Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

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Accrued Expenses
9 Months Ended
Sep. 30, 2011
Accrued Expenses [Abstract]  
Accrued Expenses
9. Accrued Expenses

Accrued expenses consist of the following:

 

     September 30,
2011
     December 31,
2010
 

Accrued investment manager fees

   $ 8,476       $ 6,892   

Accrued compensation and related taxes

     3,325         4,309   

Accrued professional services

     308         280   

Accrued restructuring charges

     98         228   

Other accrued expenses

     1,093         1,150   
  

 

 

    

 

 

 

Total accrued expenses

   $ 13,300       $ 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 three and nine months ended September 30, 2011, the Company recognized pretax restructuring charges of zero and $53, respectively, primarily for relocation expenses.

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

 

     Accrued
Restructuring
Charges
 

Balance at December 31, 2009

   $ —     

Restructuring provision incurred

     1,144   

Payments

     (733

Adjustments

     (183
  

 

 

 

Balance at December 31, 2010

     228   

Restructuring provision incurred

     10   

Payments

     (51
  

 

 

 

Balance at March 31, 2011

     187   

Restructuring provision incurred

     43   

Payments

     (87
  

 

 

 

Balance at June 30, 2011

     143   

Restructuring provision incurred

     —     

Payments

     (45
  

 

 

 

Balance at September 30, 2011

   $ 98