Revenues
Investment Management Fees by Source
The following table summarizes investment management fees by source:
Years Ended December 31,
(in thousands)202520242023
Investment management fees
Open-end funds$286,610 $317,990 $305,238 
Closed-end funds61,305 59,184 58,136 
Retail separate accounts209,538 209,467 171,357 
Institutional accounts167,586 187,189 176,744 
Total investment management fees$725,039 $773,830 $711,475 
No Company clients or sponsored funds provided 10 percent or more of the Company's investment management, administration and shareholder service fee revenues in the preceding three years.
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About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.