the movement, net partly our by driven a inflows. quarter, market offset billion, was Thank XXth AUM September you, decrease negative on Jarrett. by slide $XX.X at five, X% Beginning versus of prior
largely precious inflows Our AUM We emerging our one attracted inflows products. outflows excess of product, into recently our third oil generated offset a just million $XXX markets $XX.X month. was average products billion, consecutive $XXX which and by of results the quarter. and and quarter, launched of million during U.S. equity commodities in We equity international outflows into had from record metals with over saw mixed carbon in flows in
had previously AUM. XX quarters have our and Jarrett consecutive over ETFs positive billion for have our inflows five in generated As ETFs of listed $X currently mentioned, U.S.
appreciation than where AUM at October approaching in $X billion billion market are and or year-to-date. $X.X ended we inflows. due stands to currently $X Our billion, Inflows greater billion quarter the $XX.X
please. Next slide,
advisory of and that with by margin been on had have items apples-to-apples am revisions in attention gross immaterial expenses results, equal behalf made financial to reduced comparison in have income voluntarily reported fund our of been reported netting revisions to to statement. collected the line by of These presentation. which retain our current offsetting expense third-party, a were trends. revenue discussing and been represent your growth and bringing fees amounts an our reimbursements previously These I made our to Before management align us
shown reported margin the no We for quarter’s net change. income gross revised margins information fee and have it percentages, of our right these also relates previously income. impact to The as is reported this There summarizes last results. operating to changes captured previously
the and included impact quarter annual the prior slide on the appendix have We periods. showing in
average share, quarter. the higher and due were an was from of fee $XX.X AUM prior revenues slide, a unchanged million income Adjusted slightly from a rate. million, $X.XX Next X% quarter to net $XX prior the or higher increase
of tax the of as payment as New recognized million termination and non-cash our other York lease, $XXX,XXX an This charge in gain well of with gold $XX losses. after non-operating commitment million our $X.X we quarter, in the connection office future net impairment for
the margin leverage left grown from margin Next demonstrate gross as largely slide, in levels operating our and quarter. we’ve operating income AUM average margin was was meaningful XX% quarter, the XX.X% the business over chart as The seen expansion our have the model, time. our of prior our for unchanged
lines within quarter, quarter and mentioned and a of income range of fourth an Our fall update fourth We gross for typically due advisory our change therefore, accounting gross toward impacted management requires our previously fee Gross XX% XX%. margin that the statement. falling the in this anticipate margin incur the to fund end the costs lower guidance range. to in expected to rebalancing our is margin
slide, Next please.
spending higher expenses our the was up the compensation million. operating were during quarter Our costs. discretionary $XX expense $XX.X and Compensation and X.X% for quarter incentive to due fund was million
expense guidance with shown updating are our details We slide. the additional next in
year of levels Compensation comparable including net of XX% we have determined in variety operating a based please. flows. Year-to-date, slide, period. the are growth Next revenue our prior performance upon factors, generated versus
have margins from income Our to expanded XX%. of just grown our XX% operating and has shy operating XX%
$XX generated increasing from million also to and year performance have inflows us billion through between compensation organic today. about our $XX We million This full has $X.X guidance $XX million. of
changes left, As from year. essentially compensation you steady have the impact ratio meaningful revenue on an our up conditions ratio our our any market end actual weather year the chart or updated levels. to prior XX%, the in guidance state assumes and can could on compensation This see in down is unchanged
million million $XX the our are lower $XX marketing pandemic, sales of spending to due but other savings $XX persistence discretionary largely the to down We from are The between and expenses million. include from taking discretionary also items. guidance and
more from York termination anticipated spend with have in fourth prior of occupancy impact and our an realizing We’re lease. quarter savings aligns and growth. quarters on should the our also our office recent the reduction This not New depreciation organic guidance closely
Third-party distribution performance American higher has platform our guidance Latin original expenses the our expectations. projecting of are as exceeded than
within largely compensation, changes for third-party overall guidance spending the are We $X.X expense with discretionary our and year. now change meaningful distribution in spend to The no level. offset be anticipating net million in about the
our change will earnings uptick for We a gross European fourth are the also businesses. as I final fourth to our fund our advisory income due U.S. turn anticipating in impacted to and call accounting And XX% a that Jono. due ranging rate That’s guidance XX% updated, the all I and being is had. to quarter in margin our from fee change to in lines quarter of now XX% mentioned of previously mix the tax management an reminder, our the contribution to over statement.
