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But whether that will be enough to stanch a decline in assets managed is unclear.
It is the biggest decline in assets since the third quarter of 2008 in the depths of the financial crisis.
The drop in fees resulted primarily from a big decline in assets during the long stock market slump.
Still, the firm's investment management division posted a 15 percent drop in revenue for the quarter, with a 2 percent quarter-on-quarter decline in assets under management.
Abundant new money flowing into E.T.F.'s kept the decline in assets under management to 8.5percentt last year, despite plunging stock prices.
Specifically, they kept an inadequate amount of capital on hand so that a small decline in assets or borrowing power left them in a highly vulnerable position.
Similar(50)
The company said "customer tax-related disbursements" led to the decline in asset inflows.
The impairment charges indicate the company is recognizing a decline in asset value.
This is a problem created by a general decline in asset prices.
"And it's the decline in asset values around the globe".
Remember, under 33-to-1 leverage, a mere 3percentt decline in asset values wipes out a company.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com