Investments

9 Months Ended

Sep. 30, 2020

Schedule of Investments [Abstract]

Investments

Investments

Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 15, at September 30, 2020 and December 31, 2019 were as follows:

(in thousands)	September 30, 2020		December 31, 2019
Investment securities - fair value	$	31,641	$	60,990
Equity method investments (1)	12,039		12,030
Nonqualified retirement plan assets	9,302		8,724
Other investments	1,464		1,462
Total investments	$	54,446	$	83,206

(1)     The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. 

Investment Securities - fair value

Investment securities - fair value consist of investments in the Company's sponsored funds, separately managed accounts and trading debt securities. The composition of the Company’s investment securities - fair value was as follows:

	September 30, 2020				December 31, 2019
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	21,075	$	22,043	$	44,588	$	47,654
Equity securities	7,105		9,594		11,250		13,320
Debt securities	7		4		44		16
Total investment securities - fair value	$	28,187	$	31,641	$	55,882	$	60,990

For the three and nine months ended September 30, 2020, the Company recognized realized gains of $4.5 million and

$4.2 million, respectively, on the sale of its investment securities - fair value. For the three and nine months ended September 30, 2019, the Company recognized realized gains of $1.0 million and $0.4 million, respectively, on the sale of its investment securities - fair value.