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 |
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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.
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