Revenue

3 Months Ended

Jan. 31, 2020

Revenue [ Abstract]

Revenue

10. Revenue

The following table disaggregates total revenue by source:

		Three Months Ended
		January 31,
(in thousands)		2020		2019
Management fees:
Sponsored funds	$	266,290	$	242,666
Separate accounts		128,511		108,084
Total management fees		394,801		350,750
Distribution and underwriter fees:
Distribution fees		15,064		19,045
Underwriter commissions		6,514		4,045
Total distribution and underwriter fees		21,578		23,090
Service fees		33,939		29,360
Other revenue		2,236		3,216
Total revenue	$	452,554	$	406,416

The following table disaggregates total management fee revenue by investment mandate reporting category:

		Three Months Ended
		January 31,
(in thousands)		2020		2019
Equity	$	195,754	$	163,897
Fixed income(1)		65,503		58,007
Floating-rate income		43,060		53,678
Alternative		13,735		16,173
Parametric custom portfolios(1)		64,982		48,907
Parametric overlay services(2)		11,767		10,088
Total management fees	$	394,801	$	350,750

⁽¹⁾ The Company revised its investment mandate reporting categories to classify benchmark-based fixed income separate accounts (formerly classified as fixed income) as Parametric custom portfolios (formerly “portfolio implementation”), which now consists of equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature. Management fees totaling $9.0 million have been reclassified from fixed income to Parametric custom portfolios for the three months ended January 31, 2019. The reclassification does not affect the amount of total management fees in the prior period.⁽²⁾  In the first quarter of fiscal 2020, this investment mandate reporting category was renamed Parametric overlay services (formerly “exposure management”). The name change does not affect the amount of management fees for the category in the prior period.Management fees and other receivables reported on the Company’s Consolidated Balance Sheet include $232.7 million and $231.3 million of receivables from contracts with customers at January 31, 2020 and October 31, 2019, respectively. Deferred revenue reported in other liabilities on the Company’s Consolidated Balance Sheet was $4.9 million and $6.3 million at January 31, 2020 and October 31, 2019,respectively. The entire deferred revenue balance at the end of any given reporting period is expected to be recognized as management fee revenue in the subsequent quarter.