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## ASSET ADMINISTRATION SEGMENT 

The Asset Administration segment includes the operating results and financial position of AWM and its subsidiaries. 

The following table presents the operating results for the Asset Administration segment: 

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## YEAR ENDED DECEMBER 31, 2012 Revenues 

Administration fees are earned on assets under administration in the AWM business and from the administration of third- party business. These fees were $220.7 million for the year ended December 31, 2012, a decrease of 2% from $226.2 million for the same period last year. Net of inter-segment amounts, administration fee revenue was $126.0 million for the year ended December 31, 2012, down from $132.3 million for the year ended December 31, 2011. The decrease from the prior year is a result of lower commission revenue earned on the sale of mutual funds and other securities. Administration fees should be considered in conjunction with investment dealer fees, an expense that represents the payout to fi nancial advisors. 

Other revenues earned by the Asset Administration segment are generally derived from non-advisor related activities. For 2012, other revenues were $15.0 million, decreasing slightly from $15.6 million for 2011. 

