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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 12 Months Ended
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Dec. 31, 2021
Information about Receivables, Revenues, and Services [Abstract] |
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Revenues earned during the years ended December 31, 2021, 2020 and 2019, under agreements with clients include:
| 2021
|  |  | Administrative, distribution, and servicing fees |  |
(in millions) | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Net revenues
U.S. mutual funds | $ | 4,388.9 |  |  | $ | 333.4 |  |  | $ | 120.3 |  |  | $ | 4,842.6 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,709.2 |  |  | — |  |  | — |  |  | 2,709.2 |
Other clients | — |  |  | 120.1 |  |  | — |  |  | 120.1 |
| $ | 7,098.1 |  |  | $ | 453.5 |  |  | $ | 120.3 |  |  | $ | 7,671.9 |
| 2020
|  |  | Administrative, distribution, and servicing fees |  |
(in millions) | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Net revenues
U.S. mutual funds | $ | 3,639.9 |  |  | $ | 291.3 |  |  | $ | 111.3 |  |  | $ | 4,042.5 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,053.2 |  |  | — |  |  | — |  |  | 2,053.2 |
Other clients | — |  |  | 111.0 |  |  | — |  |  | 111.0 |
| $ | 5,693.1 |  |  | $ | 402.3 |  |  | $ | 111.3 |  |  | $ | 6,206.7 |
| 2019
|  |  | Administrative, distribution, and servicing fees |  |
(in millions) | Investment Advisory Fees |  | Administrative Fees |  | Distribution and servicing fees |  | Net Revenues
U.S. mutual funds | $ | 3,452.5 |  |  | $ | 281.8 |  |  | $ | 120.0 |  |  | $ | 3,854.3 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,660.0 |  |  | — |  |  | — |  |  | 1,660.0 |
Other clients | — |  |  | 103.6 |  |  | — |  |  | 103.6 |
| $ | 5,112.5 |  |  | $ | 385.4 |  |  | $ | 120.0 |  |  | $ | 5,617.9 |
The following table details the investment advisory fees earned from clients by their underlying asset class.
(in millions) | 2021 |  | 2020 |  | 2019
U.S. mutual funds |  |  |  |  |
Equity | $ | 3,118.5 |  |  | $ | 2,440.4 |  |  | $ | 2,219.1 |
Fixed income, including money market | 245.2 |  |  | 266.5 |  |  | 280.1 |
Multi-asset | 1,025.2 |  |  | 933.0 |  |  | 953.3 |
| 4,388.9 |  |  | 3,639.9 |  |  | 3,452.5 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |
Equity and blended assets | 1,781.4 |  |  | 1,326.3 |  |  | 1,033.4 |
Fixed income, including money market | 164.6 |  |  | 149.3 |  |  | 153.7 |
Multi-asset | 763.2 |  |  | 577.6 |  |  | 472.9 |
| 2,709.2 |  |  | 2,053.2 |  |  | 1,660.0 |
Total | $ | 7,098.1 |  |  | $ | 5,693.1 |  |  | $ | 5,112.5 |
The following table summarizes the investment portfolios and assets under management on which we earned investment advisory fees. The assets under management as of December 31, 2021, in the table below, excludes fee-basis assets under management of $46.9 billion acquired as part of the OHA acquisition.
(in billions) | Average during |  | As of December 31,
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020
U.S. mutual funds |  |  |  |  |  |  |  |  |
Equity | $ | 540.4 |  |  | $ | 417.0 |  |  | $ | 376.3 |  |  | $ | 553.9 |  |  | $ | 498.6 |
Fixed income, including money market | 86.4 |  |  | 76.8 |  |  | 72.0 |  |  | 85.3 |  |  | 79.4 |
Multi-Asset | 229.8 |  |  | 193.9 |  |  | 192.1 |  |  | 232.2 |  |  | 216.6 |
| 856.6 |  |  | 687.7 |  |  | 640.4 |  |  | 871.4 |  |  | 794.6 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |
Equity | 431.6 |  |  | 321.3 |  |  | 257.3 |  |  | 438.8 |  |  | 397.2 |
Fixed income, including money market | 91.3 |  |  | 82.1 |  |  | 79.5 |  |  | 85.2 |  |  | 89.3 |
Multi-Asset | 219.8 |  |  | 156.8 |  |  | 132.1 |  |  | 245.5 |  |  | 189.4 |
| 742.7 |  |  | 560.2 |  |  | 468.9 |  |  | 769.5 |  |  | 675.9 |
Total | $ | 1,599.3 |  |  | $ | 1,247.9 |  |  | $ | 1,109.3 |  |  | $ | 1,640.9 |  |  | $ | 1,470.5 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for about 9.9% and 9.3% of our assets under management at December 31, 2021 and 2020, respectively. The percentage at December 31, 2021 reflects the assets under management from OHA's clients outside the United States. Total net revenues earned from T. Rowe Price investment products totaled $6,259.3 million in 2021, $5,044.3 million in 2020, and $4,626.3 million in 2019. Accounts receivable from these products aggregate to $577.9 million at December 31, 2021 and $523.4 million at December 31, 2020.

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