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We recently announced the exit of our public entity product line which has been a significant drag on results the past few years due to ongoing legal system abuse trends prevalent within the casualty market. So the management fee portion would be real-time, but the performancefee would be on a lag. Please go ahead.
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.
Management fees increased by $165 million, due to an increase in average assets managed by external fund managers. Performancefees decreased by $621 million driven by fewer realization events in the private equity portfolio given the low transaction activity through the year, partially offset by strong performance of 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. Was at an issue before the financial crisis, or has so much money flowed into the space that it’s become self-defeating. MIELLE: It’s a little icky.
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.
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
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