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 management and other fees?
Program: divide(4105, 5222)
Answer: 0.7861