US – Revenues at Goldman Sachs’ asset management division fell nine percent in the second quarter.

The company said asset management had net revenues of 404 million dollars, a nine percent decrease over the second quarter of 2002.

The decrease reflected lower management and fund origination fees, it said.

It added that assets under management were unchanged in the quarter, which reflected net asset outflows of 18 billion dollars - primarily in money market assets – which were offset by market rises in equity and fixed income.

Securities services net revenues rose to 279 million dollars from 262 million dollars in the 2002 period. It said this rise was due to higher customer balances in the firm's securities lending and margin lending businesses and higher net revenues in the firm's matched book business.

Overall, the New York-based company recorded a 23% rise in net income to 695 million dollars.

Goldman Sachs Asset Management is the 11th largest manager of European pension assets, with around 27.8 billion euros of such assets under management.

Last week GSAM was hit when the 10 billion pound (14 billion euro) British Coal Staff Superannuation Scheme withdrew 4.8 billion pounds.