Revenues

3 Months Ended

Mar. 31, 2020

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 additional investments, 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 March 31,
(in thousands)	2020		2019
Investment management fees
Open-end funds	$	59,108	$	53,293
Closed-end funds	10,179		10,019
Retail separate accounts	25,714		18,005
Institutional accounts	22,917		22,177
Structured products	1,574		1,647
Other products	796		777
Total investment management fees	120,288		105,918
Distribution and service fees	9,460		10,063
Administration and shareholder service fees	14,653		14,413
Other income and fees	165		324
Total revenues	$	144,566	$	130,718