Derivative Financial Instruments

6 Months Ended

Apr. 30, 2012

Derivative Financial Instruments Disclosure [Abstract]

Derivative Financial Instruments

7. Derivative Financial Instruments

Derivative financial instruments designated as cash flow hedges

Duringthe six months ended April 30, 2012 and 2011, the Company reclassified into interest expense $0.2million of the loss recognized on a Treasury lock transaction in connection with the Company's issuance of ten-year senior notes in October 2007. At April 30, 2012, the remaining unamortized loss on this transaction was $2.4 million. During the next twelve months, the Company expects to reclassify approximately $0.4 million of the loss on the Treasury lock transaction into interest expense.

Other derivative financial instruments not designated for hedge accounting

The Company has entered into a series of foreign exchange contracts, stock index futures contracts and commodity futures contracts to structurally hedge currency risk and market risk associated with its investments in separately managed accounts and consolidated funds seeded for new product development purposes.

At April 30, 2012, the Company had 13 outstanding foreign exchange contracts with ##D<fecontracts> counterparties with an aggregate notional value of $17.8million;14 outstanding stock index futures contracts with ##D<sfcontracts> counterparty with an aggregate notional value of $77.6 million; and 24 outstanding commodity futures contracts with ##D<cfcontracts> counterparty with an aggregate notional value of $18.1 million.

The following tables present the fair value of derivative instruments not designated as hedging instruments as of April 30, 2012 and October 31, 2011:

April 30, 2012
	Assets			Liabilities
(in thousands)	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Foreign exchange contracts	Other assets	$	20	Other liabilities	$	185
Stock index futures contracts	Other assets		431	Other liabilities		255
Commodity futures contracts	Other assets		454	Other liabilities		105
Total		$	905		$	545

October 31, 2011
	Assets			Liabilities
(in thousands)	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Foreign exchange contracts	Other assets	$	24	Other liabilities	$	124
Stock index futures contracts	Other assets		157	Other liabilities		6,363
Commodity futures contracts	Other assets		879	Other liabilities		167
Total		$	1,060		$	6,654

The following is a summary of the net gains (losses) recognized in income for the three and sixmonthsendedApril 30, 2012 and 2011:

	Income Statement		Three Months Ended April 30,				Six Months Ended April 30,
(in thousands)	Location		2012		2011		2012		2011
Foreign exchange contracts	Gains and other investment income, net	$	195	$	(2,196)	$	428	$	(1,917)
Stock index futures contracts	Gains and other investment income, net		(5,756)		(4,373)		(9,901)		(8,841)
Commodity futures contracts	Gains and other investment income, net		519		(728)		1,013		(2,192)
Total		$	(5,042)	$	(7,297)	$	(8,460)	$	(12,950)