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trillion of assets under management supporting defined benefit and defined contribution plans, PGIM serves more than half of the world's 300 largest pension funds. US funded pension risk transfer transactions of $6.3 As a market leader with nearly $0.5 This was partially offset by higher expenses to support business growth.
Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. Lastly, bitcoins purchased through excess cash from the software business are also held at MicroStrategy, the parent entity, and also collateralized our 2028 senior secured notes. billion of capital.
With nearly half a trillion dollars of assets under management supporting defined benefit and defined contribution plans, PGIM is a market leader, servicing more than half of the world's 300 largest pension funds, including over two-thirds of the largest 100 U.S. pension plans, and is the largest pension fundmanager in Japan.
They’re talking about asset management firms, in which public pension funds often have investments, supporting shareholder proposals meant to achieve social justice or climate objectives yet of dubious financial value. Nor is it supported by the empirical evidence. They could simply carry on trying to maximize returns.
Additionally, we have been allocating more cash to money market funds and fixed maturity securities to capitalize on the higher interest rate environment. Some of the areas we exited included Retail Primary Casualty, Risk-managed Architects and Engineers, and Intellectual Property Collateral Protection lines.
CRE loans were also up 1%, reflecting funding on prior-year originations for construction loans and real estate banking, as well as increased affordable housing activity. Asset and wealth management reported a net income of 1.1 Clearly, Fed funds futures are up. Finally, credit costs were 489 million. Revenue of 4.6
PGIM, our global investment manager, had lower other related revenues driven by lower incentive fees and agency income, and higher expenses. This was partially offset by higher asset managementfees, including the benefits from our acquisition of Deerpath Capital and of launching Prismic. Results of our U.S. Sure, Ryan.
PGIM, our global investment manager, had lower asset managementfees driven by rising rates and net outflows and higher expenses to support growth initiatives, while other related revenues increased primarily from higher seed and co-investment earnings. with funded positions over 110%. This included 5.7
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.
See the 10 stocks *Stock Advisor returns as of July 17, 2023 Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. In fact, virtually all of our drawdown funds we've launched in our history, have been profitable for our investors.
The sum of these positive flows combined give us the fuel to keep investing in publicly traded securities, fund acquisitions, fund growth opportunities and repurchase stock, and we keep seeming to have more money in the kitty. So the managementfee portion would be real-time, but the performance fee would be on a lag.
Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. Achieving BTC yields sets us apart from spot bitcoin ETPs and other bitcoin investment vehicles that charge a managementfee and would therefore reflect a negative BTC yield as we measure it. So we're always doing that.
Our strategy of acquiring Bitcoin in a manner we believe to be accretive to shareholders, thereby achieving Bitcoin yield, sets us apart from institutional Bitcoin investment options that charge a managementfee, and we therefore achieve a negative Bitcoin yield as we measure it.
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