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Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March. billion increased 11% year over year, driven by the impact of market appreciation over the last 12 months on average AUM and higher performancefees and technology services revenue.
On an equivalent day count basis, our annualized effective fee rate was 0.2 Performancefees of 118 million increased from a year ago, primarily reflecting higher revenue from illiquid alternatives. 1 thing they're looking for as a selected manager is proprietary differentiated dealflow.
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. BlackRock manages more than $300 billion of assets across model portfolios and separately managed accounts for wealth managers. We're bringing private markets to wealth clients.
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.
In that case, one of the largest European insurance company, if not global, and having together a different proposal, fully aligned, with some complementary sourcing to the dealflow. And I think this is where the industry should be heading. Are there some conflict of interest involved here?
And over the past few months, the slate of client mandates we've been chosen for is the most broad and diversified has been in years: across active equity and fixed income, customized liquidity accounts, private markets, and multiproduct Aladdin assignments. Our annualized effective fee rate was flat compared to the first quarter.
We expect to benefit from multiple engines of growth as these clients execute pension risk transfers, additional annuity sales, new insurance block deals, and separate accounts for sector-specific lending. There may be more capital coming to the space, but I think there'll be more dealflow as well.
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