GLOBAL – Goldman Sachs Asset Management gained $15bn (€11.9bn) of net inflows in the second quarter.
“During the quarter, assets under management increased 4% to $593bn, reflecting net asset inflows of $15bn, spread across all asset classes, as well as market appreciation of $7bn, primarily in alternative investment and fixed income assets,” Goldman said in its latest earnings report.
Asset management’s net revenues rose 38% to $954m, compared to the prior year quarter. “The increase was driven by significantly higher management and other fees, primarily due to growth in assets under management, as well as higher incentive fees,” the report added.
Goldman’s securities services net revenues rose 34% to $656m “as the firm's prime brokerage business continued to generate strong results, reflecting significantly higher global customer balances in securities lending and margin lending as well as higher seasonal activity levels in Europe”.
Overall, Goldman reported net earnings for the quarter of $2.4bn and reviews of $10.10bn.
"We are pleased with our very strong results in the second quarter and our record performance for the first half of the year," said president and chief operating officer Lloyd Blankfein.
“We have continued to benefit from the strength, breadth and depth of our client franchise.
“Recent market volatility has served as a reminder of the vital importance of investor confidence to the smooth functioning of the global financial system, but we take comfort from the continuation of strong global economic growth."