“We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 to 1 full basis point.”

In context

“securities lending revenue was up 4%. On an equivalent day count basis, our annualized effective fee rate was approximately four-tenths of a basis point lower compared to the second quarter. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. exposures and lower securities lending. The closing of GIP added $116 billion of client AUM and $70 billion of fee-paying AUM on October 1st. We expect GIP to add approximately $250 million of management fees in the fourth quarter of 2024. The GIP portfolios contribute competitive private markets fee levels that are typically over 100 basis points. They add primarily long dated non-redeemable assets to BlackRock's overall business, which further diversify our revenue and earnings mix. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 to 1 full basis point. Performance fees of $388 million increased significantly from a year ago, primarily reflecting strong alpha generation over the last 12 months from a hedge fund with an annual lock in the third quarter. Quarterly technology services revenue was down 1% compared to a year ago due to the prior year quarter revenue impact of eFront on-premises license renewals for several large clients. Excluding this impact, technology services revenue would have increased approximately 9% year-over-year. Sequentially, technology services revenue was up 2% reflecting successful client go lives. Annual contract value or ACV increased 15% year-over-year, driven by sustained demand for our full range of Aladdin technology offerings. In the third quarter, a large U.S. asset manager selected Aladdin to unify its”