Revenues

3 Months Ended

Mar. 31, 2023

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 March 31,
(in thousands)	2023		2022
Investment management fees
Open-end funds	$	71,266	$	97,377
Closed-end funds	14,678		16,940
Retail separate accounts	40,079		49,603
Institutional accounts	38,455		42,897
Total investment management fees	$	164,478	$	206,817