Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

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Accrued Expenses
12 Months Ended
Dec. 31, 2011
Accrued Expenses [Abstract]  
Accrued Expenses

10.     Accrued Expenses

Accrued expenses consist of the following:

 

                 
    At December 31,  
    2011     2010  

Accrued investment manager fees

    $         8,451       $         6,892  

Accrued compensation and related taxes

    4,230       4,309  

Accrued professional services

    481       280  

Accrued restructuring charges

    290       228  

Other accrued expenses

    1,467       1,150  
   

 

 

   

 

 

 
      $ 14,919       $ 12,859  
   

 

 

   

 

 

 

 

Effective March 31, 2010, the Company closed its Los Angeles office in order to more appropriately align and manage the Company’s resources. In the year ended December 31, 2010, the Company recognized pretax restructuring charges of $961 consisting primarily of $451 for accrued lease payments, $414 for relocation and other expenses and $96 for severance charges. In the year ended December 31, 2011, the Company recognized pretax restructuring charges of $53 consisting primarily of relocation and other expenses.

As a result of the EPS acquisition, the Company incurred restructuring charges of $381, primarily severance charges related to the termination of certain EPS and Envestnet employees.

The summary of activity in accrued restructuring charges was as follows:

 

                         
    Los Angeles
Office
    EPS
Acquisition
    Total  

Balance at December 31, 2009

    $         -           $         -           $         -      

Restructuring provision incurred

    1,144       -           1,144  

Payments

    (733     -           (733

Adjustments

    (183     -           (183
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2010

    228       -           228  

Restructuring provision incurred

    53       381       434  

Payments

    (228     (144     (372
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    $ 53       $ 237       $ 290