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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. | 3 Months Ended
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Mar. 31, 2021
Information about Receivables, Revenues, and Services [Abstract] |
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Revenues earned under agreements with clients include:
| Three months ended 3/31/2021 |  | Three months ended 3/31/2020
|  |  | Administrative, distribution, and servicing fees |  |  |  |  |  | Administrative, distribution, and servicing fees |  |
(in millions) | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Net revenues |  | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Net revenues
U.S. mutual funds | $ | 1,050.2 |  |  | $ | 78.7 |  |  | $ | 29.1 |  |  | $ | 1,158.0 |  |  | $ | 876.2 |  |  | $ | 77.2 |  |  | $ | 27.9 |  |  | $ | 981.3 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 637.6 |  |  | — |  |  | — |  |  | 637.6 |  |  | 451.6 |  |  | — |  |  | — |  |  | 451.6 |
Other clients(1) | — |  |  | 31.2 |  |  | — |  |  | 31.2 |  |  | — |  |  | 29.7 |  |  | — |  |  | 29.7 |
| $ | 1,687.8 |  |  | $ | 109.9 |  |  | $ | 29.1 |  |  | $ | 1,826.8 |  |  | $ | 1,327.8 |  |  | $ | 106.9 |  |  | $ | 27.9 |  |  | $ | 1,462.6 |
(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to model delivery. Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,482.3 million and $1,207.7 million for the three months ended March 31, 2021 and 2020, respectively. Accounts receivable from these products aggregate to $540.0 million at March 31, 2021, and $523.4 million at December 31, 2020. 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 breakout the fees earned and 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.
| Three months ended |  |
(in millions) | 3/31/2021 |  | 3/31/2020 |  |  |  |
U.S. mutual funds |  |  |  |  |  |  |
Equity | $ | 729.8 |  |  | $ | 568.4 |  |  |  |  |
Fixed income, including money market | 59.0 |  |  | 71.7 |  |  |  |  |
Multi-asset | 261.4 |  |  | 236.1 |  |  |  |  |
| 1,050.2 |  |  | 876.2 |  |  |  |  |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |
Equity | 429.8 |  |  | 279.5 |  |  |  |  |
Fixed income, including money market | 31.7 |  |  | 38.0 |  |  |  |  |
Multi-asset | 176.1 |  |  | 134.1 |  |  |  |  |
| 637.6 |  |  | 451.6 |  |  |  |  |
Total | $ | 1,687.8 |  |  | $ | 1,327.8 |  |  |  |  |
The following table summarizes the assets under management on which we earn investment advisory fees.
| Average during |  |  |  |
| Three months ended |  |  |  | As of
(in billions) | 3/31/2021 |  | 3/31/2020 |  |  |  |  |  | 3/31/2021 |  | 12/31/2020
U.S. mutual funds |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 509.6 |  |  | $ | 388.3 |  |  |  |  |  |  | $ | 511.7 |  |  | $ | 498.6 |
Fixed income, including money market | 82.3 |  |  | 75.7 |  |  |  |  |  |  | 82.6 |  |  | 79.4 |
Multi-asset | 222.6 |  |  | 190.3 |  |  |  |  |  |  | 222.1 |  |  | 216.6 |
| 814.5 |  |  | 654.3 |  |  |  |  |  |  | 816.4 |  |  | 794.6 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |  |  |
Equity | 418.9 |  |  | 277.5 |  |  |  |  |  |  | 405.5 |  |  | 397.2 |
Fixed income, including money market | 80.2 |  |  | 81.3 |  |  |  |  |  |  | 90.2 |  |  | 89.3 |
Multi-asset | 195.2 |  |  | 149.6 |  |  |  |  |  |  | 205.9 |  |  | 189.4 |
| 694.3 |  |  | 508.4 |  |  |  |  |  |  | 701.6 |  |  | 675.9 |
Total | $ | 1,508.8 |  |  | $ | 1,162.7 |  |  |  |  |  |  | $ | 1,518.0 |  |  | $ | 1,470.5 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.8% and 9.3% of our assets under management at March 31, 2021, and December 31, 2020, respectively.

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