Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Revenue Recognition

Summary of disaggregation of revenue

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 September 30, 2019	Three months ended September 30, 2018	Nine months ended September 30, 2019	Nine months ended September 30, 2018
		(in thousands)		(in thousands)
Investment management fees:
Funds	$	107,926	123,764	322,678	376,193
Institutional		3,880	5,538	11,760	17,192
Total investment management fees	$	111,806	129,302	334,438	393,385
Underwriting and distribution fees:
Unaffiliated
Rule 12b-1 service and distribution fees	$	16,003	19,707	48,514	60,734
Sales commissions on front-end load mutual fund and variable annuity sales		361	441	1,287	1,418
Other revenues		67	126	242	459
Total unaffiliated distribution fees	$	16,431	20,274	50,043	62,611
Wealth Management
Fee-based asset allocation product revenues	$	73,356	69,468	208,806	201,565
Rule 12b-1 service and distribution fees		16,426	18,106	48,441	54,591
Sales commissions on front-end load mutual fund and variable annuity sales		12,523	13,651	36,845	41,900
Sales commissions on other products		8,024	9,111	24,127	26,632
Other revenues		9,027	9,698	27,265	28,923
Total wealth management distribution fees		119,356	120,034	345,484	353,611
Total distribution fees	$	135,787	140,308	395,527	416,222
Shareholder service fees:
Total shareholder service fees	$	23,087	25,508	70,279	78,464
Total revenues	$	270,680	295,118	800,244	888,071