Related Party Transactions

12 Months Ended

Dec. 31, 2019

The Company is an investment adviser to, and has administration agreements with, affiliated funds for which certain employees are officers and/or directors.

The following table summarizes the amount of revenue the Company earned from these affiliated funds:



	Years Ended December 31,
(in thousands)	2019		2018		2017
Investment advisory and administration fees ⁽¹⁾	$	264,116	$	241,255	$	236,832
Distribution and service fees	30,048		29,090		30,747
Total	$	294,164	$	270,345	$	267,579

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(1)	Investment advisory and administration fees are reflected net of fund reimbursements of $11.1 million, $8.6 million and $8.7 million for and the years ended December 31, 2019, 2018 and 2017, respectively. Amounts for the years ended December 31, 2017 have been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, 2018.

The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Proceeds from sales	$	37,326		$	10,872		$	15,105
Gross realized gains	241			28			80
Gross realized losses	(907		)	(4,448		)	—
Dividend income	52			481			675

Included in accounts receivable at December 31, 2019 and 2018 are receivables due from Company-sponsored funds of approximately $27,725,000 and $22,560,000, respectively. Included in accounts payable at December 31, 2019 and December 31, 2018 are payables due to Company-sponsored funds of approximately $1,498,000 and $845,000, respectively.