INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

12 Months Ended

Dec. 31, 2021

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory 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

Schedule of Assets Under Management

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