Revenues

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Investment management fees
Open-end funds	$	99,278	$	63,458	$	284,945	$	176,584
Closed-end funds	17,116		8,959		46,451		27,695
Retail separate accounts	46,625		26,412		126,612		74,524
Institutional accounts	36,728		29,048		104,948		76,571
Structured products	953		1,297		3,797		3,288
Other products	433		611		1,159		1,961
Total investment management fees	$	201,133	$	129,785	$	567,912	$	360,623