Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition

Revenue Recognition

3. Revenue Recognition

All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers. The vast majority of revenue is determined based on average assets and is earned daily or monthly or is transactional and is earned on the trade date. As such, revenue from remaining performance obligations is not significant.  The following table depicts the disaggregation of revenue by product and distribution channel:

		Three months ended March 31, 2020	Three months ended March 31, 2019
		(in thousands)
Investment management fees:
Funds	$	102,293	105,745
Institutional		2,926	4,017
Total investment management fees	$	105,219	109,762
Underwriting and distribution fees:
Unaffiliated
Rule 12b-1 service and distribution fees	$	15,276	16,465
Sales commissions on front-end load mutual fund and variable annuity sales		451	443
Other revenues		135	92
Total unaffiliated distribution fees	$	15,862	17,000
Wealth Management
Fee-based asset allocation product revenues	$	77,118	65,230
Rule 12b-1 service and distribution fees		14,589	15,405
Sales commissions on front-end load mutual fund and variable annuity sales		11,958	12,015
Sales commissions on other products		8,699	7,606
Other revenues		8,717	8,989
Total wealth management distribution fees		121,081	109,245
Total distribution fees	$	136,943	126,245
Shareholder service fees:
Total shareholder service fees	$	21,571	23,403
Total revenues	$	263,733	259,410