Turning now to slide seven, we’ll discuss our investment performance as of December 31. We saw some mix results in the complex-wide performance statistics with the decline in the one year number, but improvement in the three and five year time period. Fundamental equity performance improved for all three periods presented here and we continue to be encouraged by the performance strength in most of our fundamental equity strategies. Fixed income performance remains very strong for the three and five-year periods. However, as you can see on a one year basis, the percentage of assets in the top-two Morningstar quartile decline meaningfully. As any of you who follow this segment closely probably already know our funds had less interest rate exposure to the long end of the curve which dramatically outperformed in 2014. We continue to be very proud of the many successes of this team and we’re encouraged with the future opportunities.
Our risk adjusted fixed income metrics continue to be extremely competitive over longer periods and we see nothing in the recent performance that is concerning. Performance in our mathematical equity strategies was mix with the decline in one year performance, but improvement in the three and five-year performance metrics compared to last quarter. The decline in one year performance occur primarily in INTECH’s global strategies as non-U.S. markets generally underperformed in fourth quarter. Moving on to our flows presentation on page eight. Dick’s already commented extensively on our flow success in this quarter, but you can see some of the details on this page.
Additionally, for your reference we’ve included a breakdown our quarterly flows by distribution channel and that is in the appendix and also the annual flows by advisor. I hope that information is helpful to all of you. So, let’s look at slide nine and get in some of the detail of the revenue. Revenue increased 8% over the prior quarter. This is mostly higher management fees and significantly better performance fees. Management fee revenue was up in line with the increase in assets and the weighted average management fee for this current quarter was up slightly compared to the prior quarter at 48.1 basis points. Performance fees on our mutual funds were negative $9.5 million for the quarter, that’s 34% better than we saw in the third quarter. This improvement was led by our Twenty Fund or Forty Fund and the Research funds. In a few minutes, I’ll give a little bit more detail around our outlook for 2015 performance fees in our mutual funds.
Private account performance fees for the quarter were $8.7 million versus only 400,000 in the third quarter. These fourth quarter private account performance fees were generated primarily from annual performance fees at our INTECH subsidiaries, which resulted from strong performance in INTECH’s flagship strategy which is the U.S. Enhanced Plus strategy, and this was INTECH’s best performing relative return strategy on a one year basis. These numbers also include an annual performance fee on an alternative Janus private fund. Finally, Velocity Shares revenue and expenses, for revenues, we will be including revenue from their product in the other revenue line on our P&L. And for expenses, those will be obviously embedded in the appropriate lines. They’re fully consolidated.
