INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

9 Months Ended

Sep. 30, 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 three- and nine-month periods ended September 30, 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				Nine months ended
(in millions)	9/30/2024		9/30/2023		9/30/2024		9/30/2023
Investment advisory fees
Equity	$	978.5	$	885.0	$	2,877.0	$	2,581.2
Fixed income, including money market	104.1		100.9		304.9		303.3
Multi-asset	465.8		405.5		1,340.3		1,182.8
Alternatives	84.5		72.5		250.3		219.2
Total investment advisory fees	$	1,632.9	$	1,463.9	$	4,772.5	$	4,286.5
Capital allocation-based income	4.6		66.1		51.8		121.7
Total administrative, distribution, and servicing fees	148.1		140.7		444.8		410.3
Net revenues	$	1,785.6	$	1,670.7	$	5,269.1	$	4,818.5

Average AUM (in billions):
Equity	$	813.1	$	725.0	$	791.4	$	705.3
Fixed income, including money market	183.3		169.0		175.9		169.6
Multi-asset	542.3		453.8		519.9		438.5
Alternatives	50.8		45.8		49.0		44.8
Average AUM	$	1,589.5	$	1,393.6	$	1,536.2	$	1,358.2

Total net revenues earned from our sponsored products, primarily our sponsored U.S. mutual funds and collective investment trusts, aggregate $1,486.5 million and $1,387.5 million for the three months ended September 30, 2024 and 2023, respectively. Total net revenues earned during the nine months ended September 30, 2024 and 2023 aggregate $4,359.5 million and $3,979.9 million, respectively. Accounts receivable from our sponsored products aggregate to $613.3 million at September 30, 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 8.6% at September 30, 2024, June 30, 2024, and December 31, 2023 of our assets under management.