Revenues

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment management fees
Open-end funds	$	54,018	$	56,973	$	113,126	$	110,266
Closed-end funds	8,557		10,620		18,736		20,639
Retail separate accounts	22,398		20,664		48,112		38,669
Institutional accounts	24,606		23,656		47,523		45,833
Structured products	417		1,585		1,991		3,232
Other products	554		1,093		1,350		1,870
Total investment management fees	110,550		114,591		230,838		220,509
Distribution and service fees	8,889		10,617		18,349		20,680
Administration and shareholder service fees	13,289		15,054		27,942		29,467
Other income and fees	166		227		331		551
Total revenues	$	132,894	$	140,489	$	277,460	$	271,207