Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Management fees

The Company’s management fees are a function of the fee rates the Affiliates charge to their clients, which are typically expressed in basis points, and the levels of the Company’s assets under management. The most significant driver of increases or decreases in this average fee rate is changes in the mix of the Company’s assets under management caused by net inflows or outflows in certain asset classes or disproportionate market movements.

Performance fees

The Company’s products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate. Performance fees are recorded in revenues when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods.

Other revenue

Included in other revenue are certain payroll and benefits costs and expenses paid on behalf of Funds by the Company’s Affiliates. In instances where a customer reimburses the Company for a cost paid on the customer’s behalf, the Company is acting as a principal and the reimbursement is accrued on a gross basis at cost as the corresponding reimbursable expenses are incurred. There was no revenue from expense reimbursements for the three and nine months ended September 30, 2022. Revenue from expense reimbursements amounted to $0.7 million for the three months ended September 30, 2021. Revenue from expense reimbursements amounted to $2.9 million for the nine months ended September 30, 2021. Revenue is recorded in other revenue in the Company’s Condensed Consolidated Statements of Operations. Other revenue may also consist of other miscellaneous revenue, consisting primarily of administration and consulting services.

Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue for the three and nine months ended September 30 (in millions) are presented below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Quant & Solutions
U.S.	$	64.9	$	80.3	$	213.1	$	234.7
Non-U.S.	20.8		27.7		68.3		78.2
Other(1)
U.S.	—		2.4		—		10.2
Non-U.S.	—		1.0		—		3.7
Management fee revenue	$	85.7	$	111.4	$	281.4	$	326.8

(1)The Company’s previously divested Affiliates, Campbell Global and ICM, are included within the Other category for the three and nine months ended September 30, 2021.