“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023.”

In context

“e impact of significantly lower markets and dollar appreciation over the last 12 months on average AUM as well as lower performance fees. Operating income of $1.5 billion was down 17%, while earnings per share of $7.93 was lower 17% versus a year ago, also reflecting a higher effective tax rate partially offset by higher non-operating income. Non-operating results for the quarter included $60 million of net investment gains driven primarily by mark-to-market gains and the value of our private equity co-investment portfolio and unhedged seed capital investments. Our as adjusted tax rate for the quarter was approximately 25%. This reflects lower discrete tax benefits related to stock-based compensation awards that vest in the first quarter of each year compared to the first quarter of 2022. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation. First quarter base fees and securities lending revenue of $3.5 billion was down 9% year-over-year. This reflected the negative revenue impact of approximately $800 billion of market beta and foreign exchange movements on our AUM over the last 12 months and was partially offset by the elimination of discretionary money market fund fee waivers and higher securities lending revenue. Sequentially, base fee and securities lending revenue increased 3%, reflecting higher average AUM and securities lending spreads, partially offset by the impact of a lower day count in the first quarter. On an equivalent day count basis, our annualized effective fee rate was modestly lower c”