Investment advisory revenues of $574.8M up 22% Y/Y. Average mutual fund AUM of $420.7B up 23%.
Low interest rates remain a weight around the asset managers: Money market fees waived of $14.4M compares to $4.9M a year ago, and total quarterly income of $287.7M. For all 2013, the firm waived $51.2M in fees and expects the waivers to continue this year.
Mutual fund assets up $31.5B during Q, with inflows of $3.8B and market appreciation and dividends making up the rest.
Operating expenses of $489.7M up $63.6M from a year ago, with compensation and related accounting for $36.6M of that boost. Average staff size is up 5.2% from a year ago.