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million driven by working capital needs as we initiated reconciliations for certain loss-making performancefee contracts that have since been restructured. Note that our 2025 convertible notes due this October are now reflected as current in the accrued liabilities line. Cash used in operations was $26.2
We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Performancefees of $388 million increased significantly from a year ago, primarily reflecting strong alpha generation over the last 12 months from a hedge fund with an annual lock in the third quarter. to 1 full basis point.
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.
And I think it also helps us to create and deliver the analytics that have historically driven our reinsurance business over to the large corporate clients who have a more acute need today to understand their risk and property exposure to climate change, as well as to cyber liability exposures. So, that's on the risk capital side.
While acquisitions contributed a portion of the year-over-year growth in adjusted EBITDA, we're also benefiting from a healthy mix of higher pull-through of specialty technology and services, as well as maturation of the performance we book. The Motley Fool has no position in any of the stocks mentioned.
Five years ago, on September 30, 2019, that number stood at $18 billion. Second, through the first nine months of 2024, we earned underwriting and insurance operating income of $458 million, compared to $249 million in the first nine months of 2019. At September 30, 2019, each year Markel Group sold for $1,180.
since its inception in 2019. Given the differences in their design, the additional CPP has had a different market risk target and investment profile since its inception in 2019. As a result of these differences, we expect the performance of the additional CPP to generally differ from that of the base CPP.
billion was 8% higher year over year, driven by positive organic base fee growth and the impact of market movements on average AUM over the last 12 months. Higher performancefees and technology services revenue also contributed to revenue growth. Our annualized effective fee rate was flat compared to the first quarter.
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