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iShares is leading the industry in global flows with approximately $250 billion through the third quarter and historically sees upwards of 40% of its total annual flows in Q4. iShares' fixed-income ETF assets now stand at over $1 trillion, nearly 40% higher than at year-end 2021. And Aladdin. Third quarter revenue of $5.2
Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is also reported on a per share basis.
Two additional key performance indicators that management will be discussing on this call are net asset value or NAV and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is reported on a per share basis. We've also continued to produce attractive returns on our assetmanagement business.
We also stated our belief that an easing of the cost of capital would be very positive for Blackstone's asset values and would be a catalyst for transaction activity, including deployment and ultimately, realizations, which in turn fuel fundraising. The alternative industry still represents a small portion of investable assets globally.
In the first quarter, our funds reported steady appreciation overall, highlighted by strength in infrastructure, credit, and our multi-asset investing platform, BXMA. Our long-term capital provides the flexibility and firepower to invest while affording us the patience to sell assets when the time is right.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a public company, against a market backdrop that has been exceptionally volatile and uncertain. This phenomenon has been consistent across asset classes. Thank you, Ann. And DE is up 25%.
In banking and wealth management, revenue was up 6% year on year, reflecting higher NII on higher rates, largely offset by lower deposits with average balances down 8% year on year. Client investment assets were up 25%, driven by market performance and strong net inflows. In fact, it's been a record year for retail net new money.
That type of rate volatility makes it exceedingly difficult for buyers and sellers of commercial real estate to establish pricing, determine their cost of capital, and compute an IRR on the sale or acquisition of an asset. And as a result, investment management revenues were down quarter over quarter.
Canadas largest public pension funds, commonly referred to as the Maple Eight, collectively manage approximately $2-trillion in assets, reflecting the winning formula of independent governance, scale, geographical diversification, and top-tier investment and managerial talent. One problem this money is not theirs.
Mathieu Chabran is the co-founder of TIKEHAU Capital, a Paris-based alternative assetmanager. They run over $40 billion worth of assets. I don’t know how relevant that is to assetmanagement, but let’s talk a little bit about you were doing before you were being lauded by the French president.
Today, we are announcing two transformational changes in anticipation of the evolution we see ahead for the assetmanagement industry and for the entire global capital markets. We've spoken throughout the year about what conditions we'd expect to bring investors out of cash and into risk assets.
Over the last 12 months, we have grown managementfees by 26%, fee-related earnings by 27%, and distributable earnings by 22%, all compared to the prior-year period. One, we have extremely high levels of permanent capital, meaning few assets leave the system. For many of our products, there is zero redemption.
In my opinion, this would be a good thing, it should be publicly available on their website, everyone should know detailed breakdown by asset class in every country all over the world. AIMCo managesassets for 17 pension funds and organizations, a more complex job than overseeing one single pool of capital.
We were the first alternative manager to surpass $1 trillion of assets under management. public company by market cap, exceeding the market value of all other assetmanagers. More than 12,000 real estate assets and one of the largest credit businesses in the world. Fee related earnings were $4.3
And for the past 20 years, we have added $125 billion of servicing and $17 billion of assets under management to generate large sums of recurring revenue flow that allow us to continue investing in our people, brand, and technology throughout cycles. There simply hasn't been demand for their capital in such a dislocated market.
The Raymond James platform manages $1.6 trillion in total assets and advises on a whole lot more. When it comes to any assetmanagement business, Barry, two things important. And the stream I picked was I do the capital raising to, that enables the assetmanagement industry engine to turn.
trillion of AUM today, the largest alternative assetmanager in the world and why I believe we will continue to achieve strong growth in the future. This network effect sets Blackstone apart in the assetmanagement area, underpins the strength of our brand, acts as an accelerant for the firm's overall growth.
This should be very positive for Blackstone's asset values and provide the foundation for a significant realization cycle over time. This data also alerts us to major paradigm shifts, which is essential for any top-performing assetmanager. As the largest alternatives firm in the world with nearly $1.1 How did we do it?
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