INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

12 Months Ended

Dec. 31, 2022

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND 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

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

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for about 9.1% and 9.9% of our assets under management at December 31, 2022 and 2021, respectively.

Total net revenues earned from sponsored investment products totaled $5,326.3 million in 2022, $6,259.3 million in 2021, and $5,044.3 million in 2020. Accounts receivable from these products aggregate to $492.4 million at December 31, 2022 and $577.9 million at December 31, 2021.