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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | 6 Months Ended
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Jun. 30, 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 three- and six-month periods ended June 30, 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 |  |  |  |  |  |  |  |  | Six months ended |  |  |  |
(in millions) | 6/30/2025 |  | 6/30/2024 |  |  |  |  |  |  |  |  | 6/30/2025 |  | 6/30/2024 |  |  |  |  |
Investment advisory fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 923.6 |  |  | $ | 947.5 |  |  |  |  |  |  |  |  |  | $ | 1,882.8 |  |  | $ | 1,880.0 |  |  |  |  |  |
Fixed income, including money market | 105.5 |  |  | 100.2 |  |  |  |  |  |  |  |  |  | 209.1 |  |  | 200.4 |  |  |  |  |  |
Multi-asset | 455.9 |  |  | 444.8 |  |  |  |  |  |  |  |  |  | 910.6 |  |  | 874.5 |  |  |  |  |  |
Alternatives | 82.6 |  |  | 76.3 |  |  |  |  |  |  |  |  |  | 163.5 |  |  | 150.3 |  |  |  |  |  |
Total investment advisory fees | $ | 1,567.6 |  |  | $ | 1,568.8 |  |  |  |  |  |  |  |  |  | $ | 3,166.0 |  |  | $ | 3,105.2 |  |  |  |  |  |
Performance-based advisory fees | 6.4 |  |  | 16.8 |  |  |  |  |  |  |  |  |  | 16.8 |  |  | 34.4 |  |  |  |  |  |
Capital allocation-based income (loss) | (0.4) |  |  | 0.1 |  |  |  |  |  |  |  |  |  | (1.6) |  |  | 47.2 |  |  |  |  |  |
Administrative, distribution, services, and other fees | 149.7 |  |  | 147.6 |  |  |  |  |  |  |  |  |  | 306.0 |  |  | 296.7 |  |  |  |  |  |
Net revenues | $ | 1,723.3 |  |  | $ | 1,733.3 |  |  |  |  |  |  |  |  |  | $ | 3,487.2 |  |  | $ | 3,483.5 |  |  |  |  |  |
Average AUM (in billions): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 784.4 |  |  | $ | 790.4 |  |  |  |  |  |  |  |  |  | $ | 805.3 |  |  | $ | 780.4 |  |  |  |  |  |
Fixed income, including money market | 198.0 |  |  | 174.8 |  |  |  |  |  |  |  |  |  | 194.8 |  |  | 172.1 |  |  |  |  |  |
Multi-asset | 552.5 |  |  | 520.1 |  |  |  |  |  |  |  |  |  | 551.1 |  |  | 508.6 |  |  |  |  |  |
Alternatives | 53.9 |  |  | 48.7 |  |  |  |  |  |  |  |  |  | 53.3 |  |  | 48.1 |  |  |  |  |  |
Average AUM | $ | 1,588.8 |  |  | $ | 1,534.0 |  |  |  |  |  |  |  |  |  | $ | 1,604.5 |  |  | $ | 1,509.2 |  |  |  |  |  |
Total net revenues earned from sponsored investment products totaled $1,435.2 million and $1,429.4 million for the three months ended June 30, 2025 and 2024, respectively. Total net revenues earned during the six months ended June 30, 2025 and 2024 aggregate $2,906.5 million and $2,873.0 million, respectively. Accounts receivable from these products totaled $595.2 million at June 30, 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 June 30, 2025 and March 31, 2025, and 8.8% at December 31, 2024 of our assets under management.

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