Revenue during the quarter grew 8.19 percent to $786.26 million from $726.73 million in the previous year period. Gross margin for the quarter expanded 111 basis points over the previous year period to 93.41 percent. Total expenses were 71.73 percent of quarterly revenues, down from 76.48 percent for the same period last year. This has led to an improvement of 475 basis points in operating margin to 28.27 percent.

Operating income for the quarter was $222.24 million, compared with $170.91 million in the previous year period.

However, the adjusted operating income for the quarter stood at $208.86 million compared to $161.75 million in the prior year period. At the same time, adjusted operating margin improved 431 basis points in the quarter to 26.56 percent from 22.26 percent in the last year period.

"In a year characterized by uncertainty and change, Im proud of all we were able to accomplish in executing on our long-term growth strategy,” said Peter S. Kraus, chairman and chief executive officer. "During challenging times, we maintained strong long-term track records in the large majority of our fixed income and equity strategies; expanded our business in promising growth areas like customized factor analysis, energy and real estate commercial debt; and increased our adjusted operating margin for the fifth straight year."