“Full year management and other fees were $9.5 billion, putting us on track to hit our $10 billion target in 2024, notwithstanding the sale of our PFM business.”

In context

“ion. Equities net revenues were $2.6 billion in the quarter, up 26% year-on-year. The year-over-year increase in intermediation revenues was driven by better results in derivatives. Financing revenues of $1.1 billion rose year-over-year with continued strength on higher average balances. Across FICC and equities, financing revenues rose 10% in 2023, consistent with our priority to grow client financing. Moving to Asset & Wealth Management on page 14. For 2023, revenues of $13.9 billion rose 4% year-over-year, as an increase in more durable revenues, including record management and other fees and record private banking and lending revenues, offset a decline in equity investments revenues and incentive fees. Fourth quarter management and other fees of $2.4 billion were up 9% year-over-year. Full year management and other fees were $9.5 billion, putting us on track to hit our $10 billion target in 2024, notwithstanding the sale of our PFM business. Equity investments produced net revenues of $838 million, higher year-over-year, driven by modest gains in our public portfolio versus losses in the fourth quarter of last year. Results in this line item also included a gain of $349 million from the sale of PFM. Moving on to page 15. Total firm-wide assets under supervision ended the quarter at a record $2.8 trillion, driven by market appreciation as well as strong net inflows across fixed income and alternative assets, and representing our 24th consecutive quarter of long-term fee-based net inflows. Turning to page 16 on alternatives. Alternative assets under supervision totaled $295 billion at the end of the fourth quarter, driving $571 million in management and other fees for the quarter and $2.1 billion for the year, surpassing our $2”