Revenue Recognition

3 Months Ended

Mar. 31, 2019

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:



		Three months ended March 31, 2019	Three months ended March 31, 2018
		(in thousands)
Investment management fees:
Funds	$	105,745	127,663
Institutional		4,017	6,029
Total investment management fees	$	109,762	133,692
Underwriting and distribution fees:
Unaffiliated
Rule 12b-1 service and distribution fees	$	16,182	20,976
Sales commissions on front-end load mutual fund and variable annuity sales		438	470
Other revenues		92	185
Total unaffiliated distribution fees	$	16,712	21,631
Broker-Dealer
Fee-based asset allocation product revenues	$	65,230	65,516
Rule 12b-1 service and distribution fees		15,688	18,377
Sales commissions on front-end load mutual fund and variable annuity sales		12,020	14,427
Sales commissions on other products		7,606	8,422
Other revenues		8,989	9,668
Total broker-dealer distribution fees		109,533	116,410
Total distribution fees	$	126,245	138,041
Shareholder service fees:
Total shareholder service fees	$	23,403	25,882

Total revenues	$	259,410	297,615