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Successful execution of these goals should also result in multiple expansion for our shareholders. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Sales, asset, and account expense increased 6% compared to a year ago, driven by higher direct fund expense. trillion, 11.5
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. government money market funds. And we again delivered strong margin for our shareholders.
It can be even a change in regulation or in market, where suddenly volatility picks up and the interest of bondholders and shareholders are at odds. RITHOLTZ: It’s mutualfunds. It’s hedge funds. It can be a bankruptcy, but it also can be an M&A event. It can be an LBO. I’m less of a business lover.
With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders. Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March.
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.
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%.
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