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Goldman Sachs AM gains E8.9bn in AUM

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GLOBAL – Assets under management at Goldman Sachs’ asset management arm rose 11 billion dollars (8.9 billion euros) in the third quarter – largely reflecting inflows into alternative investments, money markets and fixed income.

“During the quarter, assets under management increased 11 billion dollars, reflecting net asset inflows of 10 billion dollars across alternative investment, money market and fixed income assets, as well as market appreciation of one billion dollars,” the New York-based firm said in its earnings statement.

Assets under management rose 17% from a year ago to a record 426 billion dollars.

Net revenues in asset management rose 24% to 596 million dollars compared to 2003 quarter “primarily due to higher average assets under management”.

The firm’s securities services division had net revenues of 345 million dollars, a rise of 21%. This was “primarily due to significantly higher customer balances in the firm's securities lending and margin lending businesses”.

Overall, the group reported net earnings of 879 million dollars for its fiscal third quarter. Total net revenues were up 19% at 4.5 billion dollars.

"Our performance year-to-date has been strong," said chairman and chief executive Henry Paulson. "Although there have been some changes in the environment, this strength continued in the third quarter, as we benefited once again from the breadth of our franchise."

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