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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022, are included in the table below along with details of investment advisory fees 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 fees.
(in millions) | 2024 |  | 2023 |  | 2022
Investment advisory fees |  |  |  |  |
Equity | $ | 3,864.7 |  |  | $ | 3,442.3 |  |  | $ | 3,758.4 |
Fixed income, including money market | 410.7 |  |  | 400.4 |  |  | 426.3 |
Multi-asset | 1,814.1 |  |  | 1,583.4 |  |  | 1,508.9 |
Alternatives | 310.2 |  |  | 283.4 |  |  | 269.1 |
Total investment advisory fees | $ | 6,399.7 |  |  | $ | 5,709.5 |  |  | $ | 5,962.7 |
Performance-based advisory fees | 59.3 |  |  | 38.2 |  |  | 6.4 |
Capital allocation-based income | 46.6 |  |  | 161.9 |  |  | (54.3) |
Total administrative, distribution, and servicing fees | 588.0 |  |  | 550.9 |  |  | 573.6 |
Net revenues | $ | 7,093.6 |  |  | $ | 6,460.5 |  |  | $ | 6,488.4 |
Average AUM (in billions): |  |  |  |  |
Equity | $ | 804.3 |  |  | $ | 705.2 |  |  | $ | 763.6 |
Fixed income, including money market | 178.6 |  |  | 169.3 |  |  | 173.4 |
Multi-asset | 529.0 |  |  | 442.3 |  |  | 418.7 |
Alternatives | 50.0 |  |  | 45.5 |  |  | 42.7 |
Average AUM | $ | 1,561.9 |  |  | $ | 1,362.3 |  |  | $ | 1,398.4 |
Total net revenues earned from sponsored investment products totaled $5,859.8 million in 2024, $5,327.9 million in 2023, and $5,326.3 million in 2022. Accounts receivable from these products aggregate to $602.0 million at December 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 8.8% at December 31, 2024 and 8.6% at December 31, 2023 of assets under management.

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