Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

Related Party Transactions

16.         Related Party Transactions

We earn investment management fee revenues from the Funds and IGI Funds (prior to their liquidation in 2018) 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, 2019, 2018 and 2017 are as follows:

	2019		2018	2017
	(in thousands)
Investment management fees	$	430,028	486,581	508,035
Rule 12b-1 service and distribution fees		121,603	141,220	159,873
Shareholder service fees		93,335	102,385	106,595
Total revenues	$	644,966	730,186	774,503

Included in Funds and separate accounts receivable at December 31, 2019 and 2018 are receivables due from the Funds of $12.8 and $14.6 million, respectively.