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Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill
Goodwill represents the excess of purchase price over the net tangible assets and identifiable intangible assets of an acquired business. At June 30, 2016 and December 31, 2015, goodwill was approximately $18,204,000 and $17,975,000, respectively. The Company’s goodwill increased by $229,000 for the six months ended June 30, 2016 as a result of foreign currency revaluation.
Intangible Assets
The following table details the gross carrying amounts and accumulated amortization for the intangible assets at June 30, 2016 and December 31, 2015 (in thousands):

 
Remaining
Amortization
Period
(in months)
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Intangible
Assets, Net
June 30, 2016:
 
 
 
 
 
 
 
Amortized intangible assets:
 
 
 
 
 
 
 
Client relationships
30
 
$
1,543

 
$
(1,314
)
 
$
229

Non-amortized intangible assets:
 
 
 
 
 
 
 
Mutual fund management contracts
 
1,250

 

 
1,250

Total
 
 
$
2,793

 
$
(1,314
)
 
$
1,479

December 31, 2015:
 
 
 
 
 
 
 
Amortized intangible assets:
 
 
 
 
 
 
 
Client relationships
36
 
$
1,543

 
$
(1,270
)
 
$
273

Non-amortized intangible assets:
 
 
 
 
 
 
 
Mutual fund management contracts
 
1,250

 

 
1,250

Total
 
 
$
2,793

 
$
(1,270
)
 
$
1,523



Amortization expense related to the intangible assets was approximately $22,000 for both the three months ended June 30, 2016 and 2015, respectively, and approximately $44,000 for both the six months ended June 30, 2016 and 2015, respectively. Estimated future amortization expense is as follows (in thousands):
 
Periods Ending December 31,
Estimated
Amortization
Expense
2016
$
45

2017
89

2018
95

Total
$
229