INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

12 Months Ended

Dec. 31, 2025

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory 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)	2025		2024		2023
Investment advisory fees
Equity	$	3,923.7	$	3,864.7	$	3,442.3
Fixed income, including money market	433.0		410.7		400.4
Multi-asset	1,910.6		1,814.1		1,583.4
Alternatives	335.0		310.2		283.4
Total investment advisory fees	$	6,602.3	$	6,399.7	$	5,709.5
Performance-based advisory fees	37.4		59.3		38.2
Capital allocation-based income	81.2		46.6		161.9
Administrative, distribution, services, and other fees	593.9		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 market	201.0		178.6		169.3
Multi-asset	580.7		529.0		442.3
Alternatives	54.7		50.0		45.5
Average AUM	$	1,677.3	$	1,561.9	$	1,362.3