“We currently estimate that 25% is a reasonable projected tax run rate for 2023 primarily due to an increase in UK tax rates, though the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.”

In context

“oth declined 13% compared to 2021. For the fourth quarter, revenue of $4.3 billion was 15% lower year-over-year primarily driven by the impact of lower markets and dollar appreciation on average AUM and lower performance fees. Quarterly operating income of $1.6 billion was down 25%, while earnings per share of $8.93 was 16% lower versus a year ago, also reflecting higher non-operating income and a lower effective tax rate in the current quarter. Non-operating results for the quarter included $159 million of net investment income driven primarily by mark-to-market gains in our private equity co-investment and seed investment portfolios and our strategic minority investment in Envestnet. Our as adjusted tax rate for the fourth quarter was approximately 23%, driven in part by discrete items. We currently estimate that 25% is a reasonable projected tax run rate for 2023 primarily due to an increase in UK tax rates, though the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation. Fourth quarter base fee and securities lending revenue of $3.4 billion was down 14% year-over-year, in line with the corresponding decline in average AUM, primarily reflecting the negative revenue impact of approximately $1.7 trillion of market beta and foreign exchange movements on AUM over the last 12 months. Sequentially, fourth quarter base fees and securities lending revenue was down 4% despite positive organic base fee growth in the quarter. Our fourth quarter annualized effective fee rate decreased by approximately 1.5 basis points from the third quarter, reflecting the previously discussed impact on our fourth quarter entry rate, continued mix change favoring lower fee mandates and lower securities lending revenue. Fourth quarter and full year performance fees of $228 million and”