Revenue

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

The following presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:


	Year Ended March 31,
Management and advisory fees	2020		2019		2018
Specialized funds	$	111,803	$	93,056	$	83,151
Customized separate accounts	90,750		85,245		79,275
Advisory	24,160		24,130		20,164
Reporting and other	9,102		8,805		8,064
Distribution management	4,920		4,525		4,376
Fund reimbursement revenue	4,185		2,012		—
Total management and advisory fees	$	244,920	$	217,773	$	195,030


	Year Ended March 31,
Incentive fees	2020		2019		2018
Specialized funds	$	14,371	$	25,687	$	43,902
Customized separate accounts	14,757		8,719		5,101
Total incentive fees	$	29,128	$	34,406	$	49,003

The Company recognized incentive fee revenues of $2,541, and $38,921 during the years ended March 31, 2019, and 2018, respectively, that were previously received and deferred.

Cost to obtain contracts

The Company incurs incremental costs related to sales commissions paid to certain employees directly related to customized separate account contracts. These incremental costs are capitalized and amortized over the expected contract length proportionately to the management fee revenue expected to be recognized in each year as a percentage of the total expected revenue for the contract. The contract asset related to the cost to obtain contracts was $994 and $968 as of March 31, 2020 and March 31, 2019, respectively, and is included in other assets in the Consolidated Balance Sheets. Amortization expense related to this contract asset was $504 and $480 for the year ended March 31, 2020 and March 31, 2019, respectively, and is included in general, administrative and other in the Consolidated Statements of Income.