Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated investment products, which are separately discussed in Note 15, as of September 30, 2017 and December 31, 2016 by fair value hierarchy level were as follows:

September 30, 2017

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	96,500	$	—	$	—	$	96,500
Marketable securities - trading:
Sponsored funds	56,574		—		—		56,574
Equity securities	15,232		—		—		15,232
Marketable securities - available-for-sale:
Sponsored closed-end funds	3,896		—		—		3,896
Other investments:
Investment in collateralized loan obligation	—		—		2,741		2,741
Nonqualified retirement plan assets	6,813		—		—		6,813
Total assets measured at fair value	$	179,015	$	—	$	2,741	$	181,756

December 31, 2016

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	48,620	$	—	$	—	$	48,620
Marketable securities - trading:
Sponsored funds	60,019		—		—		60,019
Equity securities	11,473		—		—		11,473
Marketable securities - available-for-sale:
Sponsored closed-end funds	3,415		—		—		3,415
Other investments
Nonqualified retirement plan assets	5,808		—		—		5,808
Total assets measured at fair value	$	129,335	$	—	$	—	$	129,335

The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 by fair value hierarchy level were as follows:

As of September 30, 2017

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	217,708	$	—	$	—	$	217,708
Debt investments	—		1,511,791		48,760		1,560,551
Equity investments	34,614		—		562		35,176
Total Assets Measured at Fair Value	$	252,322	$	1,511,791	$	49,322	$	1,813,435
Liabilities
Notes payable	$	—	$	1,455,932	$	—	$	1,455,932
Derivatives	2		—		—		2
Short sales	751		—		—		751
Total Liabilities Measured at Fair Value	$	753	$	1,455,932	$	—	$	1,456,685

As of December 31, 2016

	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	14,449	$	—	$	—	$	14,449
Debt investments	—		448,477		87		448,564
Equity investments	40,270		208		—		40,478
Derivatives	4		—		—		4
Total Assets Measured at Fair Value	$	54,723	$	448,685	$	87	$	503,495
Liabilities
Notes payable	$	—	$	328,761	$	—	$	328,761
Derivatives	3		235		62		300
Short sales	649		—		—		649
Total Liabilities Measured at Fair Value	$	652	$	328,996	$	62	$	329,710

Reconciliation of Level Three Investments

The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Three Months Ended September 30,					Nine Months Ended September 30,
($ in thousands)	2017			2016		2017			2016
Level 3 Investments (a)
Balance at beginning of period	$	2,909		$	—	$	—		$	—
Acquired in business combination				—		2,916			—
Change in unrealized (loss), net	(168		)	—		(175		)	—
Balance at end of period	$	2,741		$	—	$	2,741		$	—

(a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

The following table is a reconciliation of assets of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Nine Months Ended September 30,
($ in thousands)	2017			2016
Level 3 Debt securities (a)
Balance at beginning of period	$	25		$	1,397
Realized gains(losses,), net	(90		)	(356		)
Change in unrealized gains (losses), net	87			350
Acquired in business combination	9,151			—
Purchases	1,212			163
Paydowns	—			(5		)
Amortization	12			—
Sales	(765		)	(1,461		)
Transferred to Level 2	44,634			—
Transfers from Level 2	(4,944		)	58
Balance at end of period	$	49,322		$	146

(a) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.