INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

9 Months Ended

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