Reportable segment financial results |
Reportable segment financial results are as follows: | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2016 | | 2015 | | 2014 | Capital Markets | | | | | | Investment banking | | | | | | Financing | | | | | | Equities | $ | 71,161 |
| | $ | 114,468 |
| | $ | 109,706 |
| Debt | 115,013 |
| | 91,195 |
| | 63,005 |
| Advisory services | 304,654 |
| | 209,163 |
| | 197,880 |
| Total investment banking | 490,828 |
| | 414,826 |
| | 370,591 |
| | | | | | | Institutional sales and trading | | | | | | Equities | 87,992 |
| | 78,584 |
| | 82,211 |
| Fixed income | 91,466 |
| | 94,305 |
| | 92,200 |
| Total institutional sales and trading | 179,458 |
| | 172,889 |
| | 174,411 |
| | | | | | | Management and performance fees | 6,363 |
| | 4,642 |
| | 5,398 |
| | | | | | | Investment income | 24,791 |
| | 24,468 |
| | 24,046 |
| | | | | | | Long-term financing expenses | (9,136 | ) | | (7,494 | ) | | (6,655 | ) | | | | | | | Net revenues | 692,304 |
| | 609,331 |
| | 567,791 |
| | | | | | | Operating expenses (1) | 645,863 |
| | 530,937 |
| | 478,661 |
| | | | | | | Segment pre-tax operating income | $ | 46,441 |
| | $ | 78,394 |
| | $ | 89,130 |
| | | | | | | Segment pre-tax operating margin | 6.7 | % | | 12.9 | % | | 15.7 | % | | | | | | | Continued on next page |
| | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2016 | | 2015 | | 2014 | Asset Management | | | | | | Management and performance fees | | | | | | Management fees | $ | 53,725 |
| | $ | 70,167 |
| | $ | 78,772 |
| Performance fees | 584 |
| | 208 |
| | 892 |
| Total management and performance fees | 54,309 |
| | 70,375 |
| | 79,664 |
| | | | | | | Investment income/(loss) | 736 |
| | (6,788 | ) | | 683 |
| | | | | | | Net revenues | 55,045 |
| | 63,587 |
| | 80,347 |
| | | | | | | Operating expenses (1) | 132,360 |
| | 55,558 |
| | 59,166 |
| | | | | | | Segment pre-tax operating income/(loss) | $ | (77,315 | ) | | $ | 8,029 |
| | $ | 21,181 |
| | | | | | | Segment pre-tax operating margin | (140.5 | )% | | 12.6 | % | | 26.4 | % | | | | | | | | | | | | | Total | | | | | | Net revenues | $ | 747,349 |
| | $ | 672,918 |
| | $ | 648,138 |
| | | | | | | Operating expenses (1) | 778,223 |
| | 586,495 |
| | 537,827 |
| | | | | | | Pre-tax operating income/(loss) | $ | (30,874 | ) | | $ | 86,423 |
| | $ | 110,311 |
| | | | | | | Pre-tax operating margin | (4.1 | )% | | 12.8 | % | | 17.0 | % |
(1)Operating expenses include a $82.9 million goodwill impairment charge for the Asset Management segment, as well as intangible asset amortization expense as set forth in the table below: | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2016 | | 2015 | | 2014 | Capital Markets | $ | 15,587 |
| | $ | 1,622 |
| | $ | 2,972 |
| Asset Management | 5,627 |
| | 6,040 |
| | 6,300 |
| Total intangible asset amortization expense | $ | 21,214 |
| | $ | 7,662 |
| | $ | 9,272 |
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