Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Liabilities

v3.20.2
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2020
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
 
Accrued expenses and other liabilities consisted of the following:
June 30, December 31,
  2020 2019
Accrued investment manager fees $ 56,061    $ 48,720   
Accrued compensation and related taxes 44,231    53,627   
Non-income tax payables 10,307    11,040   
Accrued professional services 5,321    3,833   
Accrued technology 3,521    3,042   
Accrued transaction costs 2,761    2,482   
Accrued charitable contribution —    5,020   
Other accrued expenses 12,561    10,180   
Total accrued expenses and other liabilities $ 134,763    $ 137,944   
In the fourth quarter of 2019, the Company offered a voluntary early retirement program (the “Early Retirement Program”) to employees over a certain age, who have a combined age and years of experience with the Company of at least 65 years. Employees had until January 31, 2020 to voluntarily accept the program with separation of service no later than March 31, 2020. In connection with this program, the Company recorded approximately $12,000 of severance expense during the six months ended June 30, 2020. As of June 30, 2020, the Company has accrued approximately $868 in accrued compensation and related taxes and $2,336 recorded in other non-current liabilities. As of December 31, 2019, the Company had accrued approximately $1,733 in accrued compensation and related taxes and $599 recorded in other non-current liabilities. These payments will extend through 2030.