Revenue

12 Months Ended

Oct. 31, 2020

Revenue [ Abstract]

Revenue

12. Revenue

The following table disaggregates total revenue by source for the years ended October 31, 2020, 2019 and 2018:

(in thousands)		2020		2019		2018
Management fees:
Sponsored funds	$	1,012,608	$	999,256	$	1,015,263
Separate accounts		501,780		464,687		443,923
Total management fees		1,514,388		1,463,943		1,459,186
Distribution and underwriter fees:
Distribution fees		57,567		63,888		77,402
Underwriter commissions		19,489		21,724		19,969
Total distribution and underwriter fees		77,056		85,612		97,371
Service fees		131,724		123,073		122,231
Other revenue		7,197		10,624		13,634
Total revenue	$	1,730,365	$	1,683,252	$	1,692,422

The following table disaggregates total management fee revenue by investment mandate reporting category for the years ended October 31, 2020, 2019 and 2018:

(in thousands)		2020		2019		2018
Equity	$	742,491	$	699,726	$	700,194
Fixed income(1)		265,263		244,564		229,115
Floating-rate income		151,928		197,695		211,075
Alternative		51,045		59,290		85,096
Parametric custom portfolios(1)		257,125		220,032		189,678
Parametric overlay services(2)		46,536		42,636		44,028
Total management fees	$	1,514,388	$	1,463,943	$	1,459,186

⁽¹⁾ In the first quarter of fiscal 2020, the Company revised its investment mandate reporting categories to classify benchmark-based fixed income separate accounts (formerly classified as fixed income) as Parametric custom portfolios (formerly “portfolio implementation”), which now includes equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature. Management fees totaling $40.8 million and $30.3 million have been reclassified from fixed income to Parametric custom portfolios for the fiscal years ended October 31, 2019 and 2018, respectively. These reclassifications do not affect the amount of total management fees in the prior period.⁽²⁾ In the first quarter of fiscal 2020, this investment mandate was renamed Parametric overlay services (formerly “exposure management”). The name change does not affect the amount of management fees for the category in the prior period.Management fees and other receivables reported in the Company’s Consolidated Balance Sheet include $245.8 million and $231.3 million of receivables from contracts with customers at October 31, 2020 and 2019, respectively. Deferred revenue reported in other liabilities on the Company’s Consolidated Balance Sheet was $6.4 million and $6.3 million at October 31, 2020 and 2019, respectively. The entire deferredrevenue balance at the end of any given reporting period is expected to be recognized as management fee revenue in the immediate subsequent quarter.