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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 Sales, asset, and account expense increased 6% compared to a year ago, driven by higher direct fund expense. active fixed income mutualfunds.
RITHOLTZ: It’s mutualfunds. It’s hedge funds. And all these formally high performers are now just so big, they’re very happy collecting the management fee and the performancefee matters less. And how has this gap persisted for so many decades? There’s now been four studies.
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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