Total net inflows were $4.2 billion in the fourth quarter vs. net inflows of $4.5 billion in the third quarter and net outflows of $100 million in the fourth quarter of 2016.
Institutional net inflows totaled $3 billion in the quarter, compared to $1.4 billion in the previous quarter. For the year-earlier quarter, institutional net inflows were $1.8 billion, according to a previous earnings statement.
Broken down by asset class, taxable fixed income had $2.9 billion in net inflows, while other strategies, including certain multiasset-class solutions and services and certain alternative investments, saw $1.8 billion in net inflows, and tax-exempt fixed income experienced $900 million in net inflows. Passive equities, meanwhile, had $1.4 billion in net outflows during the quarter ended Dec. 31. Active equities and passive fixed income saw no net flows.
Net revenue for the fourth quarter totaled $919.1 million, compared with $812.2 million for the third quarter and $786.3 million for the fourth quarter of 2016. Net income on a GAAP basis totaled $283 million for the quarter, compared to net income of $162 million for the previous quarter and net income of $222.2 million for the year-earlier quarter.