with Good results our you, assets under George. management. Thank this on be Slide all to morning.
Starting with X, you
to global billion XX%, with market from increased benefited X% prior management under driven assets $XX.X assets $XXX.X by $XXX average. to and quarter, billion, rising under September due year and favorable period, XX, appreciation funds during total third to billion performance quarter's with market the AUM separate management growth Compared increased ending accounts, at of slightly Our assets performance.
Average the X.X% consistent ETFs. organic above retail the market in primarily
the growth, consistent the with increased intermediary in positive net organic separate XX% growth and account business.
Global Over year organic prior X% ETF Funds grew with channel our organic AUM year, wealth the sold including XX% growth. both flows X% past XX% AUM retail increased with management and AUM XX% in over
across We to compelling long-term investment and continued strategies. performance products have relative
XX% X of funds. stars or retail of were XX, rated X-star had XX% X and funds in fund As assets and X, X or September XX
X-year XX% stars.
Across beaten had same X-year all X the benchmarks outperformed of performance outperforming over strong XX% over September groups also X of of the peer In assets median or and ETFs over retail at XX XX% the their XX% AUM peer the and of period of of our over their ETF of fund products, benchmarks X X-year XX period the period.
ETFs period. rated beating were have X-year with separate rated the have assets addition, AUM median groups account
retail X% to quarter, sales included an positive channel. due Turning has to billion ETFs from driven X year growth account strategies. retail in fixed CLO last product, points. with alternative the higher X% sales institutional of separate in increased average $X.X due larger approximately continued the low product prior CLO.
Retail demand from sequentially increased investment accounts, Slide by net global with from Strong income $X.X sales billion primarily to sales to basis net in $X.X our fund billion Total performance of and to increased $X.X rate strong Compared $X.X outflows generated X outflows sequentially improved X, XX% billion and XX%. Institutional outflows intermediary sales with $X.X consistently net were the be the accounts and of each the issuance by billion of billion separate $X.X billion sequentially increased product.
Open-end X% new quarter, Total flows category. improved flows. to and billion strategies account billion $X.X $X.X included sales the sold issuance.
Institutional funds.
Reviewing for and increased to to separate fee net fee asset
sold separate both flows of $X.X flows As on billion wealth continue the quarter. timing the actions.
Retail net positive the management to fluctuate in depending will accounts always, generate institutional totaling intermediary in client channels, and
net due net and fixed outflows the funds, net compared note the billion open-end with were were flows fixed SMID-cap improvement for quarter, income, $X.X products, equity fixed in in strategies across flows. primarily positive strategies.
Within open-end I generated total For that, quarter. the positive income second global funds, billion with also $X income would in to
$XXX.X X. as X%, of points average adjusted Slide and reflecting assets management the flat million fee Turning to rate points fees under increase prior compared $X.X modest XX.X XX.X a of Investment the fee or increased basis basis average with million in rate. in quarter. management The relatively
quarter third from fee unchanged the was the quarter. in XX.X performance Excluding average essentially last fees, points, basis rate
Our range the has X past our of a The average fees, performance in years. investment solid reflects rate performance resiliency remained very fee few basis narrow fee rate, excluding over point such differentiated and well fixed the as income loans. alternatives several small nature products such and high bank markets, as strategies liquid strategies, as caps, conviction and high-quality as of our emerging
the mix purposes. fee the average is fee by for ahead, reasonable XX% trend employment the assets.
Slide quarter down revenues, impacted X% expenses -- rate million and shows of Looking adjusted rate always, believe as third be we to as costs. And $XXX.X modeling in expenses. XX markets will X-quarter XXX points. they employment the lower percentage XX% Total they as were were of down fixed decreased sequentially of And a basis due
ahead, revenues profits of range remains believe expenses in reasonable. as as percentage to performance we always, XX% particular it based a XX% market be as a on Though well Looking and variable sales. employment in of as will
the Slide the Turning or grant Directors the adjusted operating in $XX.X million to million, as quarter. XX, prior ongoing down Board expense to reflecting management X%, other were and $X.X expenses annual of
at year revenues, period.
Other a quarter though a we basis the XXXX, expenses operating sequentially of XX lowest declined even during operating and new XX points prior manager the the were by As period. basis points the over affiliated level added since of expenses costs first of percentage comparable the other
continued structure, streamline addition mentioned, have As to of management discipline discretionary consolidation systems. around cost portfolio including in maintaining to support our spending, George the we
interest operating earnings. operating lower adjusted the Looking and as increased all assets ahead, due level illustrates of dividend third reached adjusted other issued impact increased on last for XX increased income points of quarter million from margin by under $X.X modeling the a income and period. the expenses of respect million, sequentially, decreased in else quarter being elevated operating since quarter non-operating year. items, highest in year-to-date basis, to the With level as the margin Operating X% expenses.
The adjusted is management of $X.X to we XX.X% quarter the prior prior the reasonable equal.
Slide or primarily third second of and operating XX the $XX.X CLO a primarily XXXX.
On interest purposes, reflecting income XX.X% million year as over average trend basis higher
earnings due were modeling in For affiliates a lower reflect share reasonable.
Non-controlling sequentially $X.X increased increased adjusted quarters average prior an our year-to-date to $X.XX interests the $X.XX year the dividend the increase over X quarter. of as diluted primarily share purposes, and of million, the per basis, from during diluted an quarter.
Net by of the second income past income period. interests, minority On interest of per ownership affiliate which in is XX%
shareholders, In net liquidity income and the partially in share $X.XX share terms of per the a of balance and and repayment.
Cash increase $XXX was acquisition $X.XX investment than of select XX, Working interests integration items. sponsorship an million June as consideration.
Slide cash manager, contingent to $XXX to and was debt million value of by $X.XX adjustments new to million GAAP per increased $X.XX down included equity equivalents $X.XX costs, shows in at sequentially at of fair expense $XXX.X $XXX.X of value to from results, the generated fair of related and capital CLO million and offset the minority trend second sequentially of XX. capital, September affiliated our from increased capital sheet return the of more by offset quarter XX from in
repurchased the common third stock quarter, XX,XXX During of for shares million. $XX.X we
on as at operating higher September equity third X% We X.Xx, increase million $XX.X net of prior EBITDA as uses or lower new average capital included debt-to-EBITDA payment a was a XX and term up $XX September year of gross sequentially and was AUM quarter X% million million planned the and in to $XX.X the from due We a loans.
At our EBITDA. million during sponsor also to majority-owned for made the debt X.Xx $XX $XX.X quarter, the affiliate. in generated of CLO, million level.
Other expenses, up XX, well
call financial providing continue in adequate to We to have the that, business, return George? with capital leverage, meaningful modest turn George. to repay invest capital levels over of me let debt.
And working and and flexibility back the
