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acquisition cost was allocated to the net assets acquired based on their estimated fair values as follows:$24.4 million to tangible net assets and $44.7 million to indefinite-lived intangible assets. The excess costover the fair value of the net assets acquired of $20.6 million was recognized as goodwill. The indefinitelivedintangible assets relate to management contracts and are not amortized.The Company has not presented pro forma combined results of operations for this acquisition becausethe results of operations as reported in the accompanying consolidated statements of income would not havebeen materially different.Note 5 – Cash and Cash EquivalentsThe Company discloses cash and cash equivalents as separate components of current assets andbanking/finance assets in its consolidated balance sheets. Cash and cash equivalents consisted of thefollowing:(in thousands)as of September 30, 2009 2008Cash on hand and non-interest-bearing deposits with financial institutions ...... $ 134,508 $ 96,774Interest-bearing deposits with financial institutions ......................... 350,483 482,587Federal funds sold ................................................... 5,242 134,759Sponsored money market funds ........................................ 1,407,801 1,076,966Time deposits, securities of the U.S. Treasury and federal agencies and other .... 1,206,417 736,466Total ......................................................... $3,104,451 $2,527,552Federal Reserve Board regulations require certain of the Company’s banking subsidiaries to maintainreserve and clearance balances on deposits with the Federal Reserve Banks. The required reserve balanceswere $7.0 million at September 30, 2009 and $6.4 million at September 30, 2008. The required clearingbalance was $1.2 million at September 30, 2009 and 2008.The Company maintains cash and cash equivalents with financial institutions in various countries,limits the amount of credit exposure with any given financial institution and conducts ongoing evaluationsof the credit worthiness of the financial institutions with which it does business.82
Note 6 – InvestmentsInvestments consisted of the following:(in thousands)as of September 30, 2009 2008CurrentInvestment securities, trading .......................................... $ 502,609 $ 356,408Investment securities, available-for-saleSponsored investment products .................................... 943,824 591,562Securities of U.S. states and political subdivisions ..................... 15,118 5,104Securities of the U.S. Treasury and federal agencies .................... 55,816 2,799Other equity securities ........................................... 12,529 681Total investment securities, available-for-sale ......................... 1,027,287 600,146Other investments 1 .................................................. 51,950 836,657Total Current ............................................. $1,581,846 $1,793,211Banking/FinanceInvestment securities, trading .......................................... $ 110,600 $ 111,607Investment securities, available-for-saleU.S. government-sponsored enterprise obligations 2 ..................... 365,655 315,683Securities of U.S. states and political subdivisions ..................... 852 1,125Securities of the U.S. Treasury and federal agencies .................... 3,566 3,760Corporate debt securities 3 ......................................... 101,774 —Other equity securities ........................................... 208 342Total investment securities, available-for-sale ......................... 472,055 320,910Total Banking/Finance ...................................... $ 582,655 $ 432,517Non-CurrentInvestment securities, available-for-saleSponsored investment products .................................... $ 23,947 $ 28,089Securities of U.S. states and political subdivisions ..................... 83,838 119,031Securities of the U.S. Treasury and federal agencies .................... — 625Other equity securities ........................................... 1,053 7,550Total investment securities, available-for-sale ......................... 108,838 155,295Investments in equity method investees and other .......................... 398,995 328,247Total Non-Current ......................................... $ 507,833 $ 483,5421 Other investments consist of time deposits with financial institutions having original maturities greater than three months but notexceeding one year from the date of purchase.2 At September 30, 2009, U.S. government-sponsored enterprise obligations consisted of $313.0 million of residential mortgage-backedsecurities and $52.7 million of debentures.3 Corporate debt securities are insured by the Federal Deposit Insurance Corporation or non-U.S. government agencies.At September 30, 2009 and 2008, current investment securities, trading included $277.6 million and$294.6 million of investments held by sponsored investment products that were consolidated in theCompany’s consolidated financial statements.At September 30, 2009 and 2008, banking/finance segment investment securities with aggregatecarrying amounts of $245.9 million and $180.7 million were pledged as collateral for the ability to borrowfrom the Federal Reserve Bank, $99.6 million and $111.0 million were pledged as collateral for outstanding83
- Page 42 and 43: orrowing costs and limit our access
- Page 44 and 45: director of various subsidiaries of
- Page 46 and 47: PART IIItem 5. Market for Registran
- Page 48 and 49: OverviewWe are a global investment
- Page 50 and 51: Net income decreased in fiscal year
- Page 52 and 53: Investment Management Fee RateThe f
- Page 54 and 55: accounts closed in a calendar year
- Page 56 and 57: Information Systems, Technology and
- Page 58 and 59: Our investments in sponsored invest
- Page 60 and 61: At September 30, 2009, we had $355.
- Page 62 and 63: Off-Balance Sheet ArrangementsAs of
- Page 64 and 65: The fair value of retained subordin
- Page 66 and 67: Indefinite-lived intangible assets
- Page 68 and 69: the position will be sustained upon
- Page 70 and 71: Selected Quarterly Financial Data (
- Page 72 and 73: The following is a summary of the e
- Page 74 and 75: Item 8.Financial Statements and Sup
- Page 76 and 77: REPORT OF INDEPENDENT REGISTERED PU
- Page 78 and 79: CONSOLIDATED BALANCE SHEETS(dollars
- Page 80 and 81: CONSOLIDATED STATEMENTS OF STOCKHOL
- Page 82 and 83: CONSOLIDATED STATEMENTS OF CASH FLO
- Page 84 and 85: Fair Value Measurements. The Compan
- Page 86 and 87: Company held interest-rate swap agr
- Page 88 and 89: not performed. If the carrying valu
- Page 90 and 91: Accumulated Other Comprehensive Inc
- Page 94 and 95: FHLB borrowings and amounts availab
- Page 96 and 97: The Company recognized other-than-t
- Page 98 and 99: The changes in Level 3 assets measu
- Page 100 and 101: Changes in the allowance for loan l
- Page 102 and 103: Company sold retained subordinated
- Page 104 and 105: Certain of the goodwill and intangi
- Page 106 and 107: At September 30, 2009, maturities o
- Page 108 and 109: The components of the net deferred
- Page 110 and 111: At September 30, 2009, the banking/
- Page 112 and 113: Total assets under management of in
- Page 114 and 115: Stock OptionsThe following table su
- Page 116 and 117: The following tables summarize info
- Page 118 and 119: Operating revenues of the banking/f
- Page 120 and 121: minimum Tier 1 and Total risk-based
- Page 122 and 123: PART IIIItem 10. Directors, Executi
- Page 124 and 125: Item 15.(a)(1)(a)(2)(a)(3)PART IVEx
- Page 126 and 127: Exhibit No.Description10.17 Represe
- Page 128 and 129: Exhibit No.Description12 Computatio
- Page 130 and 131: Exhibit No.DescriptionEXHIBIT INDEX
- Page 132 and 133: Exhibit No.Description10.22 Amendme
- Page 134 and 135: (dollars in thousands)COMPUTATION O
- Page 136 and 137: NameState or Nation ofIncorporation
- Page 138 and 139: CONSENT OF INDEPENDENT REGISTERED P
- Page 140 and 141: EXHIBIT 31.2CERTIFICATIONI, Kenneth
acquisition cost was allocated to the net assets acquired based on their estimated fair values as follows:$24.4 million to tangible net assets and $44.7 million to indefinite-lived intangible assets. The excess costover the fair value of the net assets acquired of $20.6 million was recognized as goodwill. The indefinitelivedintangible assets relate to management contracts and are not amortized.The Company has not presented pro forma combined results of operations for this acquisition becausethe results of operations as reported in the accompanying consolidated statements of income would not havebeen materially different.Note 5 – Cash and Cash EquivalentsThe Company discloses cash and cash equivalents as separate components of current assets andbanking/finance assets in its consolidated balance sheets. Cash and cash equivalents consisted of thefollowing:(in thousands)as of September 30, 2009 2008Cash on hand and non-interest-bearing deposits with financial institutions ...... $ 134,508 $ 96,774Interest-bearing deposits with financial institutions ......................... 350,483 482,587Federal funds sold ................................................... 5,242 134,759Sponsored money market funds ........................................ 1,407,801 1,076,966Time deposits, securities of the U.S. Treasury and federal agencies and other .... 1,206,417 736,466Total ......................................................... $3,104,451 $2,527,552Federal Reserve Board regulations require certain of the Company’s banking subsidiaries to maintainreserve and clearance balances on deposits with the Federal Reserve Banks. The required reserve balanceswere $7.0 million at September 30, 2009 and $6.4 million at September 30, 2008. The required clearingbalance was $1.2 million at September 30, 2009 and 2008.The Company maintains cash and cash equivalents with financial institutions in various countries,limits the amount of credit exposure with any given financial institution and conducts ongoing evaluationsof the credit worthiness of the financial institutions with which it does business.82
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