INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

9 Months Ended

Sep. 30, 2022

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory 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.

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

Schedule of Assets Under Management

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