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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Tables)

12 Months Ended

Dec. 31, 2018

Information about Receivables, Revenues, and Services [Abstract]

Components of revenues from advisory services

Revenues earned during the years ended December 31, 2018, 2017 and 2016 under agreements with clients include:

	2018
(in millions)	U.S. mutual funds				Subadvised and separate accounts and other investment products				Other clients				Total
Investment advisory fees	$	3,375.0			$	1,475.6			$	—			$	4,850.6
Administrative fees	302.2				—				81.8				384.0
Distribution and servicing fees	138.0				—				—				138.0
Net revenues	$	3,815.2			$	1,475.6			$	81.8			$	5,372.6
	2017
(in millions)	U.S. mutual funds				Subadvised and separate accounts and other investment products				Other clients				Total
Investment advisory fees	$	3,080.0			$	1,215.8			$	—			$	4,295.8
Administrative fees	333.6				—				78.5				412.1
Distribution and servicing fees	147.0				—				—				147.0
Net revenues	$	3,560.6			$	1,215.8			$	78.5			$	4,854.9
	2016
(in millions)	U.S. mutual funds				Subadvised and separate accounts and other investment products				Other clients				Total
Investment advisory fees	$	2,711.7			$	1,023.3			$	—			$	3,735.0
Administrative fees	329.9				—				78.2				408.1
Distribution and servicing fees	141.7				—				—				141.7
Net revenues	$	3,183.3			$	1,023.3			$	78.2			$	4,284.8

The following table details the investment advisory fees earned from clients by their underlying asset class.

(in millions)	2018				2017				2016
U.S. mutual funds
Equity and blended assets	$	2,858.1			$	2,571.7			$	2,228.7
Fixed income, including money market	516.9				508.3				483.0
	3,375.0				3,080.0				2,711.7
Subadvised and separate accounts and other investment products
Equity and blended assets	1,236.8				1,009.4				850.3
Fixed income, including money market	238.8				206.4				173.0
	1,475.6				1,215.8				1,023.3
Total	$	4,850.6			$	4,295.8			$	3,735.0

Components of assets under management

The following table summarizes the investment portfolios and assets under management on which we earn investment advisory fees.

(in billions)	Average during												As of December 31,
	2018				2017				2016				2018				2017
U.S. mutual funds
Equity and blended assets	$	493.6			$	447.5			$	386.1			$	441.1			$	480.5
Fixed income, including money market	128.2				121.0				109.4				123.4				125.8
	621.8				568.5				495.5				564.5				606.3
Subadvised and separate accounts and other investment products
Equity and blended assets	317.3				256.4				211.1				299.2				291.9
Fixed income, including money market	97.4				84.1				71.6				98.6				92.9
	414.7				340.5				282.7				397.8				384.8
Total	$	1,036.5			$	909.0			$	778.2			$	962.3			$	991.1

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- Definition

Tabular disclosure of the components of average assets under management and period end assets under management. Assets under management represents the market value of assets an investment adviser manages on behalf of investors and is the basis for determining investment advisory fee revenue.

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Tabular disclosure of the components of revenue recognized in the period for schedule-based fees earned for management of mutual funds based on average daily net assets and other investment management and advisory fees earned on other client portfolios based on asset valuations.

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Information about Receivables, Revenues, and Services

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