results Good management everyone. on billion morning, our $XXX.X under June XX. assets management, at The Starting George. performance. $XX.X assets at net X and $XXX.X were $X.X Average billion from you, March Thank assets XX% billion depreciation the XX% billion, market largely sequential of under down XX, under of change reflected $XXX.X market in outflows. down billion, were due quarter to Slide management
type continue Our and client diversified geography diversification class. management And growth we by remain with to assets product under asset in non-U.S. see by well
of well institutional as reflecting AUM percentage sales multiple X is affiliates Over increased Harbor by the and to June the XX% Stone across client as non-U.S. addition year, points at increased past XX. non-US geographies. Largely
rated to a fund with had set across investment of managers. from and strong generate $X continue four XX% XX were that stars approximately We four AUM diverse different billion performance or We XX% XX, were had six five in June of stars funds. four strategies or rated funds At assets more relative three, or star strategies. or representing five of five
years. performance outperforming In assets fund strong were of over XX% addition of assets five were the groups and median Also account five as exceeding years. institutional institutional to performance retail XX% their peer assets of over of of benchmarks XX, XX% their June separate
benefit benchmarks, of equity of quarter, of During management. quality the the their assets and second active our beat challenging XX% the reflecting managers
in institutional of well separate existing $X.X meaningful as as first the flows. $X.X to billion compared billion client. Turning by by additional funds sales. mandate $X.X sales lower down asset Total from quarter, seventh offset prior billion Institutional across increased billion consecutive By than XX% of declined funding net retail quarter. billion, in as due as growth Overall, nearly into partially level were all demand of from positive inflows $X net accounts. with sales $X.X Retail and X, our retail by $X.X $X.X XX% strategies. were separate as $X.X both of ones. flows net and as were the to in billion institutional outflows for product, the fund well down sales from included lower account offset benefiting a highest quarter existing positive open-end sales were billion global institutional global sales REIT Slide from product, $X billion mandates and an flows was billion more to outflows new new Reviewing
private funds, note retail of billion, that would open-end essentially net billion in as by that were XX are our sold for ETF positive one the $X.X that driven or cap repositioned Several overweight largely net cap period, as I in equities were large stocks. the with separate In outflows In oriented client during quarters. $X.X have our and outflows strategies outflows business, seven underweight small for went they changed environment. For net retail positive domestic eight been flows consecutive net all quarters. accounts, separate channel. value risk distributors others they including flows the allocations net intermediary of off waitings the small reflecting to remained investment have accounts past
to average Slide rate in points to and decline of average XX% modestly fees assets with reflecting million adjusted X, The management Turning rate. million declined fee the sequential basis $XXX.X as average with $X.X sequential in lower compared reduction prior at were the in with the equity the AUM. prior points $X.X modest a million quarter quarter in fees million due Performance the compared basis quarter. fee investment or XX%, a of $XX.X XX.X lower modestly XX.X lower
reflecting quarter employment timing related in trend remains we as being reasonable. the incentives. XX% range. anticipate quarter expenses XX primarily current annual the XX of believe of sequentially, quarter, to For million five the in shows the points At $XX.X the employment Slide items expenses. of seasonal market levels, end range adjusted at would the basis to prior lower million of XX Total of decreased that we third $X.X
lower employment variable due and Excluding expenses based declined the compensation. seasonal incentive to sales items, profit
seasonally employment percentage in driven due quarter, market up of revenues, the the decline. from expenses the revenue a to XX.X% adjusted XX.X% were first As
percentage is For AUM employment market the an reasonable that of environment, third the second to quarter, expenses levels above uncertain a anticipate will it quarter. given as be and revenues beginning
as due Directors XX, from grants X% and to a Slide sequential annual Turning expenses. on travel an increase basis in to million related $X.X million to expenses Board and $XX adjusted million, of were up of operating the other $XX.X
$XX we quarter. $XX million expenses range Looking continue operating forward, to expect million in other to per a of
expenditures and about are organic support we While growth. current given the and initiatives market to necessary while scrutiny focus increased thoughtful expenses, around the of to the investments impact continuing inflation, environment on have always we
illustrates global The revenues. with operating and a due lower As $XX earnings. margin these $XX.X us or for million growth we operating in as we’ll to adjusted risk and the first future the believe XX.X% mentioned XX investments income quarter. XX.X% we sequentially Slide decline Operating trend call, operating and as activities, last adjusted compared million, of made in efficiencies. and investment of position XX% support platform continue to the well distribution on will have comprehensive in which
items, employment seasonal sequentially due declined income Excluding from $X.XX adjusted share as XXX lower diluted the by basis in operating quarter. of declined the XX% per revenues. points margin Net to XX%
Westchester $XX to Capital Slide adjustments value offset capital consideration, Net balance of EBITDA sheet of level by of following and of items. share liquidity the Regarding first $XX the fair gross share million. June contingent GAAP the from $X.XX XX income of partially by offset from sequentially the million and $X.XX interests. EBITDA at results, generated March on from at affiliate down unrealized of at reflecting times, of million repayment XX, shareholders million, earnings AUM. return capital $XX down $X.XX We Working debt debt fair $X.XX value net of sequentially $XX in in quarter items. XX down to losses debt was were $XXX our trend $XXX at XX, the June X.X was in $XX.X million the XX. investments the the million per capital than included lower to quarter shows reduction second At to and as increased non-controlling million per March and and select same decreased was June realized XX. due $X.XX more
shares above basic we for the shares outstanding the of quarter, prior common X.X% $XX quarter of During million. second $XX or repurchase level stock of million, XXX,XXX
we’ve past year, the basic George? X.X%. by shares back let to me turn Over the With reduced total outstanding call that, over George.
