Annual report pursuant to Section 13 and 15(d)

Accrued Expenses and Other Liabilities

v3.20.4
Accrued Expenses and Other Liabilities
 12 Months Ended
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
 
Accrued expenses and other liabilities consisted of the following:
  December 31,
  2020 2019
Accrued compensation and related taxes $ 71,039  $ 53,627 
Accrued investment manager fees 57,894  48,720 
Accrued professional services 9,240  6,315 
Non-income tax payables 8,398  11,040 
Accrued technology 4,701  3,042 
Accrued charitable contribution —  5,020 
Other accrued expenses 7,276  10,180 
Total accrued expenses and other liabilities $ 158,548  $ 137,944 

In the fourth quarter of 2019, the Company offered a voluntary 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 $12,500 of severance expense during the twelve months ended December 31, 2020. The Company accrued approximately $380 and $1,733 in accrued compensation and related taxes as of December 31, 2020 and 2019, respectively, and $1,524 and $599 in other non-current liabilities as of December 31, 2020 and 2019, respectively. These payments will extend through 2030. 
In the fourth quarter of 2020, as part of an organizational realignment, the Company entered into separation agreements with several employees. In connection with this realignment, the Company recognized approximately $5,100 of severance expense during the twelve months ended December 31, 2020, with an additional $5,300 of severance expense expected to be recognized in the first half of 2021. As of December 31, 2020, the Company has accrued approximately $5,100 in accrued compensation and related taxes associated with these separation agreements.