GLOBAL – Goldman Sachs’ asset management business gained $25bn (€20.8bn) in net asset inflows in the first quarter.
“Assets under management increased 18% from a year ago to a record $571bn, with net asset inflows of $25bn during the quarter,” Goldman said.
The figure includes $3bn of net asset inflows in connection with the acquisition last year of the annuity and life insurance business of The Hanover Insurance Group.
Goldman’s asset management arm had record quarterly net revenues of $1.49bn, almost double that of the first quarter of 2005. It didn’t disclose the division’s profits.
Its securities services’ net revenues were up 29% at $491m – due to strong results at the firm's prime brokerage business which reflected “significantly higher global customer balances in securities lending and margin lending”.
Earlier this month GSAM unveiled a management reshuffle which saw European co-head Suzanne Donohoe returning to the US and Stephen Fitzgerald becoming Europe and Asia head.
Overall, Goldman today reported net quarterly earnings of $2.64bn and revenues up 42% $10.34bn.
"This performance clearly demonstrates the depth of our client relationships and the strength and balance of our global franchise across investment banking, sales and trading, and investment management,” said chairman and chief executive Henry Paulson.