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We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a public company, against a market backdrop that has been exceptionally volatile and uncertain. We intend to launch a strategy focused on triple net lease in Europe, driven by dealflow we already see today.
Notwithstanding the temporary impact from these fee holidays, managementfees in the third quarter increased 8% year over year to a record $1.8 Fee-related earnings were $1.2 per share, up 5% year over year, underpinned by the growth in managementfees. Our GP Stakes platform appreciated 12.6%
Fee-related earnings increased 12% year over year to $1.2 per share, the highest level in six quarters and the third-best quarter in firm history, powered by double-digit growth in fee revenues, coupled with the firm's robust margin position. billion or $0.95 It's a very broad platform and it enables us to deploy a lot.
Given Canadas economic challenges, including demographic shifts and miserable productivity, the stakes are high for millions of Canadians. This trend was even more pronounced among funds managing over $50-billion, with Canadian pensions handling 80 per cent of assets in-house versus 34 per cent for their global peers.
Asset and wealth management reported net income of 925 million with pre-tax margin of 28%. billion was up 2% year on year driven by higher managementfees on strong net inflows and higher average market levels, predominantly offset by lower NII. And then to complete our lines of business, AWM on Page 8. Revenue of 4.7
In that case, one of the largest European insurance company, if not global, and having together a different proposal, fully aligned, with some complementary sourcing to the dealflow. And so at times it’s effectively when the essential is at stake that people can react constructively.
Over the last 12 months, we have grown managementfees by 26%, fee-related earnings by 27%, and distributable earnings by 22%, all compared to the prior-year period. Similarly, Atalaya and our credit teams have been active in sourcing investment-grade flow. Collectively, our partner managers now manage over $2.1
billion take-private of Tricon Residential, a partnership with Digital Realty to develop $7 billion of data centers and a joint venture with the FDIC to acquire a 20% stake in a $17 billion first mortgage portfolio from the former Signature Bank. Fee earning AUM increased 6% year over year, while base managementfees rose 7% to a record $6.5
And as BIP has continued to scale, it has in turn enhanced the firm's intellectual capital, relationships, and dealflow, supporting our growth in other areas, including our $90 billion infrastructure and asset-based credit platform, our infrastructure Secondaries business and our dedicated energy and energy transition focused funds.
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