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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.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thanks, Katie, and good morning, and welcome to Blackstone's first-quarter conference call. Today's conference is being recorded. Please go ahead.
Redwood stands to earn administrative and potential performancefees. Redwood will earn ongoing fees to oversee the administration of the Joint Venture and is entitled to earn additional performancefees upon realization of specified return hurdles.
And all our historical backers, shareholders, they actually kept on supporting the business. And whilst we were dealing with the same counterparty, the same pensionfund, some of their constituents, some of the underlying boards, disagree on the approach to take there. CHABRAN: Yes, that’s right.
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.
Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders. Through our iShares and indexing platforms, we've developed long-standing relationships, highly aligned shareholder relationship with global corporates.
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%.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund.
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