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

12 Months Ended

Dec. 31, 2019

Information about Receivables, Revenues, and Services [Abstract]

Components of revenues from advisory services

Revenues earned during the years ended December 31, 2019, 2018 and 2017 under agreements with clients include: 

	2019
	Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees				Administrative fees				Distribution and servicing fees				Net revenues
U.S. mutual funds	$	3,452.5			$	281.8			$	120.0			$	3,854.3
Subadvised and separate accounts and other investment products	1,660.0				—				—				1,660.0
Other clients	—				103.6				—				103.6
	$	5,112.5			$	385.4			$	120.0			$	5,617.9
	2018
	Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees				Administrative fees				Distribution and servicing fees				Net revenues
U.S. mutual funds	$	3,375.0			$	302.2			$	138.0			$	3,815.2
Subadvised and separate accounts and other investment products	1,475.6				—				—				1,475.6
Other clients	—				81.8				—				81.8
	$	4,850.6			$	384.0			$	138.0			$	5,372.6
	2017
	Administrative, distribution, and servicing fees
(in millions)	Investment Advisory Fees				Administrative Fees				Distribution and servicing fees				Net Revenues
U.S. mutual funds	$	3,080.0			$	333.6			$	147.0			$	3,560.6
Subadvised and separate accounts and other investment products	1,215.8				—				—				1,215.8
Other clients	—				78.5				—				78.5
	$	4,295.8			$	412.1			$	147.0			$	4,854.9

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

(in millions)	2019				2018				2017
U.S. mutual funds
Equity and blended assets	$	2,952.2			$	2,858.1			$	2,571.7
Fixed income, including money market	500.3				516.9				508.3
	3,452.5				3,375.0				3,080.0
Subadvised and separate accounts and other investment products
Equity and blended assets	1,405.0				1,236.8				1,009.4
Fixed income, including money market	255.0				238.8				206.4
	1,660.0				1,475.6				1,215.8
Total	$	5,112.5			$	4,850.6			$	4,295.8

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,
	2019				2018				2017				2019				2018
U.S. mutual funds
Equity and blended assets	$	513.6			$	493.6			$	447.5			$	552.4			$	441.1
Fixed income, including money market	126.8				128.2				121.0				130.3				123.4
	640.4				621.8				568.5				682.7				564.5
Subadvised and separate accounts and other investment products
Equity and blended assets	362.5				317.3				256.4				412.1				299.2
Fixed income, including money market	106.4				97.4				84.1				112.0				98.6
	468.9				414.7				340.5				524.1				397.8
Total	$	1,109.3			$	1,036.5			$	909.0			$	1,206.8			$	962.3

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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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