Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The following table summarizes the aggregate preliminary purchase price allocation of net tangible and intangible assets acquired during the year ended December 31, 2012:

	(dollars in thousands)
Cash and cash equivalents	$	290
Securities owned, at fair value	17
Securities borrowed	527,854
Receivable from brokers	15,682
Fees receivable	751
Intangibles	9,782
Other assets	136
Securities loaned	(543,369		)
Compensation payable	(11		)
Fees payable	(56		)
Unfavorable lease liability	(91		)
Accounts payable, accrued expenses and other liabilities	(700		)
Total net assets acquired	$	10,285
Non compete agreements	167
Goodwill/(Bargain purchase gain) on transactions	8,517
Total purchase price	$	18,969

The following table summarizes the purchase price allocation of net tangible and intangible assets acquired as of June 28, 2011:

	(dollars in thousands)
Cash and cash equivalents	$	117,496
Cash collateral pledged	1,127
Securities owned, at fair value	221,855
Other investments	2,569
Receivable from brokers	93,754
Fixed assets, net	8,804
Intangibles	2,770
Other assets	5,137
Securities sold, not yet purchased, at fair value	(175,391		)
Payable to brokers	(81,536		)
Compensation payable	(3,521		)
Fees payable	(969		)
Unfavorable lease	(3,388		)
Accounts payable, accrued expenses and other liabilities	(12,725		)
Total net assets acquired	$	175,982
Non compete agreements and covenants with limiting conditions acquired	2,310
Goodwill/(Bargain purchase gain) on transaction	(22,244		)
Total purchase price	$	156,048