Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type

The table below presents detail of revenue for 2021, 2020 and 2019 and includes the product mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)	2021		2020		2019
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	2,571	$	1,737	$	1,554
ETFs		4,658		3,499		3,495
Non-ETF index		771		664		667
Equity subtotal		8,000		5,900		5,716
Fixed income:
Active		2,191		1,957		1,918
ETFs		1,201		1,119		963
Non-ETF index		471		463		405
Fixed income subtotal		3,863		3,539		3,286
Multi-asset		1,414		1,163		1,148
Alternatives:
Illiquid alternatives		668		577		488
Liquid alternatives		629		502		413
Currency and commodities⁽¹⁾		216		168		108
Alternatives subtotal		1,513		1,247		1,009
Long-term		14,790		11,849		11,159
Cash management		470		790		618
Total investment advisory, administration fees and securities lending revenue		15,260		12,639		11,777
Investment advisory performance fees:
Equity		153		91		36
Fixed income		48		35		10
Multi-asset		32		35		19
Alternatives:
Illiquid alternatives		208		83		136
Liquid alternatives		702		860		249
Alternatives subtotal		910		943		385
Total performance fees		1,143		1,104		450
Technology services revenue		1,281		1,139		974
Distribution fees:
Retrocessions		1,098		736		658
12b-1 fees (US mutual fund distribution fees)		358		337		358
Other		65		58		53
Total distribution fees		1,521		1,131		1,069
Advisory and other revenue:
Advisory		68		68		99
Other		101		124		170
Total advisory and other revenue		169		192		269
Total revenue	$	19,374	$	16,205	$	14,539

(1)	Amounts include commodity ETFs.

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

(in millions)	2021		2020		2019
By client type:
Retail	$	4,957	$	3,651	$	3,411
ETFs		6,074		4,788		4,564
Institutional:
Active		2,675		2,342		2,172
Index		1,084		1,068		1,012
Total institutional		3,759		3,410		3,184
Long-term		14,790		11,849		11,159
Cash management		470		790		618
Total	$	15,260	$	12,639	$	11,777

By investment style:
Active	$	7,455	$	5,914	$	5,510
Index and ETFs		7,335		5,935		5,649
Long-term		14,790		11,849		11,159
Cash management		470		790		618
Total	$	15,260	$	12,639	$	11,777

Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at December 31, 2021 and 2020:

December 31, 2021

(in millions)	2022			2023		2024	Thereafter		Total
Investment advisory and administration fees:
Alternatives⁽¹⁾⁽²⁾	$	161	$	147	$	86	$	77	$	471

December 31, 2020

(in millions)	2021			2022		2023	Thereafter		Total
Investment advisory and administration fees:
Alternatives⁽¹⁾⁽²⁾	$	148	$	144	$	112	$	107	$	511

(1)

Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at December 31, 2021 and 2020. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears.

(2)	The Company elected the following practical expedients and therefore does not include amounts related to (1) performance obligations with an original duration of one year or less, and (2) variable consideration related to future service periods.

Schedule of Changes in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the consolidated statements of financial condition, for the year ended December 31, 2021 and 2020:

(in millions)	2021			2020
Beginning balance	$	584		$	483
Net increase (decrease) in unrealized allocations		1,083			150
Performance fee revenue recognized		(159	)		(49	)
Ending balance	$	1,508		$	584

Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at December 31, 2021 and 2020:

December 31, 2021

(in millions)	2022					2023				2024			Thereafter				Total
Technology services revenue⁽¹⁾⁽²⁾	$	115			$	55			$	33			$	36			$	239

December 31, 2020

(in millions)	2021					2022				2023			Thereafter				Total
Technology services revenue⁽¹⁾⁽²⁾	$	118			$	58			$	33			$	22			$	231

(1)	Technology services revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed.

(2)	The Company elected the following practical expedients and therefore does not include amounts related to (1) performance obligations with an original duration of one year or less, and (2) variable consideration related to future service periods.

Schedule of Changes in Technology Services Deferred Revenue Liability

The table below presents changes in the technology services deferred revenue liability for the year ended December 31, 2021 and 2020, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)	2021			2020
Beginning balance	$	123		$	116
Additions⁽¹⁾		94			89
Revenue recognized that was included in the beginning balance		(95	)		(82	)
Ending balance	$	122		$	123

(1)	Amounts are net of revenue recognized.