A number of consultants and analysts have marked over the years that Janus, has been an industry leader in the amount of internal investment in our own products. And so, we’re proud, Bill’s proud of investing in what we do for living, we think that should give clients additional confidence in what we do. With that said, let me turn the page to page four. The effort on page four here is to try and place some of this progress in the context of our strategic plan and initiatives. As you all know from prior calls, pretty much since I got here about five years ago, we’ve been focused on these initiatives. Improving our fundamental equity franchise and you can see some data in the box on page four, around improving performance. Again, grow fixed income business. Again, sixth year of consecutive net positive flows growing at an organic rate of 15%, very proud of that progress.
Expanding our non-U.S. distribution, this has been a long project for us with full year net flows of $3.4 billion inflow. It’s the strongest record of net flows in history of this company and we’re proud of that as well. We’re working on increasing our U.S. institutional market presence and obviously, Bill’s addition gives us a very strong shot in the arm to try and drive that further forward. And we’ve been focused on developing solution based products, and as I think you all know, the addition of and Ashwin Alankar, gives us an entry into the world class asset allocation game and our acquisition of velocity shares has allowed us to serve new clients in the form of exchange traded notes and also in the future, some new exchange traded funds.
Just to put a little additional light on Velocity Shares, their year-end 2014 number should assets invested in their sponsored products of approximately $2.4 billion, which is up from about $1.7 billion when we signed the deal to acquire them and up from about $1.1 billion at the start of 2014. So, the folks at Velocity Shares are doing a really job and we’re very excited to have them on the Janus team. With that, please let me turn the rest of the presentation over to Jennifer McPeek.
Jennifer McPeek – Chief Financial Officer
Thank you, Dick. Good morning again everyone. I will begin on page six of the presentation with the quick review of our operating results for the quarter and for the year. Average assets under management for the fourth quarter improved to $179.2 billion from $176.5 billion in the third quarter of 2014.
Please note that these AUM figures and also our flow data do not include the Velocity Shares’ products, the Velocity Shares transaction closed on a last business day of November. So, we have one month in our results for this last quarter for the month of December, the products from Velocity Shares average approximately $2.5 billion in assets for that month. Moving on, the increase in average assets led to an increase in total revenue of 8% quarter-over-quarter to $254.8 million and the full year results reflect revenue of 9% versus 2013. Operating income was $80.5 million and that represents a 12% increase over the prior quarter. As compared to the prior year operating income improved 21%. Operating margin also improved and increased 140 basis points in the quarter to 31.6%. Earnings per share was $0.24 for the fourth quarter, which compares to $0.22 in the third quarter and on an annualized basis, our earnings per share improved 31%.
