Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Liabilities

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Accrued Expenses and Other Liabilities
 3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
 
Accrued expenses and other liabilities consisted of the following:
March 31, December 31,
  2021 2020
(in thousands)
Accrued investment manager fees $ 66,314  $ 57,894 
Accrued compensation and related taxes 39,900  71,039 
Non-income tax payables 6,400  8,398 
Accrued professional services 6,255  9,240 
Accrued technology 4,955  4,701 
Accrued purchase consideration 3,887  — 
Other accrued expenses 8,706  7,276 
Total accrued expenses and other liabilities $ 136,417  $ 158,548 

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 $3.8 million of severance expense in the three months ended March 31, 2021. The Company has approximately $4.6 million and $5.1 million in accrued compensation and related taxes associated with these separation agreements as of March 31, 2021 and December 31, 2020, respectively.