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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. | 12 Months Ended
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Dec. 31, 2020
Information about Receivables, Revenues, and Services [Abstract] |
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Revenues earned during the years ended December 31, 2020, 2019 and 2018 under agreements with clients include:
| 2020
|  |  | Administrative, distribution, and servicing fees |  |
(in millions) | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Net revenues
U.S. mutual funds | $ | 3,639.9 |  |  | $ | 291.3 |  |  | $ | 111.3 |  |  | $ | 4,042.5 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,053.2 |  |  | — |  |  | — |  |  | 2,053.2 |
Other clients | — |  |  | 111.0 |  |  | — |  |  | 111.0 |
| $ | 5,693.1 |  |  | $ | 402.3 |  |  | $ | 111.3 |  |  | $ | 6,206.7 |
| 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 funds, separate accounts, collective investment trusts, 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 funds, separate accounts, collective investment trusts, 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 |
In the second quarter of 2020, we changed our fee structure of the target date retirement funds such that our investment advisory fee revenue is now earned at the target date retirement fund level rather than at the underlying mutual fund level. As a result, we have modified our investment advisory fee and assets under management presentation below to separately disclose the fees earned from clients and related assets under management of our multi-asset portfolios. All prior periods have been recast to conform to this new presentation and to provide comparability. The following table details the investment advisory fees earned from clients by their underlying asset class.
(in millions) | 2020 |  | 2019 |  | 2018
U.S. mutual funds |  |  |  |  |
Equity | $ | 2,440.4 |  |  | $ | 2,219.1 |  |  | $ | 2,125.4 |
Fixed income, including money market | 266.5 |  |  | 280.1 |  |  | 288.2 |
Multi-asset | 933.0 |  |  | 953.3 |  |  | 961.4 |
| 3,639.9 |  |  | 3,452.5 |  |  | 3,375.0 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |
Equity and blended assets | 1,326.3 |  |  | 1,033.4 |  |  | 892.0 |
Fixed income, including money market | 149.3 |  |  | 153.7 |  |  | 227.4 |
Multi-asset | 577.6 |  |  | 472.9 |  |  | 356.2 |
| 2,053.2 |  |  | 1,660.0 |  |  | 1,475.6 |
Total | $ | 5,693.1 |  |  | $ | 5,112.5 |  |  | $ | 4,850.6 |
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,
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019
U.S. mutual funds |  |  |  |  |  |  |  |  |
Equity | $ | 417.0 |  |  | $ | 376.3 |  |  | $ | 356.9 |  |  | $ | 498.6 |  |  | $ | 407.1 |
Fixed income, including money market | 76.8 |  |  | 72.0 |  |  | 70.3 |  |  | 79.4 |  |  | 73.7 |
Multi-Asset | 193.9 |  |  | 192.1 |  |  | 194.6 |  |  | 216.6 |  |  | 201.9 |
| 687.7 |  |  | 640.4 |  |  | 621.8 |  |  | 794.6 |  |  | 682.7 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |
Equity | 321.3 |  |  | 257.3 |  |  | 218.1 |  |  | 397.2 |  |  | 291.7 |
Fixed income, including money market | 82.1 |  |  | 79.5 |  |  | 92.6 |  |  | 89.3 |  |  | 74.2 |
Multi-Asset | 156.8 |  |  | 132.1 |  |  | 104.0 |  |  | 189.4 |  |  | 158.2 |
| 560.2 |  |  | 468.9 |  |  | 414.7 |  |  | 675.9 |  |  | 524.1 |
Total | $ | 1,247.9 |  |  | $ | 1,109.3 |  |  | $ | 1,036.5 |  |  | $ | 1,470.5 |  |  | $ | 1,206.8 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for about 9.3% and 6.9% of our assets under management at December 31, 2020 and 2019, respectively. Total net revenues earned from T. Rowe Price investment products totaled $5,044.3 million in 2020, $4,626.3 million in 2019, and $4,453.6 million in 2018. Accounts receivable from these products aggregate to $523.4 million at December 31, 2020 and $424.8 million at December 31, 2019.

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