Revenue Recognition

6 Months Ended

Jun. 30, 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:

	For the three months ended June 30,			For the six months ended June 30,
	2020		2019	2020		2019
	(in thousands)
Investment management fees:
Funds	$	92,977	109,007	$	195,269	214,752
Institutional		2,847	3,863		5,774	7,880
Total investment management fees	$	95,824	112,870	$	201,043	222,632
Underwriting and distribution fees:
Unaffiliated
Service and distribution fees	$	13,670	16,615	$	28,946	33,081
Sales commissions		373	493		824	935
Other revenues		91	83		226	175
Total unaffiliated distribution fees	$	14,134	17,191	$	29,996	34,191
Wealth Management
Advisory fees	$	72,534	70,220	$	149,652	135,450
Service and distribution fees		13,600	16,041		28,189	31,445
Sales commissions		15,034	20,794		35,691	40,416
Other revenues		8,331	9,249		17,048	18,238
Total wealth management distribution fees		109,499	116,304		230,580	225,549
Total distribution fees	$	123,633	133,495	$	260,576	259,740
Shareholder service fees:
Total shareholder service fees	$	20,577	23,789	$	42,148	47,192
Total revenues	$	240,034	270,154	$	503,767	529,564