Asset Management Fees (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the sources of asset management fees on a consolidated basis.

Asset Management Fees

	Third Quarter				Nine Months
	2021		2020		2021		2020
	(in millions)
Management fees:
CLOs (1)	$	9	$	4	$	31	$	11
Opportunity funds and liquid strategies	4		1		12		5
Wind-down funds	2		6		6		21
Total management fees	15		11		49		37
Performance fees	—		—		1		—
Reimbursable fund expenses	5		6		15		23
Total asset management fees	$	20	$	17	$	65	$	60

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(1)    To the extent that the Company’s wind-down and/or opportunity funds are invested in AssuredIM managed CLOs, AssuredIM may rebate any management fees and/or performance compensation earned from the CLOs. Gross management fees from CLOs, before rebates, were $11 million, $7 million, $36 million and $24 million for Third Quarter 2021, Third Quarter 2020, Nine Months 2021 and Nine Months 2020, respectively.