Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Entity Information | ' | ' |
Entity Registrant Name | 'COHEN & STEERS INC | ' |
Entity Central Index Key | '0001284812 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 44,789,474 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $137,807 | $128,277 | ||
Securities owned ($9,454 and $7,300) | 59,376 | [1] | 15,668 | [1] |
Equity method investments | 107 | 24,724 | ||
Investments, available-for-sale | 21,814 | 10,449 | ||
Accounts receivable | 50,950 | 40,888 | ||
Due from broker | 5,063 | 2,906 | ||
Property and equipment—net | 11,319 | 9,824 | ||
Goodwill | 19,611 | 20,672 | ||
Intangible assets—net | 1,635 | 1,701 | ||
Deferred income tax asset—net | 13,421 | 14,144 | ||
Other assets | 6,231 | 5,673 | ||
Total assets | 327,334 | 274,926 | ||
Liabilities: | ' | ' | ||
Accrued compensation | 21,136 | 25,214 | ||
Deferred rent | 5,778 | 4,344 | ||
Income tax payable | 3,342 | 7,575 | ||
Other liabilities and accrued expenses | 15,309 | 14,029 | ||
Total liabilities | 45,565 | 51,162 | ||
Commitments and contingencies | ' | ' | ||
Redeemable noncontrolling interest | 19,766 | 207 | ||
Stockholders’ equity: | ' | ' | ||
Common stock, $0.01 par value; 500,000,000 shares authorized; 48,586,576 and 47,735,793 shares issued at September 30, 2014 and December 31, 2013, respectively | 486 | 477 | ||
Additional paid-in capital | 479,835 | 457,138 | ||
Accumulated deficit | -101,783 | -131,366 | ||
Accumulated other comprehensive income, net of tax | 831 | 2,989 | ||
Less: Treasury stock, at cost, 3,800,014 and 3,481,942 shares at September 30, 2014 and December 31, 2013, respectively | -117,366 | -105,681 | ||
Total stockholders’ equity | 262,003 | 223,557 | ||
Total liabilities and stockholders’ equity | $327,334 | $274,926 | ||
[1] | Held as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. ("CDF") and Cohen & Steers Active Commodities Fund, LP ("ACOM") as of September 30, 2014 and ACOM as of December 31, 2013. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 48,586,576 | 47,735,793 |
Treasury Stock, shares | 3,800,014 | 3,481,942 |
Securities owned pledged as collateral | ' | ' |
Securities owned and pledged as collateral | $9,454 | $7,300 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Investment advisory and administration fees | $75,210 | $67,704 | $215,681 | $203,451 |
Distribution and service fees | 3,738 | 3,627 | 10,952 | 10,802 |
Portfolio consulting and other | 1,897 | 2,695 | 5,459 | 10,028 |
Total revenue | 80,845 | 74,026 | 232,092 | 224,281 |
Expenses: | ' | ' | ' | ' |
Employee compensation and benefits | 26,679 | 24,058 | 76,590 | 72,330 |
Distribution and service fees | 9,048 | 8,362 | 26,608 | 33,120 |
General and administrative | 11,313 | 11,688 | 34,471 | 35,384 |
Depreciation and amortization | 1,090 | 1,423 | 3,455 | 4,110 |
Amortization, deferred commissions | 388 | 776 | 1,377 | 2,351 |
Total expenses | 48,518 | 46,307 | 142,501 | 147,295 |
Operating income | 32,327 | 27,719 | 89,591 | 76,986 |
Non-operating income: | ' | ' | ' | ' |
Interest and dividend income—net | 610 | 218 | 1,441 | 1,507 |
(Loss) gain from trading securities—net | -2,690 | 2,383 | 1,055 | -6,956 |
Gain from available-for-sale securities—net | 760 | 180 | 1,888 | 1,508 |
Equity in (losses) earnings of affiliates | -1,571 | 313 | 793 | 422 |
Other (losses) income | -666 | 209 | -563 | -430 |
Total non-operating (loss) income | -3,557 | 3,303 | 4,614 | -3,949 |
Income before provision for income taxes | 28,770 | 31,022 | 94,205 | 73,037 |
Provision for income taxes | 10,733 | 11,205 | 33,644 | 29,210 |
Net income | 18,037 | 19,817 | 60,561 | 43,827 |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 147 | -1,534 | -749 | 4,879 |
Net income attributable to common stockholders | $18,184 | $18,283 | $59,812 | $48,706 |
Earnings per share attributable to common stockholders: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.41 | $0.41 | $1.34 | $1.10 |
Diluted (in dollars per share) | $0.40 | $0.41 | $1.31 | $1.08 |
Dividends declared per share (in dollars per share) | $0.22 | $0.20 | $0.66 | $0.60 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (shares) | 44,839 | 44,317 | 44,766 | 44,254 |
Diluted (shares) | 45,689 | 45,106 | 45,568 | 44,997 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $18,037 | $19,817 | $60,561 | $43,827 |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 147 | -1,534 | -749 | 4,879 |
Net income attributable to common stockholders | 18,184 | 18,283 | 59,812 | 48,706 |
Foreign currency translation (loss) gain (net of tax of $0) | -2,256 | 1,233 | -2,105 | 890 |
Net unrealized gain from available-for-sale securities (net of tax of $0) | 254 | 463 | 1,835 | 1,396 |
Reclassification to statements of operations of gain from available-for-sale securities (net of tax of $0) | -760 | -180 | -1,888 | -1,508 |
Total comprehensive income attributable to common stockholders | $15,422 | $19,799 | $57,654 | $49,484 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) (USD $) | Total | Common Stocks | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders' Equity | Redeemable Noncontrolling Interest |
Share data in Thousands | ||||||||
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | $53,188,000 |
Beginning balance at Dec. 31, 2012 | ' | 470,000 | 429,377,000 | -117,889,000 | 2,341,000 | -97,719,000 | 216,580,000 | ' |
Beginning balance (shares of common stock, net) at Dec. 31, 2012 | ' | 43,763 | ' | ' | ' | ' | ' | ' |
Dividends | ' | 0 | 0 | -27,300,000 | 0 | 0 | -27,300,000 | ' |
Issuance of common stock | ' | 7,000 | 388,000 | 0 | 0 | 0 | 395,000 | 0 |
Issuance of common stock, shares | ' | 728 | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | 0 | 0 | 0 | 0 | -7,954,000 | -7,954,000 | 0 |
Repurchase of common stock, shares | ' | -243 | ' | ' | ' | ' | ' | ' |
Tax benefits associated with restricted stock units—net | ' | 0 | 2,231,000 | 0 | 0 | 0 | 2,231,000 | 0 |
Issuance of restricted stock units | ' | 0 | 1,456,000 | 0 | 0 | 0 | 1,456,000 | 0 |
Amortization of restricted stock units—net | ' | 0 | 16,126,000 | 0 | 0 | 0 | 16,126,000 | 0 |
Forfeitures of vested restricted stock units | ' | 0 | -10,000 | 0 | 0 | 0 | -10,000 | 0 |
Net income (loss) | 43,827,000 | 0 | 0 | 48,706,000 | 0 | 0 | 48,706,000 | -4,879,000 |
Other comprehensive income, net of tax | ' | 0 | 0 | 0 | 778,000 | 0 | 778,000 | 0 |
Contributions from redeemable noncontrolling interest | 37,711,000 | 0 | 0 | 0 | 0 | 0 | 0 | 37,711,000 |
Distributions to redeemable noncontrolling interest | ' | 0 | 0 | 0 | 0 | 0 | 0 | -14,242,000 |
Transfer of redeemable noncontrolling interest in consolidated entity | -71,586,000 | 0 | 0 | 0 | 0 | 0 | 0 | -71,586,000 |
Ending balance (redeemable noncontrolling interest) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | 192,000 |
Ending balance at Sep. 30, 2013 | ' | 477,000 | 449,568,000 | -96,483,000 | 3,119,000 | -105,673,000 | 251,008,000 | ' |
Ending balance (shares of common stock, net) at Sep. 30, 2013 | ' | 44,248 | ' | ' | ' | ' | ' | ' |
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | 207,000 |
Beginning balance at Dec. 31, 2013 | 223,557,000 | 477,000 | 457,138,000 | -131,366,000 | 2,989,000 | -105,681,000 | 223,557,000 | ' |
Beginning balance (shares of common stock, net) at Dec. 31, 2013 | ' | 44,254 | ' | ' | ' | ' | ' | ' |
Dividends | ' | 0 | 0 | -30,229,000 | 0 | 0 | -30,229,000 | ' |
Issuance of common stock | ' | 9,000 | 467,000 | 0 | 0 | 0 | 476,000 | 0 |
Issuance of common stock, shares | ' | 851 | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | 0 | 0 | 0 | 0 | -11,685,000 | -11,685,000 | 0 |
Repurchase of common stock, shares | ' | -318 | ' | ' | ' | ' | ' | ' |
Tax benefits associated with restricted stock units—net | ' | 0 | 2,849,000 | 0 | 0 | 0 | 2,849,000 | 0 |
Issuance of restricted stock units | ' | 0 | 920,000 | 0 | 0 | 0 | 920,000 | 0 |
Amortization of restricted stock units—net | ' | 0 | 18,461,000 | 0 | 0 | 0 | 18,461,000 | 0 |
Net income (loss) | 60,561,000 | 0 | 0 | 59,812,000 | 0 | 0 | 59,812,000 | 749,000 |
Other comprehensive income, net of tax | ' | 0 | 0 | 0 | -2,158,000 | 0 | -2,158,000 | 0 |
Contributions from redeemable noncontrolling interest | 23,977,000 | 0 | 0 | 0 | 0 | 0 | 0 | 23,977,000 |
Distributions to redeemable noncontrolling interest | ' | 0 | 0 | 0 | 0 | 0 | 0 | -4,958,000 |
Transfer of redeemable noncontrolling interest in consolidated entity | ' | 0 | 0 | 0 | 0 | 0 | 0 | -209,000 |
Ending balance (redeemable noncontrolling interest) at Sep. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | 19,766,000 |
Ending balance at Sep. 30, 2014 | $262,003,000 | $486,000 | $479,835,000 | ($101,783,000) | $831,000 | ($117,366,000) | $262,003,000 | ' |
Ending balance (shares of common stock, net) at Sep. 30, 2014 | ' | 44,787 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $60,561 | $43,827 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock compensation expense | 18,535 | 16,186 |
Amortization, deferred commissions | 1,377 | 2,351 |
Depreciation and amortization | 3,455 | 4,110 |
Deferred rent | 1,434 | 1,465 |
(Gain) loss from trading securities—net | -1,055 | 6,956 |
Equity in earnings of affiliates | -793 | -422 |
Gain from available-for-sale securities, net | -1,888 | -1,508 |
Deferred income taxes | 647 | -1,110 |
Foreign currency loss | 1,798 | 313 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -11,860 | -8,642 |
Due from broker | -2,157 | -7,758 |
Deferred commissions | -1,426 | -2,096 |
Securities owned | -42,653 | -7,756 |
Other assets | -467 | 2,294 |
Accrued compensation | -4,049 | -5,865 |
Securities sold but not yet purchased | 0 | -14,685 |
Income tax payable | -3,850 | 245 |
Other liabilities and accrued expenses | 1,312 | 13,177 |
Net cash provided by operating activities | 18,921 | 41,082 |
Cash flows from investing activities: | ' | ' |
Proceeds from redemptions of equity method investments—net | 10,894 | 7,746 |
Purchases of investments, available-for-sale | -6,051 | -8,179 |
Proceeds from sales of investments, available-for-sale | 10,969 | 20,244 |
Purchases of property and equipment | -4,889 | -4,327 |
Net cash provided by investing activities | 10,923 | 15,484 |
Cash flows from financing activities: | ' | ' |
Excess tax benefits associated with restricted stock units | 2,537 | 1,994 |
Issuance of common stock | 405 | 336 |
Repurchase of common stock | -11,685 | -7,954 |
Dividends to stockholders | -29,562 | -26,558 |
Distributions to redeemable noncontrolling interest | -4,958 | -14,242 |
Contributions from redeemable noncontrolling interest | 23,977 | 37,711 |
Net cash used in financing activities | -19,286 | -8,713 |
Net increase in cash and cash equivalents | 10,558 | 47,853 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1,028 | 580 |
Cash and cash equivalents, beginning of the period | 128,277 | 95,412 |
Cash and cash equivalents, end of the period | $137,807 | $143,845 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income taxes paid, net | ($34,209,000) | ($28,288,000) |
Fully vested restricted stock units issued | 252,000 | 714,000 |
Restricted stock unit dividend equivalents, net of forfeitures | 667,000 | 742,000 |
Stock redeemed during period | 14,909,000 | ' |
Transfer to Redeemable Noncontrolling Interest in consolidated entity | ' | 71,586,000 |
Non cash increase in equity method investments | ' | $23,519,000 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2014 | |
Organization and Description of Business [Abstract] | ' |
Organization and Description of Business | ' |
Organization and Description of Business | |
Cohen & Steers, Inc. (“CNS”) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (“CSCM”), Cohen & Steers Securities, LLC (“CSS”), Cohen & Steers Asia Limited, Cohen & Steers UK Limited and Cohen & Steers Japan, LLC (collectively, the “Company”). | |
Founded in 1986, the Company is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. The Company serves institutional and individual investors around the world. Its clients include Company-sponsored open-end and closed-end mutual funds, U.S. and non-U.S. pension plans, endowment funds, foundations and subadvised funds for other financial institutions. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies | ' |
Basis of Presentation and Significant Accounting Policies | |
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company’s condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. | |
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Consolidation—The Company consolidates operating entities deemed to be voting interest entities if the Company owns a majority of the voting interest. The equity method of accounting is used for investments in non-controlled affiliates in which the Company’s ownership ranges from 20 to 50 percent, or in instances in which the Company is able to exercise significant influence but not control. The Company also consolidates any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. | |
A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether entities in which it has an interest are VIEs upon initial involvement and at each reporting date. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. See Note 4 for further discussion about the Company’s investments. | |
Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. | |
Due from Broker—The Company conducts business with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to agreements with prime brokers. The due from broker balance represents cash and cash equivalents balances at brokers and net receivables and payables for unsettled security transactions related to the Company's consolidated seed investments. | |
Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. | |
Securities owned are classified as trading securities and represent securities held within the affiliated funds that the Company consolidates. These securities are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee in accordance with its valuation guidance and procedures. Unrealized gains and losses are recorded as gain (loss) from trading securities—net in the Company’s condensed consolidated statements of operations. | |
Investments classified as equity method investments are accounted for using the equity method, under which the Company recognizes its respective share of the investee’s net income or loss for the period. As of September 30, 2014, the Company's equity method investments consisted of an interest in an affiliated fund which measures its underlying investments at fair value and reports a net asset value on a recurring basis. The carrying amount of this investment approximates its fair value. | |
Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end and closed-end mutual funds. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, the loss will be recognized in the Company’s condensed consolidated statements of operations. An other than temporary impairment is presumed to have occurred if the available-for-sale investment has an unrealized loss continuously for 12 or more months. | |
From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading securities—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. As of September 30, 2014, none of the outstanding derivative contracts were subject to any master netting arrangement or other similar agreement. | |
Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. | |
Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. | |
Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. | |
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end mutual funds. Investment advisory fees are earned pursuant to the terms of underlying advisory contracts, and are based on a contractual fee rate applied to the assets in the portfolio, net of applicable waivers, if any. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fees revenue is recognized as such fees are earned. | |
Distribution and Service Fee Revenue—CSS acts as the principal distributor of the Company’s open-end mutual funds which may offer the following classes: Class A (initial sales load), Class C (back end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares are expected to convert to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. | |
Pursuant to distribution plans with the funds, CSS receives distribution fees of 25bps for Class A shares, 75bps for Class C shares and 50bps for Class R shares. CSS also receives shareholder servicing fees of 10bps on Class A shares, 25bps on Class C shares and 15 bps on Class Z shares, pursuant to shareholder servicing plans with the funds. Effective October 1, 2014, shareholder servicing fee revenue will no longer accrue on Class Z shares. | |
Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. | |
Distribution fee expense represents payments made to qualified dealers/institutions for (i) assistance in connection with the distribution of the funds' shares and (ii) for other expenses such as advertising costs and printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (“Rule 12b-1”). CSS pays distribution fee expense based on the average daily net assets under management of 25 bps on Class A shares, 75bps on Class C shares and 50bps on Class R shares. | |
Shareholder servicing fee expense represents payments made to qualified dealers/institutions for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified financial institutions. CSS pays service fee expenses based on the average daily net assets under management of 10bps on Class A shares, 25bps on Class C shares and 15 bps on Class Z shares. Effective October 1, 2014, Class Z shares will no longer pay shareholder service fees. | |
Intermediary assistance payments represent payments to qualified dealers/institutions for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end mutual funds and are incremental to those described above. Intermediary assistance payments may be based on the average assets under management, the number of accounts being serviced, or a combination thereof. | |
During the first quarter of 2013, the Company made payments of approximately $7.2 million associated with an additional compensation agreement entered into in connection with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. ("MIE") These payments are included in distribution and service fee expense on the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2013. | |
Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: i) providing portfolio consulting services in connection with model-based strategies accounts; ii) earning a licensing fee for the use of the Company's proprietary indices; and iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. | |
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments granted to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. | |
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods represents the Company’s best estimate of the effective tax rate expected to be applied to the full fiscal year. | |
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the condensed consolidated statements of operations. The cumulative translation adjustment was $159,000 and $2,264,000 as of September 30, 2014 and December 31, 2013, respectively. | |
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale securities (net of tax) and reclassification to statements of operations of gain and loss from available-for-sale securities (net of tax). | |
Recently Issued Accounting Pronouncements—In August 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not anticipate that the adoption of this new guidance will have a material impact on the Company's condensed consolidated financial statements. | |
In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance will be effective for the Company's first quarter of 2017 and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the potential impact on its condensed consolidated financial statements and related disclosures, as well as the available transition methods. Early application is prohibited. | |
In April 2014, the FASB issued new guidance which changed the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This new guidance will be effective for the Company's first quarter of 2015. The Company does not anticipate that the adoption of this new guidance will have a material impact on the Company's condensed consolidated financial statements. | |
In July 2013, the FASB issued new guidance on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward unless a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available as of the reporting date or the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). This new guidance was effective for the Company's first quarter of 2014. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. | |
In June 2013, the FASB issued new guidance which clarifies the characteristics of an investment company and provides guidance for assessing whether an entity is an investment company. From time to time the Company consolidates certain of its affiliated funds which are considered investment companies. The Company retains the specialized investment company accounting for such funds in consolidation. This new guidance was effective for the Company’s first quarter of 2014. The adoption of this new guidance did not have a material impact on the Company’s condensed consolidated financial statements. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Goodwill and Intangible Assets | ||||||||||||||
Goodwill | ||||||||||||||
Goodwill represents the excess of purchase price over the net tangible assets and identifiable intangible assets of an acquired business. At September 30, 2014 and December 31, 2013, goodwill was approximately $19,611,000 and $20,672,000, respectively. The Company’s goodwill decreased by $1,061,000 for the nine months ended September 30, 2014 as a result of foreign currency revaluation. | ||||||||||||||
Intangible Assets | ||||||||||||||
The following table details the gross carrying amounts and accumulated amortization for the intangible assets at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||
Remaining | Gross | Accumulated | Intangible | |||||||||||
Amortization | Carrying | Amortization | Assets, Net | |||||||||||
Period | Amount | |||||||||||||
(in months) | ||||||||||||||
September 30, 2014: | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Client relationships | 51 | $ | 1,543 | $ | (1,158 | ) | $ | 385 | ||||||
Non-amortized intangible assets: | ||||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | ||||||||||
Total | $ | 2,793 | $ | (1,158 | ) | $ | 1,635 | |||||||
December 31, 2013: | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Client relationships | 60 | $ | 1,543 | $ | (1,092 | ) | $ | 451 | ||||||
Non-amortized intangible assets: | ||||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | ||||||||||
Total | $ | 2,793 | $ | (1,092 | ) | $ | 1,701 | |||||||
Amortization expense related to the intangible assets was approximately $22,000 for both the three months ended September 30, 2014 and 2013, respectively, and approximately $66,000 for both the nine months ended September 30, 2014 and 2013, respectively. Estimated future amortization expense is as follows (in thousands): | ||||||||||||||
Periods Ending December 31, | Estimated | |||||||||||||
Amortization | ||||||||||||||
Expense | ||||||||||||||
2014 | $ | 23 | ||||||||||||
2015 | 89 | |||||||||||||
2016 | 89 | |||||||||||||
2017 | 89 | |||||||||||||
2018 | 95 | |||||||||||||
Thereafter | — | |||||||||||||
Total | $ | 385 | ||||||||||||
Investments_Notes
Investments (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
The following is a summary of the Company's investments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||
2014 | ||||||||||||||||
Securities owned | $ | 59,376 | $ | 15,668 | ||||||||||||
Equity method investments | 107 | 24,724 | ||||||||||||||
Investments, available-for-sale | 21,814 | 10,449 | ||||||||||||||
Trading and equity method investments | ||||||||||||||||
The Cohen & Steers Active Commodities Strategy Fund, Inc. (“CDF”), which was launched by the Company in May 2014, is an open-end mutual fund for which the Company is the investment adviser. As of September 30, 2014, the Company owned the majority of the outstanding voting interest in CDF. Accordingly, the underlying assets and liabilities and results of operations of CDF have been included in the Company's condensed consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. | ||||||||||||||||
The Cohen & Steers MLP & Energy Opportunity Fund, Inc. (“MLO”), which was launched by the Company in December 2013, is an open-end mutual fund for which the Company is the investment adviser. As of September 30, 2014, the Company owned the majority of the outstanding voting interest in MLO. Accordingly, the underlying assets and liabilities and results of operations of MLO have been included in the Company's condensed consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. | ||||||||||||||||
The Cohen & Steers Active Commodities Fund, LP (“ACOM”), launched by the Company in April 2013, is structured as a partnership. The Company is the investment adviser of ACOM for which it is entitled to receive a management fee. As of September 30, 2014, the Company owned all of the voting interest in ACOM. Accordingly, the underlying assets and liabilities and results of operations of ACOM have been included in the Company's condensed consolidated financial statements. | ||||||||||||||||
Cohen & Steers Global Realty Partners III-TE, L.P. ("GRP-TE"), which had its closing in October 2011, is structured as a partnership. The Company is the general partner and investment adviser of GRP-TE, for which it receives a management fee and is entitled to receive an incentive distribution, if earned. GRP-TE is a VIE and the Company is not the primary beneficiary. As the general partner, the Company has significant influence over the financial decisions of GRP-TE and therefore records its investment using the equity method of accounting. The Company's equity interest in GRP-TE represents a seed investment to launch the fund which was made during the first quarter of 2012, adjusted for the Company’s proportionate share of the fund’s earnings. As of September 30, 2014, the fair value of the Company's equity interest in GRP-TE was approximately $107,000. The Company's risk with respect to its investment in GRP-TE is limited to its equity ownership and any uncollected management fees. In conjunction with the launch of GRP-TE, the Company established Cohen & Steers Co-Investment Partnership, L.P. (“GRP-CIP”), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 11 for further discussion regarding the Company's co-investment commitment. As of September 30, 2014, the Company owned all of the voting interest in GRP-CIP. Accordingly, the underlying assets and liabilities and results of operations of GRP-CIP have been included in the Company's condensed consolidated financial statements. | ||||||||||||||||
Prior to its liquidation in April 2014, the Company owned the majority of the voting interests in the Cohen & Steers Global Real Estate Long-Short Fund, L.P. (the “Onshore Fund”). Accordingly, the underlying assets and liabilities and results of operations of the Onshore Fund had been included in the Company's condensed consolidated financial statements. The Onshore Fund was structured as a partnership and the Company was the general partner and investment adviser of the fund. | ||||||||||||||||
The Cohen & Steers Global Real Estate Long-Short Offshore Fund, L.P. (the “Offshore Fund”), which was liquidated in April 2014, was structured as a partnership. The Company was the general partner and investment adviser of the Offshore Fund for which it received a management fee and was entitled to receive a performance fee, if earned. The Company determined that the Offshore Fund was not a VIE. The limited partners, unaffiliated with the Company, had the ability to dissolve the fund with a majority vote. As a result, the Company did not have financial control and the Offshore Fund was not consolidated into the Company's condensed consolidated financial statements. As the general partner, the Company had significant influence over the financial decisions of the Offshore Fund and therefore recorded its investment in this fund using the equity method of accounting. The Company’s equity interest in the Offshore Fund represented a seed investment to launch the fund, adjusted for the Company’s proportionate share of the fund’s earnings. | ||||||||||||||||
Cohen & Steers Real Assets Fund, Inc. ("RAP"), which was launched by the Company in January 2012, is an open-end mutual fund for which the Company is the investment adviser. The Company had a controlling financial interest in RAP through July 31, 2013 and therefore, the underlying assets and liabilities and results of operations of RAP had been included in the Company's condensed consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. During the period of August 1, 2013 through September 30, 2014, as a result of additional third-party subscriptions into the fund, the Company no longer held a controlling financial interest in RAP, however it was determined that the Company had significant influence over RAP. Accordingly, the Company recorded its investment in RAP using the equity method of accounting. Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence over RAP. Accordingly, the Company records its investment in RAP as investments, available-for-sale. | ||||||||||||||||
The following is a summary of the fair value of securities owned and equity method investments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Securities Owned | Equity Method Investments | Securities Owned | Equity Method Investments | |||||||||||||
ACOM | $ | 8,600 | $ | — | $ | 7,300 | $ | — | ||||||||
CDF | 9,600 | — | — | — | ||||||||||||
GRP-CIP | 2,416 | — | 2,740 | — | ||||||||||||
GRP-TE | — | 107 | — | 116 | ||||||||||||
MLO | 38,760 | — | 5,125 | — | ||||||||||||
Offshore Fund | — | — | — | 412 | ||||||||||||
Onshore Fund | — | — | 503 | — | ||||||||||||
RAP (1) | — | — | — | 24,196 | ||||||||||||
Total | $ | 59,376 | $ | 107 | $ | 15,668 | $ | 24,724 | ||||||||
_________________________ | ||||||||||||||||
(1) Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence, therefore, the investment in RAP was reclassified to investments, available-for-sale. | ||||||||||||||||
Gain (loss) from trading securities—net for the three and nine months ended September 30, 2014 and 2013, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
ACOM | $ | (1,321 | ) | $ | 123 | $ | (505 | ) | $ | (503 | ) | |||||
CDF | (1,450 | ) | — | (1,404 | ) | — | ||||||||||
GRP-CIP | 5 | 287 | 168 | 264 | ||||||||||||
MLO | 76 | — | 2,772 | — | ||||||||||||
Onshore Fund | — | (104 | ) | 24 | 417 | |||||||||||
RAP | — | 2,077 | — | (7,134 | ) | |||||||||||
Total (loss) gain from trading securities—net | $ | (2,690 | ) | $ | 2,383 | $ | 1,055 | $ | (6,956 | ) | ||||||
Equity in earnings (losses) of affiliates for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
GRP-TE | $ | — | $ | 7 | $ | 20 | $ | 7 | ||||||||
Offshore Fund | 9 | 5 | 20 | 114 | ||||||||||||
RAP (1) | (1,580 | ) | 301 | 753 | 301 | |||||||||||
Total equity in (losses) earnings of affiliates | $ | (1,571 | ) | $ | 313 | $ | 793 | $ | 422 | |||||||
_________________________ | ||||||||||||||||
(1) Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence, therefore, the investment in RAP was reclassified to investments, available-for-sale. | ||||||||||||||||
Available-for-sale | ||||||||||||||||
The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of investments, available-for-sale as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses (1) | |||||||||||||||
Preferred securities | $ | 1,017 | $ | 45 | $ | (4 | ) | $ | 1,058 | |||||||
Common stocks | 5,230 | 779 | (163 | ) | 5,846 | |||||||||||
Company-sponsored mutual funds | 14,910 | — | — | 14,910 | ||||||||||||
Total investments, available-for-sale | $ | 21,157 | $ | 824 | $ | (167 | ) | $ | 21,814 | |||||||
_________________________ | ||||||||||||||||
(1) At September 30, 2014, there were no securities with unrealized losses continuously for a period of more than 12 months. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses (1) | |||||||||||||||
Preferred securities | $ | 4,142 | $ | 183 | $ | (40 | ) | $ | 4,285 | |||||||
Common stocks | 5,400 | 698 | (132 | ) | 5,966 | |||||||||||
Company-sponsored mutual funds | 197 | 1 | — | 198 | ||||||||||||
Total investments, available-for-sale | $ | 9,739 | $ | 882 | $ | (172 | ) | $ | 10,449 | |||||||
_________________________ | ||||||||||||||||
(1) At December 31, 2013, there were no securities with unrealized losses continuously for a period of more than 12 months. | ||||||||||||||||
The aggregate fair value of available-for-sale securities in an unrealized loss position was approximately $2,481,000 and $1,785,000 at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Unrealized losses on investments, available-for-sale as of September 30, 2014 were generally caused by market conditions. When evaluating whether an unrealized loss on an investment, available-for-sale is other than temporary, the Company reviews such factors as the extent and duration of the loss, deterioration in the issuer’s credit quality, reduction or cessation of dividend payments and overall financial strength of the issuer. As of September 30, 2014, the Company determined that it had the ability and intent to hold the remaining investments for which no other-than-temporary impairment has occurred until a recovery of fair value. Accordingly, impairment of these investments is considered temporary. | ||||||||||||||||
Sales proceeds, gross realized gains and losses from investments, available-for-sale for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from sales | $ | 2,713 | $ | 3,570 | $ | 11,011 | $ | 21,326 | ||||||||
Gross realized gains | 775 | 283 | 2,024 | 1,846 | ||||||||||||
Gross realized losses | (15 | ) | (103 | ) | (136 | ) | (338 | ) |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
Codification Topic 820, Fair Value Measurement (“ASC 820”) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: | ||||||||||||||||||||||||||||||||
• | Level 1—Unadjusted quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. | |||||||||||||||||||||||||||||||
• | Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. | |||||||||||||||||||||||||||||||
Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820. Transfers among levels, if any, are recorded at the beginning of the reporting period. There were no transfers between level 1 and level 2 during the nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table presents fair value measurements as of September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Cash equivalents (1) | $ | 60,427 | $ | — | $ | — | $ | 60,427 | ||||||||||||||||||||||||
Securities owned | ||||||||||||||||||||||||||||||||
Common stocks | $ | 38,760 | $ | — | $ | — | $ | 38,760 | ||||||||||||||||||||||||
Fixed income securities | — | 18,200 | — | 18,200 | ||||||||||||||||||||||||||||
Limited partnership interests | — | — | 2,416 | 2,416 | ||||||||||||||||||||||||||||
Total securities owned | $ | 38,760 | $ | 18,200 | $ | 2,416 | $ | 59,376 | ||||||||||||||||||||||||
Equity method investments | $ | — | $ | — | $ | 107 | $ | 107 | ||||||||||||||||||||||||
Investments, available-for-sale | ||||||||||||||||||||||||||||||||
Preferred securities | $ | 1,058 | $ | — | $ | — | $ | 1,058 | ||||||||||||||||||||||||
Common stocks | 5,846 | — | — | 5,846 | ||||||||||||||||||||||||||||
Company-sponsored mutual funds | 14,910 | — | — | 14,910 | ||||||||||||||||||||||||||||
Total investments, available-for-sale | $ | 21,814 | $ | — | $ | — | $ | 21,814 | ||||||||||||||||||||||||
Derivatives - assets | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 1,165 | $ | — | $ | 1,165 | ||||||||||||||||||||||||
Commodity contracts | 436 | — | — | 436 | ||||||||||||||||||||||||||||
Total derivatives - assets | $ | 436 | $ | 1,165 | $ | — | $ | 1,601 | ||||||||||||||||||||||||
Derivatives - liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | $ | 1,816 | $ | — | $ | — | $ | 1,816 | ||||||||||||||||||||||||
Total derivatives - liabilities | $ | 1,816 | $ | — | $ | — | $ | 1,816 | ||||||||||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Comprised of investments in money market funds. | ||||||||||||||||||||||||||||||||
Securities owned classified as level 2 in the above table were primarily comprised of investments in United States Treasury Bills carried at amortized cost, which approximates fair value. | ||||||||||||||||||||||||||||||||
Securities owned classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP, which along with the Company's interest in GRP-TE, represent the Company's collective ownership interests in limited partnership vehicles that invest in non-registered real estate funds which are valued based on the net asset values of the underlying funds and private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. | ||||||||||||||||||||||||||||||||
Equity method investments classified as level 3 in the above table represent the carrying amount of the Company's partnership interest in GRP-TE, which approximates its fair value based on the fund's net asset value. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of September 30, 2014, the Company did not have the ability to redeem its investment in GRP-TE. | ||||||||||||||||||||||||||||||||
The following table presents fair value measurements as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Cash equivalents (1) | $ | 61,551 | $ | — | $ | — | $ | 61,551 | ||||||||||||||||||||||||
Securities owned | ||||||||||||||||||||||||||||||||
Common stocks | $ | 5,125 | $ | — | $ | 503 | $ | 5,628 | ||||||||||||||||||||||||
Fixed income securities | — | 7,300 | — | 7,300 | ||||||||||||||||||||||||||||
Limited partnership interests | — | — | 2,740 | 2,740 | ||||||||||||||||||||||||||||
Total securities owned | $ | 5,125 | $ | 7,300 | $ | 3,243 | $ | 15,668 | ||||||||||||||||||||||||
Equity method investments | $ | 24,196 | $ | — | $ | 528 | $ | 24,724 | ||||||||||||||||||||||||
Investments, available-for-sale | ||||||||||||||||||||||||||||||||
Preferred securities | $ | 960 | $ | — | $ | 3,325 | $ | 4,285 | ||||||||||||||||||||||||
Common stocks | 5,966 | — | — | 5,966 | ||||||||||||||||||||||||||||
Company-sponsored mutual funds | 198 | — | — | 198 | ||||||||||||||||||||||||||||
Total investments, available-for-sale | $ | 7,124 | $ | — | $ | 3,325 | $ | 10,449 | ||||||||||||||||||||||||
Derivatives - assets | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 398 | $ | — | $ | 398 | ||||||||||||||||||||||||
Commodity contracts | 305 | — | — | 305 | ||||||||||||||||||||||||||||
Total derivatives - assets | $ | 305 | $ | 398 | $ | — | $ | 703 | ||||||||||||||||||||||||
Derivatives - liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | $ | 275 | $ | — | $ | — | $ | 275 | ||||||||||||||||||||||||
Total derivatives - liabilities | $ | 275 | $ | — | $ | — | $ | 275 | ||||||||||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Comprised of investments in money market funds. | ||||||||||||||||||||||||||||||||
Securities owned classified as level 2 in the above table were primarily comprised of investments in United States Treasury Bills carried at amortized cost, which approximates fair value. | ||||||||||||||||||||||||||||||||
Securities owned classified as level 3 in the above table were comprised of investments in the common stock of a privately held bank holding company and limited partnership interests. The investments in the common stock of a privately held bank holding company were valued by the Company's valuation committee using a market approach which utilized market multiples derived from a set of comparable public companies. The limited partnership interests represent the Company's co-investments through GRP-CIP, which along with the Company's interest in GRP-TE, represent the Company's collective ownership interests in limited partnership vehicles that invest in non-registered real estate funds which are valued based on the net asset values of the underlying funds and private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. The methodology used to value the investments held by GRP-CIP was changed during the year ended December 31, 2013 as the transaction cost was no longer a reasonable approximation of value due to the passage of time. | ||||||||||||||||||||||||||||||||
Equity method investments classified as level 3 in the above table represent the carrying amount of partnership interests in the Offshore Fund and GRP-TE, which approximate their fair value based on each fund's net asset value. The Offshore Fund made long and short investments in listed real estate equity securities to maximize absolute and risk-adjusted returns with modest volatility. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of December 31, 2013, the Company did not have the ability to redeem its investment in either fund. | ||||||||||||||||||||||||||||||||
Investments, available-for-sale classified as level 3 in the above table were comprised of an auction rate preferred security of a closed-end fund which was measured at fair value using a a third-party pricing service which utilized a combination of a market approach based on the quoted prices for identical or similar instruments in markets that are not active and an income approach in which the expected cash flows of the securities were discounted back to the measurement date. The Company reviewed the fair value provided by the pricing service and confirmed its understanding of the methodology utilized. | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and nine months ended September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||||||||||
Securities | Equity Method Investments | Investments, available-for-sale | Securities | Equity Method Investments | Investments, available-for-sale | |||||||||||||||||||||||||||
Owned | Owned | |||||||||||||||||||||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE | Preferred Securities | Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | |||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 2,378 | $ | 105 | $ | — | $ | 503 | $ | 2,740 | $ | 528 | $ | 3,325 | ||||||||||||||||
Purchases / contributions | — | 151 | 2 | — | — | 456 | 11 | — | ||||||||||||||||||||||||
Sales / distributions | — | — | — | — | (527 | ) | (721 | ) | (463 | ) | (4,000 | ) | ||||||||||||||||||||
Realized gains (losses) | — | — | — | — | 24 | 64 | — | 675 | ||||||||||||||||||||||||
Unrealized gains (losses) (1) | — | (113 | ) | — | — | — | (123 | ) | 31 | — | ||||||||||||||||||||||
Transfers into (out of) level 3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 2,416 | $ | 107 | $ | — | $ | — | $ | 2,416 | $ | 107 | $ | — | ||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Pertains to unrealized gains (losses) from securities held at September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and nine months ended September 30, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Securities | Equity Method Investments | Investments, available-for-sale | Securities | Equity Method Investments | Investments, available-for-sale | |||||||||||||||||||||||||||
Owned | Owned | |||||||||||||||||||||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | |||||||||||||||||||||||||
Balance at beginning of period | $ | 413 | $ | 2,210 | $ | 96 | $ | 3,092 | $ | 1,168 | $ | 2,142 | $ | 89 | $ | 3,080 | ||||||||||||||||
Purchases / contributions | — | 115 | 3 | — | — | 318 | 10 | — | ||||||||||||||||||||||||
Sales / distributions | — | (28 | ) | (7,066 | ) | — | (419 | ) | (141 | ) | (7,066 | ) | — | |||||||||||||||||||
Realized gains (losses) | — | 11 | — | — | (211 | ) | 11 | — | — | |||||||||||||||||||||||
Unrealized gains (losses) (1) | 11 | 275 | 12 | 262 | (114 | ) | 253 | 12 | 274 | |||||||||||||||||||||||
Transfers into (out of) level 3 | — | — | 7,436 | — | — | — | 7,436 | — | ||||||||||||||||||||||||
Balance at end of period | $ | 424 | $ | 2,583 | $ | 481 | $ | 3,354 | $ | 424 | $ | 2,583 | $ | 481 | $ | 3,354 | ||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Pertains to unrealized gains (losses) from securities held at September 30, 2013. | ||||||||||||||||||||||||||||||||
Realized gains (losses) from investments classified as securities owned, equity method investments and investments, available-for-sale in the above tables were recorded as gain (loss) from trading securities, equity in earnings (losses) of affiliates and gain (loss) from available-for-sale securities, respectively, in the Company's condensed consolidated statements of operations. Unrealized gains (losses) from investments classified as securities owned and equity method investments in the above tables were recorded as gain (loss) from trading securities and equity in earnings (losses) of affiliates, respectively, in the Company's condensed consolidated statements of operations. Unrealized gains (losses) from investments, available-for-sale in the above tables were recorded as unrealized gain (loss) from available-for-sale securities in the Company's condensed consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Valuation Techniques | ||||||||||||||||||||||||||||||||
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or pricing services. In determining the value of a particular investment, pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company selectively performs detailed reviews of valuations provided by broker/dealers or pricing services. | ||||||||||||||||||||||||||||||||
Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency interest rate differentials), which are all inputs that are observable in active markets (level 2). | ||||||||||||||||||||||||||||||||
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is primarily comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. | ||||||||||||||||||||||||||||||||
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of September 30, 2014 were: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Significant | ||||||||||||||||||||||||||||||
(in thousands) | Methodology | Unobservable Inputs | Range | |||||||||||||||||||||||||||||
Limited partnership interests - direct investments in real estate | $ | 1,514 | Discounted cash flows | Discount rate | 9% - 15% | |||||||||||||||||||||||||||
Exit capitalization rates | 8% - 8.5% | |||||||||||||||||||||||||||||||
Market rental rates | $15.00 - 18.50 psf | |||||||||||||||||||||||||||||||
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2013 were: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Significant | Input / | |||||||||||||||||||||||||||||
(in thousands) | Methodology | Unobservable Inputs | Range | |||||||||||||||||||||||||||||
Common shares of privately-held company | $ | 503 | Market comparable companies | Price / tangible book ratio | 1.48x | |||||||||||||||||||||||||||
Liquidity discount | 33% | |||||||||||||||||||||||||||||||
Limited partnership interests - direct investments in real estate | $ | 2,101 | Discounted cash flows | Discount rate | 9% - 15% | |||||||||||||||||||||||||||
Exit capitalization rates | 8.5% - 9% | |||||||||||||||||||||||||||||||
Market rental rates | $15.00 - 16.25 psf | |||||||||||||||||||||||||||||||
Changes in the significant unobservable inputs in the tables above may result in a materially higher or lower fair value measurement. The disclosure in the above tables excludes the Company's ownership interests in limited partnership vehicles which are valued based on the net asset values of the underlying funds. The disclosure in the above table as of December 31, 2013 also excludes auction rate preferred securities for which fair value is based on unobservable but non-quantitative inputs. Such items include financial instruments for which the determination of fair value is based on unadjusted quotations provided by a third-party pricing service. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivatives [Abstract] | ' | |||||||||||||||
Derivatives | ' | |||||||||||||||
Derivatives | ||||||||||||||||
The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at September 30, 2014 (in thousands): | ||||||||||||||||
30-Sep-14 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Notional | Fair Value | Notional | Fair Value | |||||||||||||
Total foreign exchange contracts | $ | 17,090 | $ | 1,165 | $ | — | $ | — | ||||||||
Total commodity contracts | 9,500 | 436 | 23,838 | 1,816 | ||||||||||||
Total derivatives | $ | 26,590 | $ | 1,601 | $ | 23,838 | $ | 1,816 | ||||||||
The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at December 31, 2013 (in thousands): | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Notional | Fair Value | Notional | Fair Value | |||||||||||||
Total foreign exchange contracts | $ | 10,853 | $ | 398 | $ | — | $ | — | ||||||||
Total commodity contracts | 8,115 | 305 | 5,738 | 275 | ||||||||||||
Total derivatives | $ | 18,968 | $ | 703 | $ | 5,738 | $ | 275 | ||||||||
Cash included in due from broker in the condensed consolidated statement of financial condition of approximately $1,389,000 and $2,110,000 as of September 30, 2014 and December 31, 2013, respectively, was held as collateral for futures contracts. Securities included in securities owned in the condensed consolidated statement of financial condition of approximately $9,454,000 and $7,300,000 as of September 30, 2014 and December 31, 2013, respectively, were held as collateral for futures contracts. | ||||||||||||||||
Gains and losses from derivative financial instruments for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Equity contracts | $ | — | $ | — | $ | — | $ | (584 | ) | |||||||
Foreign exchange contracts | 1,275 | (105 | ) | 767 | 1,224 | |||||||||||
Commodity contracts | (2,221 | ) | 1,087 | (1,871 | ) | (2,753 | ) | |||||||||
Credit contracts | — | — | — | (21 | ) | |||||||||||
Total derivatives | $ | (946 | ) | $ | 982 | $ | (1,104 | ) | $ | (2,134 | ) | |||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per share are calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share are calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards. Common stock equivalents are excluded from the computation if their effect is anti-dilutive. Diluted earnings per share are computed using the treasury stock method. | ||||||||||||||||
No anti-dilutive common stock equivalents were excluded from the computation for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 18,037 | $ | 19,817 | $ | 60,561 | $ | 43,827 | ||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 147 | (1,534 | ) | (749 | ) | 4,879 | ||||||||||
Net income attributable to common stockholders | $ | 18,184 | $ | 18,283 | $ | 59,812 | $ | 48,706 | ||||||||
Basic weighted average shares outstanding | 44,839 | 44,317 | 44,766 | 44,254 | ||||||||||||
Dilutive potential shares from restricted stock units | 850 | 789 | 802 | 743 | ||||||||||||
Diluted weighted average shares outstanding | 45,689 | 45,106 | 45,568 | 44,997 | ||||||||||||
Basic earnings per share attributable to common stockholders | $ | 0.41 | $ | 0.41 | $ | 1.34 | $ | 1.1 | ||||||||
Diluted earnings per share attributable to common stockholders | $ | 0.4 | $ | 0.41 | $ | 1.31 | $ | 1.08 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The provision for income taxes for the nine months ended September 30, 2014 includes U.S. federal, state, local and foreign taxes at an approximate effective tax rate of 36%. The effective tax rate for the three months ended September 30, 2014 was approximately 37.1%, which reflects the cumulative effect to adjust the estimated tax rate to 36% for the full year 2014. The effective tax rate for the nine months ended September 30, 2013 was approximately 37.5%, which included discrete items, the most significant of which was attributable to the launch costs of MIE during the first quarter of 2013. Excluding the discrete items, the effective tax rate for the nine months ended September 30, 2013 was approximately 38%. The effective tax rate for the three months ended September 30, 2013 was approximately 38%. The Company expects the tax rate for the full year 2014 to approximate 36%, excluding discrete items. | |
Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company's net deferred tax asset is primarily comprised of future income tax deductions attributable to the delivery of unvested restricted stock units. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. |
Regulatory_Requirements
Regulatory Requirements | 9 Months Ended |
Sep. 30, 2014 | |
Regulatory Requirements [Abstract] | ' |
Regulatory Requirements | ' |
Regulatory Requirements | |
CSS, a registered broker/dealer in the U.S., is subject to the SEC’s Uniform Net Capital Rule 15c3-1 (the “Rule”), which requires that broker/dealers maintain a minimum level of net capital, as prescribed under the Rule. As of September 30, 2014, CSS had net capital of approximately $1,846,000, which exceeded its requirements by approximately $1,666,000. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker/dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. | |
CSS does not carry customer accounts and is exempt from the SEC’s Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule. | |
Certain of the non-U.S. subsidiaries of the Company (collectively, the “Foreign Regulated Entities”) are regulated outside the U.S. by the Hong Kong Securities and Futures Commission and the United Kingdom Financial Conduct Authority. As of September 30, 2014, the Foreign Regulated Entities had aggregate regulatory capital of approximately $52,296,000, which exceeded requirements by approximately $50,588,000. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Related Party Transactions | ||||||||||||||||
The Company is an investment adviser to, and has administrative agreements with, affiliated funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Investment advisory and administration fees | $ | 54,789 | $ | 48,264 | $ | 155,201 | $ | 141,792 | ||||||||
Distribution and service fees | 3,738 | 3,627 | 10,952 | 10,802 | ||||||||||||
$ | 58,527 | $ | 51,891 | $ | 166,153 | $ | 152,594 | |||||||||
Sales proceeds, gross realized gains, gross realized losses and dividend income from investments, available-for-sale in Company-sponsored mutual funds for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from sales | $ | — | $ | 102 | $ | 192 | $ | 10,715 | ||||||||
Gross realized gains | — | 2 | — | 615 | ||||||||||||
Gross realized losses | — | — | (3 | ) | — | |||||||||||
Dividend income | — | — | — | — | ||||||||||||
The Company has agreements with certain affiliated open-end and closed-end mutual funds to reimburse certain fund expenses. For the three months ended September 30, 2014 and 2013, expenses of approximately $2,042,000 and $2,629,000, respectively, were incurred by the Company pursuant to these agreements and are included in general and administrative expenses. For the nine months ended September 30, 2014 and 2013, expenses of approximately $6,581,000 and $7,353,000, respectively, were incurred. | ||||||||||||||||
Included in accounts receivable at September 30, 2014 and December 31, 2013 are receivables due from Company-sponsored mutual funds of approximately $19,232,000 and $18,026,000, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its condensed consolidated results of operations, cash flows or financial position. | |
The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of September 30, 2014, the Company has funded approximately $3.0 million with respect to this commitment. The actual timing of the funding of this commitment is currently unknown, as the drawdown of the Company's commitment is contingent on the timing of drawdowns by the underlying funds and co-investments in which GRP-TE invests. This unfunded commitment was not recorded on the Company's condensed consolidated statements of financial condition as of September 30, 2014. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2014 | |
Concentration of Credit Risk [Abstract] | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
The Company's cash and cash equivalents are principally on deposit with three major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. | |
On November 4, 2014, CNS declared quarterly and special cash dividends on its common stock in the amount of $0.22 and $1.00 per share, respectively. These dividends will be payable on December 19, 2014 to stockholders of record at the close of business on November 28, 2014. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' |
Accounting Estimates | ' |
Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Consolidation | ' |
Consolidation—The Company consolidates operating entities deemed to be voting interest entities if the Company owns a majority of the voting interest. The equity method of accounting is used for investments in non-controlled affiliates in which the Company’s ownership ranges from 20 to 50 percent, or in instances in which the Company is able to exercise significant influence but not control. The Company also consolidates any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. | |
VIE | ' |
A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether entities in which it has an interest are VIEs upon initial involvement and at each reporting date. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. | |
Due from Broker | ' |
Due from Broker—The Company conducts business with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to agreements with prime brokers. The due from broker balance represents cash and cash equivalents balances at brokers and net receivables and payables for unsettled security transactions related to the Company's consolidated seed investments. | |
Investments | ' |
Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. | |
Securities owned are classified as trading securities and represent securities held within the affiliated funds that the Company consolidates. These securities are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee in accordance with its valuation guidance and procedures. Unrealized gains and losses are recorded as gain (loss) from trading securities—net in the Company’s condensed consolidated statements of operations. | |
Investments classified as equity method investments are accounted for using the equity method, under which the Company recognizes its respective share of the investee’s net income or loss for the period. As of September 30, 2014, the Company's equity method investments consisted of an interest in an affiliated fund which measures its underlying investments at fair value and reports a net asset value on a recurring basis. The carrying amount of this investment approximates its fair value. | |
Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end and closed-end mutual funds. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, the loss will be recognized in the Company’s condensed consolidated statements of operations. An other than temporary impairment is presumed to have occurred if the available-for-sale investment has an unrealized loss continuously for 12 or more months. | |
From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading securities—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. As of September 30, 2014, none of the outstanding derivative contracts were subject to any master netting arrangement or other similar agreement. | |
Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. | |
Redeemable Noncontrolling Interest | ' |
Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. | |
Investment Advisory and Administrative Fees | ' |
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end mutual funds. Investment advisory fees are earned pursuant to the terms of underlying advisory contracts, and are based on a contractual fee rate applied to the assets in the portfolio, net of applicable waivers, if any. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fees revenue is recognized as such fees are earned. | |
Distribution and Service Fee Revenue | ' |
Distribution and Service Fee Revenue—CSS acts as the principal distributor of the Company’s open-end mutual funds which may offer the following classes: Class A (initial sales load), Class C (back end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares are expected to convert to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. | |
Pursuant to distribution plans with the funds, CSS receives distribution fees of 25bps for Class A shares, 75bps for Class C shares and 50bps for Class R shares. CSS also receives shareholder servicing fees of 10bps on Class A shares, 25bps on Class C shares and 15 bps on Class Z shares, pursuant to shareholder servicing plans with the funds. Effective October 1, 2014, shareholder servicing fee revenue will no longer accrue on Class Z shares. | |
Distribution and Service Fee Expense | ' |
Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. | |
Distribution fee expense represents payments made to qualified dealers/institutions for (i) assistance in connection with the distribution of the funds' shares and (ii) for other expenses such as advertising costs and printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (“Rule 12b-1”). CSS pays distribution fee expense based on the average daily net assets under management of 25 bps on Class A shares, 75bps on Class C shares and 50bps on Class R shares. | |
Shareholder servicing fee expense represents payments made to qualified dealers/institutions for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified financial institutions. CSS pays service fee expenses based on the average daily net assets under management of 10bps on Class A shares, 25bps on Class C shares and 15 bps on Class Z shares. Effective October 1, 2014, Class Z shares will no longer pay shareholder service fees. | |
Intermediary assistance payments represent payments to qualified dealers/institutions for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end mutual funds and are incremental to those described above. Intermediary assistance payments may be based on the average assets under management, the number of accounts being serviced, or a combination thereof. | |
Portfolio Consulting and Other | ' |
Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: i) providing portfolio consulting services in connection with model-based strategies accounts; ii) earning a licensing fee for the use of the Company's proprietary indices; and iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. | |
Stock-based Compensation | ' |
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments granted to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. | |
Income Taxes | ' |
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods represents the Company’s best estimate of the effective tax rate expected to be applied to the full fiscal year. | |
Currency Translation and Transactions | ' |
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the condensed consolidated statements of operations. | |
Comprehensive Income | ' |
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale securities (net of tax) and reclassification to statements of operations of gain and loss from available-for-sale securities (net of tax). | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements—In August 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not anticipate that the adoption of this new guidance will have a material impact on the Company's condensed consolidated financial statements. | |
In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance will be effective for the Company's first quarter of 2017 and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the potential impact on its condensed consolidated financial statements and related disclosures, as well as the available transition methods. Early application is prohibited. | |
In April 2014, the FASB issued new guidance which changed the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This new guidance will be effective for the Company's first quarter of 2015. The Company does not anticipate that the adoption of this new guidance will have a material impact on the Company's condensed consolidated financial statements. | |
In July 2013, the FASB issued new guidance on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward unless a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available as of the reporting date or the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). This new guidance was effective for the Company's first quarter of 2014. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. | |
In June 2013, the FASB issued new guidance which clarifies the characteristics of an investment company and provides guidance for assessing whether an entity is an investment company. From time to time the Company consolidates certain of its affiliated funds which are considered investment companies. The Company retains the specialized investment company accounting for such funds in consolidation. This new guidance was effective for the Company’s first quarter of 2014. The adoption of this new guidance did not have a material impact on the Company’s condensed consolidated financial statements. | |
Valuation Techniques | ' |
Valuation Techniques | |
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or pricing services. In determining the value of a particular investment, pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company selectively performs detailed reviews of valuations provided by broker/dealers or pricing services. | |
Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency interest rate differentials), which are all inputs that are observable in active markets (level 2). | |
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is primarily comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||||||||
Schedule of Intangible Assets | ' | |||||||||||||
The following table details the gross carrying amounts and accumulated amortization for the intangible assets at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||
Remaining | Gross | Accumulated | Intangible | |||||||||||
Amortization | Carrying | Amortization | Assets, Net | |||||||||||
Period | Amount | |||||||||||||
(in months) | ||||||||||||||
September 30, 2014: | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Client relationships | 51 | $ | 1,543 | $ | (1,158 | ) | $ | 385 | ||||||
Non-amortized intangible assets: | ||||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | ||||||||||
Total | $ | 2,793 | $ | (1,158 | ) | $ | 1,635 | |||||||
December 31, 2013: | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Client relationships | 60 | $ | 1,543 | $ | (1,092 | ) | $ | 451 | ||||||
Non-amortized intangible assets: | ||||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | ||||||||||
Total | $ | 2,793 | $ | (1,092 | ) | $ | 1,701 | |||||||
Schedule Future Amortization Expense | ' | |||||||||||||
Estimated future amortization expense is as follows (in thousands): | ||||||||||||||
Periods Ending December 31, | Estimated | |||||||||||||
Amortization | ||||||||||||||
Expense | ||||||||||||||
2014 | $ | 23 | ||||||||||||
2015 | 89 | |||||||||||||
2016 | 89 | |||||||||||||
2017 | 89 | |||||||||||||
2018 | 95 | |||||||||||||
Thereafter | — | |||||||||||||
Total | $ | 385 | ||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Summary Investment Holdings | ' | |||||||||||||||
The following is a summary of the Company's investments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||
2014 | ||||||||||||||||
Securities owned | $ | 59,376 | $ | 15,668 | ||||||||||||
Equity method investments | 107 | 24,724 | ||||||||||||||
Investments, available-for-sale | 21,814 | 10,449 | ||||||||||||||
Schedule of Fair Value of Securities Owned and Equity Method Investments | ' | |||||||||||||||
The following is a summary of the fair value of securities owned and equity method investments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Securities Owned | Equity Method Investments | Securities Owned | Equity Method Investments | |||||||||||||
ACOM | $ | 8,600 | $ | — | $ | 7,300 | $ | — | ||||||||
CDF | 9,600 | — | — | — | ||||||||||||
GRP-CIP | 2,416 | — | 2,740 | — | ||||||||||||
GRP-TE | — | 107 | — | 116 | ||||||||||||
MLO | 38,760 | — | 5,125 | — | ||||||||||||
Offshore Fund | — | — | — | 412 | ||||||||||||
Onshore Fund | — | — | 503 | — | ||||||||||||
RAP (1) | — | — | — | 24,196 | ||||||||||||
Total | $ | 59,376 | $ | 107 | $ | 15,668 | $ | 24,724 | ||||||||
_________________________ | ||||||||||||||||
(1) Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence, therefore, the investment in RAP was reclassified to investments, available-for-sale. | ||||||||||||||||
Trading Securities | ' | |||||||||||||||
Gain (loss) from trading securities—net for the three and nine months ended September 30, 2014 and 2013, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
ACOM | $ | (1,321 | ) | $ | 123 | $ | (505 | ) | $ | (503 | ) | |||||
CDF | (1,450 | ) | — | (1,404 | ) | — | ||||||||||
GRP-CIP | 5 | 287 | 168 | 264 | ||||||||||||
MLO | 76 | — | 2,772 | — | ||||||||||||
Onshore Fund | — | (104 | ) | 24 | 417 | |||||||||||
RAP | — | 2,077 | — | (7,134 | ) | |||||||||||
Total (loss) gain from trading securities—net | $ | (2,690 | ) | $ | 2,383 | $ | 1,055 | $ | (6,956 | ) | ||||||
Schedule of Equity in Earnings (Losses) of Affiliates | ' | |||||||||||||||
Equity in earnings (losses) of affiliates for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
GRP-TE | $ | — | $ | 7 | $ | 20 | $ | 7 | ||||||||
Offshore Fund | 9 | 5 | 20 | 114 | ||||||||||||
RAP (1) | (1,580 | ) | 301 | 753 | 301 | |||||||||||
Total equity in (losses) earnings of affiliates | $ | (1,571 | ) | $ | 313 | $ | 793 | $ | 422 | |||||||
_________________________ | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||
The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of investments, available-for-sale as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses (1) | |||||||||||||||
Preferred securities | $ | 1,017 | $ | 45 | $ | (4 | ) | $ | 1,058 | |||||||
Common stocks | 5,230 | 779 | (163 | ) | 5,846 | |||||||||||
Company-sponsored mutual funds | 14,910 | — | — | 14,910 | ||||||||||||
Total investments, available-for-sale | $ | 21,157 | $ | 824 | $ | (167 | ) | $ | 21,814 | |||||||
_________________________ | ||||||||||||||||
(1) At September 30, 2014, there were no securities with unrealized losses continuously for a period of more than 12 months. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses (1) | |||||||||||||||
Preferred securities | $ | 4,142 | $ | 183 | $ | (40 | ) | $ | 4,285 | |||||||
Common stocks | 5,400 | 698 | (132 | ) | 5,966 | |||||||||||
Company-sponsored mutual funds | 197 | 1 | — | 198 | ||||||||||||
Total investments, available-for-sale | $ | 9,739 | $ | 882 | $ | (172 | ) | $ | 10,449 | |||||||
_________________________ | ||||||||||||||||
(1) At December 31, 2013, there were no securities with unrealized losses continuously for a period of more than 12 months. | ||||||||||||||||
Realized Gain (Loss) on Investments | ' | |||||||||||||||
Sales proceeds, gross realized gains and losses from investments, available-for-sale for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from sales | $ | 2,713 | $ | 3,570 | $ | 11,011 | $ | 21,326 | ||||||||
Gross realized gains | 775 | 283 | 2,024 | 1,846 | ||||||||||||
Gross realized losses | (15 | ) | (103 | ) | (136 | ) | (338 | ) |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||||||||||||||||||
The following table presents fair value measurements as of September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Cash equivalents (1) | $ | 60,427 | $ | — | $ | — | $ | 60,427 | ||||||||||||||||||||||||
Securities owned | ||||||||||||||||||||||||||||||||
Common stocks | $ | 38,760 | $ | — | $ | — | $ | 38,760 | ||||||||||||||||||||||||
Fixed income securities | — | 18,200 | — | 18,200 | ||||||||||||||||||||||||||||
Limited partnership interests | — | — | 2,416 | 2,416 | ||||||||||||||||||||||||||||
Total securities owned | $ | 38,760 | $ | 18,200 | $ | 2,416 | $ | 59,376 | ||||||||||||||||||||||||
Equity method investments | $ | — | $ | — | $ | 107 | $ | 107 | ||||||||||||||||||||||||
Investments, available-for-sale | ||||||||||||||||||||||||||||||||
Preferred securities | $ | 1,058 | $ | — | $ | — | $ | 1,058 | ||||||||||||||||||||||||
Common stocks | 5,846 | — | — | 5,846 | ||||||||||||||||||||||||||||
Company-sponsored mutual funds | 14,910 | — | — | 14,910 | ||||||||||||||||||||||||||||
Total investments, available-for-sale | $ | 21,814 | $ | — | $ | — | $ | 21,814 | ||||||||||||||||||||||||
Derivatives - assets | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 1,165 | $ | — | $ | 1,165 | ||||||||||||||||||||||||
Commodity contracts | 436 | — | — | 436 | ||||||||||||||||||||||||||||
Total derivatives - assets | $ | 436 | $ | 1,165 | $ | — | $ | 1,601 | ||||||||||||||||||||||||
Derivatives - liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | $ | 1,816 | $ | — | $ | — | $ | 1,816 | ||||||||||||||||||||||||
Total derivatives - liabilities | $ | 1,816 | $ | — | $ | — | $ | 1,816 | ||||||||||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Comprised of investments in money market funds. | ||||||||||||||||||||||||||||||||
The following table presents fair value measurements as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Cash equivalents (1) | $ | 61,551 | $ | — | $ | — | $ | 61,551 | ||||||||||||||||||||||||
Securities owned | ||||||||||||||||||||||||||||||||
Common stocks | $ | 5,125 | $ | — | $ | 503 | $ | 5,628 | ||||||||||||||||||||||||
Fixed income securities | — | 7,300 | — | 7,300 | ||||||||||||||||||||||||||||
Limited partnership interests | — | — | 2,740 | 2,740 | ||||||||||||||||||||||||||||
Total securities owned | $ | 5,125 | $ | 7,300 | $ | 3,243 | $ | 15,668 | ||||||||||||||||||||||||
Equity method investments | $ | 24,196 | $ | — | $ | 528 | $ | 24,724 | ||||||||||||||||||||||||
Investments, available-for-sale | ||||||||||||||||||||||||||||||||
Preferred securities | $ | 960 | $ | — | $ | 3,325 | $ | 4,285 | ||||||||||||||||||||||||
Common stocks | 5,966 | — | — | 5,966 | ||||||||||||||||||||||||||||
Company-sponsored mutual funds | 198 | — | — | 198 | ||||||||||||||||||||||||||||
Total investments, available-for-sale | $ | 7,124 | $ | — | $ | 3,325 | $ | 10,449 | ||||||||||||||||||||||||
Derivatives - assets | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 398 | $ | — | $ | 398 | ||||||||||||||||||||||||
Commodity contracts | 305 | — | — | 305 | ||||||||||||||||||||||||||||
Total derivatives - assets | $ | 305 | $ | 398 | $ | — | $ | 703 | ||||||||||||||||||||||||
Derivatives - liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | $ | 275 | $ | — | $ | — | $ | 275 | ||||||||||||||||||||||||
Total derivatives - liabilities | $ | 275 | $ | — | $ | — | $ | 275 | ||||||||||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Comprised of investments in money market funds. | ||||||||||||||||||||||||||||||||
Fair Value, Valuation Technique, Unobservable Inputs | ' | |||||||||||||||||||||||||||||||
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of September 30, 2014 were: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Significant | ||||||||||||||||||||||||||||||
(in thousands) | Methodology | Unobservable Inputs | Range | |||||||||||||||||||||||||||||
Limited partnership interests - direct investments in real estate | $ | 1,514 | Discounted cash flows | Discount rate | 9% - 15% | |||||||||||||||||||||||||||
Exit capitalization rates | 8% - 8.5% | |||||||||||||||||||||||||||||||
Market rental rates | $15.00 - 18.50 psf | |||||||||||||||||||||||||||||||
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2013 were: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Significant | Input / | |||||||||||||||||||||||||||||
(in thousands) | Methodology | Unobservable Inputs | Range | |||||||||||||||||||||||||||||
Common shares of privately-held company | $ | 503 | Market comparable companies | Price / tangible book ratio | 1.48x | |||||||||||||||||||||||||||
Liquidity discount | 33% | |||||||||||||||||||||||||||||||
Limited partnership interests - direct investments in real estate | $ | 2,101 | Discounted cash flows | Discount rate | 9% - 15% | |||||||||||||||||||||||||||
Exit capitalization rates | 8.5% - 9% | |||||||||||||||||||||||||||||||
Market rental rates | $15.00 - 16.25 psf | |||||||||||||||||||||||||||||||
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and nine months ended September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||||||||||
Securities | Equity Method Investments | Investments, available-for-sale | Securities | Equity Method Investments | Investments, available-for-sale | |||||||||||||||||||||||||||
Owned | Owned | |||||||||||||||||||||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE | Preferred Securities | Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | |||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 2,378 | $ | 105 | $ | — | $ | 503 | $ | 2,740 | $ | 528 | $ | 3,325 | ||||||||||||||||
Purchases / contributions | — | 151 | 2 | — | — | 456 | 11 | — | ||||||||||||||||||||||||
Sales / distributions | — | — | — | — | (527 | ) | (721 | ) | (463 | ) | (4,000 | ) | ||||||||||||||||||||
Realized gains (losses) | — | — | — | — | 24 | 64 | — | 675 | ||||||||||||||||||||||||
Unrealized gains (losses) (1) | — | (113 | ) | — | — | — | (123 | ) | 31 | — | ||||||||||||||||||||||
Transfers into (out of) level 3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 2,416 | $ | 107 | $ | — | $ | — | $ | 2,416 | $ | 107 | $ | — | ||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Pertains to unrealized gains (losses) from securities held at September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and nine months ended September 30, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Securities | Equity Method Investments | Investments, available-for-sale | Securities | Equity Method Investments | Investments, available-for-sale | |||||||||||||||||||||||||||
Owned | Owned | |||||||||||||||||||||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | |||||||||||||||||||||||||
Balance at beginning of period | $ | 413 | $ | 2,210 | $ | 96 | $ | 3,092 | $ | 1,168 | $ | 2,142 | $ | 89 | $ | 3,080 | ||||||||||||||||
Purchases / contributions | — | 115 | 3 | — | — | 318 | 10 | — | ||||||||||||||||||||||||
Sales / distributions | — | (28 | ) | (7,066 | ) | — | (419 | ) | (141 | ) | (7,066 | ) | — | |||||||||||||||||||
Realized gains (losses) | — | 11 | — | — | (211 | ) | 11 | — | — | |||||||||||||||||||||||
Unrealized gains (losses) (1) | 11 | 275 | 12 | 262 | (114 | ) | 253 | 12 | 274 | |||||||||||||||||||||||
Transfers into (out of) level 3 | — | — | 7,436 | — | — | — | 7,436 | — | ||||||||||||||||||||||||
Balance at end of period | $ | 424 | $ | 2,583 | $ | 481 | $ | 3,354 | $ | 424 | $ | 2,583 | $ | 481 | $ | 3,354 | ||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||
(1) Pertains to unrealized gains (losses) from securities held at September 30, 2013. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivatives [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||
The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at September 30, 2014 (in thousands): | ||||||||||||||||
30-Sep-14 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Notional | Fair Value | Notional | Fair Value | |||||||||||||
Total foreign exchange contracts | $ | 17,090 | $ | 1,165 | $ | — | $ | — | ||||||||
Total commodity contracts | 9,500 | 436 | 23,838 | 1,816 | ||||||||||||
Total derivatives | $ | 26,590 | $ | 1,601 | $ | 23,838 | $ | 1,816 | ||||||||
The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at December 31, 2013 (in thousands): | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Notional | Fair Value | Notional | Fair Value | |||||||||||||
Total foreign exchange contracts | $ | 10,853 | $ | 398 | $ | — | $ | — | ||||||||
Total commodity contracts | 8,115 | 305 | 5,738 | 275 | ||||||||||||
Total derivatives | $ | 18,968 | $ | 703 | $ | 5,738 | $ | 275 | ||||||||
Gains (losses) on Derivatives | ' | |||||||||||||||
Gains and losses from derivative financial instruments for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Equity contracts | $ | — | $ | — | $ | — | $ | (584 | ) | |||||||
Foreign exchange contracts | 1,275 | (105 | ) | 767 | 1,224 | |||||||||||
Commodity contracts | (2,221 | ) | 1,087 | (1,871 | ) | (2,753 | ) | |||||||||
Credit contracts | — | — | — | (21 | ) | |||||||||||
Total derivatives | $ | (946 | ) | $ | 982 | $ | (1,104 | ) | $ | (2,134 | ) | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 18,037 | $ | 19,817 | $ | 60,561 | $ | 43,827 | ||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 147 | (1,534 | ) | (749 | ) | 4,879 | ||||||||||
Net income attributable to common stockholders | $ | 18,184 | $ | 18,283 | $ | 59,812 | $ | 48,706 | ||||||||
Basic weighted average shares outstanding | 44,839 | 44,317 | 44,766 | 44,254 | ||||||||||||
Dilutive potential shares from restricted stock units | 850 | 789 | 802 | 743 | ||||||||||||
Diluted weighted average shares outstanding | 45,689 | 45,106 | 45,568 | 44,997 | ||||||||||||
Basic earnings per share attributable to common stockholders | $ | 0.41 | $ | 0.41 | $ | 1.34 | $ | 1.1 | ||||||||
Diluted earnings per share attributable to common stockholders | $ | 0.4 | $ | 0.41 | $ | 1.31 | $ | 1.08 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions | ' | |||||||||||||||
The Company is an investment adviser to, and has administrative agreements with, affiliated funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Investment advisory and administration fees | $ | 54,789 | $ | 48,264 | $ | 155,201 | $ | 141,792 | ||||||||
Distribution and service fees | 3,738 | 3,627 | 10,952 | 10,802 | ||||||||||||
$ | 58,527 | $ | 51,891 | $ | 166,153 | $ | 152,594 | |||||||||
Schedule of Realized Gain (Loss) | ' | |||||||||||||||
Sales proceeds, gross realized gains, gross realized losses and dividend income from investments, available-for-sale in Company-sponsored mutual funds for the three and nine months ended September 30, 2014 and 2013 are summarized below (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from sales | $ | — | $ | 102 | $ | 192 | $ | 10,715 | ||||||||
Gross realized gains | — | 2 | — | 615 | ||||||||||||
Gross realized losses | — | — | (3 | ) | — | |||||||||||
Dividend income | — | — | — | — | ||||||||||||
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Minimum | Maximum | Distribution rights | Accumulated Translation Adjustment | Accumulated Translation Adjustment | |
Cumulative Translation Adjustments balance [Line Items] | ' | ' | ' | ' | ' |
Cumulative Foreign Currency Translation Adjustment, Net of Tax | ' | ' | ' | $159,000 | $2,264,000 |
Distribution and service fees - Non-GAAP | ' | ' | ' | ' | ' |
Distribution and service fees - Non GAAP | ' | ' | $7,200,000 | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership range | 20.00% | 50.00% | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $19,611 | ' | $19,611 | ' | $20,672 |
Goodwill, Translation Adjustments | ' | ' | -1,061 | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,158 | ' | -1,158 | ' | -1,092 |
Intangible Assets, Net | 385 | ' | 385 | ' | ' |
Intangible Assets, Gross | 2,793 | ' | 2,793 | ' | 2,793 |
Intangible Assets, Net | 1,635 | ' | 1,635 | ' | 1,701 |
Amortization of Intangible Assets | 22 | 22 | 66 | 66 | ' |
Remaining Amortization Period | ' | ' | '51 months | ' | '60 months |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
2014 | 23 | ' | 23 | ' | ' |
2015 | 89 | ' | 89 | ' | ' |
2016 | 89 | ' | 89 | ' | ' |
2017 | 89 | ' | 89 | ' | ' |
2018 | 95 | ' | 95 | ' | ' |
Thereafter | 0 | ' | 0 | ' | ' |
Total | 385 | ' | 385 | ' | ' |
Client Relationships | ' | ' | ' | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,543 | ' | 1,543 | ' | 1,543 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,158 | ' | -1,158 | ' | -1,092 |
Intangible Assets, Net | 385 | ' | 385 | ' | 451 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Total | 385 | ' | 385 | ' | 451 |
Mutual Fund Management Contracts | ' | ' | ' | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Indefinite-lived Intangible Assets | $1,250 | ' | $1,250 | ' | $1,250 |
Investments_Trading_and_Equity
Investments Trading and Equity Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | $59,376 | [1] | ' | $59,376 | [1] | ' | $15,668 | [1] |
Equity method investments | 107 | ' | 107 | ' | 24,724 | |||
Investments, available-for-sale | 21,814 | ' | 21,814 | ' | 10,449 | |||
Gain from trading securities—net | -2,690 | 2,383 | 1,055 | -6,956 | ' | |||
Equity in earnings of affiliates | -1,571 | 313 | 793 | 422 | ' | |||
ACOM | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 8,600 | ' | 8,600 | ' | 7,300 | |||
Equity method investments | 0 | ' | 0 | ' | 0 | |||
Gain from trading securities—net | -1,321 | 123 | -505 | -503 | ' | |||
CDF | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 9,600 | ' | 9,600 | ' | 0 | |||
Equity method investments | 0 | ' | 0 | ' | 0 | |||
Gain from trading securities—net | -1,450 | 0 | -1,404 | 0 | ' | |||
GRP-CIP | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 2,416 | ' | 2,416 | ' | 2,740 | |||
Equity method investments | 0 | ' | 0 | ' | 0 | |||
Gain from trading securities—net | 5 | 287 | 168 | 264 | ' | |||
GRP-TE | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 0 | ' | 0 | ' | 0 | |||
Equity method investments | 107 | ' | 107 | ' | 116 | |||
Equity in earnings of affiliates | 0 | 7 | 20 | 7 | ' | |||
MLO | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 38,760 | ' | 38,760 | ' | 5,125 | |||
Equity method investments | 0 | ' | 0 | ' | 0 | |||
Gain from trading securities—net | 76 | 0 | 2,772 | 0 | ' | |||
Offshore Fund | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 0 | ' | 0 | ' | 0 | |||
Equity method investments | 0 | ' | 0 | ' | 412 | |||
Equity in earnings of affiliates | 9 | 5 | 20 | 114 | ' | |||
Onshore Fund | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 0 | ' | 0 | ' | 503 | |||
Equity method investments | 0 | ' | 0 | ' | 0 | |||
Gain from trading securities—net | 0 | -104 | 24 | 417 | ' | |||
RAP (1) | ' | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | |||
Securities owned | 0 | ' | 0 | ' | 0 | |||
Equity method investments | 0 | [2] | ' | 0 | [2] | ' | 24,196 | |
Gain from trading securities—net | 0 | 2,077 | 0 | -7,134 | ' | |||
Equity in earnings of affiliates | ($1,580) | [2] | $301 | $753 | [2] | $301 | ' | |
[1] | Held as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. ("CDF") and Cohen & Steers Active Commodities Fund, LP ("ACOM") as of September 30, 2014 and ACOM as of December 31, 2013. | |||||||
[2] | Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence, therefore, the investment in RAP was reclassified to investments, available-for-sale. |
Investments_AvailableforSale_S
Investments Available-for-Sale Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||
Available-for-sale Securities [Abstract] | ' | ' | ' | ' | ' | ||
Cost | $21,157 | ' | $21,157 | ' | $9,739 | ||
Gross Unrealized Gains | ' | ' | 824 | ' | 882 | ||
Gross Unrealized Losses | ' | ' | 167 | [1] | ' | 172 | [2] |
Fair Value | 21,814 | ' | 21,814 | ' | 10,449 | ||
Available-for-sale securities in an unrealized loss position | 2,481 | ' | 2,481 | ' | 1,785 | ||
Proceeds from Investing Activities [Abstract] | ' | ' | ' | ' | ' | ||
Proceeds from sales | 2,713 | 3,570 | 11,011 | 21,326 | ' | ||
Gross realized gains | 775 | 283 | 2,024 | 1,846 | ' | ||
Gross realized losses | -15 | -103 | -136 | -338 | ' | ||
Preferred securities | ' | ' | ' | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ' | ' | ' | ||
Cost | 1,017 | ' | 1,017 | ' | 4,142 | ||
Gross Unrealized Gains | ' | ' | 45 | ' | 183 | ||
Gross Unrealized Losses | ' | ' | 4 | [1] | ' | 40 | [2] |
Fair Value | 1,058 | ' | 1,058 | ' | 4,285 | ||
Common stocks | ' | ' | ' | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ' | ' | ' | ||
Cost | 5,230 | ' | 5,230 | ' | 5,400 | ||
Gross Unrealized Gains | ' | ' | 779 | ' | 698 | ||
Gross Unrealized Losses | ' | ' | 163 | [1] | ' | 132 | [2] |
Fair Value | 5,846 | ' | 5,846 | ' | 5,966 | ||
Company-sponsored mutual funds | ' | ' | ' | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ' | ' | ' | ||
Cost | 14,910 | ' | 14,910 | ' | 197 | ||
Gross Unrealized Gains | ' | ' | 0 | ' | 1 | ||
Gross Unrealized Losses | ' | ' | 0 | [1] | ' | 0 | [2] |
Fair Value | $14,910 | ' | $14,910 | ' | $198 | ||
[1] | At September 30, 2014, there were no securities with unrealized losses continuously for a period of more than 12 months. | ||||||
[2] | At December 31, 2013, there were no securities with unrealized losses continuously for a period of more than 12 months. |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Common stocks | Common stocks | Preferred securities | Preferred securities | GRP-TE | GRP-TE | Company-sponsored mutual funds | Company-sponsored mutual funds | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | ||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Common stocks | Limited partnership interests | Limited partnership interests | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | Commodity contracts | Commodity contracts | Common stocks | Common stocks | Fixed income securities | Fixed income securities | Limited partnership interests | Limited partnership interests | Preferred securities | Preferred securities | Company-sponsored mutual funds | Company-sponsored mutual funds | Foreign exchange contracts | Foreign exchange contracts | Commodity contracts | Commodity contracts | Common stocks | Common stocks | Fixed income securities | Fixed income securities | Limited partnership interests | Limited partnership interests | Preferred securities | Preferred securities | Company-sponsored mutual funds | Company-sponsored mutual funds | Foreign exchange contracts | Foreign exchange contracts | Commodity contracts | Commodity contracts | Common stocks | Common stocks | Common stocks | Common stocks | Common stocks | Fixed income securities | Fixed income securities | Limited partnership interests | Limited partnership interests | Limited partnership interests | Limited partnership interests | Limited partnership interests | Preferred securities | Preferred securities | Preferred securities | Preferred securities | Preferred securities | GRP-TE | Company-sponsored mutual funds | Company-sponsored mutual funds | GRP-TE/Offshore Fund | GRP-TE/Offshore Fund | GRP-TE/Offshore Fund | Foreign exchange contracts | Foreign exchange contracts | Commodity contracts | Commodity contracts | Common stocks | Common stocks | Fixed income securities | Fixed income securities | Limited partnership interests | Limited partnership interests | Preferred securities | Preferred securities | Company-sponsored mutual funds | Company-sponsored mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,427 | [1] | $61,551 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | $0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | $0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,427 | [1] | $61,551 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Securities owned | 59,376 | [2] | 15,668 | [2] | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,760 | 5,125 | ' | ' | ' | ' | 38,760 | 5,125 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 18,200 | 7,300 | ' | ' | ' | ' | 0 | 0 | 18,200 | 7,300 | 0 | 0 | ' | ' | ' | ' | 2,416 | 3,243 | ' | ' | ' | ' | 0 | ' | 0 | ' | 503 | 0 | 0 | 2,416 | ' | 2,416 | ' | 2,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,376 | 15,668 | ' | ' | ' | ' | 38,760 | 5,628 | 18,200 | 7,300 | 2,416 | 2,740 | ' | ' | ' | ' | ||||||||||||||||||||||||
Equity method investments | 107 | 24,724 | ' | ' | ' | ' | 107 | 116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 24,196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107 | 528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107 | 24,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Investments, available-for-sale | 21,814 | 10,449 | 5,846 | 5,966 | 1,058 | 4,285 | ' | ' | 14,910 | 198 | ' | ' | ' | ' | ' | ' | ' | ' | 21,814 | 7,124 | ' | ' | ' | ' | 5,846 | 5,966 | ' | ' | ' | ' | 1,058 | 960 | 14,910 | 198 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 3,325 | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 3,325 | ' | 0 | 0 | ' | ' | ' | 21,814 | 10,449 | ' | ' | ' | ' | 5,846 | 5,966 | ' | ' | ' | ' | 1,058 | 4,285 | 14,910 | 198 | ||||||||||||||||||||||||||
Derivative - assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436 | 305 | 0 | 0 | 436 | 305 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,165 | 398 | 1,165 | 398 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,601 | 703 | 1,165 | 398 | 436 | 305 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Derivative - liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,816 | 275 | ' | ' | 1,816 | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,816 | 275 | ' | ' | 1,816 | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Balance at beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 413 | 503 | 1,168 | ' | ' | ' | 2,378 | 2,210 | 2,740 | 2,142 | ' | 0 | 3,092 | 3,325 | 3,080 | ' | 105 | ' | ' | 96 | 528 | 89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Purchases / contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | 151 | 115 | 456 | 318 | ' | 0 | 0 | 0 | 0 | ' | 2 | ' | ' | 3 | 11 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Sales / distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -527 | -419 | ' | ' | ' | 0 | -28 | -721 | -141 | ' | 0 | 0 | -4,000 | 0 | ' | 0 | ' | ' | -7,066 | -463 | -7,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Realized gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 24 | -211 | ' | ' | ' | 0 | 11 | 64 | 11 | ' | 0 | 0 | 675 | 0 | ' | 0 | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Unrealized gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 11 | [4] | 0 | [3] | -114 | [4] | ' | ' | ' | -113 | [3] | 275 | [4] | -123 | [3] | 253 | [4] | ' | 0 | [3] | 262 | [4] | 0 | [3] | 274 | [4] | ' | 0 | [3] | ' | ' | 12 | [4] | 31 | [3] | 12 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Transfers into (out of) level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | 7,436 | 0 | 7,436 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Balance at end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 424 | 0 | 424 | ' | ' | ' | 2,416 | 2,583 | 2,416 | 2,583 | ' | 0 | 3,354 | 0 | 3,354 | ' | 107 | ' | ' | 481 | 107 | 481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Level 3 Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $503 | $1,514 | $2,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Level 3 Ratio Ranges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Fair Value Inputs, Liquidity Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.00% | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Fair Value Inputs, Exit Capitalization Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.50% | 8.50% | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Fair Value Inputs, Market Rental Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 15 | 18.5 | 16.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
[1] | Comprised of investments in money market funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Held as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. ("CDF") and Cohen & Steers Active Commodities Fund, LP ("ACOM") as of September 30, 2014 and ACOM as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Pertains to unrealized gains (losses) from securities held at September 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Pertains to unrealized gains (losses) from securities held at September 30, 2013. |
Derivatives_Details
Derivatives (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative Assets, Notional | $26,590 | ' | $26,590 | ' | $18,968 |
Derivative Assets, Fair Value | 1,601 | ' | 1,601 | ' | 703 |
Derivative Liabilities, Notional | 23,838 | ' | 23,838 | ' | 5,738 |
Derivative Liabilities, Fair Value | 1,816 | ' | 1,816 | ' | 275 |
Derivative, Gains (Losses) on derivative, net | -946 | 982 | -1,104 | -2,134 | ' |
Due from broker | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Cash included in due from broker pledged as collateral | 1,389 | ' | 1,389 | ' | 2,110 |
Securities owned | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Securities owned and pledged as collateral | 9,454 | ' | 9,454 | ' | 7,300 |
Equity contracts | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative, Gains (Losses) on derivative, net | 0 | 0 | 0 | -584 | ' |
Foreign exchange contracts | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative Assets, Notional | 17,090 | ' | 17,090 | ' | 10,853 |
Derivative Assets, Fair Value | 1,165 | ' | 1,165 | ' | 398 |
Derivative Liabilities, Notional | 0 | ' | 0 | ' | 0 |
Derivative Liabilities, Fair Value | 0 | ' | 0 | ' | 0 |
Derivative, Gains (Losses) on derivative, net | 1,275 | -105 | 767 | 1,224 | ' |
Commodity contracts | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative Assets, Notional | 9,500 | ' | 9,500 | ' | 8,115 |
Derivative Assets, Fair Value | 436 | ' | 436 | ' | 305 |
Derivative Liabilities, Notional | 23,838 | ' | 23,838 | ' | 5,738 |
Derivative Liabilities, Fair Value | 1,816 | ' | 1,816 | ' | 275 |
Derivative, Gains (Losses) on derivative, net | -2,221 | 1,087 | -1,871 | -2,753 | ' |
Credit contracts | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative, Gains (Losses) on derivative, net | $0 | $0 | $0 | ($21) | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $18,037 | $19,817 | $60,561 | $43,827 |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 147 | -1,534 | -749 | 4,879 |
Net income attributable to common stockholders | $18,184 | $18,283 | $59,812 | $48,706 |
Basic weighted average shares outstanding (shares) | 44,839,000 | 44,317,000 | 44,766,000 | 44,254,000 |
Dilutive potential shares from restricted stock units (shares) | 850,000 | 789,000 | 802,000 | 743,000 |
Diluted weighted average shares outstanding (shares) | 45,689,000 | 45,106,000 | 45,568,000 | 44,997,000 |
Basic earnings per share attributable to common stockholders (in dollars per share) | $0.41 | $0.41 | $1.34 | $1.10 |
Diluted earnings per share attributable to common stockholders (in dollars per share) | $0.40 | $0.41 | $1.31 | $1.08 |
Anti-dilutive common stock equivalents excluded from computation (in shares) | 0 | 0 | 0 | 0 |
Income_Taxes_Details
Income Taxes (Details) (U.S. Federal, State, Local and Foreign Taxes) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
U.S. Federal, State, Local and Foreign Taxes | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Effective income tax rate reconciliation, percent | 37.10% | 38.00% | 36.00% | 37.50% |
Effective income tax rate, adjusted | ' | ' | ' | 38.00% |
Effective income tax rate, expected for fiscal year | ' | ' | 36.00% | ' |
Regulatory_Requirements_Detail
Regulatory Requirements (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Securities Registered Domestically | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' |
Net Capital | $1,846 |
Excess Capital | 1,666 |
Securities Regulated By Foreign Entities | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' |
Net Capital | 52,296 |
Excess Capital | $50,588 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Affiliated Funds, USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Affiliated Funds | ' | ' | ' | ' | ' |
Related Party Transactions, Revenue [Abstract] | ' | ' | ' | ' | ' |
Investment advisory and administrative fees | $54,789 | $48,264 | $155,201 | $141,792 | ' |
Distribution and service fees | 3,738 | 3,627 | 10,952 | 10,802 | ' |
Total | 58,527 | 51,891 | 166,153 | 152,594 | ' |
Related Party Transactions Summary [Abstract] | ' | ' | ' | ' | ' |
Proceeds from sales | 0 | 102 | 192 | 10,715 | ' |
Gross realized gains | 0 | 2 | 0 | 615 | ' |
Gross realized losses | 0 | 0 | -3 | 0 | ' |
Dividend income | 0 | 0 | 0 | 0 | ' |
Fund expenses, included in general and administrative expenses | 2,042 | 2,629 | 6,581 | 7,353 | ' |
Receivables due from company-sponsored mutual funds | $19,232 | ' | $19,232 | ' | $18,026 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Commitments | ' |
Loss Contingencies [Line Items] | ' |
Long-term purchase commitment, time period | '12 years |
Commitment to invest | ' |
Loss Contingencies [Line Items] | ' |
Long-term purchase commitment | 5.1 |
Long-term committment, funded amount | 3 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) | Sep. 30, 2014 |
financial_institution | |
Concentration of Credit Risk [Abstract] | ' |
Number of financial institutions | 3 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 04, 2014 | |
Dividend Declared | |||||
Subsequent Event | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | $0.22 |
Dividends, Common Stock, Cash | $0.22 | $0.20 | $0.66 | $0.60 | $1 |