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Blue Owl had a very active second quarter, reporting another record quarter of earnings and announcing highly strategic acquisitions that further diversify our business. Over the last 12 months, we have generated 23% fee-related earnings growth at 19% distributable earnings growth from the prior-year period.
Prismic will enhance our mutually reinforcing business system and drive future growth by leveraging our differentiated brands, global asset and liability origination capabilities, and multichannel distribution. Second is investing both organically and through programmatic acquisitions to support sustainable long-term growth of our businesses.
On October 1, we closed on our acquisition of Global Infrastructure Partners. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a public company, against a market backdrop that has been exceptionally volatile and uncertain. Managementfees were up 26%, and 92% of these managementfees are from permanent capital vehicles.
Card outstandings were up 11% due to strong account acquisition and the continued normalization of revolve. Asset and wealth management reported net income of $1.4 I think it was this week or last week on Bloomberg, you're saying bank merger should be allowed. So I mean always say, assets acquisitions. Expenses of $9.6
Adjusted full year revenue grew 5% on a back of 9% NII improvement and strong asset managementfees and sales and trading results. Outside of NII, we saw good growth in treasury service fees and wealth managementfees. 4 in mergers and acquisitions. billion before slowly moving lower over 2023.
operator, capital raising, and mergers and acquisitions activity in 2023, were at their lowest levels since before 2018, the funding environment continues to be challenged right now. We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4.
In the fourth quarter, we reported revenue of $6 billion, growing 15% over the prior year and led by 23% growth in asset managementfees. Investment banking fees were $1.7 This was led by mergers and acquisitions. 3 investment banking fee position. billion in Q4, growing 44% year over year. We've done that.
Asset and Geography Mix CPP Investments, inclusive of both the base CPP and additional CPP Investment Portfolios, is diversified across asset classes and geographies: 1 Fixed income consists of cash and cash equivalents, money market securities and government bonds, all net of financing liabilities. Our operating expense ratio was 28.6
And we have no insurance liabilities. We've always believed in extreme conservatism in managing our capital structure and the structure of our funds. As the largest manager today, Blackstone has led the adoption of alternatives, which have revolutionized the field of investment management. billion or $0.94
As we close out the fourth quarter and reflect on another successful year, our most significant milestone was our merger with Cambridge Trust. We are now six months past the merger of Eastern and Cambridge, and we remain focused on continuing to capitalize on synergies, growth opportunities, and overall financial performance.
And thinking about where the puck is going next, we have made strategically important acquisitions in markets with growing capital needs, namely alternative credit and digital infrastructure. trillion of AUM and pro forma for the acquisition of IPI, which closed on January 3rd, we now have $265 billion of AUM. billion hard cap.
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