GLOBAL – Goldman Sachs’ asset management business had $18bn (€14.8bn) of net asset inflows in its fiscal third quarter.
Goldman said assets under management rose 22% over the prior year period to a new high of $520bn – “with net asset inflows of $18bn during the quarter”.
Asset management revenues rose 23% to $731m. This reflected “higher management fees, driven by growth in assets under management, as well as higher incentive fees”.
The inflows were in equities, alternative investments and fixed income assets. There was a market appreciation of $12bn, primarily in equities.
Securities services net revenues rose 38% to $477m – reflecting “significantly higher global customer balances in securities lending and margin lending”.
“This quarter’s record results reflect the increasing confidence of our corporate and investor clients and the success our people have had in serving their needs,” said chairman and chief executive Henry Paulson.