Investments of Operating Entities and Consolidated Funds (Tables)

12 Months Ended

Dec. 31, 2013

Investment Holdings [Line Items]

Gain (Loss) on Investments [Table Text Block]

Net realized gains (losses) and net unrealized gains (losses) on investments and other transactions and on derivatives for Consolidated Funds for the years ended December 31, 2012, 2011 and 2010 were as follows:

	Year Ended December 31,
	2013			2012			2011
	(dollars in thousands)
Consolidated Funds net gains (losses) on investments and other transactions:
Net realized gains (losses) on investments and other transactions	$	6,050		$	(8,121	)	$	4,959
Net unrealized gains (losses) on investments and other transactions	4,628			14,497			(34		)
Consolidated Funds net gains (losses) on derivatives:
Net realized gains (losses) on derivatives	$	521		$	915		$	(651	)
Net unrealized gains (losses) on derivatives	(156		)	(38		)	68

Securities Borrowed and Securities Loaned Disclosure [Text Block]

The following tables present the gross and net securities borrowing and lending agreements and the related offsetting amount, as of December 31, 2013 and 2012.

As of December 31, 2013
	Gross amounts recognized		Gross amounts offset on the Consolidated Statements of Financial Condition (a)		Net amounts included on the Consolidated Statements of Financial Condition		Amounts not offset on the consolidated balance sheet but eligible for offsetting upon counterparty default (b)		Net amounts
	(dollars in thousands)
Securities borrowed	$	927,773	$	—	$	927,773	$	927,773	$	—
Securities loaned	918,577		—		918,577		918,577		—

As of December 31, 2012
	Gross amounts recognized		Gross amounts offset on the Consolidated Statements of Financial Condition (a)		Net amounts included on the Consolidated Statements of Financial Condition		Amounts not offset on the consolidated balance sheet but eligible for offsetting upon counterparty default (b)		Net amounts
	(dollars in thousands)
Securities borrowed	$	406,326	$	—	$	406,326	$	406,326	$	—
Securities loaned	408,972		—		408,972		408,972		—

(a) Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.

(b) Includes the amount of cash collateral held/posted.

Operating Entities

Investment Holdings [Line Items]

Marketable Securities

As of December 31, 2013 and 2012, securities owned, at fair value consisted of the following:

	As of December 31,
	2013		2012
	(dollars in thousands)
U.S. Government securities (a)	$	9	$	137,478
Preferred stock	324		2,332
Common stocks	176,939		259,292
Convertible bonds (b)	5,958		6,202
Corporate bonds (c)	121,372		193,078
Options	9,698		20,546
Warrants and rights	5,912		2,354
Mutual funds	525		2,845
	$	320,737	$	624,127

(a) As of December 31, 2013, the maturity was April 2016 with an interest rate of 5.95%. As of December 31, 2012, maturities ranged from November 2013 to November 2022 and interest rates ranged between 0.25% and 5.95%.

(b) As of December 31, 2013, maturities ranged from May 2014 to October 2014 and interest rates ranged between 5.00% to 10.00%. As of December 31, 2012, maturities ranged from May 2014 to July 2014 with an interest rate of 5.00%.

(c) As of December 31, 2013, maturities ranged from January 2014 to February 2046 and interest rates ranged between 3.38% and 11.75%. As of December 31, 2012, maturities ranged from January 2013 to February 2041 and interest rates ranged between 3.09% and 12.50%.

Schedule of Other Investments

As of December 31, 2013 and 2012, other investments consisted of the following:

	As of December 31,
	2013		2012
	(dollars in thousands)
(1) Portfolio Funds, at fair value	$	71,051	$	55,898
(2) Real estate investments, at fair value	2,088		1,864
(3) Equity method investments	25,966		26,462
(4) Lehman claims, at fair value	378		706
	$	99,483	$	84,930

Schedule of Other Investments, Portfolio Funds

The Portfolio Funds, at fair value as of December 31, 2013 and 2012, included the following:

	As of December 31,
	2013		2012
	(dollars in thousands)
HealthCare Royalty Partners (a)(*)	$	9,741	$	7,866
HealthCare Royalty Partners II (a)(*)	4,961		6,415
Orchard Square Partners Credit Fund LP (b)(*)	12,674		14,196
Tapestry Investment Co PCC Ltd (c)	—		194
Starboard Value and Opportunity Fund LP (d)(*)	17,495		15,706
Formation 8 Partners Fund I (e)	2,788		1,500
RCG LV Park Lane LLC (f)	678		708
RCGL 12E13th LLC (g)	558		—
RCG Longview Debt Fund V, L.P. (g)	11,979		—
Other private investment (h)	7,772		7,826
Other affiliated funds (i)(*)	2,405		1,487
	$	71,051	$	55,898

* These portfolio funds are affiliates of the Company

The Company has no unfunded commitments regarding the portfolio funds held by the Company except as noted in Note 19.

(a) HealthCare Royalty Partners, L.P. and HealthCare Royalty Partners II, L.P. are private equity funds and therefore distributions will be made when cash flows are received from the underlying investments, typically on a quarterly basis.

(b) Orchard Square Partners Credit Fund LP (formerly known as Ramius Global Credit Fund LP) has a quarterly redemption policy with a 60 day notice period and a 4% penalty on redemptions of investments of less than a year in duration.

(c) Tapestry Investment Company PCC Ltd had been fully liquidated at the manager's discretion.

(d) Starboard Value and Opportunity Fund LP permits quarterly withdrawals upon 90 days notice.

(e) Formation 8 Partners Fund I is a private equity fund which invests in equity of early stage and growth transformational information and energy technology companies. Distributions will be made when the underlying investments are liquidated.

(f) RCG LV Park Lane LLC  is a single purpose entity formed to participate in a joint venture which acquired, at a discount, the mortgage notes on a portfolio of multifamily real estate properties located in Birmingham, Alabama.  RCG LV Park Lane LLC is a private equity structure and therefore distributions will be made when the underlying investments are liquidated.

(g) RCGL 12E13th LLC and RCG Longview Debt Fund V, L.P. are real estate private equity structures and therefore distributions will be made when the underlying investments are liquidated.

(h) Other private investment represents the Company's closed end investment in a wireless broadband communication provider in Italy.

(i) The majority of these funds are affiliates of the Company or are managed by the Company and the investors can redeem from these funds as investments are liquidated.

Schedule of Equity Method Investments

The following table summarizes equity method investments held by the Company:

	As of December 31,
	2013		2012
	(dollars in thousands)
RCG Longview Debt Fund IV Management, LLC	$	1,533	$	1,954
RCG Longview Debt Fund V Partners, LLC	1,497		—
HealthCare Royalty GP, LLC	794		642
HealthCare Royalty GP II, LLC	840		1,086
HealthCare Royalty GP III, LLC	47		—
CBOE Stock Exchange, LLC	1,351		2,058
Starboard Value LP	14,263		12,757
RCG Longview Partners, LLC	1,839		1,535
RCG Longview Louisiana Manager, LLC	—		1,866
RCG Urban American, LLC	316		1,380
RCG Urban American Management, LLC	238		545
RCG Longview Equity Management, LLC	292		285
Urban American Real Estate Fund II, LLC	1,785		1,636
RCG Kennedy House, LLC	502		377
Other	669		341
	$	25,966	$	26,462

Schedule of Results of Operations, Equity Method Investments

The summarized financial information for the Company's investments in investees is as follows:

Other equity method investments	As of December 31,
	2013			2012
	(dollars in thousands)
Assets	$	626,866		$	498,557
Liabilities	226,138			20,170
Equity	$	400,728		$	478,387
	Year Ended December 31,
	2013			2012			2011
	(dollars in thousands)
Revenues	$	75,429		$	77,502		$	33,061
Expenses	(69,893		)	(60,093		)	(45,335		)
Net realized and unrealized gains (losses)	77,042			5,575			9,365
Net Income	$	82,578		$	22,984		$	(2,909	)

Investments Sold, Not yet Purchased

As of December 31, 2013 and 2012, securities sold, not yet purchased, at fair value consisted of the following:

	As of December 31,
	2013		2012
	(dollars in thousands)
Common stocks	$	130,899	$	168,797
Corporate bonds (a)	55		61
Options	6,573		9,076
Warrants and rights	—		3
	$	137,527	$	177,937

(a) As of December 31, 2013 and 2012, the maturity was January 2026 with an interest rate of 5.55%

Schedule of Securities Financing Transactions

The following table represents the Company's securities purchased under agreements to resell and securities sold under agreements to repurchase as of December 31, 2013 and 2012:

	As of December 31, 2013
	(dollars in thousands)
Securities sold under agreements to repurchase
Agreements with Royal Bank of Canada bearing interest of 1.75% due June 2015 to November 2015	$	3,657
	$	3,657

	As of December 31, 2012
	(dollars in thousands)
Securities sold under agreements to repurchase
Agreements with Royal Bank of Canada bearing interest of 2.12% - 2.2% due January 31, 2013 to June 25, 2013	$	29,039
Agreements with Barclays Capital Inc bearing interest of (0.05%) - 0.23% due January 1, 2013	136,906
	$	165,945

The following tables present the gross and net repurchase agreements and the related offsetting amount, as of December 31, 2013 and 2012.

As of December 31, 2013
	Gross amounts recognized		Gross amounts offset on the Consolidated Statements of Financial Condition (a)		Net amounts included on the Consolidated Statements of Financial Condition		Amounts not offset on the consolidated balance sheet but eligible for offsetting upon counterparty default (b)		Net amounts
	(dollars in thousands)
Securities sold under agreements to repurchase	$	3,657	$	—	$	3,657	$	3,657	$	—

As of December 31, 2012
	Gross amounts recognized		Gross amounts offset on the Consolidated Statements of Financial Condition (a)		Net amounts included on the Consolidated Statements of Financial Condition		Amounts not offset on the consolidated balance sheet but eligible for offsetting upon counterparty default (b)		Net amounts
	(dollars in thousands)
Securities sold under agreements to repurchase	$	165,945	$	—	$	165,945	$	165,945	$	—

(a) Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.

(b) Includes the amount of collateral held/posted.

Consolidated Funds

Investment Holdings [Line Items]

Marketable Securities

As of December 31, 2013 the Company held no securities owned, at fair value, held by the Consolidated Funds. As of December 31, 2012 securities owned, at fair value, held by the Consolidated Funds are comprised of:

	As of December 31, 2012
	(dollars in thousands)
Government sponsored securities (a)	$	1,911
Commercial paper (b)	1,614
	$	3,525

(a) As of December 31, 2012, maturities ranged from August 2013 to December 2014 and interest rates ranged between 0.28% and 4.00%.

(b) As of December 31, 2012, commercial paper was purchased at a discount and matures on January 2, 2013.

Schedule of Other Investments

As of December 31, 2013 and 2012 other investments, at fair value, held by the Consolidated Funds are comprised of:

	As of December 31,
	2013		2012
	(dollars in thousands)
(1) Portfolio Funds	$	182,638	$	190,081
(2) Lehman claims	4,842		14,124
	$	187,480	$	204,205

Schedule of Other Investments, Portfolio Funds

As of December 31, 2013 and 2012, investments in Portfolio Funds, at fair value, included the following:

	As of December 31,
	2013		2012
	(dollars in thousands)
Investments of Enterprise LP	$	155,530	$	173,348
Investments of Merger Fund	26,963		—
Investments of consolidated fund of funds	145		16,733
	$	182,638	$	190,081

Schedule of Other Investments, Funds Investment Companies

The following is a summary of the investments held by the consolidated fund of funds, at fair value, as of December 31, 2013 and 2012:

		Fair Value as of December 31, 2013
	Strategy	Ramius Levered Multi-Strategy FOF LP		Ramius Multi-Strategy Master FOF LP		Ramius Vintage Multi-Strategy Master FOF LP		RTS Global 3X Fund LP		Total
		(dollars in thousands)
Tapestry Pooled Account V LLC*	Credit-Based	$	—	$	—	$	—	$	—	$	—	(a)
Externally Managed Portfolio Funds	Event Driven	—		—		—		—		—		(c)
Externally Managed Portfolio Funds	Hedged Equity	—		—		145		—		145		(d)
		$	—	$	—	$	145	$	—	$	145

		Fair value as of December 31, 2012
	Strategy	Ramius Levered Multi-Strategy FOF LP		Ramius Multi-Strategy Master FOF LP		Ramius Vintage Multi-Strategy Master FOF LP		RTS Global 3X Fund LP		Total
		(dollars in thousands)
Tapestry Pooled Account V LLC*	Credit-Based	$	315	$	649	$	693	$	—	$	1,657	(a)
Independently Advised Portfolio Funds*	Futures & Global Macro	—		—		—		7,161		7,161		(b)
Externally Managed Portfolio Funds	Event Driven	1,545		2,316		3,264		—		7,125		(c)
Externally Managed Portfolio Funds	Hedged Equity	—		—		790		—		790		(d)
		$	1,860	$	2,965	$	4,747	$	7,161	$	16,733

 *    These Portfolio Funds are affiliates of the Company.

As of December 31, 2013, the Company has no unfunded commitments regarding investments held by the three consolidated fund of funds.

(a) The Credit-Based strategy aims to generate returns via positions in the credit sensitive sphere of the fixed income markets. The strategy generally involves the purchase of corporate bonds with hedging of the interest exposure. The investments held in Tapestry Pooled Account V LLC, a related fund, are held solely in a credit based fund which the underlying fund's manager has placed in a side-pocket. The remaining amount of the investments within this category represents an investment in a fund that is in the process of liquidating. Distributions from this fund will be received as underlying investments are liquidated.

(b) The Futures and Global Macro strategy was comprised of several portfolio accounts, each of which was advised independently by a commodity trading advisor implementing primarily managed futures or global macro-based investment strategies. The trading advisors (through their respective portfolio accounts) traded independently of each other and, as a group, employed a wide variety of systematic, relative value and discretionary trading programs in the global currency, fixed income, commodities and equity futures markets. In implementing their trading programs, the trading advisors traded primarily in the futures and forward markets (as well as in related options). Although certain trading advisors were permitted to use total return swaps and trade other financial instruments from time to time on an interim basis, the primary focus was on the futures and forward markets. Redemption frequency of these portfolio accounts were monthly (and intra month for a $10,000 fee) and the notification period for redemptions was 5 business days (or 3 business days for intra month redemptions).

(c) The Event Driven strategy is generally implemented through various combinations and permutations of merger arbitrage, restructuring and distressed instruments. The investments in this category are primarily in a side pocket or suspended with undetermined payout dates.

(d) The Hedged Equity strategy focuses on equity strategies with some directional market exposure. The strategy attempts to profit from market efficiencies and direction. The investee fund manager has side-pocketed investments.

Enterprise Master

Investment Holdings [Line Items]

Schedule of Other Investments, Portfolio Funds

Portfolio Funds, owned by Enterprise Master, at fair value

		As of December 31,
		2013		2012
	Strategy	(dollars in thousands)
RCG Longview Equity Fund, LP*	Real Estate	$	8,470	$	11,027
RCG Longview II, LP*	Real Estate	800		970
RCG Longview Debt Fund IV, LP*	Real Estate	17,641		30,572
RCG Longview, LP*	Real Estate	319		265
RCG Soundview, LLC*	Real Estate	442		2,374
RCG Urban American Real Estate Fund, L.P.*	Real Estate	1,812		1,987
RCG International Sarl*	Multi-Strategy	1,795		752
RCG Special Opportunities Fund, Ltd*	Multi-Strategy	82,119		80,166
RCG Endeavour, LLC*	Multi-Strategy	6		43
RCG Energy, LLC *	Energy	2,842		14,239
RCG Renergys, LLC*	Energy	1		1
Other Private Investments	Various	12,952		12,430
Real Estate Investments	Real Estate	15,024		12,321
		$	144,223	$	167,147

* These Portfolio Funds are affiliates of the Company.

Schedule of Securities Owned and Sold, Not yet Purchased, at Fair Value

Securities owned and securities sold, but not yet purchased by Enterprise Master, at fair value

	As of December 31,
	2013		2012
	(dollars in thousands)
Bank debt	$	5	$	79
Common stock	2,677		2,680
Preferred stock	973		997
Private equity	406		297
Restricted stock	124		26
Rights	2,528		1,714
Trade claims	128		128
Warrants	—		2
	$	6,841	$	5,923

Schedule of Derivative Instruments

Derivative contracts, at fair value, owned by Enterprise Master, net

	As of December 31,
	2013			2012
Description	(dollars in thousands)
Currency forwards	$	(21	)	$	6
	$	(21	)	$	6

Merger Master

Investment Holdings [Line Items]

Schedule of Securities Owned and Sold, Not yet Purchased, at Fair Value

Securities owned by Merger Master, at fair value

	As of December 31, 2013
	(dollars in thousands)
Common stocks	$	33,901
Corporate bond (a)	14,444
Options	200
	$	48,545

(a) As of December 31, 2013, maturities ranged from April 2016 to October 2020 and interest rates ranged between 7.00% and 10.88%.

Schedule of Derivative Instruments

Derivative contracts, at fair value, owned by Merger Master, net

	As of December 31, 2013
Description	(dollars in thousands)
Currency forwards	$	(10	)
Cross rate	(92		)
	$	(102	)

RTS Global 3X Fund LP

Investment Holdings [Line Items]

Schedule of Derivative Instruments

The following table presents the summarized investment information, which primarily consisted of receivables/(payables) on derivatives, for the underlying Portfolio Funds held by RTS Global 3X, at fair value, as of December 31, 2012:

	As of December 31, 2012
	(dollars in thousands)
Bond futures	$	489
Commodity forwards	(659		)
Commodity futures	47
Currency forwards	202
Currency futures	264
Energy futures	239
Equity future	(27		)
Index futures	(257		)
Interest rate futures	40
	$	338

Starboard Value A LP [Member] | Operating Entities

Investment Holdings [Line Items]

Schedule of Results of Operations, Equity Method Investments

For the year ended December 31, 2013, Starboard Value A LP has met the significance criteria as defined under Regulation S-X Rule 4-08(g) of the SEC guidance. As such, the Company is presenting the following summarized financial information:

Starboard Value A LP	As of December 31,
	2013		2012
	(dollars in thousands)
Assets
Cash	$	14	$	—
Performance fee receivable	25,214		20,448
Investments in Portfolio Funds, at fair value	2,201		1,380
Liabilities	—		—
Equity	$	27,429	$	21,828

	Year Ended December 31,
	2013		2012		2011
	(dollars in thousands)
Performance fee revenues	$	23,098	$	20,448	$	4,750
Net realized and unrealized gains (losses)	283		254		18
Net Income	$	23,381	$	20,702	$	4,768