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Nonoperating results for the quarter included $108 million of net investment gains, driven primarily by gains linked to a minority investment and unhedged seed capitalinvestments. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Earnings per share of $11.46
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.
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.
Asset and Geography Mix CPP Investments, inclusive of both the base CPP and additional CPP Investment Portfolios, is diversified across asset classes and geographies: 1 Fixed income consists of cash and cash equivalents, money market securities and government bonds, all net of financing liabilities. bps observed in fiscal 2022.
We had a group that was doing small growth capitalinvestments in Germany and Switzerland at that time, a fund doing secondaries. And that comes from having our capitalinvested alongside theirs, and having very strict requirements for performance before we get paid performancefees.
We're closely monitoring customer demand signals, and we'll continue to make important capitalinvestments in key major metros to capture this traffic growth. Is that revenue largely recurring, or were there one-time delivery or performancefees lumped in there? I'm just trying to get a sense as to the right baseline.
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.
We've achieved these results while remaining true to our capital like brand-heavy open architecture model designed to serve a multitude of insurance clients without taking on any liabilities. How much more capitalinvestment do you guys see needed across the industry? billion valuation. Jonathan D.
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