XML 29 R13.htm IDEA: XBRL DOCUMENT v3.25.4
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES
 12 Months Ended
Dec. 31, 2025
Information about Receivables, Revenues, and Services [Abstract]  
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.
Net revenues earned during the years ended December 31, 2025, 2024 and 2023, 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.

(in millions)202520242023
Investment advisory fees
Equity$3,923.7 $3,864.7 $3,442.3 
Fixed income, including money market433.0 410.7 400.4 
Multi-asset1,910.6 1,814.1 1,583.4 
Alternatives335.0 310.2 283.4 
Total investment advisory fees$6,602.3 $6,399.7 $5,709.5 
Performance-based advisory fees37.4 59.3 38.2 
Capital allocation-based income81.2 46.6 161.9 
Administrative, distribution, services, and other fees593.9 588.0 550.9 
Net revenues$7,314.8 $7,093.6 $6,460.5 
Average AUM (in billions):
Equity$840.9 $804.3 $705.2 
Fixed income, including money market201.0 178.6 169.3 
Multi-asset580.7 529.0 442.3 
Alternatives54.7 50.0 45.5 
Average AUM$1,677.3 $1,561.9 $1,362.3 

Total net revenues earned from sponsored investment products totaled $6,128.1 million in 2025, $5,859.8 million in 2024, and $5,327.9 million in 2023. Accounts receivable from these products aggregate to $664.2 million at December 31, 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 8.8% at December 31, 2025 and December 31, 2024 of our assets under management.