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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 9 Months Ended
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Sep. 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 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. Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,599.5 million and $1,302.3 million for the three months ended September 30, 2021 and 2020, respectively. Total net revenues earned from these products during the nine months ended September 30, 2021 and 2020 aggregate $4,653.7 million and $3,652.8 million, respectively. Accounts receivable from these products aggregate to $581.6 million at September 30, 2021 and $523.4 million at December 31, 2020. 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 |
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 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.8%, 9.0% and 9.3% of our assets under management at September 30, 2021, June 30, 2021 and December 31, 2020, respectively.

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