management 2019s discussion and analysis 2011 versus 2010 .net revenues in investing & lending were $ 2.14 billion and $ 7.54 billion for 2011 and 2010 , respectively .during 2011 , investing & lending results reflected an operating environment characterized by a significant decline in equity markets in europe and asia , and unfavorable credit markets that were negatively impacted by increased concerns regarding the weakened state of global economies , including heightened european sovereign debt risk .results for 2011 included a loss of $ 517 million from our investment in the ordinary shares of icbc and net gains of $ 1.12 billion from other investments in equities , primarily in private equities , partially offset by losses from public equities .in addition , investing & lending included net revenues of $ 96 million from debt securities and loans .this amount includes approximately $ 1 billion of unrealized losses related to relationship lending activities , including the effect of hedges , offset by net interest income and net gains from other debt securities and loans .results for 2011 also included other net revenues of $ 1.44 billion , principally related to our consolidated investment entities .results for 2010 included a gain of $ 747 million from our investment in the ordinary shares of icbc , a net gain of $ 2.69 billion from other investments in equities , a net gain of $ 2.60 billion from debt securities and loans and other net revenues of $ 1.51 billion , principally related to our consolidated investment entities .the net gain from other investments in equities was primarily driven by an increase in global equity markets , which resulted in appreciation of both our public and private equity positions and provided favorable conditions for initial public offerings .the net gains and net interest from debt securities and loans primarily reflected the impact of tighter credit spreads and favorable credit markets during the year , which provided favorable conditions for borrowers to refinance .operating expenses were $ 2.67 billion for 2011 , 20% ( 20 % ) lower than 2010 , due to decreased compensation and benefits expenses , primarily resulting from lower net revenues .this decrease was partially offset by the impact of impairment charges related to consolidated investments during 2011 .pre-tax loss was $ 531 million in 2011 , compared with pre-tax earnings of $ 4.18 billion in 2010 .investment management investment management provides investment management services and offers investment products ( primarily through separately managed accounts and commingled vehicles , such as mutual funds and private investment funds ) across all major asset classes to a diverse set of institutional and individual clients .investment management also offers wealth advisory services , including portfolio management and financial counseling , and brokerage and other transaction services to high-net-worth individuals and families .assets under supervision include assets under management and other client assets .assets under management include client assets where we earn a fee for managing assets on a discretionary basis .this includes net assets in our mutual funds , hedge funds , credit funds and private equity funds ( including real estate funds ) , and separately managed accounts for institutional and individual investors .other client assets include client assets invested with third-party managers , private bank deposits and assets related to advisory relationships where we earn a fee for advisory and other services , but do not have discretion over the assets .assets under supervision do not include the self-directed brokerage accounts of our clients .assets under management and other client assets typically generate fees as a percentage of net asset value , which vary by asset class and are affected by investment performance as well as asset inflows and redemptions .in certain circumstances , we are also entitled to receive incentive fees based on a percentage of a fund 2019s return or when the return exceeds a specified benchmark or other performance targets .incentive fees are recognized only when all material contingencies are resolved .the table below presents the operating results of our investment management segment. .
[['in millions', 'year ended december 2012', 'year ended december 2011', 'year ended december 2010'], ['management and other fees', '$ 4105', '$ 4188', '$ 3956'], ['incentive fees', '701', '323', '527'], ['transaction revenues', '416', '523', '531'], ['total net revenues', '5222', '5034', '5014'], ['operating expenses', '4294', '4020', '4082'], ['pre-tax earnings', '$ 928', '$ 1014', '$ 932']]
56 goldman sachs 2012 annual report .

Question: what percentage of total net revenues in the investment management segment in 2012 where due to transaction revenues?
Answer: 8%