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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 9 Months Ended
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Sep. 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 9/30/2022 |  | Three months ended 9/30/2021
|  |  | 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 | $ | 841.7 |  |  | $ | 86.5 |  |  | $ | 22.0 |  |  | $ | — |  |  | $ | 950.2 |  |  | $ | 1,125.5 |  |  | $ | 82.6 |  |  | $ | 30.9 |  |  | $ | 1,239.0 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 600.3 |  |  | 5.0 |  |  | — |  |  | 1.1 |  |  | 606.4 |  |  | 687.9 |  |  | — |  |  | — |  |  | 687.9 |
Other clients(1) | — |  |  | 31.6 |  |  | — |  |  | — |  |  | 31.6 |  |  | — |  |  | 27.2 |  |  | — |  |  | 27.2 |
| $ | 1,442.0 |  |  | $ | 123.1 |  |  | $ | 22.0 |  |  | $ | 1.1 |  |  | $ | 1,588.2 |  |  | $ | 1,813.4 |  |  | $ | 109.8 |  |  | $ | 30.9 |  |  | $ | 1,954.1 |
| Nine months ended 9/30/2022 |  | Nine months ended 9/30/2021
|  |  | 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 | $ | 2,694.4 |  |  | $ | 265.1 |  |  | $ | 71.5 |  |  | $ | — |  |  | $ | 3,031.0 |  |  | $ | 3,273.2 |  |  | $ | 243.1 |  |  | $ | 90.0 |  |  | $ | 3,606.3 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,906.4 |  |  | 12.5 |  |  | — |  |  | (80.8) |  |  | 1,838.1 |  |  | 2,015.2 |  |  | — |  |  | — |  |  | 2,015.2 |
Other clients(1) | — |  |  | 95.1 |  |  | — |  |  | — |  |  | 95.1 |  |  | — |  |  | 88.7 |  |  | — |  |  | 88.7 |
| $ | 4,600.8 |  |  | $ | 372.7 |  |  | $ | 71.5 |  |  | $ | (80.8) |  |  | $ | 4,964.2 |  |  | $ | 5,288.4 |  |  | $ | 331.8 |  |  | $ | 90.0 |  |  | $ | 5,710.2 |
(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 $1,311.2 million and $1,599.5 million for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, net revenues from related parties aggregate $4,069.7 million and $4,653.7 million, respectively. Accounts receivable from these products aggregate to $490.2 million at September 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 |  | Nine months ended
(in millions) | 9/30/2022 |  | 9/30/2021 |  | 9/30/2022 |  | 9/30/2021
U.S. mutual funds |  |  |  |  |  |  |
Equity | $ | 580.1 |  |  | $ | 813.0 |  |  | $ | 1,876.5 |  |  | $ | 2,310.8 |
Fixed income, including money market | 66.2 |  |  | 64.8 |  |  | 198.9 |  |  | 183.7 |
Multi-asset | 195.4 |  |  | 247.7 |  |  | 619.0 |  |  | 778.7 |
| 841.7 |  |  | 1,125.5 |  |  | 2,694.4 |  |  | 3,273.2 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |
Equity | 316.9 |  |  | 458.8 |  |  | 1,047.5 |  |  | 1,329.0 |
Fixed income, including money market | 41.4 |  |  | 41.3 |  |  | 125.2 |  |  | 119.6 |
Multi-asset | 171.8 |  |  | 187.8 |  |  | 530.3 |  |  | 566.6 |
Alternatives | 70.2 |  |  | — |  |  | 203.4 |  |  | — |
| 600.3 |  |  | 687.9 |  |  | 1,906.4 |  |  | 2,015.2 |
Total | $ | 1,442.0 |  |  | $ | 1,813.4 |  |  | $ | 4,600.8 |  |  | $ | 5,288.4 |
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) | 9/30/2022 |  | 9/30/2021 |  | 9/30/2022 |  | 9/30/2021 |  | 9/30/2022 |  | 12/31/2021
U.S. mutual funds |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 405.8 |  |  | $ | 559.8 |  |  | $ | 441.0 |  |  | $ | 534.0 |  |  | $ | 365.2 |  |  | $ | 553.9 |
Fixed income, including money market | 79.4 |  |  | 88.4 |  |  | 82.7 |  |  | 85.6 |  |  | 74.5 |  |  | 85.3 |
Multi-asset | 192.4 |  |  | 232.8 |  |  | 204.8 |  |  | 228.5 |  |  | 174.8 |  |  | 232.2 |
| 677.6 |  |  | 881.0 |  |  | 728.5 |  |  | 848.1 |  |  | 614.5 |  |  | 871.4 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |  |  |
Equity | 319.1 |  |  | 445.7 |  |  | 352.0 |  |  | 427.3 |  |  | 282.6 |  |  | 438.8 |
Fixed income, including money market | 93.6 |  |  | 94.3 |  |  | 92.4 |  |  | 92.1 |  |  | 90.9 |  |  | 90.4 |
Multi-asset | 214.3 |  |  | 227.7 |  |  | 221.8 |  |  | 213.8 |  |  | 199.3 |  |  | 245.5 |
Alternatives | 42.9 |  |  | — |  |  | 42.4 |  |  | — |  |  | 42.7 |  |  | 41.7 |
| 669.9 |  |  | 767.7 |  |  | 708.6 |  |  | 733.2 |  |  | 615.5 |  |  | 816.4 |
Total | $ | 1,347.5 |  |  | $ | 1,648.7 |  |  | $ | 1,437.1 |  |  | $ | 1,581.3 |  |  | $ | 1,230.0 |  |  | $ | 1,687.8 |
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.0%, 9.4%, and 9.9% of our assets under management at September 30, 2022, June 30, 2022, and December 31, 2021, respectively.

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