Investment Securities (Tables)

9 Months Ended

Sep. 30, 2016

Investment Securities

Schedule of investment securities

	September 30,		December 31,
	2016		2015
		(in thousands)
Available for sale securities:
Sponsored funds	$	124,812	40,552
Sponsored privately offered funds		552	825
Total available for sale securities		125,364	41,377
Trading securities:
Mortgage-backed securities		15	20
Corporate bond		3	5
Common stock		101	87
Consolidated sponsored funds		123,792	—
Sponsored funds		29,597	29,701
Total trading securities		153,508	29,813
Equity method securities:
Sponsored funds		37,100	217,380
Sponsored privately offered funds		3,275	3,173
Total equity method securities		40,375	220,553
Total securities	$	319,247	291,743

Summary of the gains (losses) related to securities

The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at September 30, 2016:

	Amortized		Unrealized	Unrealized
	cost		gains	losses	Fair value
	(in thousands)
Available for sale securities:
Sponsored funds	$	129,406	723	(5,317)	124,812
Sponsored privately offered funds		264	288	—	552
	$	129,670	1,011	(5,317)	125,364

The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2015:

	Amortized		Unrealized	Unrealized
	cost		gains	losses	Fair value
	(in thousands)
Available for sale securities:
Sponsored funds	$	46,800	434	(6,682)	40,552
Sponsored privately offered funds		500	325	—	825
	$	47,300	759	(6,682)	41,377

Summary of available for sale sponsored funds with fair values below carrying values

	Less than 12 months			12 months or longer		Total
			Unrealized		Unrealized		Unrealized
September 30, 2016	Fair value		losses	Fair value	losses	Fair value	losses
	(in thousands)
Sponsored funds	$	40,736	(528)	34,863	(4,789)	75,599	(5,317)

	Less than 12 months			12 months or longer		Total
			Unrealized		Unrealized		Unrealized
December 31, 2015	Fair value		losses	Fair value	losses	Fair value	losses
	(in thousands)
Sponsored funds	$	3,476	(166)	33,619	(6,516)	37,095	(6,682)

Summary of balances related to consolidated sponsored funds as well the company’s net interest in these funds

	September 30, 2016
	(in thousands)
Cash	$	4,524
Investments		123,792
Other assets		1,017
Other liabilities		(1,093)
Redeemable noncontrolling interests		(10,372)
Net interest in consolidated sponsored funds	$	117,868