Virtus Investment Partners (VRTS) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 22, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	VRTS
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Central Index Key	883,237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		8,667,666

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 128,847	$ 203,304
Investments	55,225	63,448
Accounts receivable, net	40,107	49,721
Furniture, equipment, and leasehold improvements, net	9,042	7,193
Intangible assets, net	41,672	41,783
Goodwill	6,649	5,260
Deferred taxes, net	59,700	60,162
Total assets	826,763	698,773
Liabilities:
Accrued compensation and benefits	38,206	54,815
Accounts payable and accrued liabilities	39,739	31,627
Dividends payable	4,258	4,270
Other liabilities	12,805	9,082
Total liabilities	$ 237,538	$ 112,350
Commitments and Contingencies (Note 12)
Redeemable noncontrolling interests	$ 49,895	$ 23,071
Equity attributable to stockholders:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,611,575 shares issued and 8,667,666 shares outstanding at September 30, 2015 and 9,551,274 shares issued and 8,975,833 shares outstanding at December 31, 2014	96	96
Additional paid-in capital	1,142,182	1,148,908
Accumulated deficit	(479,051)	(507,521)
Accumulated other comprehensive loss	(902)	(242)
Treasury stock, at cost, 943,909 and 575,441 shares at September 30, 2015 and December 31, 2014, respectively	(122,699)	(77,699)
Total equity attributable to stockholders	539,626	563,542
Noncontrolling interests	(296)	(190)
Total equity	539,330	563,352
Total liabilities and equity	826,763	698,773
Parent Company [Member]
Assets:
Cash and cash equivalents	126,470	202,847
Investments	55,225	63,448
Other assets	17,241	16,060
Consolidated Sponsored Investment Products [Member]
Assets:
Cash and cash equivalents	16,732	8,687
Cash	2,257	457
Cash pledged or on deposit	14,475	8,230
Investments	311,429	236,652
Other assets	10,494	6,960
Liabilities:
Total liabilities	29,849	12,556
Redeemable noncontrolling interests	49,895	23,071
Consolidated Investment Product [Member]
Assets:
Cash equivalents	120	0
Investments	131,862
Investments and other assets of consolidated investment product	131,882	0
Other assets	20
Liabilities:
Debt of consolidated investment product	9,140	0
Securities purchased payable of consolidated investment product	$ 103,541	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in $ per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	9,611,575	9,551,274
Common stock, shares outstanding (in shares)	8,667,666	8,975,833
Treasury stock, shares (in shares)	943,909	575,441

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Investment management fees	$ 64,891	$ 78,960	$ 204,254	$ 225,289
Distribution and service fees	15,587	23,671	52,820	70,049
Administration and transfer agent fees	11,614	14,804	37,233	41,819
Other income and fees	283	406	1,555	1,304
Total revenues	92,375	117,841	295,862	338,461
Operating Expenses
Employment expenses	33,504	35,246	102,719	105,756
Distribution and other asset-based expenses	21,717	29,180	69,900	96,139
Other operating expenses	11,165	11,288	51,403	34,952
Restructuring and severance	0	294	0	294
Depreciation and other amortization	910	713	2,562	2,040
Amortization expense	837	947	2,511	2,851
Total operating expenses	69,253	78,914	231,990	244,406
Operating Income	23,122	38,927	63,872	94,055
Other Income (Expense)
Realized and unrealized (loss) gain on investments, net	(2,082)	(1,039)	(1,194)	1,712
Other income, net	141	233	823	573
Total other (expense) income, net	(20,281)	(6,136)	(19,363)	3,435
Interest Income (Expense)
Interest expense	(138)	(149)	(382)	(412)
Interest and dividend income	324	326	906	1,053
Total interest income, net	3,125	2,399	8,885	5,375
Income Before Income Taxes	5,966	35,190	53,394	102,865
Income tax expense (benefit)	9,669	(1,805)	28,360	24,311
Net (Loss) Income	(3,703)	36,995	25,034	78,554
Noncontrolling interests	3,054	345	3,436	267
Net (Loss) Income Attributable to Common Stockholders	$ (649)	$ 37,340	$ 28,470	$ 78,821
(Loss) Earnings per share—Basic (in $ per share)	$ (0.07)	$ 4.10	$ 3.21	$ 8.65
(Loss) Earnings per Share—Diluted (in $ per share)	(0.07)	4.02	3.15	8.46
Cash Dividends Declared per Share (in $ per share)	$ 0.45	$ 0.45	$ 1.35	$ 0.90
Weighted Average Shares Outstanding—Basic (in shares)	8,775	9,096	8,876	9,115
Weighted Average Shares Outstanding—Diluted (in shares)	8,775	9,279	9,039	9,322
Consolidated Sponsored Investment Products [Member]
Operating Expenses
Other operating expenses	$ 1,120	$ 1,246	$ 2,895	$ 2,374
Other Income (Expense)
Realized and unrealized (loss) gain on investments, net	(17,619)	(5,330)	(18,271)	1,150
Interest Income (Expense)
Interest and dividend income	2,898	2,222	8,320	4,734
Consolidated Investment Product [Member]
Other Income (Expense)
Realized and unrealized (loss) gain on investments, net	(764)	0	(764)	0
Other income, net	43	0	43	0
Interest Income (Expense)
Interest and dividend income	$ 41	$ 0	$ 41	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (3,703)	$ 36,995	$ 25,034	$ 78,554
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of ($28) and $56 for the three months ended September 30, 2015 and 2014, respectively and $167 and $49 for the nine months ended September 30, 2015 and 2014, respectively	49	(93)	(271)	(80)
Unrealized (loss) gain on available-for-sale securities, net of tax of ($35) and $60 for the three months ended September 30, 2015 and 2014, respectively and $26 and $(55) for the nine months ended September 30, 2015 and 2014, respectively	(290)	(95)	(389)	90
Other comprehensive (loss) income	(241)	(188)	(660)	10
Comprehensive (loss) income	(3,944)	36,807	24,374	78,564
Comprehensive loss attributable to noncontrolling interests	3,054	345	3,436	267
Comprehensive (Loss) Income Attributable to Common Stockholders	$ (890)	$ 37,152	$ 27,810	$ 78,831

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit (expense)	$ (28)	$ 56	$ 167	$ 49
Unrealized (loss) gain on available-for-sale securities, tax benefit (expense)	$ (35)	$ 60	$ 26	$ (55)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 25,034	$ 78,554
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	5,241	5,055
Stock-based compensation	9,166	7,021
Excess tax benefits from stock-based compensation	(1,515)	(25,089)
Amortization of deferred commissions	6,903	14,032
Payments of deferred commissions	(2,585)	(11,761)
Equity in earnings of equity method investments, net	(804)	(295)
Realized and unrealized losses (gains) on trading securities, net	1,490	(1,712)
Sales (purchases) of trading securities, net	9,945	24,996
Deferred taxes, net	655	4,826
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	4,101	(17,776)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(8,102)	8,424
Net cash used in operating activities	(56,951)	(102,288)
Cash Flows from Investing Activities:
Capital expenditures	(3,723)	(1,814)
Asset acquisitions and purchases of other investments	(1,617)	(5,000)
Cash acquired in business combination	89	0
Purchases of available-for-sale securities	(168)	(260)
Net cash used in investing activities	(5,419)	(7,440)
Cash Flows from Financing Activities:
Dividends paid	(12,146)	(4,104)
Repurchases of common shares	(45,000)	(26,257)
Proceeds from exercise of stock options	70	660
Taxes paid related to net share settlement of restricted stock units	(5,080)	(9,512)
Excess tax benefits from stock-based compensation	1,515	25,089
Contributions of noncontrolling interests, net	38,747	24,871
Net cash (used in) provided by financing activities	(12,087)	11,947
Net decrease in cash and cash equivalents	(74,457)	(97,781)
Cash and cash equivalents, beginning of period	203,304	271,545
Cash and Cash Equivalents, End of Period	128,847	173,764
Non-Cash Investing Activities:
Change in accrual for capital expenditures	(313)	97
Investment in acquired business	4,800	0
Non-Cash Financing Activities:
Decrease to noncontrolling interest due to consolidation (deconsolidation) of consolidated sponsored investment products, net	(8,640)	(44,613)
Dividends payable	4,258	4,229
Consolidated Sponsored Investment Products [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized losses (gains) on trading securities, net	21,611	(1,247)
Sales (purchases) of trading securities, net	(96,222)	(184,584)
Sales of securities sold short by consolidated sponsored investment products, net	3,534	10,461
Changes in operating assets and liabilities:
Cash pledged or on deposit of consolidated sponsored investment products	(6,912)	(12,492)
Other assets of consolidated sponsored investment products	(1,649)	(1,502)
Liabilities of consolidated sponsored investment products	1,499	801
Cash Flows from Investing Activities:
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation	0	(366)
Cash Flows from Financing Activities:
Borrowings of proceeds from short sales by consolidated sponsored investment products	831	1,200
Payments on borrowings by consolidated sponsored investment products	(164)	0
Cash and cash equivalents, beginning of period	8,687
Cash and Cash Equivalents, End of Period	16,732
Consolidated Investment Product [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized losses (gains) on trading securities, net	764	0
Sales (purchases) of trading securities, net	(29,085)	0
Changes in operating assets and liabilities:
Liabilities and other assets of consolidated investment product, net	(20)	0
Cash Flows from Financing Activities:
Borrowings of debt of consolidated investment product	$ 9,140	$ 0

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Attributed To Shareholders [Member]	Non-controlling Interests [Member]	Redeemable Non-controlling Interests [Member]
Beginning Balance at Dec. 31, 2013	$ 492,868	$ 95	$ 1,135,644	$ (605,221)	$ (150)	$ (37,438)	$ 492,930	$ (62)	$ 42,186
Beginning Balance (in shares) at Dec. 31, 2013		9,105,521				350,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	78,737			78,821			78,821	(84)	(183)
Net unrealized gain (loss) on securities available-for-sale	90				90		90
Foreign currency translation adjustments	(80)				(80)		(80)
Activity of noncontrolling interests, net									(19,738)
Cash dividends declared	(8,333)		(8,333)				(8,333)
Repurchases of common shares	$ (26,257)					$ (26,257)	(26,257)
Repurchases of common shares (in shares)	136,874	136,874				136,874
Issuance of common shares related to employee stock transactions	$ 1,224		1,224				1,224
Issuance of common shares related to employee stock transactions (in shares)		90,731
Taxes paid on stock-based compensation	(9,512)		(9,512)				(9,512)
Stock-based compensation	6,604		6,604				6,604
Excess tax benefits from stock-based compensation	25,089		25,089				25,089
Ending Balance at Sep. 30, 2014	560,430	$ 95	1,150,716	(526,400)	(140)	$ (63,695)	560,576	(146)	22,265
Ending Balance (in shares) at Sep. 30, 2014		9,059,378				486,874
Beginning Balance at Dec. 31, 2014	563,352	$ 96	1,148,908	(507,521)	(242)	$ (77,699)	563,542	(190)	23,071
Beginning Balance (in shares) at Dec. 31, 2014		8,975,833				575,441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,364			28,470			28,470	(106)	(3,330)
Net unrealized gain (loss) on securities available-for-sale	(389)				(389)		(389)
Foreign currency translation adjustments	(271)				(271)		(271)
Activity of noncontrolling interests, net									30,154
Cash dividends declared	(12,136)		(12,136)				(12,136)
Repurchases of common shares	$ (45,000)					$ (45,000)	(45,000)
Repurchases of common shares (in shares)	368,468	368,468				368,468
Issuance of common shares related to employee stock transactions	$ 796		796				796
Issuance of common shares related to employee stock transactions (in shares)		60,301
Taxes paid on stock-based compensation	(5,080)		(5,080)				(5,080)
Stock-based compensation	8,656		8,656				8,656
Excess tax benefits from stock-based compensation	1,038		1,038				1,038
Ending Balance at Sep. 30, 2015	$ 539,330	$ 96	$ 1,142,182	$ (479,051)	$ (902)	$ (122,699)	$ 539,626	$ (296)	$ 49,895
Ending Balance (in shares) at Sep. 30, 2015		8,667,666				943,909

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended					9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.35	$ 0.90

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Virtus Investment Partners, Inc. (the “Company,” “we,” “us,” “our” or “Virtus”), a Delaware corporation, operates in the investment management industry through its subsidiaries. The Company provides investment management and related services to individuals and institutions 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, exchange traded funds (“ETFs”) and separately managed accounts. Institutional investment management services are provided primarily to corporations, multi-employer retirement funds, employee retirement systems, foundations, endowments and subadvisory accounts.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . We have reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. 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, referred to as consolidated sponsored investment products or consolidated investment product. 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 Notes 13, 14 and 15 for additional information related to the consolidation of sponsored investment products and the investment product. 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 the 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 of the equity holders. If any entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. 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, 2014 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in the 2014 Annual Report on Form 10-K. New Accounting Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU2015-3"), which changes the presentation of debt issuance costs in the balance sheet. The new guidance requires that debt issuance costs be presented as a deduction from the carrying amount of the related debt rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. In August 2015, the FASB issued ASU 2015-15 to amend ASU 2015-03 to address line-of-credit agreements. ASU 2015-15 allows entities to present debt issuance costs related to line-of-credit agreements as an asset and amortize deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. The new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015 and requires retrospective application for each prior period presented. Early adoption is permitted for financial statements that have not been previously issued. This standard is not expected to have a material impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) . This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015 and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its financial statements, as well as the available transition methods. In August 2014, the FASB issued ASU No. 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”) (“ASU 2014-13”). This new guidance requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. It permits entities to make an accounting policy election to apply this same measurement approach after initial consolidation or to apply other GAAP to account for the consolidated CFE’s financial assets and financial liabilities. It also prohibits all entities from electing to use the fair value option in ASC 825, Financial Instruments, to measure either the financial assets or financial liabilities of a consolidated CFE that is within the scope of this issue. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods therein. Early adoption is permitted using a modified retrospective transition approach as described in the pronouncement. The Company has not yet adopted ASU 2014-13 and is currently evaluating the impact ASU 2014-13 is expected to have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 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. In July 2015, the FASB confirmed a deferral of the effective date by one year, with early adoption on the original effective date permitted. As deferred, ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company has not yet adopted ASU 2014-09 and is currently evaluating the impact ASU 2014-09 is expected to have on its consolidated financial statements.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: September 30, 2015 December 31, 2014 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (151,891 ) (149,380 ) Definite-lived intangible assets, net 6,856 9,367 Indefinite-lived intangible assets 34,816 32,416 Total intangible assets, net $ 41,672 $ 41,783 Activity in intangible assets, net is as follows: Nine Months Ended September 30, 2015 2014 ($ in thousands) Intangible assets, net Balance, beginning of period $ 41,783 $ 44,633 Additions 2,400 1,075 Amortization (2,511 ) (2,998 ) Balance, end of period $ 41,672 $ 42,710

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments Schedule [Abstract]
Investments	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 13 and the assets of the consolidated investment product discussed in Note 14, at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, ($ in thousands) Marketable securities $ 40,136 $ 50,251 Equity method investments 9,194 7,209 Nonqualified retirement plan assets 4,970 5,063 Other investments 925 925 Total investments $ 55,225 $ 63,448 Marketable Securities The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: September 30, 2015 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 32,079 $ (1,829 ) $ 288 $ 30,538 Equity securities 7,236 (648 ) 57 6,645 Available-for-sale: Sponsored closed-end funds 3,297 (344 ) — 2,953 Total marketable securities $ 42,612 $ (2,821 ) $ 345 $ 40,136 December 31, 2014 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 39,079 $ (1,190 ) $ 423 $ 38,312 Equity securities 8,421 — 319 8,740 Available-for-sale: Sponsored closed-end funds 3,129 (163 ) 233 3,199 Total marketable securities $ 50,629 $ (1,353 ) $ 975 $ 50,251 For the three and nine months ended September 30, 2015 , the Company recognized a net realized loss of $0.5 million and a net realized gain of $0.4 million , respectively, on trading securities, and for the three and nine months ended September 30, 2014 , the Company recognized a net realized gain of $1.7 million and $6.2 million , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product discussed in Notes 13 and 14, respectively as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 80,950 $ — $ — $ 80,950 Marketable securities trading: Sponsored funds 30,538 — — 30,538 Equity securities 6,645 — — 6,645 Marketable securities available-for-sale: Sponsored closed-end funds 2,953 — — 2,953 Other investments: Nonqualified retirement plan assets 4,970 — — 4,970 Total assets measured at fair value $ 126,056 $ — $ — $ 126,056 December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 202,054 $ — $ — $ 202,054 Marketable securities trading: Sponsored funds 38,312 — — 38,312 Equity securities 8,740 — — 8,740 Marketable securities available-for-sale: Sponsored closed-end funds 3,199 — — 3,199 Other investments Nonqualified retirement plan assets 5,063 — — 5,063 Total assets measured at fair value $ 257,368 $ — $ — $ 257,368 The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end 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 on 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, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value. There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2015 and 2014 .

Equity Transactions

Equity Transactions	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity Transactions	Equity Transactions During the nine months ended September 30, 2015 and 2014 , the Company repurchased 368,468 and 136,874 common shares, respectively, at a weighted average price of $122.09 and $191.79 per share, respectively, plus transaction costs for a total cost of approximately $45.0 million and $26.3 million , respectively. The Company has repurchased a total of 943,909 shares of common stock at a weighted average price of $129.95 per share plus transaction costs for a total cost of $122.7 million under its share repurchase program. At September 30, 2015 , there were 256,091 shares of common stock available to repurchase under the Company’s current share repurchase program. The Board of Directors declared cash dividends of $0.45 per share in each of the first three quarters of 2015 and the second and third quarters of 2014 . Total dividends declared were $12.1 million and $8.3 million for the nine months ended September 30, 2015 and 2014 , respectively. At September 30, 2015 , dividends payable of $4.3 million represented the third quarter dividend to be paid on November 13, 2015 to all shareholders of record on October 30, 2015 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2015 and 2014 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net losses on securities available-for-sale, net of tax of $26 (389 ) — Foreign currency translation adjustments, net of tax of $167 — (271 ) Amounts reclassified from accumulated other comprehensive income (loss) — — Net current-period other comprehensive loss (389 ) (271 ) Balance September 30, 2015 $ (496 ) $ (406 ) Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2013 $ (231 ) $ 81 Unrealized net gains on securities available-for-sale, net of tax of ($55) 90 — Foreign currency translation adjustments, net of tax of $49 — (80 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income (loss) 90 (80 ) Balance September 30, 2014 $ (141 ) $ 1

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation The Company has an Omnibus Incentive and Equity Plan (the “Plan”) under which officers, employees and directors may be granted equity-based awards, including restricted stock units (“RSUs”), stock options and unrestricted shares of common stock. At September 30, 2015 , 306,275 shares of common stock remained 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 nine months ended September 30, 2015 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2014 179,936 $ 143.25 Granted 116,295 $ 134.46 Forfeited (493 ) $ 175.16 Settled (87,410 ) $ 102.00 Outstanding at September 30, 2015 208,328 $ 155.57 For the nine months ended September 30, 2015 and 2014 , a total of 37,488 and 50,952 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $5.1 million and $9.5 million for the nine months ended September 30, 2015 and 2014 , respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the nine months ended September 30, 2015 and 2014 , the Company granted 33,632 and 30,101 RSUs, respectively, each of which contains two performance based metrics in addition to a service condition. The two performance metrics are based on the Company’s growth in operating income, as adjusted, relative to peers, over a one-year period and total shareholder return (“TSR”) relative to peers over a three-year period. For the nine months ended September 30, 2015 and 2014 , total stock-based compensation expense included $1.8 million and $0.9 million for these performance contingent RSUs, respectively. The Company recognized total stock compensation expense of $2.7 million and $2.5 million , respectively, and $9.2 million and $7.0 million , respectively, for the three and nine months ended September 30, 2015 and 2014 . As of September 30, 2015 , unamortized stock-based compensation expense for unvested RSUs was $19.3 million , with a weighted-average remaining amortization period of 1.9 years. Stock Options Stock option activity for the nine months ended September 30, 2015 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 162,824 $ 18.79 Granted — $ — Exercised (4,675 ) $ 15.27 Forfeited — $ — Outstanding at September 30, 2015 158,149 $ 18.89

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 ($ in thousands, except per share amounts) Net (Loss) Income $ (3,703 ) $ 36,995 $ 25,034 $ 78,554 Noncontrolling interests 3,054 345 3,436 267 Net (Loss) Income Attributable to Common Stockholders $ (649 ) $ 37,340 $ 28,470 $ 78,821 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 8,775 9,096 8,876 9,115 Plus: Incremental shares from assumed conversion of dilutive instruments — 183 163 207 Diluted: Weighted-average number of shares outstanding 8,775 9,279 9,039 9,322 (Loss) Earnings per Share—Basic $ (0.07 ) $ 4.10 $ 3.21 $ 8.65 (Loss) Earnings per Share—Diluted $ (0.07 ) $ 4.02 $ 3.15 $ 8.46 For the three and nine months ended September 30, 2015 , there were 323,570 and 2,028 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, because the effect would be anti-dilutive. For each of the three and nine months ended September 30, 2014 , there were zero instruments excluded from the above computation of weighted-average shares for diluted EPS.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combination	Business Combination On April 10, 2015, the Company made an investment of approximately $4.8 million for a majority ownership position in Virtus ETF Solutions (“VES”), formerly known as ETF Issuer Solutions. VES is a New York City-based company that operates a platform for listing, operating, and distributing exchange-traded funds. The transaction was accounted for under Accounting Standards Codification (“ASC”) 805 “ Business Combinations .” Goodwill of $1.4 million and other intangible assets of $2.4 million were recorded as a result of this transaction. The impact of this transaction was not material to the Company’s condensed consolidated financial statements.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, as compared to those forecasted at the beginning of the fiscal year and each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 53.1% and 23.6% for the nine months ended September 30, 2015 and 2014 , respectively. The year-over-year increase in the estimated effective tax rate was primarily due to changes in the valuation allowance related to the unrealized loss position on the Company’s marketable securities, as well as a tax benefit recognized during the period ended September 30, 2014 related to the settlement of an audit of the Company's 2011 federal corporate income tax return.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is regularly involved in litigation and arbitration as well as examinations, inquiries and investigations by various regulatory bodies, including the SEC, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, Loss Contingencies . The disclosures, accruals or estimates, if any, resulting from the foregoing analysis are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. Other than as described herein, based on information currently available, available insurance coverage and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or its consolidated financial condition. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any claim, dispute, regulatory examination or investigation or other legal matter will reflect the ultimate outcome and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. Regulatory Matter As previously disclosed, in December 2014 the SEC announced a settlement with F-Squared Investments (“F-Squared”), an unaffiliated former subadviser, which settled charges that F-Squared had violated the federal securities laws as described in Investment Advisers Act Release No. 3988. The settlement related to F-Squared’s inaccurate performance information for the period of April 2001 through September 2008, including indices that certain Virtus mutual funds tracked beginning in September 2009 and January 2011. As part of the SEC’s non-public, confidential investigation of this matter, the SEC staff informed the Company that it was inquiring into whether the Company had violated securities laws or regulations with respect to F-Squared’s historical performance information. Although the Company has not received a Wells Notice in connection with the investigation, the Company has been in active discussions with the SEC staff and has reached an agreement in principle with the SEC staff to settle this matter. Under the terms of the proposed settlement, the Company would pay a total of $16.5 million , which is consistent with the loss contingency previously recorded and disclosed by the Company. This agreement in principle is subject to review and approval by the Commission. As referenced above, pursuant to ASC 450 - Loss Contingencies, the Company had previously recorded a total pre-tax loss contingency of $16.5 million and a related potential income tax benefit of $5.5 million for a net impact of $11.0 million related to this matter; however, the Company cannot assure you that the Commission will approve the proposed settlement agreement, that any final settlement will not have different or additional material terms, that any associated loss will not exceed the aggregate loss contingency recorded or that a final resolution of this matter will be reached. In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al On February 20, 2015, a putative class action complaint alleging violation of the federal securities laws was filed by an individual shareholder against the Company and certain of the Company’s current officers (the “defendants”) in the United States District Court for the Southern District of New York. On April 21, 2015, three plaintiffs, including the original plaintiff, filed motions to be appointed lead plaintiff. On June 9, 2015, the court entered an order appointing Arkansas Teachers Retirement System lead plaintiff. On August 21, 2015, plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint. The Consolidated Complaint was purportedly filed on behalf of all purchasers of the Company’s common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds subadvised by F-Squared. The Consolidated Complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5. The plaintiff seeks to recover unspecified damages. The Company believes that the suit is without merit and intends to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the Company and the other defendants on October 21, 2015. The Company believes that there is not a material loss that is probable and reasonably estimable related to this claim. Mark Youngers v. Virtus Investment Partners, Inc. et al On May 8, 2015, a putative class action complaint alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California by an individual who alleges he is a former shareholder of one of the Virtus mutual funds formerly subadvised by F-Squared and formerly known as the AlphaSector Funds. The complaint purports to allege claims against the Company, certain of the Company’s officers and affiliates, and certain other parties (the “defendants”). The complaint was purportedly filed on behalf of purchasers of the AlphaSector Funds between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On June 7, 2015, a group of three individuals, including the original plaintiff, filed a motion to be appointed lead plaintiff. No other motions to be appointed lead plaintiff were filed. On July 27, 2015, the court granted the motion, appointing movants as lead plaintiff. Also, on July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of Virtus Opportunities Trust. On October 19, 2015, The United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. The Company believes the plaintiff’s claims asserted in the complaint are frivolous and intends to defend it vigorously. The Company believes that there is not a material loss that is probable and reasonably estimable related to this claim.

Consolidated Sponsored Investme

Consolidated Sponsored Investment Products	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Sponsored Investment Products	Consolidated Sponsored Investment Products In the normal course of its business, the Company sponsors various 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 VIE, as a consolidated sponsored investment product. 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. The Company does not consider cash and investments held by consolidated sponsored investment products or any other VIE to be assets of the Company other than its direct investment in these products. As of September 30, 2015 and December 31, 2014 , the Company consolidated 14 and 12 sponsored investment products, respectively. During the nine months ended September 30, 2015 , the Company consolidated three 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 September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 ($ in thousands) Total cash and cash equivalents $ 16,732 $ 8,687 Total investments 311,429 236,652 All other assets 10,494 6,960 Total liabilities (29,849 ) (12,556 ) Redeemable noncontrolling interests (49,895 ) (23,071 ) The Company’s net interests in consolidated sponsored investment products $ 258,911 $ 216,672 The Company's net interest as a percentage of total investments of consolidated sponsored investment products 83.1 % 91.6 % Fair Value Measurements The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: As of September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 147,663 $ 926 $ 148,589 Equity securities 155,763 7,077 — 162,840 Derivatives 125 633 — 758 Total assets measured at fair value $ 155,888 $ 155,373 $ 926 $ 312,187 Liabilities Derivatives $ 403 $ 917 $ — $ 1,320 Short sales 9,432 423 — 9,855 Total liabilities measured at fair value $ 9,835 $ 1,340 $ — $ 11,175 As of December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 135,050 $ 1,065 $ 136,115 Equity securities 82,417 18,120 — 100,537 Derivatives 154 227 — 381 Total assets measured at fair value $ 82,571 $ 153,397 $ 1,065 $ 237,033 Liabilities Derivatives $ 191 $ — $ — $ 191 Short sales 7,491 674 — 8,165 Total liabilities measured at fair value $ 7,682 $ 674 $ — $ 8,356 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, equity and other 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 most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and certain equity securities, including non-US 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. 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, are illiquid or 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. Nine Months Ended ($ in thousands) 2015 2014 Level 3 Debt securities (a) Balance at beginning of period $ 1,065 $ — Purchases 135 450 Paydowns (14 ) (2 ) Sales (13 ) — Transferred to Level 2 (126 ) — Change in unrealized gain/(loss), net (121 ) (1 ) Balance at end of period $ 926 $ 447 (a) None of the securities reflected in the above table were internally fair valued at September 30, 2015 . For the nine months ended September 30, 2015 , securities held by consolidated sponsored investment products with an end of period value of $8.9 million were transferred from Level 2 to Level 1 because certain non-US securities quoted market prices were no longer adjusted based on third-party factors derived from model-based valuation techniques for which the significant assumptions were observable in the market. For the nine months ended September 30, 2015 , securities held by consolidated sponsored investment products with an end of period value of $0.3 million were transferred from Level 1 to Level 2 because certain non-US securities quoted market prices were adjusted based on third-party factors derived from model-based valuation techniques for which the significant assumptions were observable in the market. There were no transfers between Level 1, Level 2, or Level 3 during the nine months ended September 30, 2014 . Derivatives The Company has certain consolidated sponsored investment products which include derivative instruments as part of their investment strategies to contribute to the achievement of defined investment objectives. These derivatives may include futures contracts, options contracts and forward contracts. Derivative instruments in an asset position are classified as other assets of consolidated sponsored investment products in the Condensed Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of consolidated sponsored investment products within the Condensed Consolidated Balance Sheets. The change in fair value of such derivatives is recorded in realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net, in the Condensed Consolidated Statements of Operations. In connection with entering into these derivative contracts, these funds may be required to pledge to the broker an amount of cash equal to the “initial margin” requirements that varies based on the type of derivative. The cash pledged or on deposit is recorded in the Condensed Consolidated Balance Sheets of the Company as Cash pledged or on deposit of consolidated sponsored investment products. The fair value of such derivatives at September 30, 2014 and December 31, 2014 was immaterial. The Company's consolidated sponsored investment products were party to the following derivative instruments for the period ended September 30, 2015 : ($ in thousands) Volume Purchased options $ 3,527 (a) Written options 2,499 (b) Futures contracts long/short 109,286 (c) Forward foreign currency exchange purchase contracts 2,294 (d) Forward foreign currency exchange sale contracts 26,565 (e) Interest rate swaps 31,603 (a) Other swaps 27,956 (f) (a) Represents cost of holdings as of the end of the period. (b) Represents aggregate premiums received for the period. (c) Represents cost at trade date for holdings as of the end of the period. (d) Represents value of trade date payable for holdings as of the end of the period. (e) Represents value at settlement date receivable for holdings as of the end of the period. (f) Includes credit default, total return, inflation and variance swaps. Represents notional value of holdings as of the end of the period. The following is a summary of the consolidated sponsored investment products' derivative instruments as of September 30, 2015 . For financial reporting purposes the Company does not offset derivative assets and derivative liabilities that are subject to netting arrangements in its Condensed Consolidated Balance Sheet. Fair Value ($ in thousands) Assets Liabilities Futures contracts $ 119 $ 33 Forward foreign currency exchange contracts 228 117 Swaps 1,226 1,002 Purchased options 1,005 — Purchased swaptions 701 — Written options — 691 Total derivative assets and liabilities in the Condensed Consolidated Balance Sheets 3,279 1,843 Derivatives not subject to a master netting agreement (654 ) (207 ) Total assets and liabilities subject to a master netting agreement 2,625 1,636 The Company's consolidated sponsored investment products have counterparty risk associated with these derivative assets and liabilities. Multiple counterparties are utilized to mitigate this risk, and the maximum exposure to a single bank does not exceed 34.4% of the total derivative assets or 40.9% of the total derivative liabilities. The following is a summary of the net gains (losses) recognized in income by primary risk exposure, for the three and nine months ended September 30, 2015: ($ in thousands) Three Months Ended Nine Months Ended Interest rate contracts $ (217 ) $ (75 ) Foreign currency exchange contracts 263 666 Equity contracts 633 1,414 Commodity contracts 212 126 Credit contracts (13 ) (100 ) Total $ 878 $ 2,031 Short Sales Some of the Company’s consolidated sponsored investment products may engage in short sales, which are transactions in which a security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products. Borrowings One of the Company’s consolidated sponsored investment products employs leverage in the form of using proceeds from short sales, which allows it to use its long positions as collateral in order to purchase additional securities. The use of these proceeds from short sales is secured by the assets of the consolidated sponsored investment product, which are held with the custodian in a separate account. This consolidated sponsored investment product is permitted to borrow up to 33.33% of its total assets.

Consolidated Investment Product

Consolidated Investment Product	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Investment Product	Consolidated Investment Product During the third quarter of 2015, the Company contributed $20.0 million to a special purpose entity ("SPE") that was created specifically to accumulate bank loan assets for securitization as a potential CLO that will be managed by its Newfleet affiliate. The special purpose entity is a VIE and the Company consolidates the SPE's assets and liabilities within its financial statements as it is the primary beneficiary of the VIE. The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2015 . There was no consolidated investment product at December 31, 2014 . As of ($ in thousands) Total cash equivalents $ 120 Total investments 131,862 Other assets 20 Debt (9,140 ) Securities purchased payable (103,541 ) The Company’s net interests in consolidated investment product $ 19,321 The Company’s net interests as a percentage of total investments of consolidated investment product 14.7 % Fair Value Measurements of Consolidated Investment Product The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis as of September 30, 2015 by fair value hierarchy level were as follows: Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 120 $ — $ — $ 120 Bank loans — 131,862 — 131,862 Total Assets Measured at Fair Value $ 120 $ 131,862 $ — $ 131,982 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment product measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Bank loans represent the underlying debt securities held in the sponsored product which are consolidated by the Company. Bank loan investments include debt securities, which are valued based on quotations received from an independent pricing service. 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. The estimated fair value of debt at September 30, 2015 , which has a variable interest rate, approximates its carrying value and is classified as Level 2. The securities purchase payable at September 30, 2015 approximates fair value due to the short-term nature of the instruments. Debt of Consolidated Investment Product On August 17, 2015, the SPE, entered into a three -year term $160.0 million financing transaction with a bank lending counterparty (the “Financing Facility”). The proceeds of the Financing Facility are intended to be used to purchase and warehouse commercial bank loan assets pending the securitization of such assets as a CLO. The size of the Financing Facility may be increased subject to the occurrence of certain events and the mutual consent of the parties. The Financing Facility is secured by all the assets of the SPV and initially bears interest at a rate of three-month LIBOR plus 1.25% per annum (with such interest rate, upon completion of the initial nine -month ramp-up period, increasing to three-month LIBOR plus 2.0% per annum). The Financing Facility contains standard covenant and event of default provisions (including loan-to-value ratio triggers) and foreclosure remedies upon such default in favor of the lender thereunder. The $20.0 million the Company contributed to the SPE serves as first loss protection for the bank lending counterparty under the Financing Facility. In the event of default, the recourse to the Company is limited to its investment. At September 30, 2015 $9.1 million was outstanding under the Financing Facility.

Consolidation

Consolidation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation As of September 30, 2015 , 15 products were consolidated by the Company including 14 consolidated sponsored investment products and one consolidated investment product. As of December 31, 2014 , 12 products were consolidated by the Company, comprised entirely of sponsored investment products. The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 , respectively: As of September 30, 2015 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total cash $ 126,470 $ 16,732 $ 120 $ — $ 143,322 Total investments 333,307 311,429 131,862 (278,082 ) 498,516 All other assets 174,563 10,494 20 (152 ) 184,925 Total assets $ 634,340 $ 338,655 $ 132,002 $ (278,234 ) $ 826,763 Total liabilities $ 95,010 $ 29,999 $ 112,681 $ (152 ) $ 237,538 Redeemable noncontrolling interest — — — 49,895 49,895 Equity attributable to stockholders of the Company 539,626 308,656 19,321 (327,977 ) 539,626 Non-redeemable noncontrolling interest (296 ) — — — (296 ) Total liabilities and equity $ 634,340 $ 338,655 $ 132,002 $ (278,234 ) $ 826,763 As of December 31, 2014 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total cash $ 202,847 $ 8,687 $ — $ — $ 211,534 Total investments 279,863 236,652 — (216,415 ) 300,100 All other assets 180,436 6,960 — (257 ) 187,139 Total assets $ 663,146 $ 252,299 $ — $ (216,672 ) $ 698,773 Total liabilities $ 99,794 $ 12,813 $ — $ (257 ) $ 112,350 Redeemable noncontrolling interest — — — 23,071 23,071 Equity attributable to stockholders of the Company 563,542 239,486 — (239,486 ) 563,542 Non-redeemable noncontrolling interest (190 ) — — — (190 ) Total liabilities and equity $ 663,146 $ 252,299 $ — $ (216,672 ) $ 698,773 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest. The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2015 and 2014 : For the Three Months Ended September 30, 2015 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 92,804 $ — $ — $ (429 ) $ 92,375 Total operating expenses 68,134 1,548 — (429 ) 69,253 Operating income (loss) 24,670 (1,548 ) — — 23,122 Total other non-operating expense (15,557 ) (14,723 ) (679 ) 13,803 (17,156 ) Income (loss) before income taxes 9,113 (16,271 ) (679 ) 13,803 5,966 Income taxes 9,669 — — — 9,669 Net loss (556 ) (16,271 ) (679 ) 13,803 (3,703 ) Noncontrolling interests (93 ) — 3,147 3,054 Net loss attributable to common stockholders $ (649 ) $ (16,271 ) $ (679 ) $ 16,950 $ (649 ) For the Three Months Ended September 30, 2014 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 117,808 $ — $ — $ 33 $ 117,841 Total operating expenses 77,668 1,213 — 33 78,914 Operating income (loss) 40,140 (1,213 ) — — 38,927 Total other non-operating loss (4,649 ) (3,109 ) — 4,021 (3,737 ) Income (loss) before income taxes 35,491 (4,322 ) — 4,021 35,190 Income taxes (1,805 ) — — — (1,805 ) Net income (loss) 37,296 (4,322 ) — 4,021 36,995 Noncontrolling interests 44 — — 301 345 Net income (loss) attributable to common stockholders $ 37,340 $ (4,322 ) $ — $ 4,322 $ 37,340 For the Nine Months Ended September 30, 2015 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 297,089 $ — $ — $ (1,227 ) $ 295,862 Total operating expenses 229,096 4,121 — (1,227 ) 231,990 Operating income (loss) 67,993 (4,121 ) — — 63,872 Total other non-operating expense (11,269 ) (9,951 ) (680 ) 11,422 (10,478 ) Income (loss) before income taxes 56,724 (14,072 ) (680 ) 11,422 53,394 Income taxes 28,360 — — — 28,360 Net income (loss) 28,364 (14,072 ) (680 ) 11,422 25,034 Noncontrolling interests 106 — — 3,330 3,436 Net income (loss) attributable to common stockholders $ 28,470 $ (14,072 ) $ (680 ) $ 14,752 $ 28,470 For the Nine Months Ended September 30, 2014 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 338,534 $ — $ — $ (73 ) $ 338,461 Total operating expenses 242,032 2,447 — (73 ) 244,406 Operating income (loss) 96,502 (2,447 ) — — 94,055 Total other non-operating income 6,545 5,883 — (3,618 ) 8,810 Income before income taxes 103,047 3,436 — (3,618 ) 102,865 Income taxes 24,311 — — — 24,311 Net income 78,736 3,436 — (3,618 ) 78,554 Noncontrolling interests 85 — — 182 267 Net income attributable to common stockholders $ 78,821 $ 3,436 $ — $ (3,436 ) $ 78,821 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 21, 2015, the Company's board of directors authorized an additional 1,500,000 shares of common stock under the current share repurchase program. Upon authorization, total shares remaining available for repurchase were 1,756,091 . Under terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases and/or privately negotiated transactions, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 .
Reclassifications	We have reclassified certain amounts in prior-period financial statements to conform to the current period's presentation.
Consolidation	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, referred to as consolidated sponsored investment products or consolidated investment product. 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 Notes 13, 14 and 15 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated.
Consolidation, Variable Interest Entities	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 the 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 of the equity holders. If any entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.
New Accounting Standards	In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU2015-3"), which changes the presentation of debt issuance costs in the balance sheet. The new guidance requires that debt issuance costs be presented as a deduction from the carrying amount of the related debt rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. In August 2015, the FASB issued ASU 2015-15 to amend ASU 2015-03 to address line-of-credit agreements. ASU 2015-15 allows entities to present debt issuance costs related to line-of-credit agreements as an asset and amortize deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. The new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015 and requires retrospective application for each prior period presented. Early adoption is permitted for financial statements that have not been previously issued. This standard is not expected to have a material impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) . This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015 and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its financial statements, as well as the available transition methods. In August 2014, the FASB issued ASU No. 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”) (“ASU 2014-13”). This new guidance requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. It permits entities to make an accounting policy election to apply this same measurement approach after initial consolidation or to apply other GAAP to account for the consolidated CFE’s financial assets and financial liabilities. It also prohibits all entities from electing to use the fair value option in ASC 825, Financial Instruments, to measure either the financial assets or financial liabilities of a consolidated CFE that is within the scope of this issue. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods therein. Early adoption is permitted using a modified retrospective transition approach as described in the pronouncement. The Company has not yet adopted ASU 2014-13 and is currently evaluating the impact ASU 2014-13 is expected to have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 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. In July 2015, the FASB confirmed a deferral of the effective date by one year, with early adoption on the original effective date permitted. As deferred, ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company has not yet adopted ASU 2014-09 and is currently evaluating the impact ASU 2014-09 is expected to have on its consolidated financial statements.
Fair Value Measurements	The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end 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 on 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, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. 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, equity and other 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 most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and certain equity securities, including non-US 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. 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, are illiquid or are priced by dealers based on pricing models used by market makers in the security. The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s consolidated investment product measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in actively traded money market funds are valued using published net asset values and are classified as Level 1. Bank loans represent the underlying debt securities held in the sponsored product which are consolidated by the Company. Bank loan investments include debt securities, which are valued based on quotations received from an independent pricing service. 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.
Fair Value Measurements, Transfers	Transfers into and out of levels are reflected when significant inputs used for the fair value measurement, including market inputs or performance attributes, become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value no longer represents fair value.
Derivatives	The Company has certain consolidated sponsored investment products which include derivative instruments as part of their investment strategies to contribute to the achievement of defined investment objectives. These derivatives may include futures contracts, options contracts and forward contracts. Derivative instruments in an asset position are classified as other assets of consolidated sponsored investment products in the Condensed Consolidated Balance Sheets. Derivative instruments in a liability position are classified as liabilities of consolidated sponsored investment products within the Condensed Consolidated Balance Sheets. The change in fair value of such derivatives is recorded in realized and unrealized gain (loss) on investments of consolidated sponsored investment products, net, in the Condensed Consolidated Statements of Operations. 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 Sheets 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 security is sold which is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded in the Condensed Consolidated Balance Sheets within other liabilities of consolidated sponsored investment products.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: September 30, 2015 December 31, 2014 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (151,891 ) (149,380 ) Definite-lived intangible assets, net 6,856 9,367 Indefinite-lived intangible assets 34,816 32,416 Total intangible assets, net $ 41,672 $ 41,783
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Nine Months Ended September 30, 2015 2014 ($ in thousands) Intangible assets, net Balance, beginning of period $ 41,783 $ 44,633 Additions 2,400 1,075 Amortization (2,511 ) (2,998 ) Balance, end of period $ 41,672 $ 42,710

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments Schedule [Abstract]
Summary of Investments	The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 13 and the assets of the consolidated investment product discussed in Note 14, at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, ($ in thousands) Marketable securities $ 40,136 $ 50,251 Equity method investments 9,194 7,209 Nonqualified retirement plan assets 4,970 5,063 Other investments 925 925 Total investments $ 55,225 $ 63,448
Schedule of Marketable Securities	The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: September 30, 2015 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 32,079 $ (1,829 ) $ 288 $ 30,538 Equity securities 7,236 (648 ) 57 6,645 Available-for-sale: Sponsored closed-end funds 3,297 (344 ) — 2,953 Total marketable securities $ 42,612 $ (2,821 ) $ 345 $ 40,136 December 31, 2014 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 39,079 $ (1,190 ) $ 423 $ 38,312 Equity securities 8,421 — 319 8,740 Available-for-sale: Sponsored closed-end funds 3,129 (163 ) 233 3,199 Total marketable securities $ 50,629 $ (1,353 ) $ 975 $ 50,251

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product discussed in Notes 13 and 14, respectively as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 80,950 $ — $ — $ 80,950 Marketable securities trading: Sponsored funds 30,538 — — 30,538 Equity securities 6,645 — — 6,645 Marketable securities available-for-sale: Sponsored closed-end funds 2,953 — — 2,953 Other investments: Nonqualified retirement plan assets 4,970 — — 4,970 Total assets measured at fair value $ 126,056 $ — $ — $ 126,056 December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 202,054 $ — $ — $ 202,054 Marketable securities trading: Sponsored funds 38,312 — — 38,312 Equity securities 8,740 — — 8,740 Marketable securities available-for-sale: Sponsored closed-end funds 3,199 — — 3,199 Other investments Nonqualified retirement plan assets 5,063 — — 5,063 Total assets measured at fair value $ 257,368 $ — $ — $ 257,368 The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: As of September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 147,663 $ 926 $ 148,589 Equity securities 155,763 7,077 — 162,840 Derivatives 125 633 — 758 Total assets measured at fair value $ 155,888 $ 155,373 $ 926 $ 312,187 Liabilities Derivatives $ 403 $ 917 $ — $ 1,320 Short sales 9,432 423 — 9,855 Total liabilities measured at fair value $ 9,835 $ 1,340 $ — $ 11,175 As of December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 135,050 $ 1,065 $ 136,115 Equity securities 82,417 18,120 — 100,537 Derivatives 154 227 — 381 Total assets measured at fair value $ 82,571 $ 153,397 $ 1,065 $ 237,033 Liabilities Derivatives $ 191 $ — $ — $ 191 Short sales 7,491 674 — 8,165 Total liabilities measured at fair value $ 7,682 $ 674 $ — $ 8,356 The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis as of September 30, 2015 by fair value hierarchy level were as follows: Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 120 $ — $ — $ 120 Bank loans — 131,862 — 131,862 Total Assets Measured at Fair Value $ 120 $ 131,862 $ — $ 131,982

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2015 and 2014 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net losses on securities available-for-sale, net of tax of $26 (389 ) — Foreign currency translation adjustments, net of tax of $167 — (271 ) Amounts reclassified from accumulated other comprehensive income (loss) — — Net current-period other comprehensive loss (389 ) (271 ) Balance September 30, 2015 $ (496 ) $ (406 ) Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2013 $ (231 ) $ 81 Unrealized net gains on securities available-for-sale, net of tax of ($55) 90 — Foreign currency translation adjustments, net of tax of $49 — (80 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income (loss) 90 (80 ) Balance September 30, 2014 $ (141 ) $ 1

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Units Activity	RSU activity for the nine months ended September 30, 2015 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2014 179,936 $ 143.25 Granted 116,295 $ 134.46 Forfeited (493 ) $ 175.16 Settled (87,410 ) $ 102.00 Outstanding at September 30, 2015 208,328 $ 155.57
Summary of Stock Option Activity	Stock option activity for the nine months ended September 30, 2015 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 162,824 $ 18.79 Granted — $ — Exercised (4,675 ) $ 15.27 Forfeited — $ — Outstanding at September 30, 2015 158,149 $ 18.89

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The computation of basic and diluted EPS is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 ($ in thousands, except per share amounts) Net (Loss) Income $ (3,703 ) $ 36,995 $ 25,034 $ 78,554 Noncontrolling interests 3,054 345 3,436 267 Net (Loss) Income Attributable to Common Stockholders $ (649 ) $ 37,340 $ 28,470 $ 78,821 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 8,775 9,096 8,876 9,115 Plus: Incremental shares from assumed conversion of dilutive instruments — 183 163 207 Diluted: Weighted-average number of shares outstanding 8,775 9,279 9,039 9,322 (Loss) Earnings per Share—Basic $ (0.07 ) $ 4.10 $ 3.21 $ 8.65 (Loss) Earnings per Share—Diluted $ (0.07 ) $ 4.02 $ 3.15 $ 8.46

Consolidated Sponsored Invest33

Consolidated Sponsored Investment Products (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balances of Consolidated Sponsored Investment Products	The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 ($ in thousands) Total cash and cash equivalents $ 16,732 $ 8,687 Total investments 311,429 236,652 All other assets 10,494 6,960 Total liabilities (29,849 ) (12,556 ) Redeemable noncontrolling interests (49,895 ) (23,071 ) The Company’s net interests in consolidated sponsored investment products $ 258,911 $ 216,672 The Company's net interest as a percentage of total investments of consolidated sponsored investment products 83.1 % 91.6 %
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product discussed in Notes 13 and 14, respectively as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 80,950 $ — $ — $ 80,950 Marketable securities trading: Sponsored funds 30,538 — — 30,538 Equity securities 6,645 — — 6,645 Marketable securities available-for-sale: Sponsored closed-end funds 2,953 — — 2,953 Other investments: Nonqualified retirement plan assets 4,970 — — 4,970 Total assets measured at fair value $ 126,056 $ — $ — $ 126,056 December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 202,054 $ — $ — $ 202,054 Marketable securities trading: Sponsored funds 38,312 — — 38,312 Equity securities 8,740 — — 8,740 Marketable securities available-for-sale: Sponsored closed-end funds 3,199 — — 3,199 Other investments Nonqualified retirement plan assets 5,063 — — 5,063 Total assets measured at fair value $ 257,368 $ — $ — $ 257,368 The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: As of September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 147,663 $ 926 $ 148,589 Equity securities 155,763 7,077 — 162,840 Derivatives 125 633 — 758 Total assets measured at fair value $ 155,888 $ 155,373 $ 926 $ 312,187 Liabilities Derivatives $ 403 $ 917 $ — $ 1,320 Short sales 9,432 423 — 9,855 Total liabilities measured at fair value $ 9,835 $ 1,340 $ — $ 11,175 As of December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 135,050 $ 1,065 $ 136,115 Equity securities 82,417 18,120 — 100,537 Derivatives 154 227 — 381 Total assets measured at fair value $ 82,571 $ 153,397 $ 1,065 $ 237,033 Liabilities Derivatives $ 191 $ — $ — $ 191 Short sales 7,491 674 — 8,165 Total liabilities measured at fair value $ 7,682 $ 674 $ — $ 8,356 The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis as of September 30, 2015 by fair value hierarchy level were as follows: Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 120 $ — $ — $ 120 Bank loans — 131,862 — 131,862 Total Assets Measured at Fair Value $ 120 $ 131,862 $ — $ 131,982
Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation	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. Nine Months Ended ($ in thousands) 2015 2014 Level 3 Debt securities (a) Balance at beginning of period $ 1,065 $ — Purchases 135 450 Paydowns (14 ) (2 ) Sales (13 ) — Transferred to Level 2 (126 ) — Change in unrealized gain/(loss), net (121 ) (1 ) Balance at end of period $ 926 $ 447 (a) None of the securities reflected in the above table were internally fair valued at September 30, 2015 .
Derivative Instruments	The Company's consolidated sponsored investment products were party to the following derivative instruments for the period ended September 30, 2015 : ($ in thousands) Volume Purchased options $ 3,527 (a) Written options 2,499 (b) Futures contracts long/short 109,286 (c) Forward foreign currency exchange purchase contracts 2,294 (d) Forward foreign currency exchange sale contracts 26,565 (e) Interest rate swaps 31,603 (a) Other swaps 27,956 (f) (a) Represents cost of holdings as of the end of the period. (b) Represents aggregate premiums received for the period. (c) Represents cost at trade date for holdings as of the end of the period. (d) Represents value of trade date payable for holdings as of the end of the period. (e) Represents value at settlement date receivable for holdings as of the end of the period. (f) Includes credit default, total return, inflation and variance swaps. Represents notional value of holdings as of the end of the period.
Derivatives, Offsetting Assets	The following is a summary of the consolidated sponsored investment products' derivative instruments as of September 30, 2015 . For financial reporting purposes the Company does not offset derivative assets and derivative liabilities that are subject to netting arrangements in its Condensed Consolidated Balance Sheet. Fair Value ($ in thousands) Assets Liabilities Futures contracts $ 119 $ 33 Forward foreign currency exchange contracts 228 117 Swaps 1,226 1,002 Purchased options 1,005 — Purchased swaptions 701 — Written options — 691 Total derivative assets and liabilities in the Condensed Consolidated Balance Sheets 3,279 1,843 Derivatives not subject to a master netting agreement (654 ) (207 ) Total assets and liabilities subject to a master netting agreement 2,625 1,636
Derivatives, Offsetting Liabilities	The following is a summary of the consolidated sponsored investment products' derivative instruments as of September 30, 2015 . For financial reporting purposes the Company does not offset derivative assets and derivative liabilities that are subject to netting arrangements in its Condensed Consolidated Balance Sheet. Fair Value ($ in thousands) Assets Liabilities Futures contracts $ 119 $ 33 Forward foreign currency exchange contracts 228 117 Swaps 1,226 1,002 Purchased options 1,005 — Purchased swaptions 701 — Written options — 691 Total derivative assets and liabilities in the Condensed Consolidated Balance Sheets 3,279 1,843 Derivatives not subject to a master netting agreement (654 ) (207 ) Total assets and liabilities subject to a master netting agreement 2,625 1,636
Derivatives, Net Gains (Losses)	The following is a summary of the net gains (losses) recognized in income by primary risk exposure, for the three and nine months ended September 30, 2015: ($ in thousands) Three Months Ended Nine Months Ended Interest rate contracts $ (217 ) $ (75 ) Foreign currency exchange contracts 263 666 Equity contracts 633 1,414 Commodity contracts 212 126 Credit contracts (13 ) (100 ) Total $ 878 $ 2,031

Consolidated Investment Produ34

Consolidated Investment Product (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balances of Consolidated Investment Product	The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of September 30, 2015 . There was no consolidated investment product at December 31, 2014 . As of ($ in thousands) Total cash equivalents $ 120 Total investments 131,862 Other assets 20 Debt (9,140 ) Securities purchased payable (103,541 ) The Company’s net interests in consolidated investment product $ 19,321 The Company’s net interests as a percentage of total investments of consolidated investment product 14.7 %
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated sponsored investment products and the consolidated investment product discussed in Notes 13 and 14, respectively as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 80,950 $ — $ — $ 80,950 Marketable securities trading: Sponsored funds 30,538 — — 30,538 Equity securities 6,645 — — 6,645 Marketable securities available-for-sale: Sponsored closed-end funds 2,953 — — 2,953 Other investments: Nonqualified retirement plan assets 4,970 — — 4,970 Total assets measured at fair value $ 126,056 $ — $ — $ 126,056 December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 202,054 $ — $ — $ 202,054 Marketable securities trading: Sponsored funds 38,312 — — 38,312 Equity securities 8,740 — — 8,740 Marketable securities available-for-sale: Sponsored closed-end funds 3,199 — — 3,199 Other investments Nonqualified retirement plan assets 5,063 — — 5,063 Total assets measured at fair value $ 257,368 $ — $ — $ 257,368 The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 by fair value hierarchy level were as follows: As of September 30, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 147,663 $ 926 $ 148,589 Equity securities 155,763 7,077 — 162,840 Derivatives 125 633 — 758 Total assets measured at fair value $ 155,888 $ 155,373 $ 926 $ 312,187 Liabilities Derivatives $ 403 $ 917 $ — $ 1,320 Short sales 9,432 423 — 9,855 Total liabilities measured at fair value $ 9,835 $ 1,340 $ — $ 11,175 As of December 31, 2014 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 135,050 $ 1,065 $ 136,115 Equity securities 82,417 18,120 — 100,537 Derivatives 154 227 — 381 Total assets measured at fair value $ 82,571 $ 153,397 $ 1,065 $ 237,033 Liabilities Derivatives $ 191 $ — $ — $ 191 Short sales 7,491 674 — 8,165 Total liabilities measured at fair value $ 7,682 $ 674 $ — $ 8,356 The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis as of September 30, 2015 by fair value hierarchy level were as follows: Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 120 $ — $ — $ 120 Bank loans — 131,862 — 131,862 Total Assets Measured at Fair Value $ 120 $ 131,862 $ — $ 131,982

Consolidation (Tables)

Consolidation (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets	The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 , respectively: As of September 30, 2015 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total cash $ 126,470 $ 16,732 $ 120 $ — $ 143,322 Total investments 333,307 311,429 131,862 (278,082 ) 498,516 All other assets 174,563 10,494 20 (152 ) 184,925 Total assets $ 634,340 $ 338,655 $ 132,002 $ (278,234 ) $ 826,763 Total liabilities $ 95,010 $ 29,999 $ 112,681 $ (152 ) $ 237,538 Redeemable noncontrolling interest — — — 49,895 49,895 Equity attributable to stockholders of the Company 539,626 308,656 19,321 (327,977 ) 539,626 Non-redeemable noncontrolling interest (296 ) — — — (296 ) Total liabilities and equity $ 634,340 $ 338,655 $ 132,002 $ (278,234 ) $ 826,763 As of December 31, 2014 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total cash $ 202,847 $ 8,687 $ — $ — $ 211,534 Total investments 279,863 236,652 — (216,415 ) 300,100 All other assets 180,436 6,960 — (257 ) 187,139 Total assets $ 663,146 $ 252,299 $ — $ (216,672 ) $ 698,773 Total liabilities $ 99,794 $ 12,813 $ — $ (257 ) $ 112,350 Redeemable noncontrolling interest — — — 23,071 23,071 Equity attributable to stockholders of the Company 563,542 239,486 — (239,486 ) 563,542 Non-redeemable noncontrolling interest (190 ) — — — (190 ) Total liabilities and equity $ 663,146 $ 252,299 $ — $ (216,672 ) $ 698,773 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.
Condensed Consolidated Statements of Operations	The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2015 and 2014 : For the Three Months Ended September 30, 2015 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 92,804 $ — $ — $ (429 ) $ 92,375 Total operating expenses 68,134 1,548 — (429 ) 69,253 Operating income (loss) 24,670 (1,548 ) — — 23,122 Total other non-operating expense (15,557 ) (14,723 ) (679 ) 13,803 (17,156 ) Income (loss) before income taxes 9,113 (16,271 ) (679 ) 13,803 5,966 Income taxes 9,669 — — — 9,669 Net loss (556 ) (16,271 ) (679 ) 13,803 (3,703 ) Noncontrolling interests (93 ) — 3,147 3,054 Net loss attributable to common stockholders $ (649 ) $ (16,271 ) $ (679 ) $ 16,950 $ (649 ) For the Three Months Ended September 30, 2014 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 117,808 $ — $ — $ 33 $ 117,841 Total operating expenses 77,668 1,213 — 33 78,914 Operating income (loss) 40,140 (1,213 ) — — 38,927 Total other non-operating loss (4,649 ) (3,109 ) — 4,021 (3,737 ) Income (loss) before income taxes 35,491 (4,322 ) — 4,021 35,190 Income taxes (1,805 ) — — — (1,805 ) Net income (loss) 37,296 (4,322 ) — 4,021 36,995 Noncontrolling interests 44 — — 301 345 Net income (loss) attributable to common stockholders $ 37,340 $ (4,322 ) $ — $ 4,322 $ 37,340 For the Nine Months Ended September 30, 2015 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 297,089 $ — $ — $ (1,227 ) $ 295,862 Total operating expenses 229,096 4,121 — (1,227 ) 231,990 Operating income (loss) 67,993 (4,121 ) — — 63,872 Total other non-operating expense (11,269 ) (9,951 ) (680 ) 11,422 (10,478 ) Income (loss) before income taxes 56,724 (14,072 ) (680 ) 11,422 53,394 Income taxes 28,360 — — — 28,360 Net income (loss) 28,364 (14,072 ) (680 ) 11,422 25,034 Noncontrolling interests 106 — — 3,330 3,436 Net income (loss) attributable to common stockholders $ 28,470 $ (14,072 ) $ (680 ) $ 14,752 $ 28,470 For the Nine Months Ended September 30, 2014 Balance Before Consolidated Consolidated Investment Product Eliminations Balances as ($ in thousands) Total operating revenues $ 338,534 $ — $ — $ (73 ) $ 338,461 Total operating expenses 242,032 2,447 — (73 ) 244,406 Operating income (loss) 96,502 (2,447 ) — — 94,055 Total other non-operating income 6,545 5,883 — (3,618 ) 8,810 Income before income taxes 103,047 3,436 — (3,618 ) 102,865 Income taxes 24,311 — — — 24,311 Net income 78,736 3,436 — (3,618 ) 78,554 Noncontrolling interests 85 — — 182 267 Net income attributable to common stockholders $ 78,821 $ 3,436 $ — $ (3,436 ) $ 78,821 (a) Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Definite-lived intangible assets:
Investment contracts	$ 158,747	$ 158,747
Accumulated amortization	(151,891)	(149,380)
Definite-lived intangible assets, net	6,856	9,367
Indefinite-lived intangible assets	34,816	32,416
Total intangible assets, net	$ 41,672	$ 41,783	$ 42,710	$ 44,633

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Intangible assets, net
Balance, beginning of period	$ 41,783	$ 44,633
Additions	2,400	1,075
Amortization	(2,511)	(2,998)
Balance, end of period	$ 41,672	$ 42,710

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments Schedule [Abstract]
Marketable securities	$ 40,136	$ 50,251
Equity method investments	9,194	7,209
Nonqualified retirement plan assets	4,970	5,063
Other investments	925	925
Total investments	$ 55,225	$ 63,448

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale:
Cost	$ 42,612	$ 50,629
Unrealized Loss	(2,821)	(1,353)
Unrealized Gain	345	975
Fair Value	40,136	50,251
Sponsored Funds [Member]
Trading:
Cost	32,079	39,079
Unrealized Loss	(1,829)	(1,190)
Unrealized Gain	288	423
Fair Value	30,538	38,312
Equity Securities [Member]
Trading:
Cost	7,236	8,421
Unrealized Loss	(648)	0
Unrealized Gain	57	319
Fair Value	6,645	8,740
Sponsored Closed-End Funds [Member]
Available-for-sale:
Cost	3,297	3,129
Unrealized Loss	(344)	(163)
Unrealized Gain	0	233
Fair Value	$ 2,953	$ 3,199

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments Schedule [Abstract]
Realized gain (loss) on trading securities	$ (0.5)	$ 1.7	$ 0.4	$ 6.2

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 80,950	$ 202,054
Other investments, nonqualified retirement plan assets	4,970	5,063
Total assets measured at fair value	126,056	257,368
Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	30,538	38,312
Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	6,645	8,740
Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	2,953	3,199
Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	4,970	5,063
Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	80,950	202,054
Total assets measured at fair value	126,056	257,368
Level 1 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	30,538	38,312
Level 1 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	6,645	8,740
Level 1 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	2,953	3,199
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	4,970	5,063
Level 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 2 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 2 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 2 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	0	0
Level 2 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	0	0
Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 3 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	0	0
Level 3 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	0	0
Level 3 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Fair value, equity, Level 1 to Level 2 transfers, amount	$ 0	$ 0

Equity Transactions - Additiona

Equity Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended		58 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Repurchases of common shares (in shares)						368,468	136,874	943,909
Weighted average purchase price per share (in $ per share)						$ 122.09	$ 191.79	$ 129.95
Total cost of treasury shares acquired						$ 45,000	$ 26,300	$ 122,700
Common stock available to repurchase (in shares)	256,091					256,091		256,091
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.35	$ 0.90
Total cash dividends						$ 12,136	$ 8,333
Dividends payable	$ 4,258					$ 4,258		$ 4,258	$ 4,270
Dividend, to be paid date						Nov. 13, 2015
Dividend, record date						Oct. 30, 2015

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ (242)
Unrealized net gains (losses) on securities available-for-sale, net of tax	$ (290)	$ (95)	(389)	$ 90
Foreign currency translation adjustments, net of tax	49	(93)	(271)	(80)
Other comprehensive (loss) income	(241)	(188)	(660)	10
Ending Balance	(902)		(902)
Unrealized net gains (losses) on investments, tax benefit (expense)	(35)	60	26	(55)
Foreign currency translation adjustments, tax benefit (expense)	(28)	56	167	49
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(107)	(231)
Unrealized net gains (losses) on securities available-for-sale, net of tax			(389)	90
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Other comprehensive (loss) income			(389)	90
Ending Balance	(496)	(141)	(496)	(141)
Unrealized net gains (losses) on investments, tax benefit (expense)			26	(55)
Foreign Currency Translation Adjustments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(135)	81
Foreign currency translation adjustments, net of tax			(271)	(80)
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Other comprehensive (loss) income			(271)	(80)
Ending Balance	$ (406)	$ 1	(406)	1
Foreign currency translation adjustments, tax benefit (expense)			$ 167	$ 49

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	306,275		306,275
Shares of common stock reserved for issuance (in shares)	1,800,000		1,800,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)			37,488	50,952
Cash used for employee withholding tax payments			$ 5.1	$ 9.5
Unamortized stock-based compensation expense	$ 19.3		$ 19.3
Weighted-average remaining amortization period			1 year 10 months 24 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life			10 years
Vesting period			3 years
Stock-based compensation expense	$ 2.7	$ 2.5	$ 9.2	$ 7
RSU and Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company granted performance contingent RSU (in shares)			33,632	30,101
Stock-based compensation expense			$ 1.8	$ 0.9
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life			1 year
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life			3 years

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance | shares	179,936
Number of shares, Granted | shares	116,295
Number of shares, Forfeited | shares	(493)
Number of shares, Settled | shares	(87,410)
Number of shares, Ending Balance | shares	208,328
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in $ per share)	$ 143.25
Weighted Average Grant Date Fair Value, Granted (in $ per share)	134.46
Weighted Average Grant Date Fair Value, Forfeited (in $ per share)	175.16
Weighted Average Grant Date Fair Value, Settled (in $ per share)	102
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share)	$ 155.57

Stock-based Compensation - Su47

Stock-based Compensation - Summary of Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance | shares	162,824
Number of Shares, Granted | shares	0
Number of Shares, Exercised | shares	(4,675)
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	158,149
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Beginning Balance (in $ per share)	$ 18.79
Weighted Average Exercise Price, Granted (in $ per share)	0
Weighted Average Exercise Price, Exercised (in $ per share)	15.27
Weighted Average Exercise Price, Forfeited (in $ per share)	0
Weighted Average Exercise Price, Ending Balance (in $ per share)	$ 18.89

Earnings per Share - Schedule o

Earnings per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net (Loss) Income	$ (3,703)	$ 36,995	$ 25,034	$ 78,554
Noncontrolling interests	3,054	345	3,436	267
Net (Loss) Income Attributable to Common Stockholders	$ (649)	$ 37,340	$ 28,470	$ 78,821
Shares:
Basic: Weighted-average number of shares outstanding (in shares)	8,775	9,096	8,876	9,115
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	0	183	163	207
Diluted: Weighted-average number of shares outstanding (in shares)	8,775	9,279	9,039	9,322
(Loss) Earnings per share—Basic (in $ per share)	$ (0.07)	$ 4.10	$ 3.21	$ 8.65
(Loss) Earnings per Share—Diluted (in $ per share)	$ (0.07)	$ 4.02	$ 3.15	$ 8.46

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share (in shares)	323,570	0	2,028	0

Business Combination - Addition

Business Combination - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 10, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Intangibles acquired in business combination		$ 2,400	$ 1,075
Virtus ETF Solutions [Member]
Business Acquisition [Line Items]
Investment to acquire majority interest	$ 4,800
Goodwill acquired in business combination	1,400
Intangibles acquired in business combination	$ 2,400

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	53.10%	23.60%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Jun. 07, 2015Plaintiff	Apr. 21, 2015Plaintiff	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Loss Contingencies [Line Items]
Loss contingency, income tax benefit			$ (9,669)	$ 1,805	$ (28,360)	$ (24,311)
Virtus Investment Partners, Inc. Securities Litigation [Member]
Loss Contingencies [Line Items]
Number of plaintiffs | Plaintiff		3
Mark Youngers v. Virtus Investment Partners, Inc. et al [Member]
Loss Contingencies [Line Items]
Number of plaintiffs | Plaintiff	3
Unfavorable Regulatory Action [Member]
Loss Contingencies [Line Items]
Loss contingency, pre-tax					16,500
Loss contingency, income tax benefit					5,500
Loss contingency, net of tax benefit					$ 11,000

Consolidated Sponsored Invest53

Consolidated Sponsored Investment Products - Balances of Consolidated Sponsored Investment Products (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total cash and cash equivalents	$ 128,847	$ 203,304	$ 173,764	$ 271,545
Total investments	55,225	63,448
Total liabilities	(237,538)	(112,350)
Redeemable noncontrolling interests	(49,895)	(23,071)
Consolidated Sponsored Investment Products [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total cash and cash equivalents	16,732	8,687
Total investments	311,429	236,652
All other assets	10,494	6,960
Total liabilities	(29,849)	(12,556)
Redeemable noncontrolling interests	(49,895)	(23,071)
The Company’s net interests in investment products	$ 258,911	$ 216,672
The Company's net interest as a percentage of total investments of investment products	83.10%	91.60%

Consolidated Sponsored Invest54

Consolidated Sponsored Investment Products - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value	$ 126,056	$ 257,368
Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value	126,056	257,368
Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value	0	0
Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value	0	0
Consolidated Sponsored Investment Products [Member]
Assets, Fair Value Disclosure [Abstract]
Derivatives	3,279
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	1,843
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Derivatives	758	381
Total assets measured at fair value	312,187	237,033
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	1,320	191
Short sales	9,855	8,165
Total liabilities measured at fair value	11,175	8,356
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	148,589	136,115
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	162,840	100,537
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Derivatives	125	154
Total assets measured at fair value	155,888	82,571
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	403	191
Short sales	9,432	7,491
Total liabilities measured at fair value	9,835	7,682
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	155,763	82,417
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Derivatives	633	227
Total assets measured at fair value	155,373	153,397
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	917	0
Short sales	423	674
Total liabilities measured at fair value	1,340	674
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	147,663	135,050
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	7,077	18,120
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Derivatives	0	0
Total assets measured at fair value	926	1,065
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	0	0
Short sales	0	0
Total liabilities measured at fair value	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	926	1,065
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	$ 0	$ 0

Consolidated Sponsored Invest55

Consolidated Sponsored Investment Products - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Detail) - Consolidated Sponsored Investment Products [Member] - Debt Securities [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,065	$ 0
Purchases	135	450
Paydowns	(14)	(2)
Sales	(13)	0
Transferred to Level 2	(126)	0
Change in unrealized gain/(loss), net	(121)	(1)
Balance at end of period	$ 926	$ 447

Consolidated Sponsored Invest56

Consolidated Sponsored Investment Products - Derivative Instruments (Details) - Consolidated Sponsored Investment Products [Member] $ in Thousands	Sep. 30, 2015USD ($)
Options [Member] | Long [Member]
Derivative [Line Items]
Volume	$ 3,527
Options [Member] | Short [Member]
Derivative [Line Items]
Volume	2,499
Futures [Member]
Derivative [Line Items]
Volume	109,286
Forward foreign currency exchange [Member] | Long [Member]
Derivative [Line Items]
Volume	2,294
Forward foreign currency exchange [Member] | Short [Member]
Derivative [Line Items]
Volume	26,565
Interest rate swaps [Member]
Derivative [Line Items]
Volume	31,603
Other swaps [Member]
Derivative [Line Items]
Volume	$ 27,956

Consolidated Sponsored Invest57

Consolidated Sponsored Investment Products - Derivatives Offsetting (Details) - Consolidated Sponsored Investment Products [Member] $ in Thousands	Sep. 30, 2015USD ($)
Offsetting Assets [Line Items]
Assets	$ 3,279
Liabilities	1,843
Derivative assets not subject to a master netting agreement	(654)
Derivative liabilities not subject to a master netting agreement	(207)
Total assets subject to a master netting agreement	2,625
Total liabilities subject to a master netting agreement	1,636
Futures [Member]
Offsetting Assets [Line Items]
Assets	119
Liabilities	33
Forward foreign currency exchange [Member]
Offsetting Assets [Line Items]
Assets	228
Liabilities	117
Swaps [Member]
Offsetting Assets [Line Items]
Assets	1,226
Liabilities	1,002
Options [Member] | Long [Member]
Offsetting Assets [Line Items]
Assets	1,005
Liabilities	0
Options [Member] | Short [Member]
Offsetting Assets [Line Items]
Assets	0
Liabilities	691
Swaption [Member]
Offsetting Assets [Line Items]
Assets	701
Liabilities	$ 0

Consolidated Sponsored Invest58

Consolidated Sponsored Investment Products - Derivatives, Net Gains (Losses) (Details) - Consolidated Sponsored Investment Products [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses)	$ 878	$ 2,031
Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses)	(217)	(75)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses)	263	666
Equity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses)	633	1,414
Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses)	212	126
Credit Risk Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses)	$ (13)	$ (100)

Consolidated Sponsored Invest59

Consolidated Sponsored Investment Products - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)Product	Dec. 31, 2014Product	Sep. 30, 2014USD ($)
Condensed Financial Statements, Captions [Line Items]
Number of consolidated sponsored investment products | Product	14	12
Number of additional consolidated sponsored investment products | Product	3
Number of deconsolidated sponsored investment products | Product	1
Fair value, securities, Level 1 to Level 2 transfers, amount	$ 0		$ 0
Consolidated Sponsored Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Fair value, securities, Level 2 to Level 1 transfers, amount	8,900,000		0
Fair value, securities, Level 1 to Level 2 transfers, amount	$ 300,000		$ 0
Consolidated Sponsored Investment Products [Member] | Maximum [Member]
Condensed Financial Statements, Captions [Line Items]
Percentage of permitted borrowings (up to)	33.33%
Consolidated Sponsored Investment Products [Member] | Derivative Assets [Member] | Credit Concentration Risk [Member]
Condensed Financial Statements, Captions [Line Items]
Concentration risk percentage	34.40%
Consolidated Sponsored Investment Products [Member] | Derivative Liabilities [Member] | Credit Concentration Risk [Member]
Condensed Financial Statements, Captions [Line Items]
Concentration risk percentage	40.90%

Consolidated Investment Produ60

Consolidated Investment Product - Balances of Consolidated Investment Product (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Total investments	$ 55,225	$ 63,448
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Total cash equivalents	120	0
Total investments	131,862
Other assets	20
Debt	(9,140)	0
Securities purchased payable	(103,541)	$ 0
The Company’s net interests in investment products	$ 19,321
The Company's net interest as a percentage of total investments of investment products	14.70%

Consolidated Investment Produ61

Consolidated Investment Product - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 80,950	$ 202,054
Total Assets Measured at Fair Value	126,056	257,368
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	80,950	202,054
Total Assets Measured at Fair Value	126,056	257,368
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total Assets Measured at Fair Value	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total Assets Measured at Fair Value	0	$ 0
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	120
Bank loans	131,862
Total Assets Measured at Fair Value	131,982
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	120
Bank loans	0
Total Assets Measured at Fair Value	120
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Bank loans	131,862
Total Assets Measured at Fair Value	131,862
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Bank loans	0
Total Assets Measured at Fair Value	$ 0

Consolidated Investment Produ62

Consolidated Investment Product - Additional Information (Details)	Aug. 17, 2015USD ($)	Sep. 30, 2015USD ($)Product	Dec. 31, 2014USD ($)Product
Variable Interest Entity [Line Items]
Investment of capital		$ 20,000,000
Number of consolidated investment products | Product		1	0
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt outstanding		$ 9,140,000	$ 0
Consolidated Investment Product [Member] | Secured Debt [Member] | Financing Facility [Member]
Variable Interest Entity [Line Items]
Debt term	3 years
Maximum borrowing capacity	$ 160,000,000
Debt outstanding		$ 9,100,000
Consolidated Investment Product [Member] | Secured Debt [Member] | Financing Facility [Member] | LIBOR [Member]
Variable Interest Entity [Line Items]
Basis spread on variable interest rate	1.25%
Term of initial ramp-up period	9 months
Basis spread on variable interest rate upon completion of initial ramp-up period	2.00%

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Total cash	$ 128,847	$ 203,304	$ 173,764	$ 271,545
Total investments	55,225	63,448
Total assets	826,763	698,773
Total liabilities	237,538	112,350
Redeemable noncontrolling interest	49,895	23,071
Equity attributable to stockholders of the Company	539,626	563,542
Non-redeemable noncontrolling interest	(296)	(190)
Total liabilities and equity	826,763	698,773
Balance Before Consolidation of Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	126,470	202,847
Total investments	55,225	63,448
All other assets	17,241	16,060
Consolidated Sponsored Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	16,732	8,687
Total investments	311,429	236,652
All other assets	10,494	6,960
Total liabilities	29,849	12,556
Redeemable noncontrolling interest	49,895	23,071
Consolidated Investment Product [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	131,862
All other assets	20
Balances as Reported in Condensed Consolidated Balance Sheet [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	143,322	211,534
Total investments	498,516	300,100
All other assets	184,925	187,139
Total assets	826,763	698,773
Total liabilities	237,538	112,350
Redeemable noncontrolling interest	49,895	23,071
Equity attributable to stockholders of the Company	539,626	563,542
Non-redeemable noncontrolling interest	(296)	(190)
Total liabilities and equity	826,763	698,773
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	126,470	202,847
Total investments	333,307	279,863
All other assets	174,563	180,436
Total assets	634,340	663,146
Total liabilities	95,010	99,794
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	539,626	563,542
Non-redeemable noncontrolling interest	(296)	(190)
Total liabilities and equity	634,340	663,146
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	16,732	8,687
Total investments	311,429	236,652
All other assets	10,494	6,960
Total assets	338,655	252,299
Total liabilities	29,999	12,813
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	308,656	239,486
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	338,655	252,299
Reportable Legal Entities [Member] | Consolidated Investment Product [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	120	0
Total investments	131,862	0
All other assets	20	0
Total assets	132,002	0
Total liabilities	112,681	0
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	19,321	0
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	132,002	0
Eliminations and Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash	0	0
Total investments	(278,082)	(216,415)
All other assets	(152)	(257)
Total assets	(278,234)	(216,672)
Total liabilities	(152)	(257)
Redeemable noncontrolling interest	49,895	23,071
Equity attributable to stockholders of the Company	(327,977)	(239,486)
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	$ (278,234)	$ (216,672)

Consolidation - Condensed Con64

Consolidation - Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Income Statements, Captions [Line Items]
Total operating revenues	$ 92,375	$ 117,841	$ 295,862	$ 338,461
Total operating expenses	69,253	78,914	231,990	244,406
Operating Income	23,122	38,927	63,872	94,055
Total other non-operating expense	(17,156)	(3,737)	(10,478)	8,810
Income Before Income Taxes	5,966	35,190	53,394	102,865
Income tax expense (benefit)	9,669	(1,805)	28,360	24,311
Net (Loss) Income	(3,703)	36,995	25,034	78,554
Noncontrolling interests	3,054	345	3,436	267
Net (Loss) Income Attributable to Common Stockholders	(649)	37,340	28,470	78,821
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	92,804	117,808	297,089	338,534
Total operating expenses	68,134	77,668	229,096	242,032
Operating Income	24,670	40,140	67,993	96,502
Total other non-operating expense	(15,557)	(4,649)	(11,269)	6,545
Income Before Income Taxes	9,113	35,491	56,724	103,047
Income tax expense (benefit)	9,669	(1,805)	28,360	24,311
Net (Loss) Income	(556)	37,296	28,364	78,736
Noncontrolling interests	(93)	44	106	85
Net (Loss) Income Attributable to Common Stockholders	(649)	37,340	28,470	78,821
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating expenses	1,548	1,213	4,121	2,447
Operating Income	(1,548)	(1,213)	(4,121)	(2,447)
Total other non-operating expense	(14,723)	(3,109)	(9,951)	5,883
Income Before Income Taxes	(16,271)	(4,322)	(14,072)	3,436
Income tax expense (benefit)	0	0	0	0
Net (Loss) Income	$ (16,271)	(4,322)	(14,072)	3,436
Noncontrolling interests		0	0	0
Net (Loss) Income Attributable to Common Stockholders	$ (16,271)	(4,322)	(14,072)	3,436
Reportable Legal Entities [Member] | Consolidated Investment Product [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating expenses	0	0	0	0
Operating Income	0	0	0	0
Total other non-operating expense	(679)	0	(680)	0
Income Before Income Taxes	(679)	0	(680)	0
Income tax expense (benefit)	0	0	0	0
Net (Loss) Income	(679)	0	(680)	0
Noncontrolling interests	0	0	0	0
Net (Loss) Income Attributable to Common Stockholders	(679)	0	(680)	0
Eliminations and Adjustments [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	(429)	33	(1,227)	(73)
Total operating expenses	(429)	33	(1,227)	(73)
Operating Income	0	0	0	0
Total other non-operating expense	13,803	4,021	11,422	(3,618)
Income Before Income Taxes	13,803	4,021	11,422	(3,618)
Income tax expense (benefit)	0	0	0	0
Net (Loss) Income	13,803	4,021	11,422	(3,618)
Noncontrolling interests	3,147	301	3,330	182
Net (Loss) Income Attributable to Common Stockholders	$ 16,950	$ 4,322	$ 14,752	$ (3,436)

Consolidation - Additional Info

Consolidation - Additional Information (Details) - Product	Sep. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of consolidated products	15	12
Number of consolidated sponsored investment products	14	12
Number of consolidated investment products	1	0

Subsequent Event (Details)

Subsequent Event (Details) - shares	Oct. 21, 2015	Sep. 30, 2015
Subsequent Event [Line Items]
Shares of common stock remaining available for repurchase		256,091
Subsequent Event [Member]
Subsequent Event [Line Items]
Additional shares of common stock authorized under current share repurchase program	1,500,000
Shares of common stock remaining available for repurchase	1,756,091