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As an operating business, we are able to use cash flows, as well as proceeds from equity and debt financing, to accumulate bitcoin, which serves as our primary treasury reserve asset. Debt financing. Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. Equity issuances.
PGIM, our global investment manager had higher asset managementfees, driven by favorable investment performance, contributions from the Deerpath Capital acquisition and market appreciation. It's looking at opportunities for flow or new sales financing, as well as third-party blocks.
By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate bitcoin and advocate for its role as digital capital. One, debt financing. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. So what does this mean?
As a 27-year veteran of Prudential, Yanela is a seasoned executive who brings a deep understanding of our business and industry as well as significant finance, operations, and leadership experience. PGIM, our global investment manager, had lower other related revenues driven by lower incentive fees and agency income, and higher expenses.
Some of the areas we exited included Retail Primary Casualty, Risk-managed Architects and Engineers, and Intellectual Property Collateral Protection lines. Finance if you want to go the bargain route. And then the last point to build off Tom's comment is that idea of the performance managementfees are just that.
Asset and wealth management reported net income of $1.4 billion was up 9% year on year, driven by growth and managementfees on higher average market levels and strong net inflows, investment valuation gains, compared to losses in the prior year, and higher brokerage activity, partially offset by deposit margin compression.
We don't operate with a cross-collateralized balance sheet like depository institutions. Traditional financing providers are cautious, while at the same time, both LP demand and borrower need for credit solutions are accelerating. In the $40 trillion insurance channel, we manage $174 billion today. billion or $0.94
As an operating business, we're able to use cash flows, as well as proceeds from equity and debt financings to accumulate Bitcoin, which serves as our primary treasury reserve asset. billion in equity in a manner that we believe to be accretive to existing shareholders; and debt financing, we had $3.8 in Q1, and 3.7%
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