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Goldman Q4 asset management revenues rise

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US – Goldman Sachs says its revenues from asset management rose 33% in the fourth quarter.

“Asset management net revenues of 513 million dollars increased 33% compared to last year’s fourth quarter, primarily due to higher average assets under management, the contribution from Ayco and increased incentive income,” the firm said in a statement. Its revenues in the segment were 387 million dollars a year before.

Ayco is a US financial planning firm Goldman bought in April this year.

Net revenues in securities services rose 30% to 265 million dollars from 204 million dollars a year ago “primarily reflecting higher customer balances in the firm’s securities lending and margin lending businesses”.

For the full year ended November 28, asset management and securities services’ combined net revenue rose 14% to 2.86 billion from 2.51 billion dollars.

Assets under management rose during the year by seven percent to 373 billion dollars. This was due to a 29 billion-dollar market appreciation in equity, fixed income and alternative assets. It had net outflows of four billion dollars, mostly from money market assets – which was partially offset by fixed income and alternative asset inflows.

Goldman, whose president John Thain has just been named chief executive of the New York Stock Exchange, reported that its overall net revenue rose 14% to 16 billion dollars and that net earnings were three billion dollars.

“We are pleased with the firm’s strong financial performance in 2003, and continued market leadership,” said Henry Paulson, chairman and chief executive.

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