Investment advisory and admin fees were up 3% from last quarter to a total of $122.7 million.

The operating margin was about 33%, up one percent quarter on quarter.

The $81.2B in AUM are split as follows:

– open-end funds: $37.7B

– instl accounts: $32.4B

– closed-end funds: $11.1B

And by investment strategy:

– US real estate: $38.5B

– Preferred securities $18.6B

– Global/int real estate: $8.4B

– Other: $2.3B

Inflows to US real estate and preferred securities were partially offset by outflows from global listed infra.