Revenue during the quarter dropped 3.63 percent to $1,194.70 million from $1,239.70 million in the previous year period. Total expenses were 75.37 percent of quarterly revenues, down from 75.51 percent for the same period last year. This has led to an improvement of 14 basis points in operating margin to 24.63 percent.

Operating income for the quarter was $294.20 million, compared with $303.60 million in the previous year period.

However, the adjusted operating income for the quarter stood at $336 million compared to $355.70 million in the prior year period.

"In spite of numerous headwinds in the operating environment of many markets we serve, we delivered strong, long-term investment performance to clients throughout 2016," said Martin L. Flanagan, president and chief executive officer. "Our focus on investment performance and our clients contributed to long-term net inflows of $12.7 billion for the year and helped us return nearly $1 billion of capital to shareholders during 2016. For the year ahead, we are very well positioned to meet the evolving demands and challenges we see in the market, combining the power of our active and factor-based investment capabilities to provide outcome-oriented solutions to our clients. We will continue to take a disciplined approach to advancing our competitive position, balancing our goals of meeting client needs, delivering strong value for shareholders and engaging our employees while positioning our business for the challenges ahead."