Excluding product lunch costs, fourth quarter G&A expense increased 2% year-over-year, reflecting ongoing strategic investments in technology and the impact of higher foreign exchange remeasurement expense partially offset by lower occupancy and sub-advisory expense. For the full year, we estimate the core G&A expense was up 11% compared to 2021, primarily driven by higher technology spend associated with our Aladdin cloud migration and a return to more normalized levels of T&E expense.

Jan 13, 2023 / CFO / receipt, needs a key / Gary S. Shedland, CFO | earnings call 2023-01-13 | transcript 7f53647d-6556-4b30-808e-78718566e2b7 | chars 7526-8017 | segment 7