Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

The following table presents the changes in the Company's goodwill balance, by reporting unit for the years ended December 31, 2014, 2013, and 2012:



	Alternative Investment			Broker- Dealer			Total
	(dollars in thousands)
Beginning balance - December 31, 2012
Goodwill	$	30,228		$	15,668		$	45,896
Accumulated impairment charges	(10,200		)	(7,151		)	(17,351		)
Net	20,028			8,517			28,545

Activity: 2013
Recognized goodwill	—			8,695			8,695
Goodwill impairment charges	—			—			—

Ending balance: December 31, 2013
Goodwill	30,228			24,363			54,591
Accumulated impairment charges	(10,200		)	(7,151		)	(17,351		)
Net	20,028			17,212			37,240

Activity: 2014
Recognized goodwill	—			—			—
Goodwill impairment charges	—			(2,334		)	(2,334		)

Ending balance: December 31, 2014
Goodwill	30,228			24,363			54,591
Accumulated impairment charges	(10,200		)	(9,485		)	(19,685		)
Net	$	20,028		$	14,878		$	34,906



		December 31, 2014							December 31, 2013
	Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(in years)	(in thousands)							(in thousands)
Investment contracts	5	$	3,900	$	(3,900	)	$	—	$	3,900	$	(3,900	)	$	—
Trade names	5 - 7.5	9,612		(8,305		)	1,307		9,612		(7,747		)	1,865
Customer relationships	4 - 10	13,284		(8,936		)	4,348		14,744		(8,375		)	6,369
Customer contracts	1.2	800		(800		)	—		800		(800		)	—
Non compete agreements and covenants with limiting conditions acquired	1 - 10	31		(21		)	10		2,697		(2,583		)	114
Intellectual property	3 - 10	6,437		(3,619		)	2,818		6,951		(3,205		)	3,746
		$	34,064	$	(25,581	)	$	8,483	$	38,704	$	(26,610	)	$	12,094

The estimated future amortization expense for the Company's intangible assets as of December 31, 2014 is as follows: