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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 6 Months Ended
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Jun. 30, 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 6/30/2021 |  | Three months ended 6/30/2020
|  |  | 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 | $ | 1,097.5 |  |  | $ | 81.8 |  |  | $ | 30.0 |  |  | $ | 1,209.3 |  |  | $ | 823.1 |  |  | $ | 69.4 |  |  | $ | 25.7 |  |  | $ | 918.2 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 689.7 |  |  | — |  |  | — |  |  | 689.7 |  |  | 470.7 |  |  | — |  |  | — |  |  | 470.7 |
Other clients(1) | — |  |  | 30.3 |  |  | — |  |  | 30.3 |  |  | — |  |  | 26.5 |  |  | — |  |  | 26.5 |
| $ | 1,787.2 |  |  | $ | 112.1 |  |  | $ | 30.0 |  |  | $ | 1,929.3 |  |  | $ | 1,293.8 |  |  | $ | 95.9 |  |  | $ | 25.7 |  |  | $ | 1,415.4 |
| Six months ended 6/30/2021 |  | Six months ended 6/30/2020
|  |  | 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 | $ | 2,147.7 |  |  | $ | 160.5 |  |  | $ | 59.1 |  |  | $ | 2,367.3 |  |  | $ | 1,699.3 |  |  | $ | 146.6 |  |  | $ | 53.6 |  |  | $ | 1,899.5 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,327.3 |  |  | — |  |  | — |  |  | 1,327.3 |  |  | 922.3 |  |  | — |  |  | — |  |  | 922.3 |
Other clients(1) | — |  |  | 61.5 |  |  | — |  |  | 61.5 |  |  | — |  |  | 56.2 |  |  | — |  |  | 56.2 |
| $ | 3,475.0 |  |  | $ | 222.0 |  |  | $ | 59.1 |  |  | $ | 3,756.1 |  |  | $ | 2,621.6 |  |  | $ | 202.8 |  |  | $ | 53.6 |  |  | $ | 2,878.0 |
(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services. Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,571.9 million and $1,142.8 million for the three months ended June 30, 2021 and 2020, respectively. Total net revenues earned from these products during the six months ended June 30, 2021 and 2020 aggregate $3,054.2 million and $2,350.5 million, respectively. Accounts receivable from these products aggregate to $563.6 million at June 30, 2021, and $523.4 million at December 31, 2020. The following table details the investment advisory fees earned from clients by their underlying asset class.
| Three months ended |  | Six months ended
(in millions) | 6/30/2021 |  | 6/30/2020 |  | 6/30/2021 |  | 6/30/2020
U.S. mutual funds |  |  |  |  |  |  |
Equity | $ | 768.0 |  |  | $ | 545.9 |  |  | $ | 1,497.8 |  |  | $ | 1,114.3 |
Fixed income, including money market | 59.9 |  |  | 66.8 |  |  | 118.9 |  |  | 138.5 |
Multi-asset | 269.6 |  |  | 210.4 |  |  | 531.0 |  |  | 446.5 |
| 1,097.5 |  |  | 823.1 |  |  | 2,147.7 |  |  | 1,699.3 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |
Equity | 446.0 |  |  | 305.6 |  |  | 870.2 |  |  | 585.1 |
Fixed income, including money market | 40.8 |  |  | 33.9 |  |  | 78.3 |  |  | 71.9 |
Multi-asset | 202.9 |  |  | 131.2 |  |  | 378.8 |  |  | 265.3 |
| 689.7 |  |  | 470.7 |  |  | 1,327.3 |  |  | 922.3 |
Total | $ | 1,787.2 |  |  | $ | 1,293.8 |  |  | $ | 3,475.0 |  |  | $ | 2,621.6 |
The following table summarizes the assets under management on which we earn investment advisory fees.
| Average during |  | Average during |  |
| Three months ended |  | Six months ended |  | As of
(in billions) | 6/30/2021 |  | 6/30/2020 |  | 6/30/2021 |  | 6/30/2020 |  | 6/30/2021 |  | 12/31/2020
U.S. mutual funds |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 532.2 |  |  | $ | 374.5 |  |  | $ | 520.9 |  |  | $ | 381.4 |  |  | $ | 550.3 |  |  | $ | 498.6 |
Fixed income, including money market | 85.9 |  |  | 74.2 |  |  | 84.1 |  |  | 75.0 |  |  | 86.2 |  |  | 79.4 |
Multi-asset | 230.1 |  |  | 179.9 |  |  | 226.3 |  |  | 185.1 |  |  | 229.3 |  |  | 216.6 |
| 848.2 |  |  | 628.6 |  |  | 831.3 |  |  | 641.5 |  |  | 865.8 |  |  | 794.6 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |  |  |
Equity | 427.7 |  |  | 293.2 |  |  | 418.1 |  |  | 285.3 |  |  | 434.8 |  |  | 397.2 |
Fixed income, including money market | 91.3 |  |  | 77.1 |  |  | 91.0 |  |  | 79.2 |  |  | 92.5 |  |  | 89.3 |
Multi-asset | 218.1 |  |  | 141.3 |  |  | 206.7 |  |  | 145.4 |  |  | 230.0 |  |  | 189.4 |
| 737.1 |  |  | 511.6 |  |  | 715.8 |  |  | 509.9 |  |  | 757.3 |  |  | 675.9 |
Total | $ | 1,585.3 |  |  | $ | 1,140.2 |  |  | $ | 1,547.1 |  |  | $ | 1,151.4 |  |  | $ | 1,623.1 |  |  | $ | 1,470.5 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.0%, 8.8% and 9.3% of our assets under management at June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

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