Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of March 31, 2013, December 31, 2012 and March 31, 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2013 (in thousands)

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Balance as of March 31, 2013
Cash equivalents	$272,653	-	-	$272,653
Investments in partnerships	-	23,772	-	23,772
Investments in securities:
AFS - Common stocks	35,225	-	-	35,225
AFS - Mutual funds	1,734	-	-	1,734
Trading - Gov't obligations	49,990	-	-	49,990
Trading - Common stocks	138,829	7	667	139,503
Trading - Mutual funds	1,655	-	-	1,655
Trading - Other	92	788	299	1,179
Total investments in securities	227,525	795	966	229,286
Investments in sponsored registered investment companies:
AFS - Closed-end Funds	60,895	-	-	60,895
AFS - Mutual Funds	3,382	-	-	3,382
Trading - Mutual funds	17	-	-	17
Total investments in sponsored registered investment companies	64,294	-	-	64,294
Total investments	291,819	24,567	966	317,352
Total assets at fair value	$564,472	$24,567	$966	$590,005
Liabilities
Trading - Common stocks	$5,650	-	-	$5,650
Trading - Other	-	727	-	727
Securities sold, not yet purchased	$5,650	$727	-	$6,377

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2012 (in thousands)

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Balance as of December 31, 2012
Cash equivalents	$190,475	-	-	$190,475
Investments in partnerships	-	26,128	-	26,128
Investments in securities:
AFS - Common stocks	33,560	-	-	33,560
AFS - Mutual funds	1,702	-	-	1,702
Trading - Gov't obligations	42,989	-	-	42,989
Trading - Common stocks	137,796	7	675	138,478
Trading - Mutual funds	1,484	-	-	1,484
Trading - Other	120	148	362	630
Total investments in securities	217,651	155	1,037	218,843
Investments in sponsored registered investment companies:
AFS - Closed-end Funds	58,511	-	-	58,511
AFS - Mutual Funds	3,341	-	-	3,341
Trading - Mutual funds	20	-	-	20
Total investments in sponsored registered investment companies	61,872	-	-	61,872
Total investments	279,523	26,283	1,037	306,843
Total assets at fair value	$469,998	$26,283	$1,037	$497,318
Liabilities
Trading - Common stocks	$2,867	-	-	$2,867
Trading - Other	-	269	-	269
Securities sold, not yet purchased	$2,867	$269	-	$3,136

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2012 (in thousands)

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Balance as of March 31,2012
Cash equivalents	$324,333	-	-	$324,333
Investments in partnerships	-	23,166	-	23,166
Investments in securities:
AFS - Common stocks	34,578	-	-	34,578
AFS - Mutual funds	2,109	-	-	2,109
Trading - Gov't obligations	48,630	-	-	48,630
Trading - Common stocks	169,463	114	647	170,224
Trading - Mutual funds	1,495	-	-	1,495
Trading - Other	293	-	278	571
Total investments in securities	256,568	114	925	257,607
Investments in sponsored registered investment companies:
AFS - Closed-end Funds	58,721	-	-	58,721
AFS - Mutual Funds	3,567	-	-	3,567
Trading - Mutual funds	17	-	-	17
Total investments in sponsored registered investment companies	62,305	-	-	62,305
Total investments	318,873	23,280	925	343,078
Total assets at fair value	$643,206	$23,280	$925	$667,411
Liabilities
Trading - Common stocks	$9,553	-	-	$9,553
Trading - Other	-	104	-	104
Securities sold, not yet purchased	$9,553	$104	-	$9,657

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2013 (in thousands)

	December 31, 2012	Total Realized and Unrealized Gains or (Losses) in Income		Total Unrealized Gains or (Losses)Included in Other	Total Realized and Unrealized			Transfers In and/or
Asset	Beginning Balance	Trading	AFS Investments	Comprehensive Income	Gains or (Losses)	Purchases	Sales	(Out) of Level 3	Ending Balance
Financial
instruments owned:

Trading - Common stocks	$675	$(8)	-	-	$(8)	$-	$-	$-	$667
Trading - Other	362	1	-	-	1	-	(64)	-	299
Total	$1,037	$(7)	-	-	$(7)	$-	($64)	$-	$966

There were no transfers between any Levels during the three months ended March 31, 2013.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2012 (in thousands)

	December 31, 2011	Total Realized and Unrealized Gains or (Losses) in Income		Total Unrealized Gains or (Losses)Included in Other	Total Realized and Unrealized			Transfers In and/or
Asset	Beginning Balance	Trading	AFS Investments	Comprehensive Income	Gains or (Losses)	Purchases	Sales	(Out) of Level 3	Ending Balance
Financial
instruments owned:
Trading - Common stocks	$670	-	-	-	-	$57	($80)	$-	$647
Trading - Other	284	(2)	-	-	(2)	4	(8)	-	278
Total	$954	$(2)	-	-	$(2)	$61	($88)	$-	$925

There were no transfers between any Levels during the three months ended March 31, 2012.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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