And second, the performance base income of RMB1.8 million, $0.3 million in fiscal year 2023 as compared to RMB3.1 million in the fiscal year 2022, representing a year-on-year 40.2% decrease. Second, for our asset management service, net revenue generated from asset management service in the fiscal year 2023 was RMB2 million, $0.3 million, representing a 66.3% year-on-year decrease from RMB5.9 million in the fiscal year 2022. The decrease was primarily due to a 96% decrease in performance base fees generated by our actively managed fund of funds from RMB2.4 million in the fiscal year ’22, to RMB 96,000, $13,000 in the fiscal year 2023. Last, for our other service. Revenue from other service in the fiscal year 2023 was RMB17.4 million, $2.4 million, increased by 54.2% year-on-year from RMB11.3 million in the fiscal year 2022.
The increase was mainly attributed to the growth in trust consulting service and insurance service. Last but not the least, let’s elaborate on our strategy, plans and outlook for the future. Against the factor of the current unfavorable environment, we will strive for sustainable development through the efforts of management and all employees. Despite recent challenges, there are also factors such as favorable policies that provide us with right long-term perspective. For example, in July 2023, the 2023 July Politic Bureau Meeting and the State Council Executive meeting made consecutive payments to increase the capital market and boost investor confidence. Then in August, multiple positive news were released, including the announcement by the Ministry of Finance to half the stamp duty, the announcement by China Securities Regulatory Commission to slow down the pace of IPOs in China and control the reduction of shareholdings for large shareholders and encourage margin financing.
We will closely follow the national policies and focus on the following key areas in the future. First, to further enrich the product portfolio to seize opportunities for development. The distribution of public raised fund product portfolios is our core and main business, characterized by public raised fund product visibility and transparency. We believe that public raised fund product portfolios will become the preferred financial products for clients seeking stable returns. As bank interest rates decline and the traditional insurance annuity products, which have 3.5% annual compound interest rate becomes history, investors particularly middle-class investors are more inclined to product with lower volatility or more pronounced returns. Timely utilizing our own research and investment capabilities, along with the long-term accumulation of diversified public raised fund products, we have developed a portfolio of products with an expected yield of 4.5%, which has been launched in September 2023.
We believe that this product will meet the urgent needs of investors and can serve as an effective to maintain and expand our client base. Looking ahead, as the financial market continues to develop and the demand of investors with stable returns increase, the public raise from product portfolios will become and continue to play an important role in the business of third-party fund distribution companies are like us. On the other hand, we will continue to upgrade the offering of privately raised product and replace the old products with the new exceptional and distinctive fund products, enriching our equity investment strategies and enhancing the generation of excess returns for our clients. Indeed, the recent reduction in subscription and management fees by public raised fund companies has had an impact on our future revenue.
However, in the long run, we will listen carefully to the needs of our clients, continuously optimize our product strategies, provide professional investment service and launch more stable products to provide clients with a sense of sustainability and well-being. At the same time, this will have to maintain our foundation and achieve continuous growth in our client base, ensuring steady development of our company. Second, to strengthen the mindset of serving large institutional clients and actively expand institutional business. With the continuous development of the financial market, the institutional business holds tremendous potential for third-party fund distribution companies like us, in particular, banks and insurance companies as clients process significant scale and expensive influence in the financial sector, making them to be the important partners for our company.
