Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017


	March 31,		December 31,
	2017		2016
		(in thousands)
Available for sale securities:
Sponsored funds	$	120,756	122,806
Sponsored privately offered funds		—	570
Total available for sale securities		120,756	123,376
Trading securities:
Mortgage-backed securities		12	13
Common stock		104	101
Consolidated sponsored funds		133,276	145,710
Sponsored funds		30,555	29,541
Sponsored privately offered funds		614	—
Total trading securities		164,561	175,365
Equity method securities:
Sponsored funds		20,441	26,775
Sponsored privately offered funds		3,545	3,234
Total equity method securities		23,986	30,009
Total securities	$	309,303	328,750

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 March 31, 2017:


	Amortized		Unrealized	Unrealized
	cost		gains	losses	Fair value
	(in thousands)
Available for sale securities:
Sponsored funds	$	124,954	1,258	(5,456)	120,756

The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2016:


	Amortized		Unrealized	Unrealized
	cost		gains	losses	Fair value
	(in thousands)
Available for sale securities:
Sponsored funds	$	129,427	828	(7,449)	122,806
Sponsored privately offered funds		265	305	—	570
	$	129,692	1,133	(7,449)	123,376

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

Less than 12 months

12 months or longer

Total

Unrealized

March 31, 2017

Fair value

losses

Fair value

losses

Fair value

losses

(in thousands)

Sponsored funds

71,051

(1,834)

34,182

(5,615)

105,233

(7,449)

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


	March 31,		December 31,
	2017		2016
	(in thousands)
Cash	$	3,638	6,885
Investments		133,276	145,710
Other assets		3,346	763
Other liabilities		(2,253)	(390)
Redeemable noncontrolling interests		(8,516)	(10,653)
Net interest in consolidated sponsored funds	$	129,491	142,315

Schedule of fair value of investment securities

March 31, 2017	Level 1		Level 2	Level 3	Other Assets Not Held at Fair Value	Total
	(in thousands)
Available for sale securities:
Sponsored funds	$	120,756	—	—	—	120,756
Trading securities:
Mortgage-backed securities		—	12	—	—	12
Common stock		104	—	—	—	104
Consolidated sponsored funds		94,945	38,331	—	—	133,276
Sponsored funds		30,555	—	—	—	30,555
Sponsored privately offered funds measured at net asset value (1)		—	—	—	614	614
Equity method securities: (2)
Sponsored funds		20,441	—	—	—	20,441
Sponsored privately offered funds measured at net asset value (1)		—	—	—	3,545	3,545
Total	$	266,801	38,343	—	4,159	309,303


December 31, 2016	Level 1		Level 2	Level 3	Other Assets Not Held at Fair Value	Total
	(in thousands)
Available for sale securities:
Sponsored funds	$	122,806	—	—	—	122,806
Sponsored privately offered funds measured at net asset value (1)		—	—	—	570	570
Trading securities:
Mortgage-backed securities		—	13	—	—	13
Common stock		101	—	—	—	101
Consolidated sponsored funds		100,847	44,863	—	—	145,710
Sponsored funds		29,541	—	—	—	29,541
Equity method securities: (2)
Sponsored funds		26,775	—	—	—	26,775
Sponsored privately offered funds measured at net asset value (1)		—	—	—	3,234	3,234
Total	$	280,070	44,876	—	3,804	328,750

(1)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

Substantially all of the Company’s equity method investments are investment companies that record their underlying investments at fair value.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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