Revenue Recognition

3 Months Ended

Mar. 31, 2021

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 March 31,
		2021	2020
		(in thousands)
Investment management fees:
Funds	$	114,395	102,293
Institutional		3,621	2,926
Total investment management fees	$	118,016	105,219
Underwriting and distribution fees:
Unaffiliated
Service and distribution fees	$	14,642	15,276
Sales commissions		15	451
Other revenues		44	135
Total unaffiliated distribution fees	$	14,701	15,862
Wealth Management
Advisory fees	$	94,280	77,118
Service and distribution fees		16,763	14,589
Sales commissions		19,423	20,657
Other revenues		9,628	8,717
Total wealth management distribution fees		140,094	121,081
Total underwriting and distribution fees	$	154,795	136,943
Shareholder service fees:
Total shareholder service fees	$	22,540	21,571
Total revenues	$	295,351	263,733