CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating activities
Net income	$ 75,595	$ 69,675	$ 70,015
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net gains from partnerships	(5,948)	(1,060)	(9,155)
Depreciation and amortization	777	825	700
Stock based compensation expense	13,583	2,588	10,585
Deferred income taxes	8,504	(1,521)	7,553
Tax benefit from exercise of stock options	105	0	216
Foreign currency translation gain/(loss)	(28)	8	(16)
Other-than-temporary loss on available for sale securities	20	0	0
Donated securities	448	167	(524)
Gains on sales of available for sale securities	(1,565)	(772)	(29)
Amortization of discount on convertible debt	0	0	52
Accretion of zero coupon debentures	3,155	4,572	0
(Gain) loss on extinguishment of debt	6,307	(2)	497
(Increase) decrease in assets:
Investments in trading securities	17,174	(58,286)	(132,702)
Investments in partnerships, offshore funds and variable interest entities
Contributions to partnerships	(27,443)	(15,483)	(20,743)
Distributions from partnerships	36,735	57,148	9,680
Receivable from brokers	(29,742)	(30,039)	(16,549)
Investment advisory fees receivable	(10,272)	12,718	(8,975)
Income tax receivable and deferred tax assets	(979)	286	0
Other assets	338	(5,659)	(2,411)
Increase (decrease) in liabilities:
Payable to brokers	3,576	9,216	1,159
Income taxes payable and deferred tax liabilities	432	(4,456)	1,241
Compensation payable	(7,162)	(6,076)	10,470
Mandatorily redeemable noncontrolling interests	(44)	(137)	(178)
Accrued expenses and other liabilities	2,179	2,651	(916)
Total adjustments	10,150	(33,312)	(150,045)
Net cash provided by (used in) operating activities	85,745	36,363	(80,030)
Investing activities
Purchases of available for sale securities	(1,268)	(4,378)	(157)
Proceeds from sales of available for sale securities	3,184	6,054	2,097
Return of capital on available for sale securities	2,531	2,306	2,988
Decrease (increase) in restricted cash	0	0	62,258
Net cash provided by investing activities	4,447	3,982	67,186
Financing activities
Contributions from redeemable noncontrolling interests	24,189	22,418	25,137
Redemptions of redeemable noncontrolling interests	(13,069)	(2,340)	(475)
Issuance of 5.875% Senior notes due June 1, 2021	0	100,000	0
Issuance costs on the 5.875% Senior notes due June 1, 2021	0	(934)	0
Repayment of 6% Convertible note due August 14, 2011	0	0	(40,400)
Repayment of 6.5% Convertible note due October 2, 2018	0	0	(60,000)
Repurchase of Zero coupon subordinated debentures due December 31, 2015	(56,215)	(32)	0
Proceeds from exercise of stock options	920	0	1,588
Dividends paid	(76,809)	(30,477)	(50,631)
Dividends paid to noncontrolling interests		(331)	(829)
Purchase of treasury stock	(54,928)	(20,408)	(30,206)
Net cash provided by (used in) financing activities	(175,912)	67,896	(155,816)
Effect of exchange rates on cash and cash equivalents	(12)	0	(9)
Net increase (decrease) in cash and cash equivalents	(85,732)	108,241	(168,669)
Cash and cash equivalents at beginning of period	276,340	169,601	338,270
Decrease in cash from deconsolidation of partnership		1,502
Cash and cash equivalents at end of period	190,608	276,340	169,601
Supplemental disclosures of cash flow information:
Cash paid for interest	10,049	9,539	12,902
Cash paid for taxes	$ 32,106	$ 45,460	$ 29,870