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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Tables) | 12 Months Ended
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Dec. 31, 2020
Information about Receivables, Revenues, and Services [Abstract] |
Components of revenues from advisory 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 |
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 |
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,
| 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 |

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