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professional liability and general liability portfolios, where we took underwriting actions to improve profitability. Favorable development in the first nine months of 2024 was most notable within our international professional liability product lines. Our premium growth was driven by select U.S.
Meade -- General Counsel and Chief Legal Officer Good morning, everyone. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Across asset classes, investment performance remains strong over the long run. Kapito, and General Counsel Christopher J. Christopher J.
Asset and Geography Mix CPP Investments, inclusive of both the base CPP and additional CPP Investment Portfolios, is diversified across asset classes and geographies: 1 Fixed income consists of cash and cash equivalents, money market securities and government bonds, all net of financing liabilities. Our operating expense ratio was 28.6
Meade -- General Counsel and Chief Legal Officer Thank you, operator. billion was 8% higher year over year, driven by positive organic base fee growth and the impact of market movements on average AUM over the last 12 months. Higher performancefees and technology services revenue also contributed to revenue growth.
billion, up 10% year on year, driven by fee growth on higher client activity and market levels, as well as higher deposit balances. billion were up 7% year on year, predominantly driven by higher brokerage, technology, and legal expense. Securities services revenue was 1.3 Expenses of 8.7 Revenue of 5.8 Expenses of 3.8
Meade -- General Counsel and Chief Legal Officer Good morning, everyone. billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Fourth-quarter and full-year performancefees of 451 million and 1.2 Operator instructions] Thank you. Christopher J.
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