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These are called private placements, and most of the time, the shares are sold to investmentbanks or hedge funds. Hedge funds are often far riskier than investing in a mutual fund, and they are exclusively for people with at least $200,000 in income or $1 million in net worth.
But other than that, we continue to invest pretty heavily in our talent, and we would expect to do so coming in the future. I know you had highlighted difficult comp on performancefees in the quarter. Weston Bloomer -- UBS -- Analyst Great, thank you. And then, my second question is on wealth solutions' organic.
So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investmentbanks, he then joined Goldman Sachs. I joined, effectively, Deutsche Bank. We decided to try to have a go on our own. We were 28, 30 respectively.
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. And all these formally high performers are now just so big, they’re very happy collecting the management fee and the performancefee matters less.
I was actually running the InvestmentBanking Club at BYU, and you know, thought I was interested in that, interested in going to Wall Street. And that comes from having our capital invested alongside theirs, and having very strict requirements for performance before we get paid performancefees.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset management fees and investmentbankingfees. In terms of credit performance this quarter, credit costs were 2.6 Next, the commercial and investmentbank on Page 6. NIR ex-markets was up 3.1
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