Related Party Transactions

12 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

On June 30, 2015, and 2014, the Company had$17.1 million and $19.4 million, respectively, at fair value invested in USGIF and offshore clients the Company advises. These amounts were included in the Consolidated Balance Sheet as “trading securities” and “available-for-sale securities” in fiscal year 2015, and in “cash and cash equivalents,” “trading securities” and “available-for-sale securities” in fiscal year 2014. The Company recorded $157,000; $132,000; and $114,000 in dividend income and $(846,000); $(143,000); and $(147,000) in net unrealized gains (losses) on its investments in the Funds and offshore clients for fiscal years 2015, 2014, and 2013, respectively.

The Company earned advisory, administrative, distribution and shareholder services fees, as applicable, from the various funds for which it and its subsidiaries act as investment adviser, as disclosed in Note 4. Receivables include amount due from the funds for those fees and out-of-pocket expenses, net of amounts payable to the funds, for expense reimbursements. As of June 30, 2015, and 2014, the Company had $701,000 and $1.3 million, respectively, of receivables from mutual funds included in the Consolidated Balance Sheets within “receivables.”

Frank Holmes, a director and Chief Executive Officer of the Company, is a trustee of USGIF. Mr. Holmes is a director of each offshore fund and is also a director of Meridian Fund Managers Ltd., the manager of the offshore funds.

The Company has an available-for-sale investment in Charlemagne Capital Limited with a fair value of approximately $864,000 and $1,314,000 at June 30, 2015 and 2014, respectively. Charlemagne Capital (IOM) Limited, a wholly owned subsidiary of Charlemagne Capital Limited, was the non-discretionary subadviser to the Emerging Europe Fund, a fund within USGIF, through July 31, 2014.