Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Liabilities

v3.20.2
Accrued Expenses and Other Liabilities
 9 Months Ended
Sep. 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:
September 30, December 31,
  2020 2019
Accrued compensation and related taxes $ 55,286  $ 53,627 
Accrued investment manager fees 54,127  48,720 
Non-income tax payables 8,816  11,040 
Accrued professional services 5,696  3,833 
Accrued technology 4,020  3,042 
Accrued transaction costs 2,970  2,482 
Accrued charitable contribution —  5,020 
Other accrued expenses 10,375  10,180 
Total accrued expenses and other liabilities $ 141,290  $ 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 nine months ended September 30, 2020. As of September 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.