremental shares from assumed conversion of dilutive instruments | 192 | 237 | 218 | 252 | |||||||||||||
Diluted: Weighted-average number of shares outstanding | 9,325 | 8,058 | 9,343 | 8,073 | |||||||||||||
Earnings per share - basic | $ | 2.14 | $ | 1.97 | $ | 4.55 | $ | 3.75 | |||||||||
Earnings per share - diluted | $ | 2.1 | $ | 1.91 | $ | 4.44 | $ | 3.64 | |||||||||
Cash dividends declared per share | $ | 0.45 | $ | — | $ | 0.45 | $ | — |
Consolidated_Sponsored_Investm1
Consolidated Sponsored Investment Products (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 June 30, 2014 and December 31, 2013: | |||||||||||||||||
As of | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 12,319 | $ | 531 | |||||||||||||
Total investments | 207,279 | 139,054 | |||||||||||||||
All other assets | 3,285 | 9,595 | |||||||||||||||
Total liabilities | (16,011 | ) | (8,435 | ) | |||||||||||||
Redeemable noncontrolling interests | (10,397 | ) | (42,186 | ) | |||||||||||||
The Company’s net interests in consolidated sponsored investment products | $ | 196,475 | $ | 98,559 | |||||||||||||
Condensed Consolidated Balance Sheets | ' | ||||||||||||||||
The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of June, 30, 2014 and December 31, 2013 and the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014 and 2013, respectively: | |||||||||||||||||
As of June 30, 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 | $ | 170,367 | $ | 12,319 | $ | — | $ | 182,686 | |||||||||
Total investments | 261,414 | 207,279 | (196,315 | ) | 272,378 | ||||||||||||
All other assets | 182,490 | 3,285 | (160 | ) | 185,615 | ||||||||||||
Total assets | $ | 614,271 | $ | 222,883 | $ | (196,475 | ) | $ | 640,679 | ||||||||
Total liabilities | $ | 99,844 | $ | 16,171 | $ | (160 | ) | $ | 115,855 | ||||||||
Redeemable noncontrolling interests | — | — | 10,397 | 10,397 | |||||||||||||
Equity attributable to stockholders of the Company | 514,529 | 206,712 | (206,712 | ) | 514,529 | ||||||||||||
Non-redeemable noncontrolling interests | (102 | ) | — | — | (102 | ) | |||||||||||
Total liabilities and equity | $ | 614,271 | $ | 222,883 | $ | (196,475 | ) | $ | 640,679 | ||||||||
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. | ||||||||||||||||
Condensed 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 six months ended June 30, 2014 and 2013: | |||||||||||||||||
For the Three Months Ended June 30, 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 | $ | 112,871 | $ | — | $ | (122 | ) | $ | 112,749 | ||||||||
Total operating expenses | 89,450 | 919 | (122 | ) | 90,247 | ||||||||||||
Operating income (loss) | 23,421 | (919 | ) | — | 22,502 | ||||||||||||
Total other non-operating income | 8,198 | 8,082 | (6,884 | ) | 9,396 | ||||||||||||
Income before income tax expense | 31,619 | 7,163 | (6,884 | ) | 31,898 | ||||||||||||
Income tax expense | 12,106 | — | — | 12,106 | |||||||||||||
Net income | 19,513 | 7,163 | (6,884 | ) | 19,792 | ||||||||||||
Noncontrolling interests | 30 | — | (279 | ) | (249 | ) | |||||||||||
Net income attributable to the Company | $ | 19,543 | $ | 7,163 | $ | (7,163 | ) | $ | 19,543 | ||||||||
For the Three Months Ended June 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 | $ | 96,135 | $ | — | $ | 5 | $ | 96,140 | |||||||||
Total operating expenses | 69,125 | 128 | 5 | 69,258 | |||||||||||||
Operating income (loss) | 27,010 | (128 | ) | — | 26,882 | ||||||||||||
Total other non-operating (expense) income | (2,321 | ) | (2,543 | ) | 2,083 | (2,781 | ) | ||||||||||
Income (loss) before income tax expense | 24,689 | (2,671 | ) | 2,083 | 24,101 | ||||||||||||
Income tax expense | 9,318 | — | — | 9,318 | |||||||||||||
Net income (loss) | 15,371 | (2,671 | ) | 2,083 | 14,783 | ||||||||||||
Noncontrolling interests | 14 | — | 588 | 602 | |||||||||||||
Net income (loss) attributable to the Company | $ | 15,385 | $ | (2,671 | ) | $ | 2,671 | $ | 15,385 | ||||||||
For the Six Months Ended June 30, 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 | $ | 220,726 | $ | — | $ | (106 | ) | $ | 220,620 | ||||||||
Total operating expenses | 164,364 | 1,234 | (106 | ) | 165,492 | ||||||||||||
Operating income (loss) | 56,362 | (1,234 | ) | — | 55,128 | ||||||||||||
Total other non-operating income | 11,195 | 8,992 | (7,640 | ) | 12,547 | ||||||||||||
Income before income tax expense | 67,557 | 7,758 | (7,640 | ) | 67,675 | ||||||||||||
Income tax expense | 26,116 | — | — | 26,116 | |||||||||||||
Net income | 41,441 | 7,758 | (7,640 | ) | 41,559 | ||||||||||||
Noncontrolling interests | 40 | — | (118 | ) | (78 | ) | |||||||||||
Net income attributable to the Company | $ | 41,481 | $ | 7,758 | $ | (7,758 | ) | $ | 41,481 | ||||||||
For the Six Months Ended June 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 | $ | 182,256 | $ | — | $ | 52 | $ | 182,308 | |||||||||
Total operating expenses | 134,010 | 264 | 52 | 134,326 | |||||||||||||
Operating income (loss) | 48,246 | (264 | ) | — | 47,982 | ||||||||||||
Total other non-operating expense | (1,165 | ) | (1,691 | ) | 1,610 | (1,246 | ) | ||||||||||
Income (loss) before income tax expense | 47,081 | (1,955 | ) | 1,610 | 46,736 | ||||||||||||
Income tax expense | 17,768 | — | — | 17,768 | |||||||||||||
Net income (loss) | 29,313 | (1,955 | ) | 1,610 | 28,968 | ||||||||||||
Noncontrolling interests | 32 | — | 345 | 377 | |||||||||||||
Net income (loss) attributable to the Company | $ | 29,345 | $ | (1,955 | ) | $ | 1,955 | $ | 29,345 | ||||||||
(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 and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 by fair value hierarchy level were as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Debt securities | $ | — | $ | 112,333 | $ | 450 | $ | 112,783 | |||||||||
Equity securities | 93,332 | 1,164 | — | 94,496 | |||||||||||||
Derivatives | 15 | 31 | — | 46 | |||||||||||||
Total Assets Measured at Fair Value | $ | 93,347 | $ | 113,528 | $ | 450 | $ | 207,325 | |||||||||
Liabilities | |||||||||||||||||
Short sales | $ | 9,024 | $ | 2,020 | $ | — | $ | 11,044 | |||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Debt securities | $ | — | $ | 47,114 | $ | — | $ | 47,114 | |||||||||
Equity securities | 91,940 | — | — | 91,940 | |||||||||||||
Total Assets Measured at Fair Value | $ | 91,940 | $ | 47,114 | $ | — | $ | 139,054 | |||||||||
Consolidated Sponsored Investment Products [Member] | ' | ||||||||||||||||
Reconciliation of Assets Related to Consolidated Sponsored Investment Products | ' | ||||||||||||||||
The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. | |||||||||||||||||
Debt | |||||||||||||||||
securities (a) | |||||||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||||||
Purchases | 450 | ||||||||||||||||
Balance at June 30, 2014 | $ | 450 | |||||||||||||||
(a) | None of the securities in the above table are internally fair valued at June 30, 2014. |
Intangible_Assets_Net_Summary_
Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Definite-lived intangible assets: | ' | ' | ' | ' |
Investment contracts | $157,672 | $157,882 | ' | ' |
Accumulated amortization | -147,506 | -145,665 | ' | ' |
Definite-lived intangible assets, net | 10,166 | 12,217 | ' | ' |
Indefinite-lived intangible assets | 32,416 | 32,416 | ' | ' |
Total intangible assets, net | $42,582 | $44,633 | $46,606 | $48,711 |
Intangible_Assets_Net_Schedule
Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Intangible assets, net, beginning of period | $44,633 | $48,711 |
Amortization | -2,051 | -2,105 |
Intangible assets, net, end of period | $42,582 | $46,606 |
Investments_Summary_of_Investm
Investments - Summary of Investments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ' | ' |
Marketable securities | $56,403 | $28,968 |
Equity method investments | 4,150 | 4,070 |
Nonqualified retirement plan assets | 4,546 | 4,220 |
Total investments | $65,099 | $37,258 |
Investments_Schedule_of_Market
Investments - Schedule of Marketable Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Abstract] | ' | ' |
Cost | $51,333 | $25,937 |
Unrealized Loss | -548 | -849 |
Unrealized Gain | 5,618 | 3,880 |
Fair Value | 56,403 | 28,968 |
Sponsored Funds [Member] | ' | ' |
Marketable Securities [Abstract] | ' | ' |
Cost | 40,403 | 16,079 |
Unrealized Loss | -453 | -704 |
Unrealized Gain | 4,031 | 2,529 |
Fair Value | 43,981 | 17,904 |
Cost | 3,019 | 2,815 |
Unrealized Loss | -95 | -145 |
Unrealized Gain | 265 | 15 |
Fair Value | 3,189 | 2,685 |
Equity Securities [Member] | ' | ' |
Marketable Securities [Abstract] | ' | ' |
Cost | 7,911 | 7,043 |
Unrealized Loss | 0 | 0 |
Unrealized Gain | 1,322 | 1,336 |
Fair Value | $9,233 | $8,379 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Schedule [Abstract] | ' | ' | ' | ' |
Realized gains on trading securities | $3.60 | $0.20 | $4.50 | $0.30 |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | $167,586 | $270,262 |
Other investments, nonqualified retirement plan assets | 4,546 | 4,220 |
Total assets measured at fair value | 228,535 | 303,450 |
Sponsored Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 43,981 | 17,904 |
Marketable securities available for sale | 3,189 | 2,685 |
Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 9,233 | 8,379 |
Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | 4,546 | 4,220 |
Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | 167,586 | 270,262 |
Total assets measured at fair value | 228,535 | 303,450 |
Level 1 [Member] | Sponsored Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 43,981 | 17,904 |
Marketable securities available for sale | 3,189 | 2,685 |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 9,233 | 8,379 |
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | 4,546 | 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 Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 0 | ' |
Marketable securities available for sale | 0 | ' |
Level 2 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 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 Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 0 | ' |
Marketable securities available for sale | 0 | ' |
Level 3 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 0 | ' |
Level 3 [Member] | Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | $0 | ' |
Treasury_Stock_and_Dividends_A
Treasury Stock and Dividends - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 43 Months Ended | ||
15-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Treasury stock, shares acquired | ' | ' | ' | 66,913 | 80,000 | 416,913 |
Weighted average purchase price per share | ' | ' | ' | $186.77 | $187.03 | $119.74 |
Total cost of treasury shares acquired | ' | ' | ' | $12,500,000 | $15,000,000 | $49,900,000 |
Common stock remaining authorized for repurchase | ' | 283,087 | ' | 283,087 | ' | 283,087 |
Cash dividends declared per share | $0.45 | $0.45 | $0 | $0.45 | $0 | ' |
Dividend, record date | ' | ' | ' | 31-Jul-14 | ' | ' |
Dividend, to be paid date | ' | ' | ' | 14-Aug-14 | ' | ' |
Dividends payable | ' | $4,179,000 | $0 | $4,179,000 | $0 | $4,179,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($150) | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 122 | -94 | 185 | 139 |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | -11 | -18 | 13 | -18 |
Other comprehensive income (loss) | 111 | -112 | 198 | 121 |
Ending Balance | 48 | ' | 48 | ' |
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 | ' | ' | 185 | 139 |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | ' | ' | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 185 | 139 |
Ending Balance | -46 | -148 | -46 | -148 |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 81 | 0 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 0 | 0 |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | ' | ' | 13 | -18 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 13 | -18 |
Ending Balance | $94 | ($18) | $94 | ($18) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | ($75) | $57 | ($115) | $178 |
Other comprehensive income (loss) before reclassifications, tax | 8 | 11 | -7 | 11 |
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | ' | ' | -115 | 178 |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | ' | ' | $7 | $11 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares of common stock available for issuance | 433,130 | ' | 433,130 | ' |
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 | ' | ' | $9,271,000 | $7,172,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
RSUs paid to settle tax withholding obligations | ' | ' | 49,819 | 36,427 |
Taxes paid related to net share settlement of restricted stock units | ' | ' | 9,300,000 | 7,200,000 |
Unamortized stock-based compensation expense | 16,300,000 | 13,300,000 | 16,300,000 | 13,300,000 |
Weighted-average remaining amortization period | ' | ' | '1 year 7 months 6 days | '1 year 6 months |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Contractual life in years | ' | ' | '1 year | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Contractual life in years | ' | ' | '3 years | ' |
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 | 2,900,000 | 2,600,000 | 4,500,000 | 4,000,000 |
Unamortized stock-based compensation expense | $0 | $100,000 | $0 | $100,000 |
Weighted-average remaining amortization period | ' | ' | ' | '7 months 6 days |
Stockbased_Compensation_Summar
Stock-based Compensation - Summary of Restricted Stock Units Activity (Detail) (Restricted Stock Units [Member], USD $) | 6 Months Ended |
Jun. 30, 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 | 70,302 |
Number of Shares, Forfeited | -10,966 |
Number of Shares, Settled | -115,084 |
Number of Shares, Ending Balance | 178,015 |
Weighted Average Grant Date Fair Value, Beginning Balance | $87.97 |
Weighted Average Grant Date Fair Value, Granted | $183.98 |
Weighted Average Grant Date Fair Value, Forfeited | $132.15 |
Weighted Average Grant Date Fair Value, Settled | $60.74 |
Weighted Average Grant Date Fair Value, Ending Balance | $140.77 |
Stockbased_Compensation_Summar1
Stock-based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 6 Months Ended |
Jun. 30, 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 | -14,270 |
Number of Shares, Forfeited | 0 |
Number of Shares, Ending Balance | 175,890 |
Weighted Average Exercise Price, Beginning Balance | $20.11 |
Weighted Average Exercise Price, Granted | $0 |
Weighted Average Exercise Price, Exercised | $28.33 |
Weighted Average Exercise Price, Forfeited | $0 |
Weighted Average Exercise Price, Ending Balance | $19.44 |
Earnings_per_Share_Schedule_of
Earnings per Share - Schedule of Computation of Basic and Diluted EPS (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 15-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Net Income | ' | $19,792 | $14,783 | $41,559 | $28,968 |
Noncontrolling interests | ' | -249 | 602 | -78 | 377 |
Net Income Attributable to Common Stockholders | ' | $19,543 | $15,385 | $41,481 | $29,345 |
Shares: | ' | ' | ' | ' | ' |
Basic: Weighted-average number of shares outstanding | ' | 9,133 | 7,821 | 9,125 | 7,821 |
Plus: Incremental shares from assumed conversion of dilutive instruments | ' | 192 | 237 | 218 | 252 |
Diluted: Weighted-average number of shares outstanding | ' | 9,325 | 8,058 | 9,343 | 8,073 |
Earnings per share - basic | ' | $2.14 | $1.97 | $4.55 | $3.75 |
Earnings per share - diluted | ' | $2.10 | $1.91 | $4.44 | $3.64 |
Cash dividends declared per share | $0.45 | $0.45 | $0 | $0.45 | $0 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share | 9,275 | 0 | 0 |
Consolidated_Sponsored_Investm2
Consolidated Sponsored Investment Products - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Funds | Funds | Funds | ||
Investments [Abstract] | ' | ' | ' | ' |
Number of consolidated sponsored investment products | 11 | 11 | 8 | ' |
Number of additional consolidated sponsored investment product | ' | 4 | ' | ' |
Number of deconsolidated sponsored investment product | ' | 1 | ' | ' |
Changes in market value of investments | $0 | $0 | ' | ' |
Fair value, equity, Level 1 to Level 2 transfers, amount | $0 | $0 | ' | $0 |
Consolidated_Sponsored_Investm3
Consolidated Sponsored Investment Products - Balances of Consolidated Sponsored Investment Products (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Total cash | $12,319 | $531 |
Total investments | 207,279 | 139,054 |
All other assets | 3,285 | 9,595 |
Total liabilities | -16,011 | -8,435 |
Redeemable noncontrolling interests | -10,397 | -42,186 |
Company's net interests in consolidated sponsored investment products | $196,475 | $98,559 |
Consolidated_Sponsored_Investm4
Consolidated Sponsored Investment Products - Condensed Consolidated Balance Sheets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total cash | $170,367 | $271,014 |
Total investments | 65,099 | 37,258 |
All other assets | 15,584 | 15,724 |
Total assets | 640,679 | 644,954 |
Total liabilities | 115,855 | 109,900 |
Redeemable noncontrolling interests | 10,397 | 42,186 |
Equity attributable to stockholders of the Company | 514,529 | 492,930 |
Non-redeemable noncontrolling interests | -102 | -62 |
Total liabilities and equity | 640,679 | 644,954 |
Balances as Reported in Consolidated Balance Sheet [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total cash | 182,686 | 271,545 |
Total investments | 272,378 | 176,312 |
All other assets | 185,615 | 197,097 |
Total assets | 640,679 | 644,954 |
Total liabilities | 115,855 | 109,900 |
Redeemable noncontrolling interests | 10,397 | 42,186 |
Equity attributable to stockholders of the Company | 514,529 | 492,930 |
Non-redeemable noncontrolling interests | -102 | -62 |
Total liabilities and equity | 640,679 | 644,954 |
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total cash | 170,367 | 271,014 |
Total investments | 261,414 | 135,692 |
All other assets | 182,490 | 187,627 |
Total assets | 614,271 | 594,333 |
Total liabilities | 99,844 | 101,465 |
Redeemable noncontrolling interests | 0 | ' |
Equity attributable to stockholders of the Company | 514,529 | 492,930 |
Non-redeemable noncontrolling interests | -102 | -62 |
Total liabilities and equity | 614,271 | 594,333 |
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total cash | 12,319 | 531 |
Total investments | 207,279 | 139,054 |
All other assets | 3,285 | 9,595 |
Total assets | 222,883 | 149,180 |
Total liabilities | 16,171 | 8,560 |
Redeemable noncontrolling interests | 0 | ' |
Equity attributable to stockholders of the Company | 206,712 | 140,620 |
Non-redeemable noncontrolling interests | 0 | ' |
Total liabilities and equity | 222,883 | 149,180 |
Eliminations and Adjustments [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total cash | 0 | ' |
Total investments | -196,315 | -98,434 |
All other assets | -160 | -125 |
Total assets | -196,475 | -98,559 |
Total liabilities | -160 | -125 |
Redeemable noncontrolling interests | 10,397 | 42,186 |
Equity attributable to stockholders of the Company | -206,712 | -140,620 |
Non-redeemable noncontrolling interests | 0 | ' |
Total liabilities and equity | ($196,475) | ($98,559) |
Consolidated_Sponsored_Investm5
Consolidated Sponsored Investment Products - Condensed Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Total operating revenues | $112,749 | $96,140 | $220,620 | $182,308 |
Total operating expenses | 90,247 | 69,258 | 165,492 | 134,326 |
Operating income (loss) | 22,502 | 26,882 | 55,128 | 47,982 |
Total other non-operating income (expense) | 9,396 | -2,781 | 12,547 | -1,246 |
Income Before Income Taxes | 31,898 | 24,101 | 67,675 | 46,736 |
Income tax expense | 12,106 | 9,318 | 26,116 | 17,768 |
Net income (loss) | 19,792 | 14,783 | 41,559 | 28,968 |
Noncontrolling interests | -249 | 602 | -78 | 377 |
Net income (loss) attributable to the Company | 19,543 | 15,385 | 41,481 | 29,345 |
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Total operating revenues | 112,871 | 96,135 | 220,726 | 182,256 |
Total operating expenses | 89,450 | 69,125 | 164,364 | 134,010 |
Operating income (loss) | 23,421 | 27,010 | 56,362 | 48,246 |
Total other non-operating income (expense) | 8,198 | -2,321 | 11,195 | -1,165 |
Income Before Income Taxes | 31,619 | 24,689 | 67,557 | 47,081 |
Income tax expense | 12,106 | 9,318 | 26,116 | 17,768 |
Net income (loss) | 19,513 | 15,371 | 41,441 | 29,313 |
Noncontrolling interests | 30 | 14 | 40 | 32 |
Net income (loss) attributable to the Company | 19,543 | 15,385 | 41,481 | 29,345 |
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Total operating revenues | 0 | ' | 0 | ' |
Total operating expenses | 919 | 128 | 1,234 | 264 |
Operating income (loss) | -919 | -128 | -1,234 | -264 |
Total other non-operating income (expense) | 8,082 | -2,543 | 8,992 | -1,691 |
Income Before Income Taxes | 7,163 | -2,671 | 7,758 | -1,955 |
Income tax expense | 0 | ' | 0 | ' |
Net income (loss) | 7,163 | -2,671 | 7,758 | -1,955 |
Noncontrolling interests | 0 | ' | 0 | ' |
Net income (loss) attributable to the Company | 7,163 | -2,671 | 7,758 | -1,955 |
Eliminations and Adjustments [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Total operating revenues | -122 | 5 | -106 | 52 |
Total operating expenses | -122 | 5 | -106 | 52 |
Operating income (loss) | 0 | ' | 0 | ' |
Total other non-operating income (expense) | -6,884 | 2,083 | -7,640 | 1,610 |
Income Before Income Taxes | -6,884 | 2,083 | -7,640 | 1,610 |
Income tax expense | 0 | ' | 0 | ' |
Net income (loss) | -6,884 | 2,083 | -7,640 | 1,610 |
Noncontrolling interests | -279 | 588 | -118 | 345 |
Net income (loss) attributable to the Company | ($7,163) | $2,671 | ($7,758) | $1,955 |
Consolidated_Sponsored_Investm6
Consolidated Sponsored Investment Products - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 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 | $207,279 | $139,054 |
Debt Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 112,783 | 47,114 |
Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 94,496 | 91,940 |
Derivatives [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 46 | ' |
Short Sales [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 11,044 | ' |
Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 93,347 | 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 | 93,332 | 91,940 |
Level 1 [Member] | Derivatives [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 15 | ' |
Level 1 [Member] | Short Sales [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 9,024 | ' |
Level 2 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 113,528 | 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 | 112,333 | 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 | 1,164 | ' |
Level 2 [Member] | Derivatives [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 31 | ' |
Level 2 [Member] | Short Sales [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 2,020 | ' |
Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 450 | ' |
Level 3 [Member] | Debt Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 450 | ' |
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 | ' |
Level 3 [Member] | Derivatives [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 0 | ' |
Level 3 [Member] | Short Sales [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | $0 | ' |
Consolidated_Sponsored_Investm7
Consolidated Sponsored Investment Products - Reconciliation of Assets Related to Consolidated Sponsored Investment Products (Detail) (Debt Securities [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Debt Securities [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Beginning balance | $0 |
Purchases | 450 |
Ending balance | $450 |