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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables) | 12 Months Ended
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Dec. 31, 2022
Information about Receivables, Revenues, and Services [Abstract] |
Schedule of Revenues From Advisory Services | Revenues earned during the years ended December 31, 2022, 2021 and 2020, under agreements with clients include:
| 2022
|  |  | Administrative, distribution, and servicing fees |  |  |  |
(in millions) | Investment advisory fees |  | Administrative fees |  | Distribution and servicing fees |  | Capital allocation-based income |  | Net revenues
U.S. mutual funds | $ | 3,486.2 |  |  | $ | 338.3 |  |  | $ | 92.2 |  |  | $ | — |  |  | $ | 3,916.7 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,482.9 |  |  | 16.1 |  |  | — |  |  | (54.3) |  |  | 2,444.7 |
Other clients | — |  |  | 127.0 |  |  | — |  |  | — |  |  | 127.0 |
| $ | 5,969.1 |  |  | $ | 481.4 |  |  | $ | 92.2 |  |  | $ | (54.3) |  |  | $ | 6,488.4 |
| 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 |
The following table details the investment advisory fees earned from clients by their underlying asset class.
(in millions) | 2022 |  | 2021 |  | 2020
U.S. mutual funds |  |  |  |  |
Equity | $ | 2,415.3 |  |  | $ | 3,118.5 |  |  | $ | 2,440.4 |
Fixed income, including money market | 261.4 |  |  | 245.2 |  |  | 266.5 |
Multi-asset | 809.5 |  |  | 1,025.2 |  |  | 933.0 |
| 3,486.2 |  |  | 4,388.9 |  |  | 3,639.9 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |
Equity and blended assets | 1,344.4 |  |  | 1,781.4 |  |  | 1,326.3 |
Fixed income, including money market | 166.0 |  |  | 164.6 |  |  | 149.3 |
Multi-asset | 699.4 |  |  | 763.2 |  |  | 577.6 |
Alternatives | 273.1 |  |  | — |  |  | — |
| 2,482.9 |  |  | 2,709.2 |  |  | 2,053.2 |
Total | $ | 5,969.1 |  |  | $ | 7,098.1 |  |  | $ | 5,693.1 |
Schedule of Assets Under Management | The following table summarizes the investment portfolios and assets under management on which we earned investment advisory fees.
(in billions) | Average during |  | As of December 31,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021
U.S. mutual funds |  |  |  |  |  |  |  |  |
Equity | $ | 424.9 |  |  | $ | 540.4 |  |  | $ | 417.0 |  |  | $ | 369.8 |  |  | $ | 553.9 |
Fixed income, including money market | 81.0 |  |  | 86.4 |  |  | 76.8 |  |  | 73.8 |  |  | 85.3 |
Multi-Asset | 199.8 |  |  | 229.8 |  |  | 193.9 |  |  | 184.2 |  |  | 232.2 |
| 705.7 |  |  | 856.6 |  |  | 687.7 |  |  | 627.8 |  |  | 871.4 |
Subadvised funds, separate accounts, collective investment trusts, and other investment products |  |  |  |  |  |  |  |  |
Equity | 338.7 |  |  | 431.6 |  |  | 321.3 |  |  | 294.4 |  |  | 438.8 |
Fixed income, including money market | 92.4 |  |  | 91.3 |  |  | 82.1 |  |  | 93.2 |  |  | 90.4 |
Multi-Asset | 218.9 |  |  | 219.8 |  |  | 156.8 |  |  | 215.9 |  |  | 245.5 |
Alternatives | 42.7 |  |  | — |  |  | — |  |  | 43.4 |  |  | 41.7 |
| 692.7 |  |  | 742.7 |  |  | 560.2 |  |  | 646.9 |  |  | 816.4 |
Total | $ | 1,398.4 |  |  | $ | 1,599.3 |  |  | $ | 1,247.9 |  |  | $ | 1,274.7 |  |  | $ | 1,687.8 |

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