Intangible Assets

9 Months Ended

Jul. 31, 2013

Intangible Assets Disclosure [Abstract]

Intangible Assets

11. Intangible Assets

The following is a summary of intangible assets at July 31, 2013 and October 31, 2012:

July 31, 2013
(dollars in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizing intangible assets:
Client relationships acquired	$	133,927	$	(65,394)	$	68,533
Intellectual property acquired		1,000		(174)		826
Trademark acquired		900		(75)		825
Non-amortizing intangible assets:
Mutual fund management contract acquired		6,708		-		6,708
Total	$	142,535	$	(65,643)	$	76,892

October 31, 2012
(dollars in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizing intangible assets:
Client relationships acquired	$	110,327	$	(58,681)	$	51,646
Intellectual property acquired		1,000		(126)		874
Non-amortizing intangible assets:
Mutual fund management contract acquired		6,708		-		6,708
Total	$	118,035	$	(58,807)	$	59,228

Amortization expense was $2.4million and $2.0 millionfor the three months ended July 31, 2013 and 2012 and $6.8million and $6.0 million for the nine months ended July 31, 2013 and 2012, respectively. Estimated remaining amortization expense for the next five fiscal years, on a straight-line basis, is as follows:

Year Ending October 31,			Estimated Amortization
(in thousands)			Expense
Remaining 2013	$	2,359
2014		9,408
2015		9,183
2016		8,741
2017		8,628
2018		8,188