INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

3 Months Ended

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.