CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 27,261	$ 24,820
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	146	151
Stock based compensation expense	187	699
Deferred income taxes	(1,409)	(3,756)
Foreign currency translation gain/(loss)	89	10
(Increase) decrease in assets:
Investments in trading securities	5,384	30
Receivable from affiliates	935	635
Receivable from brokers	(298)	(70)
Investment advisory fees receivable	11,562	13,927
Income tax receivable and deferred tax assets	2,738	(3,480)
Other assets	490	(130)
Increase (decrease) in liabilities:
Payable to affiliates	9	116
Payable to brokers	(282)	9,956
Income taxes payable and deferred tax liabilities	5,772	21,232
Compensation payable	1,424	(90)
Accrued expenses and other liabilities	(988)	(1,272)
Total adjustments	25,759	37,958
Net cash provided by operating activities	53,020	62,778
Investing activities
Proceeds from sales of available for sale securities		0
Financing activities
Dividends paid	(578)	(578)
Purchase of treasury stock	(3,309)	(3,795)
Repurchases of AC 4% PIK Note due November 30, 2020	(10,000)	(10,000)
Repayment of AC 1.6% Note	(15,000)	0
Margin loan borrowings	5,000	0
Margin loan repayments	(19,479)	0
Amortization of debt issuance costs	6	15
Net cash (used in) provided by financing activities	(43,360)	(14,358)
Effect of exchange rates on cash and cash equivalents	(98)	(2)
Net increase (decrease) in cash and cash equivalents	9,562	48,418
Cash and cash equivalents at beginning of period	17,821	39,812
Cash and cash equivalents at end of period	27,383	88,230
Supplemental disclosures of cash flow information:
Cash paid for interest	384	2,797
Cash paid for taxes	$ 960	$ 782