“And we would also expect a low to mid-single digit percentage increase in 2024 core G&A expense.”

In context

“sed 7% year-over-year and 6% sequentially, primarily as a result of higher average ETF AUM. Our as adjusted operating margin of 45.8% was up 350 basis points from a year ago, reflecting the positive impact of markets on revenue, significantly higher performance fees, and organic base fee growth. As markets improve, we've executed on our financial rubric, aligning controllable expense and organic growth, adding more resilience to our operating margin through greater variabilization of expenses and driving fixed cost scale. This approach is yielding profitable growth and operating leverage. In line with our guidance in January and excluding the impact of Global Infrastructure Partners, Preqin and related transaction costs, at present we would expect our headcount to be broadly flat in 2024. And we would also expect a low to mid-single digit percentage increase in 2024 core G&A expense. In line with this outlook, we would also expect Q4 core G&A to reflect execution of planned technology investment spend at levels more consistent with Q3 and seasonal increases in marketing spend. We welcomed approximately 400 new colleagues to BlackRock following the close of the GIP transaction. Inclusive of the GIP acquisition impact, at present, we'd expect full-year core G&A expense growth to be closer to the high end of the previously communicated range of a low to mid-single digit percentage increase. Our capital management strategy remains first to invest in our business, to either scale strategic growth initiatives or drive operational efficiency, and then to return excess cash to shareholders through a combination of dividends and share repurchases. At times, we may make inorgan”