INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

3 Months Ended

Mar. 31, 2025

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 2025 and 2024, 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 investment advisory fees.


	Three months ended
(in millions)	3/31/2025		3/31/2024
Investment advisory fees
Equity	$	959.2	$	932.5
Fixed income, including money market	103.6		100.2
Multi-asset	454.7		429.7
Alternatives	80.9		74.0
Total investment advisory fees	$	1,598.4	$	1,536.4
Performance-based advisory fees	10.4		17.6
Capital allocation-based income	(1.2)		47.1
Administrative, distribution, services, and other fees	156.3		149.1
Net revenues	$	1,763.9	$	1,750.2

Average AUM (in billions):
Equity	$	826.3	$	770.4
Fixed income, including money market	191.6		169.5
Multi-asset	549.7		497.0
Alternatives	52.7		47.5
Average AUM	$	1,620.3	$	1,484.4

Total net revenues earned from sponsored investment products totaled $1,471.3 million and $1,443.6 million for the three months ended March 31, 2025 and 2024, respectively. Accounts receivable from these products totaled $638.2 million at March 31, 2025 and $602.0 million at December 31, 2024.

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.7% at March 31, 2025 and 8.8% December 31, 2024 of our assets under management.