Revenues

6 Months Ended

Jun. 30, 2021

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 investment management fees by source:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Investment management fees
Open-end funds	$	96,795	$	54,018	$	185,667	$	113,126
Closed-end funds	16,395		8,557		29,335		18,736
Retail separate accounts	42,475		22,398		79,987		48,112
Institutional accounts	35,782		24,606		68,220		47,523
Structured products	1,585		417		2,844		1,991
Other products	478		554		726		1,350
Total investment management fees	$	193,510	$	110,550	$	366,779	$	230,838