Virtus Investment Partners (VRTS) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		8,263,443

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 59,251	$ 97,384
Investments	95,894	56,738
Accounts receivable, net	37,939	38,757
Furniture, equipment and leasehold improvements, net	8,692	9,116
Intangible assets, net	40,236	40,887
Goodwill	6,703	6,701
Deferred taxes, net	49,085	54,143
Total assets	781,304	859,729
Liabilities:
Accrued compensation and benefits	15,035	49,617
Accounts payable and accrued liabilities	20,563	23,036
Dividends payable	4,173	4,233
Other liabilities	13,493	13,051
Total liabilities	$ 235,493	$ 276,408
Commitments and Contingencies (Note 11)
Redeemable noncontrolling interests	$ 40,425	$ 73,864
Equity attributable to stockholders:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,650,179 shares issued and 8,259,831 shares outstanding at March 31, 2016 and 9,613,088 shares issued and 8,398,944 shares outstanding at December 31, 2015	97	96
Additional paid-in capital	1,139,181	1,140,875
Accumulated deficit	(460,251)	(472,614)
Accumulated other comprehensive loss	(775)	(1,034)
Treasury stock, at cost, 1,390,348 and 1,214,144 shares at March 31, 2016 and December 31, 2015, respectively	(172,699)	(157,699)
Total equity attributable to stockholders	505,553	509,624
Noncontrolling interests	(167)	(167)
Total equity	505,386	509,457
Total liabilities and equity	781,304	859,729
Balance Before Consolidation of Investment Products [Member]
Assets:
Cash and cash equivalents	50,402	87,574
Investments	95,894	56,738
Other assets	17,058	12,814
Consolidated Sponsored Investment Products [Member]
Assets:
Cash	1,409	1,513
Cash pledged or on deposit	7,639	10,353
Investments		323,335
Other assets	63,929	8,549
Liabilities:
Total liabilities	20,211	15,387
Consolidated Investment Product [Member]
Assets:
Total cash equivalents	7,440	8,297
Investments	193,663	199,485
Other assets	1,585	1,467
Liabilities:
Debt of consolidated investment product	155,464	152,597
Securities purchased payable and other liabilities of consolidated investment product	$ 6,554	$ 18,487

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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)	9,650,179	9,613,088
Common stock, shares outstanding (in shares)	8,259,831	8,398,944
Treasury stock, shares (in shares)	1,390,348	1,214,144

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Investment management fees	$ 57,644	$ 70,496
Distribution and service fees	12,478	19,598
Administration and transfer agent fees	9,998	13,042
Other income and fees	175	695
Total revenues	80,295	103,831
Operating Expenses
Employment expenses	35,977	35,622
Distribution and other asset-based expenses	18,101	24,507
Other operating expenses	10,765	16,726
Depreciation and other amortization	862	779
Amortization expense	651	837
Total operating expenses	67,545	79,289
Operating Income	12,750	24,542
Other Income (Expense)
Realized and unrealized (loss) gain on investments, net	(658)	545
Other income, net	228	435
Total other income, net	2,100	3,570
Interest Income (Expense)
Interest expense	(132)	(123)
Interest and dividend income	273	280
Total interest income, net	4,576	2,481
Income Before Income Taxes	19,426	30,593
Income tax expense	7,556	10,868
Net Income	11,870	19,725
Noncontrolling interests	493	(383)
Net Income Attributable to Common Stockholders	$ 12,363	$ 19,342
Earnings per share—Basic (in $ per share)	$ 1.48	$ 2.16
Earnings per Share—Diluted (in $ per share)	1.45	2.11
Cash Dividends Declared per Share (in $ per share)	$ 0.45	$ 0.45
Weighted Average Shares Outstanding—Basic (in shares)	8,344	8,964
Weighted Average Shares Outstanding—Diluted (in shares)	8,506	9,151
Consolidated Sponsored Investment Products [Member]
Operating Expenses
Other operating expenses	$ 1,133	$ 818
Other Income (Expense)
Realized and unrealized (loss) gain on investments, net	295	2,590
Interest Income (Expense)
Interest and dividend income	2,961	2,324
Consolidated Investment Product [Member]
Operating Expenses
Other operating expenses	56	0
Other Income (Expense)
Realized and unrealized (loss) gain on investments, net	2,235	0
Interest Income (Expense)
Interest and dividend income	$ 1,474	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 11,870	$ 19,725
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of ($61) and $165 for the three months ended March 31, 2016 and 2015, respectively	99	(271)
Unrealized gain on available-for-sale securities, net of tax of ($97) and ($1) for the three months ended March 31, 2016 and 2015, respectively	160	4
Other comprehensive income (loss)	259	(267)
Comprehensive income	12,129	19,458
Comprehensive loss (income) attributable to noncontrolling interests	493	(383)
Comprehensive Income Attributable to Common Stockholders	$ 12,622	$ 19,075

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit (expense)	$ 61	$ (165)
Unrealized (loss) gain on available-for-sale securities, tax benefit (expense)	$ 97	$ 1

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net income	$ 11,870	$ 19,725
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense, intangible asset and other amortization	1,573	1,671
Stock-based compensation	3,270	3,063
Excess tax benefits from stock-based compensation	(130)	(1,314)
Amortization of deferred commissions	763	3,064
Payments of deferred commissions	(500)	(1,168)
Equity in earnings of equity method investments	(218)	(425)
Realized and unrealized losses (gains) on trading securities, net	658	(545)
Sales (purchases) of trading securities, net	11,197	8,710
Deferred taxes, net	4,900	2,368
Changes in operating assets and liabilities:
Accounts receivable, net and other assets	(4,944)	(6,054)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(35,710)	(35,020)
Net cash used in operating activities	(38,375)	(24,852)
Cash Flows from Investing Activities:
Capital expenditures	(591)	(1,397)
Purchases of other investments	(759)	0
Purchases of available-for-sale securities	(60)	(43)
Net cash used in investing activities	(1,307)	(1,440)
Cash Flows from Financing Activities:
Dividends paid	(3,911)	(4,129)
Repurchases of common shares	(15,000)	(14,000)
Proceeds from exercise of stock options	375	54
Taxes paid related to net share settlement of restricted stock units	(1,001)	(4,122)
Excess tax benefits from stock-based compensation	130	1,314
Contributions of noncontrolling interests, net	19,928	11,039
Net cash provided by (used in) financing activities	1,549	(8,923)
Net decrease in cash and cash equivalents	(38,133)	(35,215)
Cash and cash equivalents, beginning of period	97,384	203,304
Cash and Cash Equivalents, End of Period	59,251	168,089
Non-Cash Investing Activities:
Change in accrual for capital expenditures	(153)	458
Non-Cash Financing Activities:
(Decrease) increase to noncontrolling interest due to (deconsolidation) consolidation of consolidated sponsored investment products, net	(52,874)	450
Dividends payable	4,173	4,095
Consolidated Sponsored Investment Products [Member]
Adjustments to reconcile net income to net cash used in operating activities:
Realized and unrealized losses (gains) on trading securities, net	(683)	(1,659)
Sales (purchases) of trading securities, net	(21,545)	(16,583)
(Purchases) sales of securities sold short by consolidated sponsored investment products, net	(3,655)	1,533
Changes in operating assets and liabilities:
Cash pledged or on deposit of consolidated sponsored investment products	1,682	(2,245)
Other assets of consolidated sponsored investment products	(1,292)	(81)
Liabilities of consolidated sponsored investment products	618	108
Cash Flows from Investing Activities:
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation	103	0
Cash Flows from Financing Activities:
Borrowings of proceeds from short sales by consolidated sponsored investment products	0	921
Payments on borrowings by consolidated sponsored investment products	(1,839)	0
Consolidated Investment Product [Member]
Adjustments to reconcile net income to net cash used in operating activities:
Realized and unrealized losses (gains) on trading securities, net	(2,235)	0
Sales (purchases) of trading securities, net	(4,079)	0
Changes in operating assets and liabilities:
Other assets of consolidated sponsored investment products	(163)	0
Liabilities of consolidated investment product, net	248	0
Cash Flows from Financing Activities:
Borrowings of debt of consolidated investment product	$ 2,867	$ 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, 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)	19,308			19,342			19,342	(34)	417
Net unrealized gain (loss) on securities available-for-sale	4				4		4
Foreign currency translation adjustments	(271)				(271)		(271)
Activity of noncontrolling interests, net									11,489
Cash dividends declared	(4,095)		(4,095)				(4,095)
Repurchases of common shares	$ (14,000)					$ (14,000)	(14,000)
Repurchases of common shares (in shares)	103,818	103,818				103,818
Issuance of common shares related to employee stock transactions	$ 54		54				54
Issuance of common shares related to employee stock transactions (in shares)		39,851
Taxes paid on stock-based compensation	(4,122)		(4,122)				(4,122)
Stock-based compensation	3,784		3,784				3,784
Excess tax benefits from stock-based compensation	1,130		1,130				1,130
Ending Balance at Mar. 31, 2015	565,144	$ 96	1,145,659	(488,179)	(509)	$ (91,699)	565,368	(224)	34,977
Ending Balance (in shares) at Mar. 31, 2015		8,911,866				679,259
Beginning Balance at Dec. 31, 2015	509,457	$ 96	1,140,875	(472,614)	(1,034)	$ (157,699)	509,624	(167)	73,864
Beginning Balance (in shares) at Dec. 31, 2015		8,398,944				1,214,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,363			12,363			12,363	0	(493)
Net unrealized gain (loss) on securities available-for-sale	160				160		160
Foreign currency translation adjustments	99				99		99
Activity of noncontrolling interests, net									(32,946)
Cash dividends declared	(3,850)		(3,850)				(3,850)
Repurchases of common shares	$ (15,000)					$ (15,000)	(15,000)
Repurchases of common shares (in shares)	176,204	176,204				176,204
Issuance of common shares related to employee stock transactions	$ 375	$ 1	374				375
Issuance of common shares related to employee stock transactions (in shares)		37,091
Taxes paid on stock-based compensation	(1,001)		(1,001)				(1,001)
Stock-based compensation	4,029		4,029				4,029
Tax deficiencies from stock-based compensation	(1,246)		(1,246)				(1,246)
Ending Balance at Mar. 31, 2016	$ 505,386	$ 97	$ 1,139,181	$ (460,251)	$ (775)	$ (172,699)	$ 505,553	$ (167)	$ 40,425
Ending Balance (in shares) at Mar. 31, 2016		8,259,831				1,390,348

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2016
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, exchange traded funds ("ETFs"), variable insurance funds, Undertaking for Collective Investment in Transferable Securities (“UCITS”) and separately managed accounts. Institutional investment management services are provided to corporations, multiemployer retirement funds, employee retirement systems, foundations, endowments and as a subadviser to unaffiliated mutual funds.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The Company has 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 investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary or investment product. The Company evaluates any variable interest entities (“VIEs”) in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If 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. The Company's investment products that are consolidated are referred to as consolidated sponsored investment products or the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the economic interests. The consolidated investment product is a special purpose entity ("SPE") that was created specifically to accumulate bank loan assets for securitization as a potential consolidated loan obligation ("CLO"). The Company does not hold a majority of the economic interests of the consolidated investment product. The consolidation and deconsolidation of these investment products have 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 and the investment management fee it earns. 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 the investment products it consolidates to be assets of the Company other than its direct investment in these products. See Note 12 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated. 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, 2015 filed with the Securities and Exchange Commission. The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2015 Annual Report on Form 10-K. New Accounting Standards Implemented The Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02") on January 1, 2016. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain entities. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Certain unconsolidated entities that had been classified as VOEs under previous consolidation guidance are now classified as VIEs under ASU 2015-02. As such, disclosure for VIEs is included in Note 12 to the condensed consolidated financial statements. The Company adopted ASU No. 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”) ("ASU 2014-13") on January 1, 2016. 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. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. The Company has elected the measurement alternative for its consolidated investment product, and the Company's subsequent earnings from the consolidated investment product will reflect changes in value of the Company's own economic interest in the consolidated investment product. The Company adopted Accounting Standards Update ("ASU") No. 2015-16 on January 1, 2016, “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” ("ASU 2015-16) which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the financial statements of the period in which adjustments to provisional amounts are determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-3") on January 1, 2016, 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. New Accounting Standards Not Yet Implemented In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) ("ASU 2016-09"). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 with updated guidance on accounting for leases and requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet, whereas previous U.S. GAAP did not require lease assets and liabilities to be recognized for most leases. Furthermore, companies are permitted to make an accounting policy election to not recognize lease assets and liabilities for leases with a term of 12 months or less. For both finance leases and operating leases, the lease liability should be initially measured at the present value of the lease payments. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will not significantly change under this new guidance. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-1"), which requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 and interim periods therein. Early adoption is not permitted. The Company is currently evaluating the potential impact of this standard 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 is currently evaluating the potential impact of this standard on its consolidated financial statements.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net are summarized as follows: March 31, 2016 December 31, 2015 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (153,327 ) (152,676 ) Definite-lived intangible assets, net 5,420 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 40,236 $ 40,887 Activity in intangible assets, net is as follows: Three Months Ended March 31, 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 Amortization (651 ) (837 ) Balance, end of period $ 40,236 $ 40,946

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments Schedule [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored mutual funds. The Company’s investments, excluding the investments of consolidated sponsored investment products and the investments of the consolidated investment product, which are separately discussed in Note 12, at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 ($ in thousands) Marketable securities $ 79,505 $ 41,496 Equity method investments 10,145 9,007 Nonqualified retirement plan assets 5,319 5,310 Other investments 925 925 Total investments $ 95,894 $ 56,738 Marketable Securities The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: March 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 69,144 $ (3,186 ) $ 186 $ 66,144 Equity securities 10,055 (340 ) 333 10,048 Available-for-sale: Sponsored closed-end funds 3,417 (260 ) 156 3,313 Total marketable securities $ 82,616 $ (3,786 ) $ 675 $ 79,505 December 31, 2015 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 31,167 $ (2,134 ) $ 298 $ 29,331 Equity securities 9,434 (386 ) 120 9,168 Available-for-sale: Sponsored closed-end funds 3,355 (365 ) 7 2,997 Total marketable securities $ 43,956 $ (2,885 ) $ 425 $ 41,496 For the three months ended March 31, 2016 , the Company recognized a net realized loss of $0.4 million on trading securities, and for the three months ended March 31, 2015 , the Company recognized a net realized gain of $0.4 million on trading securities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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, which are separately discussed in Note 12, as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: March 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 28,617 $ — $ — $ 28,617 Marketable securities trading: Sponsored funds 66,144 — — 66,144 Equity securities 10,048 — — 10,048 Marketable securities available-for-sale: Sponsored closed-end funds 3,313 — — 3,313 Other investments: Nonqualified retirement plan assets 5,319 — — 5,319 Total assets measured at fair value $ 113,441 $ — $ — $ 113,441 December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,772 $ — $ — $ 54,772 Marketable securities trading: Sponsored funds 29,331 — — 29,331 Equity securities 9,168 — — 9,168 Marketable securities available-for-sale: Sponsored closed-end funds 2,997 — — 2,997 Other investments Nonqualified retirement plan assets 5,310 — — 5,310 Total assets measured at fair value $ 101,578 $ — $ — $ 101,578 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 Levels during the three months ended March 31, 2016 and 2015 .

Equity Transactions

Equity Transactions	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity Transactions	Equity Transactions During the three months ended March 31, 2016 and 2015 , the Company repurchased 176,204 and 103,818 common shares, respectively, at a weighted average price of $85.09 and $134.81 per share, respectively, plus transaction costs for a total cost of approximately $15.0 million and $14.0 million , respectively. The Company has repurchased a total of 1.4 million shares of common stock at a weighted average price of $124.17 per share plus transaction costs for a total cost of $172.6 million under its share repurchase program. At March 31, 2016 , there were 1.3 million 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 quarters of 2016 and 2015 . Total dividends declared were $3.9 million and $4.1 million for the three months ended March 31, 2016 and 2015 , respectively. Dividends declared in the first quarter of 2016 will be paid on May 13, 2016 to all shareholders of record on April 29, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2016 and 2015 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net gains on securities available-for-sale, net of tax of ($97) 160 — Foreign currency translation adjustments, net of tax of ($61) — 99 Amounts reclassified from accumulated other comprehensive income (loss) — — Net current-period other comprehensive income 160 99 Balance March 31, 2016 $ (305 ) $ (470 ) Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net gains on securities available-for-sale, net of tax of ($1) 4 — Foreign currency translation adjustments, net of tax of $165 — (271 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income (loss) 4 (271 ) Balance March 31, 2015 $ (103 ) $ (406 )

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , 179,179 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 three months ended March 31, 2016 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 191,617 $ 156.66 Granted 143,937 $ 75.05 Forfeited (130 ) $ 140.68 Settled (40,332 ) $ 167.81 Outstanding at March 31, 2016 295,092 $ 115.34 For the three months ended March 31, 2016 and 2015 , a total of 13,024 and 29,295 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $1.0 million and $4.1 million for the three months ended March 31, 2016 and 2015 , 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 three months ended March 31, 2016 , the Company granted 33,244 RSUs which contain performance based metrics in addition to a service condition. The 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 three months ended March 31, 2016 , total stock-based compensation expense included less than $0.1 million for these performance contingent RSUs. The Company recognized total stock compensation expense of $3.3 million and $3.1 million , respectively, for the three months ended March 31, 2016 and 2015 . As of March 31, 2016 , unamortized stock-based compensation expense for unvested RSUs was $23.5 million , with a weighted-average remaining amortization period of 2.3 years. Stock Options Stock option activity for the three months ended March 31, 2016 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (9,783 ) $ 38.25 Forfeited — $ — Outstanding at March 31, 2016 146,853 $ 17.48

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 ($ in thousands, except per share amounts) Net Income $ 11,870 $ 19,725 Noncontrolling interests 493 (383 ) Net Income Attributable to Common Stockholders $ 12,363 $ 19,342 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 8,344 8,964 Plus: Incremental shares from assumed conversion of dilutive instruments 162 187 Diluted: Weighted-average number of shares outstanding 8,506 9,151 Earnings per Share—Basic $ 1.48 $ 2.16 Earnings per Share—Diluted $ 1.45 $ 2.11 For the three months ended March 31, 2016 and 2015 , there were 14,230 and 6,085 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, because the effect would be anti-dilutive.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 38.9% and 35.5% for the three months ended March 31, 2016 and 2015 , respectively. The increase in the effective tax rate is due to a lower valuation allowance release related to market adjustments on the Company's marketable securities in the first quarter of 2016 compared to the same period last year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 Securities and Exchange Commission ("SEC"), involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature involve or may involve but are not limited to the Company’s activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or is otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In addition, in the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450, 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. 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. 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. Briefing of the motion was completed on December 4, 2015 and oral argument was held on December 17, 2015. The motion is pending. 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. 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. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. 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.

Consolidation

Consolidation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation Consolidated Sponsored Investment Products As of March 31, 2016 and December 31, 2015 , the Company consolidated 20 and 12 sponsored investment products, respectively. During the three months ended March 31, 2016, the Company consolidated ten additional sponsored investment products and deconsolidated two sponsored investment products because it no longer held a majority voting interest. Consolidated sponsored investment products that are voting interest entities ("VOEs") are fund products in which the Company has a controlling financial interest. Consolidated sponsored investment products are typically consolidated when the Company makes an initial investment in a newly launched fund as the Company typically owns a majority of the voting interest and are deconsolidated when the Company redeems its investment or its voting interests decrease to a minority percentage. The consolidated sponsored investment product that is a variable interest entity ("VIE") is a global fund product that is considered a VIE for which the Company is the primary beneficiary. The Company determined that it is the primary beneficiary of the VIE as the Company has the power to direct the activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses, or the rights to receive benefits from, the VIE that could potentially be significant to the VIE. As of March 31, 2016, the Company consolidated one sponsored investment product that was a VIE. The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 December 31, 2015 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 8,759 $ 289 $ 11,408 $ 458 Total investments 165,836 33,794 291,247 32,088 All other assets 59,896 4,033 8,281 268 Total liabilities (17,262 ) (2,949 ) (14,948 ) (439 ) Redeemable noncontrolling interests (25,214 ) (15,211 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 192,015 $ 19,956 $ 234,752 $ 19,747 Fair Value Measurements The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of March 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 124,341 $ 677 $ 125,018 Equity securities 74,269 24 319 74,612 Derivatives 33 31 — 64 Total Assets Measured at Fair Value $ 74,302 $ 124,396 $ 996 $ 199,694 Liabilities Derivatives $ — $ 81 $ — $ 81 Short sales 1,495 — — 1,495 Total Liabilities Measured at Fair Value $ 1,495 $ 81 $ — $ 1,576 As of December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 151,156 $ 1,397 $ 152,553 Equity securities 162,986 7,796 — 170,782 Derivatives 33 738 — 771 Total Assets Measured at Fair Value $ 163,019 $ 159,690 $ 1,397 $ 324,106 Liabilities Derivatives $ 128 $ 844 $ — $ 972 Short sales 5,334 75 — 5,409 Total Liabilities Measured at Fair Value $ 5,462 $ 919 $ — $ 6,381 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. Three Months Ended March 31, ($ in thousands) 2016 2015 Level 3 Debt securities (a) Balance at beginning of period $ 1,397 $ 1,065 Realized losses, net (102 ) — Purchases 19 — Paydowns (1 ) (1 ) Sales (498 ) — Transferred to Level 2 (618 ) (152 ) Transfers from Level 2 710 — Change in unrealized gain, net 89 1 Balance at end of period $ 996 $ 913 (a) None of the securities reflected in the table were internally fair valued at March 31, 2016 or March 31, 2015 . For the three months ended March 31, 2016 and 2015 , securities held by consolidated sponsored investment products with an end of period value of $3.8 million and $15.3 million , respectively, were transferred from Level 2 to Level 1 because certain non-U.S. 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 three months ended March 31, 2016 and 2015 , securities held by consolidated sponsored investment products with an immaterial end of period value were transferred from Level 1 to Level 2 because certain non-U.S. 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. 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 March 31, 2016 and March 31, 2015 was immaterial. 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 During 2015, the Company contributed $40.0 million to a special purpose entity ("SPE") that was created specifically to accumulate bank loan assets for securitization as a potential CLO that will be managed by its Newfleet affiliate. The SPE is a VIE, and the Company consolidates the SPE's assets and liabilities as a consolidated investment product within its financial statements as it is the primary beneficiary of the VIE. The Company determined that it is the primary beneficiary of the VIE as the Company has the power to direct the activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses, or the rights to receive benefits from, the VIE that could potentially be significant to the VIE. As discussed in Note 2, the Company adopted ASU 2014-13 effective January 1, 2016. This guidance requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. The Company has elected the measurement alternative for its consolidated investment product, and the Company's subsequent earnings from the consolidated investment product will reflect changes in value of the Company's own economic interest in the consolidated investment product. The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 December 31, 2015 ($ in thousands) Total cash equivalents $ 7,440 $ 8,297 Total investments 193,663 199,485 Other assets 1,585 1,467 Debt (155,464 ) (152,597 ) Securities purchased payable (6,554 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 40,670 $ 38,165 Fair Value Measurements of Consolidated Investment Product The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of March 31, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 7,440 $ — $ — $ 7,440 Bank loans — 193,663 — 193,663 Total Assets Measured at Fair Value $ 7,440 $ 193,663 $ — $ 201,103 As of December 31, 2015 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 8,297 $ — $ — $ 8,297 Bank loans — 199,485 — 199,485 Total Assets Measured at Fair Value $ 8,297 $ 199,485 $ — $ 207,782 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 March 31, 2016 and December 31, 2015 , which has a variable interest rate, approximates its carrying value. The securities purchase payable at March 31, 2016 and December 31, 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 SPE 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 $40.0 million contributed by the Company 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 in the SPE. At March 31, 2016 and December 31, 2015 , $155.5 million and $152.6 million , respectively, was outstanding under the Financing Facility. Consolidating Financial Data The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 50,402 $ 8,759 $ 289 $ 7,440 $ — $ 66,890 Total investments 348,452 165,836 33,794 193,663 (252,558 ) 489,187 All other assets 159,796 59,896 4,033 1,585 (83 ) 225,227 Total assets $ 558,650 $ 234,491 $ 38,116 $ 202,688 $ (252,641 ) $ 781,304 Total liabilities $ 53,264 $ 17,323 $ 2,971 $ 162,018 $ (83 ) $ 235,493 Redeemable noncontrolling interest — — — — 40,425 40,425 Equity attributable to stockholders of the Company 505,553 217,168 35,145 40,670 (292,983 ) 505,553 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 558,650 $ 234,491 $ 38,116 $ 202,688 $ (252,641 ) $ 781,304 As of December 31, 2015 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 87,574 $ 11,408 $ 458 $ 8,297 $ — $ 107,737 Total investments 349,147 291,247 32,088 199,485 (292,409 ) 579,558 All other assets 162,673 8,281 268 1,467 (255 ) 172,434 Total assets $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 Total liabilities $ 89,937 $ 15,181 $ 461 $ 171,084 $ (255 ) $ 276,408 Redeemable noncontrolling interest — — — — 73,864 73,864 Equity attributable to stockholders of the Company 509,624 295,755 32,353 38,165 (366,273 ) 509,624 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 (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 months ended March 31, 2016 and 2015 : For the Three Months Ended March 31, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 80,504 $ — $ — $ — $ (209 ) $ 80,295 Total operating expenses 66,356 1,267 75 56 (209 ) 67,545 Operating income (loss) 14,148 (1,267 ) (75 ) (56 ) — 12,750 Total other non-operating income, net 5,771 2,732 525 2,561 (4,913 ) 6,676 Income before income taxes 19,919 1,465 450 2,505 (4,913 ) 19,426 Income taxes 7,556 — — — — 7,556 Net income 12,363 1,465 450 2,505 (4,913 ) 11,870 Noncontrolling interests — — — — 493 493 Net income attributable to common stockholders $ 12,363 $ 1,465 $ 450 $ 2,505 $ (4,420 ) $ 12,363 For the Three Months Ended March 31, 2015 Balance Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 104,232 $ — $ — $ — $ (401 ) $ 103,831 Total operating expenses 78,471 1,182 37 — (401 ) 79,289 Operating income (loss) 25,761 (1,182 ) (37 ) — — 24,542 Total other non-operating income, net 4,415 4,653 261 — (3,278 ) 6,051 Income before income taxes 30,176 3,471 224 — (3,278 ) 30,593 Income taxes 10,868 — — — — 10,868 Net income 19,308 3,471 224 — (3,278 ) 19,725 Noncontrolling interests 34 — — — (417 ) (383 ) Net income attributable to common stockholders $ 19,342 $ 3,471 $ 224 $ — $ (3,695 ) $ 19,342 (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. Nonconsolidated VIEs The Company has interests in certain entities that are variable interest entities that the Company does not consolidate as it is not the primary beneficiary of those entities. The Company is not the primary beneficiary as the Company's interest in the entities does not provide the Company with the power to direct the activities that most significantly impact the entities economic performance. At March 31, 2016 , the carrying value and maximum risk of loss related to these VIEs was $ 6.1 million . Certain of the Company’s affiliates serve as the collateral manager for other collateralized loan and collateralized bond obligations (collectively, “CDOs”). The assets and liabilities of these CDOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership in, nor holds any notes issued by, the CDOs and provides neither recourse nor guarantees. Accordingly, the Company’s financial exposure to these CDOs is limited only to the collateral investment management fees it earns which the Company has concluded are "at-market" fees. These CDOs are not consolidated as the Company does not have a variable interest in these CDOs.

Basis of Presentation and Sig22

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity [Line Items]
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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 .
Reclassifications	The Company has 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 investment products that are consolidated. Voting interest entities ("VOEs") are consolidated when the Company is considered to have a controlling financial interest which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary or investment product.
Consolidation, Variable Interest Entities	The Company evaluates any variable interest entities (“VIEs”) in which the Company has a variable interest for consolidation. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) where as a group, the holders of the equity investment at risk do not possess: (i) the power through voting or similar rights to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb expected losses or the right to receive expected residual returns of the entity; or (iii) proportionate voting and economic interests and where substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If 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. The Company's investment products that are consolidated are referred to as consolidated sponsored investment products or the consolidated investment product. Consolidated sponsored investment products are investment products in which the Company generally holds a majority of the economic interests. The consolidated investment product is a special purpose entity ("SPE") that was created specifically to accumulate bank loan assets for securitization as a potential consolidated loan obligation ("CLO"). The Company does not hold a majority of the economic interests of the consolidated investment product. The consolidation and deconsolidation of these investment products have 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 and the investment management fee it earns. 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 the investment products it consolidates to be assets of the Company other than its direct investment in these products. See Note 12 for additional information related to the consolidation of sponsored investment products and the investment product. Intercompany accounts and transactions have been eliminated.
New Accounting Standards	New Accounting Standards Implemented The Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02") on January 1, 2016. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain entities. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Certain unconsolidated entities that had been classified as VOEs under previous consolidation guidance are now classified as VIEs under ASU 2015-02. As such, disclosure for VIEs is included in Note 12 to the condensed consolidated financial statements. The Company adopted ASU No. 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”) ("ASU 2014-13") on January 1, 2016. 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. Adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. The Company has elected the measurement alternative for its consolidated investment product, and the Company's subsequent earnings from the consolidated investment product will reflect changes in value of the Company's own economic interest in the consolidated investment product. The Company adopted Accounting Standards Update ("ASU") No. 2015-16 on January 1, 2016, “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” ("ASU 2015-16) which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the financial statements of the period in which adjustments to provisional amounts are determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-3") on January 1, 2016, 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. New Accounting Standards Not Yet Implemented In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) ("ASU 2016-09"). This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") . The standard replaces current codification Topic 840 with updated guidance on accounting for leases and requires a lessee to recognize assets and liabilities arising from an operating lease on the balance sheet, whereas previous U.S. GAAP did not require lease assets and liabilities to be recognized for most leases. Furthermore, companies are permitted to make an accounting policy election to not recognize lease assets and liabilities for leases with a term of 12 months or less. For both finance leases and operating leases, the lease liability should be initially measured at the present value of the lease payments. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will not significantly change under this new guidance. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-1"), which requires all equity investments (other than those accounted for under the equity method) to be measured at fair value with changes in the fair value recognized through net income. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 and interim periods therein. Early adoption is not permitted. The Company is currently evaluating the potential impact of this standard 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 is currently evaluating the potential impact of this standard 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.
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.
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair Value Measurements	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.
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.
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Fair Value Measurements	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.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets, Net	Intangible assets, net are summarized as follows: March 31, 2016 December 31, 2015 ($ in thousands) Definite-lived intangible assets: Investment contracts $ 158,747 $ 158,747 Accumulated amortization (153,327 ) (152,676 ) Definite-lived intangible assets, net 5,420 6,071 Indefinite-lived intangible assets 34,816 34,816 Total intangible assets, net $ 40,236 $ 40,887
Schedule of Activity in Intangible Assets, Net	Activity in intangible assets, net is as follows: Three Months Ended March 31, 2016 2015 ($ in thousands) Intangible assets, net Balance, beginning of period $ 40,887 $ 41,783 Amortization (651 ) (837 ) Balance, end of period $ 40,236 $ 40,946

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments Schedule [Abstract]
Summary of Investments	The Company’s investments, excluding the investments of consolidated sponsored investment products and the investments of the consolidated investment product, which are separately discussed in Note 12, at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 ($ in thousands) Marketable securities $ 79,505 $ 41,496 Equity method investments 10,145 9,007 Nonqualified retirement plan assets 5,319 5,310 Other investments 925 925 Total investments $ 95,894 $ 56,738
Schedule of Marketable Securities	The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: March 31, 2016 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 69,144 $ (3,186 ) $ 186 $ 66,144 Equity securities 10,055 (340 ) 333 10,048 Available-for-sale: Sponsored closed-end funds 3,417 (260 ) 156 3,313 Total marketable securities $ 82,616 $ (3,786 ) $ 675 $ 79,505 December 31, 2015 Cost Unrealized Loss Unrealized Gain Fair Value ($ in thousands) Trading: Sponsored funds $ 31,167 $ (2,134 ) $ 298 $ 29,331 Equity securities 9,434 (386 ) 120 9,168 Available-for-sale: Sponsored closed-end funds 3,355 (365 ) 7 2,997 Total marketable securities $ 43,956 $ (2,885 ) $ 425 $ 41,496

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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, which are separately discussed in Note 12, as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: March 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 28,617 $ — $ — $ 28,617 Marketable securities trading: Sponsored funds 66,144 — — 66,144 Equity securities 10,048 — — 10,048 Marketable securities available-for-sale: Sponsored closed-end funds 3,313 — — 3,313 Other investments: Nonqualified retirement plan assets 5,319 — — 5,319 Total assets measured at fair value $ 113,441 $ — $ — $ 113,441 December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,772 $ — $ — $ 54,772 Marketable securities trading: Sponsored funds 29,331 — — 29,331 Equity securities 9,168 — — 9,168 Marketable securities available-for-sale: Sponsored closed-end funds 2,997 — — 2,997 Other investments Nonqualified retirement plan assets 5,310 — — 5,310 Total assets measured at fair value $ 101,578 $ — $ — $ 101,578

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2016 and 2015 were as follows: Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2015 $ (465 ) $ (569 ) Unrealized net gains on securities available-for-sale, net of tax of ($97) 160 — Foreign currency translation adjustments, net of tax of ($61) — 99 Amounts reclassified from accumulated other comprehensive income (loss) — — Net current-period other comprehensive income 160 99 Balance March 31, 2016 $ (305 ) $ (470 ) Unrealized Gains and (Losses) on Securities Available-for- Sale Foreign Currency Translation Adjustments ($ in thousands) Balance December 31, 2014 $ (107 ) $ (135 ) Unrealized net gains on securities available-for-sale, net of tax of ($1) 4 — Foreign currency translation adjustments, net of tax of $165 — (271 ) Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income (loss) 4 (271 ) Balance March 31, 2015 $ (103 ) $ (406 )

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Units Activity	RSU activity for the three months ended March 31, 2016 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 191,617 $ 156.66 Granted 143,937 $ 75.05 Forfeited (130 ) $ 140.68 Settled (40,332 ) $ 167.81 Outstanding at March 31, 2016 295,092 $ 115.34
Summary of Stock Option Activity	Stock option activity for the three months ended March 31, 2016 is summarized as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 156,636 $ 18.78 Granted — $ — Exercised (9,783 ) $ 38.25 Forfeited — $ — Outstanding at March 31, 2016 146,853 $ 17.48

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 ($ in thousands, except per share amounts) Net Income $ 11,870 $ 19,725 Noncontrolling interests 493 (383 ) Net Income Attributable to Common Stockholders $ 12,363 $ 19,342 Shares (in thousands) : Basic: Weighted-average number of shares outstanding 8,344 8,964 Plus: Incremental shares from assumed conversion of dilutive instruments 162 187 Diluted: Weighted-average number of shares outstanding 8,506 9,151 Earnings per Share—Basic $ 1.48 $ 2.16 Earnings per Share—Diluted $ 1.45 $ 2.11

Consolidation (Tables)

Consolidation (Tables)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity [Line Items]
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 March 31, 2016 and December 31, 2015 : As of March 31, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 50,402 $ 8,759 $ 289 $ 7,440 $ — $ 66,890 Total investments 348,452 165,836 33,794 193,663 (252,558 ) 489,187 All other assets 159,796 59,896 4,033 1,585 (83 ) 225,227 Total assets $ 558,650 $ 234,491 $ 38,116 $ 202,688 $ (252,641 ) $ 781,304 Total liabilities $ 53,264 $ 17,323 $ 2,971 $ 162,018 $ (83 ) $ 235,493 Redeemable noncontrolling interest — — — — 40,425 40,425 Equity attributable to stockholders of the Company 505,553 217,168 35,145 40,670 (292,983 ) 505,553 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 558,650 $ 234,491 $ 38,116 $ 202,688 $ (252,641 ) $ 781,304 As of December 31, 2015 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total cash and cash equivalents $ 87,574 $ 11,408 $ 458 $ 8,297 $ — $ 107,737 Total investments 349,147 291,247 32,088 199,485 (292,409 ) 579,558 All other assets 162,673 8,281 268 1,467 (255 ) 172,434 Total assets $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 Total liabilities $ 89,937 $ 15,181 $ 461 $ 171,084 $ (255 ) $ 276,408 Redeemable noncontrolling interest — — — — 73,864 73,864 Equity attributable to stockholders of the Company 509,624 295,755 32,353 38,165 (366,273 ) 509,624 Non-redeemable noncontrolling interest (167 ) — — — — (167 ) Total liabilities and equity $ 599,394 $ 310,936 $ 32,814 $ 209,249 $ (292,664 ) $ 859,729 (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.
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, which are separately discussed in Note 12, as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: March 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 28,617 $ — $ — $ 28,617 Marketable securities trading: Sponsored funds 66,144 — — 66,144 Equity securities 10,048 — — 10,048 Marketable securities available-for-sale: Sponsored closed-end funds 3,313 — — 3,313 Other investments: Nonqualified retirement plan assets 5,319 — — 5,319 Total assets measured at fair value $ 113,441 $ — $ — $ 113,441 December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 54,772 $ — $ — $ 54,772 Marketable securities trading: Sponsored funds 29,331 — — 29,331 Equity securities 9,168 — — 9,168 Marketable securities available-for-sale: Sponsored closed-end funds 2,997 — — 2,997 Other investments Nonqualified retirement plan assets 5,310 — — 5,310 Total assets measured at fair value $ 101,578 $ — $ — $ 101,578
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 months ended March 31, 2016 and 2015 : For the Three Months Ended March 31, 2016 Balance Before Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 80,504 $ — $ — $ — $ (209 ) $ 80,295 Total operating expenses 66,356 1,267 75 56 (209 ) 67,545 Operating income (loss) 14,148 (1,267 ) (75 ) (56 ) — 12,750 Total other non-operating income, net 5,771 2,732 525 2,561 (4,913 ) 6,676 Income before income taxes 19,919 1,465 450 2,505 (4,913 ) 19,426 Income taxes 7,556 — — — — 7,556 Net income 12,363 1,465 450 2,505 (4,913 ) 11,870 Noncontrolling interests — — — — 493 493 Net income attributable to common stockholders $ 12,363 $ 1,465 $ 450 $ 2,505 $ (4,420 ) $ 12,363 For the Three Months Ended March 31, 2015 Balance Consolidated Investment Product - VIE Eliminations Balances as ($ in thousands) Total operating revenues $ 104,232 $ — $ — $ — $ (401 ) $ 103,831 Total operating expenses 78,471 1,182 37 — (401 ) 79,289 Operating income (loss) 25,761 (1,182 ) (37 ) — — 24,542 Total other non-operating income, net 4,415 4,653 261 — (3,278 ) 6,051 Income before income taxes 30,176 3,471 224 — (3,278 ) 30,593 Income taxes 10,868 — — — — 10,868 Net income 19,308 3,471 224 — (3,278 ) 19,725 Noncontrolling interests 34 — — — (417 ) (383 ) Net income attributable to common stockholders $ 19,342 $ 3,471 $ 224 $ — $ (3,695 ) $ 19,342 (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.
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 December 31, 2015 VOEs VIE VOEs VIE ($ in thousands) Total cash and cash equivalents $ 8,759 $ 289 $ 11,408 $ 458 Total investments 165,836 33,794 291,247 32,088 All other assets 59,896 4,033 8,281 268 Total liabilities (17,262 ) (2,949 ) (14,948 ) (439 ) Redeemable noncontrolling interests (25,214 ) (15,211 ) (61,236 ) (12,628 ) The Company’s net interests in consolidated sponsored investment products $ 192,015 $ 19,956 $ 234,752 $ 19,747
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by fair value hierarchy level were as follows: As of March 31, 2016 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 124,341 $ 677 $ 125,018 Equity securities 74,269 24 319 74,612 Derivatives 33 31 — 64 Total Assets Measured at Fair Value $ 74,302 $ 124,396 $ 996 $ 199,694 Liabilities Derivatives $ — $ 81 $ — $ 81 Short sales 1,495 — — 1,495 Total Liabilities Measured at Fair Value $ 1,495 $ 81 $ — $ 1,576 As of December 31, 2015 Level 1 Level 2 Level 3 Total ($ in thousands) Assets Debt securities $ — $ 151,156 $ 1,397 $ 152,553 Equity securities 162,986 7,796 — 170,782 Derivatives 33 738 — 771 Total Assets Measured at Fair Value $ 163,019 $ 159,690 $ 1,397 $ 324,106 Liabilities Derivatives $ 128 $ 844 $ — $ 972 Short sales 5,334 75 — 5,409 Total Liabilities Measured at Fair Value $ 5,462 $ 919 $ — $ 6,381
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table is a reconciliation of assets of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value. Three Months Ended March 31, ($ in thousands) 2016 2015 Level 3 Debt securities (a) Balance at beginning of period $ 1,397 $ 1,065 Realized losses, net (102 ) — Purchases 19 — Paydowns (1 ) (1 ) Sales (498 ) — Transferred to Level 2 (618 ) (152 ) Transfers from Level 2 710 — Change in unrealized gain, net 89 1 Balance at end of period $ 996 $ 913 (a) None of the securities reflected in the table were internally fair valued at March 31, 2016 or March 31, 2015 .
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The following table presents the balances of the consolidated investment product that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 December 31, 2015 ($ in thousands) Total cash equivalents $ 7,440 $ 8,297 Total investments 193,663 199,485 Other assets 1,585 1,467 Debt (155,464 ) (152,597 ) Securities purchased payable (6,554 ) (18,487 ) The Company’s net interests in the consolidated investment product $ 40,670 $ 38,165
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of March 31, 2016 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 7,440 $ — $ — $ 7,440 Bank loans — 193,663 — 193,663 Total Assets Measured at Fair Value $ 7,440 $ 193,663 $ — $ 201,103 As of December 31, 2015 : Level 1 Level 2 Level 3 Total ($ in thousands) Assets Cash equivalents $ 8,297 $ — $ — $ 8,297 Bank loans — 199,485 — 199,485 Total Assets Measured at Fair Value $ 8,297 $ 199,485 $ — $ 207,782

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Definite-lived intangible assets:
Investment contracts	$ 158,747	$ 158,747
Accumulated amortization	(153,327)	(152,676)
Definite-lived intangible assets, net	5,420	6,071
Indefinite-lived intangible assets	34,816	34,816
Total intangible assets, net	$ 40,236	$ 40,887	$ 40,946	$ 41,783

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Activity in Intangible Assets, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Intangible assets, net
Balance, beginning of period	$ 40,887	$ 41,783
Amortization	(651)	(837)
Balance, end of period	$ 40,236	$ 40,946

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments Schedule [Abstract]
Marketable securities	$ 79,505	$ 41,496
Equity method investments	10,145	9,007
Nonqualified retirement plan assets	5,319	5,310
Other investments	925	925
Total investments	$ 95,894	$ 56,738

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale:
Cost	$ 82,616	$ 43,956
Unrealized Loss	(3,786)	(2,885)
Unrealized Gain	675	425
Fair Value	79,505	41,496
Sponsored Funds [Member]
Trading:
Cost	69,144	31,167
Unrealized Loss	(3,186)	(2,134)
Unrealized Gain	186	298
Fair Value	66,144	29,331
Equity Securities [Member]
Trading:
Cost	10,055	9,434
Unrealized Loss	(340)	(386)
Unrealized Gain	333	120
Fair Value	10,048	9,168
Sponsored Closed-End Funds [Member]
Available-for-sale:
Cost	3,417	3,355
Unrealized Loss	(260)	(365)
Unrealized Gain	156	7
Fair Value	$ 3,313	$ 2,997

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments Schedule [Abstract]
Realized gain (loss) on trading securities	$ (0.4)	$ 0.4

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	$ 28,617	$ 54,772
Other investments, nonqualified retirement plan assets	5,319	5,310
Total assets measured at fair value	113,441	101,578
Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	66,144	29,331
Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	10,048	9,168
Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,313	2,997
Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	5,319	5,310
Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash equivalents	28,617	54,772
Total assets measured at fair value	113,441	101,578
Level 1 [Member] | Sponsored Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	66,144	29,331
Level 1 [Member] | Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities trading	10,048	9,168
Level 1 [Member] | Sponsored Closed-End Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Marketable securities available-for-sale	3,313	2,997
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investments, nonqualified retirement plan assets	5,319	5,310
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 ($)	Mar. 31, 2016	Mar. 31, 2015
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		64 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016
Equity [Abstract]
Repurchases of common shares (in shares)	176,204	103,818	1,400,000
Weighted average purchase price per share (in $ per share)	$ 85.09	$ 134.81	$ 124.17
Total cost of treasury shares acquired	$ 15,000	$ 14,000	$ 172,600
Common stock available to repurchase (in shares)	1,300,000		1,300,000
Cash dividends declared per share (in $ per share)	$ 0.45	$ 0.45
Total cash dividends	$ 3,850	$ 4,095
Dividend, to be paid date	May 13, 2016
Dividend, record date	Apr. 29, 2016

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ (1,034)
Unrealized net gains (losses) on securities available-for-sale, net of tax	160	$ 4
Foreign currency translation adjustments, net of tax	99	(271)
Other comprehensive income (loss)	259	(267)
Ending Balance	(775)
Unrealized net gains (losses) on investments, tax benefit (expense)	97	1
Foreign currency translation adjustments, tax benefit (expense)	61	(165)
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(465)	(107)
Unrealized net gains (losses) on securities available-for-sale, net of tax	160	4
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other comprehensive income (loss)	160	4
Ending Balance	(305)	(103)
Unrealized net gains (losses) on investments, tax benefit (expense)	(97)	(1)
Foreign Currency Translation Adjustments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(569)	(135)
Foreign currency translation adjustments, net of tax	99	(271)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other comprehensive income (loss)	99	(271)
Ending Balance	(470)	(406)
Foreign currency translation adjustments, tax benefit (expense)	$ (61)	$ 165

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	179,179
Shares of common stock reserved for issuance (in shares)	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)	13,024	29,295
Cash used for employee withholding tax payments	$ 1	$ 4.1
Unamortized stock-based compensation expense	$ 23.5
Weighted-average remaining amortization period	2 years 3 months 18 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 (less than for performance contingent RSUs)	$ 3.3	$ 3.1
Restricted Stock Units (RSUs), Performance-Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company granted performance contingent RSU (in shares)	33,244
Measurement period for growth in operating income	1 year
Measurement period for total shareholder return	3 years
Stock-based compensation expense (less than for performance contingent RSUs)	$ 0.1
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]	3 Months Ended
	Mar. 31, 2016$ / 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	191,617
Number of shares, Granted | shares	143,937
Number of shares, Forfeited | shares	(130)
Number of shares, Settled | shares	(40,332)
Number of shares, Ending Balance | shares	295,092
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in $ per share) | $ / shares	$ 156.66
Weighted Average Grant Date Fair Value, Granted (in $ per share) | $ / shares	75.05
Weighted Average Grant Date Fair Value, Forfeited (in $ per share) | $ / shares	140.68
Weighted Average Grant Date Fair Value, Settled (in $ per share) | $ / shares	167.81
Weighted Average Grant Date Fair Value, Ending Balance (in $ per share) | $ / shares	$ 115.34

Stock-based Compensation - Su41

Stock-based Compensation - Summary of Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance | shares	156,636
Number of Shares, Granted | shares	0
Number of Shares, Exercised | shares	(9,783)
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	146,853
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) | $ / shares	$ 18.78
Weighted Average Exercise Price, Granted (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Exercised (in $ per share) | $ / shares	38.25
Weighted Average Exercise Price, Forfeited (in $ per share) | $ / shares	0
Weighted Average Exercise Price, Ending Balance (in $ per share) | $ / shares	$ 17.48

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
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Income	$ 11,870	$ 19,725
Noncontrolling interests	493	(383)
Net Income Attributable to Common Stockholders	$ 12,363	$ 19,342
Shares:
Basic: Weighted-average number of shares outstanding (in shares)	8,344	8,964
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	162	187
Diluted: Weighted-average number of shares outstanding (in shares)	8,506	9,151
Earnings per share—Basic (in $ per share)	$ 1.48	$ 2.16
Earnings per Share—Diluted (in $ per share)	$ 1.45	$ 2.11

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share (in shares)	14,230	6,085

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	38.90%	35.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Plaintiff	Jun. 07, 2015	Apr. 21, 2015
Virtus Investment Partners, Inc. Securities Litigation [Member]
Loss Contingencies [Line Items]
Number of plaintiffs		3
Mark Youngers v. Virtus Investment Partners, Inc. et al [Member]
Loss Contingencies [Line Items]
Number of plaintiffs	3

Consolidation - Condensed Conso

Consolidation - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Total cash and cash equivalents	$ 59,251	$ 97,384	$ 168,089	$ 203,304
Total investments	95,894	56,738
Total liabilities	(235,493)	(276,408)
Redeemable noncontrolling interests	(40,425)	(73,864)
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total investments		323,335
All other assets	63,929	8,549
Total liabilities	(20,211)	(15,387)
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Total cash equivalents	7,440	8,297
Total investments	193,663	199,485
All other assets	1,585	1,467
Debt	(155,464)	(152,597)
Securities purchased payable	(6,554)	(18,487)
The Company’s net interests in consolidated sponsored investment products	40,670	38,165
Consolidated Sponsored Investment Products - VOEs [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash and cash equivalents	8,759	11,408
Total investments	165,836	291,247
All other assets	59,896	8,281
Total liabilities	(17,262)	(14,948)
Redeemable noncontrolling interests	(25,214)	(61,236)
The Company’s net interests in consolidated sponsored investment products	192,015	234,752
Consolidated Sponsored Investment Product - VIE [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Total cash and cash equivalents	289	458
Total investments	33,794	32,088
All other assets	4,033	268
Total liabilities	(2,949)	(439)
Redeemable noncontrolling interests	(15,211)	(12,628)
The Company’s net interests in consolidated sponsored investment products	$ 19,956	$ 19,747

Consolidation - Summary of Asse

Consolidation - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash equivalents	$ 28,617	$ 54,772
Total assets measured at fair value	113,441	101,578
Level 1 [Member]
Assets
Cash equivalents	28,617	54,772
Total assets measured at fair value	113,441	101,578
Level 2 [Member]
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	0
Level 3 [Member]
Assets
Cash equivalents	0	0
Total assets measured at fair value	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivatives	64	771
Total assets measured at fair value	199,694	324,106
Liabilities
Derivatives	81	972
Short sales	1,495	5,409
Total liabilities measured at fair value	1,576	6,381
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Assets
Investments	125,018	152,553
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Assets
Investments	74,612	170,782
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Derivatives	33	33
Total assets measured at fair value	74,302	163,019
Liabilities
Derivatives	0	128
Short sales	1,495	5,334
Total liabilities measured at fair value	1,495	5,462
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt Securities [Member]
Assets
Investments	0	0
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Securities [Member]
Assets
Investments	74,269	162,986
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Derivatives	31	738
Total assets measured at fair value	124,396	159,690
Liabilities
Derivatives	81	844
Short sales	0	75
Total liabilities measured at fair value	81	919
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member]
Assets
Investments	124,341	151,156
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Securities [Member]
Assets
Investments	24	7,796
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Derivatives	0	0
Total assets measured at fair value	996	1,397
Liabilities
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
Investments	677	1,397
Consolidated Sponsored Investment Products [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Securities [Member]
Assets
Investments	319	0
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	7,440	8,297
Investments	193,663	199,485
Total assets measured at fair value	201,103	207,782
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Cash equivalents	7,440	8,297
Investments	0	0
Total assets measured at fair value	7,440	8,297
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Cash equivalents	0	0
Investments	193,663	199,485
Total assets measured at fair value	193,663	199,485
Consolidated Investment Product [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Cash equivalents	0	0
Investments	0	0
Total assets measured at fair value	$ 0	$ 0

Consolidation - Assets Related

Consolidation - Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Detail) - Consolidated Sponsored Investment Products [Member] - Debt Securities [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,397	$ 1,065
Realized losses, net	(102)	0
Purchases	19	0
Paydowns	(1)	(1)
Sales	(498)	0
Transferred to Level 2	(618)	(152)
Transfers from Level 2	710	0
Change in unrealized gain/(loss), net	89	1
Balance at end of period	$ 996	$ 913

Consolidation - Condensed Con49

Consolidation - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	$ 59,251	$ 97,384	$ 168,089	$ 203,304
Total investments	95,894	56,738
Total assets	781,304	859,729
Total liabilities	235,493	276,408
Redeemable noncontrolling interest	40,425	73,864
Equity attributable to stockholders of the Company	505,553	509,624
Non-redeemable noncontrolling interest	(167)	(167)
Total liabilities and equity	781,304	859,729
Eliminations and Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	0	0
Total investments	(252,558)	(292,409)
All other assets	(83)	(255)
Total assets	(252,641)	(292,664)
Total liabilities	(83)	(255)
Redeemable noncontrolling interest	40,425	73,864
Equity attributable to stockholders of the Company	(292,983)	(366,273)
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	(252,641)	(292,664)
Balance Before Consolidation of Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	50,402	87,574
Total investments	95,894	56,738
All other assets	17,058	12,814
Balance Before Consolidation of Investment Products [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	50,402	87,574
Total investments	348,452	349,147
All other assets	159,796	162,673
Total assets	558,650	599,394
Total liabilities	53,264	89,937
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	505,553	509,624
Non-redeemable noncontrolling interest	(167)	(167)
Total liabilities and equity	558,650	599,394
Consolidated Sponsored Investment Products [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments		323,335
All other assets	63,929	8,549
Total liabilities	20,211	15,387
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	8,759	11,408
Total investments	165,836	291,247
All other assets	59,896	8,281
Total liabilities	17,262	14,948
Redeemable noncontrolling interest	25,214	61,236
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	289	458
Total investments	33,794	32,088
All other assets	4,033	268
Total liabilities	2,949	439
Redeemable noncontrolling interest	15,211	12,628
Consolidated Sponsored Investment Products [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	8,759	11,408
Total investments	165,836	291,247
All other assets	59,896	8,281
Total assets	234,491	310,936
Total liabilities	17,323	15,181
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	217,168	295,755
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	234,491	310,936
Consolidated Sponsored Investment Products [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	289	458
Total investments	33,794	32,088
All other assets	4,033	268
Total assets	38,116	32,814
Total liabilities	2,971	461
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	35,145	32,353
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	38,116	32,814
Consolidated Investment Product [Member]
Condensed Financial Statements, Captions [Line Items]
Total investments	193,663	199,485
All other assets	1,585	1,467
Consolidated Investment Product [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	7,440	8,297
Total investments	193,663	199,485
All other assets	1,585	1,467
Total assets	202,688	209,249
Total liabilities	162,018	171,084
Redeemable noncontrolling interest	0	0
Equity attributable to stockholders of the Company	40,670	38,165
Non-redeemable noncontrolling interest	0	0
Total liabilities and equity	202,688	209,249
Consolidated Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Total cash and cash equivalents	66,890	107,737
Total investments	489,187	579,558
All other assets	225,227	172,434
Total assets	781,304	859,729
Total liabilities	235,493	276,408
Redeemable noncontrolling interest	40,425	73,864
Equity attributable to stockholders of the Company	505,553	509,624
Non-redeemable noncontrolling interest	(167)	(167)
Total liabilities and equity	$ 781,304	$ 859,729

Consolidation - Condensed Con50

Consolidation - Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Income Statements, Captions [Line Items]
Total operating revenues	$ 80,295	$ 103,831
Total operating expenses	67,545	79,289
Operating Income	12,750	24,542
Income Before Income Taxes	19,426	30,593
Income taxes	7,556	10,868
Net Income	11,870	19,725
Noncontrolling interests	493	(383)
Net Income Attributable to Common Stockholders	12,363	19,342
Consolidated Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	80,295	103,831
Total operating expenses	67,545	79,289
Operating Income	12,750	24,542
Total other non-operating income, net	6,676	6,051
Income Before Income Taxes	19,426	30,593
Income taxes	7,556	10,868
Net Income	11,870	19,725
Noncontrolling interests	493	(383)
Net Income Attributable to Common Stockholders	12,363	19,342
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	80,504	104,232
Total operating expenses	66,356	78,471
Operating Income	14,148	25,761
Total other non-operating income, net	5,771	4,415
Income Before Income Taxes	19,919	30,176
Income taxes	7,556	10,868
Net Income	12,363	19,308
Noncontrolling interests	0	34
Net Income Attributable to Common Stockholders	12,363	19,342
Reportable Legal Entities [Member] | Consolidated Investment Product [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0
Total operating expenses	56	0
Operating Income	(56)	0
Total other non-operating income, net	2,561	0
Income Before Income Taxes	2,505	0
Income taxes	0	0
Net Income	2,505	0
Noncontrolling interests	0	0
Net Income Attributable to Common Stockholders	2,505	0
Eliminations and Adjustments [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	(209)	(401)
Total operating expenses	(209)	(401)
Operating Income	0	0
Total other non-operating income, net	(4,913)	(3,278)
Income Before Income Taxes	(4,913)	(3,278)
Income taxes	0	0
Net Income	(4,913)	(3,278)
Noncontrolling interests	493	(417)
Net Income Attributable to Common Stockholders	(4,420)	(3,695)
Consolidated Sponsored Investment Products - VOEs [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0
Total operating expenses	1,267	1,182
Operating Income	(1,267)	(1,182)
Total other non-operating income, net	2,732	4,653
Income Before Income Taxes	1,465	3,471
Income taxes	0	0
Net Income	1,465	3,471
Noncontrolling interests	0	0
Net Income Attributable to Common Stockholders	1,465	3,471
Consolidated Sponsored Investment Product - VIE [Member] | Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues	0	0
Total operating expenses	75	37
Operating Income	(75)	(37)
Total other non-operating income, net	525	261
Income Before Income Taxes	450	224
Income taxes	0	0
Net Income	450	224
Noncontrolling interests	0	0
Net Income Attributable to Common Stockholders	$ 450	$ 224

Consolidation - Additional Info

Consolidation - Additional Information (Details)	Aug. 17, 2015USD ($)	Mar. 31, 2016USD ($)Product	Dec. 31, 2015USD ($)Product	Mar. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Investment of capital		$ 40,000,000	$ 40,000,000
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss		6,100,000
Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Fair value, securities, Level 2 to Level 1 transfers, amount		$ 3,800,000		$ 15,300,000
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Products - VOEs [Member]
Variable Interest Entity [Line Items]
Number of consolidated products | Product		20	12
Number of additional products consolidated during the period | Product		10
Number products deconsolidated during the period | Product		2
Consolidated Sponsored Investment Products [Member] | Consolidated Sponsored Investment Product - VIE [Member]
Variable Interest Entity [Line Items]
Number of consolidated products | Product		1
Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt outstanding		$ 155,464,000	$ 152,597,000
Maximum [Member] | Consolidated Sponsored Investment Products [Member]
Variable Interest Entity [Line Items]
Percentage of permitted borrowings (up to)		33.33%
Financing Facility [Member] | Secured Debt [Member] | Consolidated Investment Product [Member]
Variable Interest Entity [Line Items]
Debt term	3 years
Maximum borrowing capacity	$ 160,000,000
Debt outstanding			$ 152,600,000
LIBOR [Member] | Financing Facility [Member] | Secured Debt [Member] | Consolidated Investment Product [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%