Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the categorization of investments and certain other assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012 within the fair value hierarchy:

	March 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	1,487	$	5,394	$	–	$	6,881
Equities		48,996		–		184		49,180
Funds:
Alternative investments		–		55,657		1,304		56,961
Debt		29,802		4		–		29,806
Equity		135,436		9,905		–		145,341
Private equity		–		–		110,496		110,496
Derivatives		–		4,172		–		4,172
Total	$	215,721	$	75,132	$	111,984	$	402,837
Liabilities:
Securities sold, not yet purchased	$	3,175	$	–	$	–	$	3,175
Derivatives		–		159,370		–		159,370
Total	$	3,175	$	159,370	$	–	$	162,545
	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	1,443	$	3,927	$	–	$	5,370
Equities		44,802		–		190		44,992
Funds:
Alternative investments		–		54,433		3,457		57,890
Debt		32,073		4		–		32,077
Equity		145,231		9,069		10		154,310
Private equity		–		–		112,444		112,444
Derivatives		–		933		–		933
Total	$	223,549	$	68,366	$	116,101	$	408,016
Liabilities:
Securities sold, not yet purchased	$	2,696	$	59	$	–	$	2,755
Derivatives		–		102,492		–		102,492
Total	$	2,696	$	102,551	$	–	$	105,247

Summary of Changes in Fair Value of Company's Level 3 Assets

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month periods ended March 31, 2013 and 2012:

	Three Months Ended March 31, 2013
	Beginning Balance		Net  Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	190	$	–	$	–	$	–		$	(6	)	$	184
Alternative investment funds		3,457		94		–		(2,247	)		–			1,304
Equity funds		10		–		–		(10	)		–			–
Private equity funds		112,444		682		–		(1,256	)		(1,374	)		110,496
Total Level 3 Assets	$	116,101	$	776	$	–	$	(3,513	)	$	(1,380	)	$	111,984
	Three Months Ended March 31, 2012
	Beginning Balance		Net  Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	211	$	–	$	–	$	–		$	6		$	217
Alternative investment funds		10,171		127		10		(4,393	)		–			5,915
Private equity funds		122,718		7,564		2,696		(17,872	)		1,457			116,563
Total Level 3 Assets	$	133,100	$	7,691	$	2,706	$	(22,265	)	$	1,463		$	122,695

(a) Earnings for three month periods ended March 31, 2013 and 2012 include net unrealized gains of $670 and $6,080, respectively.

Fair Value of Certain Investments Based on NAV

Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at March 31, 2013 and December 31, 2012 include certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value. Information with respect thereto was as follows:

	March 31, 2013
					% of Fair Value Not Redeemable	Estimated Liquidation Period of Investments Not Redeemable			Investments Redeemable
	Fair value		Unfunded Commitments			% Next 5 Years	% 5-10 Years	% Thereafter	Redemption Frequency	Redemption Notice Period
Alternative investment funds	$	56,961	$	–	NA	NA	NA	NA	(a)	<30-120 days
Debt funds		4		–	NA	NA	NA	NA	(b)	30 days
Equity funds		9,905		–	NA	NA	NA	NA	(c)	<30-90 days
Private equity funds		110,496		31,501	100%	13%	39%	48%	NA	NA
Total	$	177,366	$	31,501

Redemption frequency as follows:

(a) daily (10%), weekly (9%), monthly (43%) and quarterly (38%)

(b) daily (100%)

(c) daily (36%) and monthly (64%)

	December 31, 2012
					% of Fair Value Not Redeemable	Estimated Liquidation Period of Investments Not Redeemable			Investments Redeemable
	Fair value		Unfunded Commitments			% Next 5 Years	% 5-10 Years	% Thereafter	Redemption Frequency	Redemption Notice Period
Alternative investment funds	$	57,890	$	–	NA	NA	NA	NA	(a)	<30-120 days
Debt funds		4		–	NA	NA	NA	NA	(b)	30 days
Equity funds		9,079		–	2%	–%	–%	2%	(c)	30-120 days
Private equity funds		112,444		31,482	100%	13%	39%	48%	NA	NA
Total	$	179,417	$	31,482

Redemption frequency as follows:

(a) daily (10%), weekly (9%), monthly (38%) and quarterly (43%)

(b) daily (100%)

(c) daily (37%) and monthly (61%)