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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. And there are trillions now, I think the number is around 7 trillion, in money market accounts. How do you do that?
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.
In aggregate, these three factors accounted for over 300 basis points of benefit to year-over-year margin expansion. The first one you called out I think was a performancefee you received related to the chronic care business. So, those are the factors that really went into us coming to the impairment charge that we did.
McDade -- Executive Vice President, Chief Financial Officer Greg, from an international perspective, Greg, last year, we did recognize a one-time performancefee in our McArthurGlen business with some third-party managed capital there. Because again, we have accounting, we've got lots of depreciation, you don't add that back.
The Fund, which includes the combination of the base CPP and additional CPP accounts, achieved a net return of 1.3% Since the CPP is designed to serve multiple generations of beneficiaries, evaluating the performance of CPP Investments over extended periods is more suitable than in single years. The base CPP account achieved a 1.4%
CDPQ manages the funds of 48 depositors and adapts investment strategies to meet their objectives, taking into account their different risk tolerances and investment policies. The difference with 2022 is primarily explained by the increase in external performancefees related to increased returns. for six months.
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. Turning now to the balance sheet. We finished the quarter with $142.5
But I also learned along the way that you rarely die, I mean as a company, from your P&L or from your assets, but you always die from your liabilities. Coming back to my comment, again, it’s your liability side. And I think this is where the industry should be heading. And there’s been plenty of comment there.
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 Please go ahead.
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.
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 so we are very, very focused on making our boards the center of vision and strategy and accountability. We’re looking to create a culture that is similar with regards to how we set strategy, with regards to how we create accountability on that strategy, with regards to how our boards get involved in driving that strategy.
Is that revenue largely recurring, or were there one-time delivery or performancefees lumped in there? Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. billion EBITDA expectation? I'm just trying to get a sense as to the right baseline.
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.
In CCB, we had a record number of first-time investors and acquired nearly 10 million new card accounts. Card outstandings were up 11% due to strong account acquisition and revolve growth. Can you -- based on what you're seeing in your customer base, what can you attribute the strength to in this consumer checking account deposits?
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. This is evidenced by this quarter's fee rate increase primarily reflecting the onboarding of higher fee rate private market assets following the GIP closing. Operating income of 8.1 increased 15%.
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. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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