Revenue during the quarter grew 3.71 percent to $1,091.20 million from $1,052.20 million in the previous year period. Gross margin for the quarter expanded 1 basis points over the previous year period to 92.60 percent. Total expenses were 48.38 percent of quarterly revenues, down from 56.76 percent for the same period last year. This has led to an improvement of 838 basis points in operating margin to 51.62 percent.

Operating income for the quarter was $563.30 million, compared with $455 million in the previous year period.

William J. Stromberg, the company's president and chief executive officer, commented: "U.S. stocks advanced sharply in the fourth quarter of 2016, lifting major indexes to record highs and resulting in strong full-year gains for many investors. Economic growth finished 2016 on a strong note and investors grew more optimistic that the incoming administration and Congress will succeed in reducing regulations and taxes. International equity markets delivered positive but less strong results, held back by a strengthening U.S. dollar. Fixed income returns suffered in the quarter as interest rates rose following the U.S. elections. Full year returns, though, were solid, led by high yield and emerging market bonds."