INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

9 Months Ended

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.