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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 3 Months Ended
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Mar. 31, 2022
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 3/31/2022 |  | Three months ended 3/31/2021
|  |  | Administrative, distribution, and servicing fees |  |  |  |  |  |  |  | Administrative, distribution, and servicing fees |  |
(in millions) | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Capital allocation-based income |  | Net revenues |  | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Net revenues
U.S. mutual funds | $ | 976.5 |  |  | $ | 93.1 |  |  | $ | 26.3 |  |  | $ | — |  |  | $ | 1,095.9 |  |  | $ | 1,050.2 |  |  | $ | 78.7 |  |  | $ | 29.1 |  |  | $ | 1,158.0 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 685.6 |  |  | — |  |  | — |  |  | 44.4 |  |  | 730.0 |  |  | 637.6 |  |  | — |  |  | — |  |  | 637.6 |
Other clients(1) | — |  |  | 37.1 |  |  | — |  |  | — |  |  | 37.1 |  |  | — |  |  | 31.2 |  |  | — |  |  | 31.2 |
| $ | 1,662.1 |  |  | $ | 130.2 |  |  | $ | 26.3 |  |  | $ | 44.4 |  |  | $ | 1,863.0 |  |  | $ | 1,687.8 |  |  | $ | 109.9 |  |  | $ | 29.1 |  |  | $ | 1,826.8 |
(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 aggregate $1,536.4 million and $1,482.3 million for the three months ended March 31, 2022 and 2021, respectively. Accounts receivable from these products aggregate to $584.5 million at March 31, 2022 and $577.9 million at December 31, 2021. The following table details the investment advisory revenues earned from clients by their underlying asset class.
| Three months ended |  |
(in millions) | 3/31/2022 |  | 3/31/2021 |  |  |  |
U.S. mutual funds |  |  |  |  |  |  |
Equity | $ | 691.9 |  |  | $ | 729.8 |  |  |  |  |
Fixed income, including money market | 64.0 |  |  | 59.0 |  |  |  |  |
Multi-asset | 220.6 |  |  | 261.4 |  |  |  |  |
| 976.5 |  |  | 1,050.2 |  |  |  |  |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |
Equity | 394.1 |  |  | 424.2 |  |  |  |  |
Fixed income, including money market | 42.6 |  |  | 37.5 |  |  |  |  |
Multi-asset | 184.0 |  |  | 175.9 |  |  |  |  |
Alternatives | 64.9 |  |  | — |  |  |  |  |
| 685.6 |  |  | 637.6 |  |  |  |  |
Total | $ | 1,662.1 |  |  | $ | 1,687.8 |  |  |  |  |
The following table summarizes the assets under management on which we earn investment advisory revenues.
| Average during |  |
| Three months ended |  |  |  | As of
(in billions) | 3/31/2022 |  | 3/31/2021 |  |  |  |  |  | 3/31/2022 |  | 12/31/2021
U.S. mutual funds |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 491.3 |  |  | $ | 509.6 |  |  |  |  |  |  | $ | 489.0 |  |  | $ | 553.9 |
Fixed income, including money market | 86.4 |  |  | 82.3 |  |  |  |  |  |  | 83.9 |  |  | 85.3 |
Multi-asset | 220.3 |  |  | 222.6 |  |  |  |  |  |  | 216.5 |  |  | 232.2 |
| 798.0 |  |  | 814.5 |  |  |  |  |  |  | 789.4 |  |  | 871.4 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |  |  |
Equity | 395.2 |  |  | 408.4 |  |  |  |  |  |  | 389.0 |  |  | 438.8 |
Fixed income, including money market | 91.4 |  |  | 90.7 |  |  |  |  |  |  | 91.3 |  |  | 90.4 |
Multi-asset | 233.4 |  |  | 195.2 |  |  |  |  |  |  | 239.9 |  |  | 245.5 |
Alternatives | 41.9 |  |  | — |  |  |  |  |  |  | 42.2 |  |  | 41.7 |
| 761.9 |  |  | 694.3 |  |  |  |  |  |  | 762.4 |  |  | 816.4 |
Total | $ | 1,559.9 |  |  | $ | 1,508.8 |  |  |  |  |  |  | $ | 1,551.8 |  |  | $ | 1,687.8 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.7% and 9.9% of our assets under management at March 31, 2022 and December 31, 2021, respectively.

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