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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. Kapito, and General Counsel Christopher J.
In private credit, tightening credit conditions resulting from a handful of bank failures and rescues in the United States have opened up opportunities for non-bank players like pensionfunds, he said. Management fees increased by $165 million, due to an increase in average assets managed by external fund managers.
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.
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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