Net revenues earned for the three- and nine-month periods ended September 30, 2023 and 2022, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | | | | | | | | Nine months ended | | | | | | | | (in millions) | 9/30/2023 | | 9/30/2022 | | | | | | | | | 9/30/2023 | | 9/30/2022 | | | | | | | | | | | | Investment advisory fees | | | | | | | | | | | | | | | | | | | | | | | | | | Equity | $ | 885.0 | | | $ | 897.0 | | | | | | | | | | $ | 2,581.2 | | | $ | 2,924.0 | | | | | | | | | | | | | Fixed income, including money market | 100.9 | | | 107.6 | | | | | | | | | | 303.3 | | | 324.1 | | | | | | | | | | | | | Multi-asset | 405.5 | | | 367.2 | | | | | | | | | | 1,182.8 | | | 1,149.3 | | | | | | | | | | | | | Alternatives | 72.5 | | | 70.2 | | | | | | | | | | 219.2 | | | 203.4 | | | | | | | | | | | | | Total investment advisory fees | $ | 1,463.9 | | | $ | 1,442.0 | | | | | | | | | | $ | 4,286.5 | | | $ | 4,600.8 | | | | | | | | | | | | | Capital allocation-based income | 66.1 | | | 1.1 | | | | | | | | | | 121.7 | | | (80.8) | | | | | | | | | | | | | Total administrative, distribution, and servicing fees | 140.7 | | | 145.1 | | | | | | | | | | 410.3 | | | 444.2 | | | | | | | | | | | | | Net revenues | $ | 1,670.7 | | | $ | 1,588.2 | | | | | | | | | | $ | 4,818.5 | | | $ | 4,964.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Average AUM (in billions): | | | | | | | | | | | | | | | | | | | | | | | | | | Equity | $ | 725.0 | | | $ | 724.9 | | | | | | | | | | $ | 705.3 | | | $ | 793.0 | | | | | | | | | | | | | Fixed income, including money market | 169.0 | | | 173.0 | | | | | | | | | | 169.6 | | | 175.1 | | | | | | | | | | | | | Multi-asset | 453.8 | | | 406.7 | | | | | | | | | | 438.5 | | | 426.6 | | | | | | | | | | | | | Alternatives | 45.8 | | | 42.9 | | | | | | | | | | 44.8 | | | 42.4 | | | | | | | | | | | | | Average AUM | $ | 1,393.6 | | | $ | 1,347.5 | | | | | | | | | | $ | 1,358.2 | | | $ | 1,437.1 | | | | | | | | | | | | |
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