INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

6 Months Ended

Jun. 30, 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 6/30/2022										Three months ended 6/30/2021
			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	$	876.2	$	85.5	$	23.2	$	—	$	984.9	$	1,097.5	$	81.8	$	30.0	$	1,209.3
Subadvised funds, separate accounts, collective investment trusts, and other investment products	620.5		2.8		—		(126.3)		497.0		689.7		—		—		689.7
Other clients(1)	—		31.1		—		—		31.1		—		30.3		—		30.3
	$	1,496.7	$	119.4	$	23.2	$	(126.3)	$	1,513.0	$	1,787.2	$	112.1	$	30.0	$	1,929.3

	Six months ended 6/30/2022										Six months ended 6/30/2021
			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	$	1,852.7	$	178.6	$	49.5	$	—	$	2,080.8	$	2,147.7	$	160.5	$	59.1	$	2,367.3
Subadvised funds, separate accounts, collective investment trusts, and other investment products	1,306.1		7.5		—		(81.9)		1,231.7		1,327.3		—		—		1,327.3
Other clients(1)	—		63.5		—		—		63.5		—		61.5		—		61.5
	$	3,158.8	$	249.6	$	49.5	$	(81.9)	$	3,376.0	$	3,475.0	$	222.0	$	59.1	$	3,756.1

(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 $1,221.1 million and $1,571.9 million for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, net revenues from related parties aggregate $2,757.5 million and $3,054.2 million, respectively. Accounts receivable from these products aggregate to $513.2 million at June 30, 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				Six months ended
(in millions)	6/30/2022		6/30/2021		6/30/2022		6/30/2021
U.S. mutual funds
Equity	$	604.5	$	768.0	$	1,296.4	$	1,497.8
Fixed income, including money market	68.7		59.9		132.7		118.9
Multi-asset	203.0		269.6		423.6		531.0
	876.2		1,097.5		1,852.7		2,147.7
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	336.5		446.0		730.6		870.2
Fixed income, including money market	41.2		40.8		83.8		78.3
Multi-asset	174.5		202.9		358.5		378.8
Alternatives	68.3		—		133.2		—
	620.5		689.7		1,306.1		1,327.3
Total	$	1,496.7	$	1,787.2	$	3,158.8	$	3,475.0

The following table summarizes the assets under management on which we earn investment advisory revenues.


	Average during
	Three months ended				Six months ended				As of
(in billions)	6/30/2022		6/30/2021		6/30/2022		6/30/2021		6/30/2022		12/31/2021
U.S. mutual funds
Equity	$	426.7	$	532.2	$	458.8	$	520.9	$	390.9	$	553.9
Fixed income, including money market	82.4		85.9		84.4		84.1		78.7		85.3
Multi-asset	202.0		230.1		211.1		226.3		187.5		232.2
	711.1		848.2		754.3		831.3		657.1		871.4
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	342.9		427.7		368.9		418.1		308.7		438.8
Fixed income, including money market	92.4		91.3		91.9		91.0		92.4		90.4
Multi-asset	218.2		218.1		225.8		206.7		208.4		245.5
Alternatives	42.5		—		42.1		—		43.1		41.7
	696.0		737.1		728.7		715.8		652.6		816.4
Total	$	1,407.1	$	1,585.3	$	1,483.0	$	1,547.1	$	1,309.7	$	1,687.8

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.4%, 9.7%, and 9.9% of our assets under management at June 30, 2022, March 31, 2022, and December 31, 2021, respectively.