Asset Management Fees (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the sources of asset management fees and performance fees on a consolidated basis. The year ended December 31, 2019 amounts presented in this note reflect only one quarter of activity from October 1, 2019, the BlueMountain Acquisition Date, through December 31, 2019.

Asset Management Fees

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Management fees:
CLOs (1)	$	41	$	21	$	3
Opportunity funds and liquid strategies	17		8		2
Wind-down funds	7		25		13
Total management fees	65		54		18
Performance fees	1		—		4
Reimbursable fund expenses	22		35		—
Total asset management fees	$	88	$	89	$	22

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(1)    To the extent that the Company’s wind-down and/or opportunity funds are invested in AssuredIM managed CLOs, AssuredIM may rebate any management fees and/or performance fees earned from the CLOs. Gross management fees from CLOs, before rebates, were $47 million in 2021, $40 million in 2020 and $11 million in 2019.