Investments

9 Months Ended

Jun. 30, 2011

Investments [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Investments

Investments consisted of the following:

(in thousands)	June 30, 2011		September 30, 2010
Current
Investment securities, trading	$	907,827	$	361,396
Investment securities, available-for-sale
Sponsored investment products	960,200		1,032,602
Securities of U.S. states and political subdivisions	49,952		64,654
Securities of the U.S. Treasury and federal agencies	603		601
Other equity securities	21,890		16,780
Total investment securities, available-for-sale	1,032,645		1,114,637
Investments of consolidated VIEs, at fair value1	34,705		—
Investments in equity method investees and other	17,661		91,866
Total Current	$	1,992,838	$	1,567,899
Banking/Finance
Investment securities, trading	$	—	$	23,362
Investment securities, available-for-sale
Securities of U.S. states and political subdivisions	319		835
Securities of the U.S. Treasury and federal agencies2	2,443		53,099
Corporate debt securities3	122,036		123,108
Mortgage-backed securities – agency residential2	235,534		231,046
Other equity securities	90		151
Total investment securities, available-for-sale	360,422		408,239
Total Banking/Finance	$	360,422	$	431,601
Non-Current
Investments of consolidated VIEs, at fair value1	$	899,644	$	—
Investments in equity method investees and other	715,451		702,634
Total Non-Current	$	1,615,095	$	702,634

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¹ See Note 6 – Variable Interest Entities.

² Includes total U.S. government-sponsored enterprise obligations with fair values of $235.5 million and $281.7 million at June 30, 2011 and September 30, 2010.

³ Corporate debt securities are insured by the Federal Deposit Insurance Corporation or non-U.S. government agencies.

At June 30, 2011 and September 30, 2010, current investment securities, trading included $330.2 million and $86.3 million of investments held by sponsored investment products that were consolidated in the Company’s condensed consolidated financial statements.

At June 30, 2011 and September 30, 2010, banking/finance segment investment securities with aggregate carrying amounts of $164.7 million and $196.7 million were pledged as collateral for the ability to borrow from the Federal Reserve Bank, $63.9 million and $76.7 million were pledged as collateral for outstanding Federal Home Loan Bank (“FHLB”) borrowings and amounts available in secured FHLB short-term borrowing capacity, and $2.4 million and $3.5 million were pledged as collateral as required by federal and state regulators (see Note 10 – Debt). In addition, investment management and related services segment securities with aggregate carrying values of $7.3 million and $8.0 million were pledged as collateral at June 30, 2011 and September 30, 2010.

A summary of the gross unrealized gains and losses relating to investment securities, available-for-sale is as follows:

(in thousands)			Gross Unrealized
as of June 30, 2011	Cost Basis		Gains		Losses			Fair Value
Sponsored investment products	$	838,798	$	127,461	$	(6,059	)	$	960,200
Securities of U.S. states and political subdivisions	48,560		1,719		(8		)	50,271
Securities of the U.S. Treasury and federal agencies	3,037		9		—			3,046
Corporate debt securities	120,071		1,965		—			122,036
Mortgage-backed securities – agency residential	229,711		5,823		—			235,534
Other equity securities	21,892		416		(328		)	21,980
Total	$	1,262,069	$	137,393	$	(6,395	)	$	1,393,067

(in thousands)			Gross Unrealized
as of September 30, 2010	Cost Basis		Gains		Losses			Fair Value
Sponsored investment products	$	901,923	$	138,105	$	(7,426	)	$	1,032,602
Securities of U.S. states and political subdivisions	62,674		2,815		—			65,489
Securities of the U.S. Treasury and federal agencies	52,909		791		—			53,700
Corporate debt securities	120,159		2,949		—			123,108
Mortgage-backed securities – agency residential	225,443		5,603		—			231,046
Other equity securities	16,393		649		(111		)	16,931
Total	$	1,379,501	$	150,912	$	(7,537	)	$	1,522,876

The net unrealized holding gains (losses) on investment securities, available-for-sale included in accumulated other comprehensive income were $15.6 million and $43.6 million for the three and nine months ended June 30, 2011 and $(23.2) million and $15.6 million for the three and nine months ended June 30, 2010.

The following tables show the gross unrealized losses and fair values of investment securities, available-for-sale with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or Greater					Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
as of June 30, 2011
Sponsored investment products	$	37,501	$	(6,029	)	$	4,844	$	(30	)	$	42,345	$	(6,059	)
Securities of U.S. states and political subdivisions	2,938		(8		)	—		—			2,938		(8		)
Other equity securities	—		—			4,272		(328		)	4,272		(328		)
Total	$	40,439	$	(6,037	)	$	9,116	$	(358	)	$	49,555	$	(6,395	)

	Less Than 12 Months					12 Months or Greater					Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
as of September 30, 2010
Sponsored investment products	$	66,816	$	(5,506	)	$	23,394	$	(1,920	)	$	90,210	$	(7,426	)
Other equity securities	4,174		(108		)	26		(3		)	4,200		(111		)
Total	$	70,990	$	(5,614	)	$	23,420	$	(1,923	)	$	94,410	$	(7,537	)

The Company did not recognize any other-than-temporary impairment of investments for the three months ended June 30, 2011 and 2010. For the nine months ended June 30, 2011, the Company recognized $13.6 million of other-than-temporary impairment of investments, of which $7.3 million related to available-for-sale equity securities. Other-than-temporary impairment of investments for the nine months ended June 30, 2010 was $1.5 million, and related entirely to available-for-sale equity securities. The Company did not recognize any other-than-temporary impairment of available-for-sale debt securities during the nine months ended June 30, 2011 and 2010.

At June 30, 2011, maturities of available-for-sale debt securities were as follows:

(in thousands)	Cost Basis		Fair Value
Securities of U.S. states and political subdivisions
Due in one year or less	$	7,046	$	7,146
Due after one year through five years	33,480		34,667
Due after five years through ten years	8,034		8,458
Total	$	48,560	$	50,271
Securities of the U.S. Treasury and federal agencies
Due in one year or less	$	602	$	603
Due after one year through five years	100		100
Due after ten years	2,335		2,343
Total	$	3,037	$	3,046
Corporate debt securities
Due in one year or less	$	50,071	$	50,584
Due after one year through five years	70,000		71,452
Total	$	120,071	$	122,036
Mortgage-backed securities – agency residential
Due after five years through ten years	$	19,907	$	21,624
Due after ten years	209,804		213,910
Total	$	229,711	$	235,534