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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We have also included average assets under management by asset class, on which we earn the investment advisory revenues.

(in millions)202320222021
Investment advisory fees
  Equity$3,445.5 $3,759.7 $4,899.9 
  Fixed income, including money market401.5 427.4 409.8 
  Multi-asset1,583.4 1,508.9 1,788.4 
  Alternatives317.3 273.1 — 
Total investment advisory fees$5,747.7 $5,969.1 $7,098.1 
Capital allocation-based income161.9 (54.3)— 
Total administrative, distribution, and servicing fees550.9 573.6 573.8 
Net revenues$6,460.5 $6,488.4 $7,671.9 
Average AUM (in billions):
  Equity$705.2 $763.6 $972.0 
  Fixed income, including money market169.3 173.4 177.7 
  Multi-asset442.3 418.7 449.6 
  Alternatives45.5 42.7 — 
Average AUM$1,362.3 $1,398.4 $1,599.3 


Total net revenues earned from sponsored investment products totaled $5,327.9 million in 2023, $5,326.3 million in 2022, and $6,259.3 million in 2021. Accounts receivable from these products aggregate to $533.9 million at December 31, 2023 and $492.4 million at December 31, 2022.
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.6% and 9.1% of our assets under management at December 31, 2023 and 2022, respectively.