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Professional Liability and General Liability portfolios. General Liability and Professional Liability product lines within our Insurance segment. Favorable development in the first quarter this year was most notable within our International Professional Liability and Marine and Energy product lines.
On top of this solid base, we're providing additional products and services in collaboration with licensed financialinstitutions, which generates high incremental margins as these revenues are recorded on a net fee basis. And at the same time, we want to work on constructive relationships with licensed financialinstitutions.
Leverage remains a key component of our active capital management strategy, which, when intelligently deployed, enables us to accrete more Bitcoin on our balance sheet at an attractive cost. Bitcoin ETPs also benefit from this, offset, of course, by the managementfees that are charged for those products. It's not the dollar.
What big financialinstitutions are counting on from the Fed. But yeah, asset managementfees are up 14%, and a lot of that's because the amount of money they manage swelled to $5.7 In this podcast, Motley Fool contributor Matt Frankel and host Ricky Mulvey discuss: Bank of America 's comeback story.
I've worked with Bridget in the past and know firsthand how her deep experience, leading large-scale technology transformations of large global financialinstitutions will benefit Wells Fargo. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
As managers of a large complex financialinstitution, we think about both the risks and the opportunities and work to be prepared for the downside while continually building our ability to serve customers and clients. Looking ahead, overall, the U.S. economy remains strong, driven by a healthy labor market and solid growth.
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.
Secondly, we had the best year we've probably ever had in treasury management as we see increases in the number of operating accounts that we are -- that we're originating and services we're providing to customers. Dave Turner -- Chief Financial Officer Yeah. The Motley Fool recommends Regions Financial.
We leverage our unique assets and capabilities to serve corporates, financialinstitutions, investors, and individuals with global needs. The majority of our deposits, $818 billion, are institutional and operational in nature and span across 90 countries. We maintained a very strong $2.4
An expansion of the CPP would transfer these risks from individual workers to the government, which is much better placed to manage them, as it can pool risks across all Canadian workers and across generations of workers. The CPP is also fully portable, making it easier to change jobs.
We don't operate with a cross-collateralized balance sheet like depository institutions. And we have no insurance liabilities. We've always believed in extreme conservatism in managing our capital structure and the structure of our funds. Fee-related earnings increased 12% year over year to $1.1 billion or $0.94
This combination not only solidifies our position as the largest commercial bank headquartered in Greater Boston and a leading financialinstitution in New England but also allows us to deliver a broader suite of offerings to our customers, greater opportunities for our colleagues, and even stronger commitment to the communities we serve.
We activated the investment periods for our corporate private equity and PE energy transition flagships in the second quarter, which, along with BXPE and private wealth, were in fee holidays as of quarter end, representing $27 billion of fee AUM in aggregate. Fee-related earnings were $1.1 BXP exited its fee holiday this month.
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