Revenues

9 Months Ended

Sep. 30, 2022

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 these 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.

    Investment Management Fees by Source    

The following table summarizes investment management fees by source:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Investment management fees
Open-end funds	$	80,234	$	99,711	$	262,486	$	286,104
Closed-end funds	15,773		17,116		48,887		46,451
Retail separate accounts	39,154		46,625		134,069		126,612
Institutional accounts	37,689		37,681		119,249		108,745
Total investment management fees	$	172,850	$	201,133	$	564,691	$	567,912