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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.
PGIM, our global investment manager had higher asset managementfees, driven by favorable investment performance, contributions from the Deerpath Capital acquisition and market appreciation. Turning to the operating results from our businesses compared to the year ago quarter.
For example, despite its clear mandate to earn the best financial return on the assets it manages, the Canada Pension Plan Investment Board (CPPIB) is firmly committed to leveraging those assets to pursue collateral objectives instead. Nor is it supported by the empirical evidence. They could simply carry on trying to maximize returns.
PGIM, our global investment manager, had higher asset managementfees driven by favorable investment performance, contributions from the Deerpath capital acquisition, and equity market appreciation. Additionally, higher incentive and transaction fees resulted in an increase in other related revenues.
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.
Some of the areas we exited included Retail Primary Casualty, Risk-managed Architects and Engineers, and Intellectual Property Collateral Protection lines. 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.
Asset and wealth management reported a net income of 1.1 billion was up 8% year on year, driven by higher deposit margins on lower balances and higher managementfees on strong net inflows. billion, with pre-tax margin of 32%. Revenue of 4.6 Expenses of 3.2 You know, more of it than some people feared has come out of RRP.
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. What mechanisms do you put in place to reduce recapture risk?
In 2024, the combined ratio benefited from more favorable development on prior accident year loss reserves compared to 2023, the impact of which was mostly offset by higher attritional losses including those on our intellectual property collateral protection insurance or CPI product line. Andrew Andersen -- Jefferies -- Analyst Thanks.
We don't operate with a cross-collateralized balance sheet like depository institutions. The earning AUM rose 7% year over year to $731 billion, driving managementfees up 9% to a record $1.7 Notably, the second quarter marked the 54th consecutive quarter of year-over-year growth in base managementfees at Blackstone.
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.
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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