investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .
[['', '2008', '2009', 'change'], ['other than temporary impairments recognized', '$ -91.3 ( 91.3 )', '$ -36.1 ( 36.1 )', '$ 55.2'], ['capital gain distributions received', '5.6', '2.0', '-3.6 ( 3.6 )'], ['net gain ( loss ) realized on fund dispositions', '-4.5 ( 4.5 )', '7.4', '11.9'], ['net loss recognized on fund holdings', '$ -90.2 ( 90.2 )', '$ -26.7 ( 26.7 )', '$ 63.5']]
lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .c a p i t a l r e s o u r c e s a n d l i q u i d i t y .during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .given the availability of these financial resources , we do not maintain an available external source of liquidity .t .rowe price group annual report 2010 .

Question: by what percent did the provision for income taxes as a percentage of pretax income decrease between 2008 and 2009?
Answer: 1.2%