| Intangible Assets |
11. Intangible Assets The following is a summary of intangible assets at April 30, 2013 and October 31, 2012: | April 30, 2013 | | | | | | | | | (dollars in thousands) | | Gross carrying amount | Accumulated amortization | Net carrying amount | | | | | | | | | | | Amortizing intangible assets: | | | | | | | | | Client relationships acquired | | $ | 133,927 | $ | (63,083) | $ | 70,844 | | Intellectual property acquired | | | 1,000 | | (158) | | 842 | | Trademark acquired | | | 900 | | (43) | | 857 | | | | | | | | | | | Non-amortizing intangible assets: | | | | | | | | | Mutual fund management contract acquired | | | 6,708 | | - | | 6,708 | | Total | | $ | 142,535 | $ | (63,284) | $ | 79,251 |
| October 31, 2012 | | | | | | | | | (dollars in thousands) | | Gross carrying amount | Accumulated amortization | Net carrying amount | | | | | | | | | | | Amortizing intangible assets: | | | | | | | | | Client relationships acquired | | $ | 110,327 | $ | (58,681) | $ | 51,646 | | Intellectual property acquired | | | 1,000 | | (126) | | 874 | | | | | | | | | | | Non-amortizing intangible assets: | | | | | | | | | Mutual fund management contract acquired | | | 6,708 | | - | | 6,708 | | Total | | $ | 118,035 | $ | (58,807) | $ | 59,228 |
Amortization expense was $2.4 million and $2.0 million for the three months ended April 30, 2013 and 2012 and $4.5 million and $4.0 million for the six months ended April 30, 2013 and 2012, respectively. Estimated remaining amortization expense for the next five fiscal years, on a straight-line basis, is as follows: | | Year Ending October 31, | | | Estimated Amortization | | | (in thousands) | | | Expense | | | Remaining 2013 | $ | 4,717 | | | 2014 | | 9,408 | | | 2015 | | 9,183 | | | 2016 | | 8,741 | | | 2017 | | 8,628 | | | 2018 | | 8,188 |
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