For the entire year, the numbers are $11.1 million -- 11.1 million shares purchased at an average price of $19 a share, representing $211 million of repurchases. Now, net new recurring revenue sales, while better, are still slower than we would like. Nonetheless, the Investment Managers and Private Banking segments had good sales quarters, signing a number of accounts.
In addition, the Advisors segment added a number of new advisors to its roll. Plus, the Advisor and Institutional Investor segments showed modest growth in net new business, and each of the segment heads will address their sales events when they talk about their segments. All in all, we generated over $20 million of net new sales events, of which $16 million were recurring revenues.
Now, turning our attention to GWP. We are continuing our investment, and its functionality and its operational infrastructure is so critical to our future. Now, during the first quarter we capitalized approximately $10.4 million of the Global Wealth Platform development and amortized approximately $7.3 million of previously capitalized development.
Now, while we're increasingly encouraged with our long-term growth opportunities with the roll-out of GWP, we are working hard to improve the profitability of our Bank segment. We recently initiated a cost reduction and control program with particular emphasis on banking, and we began to see the results of some of these efforts in the fourth quarter.We are concentrating our GWP efforts on capturing U.K. GWP markets, as well as launching GWP in the U.S. And for this reason, we are building the functionality and infrastructure necessary to process U.S. banks and advisors, as well as enhance our service quality and efficiency. Now, the next three GWP releases will complete the baseline functionality for the U.S., significantly enhance the U.K. functionality, and help to improve our operational efficiencies and scale.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV