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. .

Year Ended December
<i>in millions</i>
2012
2011
2010
Management and other fees
$4,105
$4,188
$3,956
Incentive fees
701
323
527
Transaction revenues
416
523
531
Total net revenues
5,222
5,034
5,014
Operating expenses
4,294
4,020
4,082
Pre-tax earnings
$ 928
$1,014
$ 932

56 goldman sachs 2012 annual report .

Question: Analyse this data from a financial earnings document. what percentage of total net revenues in the investment management segment in 2012 where due to transaction revenues?
Choices:
0.07966
5222.07966
-0.07966
0.08297
1.28793
Correct choice index: 0