Accounts Receivable

3 Months Ended

Sep. 30, 2012

Accounts Receivable

Note 2—Accounts Receivable

Accounts receivable represent balances arising from investment advisory agreements. The Company’s accounts receivable balances do not include an allowance for doubtful accounts for the periods presented and there have been no bad debt expenses recognized during the three months ended September 30, 2012 and 2011. Management believes the September 30, 2012 accounts receivable balances are fully collectible.

Significant Customer

The Company’s clients are located worldwide and across many industries. For the three months ended September 30, 2012 and 2011, New York Life Investment Management, through the MainStay Epoch Funds and other funds sub-advised by EIP (see Note 6—Strategic Relationship), accounted for approximately 15% and 18% of condensed consolidated operating revenues, respectively.