Revenues

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Investment management fees
Open-end funds	$	80,294	$	80,234	$	229,721	$	262,486
Closed-end funds	14,673		15,773		44,025		48,887
Retail separate accounts	44,441		39,154		127,323		134,069
Institutional accounts	45,461		37,689		128,257		119,249
Total investment management fees	$	184,869	$	172,850	$	529,326	$	564,691