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Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Reportable segment financial results
Reportable segment financial results are as follows:
 
Year Ended December 31,
(Dollars in thousands)
2015
 
2014
 
2013
Capital Markets
 
 
 
 
 
Investment banking
 
 
 
 
 
Financing
 
 
 
 
 
Equities
$
114,468

 
$
109,706

 
$
94,472

Debt
91,195

 
63,005

 
71,164

Advisory services
209,163

 
197,880

 
83,292

Total investment banking
414,826

 
370,591

 
248,928

 
 
 
 
 
 
Institutional sales and trading
 
 
 
 
 
Equities
78,584

 
82,211

 
91,169

Fixed income
94,305

 
92,200

 
76,275

Total institutional sales and trading
172,889

 
174,411

 
167,444

 
 
 
 
 
 
Management and performance fees
4,642

 
5,398

 
3,891

 
 
 
 
 
 
Investment income
24,468

 
24,046

 
30,404

 
 
 
 
 
 
Long-term financing expenses
(7,494
)
 
(6,655
)
 
(7,420
)
 
 
 
 
 
 
Net revenues
609,331

 
567,791

 
443,247

 
 
 
 
 
 
Operating expenses (1)
530,937

 
478,661

 
393,231

 
 
 
 
 
 
Segment pre-tax operating income
$
78,394

 
$
89,130

 
$
50,016

 
 
 
 
 
 
Segment pre-tax operating margin
12.9
%
 
15.7
%
 
11.3
%
 
 
 
 
 
 
Continued on next page
 
Year Ended December 31,
(Dollars in thousands)
2015
 
2014
 
2013
Asset Management
 
 
 
 
 
Management and performance fees
 
 
 
 
 
Management fees
$
70,167

 
$
78,772

 
$
71,314

Performance fees
208

 
892

 
7,840

Total management and performance fees
70,375

 
79,664

 
79,154

 
 
 
 
 
 
Investment income/(loss)
(6,788
)
 
683

 
2,794

 
 
 
 
 
 
Net revenues
63,587

 
80,347

 
81,948

 
 
 
 
 
 
Operating expenses (1)
55,558

 
59,166

 
56,351

 
 
 
 
 
 
Segment pre-tax operating income
$
8,029

 
$
21,181

 
$
25,597

 
 
 
 
 
 
Segment pre-tax operating margin
12.6
%
 
26.4
%
 
31.2
%
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
Net revenues
$
672,918

 
$
648,138

 
$
525,195

 
 
 
 
 
 
Operating expenses (1)
586,495

 
537,827

 
449,582

 
 
 
 
 
 
Pre-tax operating income
$
86,423

 
$
110,311

 
$
75,613

 
 
 
 
 
 
Pre-tax operating margin
12.8
%
 
17.0
%
 
14.4
%
(1)Operating expenses include intangible asset amortization expense as set forth in the table below:     
 
Year Ended December 31,
(Dollars in thousands)
2015
 
2014
 
2013
Capital Markets
$
1,622

 
$
2,972

 
$
1,349

Asset Management
6,040

 
6,300

 
6,644

Total intangible asset amortization expense
$
7,662

 
$
9,272

 
$
7,993

Schedule of intangible asset amortization expense
Operating expenses include intangible asset amortization expense as set forth in the table below:     
 
Year Ended December 31,
(Dollars in thousands)
2015
 
2014
 
2013
Capital Markets
$
1,622

 
$
2,972

 
$
1,349

Asset Management
6,040

 
6,300

 
6,644

Total intangible asset amortization expense
$
7,662

 
$
9,272

 
$
7,993

Reportable segment assets
Reportable segment assets are as follows:
 
December 31,
 
December 31,
(Dollars in thousands)
2015
 
2014
Capital Markets
$
1,870,272

 
$
2,352,404

Asset Management
268,246

 
271,513

 
$
2,138,518

 
$
2,623,917