XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES
 3 Months Ended
Mar. 31, 2024
Information about Receivables, Revenues, and Services [Abstract]  
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.
Net revenues earned in the first quarter of 2024 and 2023, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues.
Three months ended
(in millions)3/31/20243/31/2023
Investment advisory fees
  Equity$949.6 $833.9 
  Fixed income, including money market100.6 102.4 
  Multi-asset429.7 386.0 
  Alternatives74.1 69.5 
Total investment advisory fees$1,554.0 $1,391.8 
Capital allocation-based income47.1 16.9 
Total administrative, distribution, and servicing fees149.1 128.9 
Net revenues$1,750.2 $1,537.6 
Average AUM (in billions):
  Equity$770.4 $687.0 
  Fixed income, including money market169.5 169.6 
  Multi-asset497.0 422.2 
  Alternatives47.5 44.1 
Average AUM$1,484.4 $1,322.9 

Total net revenues earned from our sponsored products, primarily our sponsored U.S. mutual funds and collective investment trusts, aggregate $1,443.6 million and $1,268.0 million for the three months ended March 31, 2024 and 2023, respectively. Accounts receivable from our sponsored products aggregate to $582.2 million at March 31, 2024 and $533.9 million at December 31, 2023.
Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.5% and 8.6% of our assets under management at March 31, 2024 and December 31, 2023, respectively.