In 2021, we strengthened our investment performance, with 73% of equities and 89% of fixed-income assets under management outperforming.

In 2021, we launched multiple products including Global Disruptors, Concentrated Asia Growth, Short Duration Income, Asia High Yield, Global Equity Income and Multi-Asset Income, as well as multiple ESG strategies. In Alternatives, we launched Real Estate Equity Plus, Commercial Real Estate Private Debt Fund and our European Commercial Real Estate Debt platform. We onboarded a climate-specific long/short equity team, 1.5 Degrees, and our Private Wealth business launched a partnership with LSV Advisors, providing our clients access to private fund secondary offerings.

US Retail distribution grew Separately Managed Accounts sales by more than 40%, we accelerated new Advisor hiring in Private Wealth, and our China Fund Management Company project is progressing well.

Our ESG-focused Portfolios with Purpose grew to $31.5 billion, up 91% year over year. New sustainable launches in 2021 included Sustainable Income, Sustainable US Thematic Credit, Sustainable Climate Solutions, Global Low Carbon and Sustainable Emerging Market Debt. Our Municipal Impact Portfolio, which is invested in bond projects benefiting underserved communities, grew by 33% year over year.

In 2021, Equitable committed to allocating $10 billion of permanent capital to AB’s illiquid platform to further improve risk-adjusted return of its general account, through seeding new alternative business at AB. We are excited for this opportunity to build value through a virtuous cycle benefiting both Equitable and AB over time.