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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables) | 9 Months Ended
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Sep. 30, 2021
Information about Receivables, Revenues, and Services [Abstract] |
Components of revenues from advisory services | Revenues earned under agreements with clients include:
| Three months ended 9/30/2021 |  | Three months ended 9/30/2020
|  |  | 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 | $ | 1,125.5 |  |  | $ | 82.6 |  |  | $ | 30.9 |  |  | $ | 1,239.0 |  |  | $ | 939.5 |  |  | $ | 72.4 |  |  | $ | 28.5 |  |  | $ | 1,040.4 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 687.9 |  |  | — |  |  | — |  |  | 687.9 |  |  | 529.8 |  |  | — |  |  | — |  |  | 529.8 |
Other clients(1) | — |  |  | 27.2 |  |  | — |  |  | 27.2 |  |  | — |  |  | 25.6 |  |  | — |  |  | 25.6 |
| $ | 1,813.4 |  |  | $ | 109.8 |  |  | $ | 30.9 |  |  | $ | 1,954.1 |  |  | $ | 1,469.3 |  |  | $ | 98.0 |  |  | $ | 28.5 |  |  | $ | 1,595.8 |
| Nine months ended 9/30/2021 |  | Nine months ended 9/30/2020
|  |  | 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 | $ | 3,273.2 |  |  | $ | 243.1 |  |  | $ | 90.0 |  |  | $ | 3,606.3 |  |  | $ | 2,638.8 |  |  | $ | 219.0 |  |  | $ | 82.1 |  |  | $ | 2,939.9 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,015.2 |  |  | — |  |  | — |  |  | 2,015.2 |  |  | 1,452.1 |  |  | — |  |  | — |  |  | 1,452.1 |
Other clients(1) | — |  |  | 88.7 |  |  | — |  |  | 88.7 |  |  | — |  |  | 81.8 |  |  | — |  |  | 81.8 |
| $ | 5,288.4 |  |  | $ | 331.8 |  |  | $ | 90.0 |  |  | $ | 5,710.2 |  |  | $ | 4,090.9 |  |  | $ | 300.8 |  |  | $ | 82.1 |  |  | $ | 4,473.8 |
(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services. The following table details the investment advisory revenues earned from clients by their underlying asset class.
| Three months ended |  | Nine months ended
(in millions) | 9/30/2021 |  | 9/30/2020 |  | 9/30/2021 |  | 9/30/2020
U.S. mutual funds |  |  |  |  |  |  |
Equity | $ | 813.0 |  |  | $ | 636.3 |  |  | $ | 2,310.8 |  |  | $ | 1,750.6 |
Fixed income, including money market | 64.8 |  |  | 66.6 |  |  | 183.7 |  |  | 205.1 |
Multi-asset | 247.7 |  |  | 236.6 |  |  | 778.7 |  |  | 683.1 |
| 1,125.5 |  |  | 939.5 |  |  | 3,273.2 |  |  | 2,638.8 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |
Equity | 458.8 |  |  | 339.6 |  |  | 1,329.0 |  |  | 924.7 |
Fixed income, including money market | 41.3 |  |  | 38.4 |  |  | 119.6 |  |  | 110.3 |
Multi-asset | 187.8 |  |  | 151.8 |  |  | 566.6 |  |  | 417.1 |
| 687.9 |  |  | 529.8 |  |  | 2,015.2 |  |  | 1,452.1 |
Total | $ | 1,813.4 |  |  | $ | 1,469.3 |  |  | $ | 5,288.4 |  |  | $ | 4,090.9 |
Components of assets under management | The following table summarizes the assets under management on which we earn investment advisory revenues.
| Average during |  |
| Three months ended |  | Nine months ended |  | As of
(in billions) | 9/30/2021 |  | 9/30/2020 |  | 9/30/2021 |  | 9/30/2020 |  | 9/30/2021 |  | 12/31/2020
U.S. mutual funds |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 559.8 |  |  | $ | 433.4 |  |  | $ | 534.0 |  |  | $ | 398.9 |  |  | $ | 546.1 |  |  | $ | 498.6 |
Fixed income, including money market | 88.4 |  |  | 78.1 |  |  | 85.6 |  |  | 76.0 |  |  | 87.7 |  |  | 79.4 |
Multi-asset | 232.8 |  |  | 197.3 |  |  | 228.5 |  |  | 189.1 |  |  | 227.2 |  |  | 216.6 |
| 881.0 |  |  | 708.8 |  |  | 848.1 |  |  | 664.0 |  |  | 861.0 |  |  | 794.6 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |  |  |
Equity | 445.7 |  |  | 338.8 |  |  | 427.3 |  |  | 303.3 |  |  | 428.6 |  |  | 397.2 |
Fixed income, including money market | 94.3 |  |  | 82.4 |  |  | 92.1 |  |  | 80.3 |  |  | 93.0 |  |  | 89.3 |
Multi-asset | 227.7 |  |  | 162.9 |  |  | 213.8 |  |  | 151.3 |  |  | 229.7 |  |  | 189.4 |
| 767.7 |  |  | 584.1 |  |  | 733.2 |  |  | 534.9 |  |  | 751.3 |  |  | 675.9 |
Total | $ | 1,648.7 |  |  | $ | 1,292.9 |  |  | $ | 1,581.3 |  |  | $ | 1,198.9 |  |  | $ | 1,612.3 |  |  | $ | 1,470.5 |

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- Definition Tabular disclosure of the components of average assets under management and period end assets under management. Assets under management represents the market value of assets an investment adviser manages on behalf of investors and is the basis for determining investment advisory fee revenue. + References No definition available. + Details
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