Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

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

Schedule of intangible asset amortization expense

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

Reportable segment assets

Reportable segment assets are as follows:

	December 31,		December 31,
(Dollars in thousands)	2016		2015
Capital Markets	$	1,934,528	$	1,870,272
Asset Management	190,975		268,246
	$	2,125,503	$	2,138,518