General and Administrative Expense General and administrative expense includes compensation, share-based awards and other benefits for employees (other than employees directly related to distribution, including financial advisors), integration costs, professional and consultant fees, information technology, facilities and equipment, advertising and promotion, legal and regulatory and corporate related expenses.
Owned, Managed and Administered Assets Owned assets include certain assets on our Consolidated Balance Sheets for which we do not provide investment management services and do not recognize management fees, such as investments in non-affiliated funds held in the separate accounts of our life insurance subsidiaries, as well as restricted and segregated cash and receivables.
Managed assets include managed external client assets and managed owned assets.
At January 1, 2010, we consolidated approximately $5.5 billion of client assets in VIEs onto our Consolidated Balance Sheets that were not previously consolidated.
Prior to January 1, 2010, these assets were included in managed external client assets and were subsequently included in managed owned assets.
Managed external client assets include client assets for which we provide investment management services, such as the assets of the Columbia funds and Threadneedle funds, assets of institutional clients and client assets held in wrap accounts.
Managed external client assets also include assets managed by sub-advisors selected by us.
Managed external client assets are not reported on our Consolidated Balance Sheets.
Managed owned assets include certain assets on our Consolidated Balance Sheets for which we provide investment management services and recognize management fees in our Asset Management segment, such as the assets of the general account, RiverSource Variable Product funds held in the separate accounts of our life insurance subsidiaries and client assets of CIEs.
Investors in the mutual funds and face amount certificates we advise may redeem shares on each business day, provided that redemption orders are submitted in a timely fashion.
For our institutional clients, advisory contracts may generally be terminated (and managed assets redeemed) upon 30 days’ written notice.
However, we may in limited circumstances negotiate customized termination provisions with certain clients during the contracting process, or we may waive negotiated notice periods at our discretion.
Investors in the private investment funds we sponsor can generally redeem shares as of each month end upon 30-days advance written notice, with limited exceptions.
In addition, the notice requirements for our private investment funds may be waived or reduced at the discretion of the applicable fund.
Administered assets include assets for which we provide administrative services such as client assets invested in other companies’ products that we offer outside of our wrap accounts.
These assets include those held in clients’ brokerage accounts.
We generally record fees received from administered assets as distribution fees.
We do not exercise management discretion over these assets and do not earn a management fee.
These assets are not reported on our Consolidated Balance Sheets.
We earn management fees on our owned separate account assets based on the market value of assets held in the separate accounts.
We record the income associated with our owned investments, including net realized gains and losses associated with these investments and other-than-temporary impairments related to credit losses on these investments, as net investment income.
For managed assets, we receive management fees based on the value of these assets.
We generally report these fees as management and financial advice fees.
We may also receive distribution fees based on the value of these assets.
Our owned, managed and administered assets are impacted by net flows of client assets, market movements and foreign exchange rates.
Owned assets are also affected by changes in our capital structure.
The following table presents detail regarding our owned, managed and administered assets:
## Table 0 ##
NM Not Meaningful.
(1) Includes managed external client assets and managed owned assets.
(2) Includes eliminations for Columbia mutual fund assets included in wrap account assets and Columbia assets sub-advised by Threadneedle.
## Table 1 ##
(1) Included in Market appreciation (depreciation) and other are assets due to the acquisition of J.
& W.  Seligman & Co.
In 2009, Domestic managed assets had $119 million in net inflows compared to net outflows of $11.4 billion during 2008 and market appreciation and other of $21.0 billion in 2009 compared to market depreciation and other of $17.0 billion in 2008.  International managed assets had $3.5 billion in net inflows in 2009 compared to net outflows of $15.8 billion in 2008 and market appreciation and other of $12.7 billion in 2009 compared to market depreciation and other of $15.8 billion in 2008.
The positive impact on International managed assets due to changes in foreign currency exchange rates was $7.4 billion in 2009 compared to a negative impact of $28.6 billion in 2008.
The following table presents the results of operations of our Asset Management segment:
## Table 2 ##
NM Not Meaningful.
(1) Adjustments include net realized gains or losses and integration charges.
Our Asset Management segment pretax income was $60 million for the year ended December 31, 2009 compared to $79 million in the prior year.
Our Asset Management segment pretax operating income, which excludes net realized gains or losses and integration charges, was $93 million for the year ended December 31, 2009 compared to $83 million for the prior year.
Net revenues Net revenues increased $6 million to $1.3 billion for the year ended December 31, 2009.
Operating net revenues, which exclude net realized gains or losses, increased $10 million, or 1%, to $1.3 billion for the year ended December 31, 2009, primarily due to an increase in management and financial advice fees and net investment income, partially offset by a decline in distribution fees and other revenues.
We define past-due loans as loans on which contractual principal or interest payments are over 90 days delinquent, but for which interest continues to be accrued.
No institutional loans were 90 days or more contractually past due as of December 31, 2011, 2010, 2009, 2008 or 2007.
Although a portion of the CRE loans was 90 days or more contractually past due as of December 31, 2011, 2010, 2009 and 2008, we do not report them as past-due loans, because in accordance with GAAP, the interest earned on these loans is based on an accretable yield resulting from management’s expectations with respect to the future cash flows for each loan relative to both the timing and collection of principal and interest as of the reporting date, not the loans’ contractual payment terms.
These cash flow estimates are updated quarterly to reflect changes in management’s expectations, which consider market conditions.
We generally place loans on non-accrual status once principal or interest payments are 60 days past due, or earlier if management determines that full collection is not probable.
Loans 60 days past due, but considered both well-secured and in the process of collection, may be excluded from non-accrual status.
For loans placed on non-accrual status, revenue recognition is suspended.
As of December 31, 2011 and 2010, approximately $5 million and $158 million, respectively, of the aforementioned CRE loans had been placed by management on non-accrual status, as the yield associated with these loans, determined when the loans were acquired, was deemed to be non-accretable.
This determination was based on management’s expectations of the future collection of principal and interest from the loans.
The decline in loans on non-accrual status at December 31, 2011 compared to December 31, 2010 resulted mainly from the transfer of certain CRE loans to other real estate owned in 2011 in connection with foreclosure or similar transactions.
These transactions had no impact on our 2011 consolidated statement of income.
The following table presents contractual maturities for loan and lease balances as of December 31, 2011:

Tables referenced above, in order (Table 0 first):
<table><tr><td> </td><td colspan="2">As of December 31,</td><td></td></tr><tr><td> </td><td>2010</td><td>2009</td><td>Change</td></tr><tr><td> </td><td colspan="3">(in billions, except percentages)</td></tr><tr><td> Owned Assets</td><td>$22.1</td><td>$36.9</td><td>-40%</td></tr><tr><td> Managed Assets-1:</td><td></td><td></td><td></td></tr><tr><td>Columbia</td><td>355.5</td><td>149.0</td><td>NM</td></tr><tr><td>Threadneedle</td><td>105.6</td><td>97.8</td><td>8</td></tr><tr><td>Wrap account assets</td><td>112.7</td><td>94.9</td><td>19</td></tr><tr><td>Eliminations-2</td><td>-27.4</td><td>-15.9</td><td>72</td></tr><tr><td> Total Managed Assets</td><td>546.4</td><td>325.8</td><td>68</td></tr><tr><td> Administered Assets</td><td>104.2</td><td>95.1</td><td>10</td></tr><tr><td> Total Owned, Managed and Administered Assets</td><td>$672.7</td><td>$457.8</td><td>47%</td></tr></table>
<table><tr><td></td><td>December 31, 2007</td><td>Net Flows</td><td>Market Appreciation/ (Depreciation) & Other</td><td>Foreign Exchange</td><td>December 31, 2008</td></tr><tr><td></td><td colspan="5">(in billions)</td></tr><tr><td>Domestic Managed Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retail Funds</td><td>$86.9</td><td>$-5.4</td><td>$-17.6 (1)</td><td>$—</td><td>$63.9</td></tr><tr><td>Institutional Funds</td><td>62.0</td><td>-4.8</td><td>-2.5 (1)</td><td>—</td><td>54.7</td></tr><tr><td>Alternative Funds</td><td>8.1</td><td>-1.2</td><td>2.5-1</td><td>—</td><td>9.4</td></tr><tr><td>Less: Eliminations</td><td>-0.7</td><td>—</td><td>0.6</td><td>—</td><td>-0.1</td></tr><tr><td>Total Domestic Managed Assets</td><td>156.3</td><td>-11.4</td><td>-17.0</td><td>—</td><td>127.9</td></tr><tr><td>International Managed Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retail Funds</td><td>30.8</td><td>-1.9</td><td>-6.2</td><td>-6.4</td><td>16.3</td></tr><tr><td>Institutional Funds</td><td>100.1</td><td>-13.3</td><td>-9.8</td><td>-21.7</td><td>55.3</td></tr><tr><td>Alternative Funds</td><td>3.5</td><td>-0.6</td><td>0.2</td><td>-0.5</td><td>2.6</td></tr><tr><td>Total International Managed Assets</td><td>134.4</td><td>-15.8</td><td>-15.8</td><td>-28.6</td><td>74.2</td></tr><tr><td>Less: Sub-Advised Eliminations</td><td>-5.6</td><td>—</td><td>3.1</td><td>—</td><td>-2.5</td></tr><tr><td>Total Managed Assets</td><td>$285.1</td><td>$-27.2</td><td>$-29.7</td><td>$-28.6</td><td>$199.6</td></tr></table>
<table><tr><td> </td><td colspan="6">Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td colspan="3">2009 </td><td colspan="3">2008</td><td></td><td></td></tr><tr><td> </td><td>GAAP </td><td>Less: Adjustments -1</td><td>Operating </td><td>GAAP</td><td>Less: Adjustments -1</td><td>Operating</td><td colspan="2">Operating Change</td></tr><tr><td> </td><td colspan="8">(in millions, except percentages)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$1,106</td><td>$—</td><td>$1,106</td><td>$1,079</td><td>$—</td><td>$1,079</td><td>$27</td><td>3%</td></tr><tr><td>Distribution fees</td><td>216</td><td>—</td><td>216</td><td>247</td><td>—</td><td>247</td><td>-31</td><td>-13</td></tr><tr><td>Net investment income</td><td>18</td><td>-3</td><td>21</td><td>-13</td><td>1</td><td>-14</td><td>35</td><td>NM</td></tr><tr><td>Other revenues</td><td>8</td><td>—</td><td>8</td><td>33</td><td>—</td><td>33</td><td>-25</td><td>-76</td></tr><tr><td>Total revenues</td><td>1,348</td><td>-3</td><td>1,351</td><td>1,346</td><td>1</td><td>1,345</td><td>6</td><td>—</td></tr><tr><td>Banking and deposit interest expense</td><td>2</td><td>—</td><td>2</td><td>6</td><td>—</td><td>6</td><td>-4</td><td>-67</td></tr><tr><td>Total net revenues</td><td>1,346</td><td>-3</td><td>1,349</td><td>1,340</td><td>1</td><td>1,339</td><td>10</td><td>1</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>371</td><td>—</td><td>371</td><td>417</td><td>—</td><td>417</td><td>-46</td><td>-11</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>21</td><td>—</td><td>21</td><td>24</td><td>—</td><td>24</td><td>-3</td><td>-13</td></tr><tr><td>General and administrative expense</td><td>894</td><td>30</td><td>864</td><td>820</td><td>5</td><td>815</td><td>49</td><td>6</td></tr><tr><td>Total expenses</td><td>1,286</td><td>30</td><td>1,256</td><td>1,261</td><td>5</td><td>1,256</td><td>—</td><td>—</td></tr><tr><td>Pretax income</td><td>$60</td><td>$-33</td><td>$93</td><td>$79</td><td>$-4</td><td>$83</td><td>$10</td><td>12%</td></tr></table>

Question: What is the growing rate of Retail Funds in the year with the most Distribution fees for GAAP?
Answer: -0.47078
Reasoning program: subtract(16.3,30.8), divide(#0,30.8)