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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES
 9 Months Ended
Sep. 30, 2025
Information about Receivables, Revenues, and Services [Abstract]  
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.
Net revenues earned in the three- and nine-month periods ended September 30, 2025 and 2024, are included in the table below along with details of investment advisory revenues by underlying asset class. We also included average assets under management by asset class, on which we earn investment advisory fees.

Three months endedNine months ended
(in millions)9/30/20259/30/20249/30/20259/30/2024
Investment advisory fees
  Equity$1,011.8 $978.5 $2,894.6 $2,858.5 
  Fixed income, including money market110.1 104.1 319.2 304.5 
  Multi-asset492.1 465.8 1,402.7 1,340.3 
  Alternatives84.7 78.9 248.2 229.2 
Total investment advisory fees$1,698.7 $1,627.3 $4,864.7 $4,732.5 
Performance-based advisory fees6.4 5.6 23.2 40.0 
Capital allocation-based income (loss)42.0 4.6 40.4 51.8 
Administrative, distribution, services, and other fees146.4 148.1 452.4 444.8 
Net revenues$1,893.5 $1,785.6 $5,380.7 $5,269.1 
Average AUM (in billions):
  Equity$865.8 $813.1 $825.7 $791.4 
  Fixed income, including money market203.8 183.3 197.8 175.9 
  Multi-asset597.7 542.3 566.8 519.9 
  Alternatives55.7 50.8 54.1 49.0 
Average AUM$1,723.0 $1,589.5 $1,644.4 $1,536.2 

Total net revenues earned from sponsored investment products totaled $1,594.2 million and $1,486.5 million for the three months ended September 30, 2025 and 2024, respectively. Total net revenues earned during the nine months ended September 30, 2025 and 2024 aggregate $4,500.7 million and $4,359.5 million, respectively. Accounts receivable from these products totaled $628.2 million at September 30, 2025 and $602.0 million at December 31, 2024.

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.7% at September 30, 2025, 8.7% at June 30, 2025, and 8.8% at December 31, 2024 of our assets under management.