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These capital market levers allow us to deploy intelligent leverage to increase our Bitcoin holdings in a manner which we believe has created shareholder value. Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. billion in current market value, which are held at MacroStrategy.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. The closing of GIP added $116 billion of client AUM and $70 billion of fee-paying AUM on October 1.
We further enhanced our operating profit growth from gross profit growth through operating leverage. Second, and more importantly, we're committed to operational efficiency and disciplined resource allocation, which includes thoughtful staff distribution and effective marketing expense management.
We effectively managed our discretionary spend in 2023, and we'll continue to be disciplined in focusing our resources in areas with the greatest opportunity. increased by 40 basis points year on year as we continue to drive operating leverage and profitable growth after the market shock of 2022.
PGIM, our global investment manager, had higher asset managementfees driven by favorable investment performance, contributions from the Deerpath capital acquisition, and equity market appreciation. Additionally, higher incentive and transaction fees resulted in an increase in other related revenues.
Their consistent, strong returns might make poring over their13Fs seem like a tempting way to ride their coattails without paying their steep managementfees. With some $60 billion managed by dozens of teams, Citadel’s December-quarter 13F discloses positions worth hundreds of billions of dollars in the aggregate, thanks to leverage.
PayPal and Venmo have an unmatched amount of consumer spending data they can leverage. With some firms, it's an additional assets under managementfee, but I bet it's going to be much lower than what you're paying now. In May, they announced they were creating an advertising platform, which makes a lot of sense.
And these were real bankruptcies, led by a supply-demand imbalance, too much leverage and not enough demand for the products. RITHOLTZ: It’s mutualfunds. It’s hedge funds. I don’t have a genius idea to say, you know, those endowments should invest with mutualfunds at 5 bps a fee.
Passing that milestone puts the firm in the same league as mutualfund behemoths and banking giants. Private equity firms have sought to join a special club: managing $1 trillion in assets, a milestone that would put them in the same league as mutualfund behemoths like BlackRock and Fidelity and banking giants like JPMorgan Chase.
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