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professional liability and general liability portfolios, where we took underwriting actions to improve profitability. Favorable development in the first nine months of 2024 was most notable within our international professional liability product lines. Our premium growth was driven by select U.S. Please go ahead.
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.
The firm itself could not be in a stronger position with minimal net debt and no insurance liabilities, allowing us to distribute $4.7 Fee-related earnings increased 12% year over year to $1.2 With respect to revenues, the firm's expansive breadth of strategies lifted managementfees to a record $1.7 billion or $0.95
But I also learned along the way that you rarely die, I mean as a company, from your P&L or from your assets, but you always die from your liabilities. Coming back to my comment, again, it’s your liability side. And I think this is where the industry should be heading. And there’s been plenty of comment there.
Financial reporting As at June 30, 2023, the annualized costs incurred for CDPQ’s activities, which include internal operating expenses, external managementfees and transaction costs, were estimated at 55 cents per $100 of net average assets, compared with 48 cents as at December 31, 2022.
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
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Fourth quarter and full year performancefees of 311 million and 554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset managementfees and investment banking fees. billion was up 13% year on year, predominantly driven by growth in managementfees on higher average market levels and strong net inflows, as well as higher performancefees.
Fee earning AUM increased 6% year over year, while base managementfees rose 7% to a record $6.5 Q4 represented the 56th consecutive quarter of year-over-year growth in base managementfees at the firm. Fee related earnings were $4.3 Michael, I appreciate your color on the flagship and managementfees.
We activated the investment periods for our corporate private equity and PE energy transition flagships in the second quarter, which, along with BXPE and private wealth, were in fee holidays as of quarter end, representing $27 billion of fee AUM in aggregate. Fee-related earnings were $1.1 BXP exited its fee holiday this month.
We've achieved these results while remaining true to our capital like brand-heavy open architecture model designed to serve a multitude of insurance clients without taking on any liabilities. First, with respect to fee-related earnings. Managementfees rose 12% to a record $1.9 billion valuation. billion or $1.50
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