CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income	$ 47,714	$ 53,568
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	294	313
Stock based compensation expense	5,078	2,072
Deferred income taxes	(5,698)	(2,016)
Foreign currency translation loss	47	(93)
Cost basis of donated securities	16	65
Net gains on sales of available for sale securities	0	(4)
(Increase) decrease in assets:
Investments in trading securities	27	223
Receivable from affiliates	1,069	5,036
Receivable from brokers	(390)	861
Investment advisory fees receivable	16,241	(762)
Income tax receivable and deferred tax assets	(10,013)	(5,118)
Other assets	(357)	(769)
Increase (decrease) in liabilities:
Payable to affiliates	974	(6,461)
Payable to brokers	4,604	32
Income taxes payable and deferred tax liabilities	6,134	(1,875)
Compensation payable	11,254	1,172
Accrued expenses and other liabilities	(458)	1,533
Total adjustments	28,822	(5,791)
Net cash provided by operating activities	76,536	47,777
Investing activities
Purchases of available for sale securities	(50)	(213)
Proceeds from sales of available for sale securities	0	408
Net cash provided by investing activities	(50)	195
Financing activities
Dividends paid	(1,156)	(1,170)
Purchase of treasury stock	(4,757)	(1,331)
Repayment of AC 4% PIK Note	(20,000)	0
Repayment of loan from GGCP	0	(35,000)
Amortization of debt issuance costs	30	12
Net cash (used in) provided by financing activities	(25,883)	(37,489)
Effect of exchange rates on cash and cash equivalents	(10)	22
Net increase in cash and cash equivalents	50,593	10,505
Cash and cash equivalents at beginning of period	39,812	13,719
Cash and cash equivalents at end of period	90,405	24,224
Supplemental disclosures of cash flow information:
Cash paid for interest	3,824	1,089
Cash paid for taxes	$ 38,905	$ 39,354