Revenue Recognition

12 Months Ended

Dec. 31, 2018

3. Revenue Recognition

All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers. The vast majority of revenue is determined based on average assets and is earned daily or monthly or is transactional and is earned on the trade date. As such, revenue from remaining performance obligations is not significant. The following table depicts the disaggregation of revenue by product and distribution channel:


		For the Year ended December 31,
		2018	2017	2016
		(in thousands)
Investment management fees:
Funds	$	486,181	506,868	521,207
Institutional		21,725	24,982	35,905
Total investment management fees		507,906	531,850	557,112
Underwriting and distribution fees:
Unaffiliated
Rule 12b-1 service and distribution fees		78,041	91,313	121,926
Sales commissions on front-end load mutual fund and variable annuity sales		1,886	1,498	565
Other revenues		568	1,182	2,924
Total unaffiliated distribution fees		80,495	93,993	125,415
Broker-Dealer
Fee-based asset allocation product revenues		269,069	240,089	224,319
Rule 12b-1 service and distribution fees		70,938	75,850	93,260
Sales commissions on front-end load mutual fund and variable annuity sales		54,895	55,293	67,169
Sales commissions on other products		36,131	31,286	31,246
Other revenues		38,482	22,188	20,261
Total broker-dealer distribution fees		469,515	424,706	436,255
Total distribution fees		550,010	518,699	561,670
Shareholder service fees:
Total shareholder service fees		102,385	106,595	120,241

Total revenues	$	1,160,301	1,157,144	1,239,023