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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.
6 Months Ended
Jun. 30, 2020
Information about Receivables, Revenues, and Services [Abstract]  
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned during the three- and six-month periods ended June 30, 2020 and 2019 under agreements with clients include: 
 
Three months ended 6/30/2020
 
Three months ended 6/30/2019
 
 
 
Administrative, distribution, and servicing fees
 
 
 
 
 
Administrative, distribution, and servicing fees
 
 
(in millions)
Investment advisory fees
 
Administrative fees
 
Distribution and servicing fees
 
Net revenues
 
Investment advisory fees
 
Administrative fees
 
Distribution and servicing fees
 
Net revenues
U.S. mutual funds
$
823.1

 
$
69.4

 
$
25.7

 
$
918.2

 
$
860.7

 
$
69.7

 
$
30.1

 
$
960.5

Subadvised and separate accounts and other investment products
470.7

 

 

 
470.7

 
409.5

 

 

 
409.5

Other clients

 
26.5

 

 
26.5

 

 
25.2

 

 
25.2

 
$
1,293.8

 
$
95.9

 
$
25.7

 
$
1,415.4

 
$
1,270.2

 
$
94.9

 
$
30.1

 
$
1,395.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended 6/30/2020
 
Six months ended 6/30/2019
 
 
 
Administrative, distribution, and servicing fees
 
 
 
 
 
Administrative, distribution, and servicing fees
 
 
(in millions)
Investment advisory fees
 
Administrative fees
 
Distribution and servicing fees
 
Net revenues
 
Investment advisory fees
 
Administrative fees
 
Distribution and servicing fees
 
Net revenues
U.S. mutual funds
$
1,699.3

 
$
146.6

 
$
53.6

 
$
1,899.5

 
$
1,676.6

 
$
146.3

 
$
60.3

 
$
1,883.2

Subadvised and separate accounts and other investment products
922.3

 

 

 
922.3

 
787.8

 

 

 
787.8

Other clients

 
56.2

 

 
56.2

 

 
51.5

 

 
51.5

 
$
2,621.6

 
$
202.8

 
$
53.6

 
$
2,878.0

 
$
2,464.4

 
$
197.8

 
$
60.3

 
$
2,722.5



Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,142.8 million and $1,147.6 million for the three months ended June 30, 2020 and 2019, respectively. Total net revenues earned during the six months ended June 30, 2020 and 2019 aggregate $2,350.5 million and $2,241.0 million, respectively. Accounts receivable from these products aggregate to $410.6 million at June 30, 2020, and $424.8 million at December 31, 2019.

Following a change to the fee structure of the target date retirement funds in the second quarter of 2020, we have modified our investment advisory fee and assets under management presentation below to separately breakout the fees earned from clients and related assets under management of our multi-asset portfolios. All prior periods have been recast to conform to this new presentation and to provide comparability.
The following table details the investment advisory fees earned from clients by their underlying asset class.
 
Three months ended
 
Six months ended
(in millions)
6/30/2020
 
6/30/2019
 
6/30/2020
 
6/30/2019
U.S. mutual funds
 
 
 
 
 
 
 
Equity
$
545.9

 
$
553.8

 
$
1,114.3

 
$
1,071.2

Fixed income, including money market
66.8

 
69.1

 
138.5

 
137.9

Multi-asset
210.4

 
237.8

 
446.5

 
467.5

 
823.1

 
860.7

 
1,699.3

 
1,676.6

Subadvised and separate accounts and other investment products
 
 
 
 
 
 
 
Equity
305.6

 
255.0

 
585.1

 
491.5

Fixed income, including money market
33.9

 
39.0

 
71.9

 
76.3

Multi-asset
131.2

 
115.5

 
265.3

 
220.0

 
470.7

 
409.5

 
922.3

 
787.8

Total
$
1,293.8

 
$
1,270.2

 
$
2,621.6

 
$
2,464.4



The following table summarizes the assets under management on which we earn investment advisory fees.
 
Average during
 
Average during
 
 
 
Three months ended
 
Six months ended
 
As of
(in billions)
6/30/2020
 
6/30/2019
 
6/30/2020
 
6/30/2019
 
6/30/2020
 
12/31/2019
U.S. mutual funds
 
 
 
 
 
 
 
 
 
 
 
Equity
$
374.5

 
$
375.8

 
$
381.4

 
$
365.1

 
$
407.3

 
$
407.1

Fixed income, including money market
74.2

 
70.8

 
75.0

 
70.3

 
75.3

 
73.7

Multi-asset
179.9

 
191.9

 
185.1

 
189.0

 
188.2

 
201.9

 
628.6

 
638.5

 
641.5

 
624.4

 
670.8

 
682.7

Subadvised and separate accounts and other investment products
 
 
 
 
 
 
 
 
 
 
 
Equity
293.2

 
254.1

 
285.3

 
245.5

 
311.6

 
291.7

Fixed income, including money market
77.1

 
78.6

 
79.2

 
77.9

 
77.7

 
74.2

Multi-asset
141.3

 
128.6

 
145.4

 
124.0

 
159.9

 
158.2

 
511.6

 
461.3

 
509.9

 
447.4

 
549.2

 
524.1

Total
$
1,140.2

 
$
1,099.8

 
$
1,151.4

 
$
1,071.8

 
$
1,220.0

 
$
1,206.8



Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.2% and 6.9% of our assets under management at June 30, 2020, and December 31, 2019, respectively.