quarter's favorable of billion performance, to management with billion Average offset by $XXX.X of net Thank assets decreased $X.X Good up the $XX.X X% assets $XXX.X to September under this from with partially $XXX.X to you, X% Due results under the our billion, ending on be management quarter George. you At assets assets billion. all XX, outflows X, were at market X% in Slide billion XX. average. morning.
Starting December with management. under above
AUM. Our separate ,X products growth assets category, accounts organic classes. Institutional, from is delivered consistent ago. and a XX% our has broad under represented XX% years management product XX% at of up range of largest was and of assets, Retail asset
asset reflecting remained and correlated particularly our within our Alternatives in we among results the also strategic diversified multi-asset We over well which XX% efforts presence AUM ago, limited of classes. strategies. less in had to and capabilities, of and years totaled several expand
XX% clients growth basis, generated In addition, XXXX. XX% in of on and AUM geographic organic were non-U.S. a
compelling We and performance relative products long-term also to investment have strategies. continue across
of account rated XX% XX% outperforming over approximately assets institutional benchmarks assets were of fund retail mutual assets, and XX, X their December of XX% As of separate years.
median funds, groups their over peer of X-year For period. mutual the the outperformed XX%
beating assets XX% rated were We were stars XX fund of addition, or X, with year our X-star full performed with XXXX, had in AUM or of note funds rated XX% also X had stars, well for benchmarks and for including of the X and In or AUM, that period. $X that respectively, XX billion X and X managers or of the funds. institutional more.
I XX% accounts X would XX% separate
performance the fund outperformed peer group. the AUM and median While of of benchmarks XX% mutual XX% beat
the redemptions investment sales open-end sales $X.X outflows of $X.X retail Turning included due funds. mid-cap, growth billion billion accounts Total funding. sales X, increased increased from institutional $X.X $X.X X% which private retirement the net to quarter, XX% billion of allocation prior planned loan long-standing of of plan accounts reposition led billion, from sales $X.X the billion million $XXX bank issuance with $X.X sales billion to quarter.
Reviewing $X.X in in million Slide strategies, outflows asset included By of each separate meaningful to approximately by product, different and net mandates. a in These product, billion from from both several Retail risk due in in growth due flows. $X.X which of to in $X client X% increased account net were of sales. prior billion compared $X.X which level billion, were their of outflows higher with compared strategies.
Total primarily SMID-cap $X.X of by the $X.X Institutional billion billion Open-end and fund separate CLO. of
institutional positive on of the $X.X retail intermediary net and private actions. accounts, flows client net prior always, sold in positive client both timing In flows. billion fluctuate generate will As increased and depending billion flows of to quarter, separate continued from $X.X the
the year, For accounts Retail growth. X% full generated separate organic
$X.X positive funds, full generated redemptions continued again strategies. year with full the third $X with billion equity X% the XX% For year. to breakeven generate essentially flows. growth for net positive basis, were to billion and both across compared funds, due in open-end retail higher outflows quarter net In SMID-cap global on growth. funds a the for were and organic were organic ETFs quarter Global
X%, adjusted $X.X as reflecting million fees, up decreased sequential X. were quarter. decline assets Slide management, million, in $X.X million Investment to of which under the by million Turning last partially $X.X or fees average $XXX.X higher performance offset management from
which in For are $X.X in on year the with strategies, of $X $X.X quarter from million dependent million which the fee points fees. performance full year. XX were be basis to million, basis our range fee we fees The to prior from included of with XX.X the to fees million $X prior performance per basis average relative performance-based the rate year, on those benchmarks, investment $X.X performance accounts expect institutional points X.X compared performance would points structures, in and and a highly in million XXXX.
Based increased
performance at periods, rate was fee from basis the average Excluding both XX.X points. flat fees
the continue normalized above level. fee to Looking be expect to our basis XX average to toward range, is ahead, of we the point modestly end XX the quarter low which rate fourth
X% As incentive XX sequentially, rate the $XX.X expenses. million X-quarter shows the assets.
Slide impacted by of mix always, adjusted decreased the as lower in trend and Total compensation. expenses primarily employment of variable be reflecting fee markets employment will
As a XX% were last revenues, from XX.X% relatively percentage quarter. of expenses unchanged employment
to reasonable employment a continue to Looking XX% expenses range of in to ahead, it be be would anticipate XX% of revenues. to
and will variable always, profits As in particular as be well as sales. market it performance, based on
the incremental seasonal employment are For purposes, first quarter to also expenses which this outlook. modeling will include
the would other increases in as as I operating sequential full the third travel of XX. of reflected from the a million X% $XX.X with related Slide to activity addition as the $XXX.X The were expenses Other well year, adjusted higher expenses with a quarter. million market data or affiliate largely Turning impact operating year $X.X up million, costs. increase flat basis, that note new of in even April. prior essentially on were and
assets expenses Looking X% operating XX.X% range million $X.X third to XX% illustrates The lower reasonable.
Slide total to income $XX ahead, margin with quarterly of earnings. in as average partially million compared under management adjusted offset of operating or due expenses. operating CLO trend recent X% issuance from other $X.XX million adjusted as million Total modestly reflecting in sequentially by nonoperating as adjusted by per a by the Operating and remains a interest the the quarter. lower decreased net reflected decreased $X.XX as investments. lower of for $X.X $XX third the $XX.X income in With the income share diluted debt. increased adjusted gross the million, equity other respect quarter. which items, income from method income of Net declined interest higher prior of as level quarter, included higher from earnings XX on adjusted to
meaningful compared per expenses, integration unrealized and $X.XX repay of sheet balance We select to adjustments fair and shows and realized financial of income of levels affiliate liquidity of included in working $X.XX flexibility on value of and the the to share investments.
Slide in value modest adjustments and $X.XX XX $X.XX our of capital $X.XX acquisition CLO per $X.XX return with terms quarter capital, net results, by expense debt. invest noncontrolling and issuance capital XXXX with of gains from the offset partially to providing third fair contingent consideration In trend leverage, business, GAAP and share costs $X.XX of appropriate ended interests, items.
balance net million year credit $XX remaining the repaid with the we quarter, the debt revolving During facility ended EBITDA. our leverage $XX X.Xx net of million, on of and representing
million $XX up XX,XXX We for also prior repurchased quarter during quarter. from shares in $XX the the million,
approximately repurchased we reminder assets shares as tax we cash a XXXX, per a year our estimate over turn for also let million a rates, that the that, years.
And back next to tax the tax continue attributes benefit. XXX,XXX full call would the count me by provide could of current reduced cash the $XX benefit with $XX to George? share tax provide intangible For XX year million note and over X.X%.
I George. At the
