RELATED PARTIES

9 Months Ended

Sep. 30, 2021

As a result of the OppenheimerFunds acquisition, MassMutual has an approximate 16.4% stake in the common stock of the company and owns all of the outstanding $4.0 billion in perpetual, non-cumulative preferred shares. Based on the level of shares owned by MassMutual and the corresponding customary minority shareholder rights, which includes representation on Invesco’s board of directors, the company considers MassMutual a related party.

Additionally, certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, “Related Party Disclosures.” Related parties include those defined in the company’s proxy statement.

Revenue for services provided to related managed funds are as follows:


	Three months ended September 30,		Nine months ended September 30,
$ in millions	2021	2020	2021	2020
Affiliated operating revenues:
Investment management fees	1,156.4	987.2	3,374.7	2,975.2
Service and distribution fees	393.3	338.9	1,139.2	1,004.8
Performance fees	—	—	5.8	3.4
Other	54.9	46.4	177.0	149.4
Total affiliated operating revenues	1,604.6	1,372.5	4,696.7	4,132.8

Receivables and Payables with Affiliated entities:

Due from affiliates, which is included within accounts receivables, unsettled fund receivables and other assets on the Condensed Consolidated Balance Sheets is $781.7 million and $612.0 million at September 30, 2021 and December 31, 2020 respectively, primarily comprised of receivables from affiliated Invesco funds, accrued income and other receivable balances from affiliates.

Due to affiliates, which is included within accounts payable, accrued compensation and unsettled fund payables on the Condensed Consolidated Balance Sheets is $330.4 million and $171.6 million at September 30, 2021 and December 31, 2020, respectively, primarily comprised of payables to affiliated Invesco funds and other payables to all related parties, which mostly include balances due to employees (i.e., deferred compensation liabilities, vacation accruals, bonus accrual, etc.) and other balances include defined benefit obligations and deferred carried interest.

Refer to Note 2, "Fair Value of Assets and Liabilities" and Note 3, "Investments" for more information on balances invested in Invesco affiliated funds.