Intangible Assets

6 Months Ended

Apr. 30, 2017

Intangible Assets [Abstract]

Intangible Assets

10.Intangible Assets

The following is a summary of intangible assets at April 30, 2017 and October 31, 2016:

April 30, 2017
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Client relationships acquired	$	134,247	$	(99,159)	$	35,088
Intellectual property acquired		1,025		(419)		606
Trademark acquired		4,257		(637)		3,620
Research system		639		(71)		568
Non-amortizing intangible assets:
Mutual fund management contracts acquired		54,408		-		54,408
Total	$	194,576	$	(100,286)	$	94,290

October 31, 2016
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Client relationships acquired	$	133,927	$	(94,873)	$	39,054
Intellectual property acquired		1,025		(385)		640
Trademark acquired		900		(493)		407
Non-amortizing intangible assets:
Mutual fund management contracts acquired		6,708		-		6,708
Total	$	142,560	$	(95,751)	$	46,809

Amortization expense was $2.2 millionfor boththe three months ended April 30, 2017 and 2016 and $4.5million and $4.4million for the six months ended April 30, 2017 and 2016, respectively.Estimated remaining amortization expense for fiscal 2017 and the next five fiscal years, on a straight-line basis, is as follows:

		Estimated
Year Ending October 31,		Amortization
(in thousands)		Expense
Remaining 2017	$	4,478
2018		8,927
2019		4,978
2020		3,807
2021		2,282
2022		2,154

Acquired intangible assets

The following is a summary of the intangible assets acquired in the first quarter of fiscal 2017:

April 30, 2017
(in thousands)	Weighted-Average Remaining Amortization Period (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Client relationships acquired	14.7	$	320	$	(7)	$	313
Trademark acquired	13.7		3,357		(80)		3,277
Research system	2.7		639		(71)		568
Non-amortizing intangible assets:
Mutual fund management contracts acquired			47,700		-		47,700
Total	12.3	$	52,016	$	(158)	$	51,858

Amortization expense was $0.1million and $0.2million for thethree and six months endedApril 30,2017, respectively. Estimated remaining amortization expense for fiscal 2017 and the next five fiscal years, on a straight-line basis, is as follows:

		Estimated
Year Ending October 31,		Amortization
(in thousands)		Expense
Remaining 2017	$	237
2018		474
2019		474
2020		297
2021		261
2022		261