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Finally, the firm intends to increase the percentage of earnings its shareholders receive from base management fees, which it says will create a predictable earnings stream for public shareholders to value, accompanied by the transfer of performancefees to its dealmakers.
AirTrunk founder and chief executive Robin Khuda will retain a stake, the statement said, without specifying the size of his remaining shareholding. The deal triggers a large performancefee for ASX-listed Macquarie Group, which manages the fund. The fee is expected to be worth hundreds of millions of dollars.
Just background, Barry, when I moved here five years ago this year in 2018, we had barely no relationships in North America. And all our historical backers, shareholders, they actually kept on supporting the business. And you know for us at TIKEHAU, it’s been an important step to open and expand here in North America.
It can be even a change in regulation or in market, where suddenly volatility picks up and the interest of bondholders and shareholders are at odds. So you retire in 2018. And all these formally high performers are now just so big, they’re very happy collecting the management fee and the performancefee matters less.
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Fourth quarter and full year performancefees of 311 million and 554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. We began raising capital in 2018, supported by an anchor commitment from an important limited partner. Today's call is being recorded. Please go ahead.
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