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I would suggest that the gauges measuring our total net investments, our underwriting and insurance earnings, our Markel Ventures earnings, and our recurring investment earnings would be the measurements that I, as your pilot and you as fellow shareholders should be monitoring. Net income to common shareholders was $2.2
Meade -- General Counsel and Chief Legal Officer Good morning, everyone. Successful execution of these goals should also result in multiple expansion for our shareholders. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Kapito, and General Counsel Christopher J.
It can be even a change in regulation or in market, where suddenly volatility picks up and the interest of bondholders and shareholders are at odds. And all these formally high performers are now just so big, they’re very happy collecting the management fee and the performancefee matters less.
Meade -- General Counsel and Chief Legal Officer Thank you, operator. Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders. Our annualized effective fee rate was flat compared to the first quarter.
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. It doesn't enhance shareholder value. Securities services revenue was 1.3 Expenses of 8.7
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