For Investment Advisors, net cash flow onto our platform was a positive $612 million. We experienced increased flows into our newer strategic asset management solutions and platform-only programs and negative flows from our more mature mutual fund products. Our comprehensive offering is key to us moving the business forward. Revenues for the quarter were up from second quarter due to improved capital markets during the second quarter, offset by third quarter capital markets and the product mix of flows. Expenses were flat. We recruited 57 new advisors during the quarter, 8 of which are in the newer RIA channel. In the Institutional Investors segment, net sales events for the quarter were negative $5.8 million, reflecting positive client signings offset by losses and repricing and client retention activities.
Revenues for the quarter were down $4.7 million due to net client asset losses. Expenses were also down $5.5 million, reflecting general expense management and a onetime item in second quarter of $4.5 million. In the Investments in New Business segment, revenues and expenses were up slightly compared to second quarter and will remain in this range. In addition to the segments, the Company also incurred a $2.2 million expense item related to severance as a result of organizational changes, principally in our institutional business. We made adjustments to the workforce to align our talent and resources to the opportunities in the segments we serve. While this will result in run rate savings, we expect to redeploy these savings by expanding our sales resources in growing institutional markets and increasing our distribution efforts around alternative assets.
This expense is reflected in overhead on our press release. LSV produced $29.9 million in profit during the quarter. This compares to $32.7 million during the second quarter. Revenues for LSV were $102.2 million compared to $108.8 million in the second quarter. Third quarter revenues included $9 million of performance fees. LSV recorded performance fees of $12.7 million during the second quarter. Performance fees are a reflection of continued positive relative performance. One final item. As we mentioned in July, we entered into an agreement to acquire the National Pensions Trust. The transaction is expected to close before year-end, subject to applicable regulatory approval. I point you to our 10-Q for more information. Our tax rate for the quarter was 22.5%.
We expect a slight step down in tax rate in the fourth quarter. That concludes my remarks. All of our unit heads are on the call, and we’re happy to take any questions.
Operator: Thank you. [Operator Instructions] We’ll go to the first line, Owen Lau, Oppenheimer.
Owen Lau: I think you highlighted the strength of Investment Managers a little bit, but can you please dig a little bit deeper because it grew nicely year-over-year, margin has been expanding. I’m just wondering if you can talk more about the driver of the strength, the healthiness of the arts firms and traditional asset managers. And is there any pocket that you are targeting or seeing growth in your end market? Thank you.
Ryan Hicke: Yes. That’s a great question. I hope you’re doing well. I’ll take the first half and then I’ll turn it over to Phil to maybe provide some more color. So, if you think about the overall market opportunity we have today and why I think we continue to drive growth. One is we are really focused on premium levels of service to our client base. And that has really paid dividends for us as clients are launching new funds. We are winning the lion’s share of this funds, and we stay very, very focused on the level of quality of service to those clients. We’ve continued to deploy more talent and capital in the technology space to enhance our offering there. I think Phil can talk in a little bit on your point about future growth.
