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With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders. Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March.
Growing public deficits, a modernizing digital world, advancing energy independence, and the energy transition are driving the mobilization of private capital to fund critical infrastructure. In a higher rate environment, the ability to drive operational enhancements will be critical to investment performance. Operating income of 6.6
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. Successful execution of these goals should also result in multiple expansion for our shareholders. Fixed income delivered across the platform with over $60 billion of net inflows. trillion, 11.5
On an equivalent day count basis, our annualized effective fee rate was 0.2 Performancefees of 118 million increased from a year ago, primarily reflecting higher revenue from illiquid alternatives. Lower incentive compensation and distribution and servicing costs were partially offset by higher direct fund expense.
The scope to business, which we have owned since November of last year is seeing excellent performance in credit, real estate, and in the multi-strat fund. We closed on our previously announced investment in our Sculptor CLO business, a captive CLO equity fund. During the quarter, we did several transactions.
Redwood stands to earn administrative and potential performancefees. Redwood will earn ongoing fees to oversee the administration of the Joint Venture and is entitled to earn additional performancefees upon realization of specified return hurdles. At December 31, 2023, the Fund totalled C$590.8
Tonight, I will comment on our progress within our three pillars of stakeholder value creation of, one, growing the business organically, two, expanding our profitability and three, allocating capital to increase shareholder value. We have a solution to an important and growing problem facing Americans. Cash used in operations was $26.2
These deals helped us strengthen our free cash flow and enable us to self-fund our transformation. And each of these priorities has detailed plans to deliver more customer, shareholder, and employee value in '25 and beyond. I want to share more on our thinking about how we leverage our network for maximum shareholder returns.
The deal on behalf of funds managed by Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, represents Blackstone’s largest investment in the Asia Pacific region. Khuda will remain chief executive, according to the statement.
Tonight, I'll go through the headline results for the quarter and update you on our three pillars of shareholder value creation before handing it to John to speak more about financials and outlook. Turning now to our three pillars of shareholder value creation. Blackley -- Co-Founder, Chief Executive Officer, and Director Good evening.
Now, I'd like to turn the call over to Christa for her thoughts on our financial results and long-term outlook for continued shareholder value creation. In summary, our strong financial results in the quarter and year to date reflects strong operational performance driven by our Aon United strategy and our Aon Business Services platform.
I would suggest that the gauges measuring our total net investments, our underwriting and insurance earnings, our Markel Ventures earnings, and our recurring investment earnings would be the measurements that I, as your pilot and you as fellow shareholders should be monitoring. Net income to common shareholders was $2.2
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thanks, Katie, and good morning, and welcome to Blackstone's first-quarter conference call. Today's conference is being recorded. Please go ahead. billion or $0.98
She is an author and former hedge fund trader, specializing in distressed assets. Her book, “Damsel in Distressed: My Life in the Golden Age of Hedge Funds”, is really a fascinating read. It’s very witty and charming, and revealing about an industry in a way that most books on hedge funds simply are not. It can be an LBO.
Ludovic Phalippou, a professor at Oxford’s Saïd Business School, authored the report — “The Trillion Dollar Bonus of Private Capital Fund Managers” — which covers private investment strategy groups including buyout firms, venture capital, infrastructure and distressed debt. My role is to provide the best estimate of the amount.
And they also have a unique approach to feeds when they’re generating alpha, when they’re outperforming their benchmark, they take a performancefee. And when they’re not generating alpha, when they’re underperforming, they actually return fees. 00:24:31 [Speaker Changed] We refund the fee.
And all our historical backers, shareholders, they actually kept on supporting the business. The only alignment of interest is the amount of capital that any given manager or firm is putting into its fund. If you hit certain targets, certain goals, extra financial goals, then you will improve your cost of funding.
Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders. Through our iShares and indexing platforms, we've developed long-standing relationships, highly aligned shareholder relationship with global corporates.
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. This is evidenced by this quarter's fee rate increase primarily reflecting the onboarding of higher fee rate private market assets following the GIP closing. Operating income of 8.1 increased 15%.
billion was up 13% year on year, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performancefees. It doesn't enhance shareholder value. Revenue of 5.8 Expenses of 3.8 Jeremy Barnum -- Chief Financial Officer Yeah. We have looked at it.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. 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.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. 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.
We have funded our growth with our operating businesses, balance sheet, and a little bit of high-yield debt. Performance is extremely good across all of our verticals, including real estate, credit and its multi-strat fund. So you understand our thought process. Since 2021, we have deployed $5.8 I'd say that's pretty impressive.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. 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.
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