Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue Recognition

Revenue Recognition

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 September 30,		Nine months ended September 30,
		2020	2019	2020	2019
		(in thousands)		(in thousands)
Investment management fees:
Funds	$	103,443	107,926	298,712	322,678
Institutional		3,174	3,880	8,948	11,760
Total investment management fees	$	106,617	111,806	307,660	334,438
Underwriting and distribution fees:
Unaffiliated
Service and distribution fees	$	14,623	16,286	43,569	49,366
Sales commissions		223	364	1,047	1,300
Other revenues		82	67	308	242
Total unaffiliated distribution fees	$	14,928	16,717	44,924	50,908
Wealth Management
Advisory fees	$	82,591	73,356	232,243	208,806
Service and distribution fees		15,305	16,143	43,494	47,589
Sales commissions		17,847	20,544	53,538	60,959
Other revenues		8,785	9,027	25,833	27,265
Total wealth management distribution fees		124,528	119,070	355,108	344,619
Total distribution fees	$	139,456	135,787	400,032	395,527
Shareholder service fees:
Total shareholder service fees	$	21,597	23,087	63,745	70,279
Total revenues	$	267,670	270,680	771,437	800,244