Third quarter revenue was a record $702 million, up 23% from a year ago.
Revenue for the first nine months was a record $2.2 billion, up 30% year-over-year.
In Financial Advisory, record third quarter revenue of $381 million increased 24% from last year's period, reflecting broad-based activity across sectors, market cap and regions.
A high percentage of these were in the $1 billion to $10 billion range.
Year-to-date, our advisory revenue from transactions involving financial sponsors has more than doubled.
Asset Management third quarter operating revenue of $311 million increased 19% from last year's period, reflecting a larger base of assets under management.
Average AUM reached a record high of $278 billion for the third quarter, 23% higher than a year ago and 1% higher on a sequential basis.
As of September 30, we reported AUM at quarter-end of $273 billion, 20% higher than last year's period and 2% lower on a sequential basis.
The decrease was primarily driven by negative foreign exchange movement of $3.3 billion and net outflows of $2.3 billion, partly offset by market appreciation of $0.8 billion.
As of October 22, AUM increased to approximately $279 billion, driven primarily by market appreciation of $6.6 billion and positive foreign exchange movement of $0.9 billion, partly offset by net outflows of $1.1 billion.
Our recent investments in thematic, fixed income and alternative platforms, as well as their performance position them well for growth.
While we continue to focus on internal promotes, year-to-date, we have made more than 20 senior hires, including MDs and senior advisors.
Our adjusted non-compensation ratio for the third quarter was 16.6% compared to 18.1% in last year's third quarter.
Non-compensation expenses were 13% higher than the same period last year, reflecting increased business activity and technology investments.
We continue to accrue compensation expense at a 59.5% adjusted compensation ratio in the third quarter.
Regarding taxes, our adjusted effective tax rate in the third quarter was 25.1%.
For the first nine months of the year, it was 26.2%.
We continue to expect this year's annual effective tax rate to be in the mid-20% range.
In the third quarter, we returned $103 million, which included $52 million in share repurchases.
During the quarter, we bought back 1.1 million shares of our common stock at an average price of $46.01 per share.
As of September 30, our total outstanding share repurchase authorization was $314 million.

Summary:
Third quarter revenue was a record $702 million, up 23% from a year ago.
Year-to-date, our advisory revenue from transactions involving financial sponsors has more than doubled.
Average AUM reached a record high of $278 billion for the third quarter, 23% higher than a year ago and 1% higher on a sequential basis.
Our recent investments in thematic, fixed income and alternative platforms, as well as their performance position them well for growth.