Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Reportable segment financial results

Reportable segment financial results are as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2017			2016			2017			2016
Capital Markets
Investment banking
Financing
Equities	$	22,117		$	30,479		$	70,229		$	53,831
Debt	21,687			30,898			60,066			80,195
Advisory services	146,816			75,230			332,205			204,971
Total investment banking	190,620			136,607			462,500			338,997
Institutional sales and trading
Equities	18,410			20,492			59,085			62,773
Fixed income	20,676			25,812			63,137			71,818
Total institutional sales and trading	39,086			46,304			122,222			134,591
Management and performance fees	678			1,353			4,172			4,112
Investment income/(loss)	(660		)	4,472			15,155			14,009
Long-term financing expenses	(1,736		)	(2,253		)	(6,003		)	(6,838		)
Net revenues	227,988			186,483			598,046			484,871
Operating expenses (1)	196,409			169,745			524,702			460,628
Segment pre-tax operating income	$	31,579		$	16,738		$	73,344		$	24,243
Segment pre-tax operating margin	13.9		%	9.0		%	12.3		%	5.0		%
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	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2017			2016			2017			2016
Asset Management
Management and performance fees
Management fees	$	12,140		$	13,903		$	39,839		$	39,587
Performance fees	—			—			—			—
Total management and performance fees	12,140			13,903			39,839			39,587
Investment income	439			461			956			428
Net revenues	12,579			14,364			40,795			40,015
Operating expenses (1)	126,394			12,651			153,699			35,856
Segment pre-tax operating income/(loss)	$	(113,815	)	$	1,713		$	(112,904	)	$	4,159
Segment pre-tax operating margin	(904.8		)%	11.9		%	(276.8		)%	10.4		%
Total
Net revenues	$	240,567		$	200,847		$	638,841		$	524,886
Operating expenses (1)	322,803			182,396			678,401			496,484
Pre-tax operating income/(loss)	$	(82,236	)	$	18,451		$	(39,560	)	$	28,402
Pre-tax operating margin	(34.2		)%	9.2		%	(6.2		)%	5.4		%

(1)Operating expenses include a $114.4 million goodwill impairment charge for the Asset Management segment, as well as intangible asset amortization as set forth in the table below:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2017		2016		2017		2016
Capital Markets	$	2,544	$	6,623	$	7,633	$	11,239
Asset Management	1,278		1,387		3,833		4,161
Total intangible asset amortization	$	3,822	$	8,010	$	11,466	$	15,400

Schedule of intangible asset amortization

(1)Operating expenses include a $114.4 million goodwill impairment charge for the Asset Management segment, as well as intangible asset amortization as set forth in the table below:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2017		2016		2017		2016
Capital Markets	$	2,544	$	6,623	$	7,633	$	11,239
Asset Management	1,278		1,387		3,833		4,161
Total intangible asset amortization	$	3,822	$	8,010	$	11,466	$	15,400

Reportable segment assets

Reportable segment assets are as follows:

	September 30,		December 31,
(Dollars in thousands)	2017		2016
Capital Markets	$	1,627,722	$	1,934,528
Asset Management	112,114		190,975
Total assets	$	1,739,836	$	2,125,503