Goldman's asset mgmt revenues rise 67%
GLOBAL – Goldman Sachs’ asset management division has posted a 67% rise in revenues in the first quarter.
For the three months to the end of February 2004, asset management had total revenues of 761 million dollars, 67% up on the prior year period and 48% up on the previous quarter. Securities services revenue was up 34% at 282 million dollars.
The two areas’ combined revenue of 1.04 billion dollars was a record which reflected “strong incentive fees as well as higher assets under management and customer balances”, the firm said.
Assets under management rose 19% to 412 billion dollars. There were net inflows of 24 billion dollars in the first quarter. “We are pleased with the firm’s results this quarter, which underscore the strength and earnings power of our franchise,” said chairman and chief executive Henry Paulson.
“While the environment for fixed income remained robust throughout the period, we saw significantly higher revenues in our equity-related businesses, as well as n increase in corporate activity levels.”
Overall the firm posted first quarter net earnings of 1.29 billion dollars.