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With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders. Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March.
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. trillion, 11.5
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 we again delivered strong margin for our shareholders. government money market funds. These are just a few examples.
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.
Tonight, I will comment on our progress within our three pillars of stakeholder value creation of, one, growing the business organically, two, expanding our profitability and three, allocating capital to increase shareholder value. Maybe just a little digging into sort of the accounting trend again. Cash used in operations was $26.2
Since joining the company seven weeks ago, I've been evaluating, together with the team, all aspects of our business, our strategic direction and priorities, our product offerings in terms of current performance and market potential, the outlook for our business units, and where we can drive improved performance and long-term shareholder value.
And each of these priorities has detailed plans to deliver more customer, shareholder, and employee value in '25 and beyond. I want to share more on our thinking about how we leverage our network for maximum shareholder returns. The second aspect of our plan to drive improved shareholder return is all about utilization of our assets.
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.
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. What accounts for the difference between the two in your experience working on the trading desk? It can be a bankruptcy, but it also can be an M&A event. It can be an LBO.
And they also have a unique approach to feeds when they’re generating alpha, when they’re outperforming their benchmark, they take a performancefee. And when they’re not generating alpha, when they’re underperforming, they actually return fees. 00:24:31 [Speaker Changed] We refund the fee.
And all our historical backers, shareholders, they actually kept on supporting the business. CHABRAN: The technology itself was excess of cash, interest rates are at zero, I get negative cash, negative interest on my cash account, so here’s the cash and I may opt out. CHABRAN: Yes, that’s right.
Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders. Through our iShares and indexing platforms, we've developed long-standing relationships, highly aligned shareholder relationship with global corporates.
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%.
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?
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. I am highly enthusiastic about what we will accomplish for our shareholders in 2024. Today's conference is being recorded. Please go ahead.
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