Revenues

9 Months Ended

Sep. 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, these fees 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
($ in thousands)
Investment management fees
Open-end funds	$	59,060	$	62,466	$	169,326	$	174,032
Closed-end funds	10,846		10,614		31,485		31,161
Retail separate accounts	22,092		19,532		60,761		53,152
Institutional accounts	25,180		24,614		71,013		56,210
Structured products	1,725		3,602		4,957		7,996
Other products	1,120		885		2,990		2,806
Total investment management fees	120,023		121,713		340,532		325,357
Distribution and service fees	10,442		13,730		31,122		39,886
Administration and shareholder service fees	15,280		16,567		44,747		48,272
Other income and fees	210		200		761		655
Total revenues	$	145,955	$	152,210	$	417,162	$	414,170