Related Party Transactions

12 Months Ended

Dec. 31, 2018

16. Related Party Transactions

We earn investment management fee revenues from the Funds and IGI Funds for which we act as an investment adviser, pursuant to an investment management agreement with each Fund. In addition, we have agreements with the Funds pursuant to Rule 12b‑1 under the ICA for which distribution and service fees are collected from the Funds for distribution of mutual fund shares, for costs such as advertising and commissions paid to broker-dealers, and for providing ongoing services to shareholders of the Funds and/or maintaining shareholder accounts. We also earn service fee revenues by providing various services to the Funds and their shareholders pursuant to a shareholder servicing agreement with each Fund (except Ivy VIP) and an accounting service agreement with each Fund. Certain of our officers and directors are also officers and/or trustees for the various Funds for which we act as an investment adviser. These agreements are approved or renewed on an annual basis by each Fund’s board of trustees, including a majority of the disinterested members.

Revenues for services provided or related to the Funds and IGI Funds for the years ended December 31, 2018, 2017 and 2016 are as follows:


	2018		2017	2016
	(in thousands)
Investment management fees	$	486,581	508,035	523,304
Rule 12b-1 service and distribution fees		141,220	159,873	208,901
Shareholder service fees		102,385	106,595	120,241
Total revenues	$	730,186	774,503	852,446

Included in Funds and separate accounts receivable at December 31, 2018 and 2017 are receivables due from the Funds of $14.6 and $20.6 million, respectively.