Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to customers. Investment management fees, distribution and service fees and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which investment management, distribution and service and administration and shareholder service fees are calculated are variable in nature and subject to factors outside of the Company's control such as deposits, withdrawals and market performance. Because of this, they are considered constrained until the end of the contractual measurement period (monthly or quarterly) which is when asset values are generally determinable.

Revenue Disaggregated by Source

The following table summarizes revenue by source:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
($ in thousands)
Investment management fees
Open-end funds	$	56,973	$	57,192	$	110,266	$	111,566
Closed-end funds	10,620		10,168		20,639		20,547
Retail separate accounts	20,664		17,091		38,669		33,620
Institutional accounts	23,656		15,778		45,833		31,596
Structured products	1,585		2,068		3,232		4,394
Other products	1,093		871		1,870		1,921
Total investment management fees	114,591		103,168		220,509		203,644
Distribution and service fees	10,617		13,549		20,680		26,156
Administration and shareholder service fees	15,054		15,967		29,467		31,705
Other income and fees	227		248		551		455
Total revenues	$	140,489	$	132,932	$	271,207	$	261,960