INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

12 Months Ended

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.