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On an equivalent day count basis, our annualized effective fee rate was 0.2 Performancefees of 118 million increased from a year ago, primarily reflecting higher revenue from illiquid alternatives. We grew technology services revenues and ACV as clients leveraged Aladdin to support their investment processes.
And there is an additional $50 billion in prospective future development pipeline. And now we've transitioned to addressing the sector's growing power needs, leveraging our sizable energy infrastructure platform, which includes the largest private renewables developer in North America. The first quarter was flat with last year.
Second, our ability to drive earnings expansion given the operating leverage and margin maturation inherent in our business. I would note, we spent time at the Investor Day focused on performancefee margin ramp, and that margin maturation is continuing to perform as expected. on a trailing 12-month basis compared to 3.9
And one of the things you'll see is the leverage of the overall platform. Very excited for the prospects of that business. And how are you feeling about the leverage in the MSR portfolio, do you feel like your capital allocation could maybe shift if rates drop sharply at either end of the yield curve going forward?
Sean Klimczak, global head of Blackstone Infrastructure and Nadeem Meghji, global co-head of Blackstone Real Estate, said: “Prior to AirTrunk, Blackstone’s portfolio consisted of US$55bn (€49.8bn) of data centres including facilities under construction, along with over US$70bn in prospective pipeline development.”
Using this technology to streamline the workflow of our expert clinical teams, we believe will enable them to work at the top of their license, deliver incremental value to our members and absorb our growth, which in turn should drive meaningful operating leverage for Evolent. Looking ahead, our capital priorities remain the same.
In response to client demand and the opportunity, we're evolving to an organization that drives efficiency, operating leverage, and margin expansion to one that's also increasingly driving improved client service delivery and accelerating innovation at scale. I know you had highlighted difficult comp on performancefees in the quarter.
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.
Although cash remains an attractive safe haven with the prospect of fewer rate cuts for 2024, the nearly 30% increase in equities over the last year continues to propel clients toward rerisking into stocks and bonds. Clients choose BlackRock for performance. This was mainly due to the relative outperformance of lower fee U.S.
I know I speak for the entire BlackRock board of directors, BlackRock's leadership team, and all of our employees when I say we could not be more excited about the prospects of the BlackRock family with our colleagues from GIP. Looking forward, we're prioritizing investments to propel our differentiated organic growth and operating leverage.
How much is the prospective market size, as well as how robust local economy is? So it used to be within private markets that you would find a good business, apply quite a bit of leverage to it, at least in the private equity business, and be able to make a pretty good return by buying good solid businesses as they are. LAYTON: Yeah.
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. This is evidenced by this quarter's fee rate increase primarily reflecting the onboarding of higher fee rate private market assets following the GIP closing. Operating income of 8.1 increased 15%.
and our prospects are very strong. BXPE will leverage the firm's full breadth of investment capabilities in private equity, including buyout, secondaries, tactical opportunities, life sciences growth, and other opportunistic strategies. So how is it possible to generate positive comp ratio leverage when revenues are down.
Performance is the No. 1 thing that matters and obviously, in the asset management business, we lead with performance. So again, really, really excited with the prospects of Sculptor and the overall team. Michael, as the third quarter went through, I believe we typically get some annual performancefees that hit in Q4.
Our positioning has never been stronger nor our prospects brighter. economy, historically tight financing spreads, greater debt availability, the prospects of a more business-friendly regulatory climate and importantly, accelerating technological innovations have given us confidence to deploy capital at scale. I will catch it.
Our portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development. And we think operating leverage over the long term. And then longer term, that sort of picture of stability and over time of operating leverage.
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