Reports 2022 revenue of $17.873 billion versus $19.374 billion and ending AUM of $8.594 trillion versus $10.010 trillion. Fees are typically a percentage of AUM; investment advisory, administration and securities-lending revenue fell with market and FX effects, while securities-lending revenue was $599 million, not over $1 billion.
Investment advisory, administration fees and securities lending revenue of $14.5 billion in 2022 decreased $809 million from $15.3 billion in 2021, primarily driven by the negative impact of market beta and foreign exchange movements on average AUM […] Securities lending revenue of $599 million increased $44 million from $555 million in 2021, primarily reflecting higher spreads.
HTML, Item 7 (no pagination)
Reports 2022 revenue of $17.873 billion versus $19.374 billion and ending AUM of $8.594 trillion versus $10.010 trillion. Fees are typically a percentage of AUM; investment advisory, administration and securities-lending revenue fell with market and FX effects, while securities-lending revenue was $599 million, not over $1 billion.