GLOBAL – Goldman Sachs’ asset management division saw its revenues rise by 20% in the third quarter to 481 million dollars (417.6 million euros), from 400 million dollars a year ago.

Goldman Sachs Asset Management also said that securities services revenue was up 23% at 326 million dollars from 266 million dollars in the prior year period.

Total assets under management at GSAM rose nine percent to 365 billion dollars, with net inflows at 14 billion dollars. Four billion dollars of the inflows came as a result of the firm’s acquisition of US-based Ayco in July.

Chairman and chief executive Henry Paulson said the performance of asset management and securities services helped to offset “sluggish” investment banking volumes and challenging conditions for fixed income, currency and commodities.

Overall, the Goldman Sachs group reported net earnings of 677 million in the third quarter.