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The strong results this year have also yielded higher profit-sharing expense commensurate with performance. We feel good about our longer-term prospects here. So the managementfee portion would be real-time, but the performancefee would be on a lag. And maybe if I just try to clarify that a little bit.
And there is an additional $50 billion in prospective future development pipeline. Fee-related earnings increased 12% year over year to $1.2 per share, the highest level in six quarters and the third-best quarter in firm history, powered by double-digit growth in fee revenues, coupled with the firm's robust margin position.
Managementfees increased by $165 million, due to an increase in average assets managed by external fund managers. I told John that when we met here in Montreal last June, we talked about the prospects of a deep and prolonged global recession which will present more challenges to institutional investors.
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. The integration will nearly double our private markets managementfees to over 1.5 increased by 7%.
and our prospects are very strong. We continue to be optimistic about our prospects in the vast and underpenetrated private wealth channel, given our performance, the investment we've made in distribution, and our highly differentiated brand. Fee related earnings were $4.3 Blackstone is an extraordinary place.
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. Notwithstanding the temporary impact from these fee holidays, managementfees increased 5% year over year to a record $1.8 Fee-related earnings were $1.1
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