| Summary of Related Party Transactions |
|
(in thousands) |
|
2019 |
|
|
2018 |
|
|
Related party assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
10,060 |
|
|
$ |
|
— |
|
|
Receivables (investment management fees) |
|
|
|
47,872 |
|
|
|
|
19,612 |
|
|
Receivables (fund administration and distribution fees) |
|
|
|
19,313 |
|
|
|
|
3,153 |
|
|
Investments (available-for-sale securities, fair value) |
|
|
|
771 |
|
|
|
|
601 |
|
|
Investments (trading securities, fair value) |
|
|
|
17,914 |
|
|
|
|
12,343 |
|
|
Total |
|
$ |
|
95,930 |
|
|
$ |
|
35,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party liabilities |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses (fund reimbursements) |
|
$ |
|
4,316 |
|
|
$ |
|
2,300 |
|
|
Other liabilities (promissory note) |
|
|
|
— |
|
|
|
|
96 |
|
|
Total |
|
$ |
|
4,316 |
|
|
$ |
|
2,396 |
|
|
|
|
Year ended December 31, |
|
|
(in thousands) |
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Related party revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees (1) |
|
$ |
|
371,807 |
|
|
$ |
|
261,538 |
|
|
$ |
|
254,318 |
|
|
Fund administration and distribution fees |
|
|
|
145,571 |
|
|
|
|
60,729 |
|
|
|
|
65,818 |
|
|
Total |
|
$ |
|
517,378 |
|
|
$ |
|
322,267 |
|
|
$ |
|
320,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution and other asset-based expenses (fund reimbursements) (1) |
|
$ |
|
— |
|
|
$ |
|
12,902 |
|
|
$ |
|
11,896 |
|
|
General and administrative |
|
|
|
— |
|
|
|
|
135 |
|
|
|
|
1,203 |
|
|
Total |
|
$ |
|
— |
|
|
$ |
|
13,037 |
|
|
$ |
|
13,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense) and other income (expense) |
|
$ |
|
2,693 |
|
|
$ |
|
(2,834 |
) |
|
$ |
|
589 |
|
|
Interest expense and other financing costs (promissory note) |
|
|
|
(1 |
) |
|
|
|
(18 |
) |
|
|
|
(39 |
) |
|
Total |
|
$ |
|
2,692 |
|
|
$ |
|
(2,852 |
) |
|
$ |
|
550 |
|
|
(1) |
Effective January 1, 2019, upon the adoption of ASU 2014-09, expense reimbursements have been reclassified to investment management fees. This change in presentation reduced revenue, and operating expenses, by $18.7 million year for the ended December 31, 2019. |
|