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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

12 Months Ended

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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Tabular disclosure of the components of average assets under management and period end assets under management. Assets under management represents the market value of assets an investment adviser manages on behalf of investors and is the basis for determining investment advisory fee revenue.

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