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Some of the information we provide during today's call regarding our future expectations, plans, and prospects may constitute forward-looking statements. Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. Before we proceed, I will read the safe harbor statement.
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. Our cash and liquid assets were $4.3
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. I would highlight a couple of areas. And we had another record quarter.
We don't operate with a cross-collateralized balance sheet like depository institutions. Our prospects are accelerating. along with a pipeline of additional prospects. closing, we are highly energized about the firm's prospects. Fee-related earnings increased 12% year over year to $1.1 Europe and Asia.
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. We feel good about our longer-term prospects here.
Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. It prospects and drills. You can't put crude oil in your Boeing jet.
Some of the information we provide during today's call regarding our future expectations, plans, and prospects may constitute forward-looking statements. The Bitcoin we acquired using proceeds from our convertible notes offering in Q2 are held at MicroStrategy, the parent, and serve as collateral securing our 2028 senior secured notes.
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