Goldman Sachs' asset management business had $18 bln (14.8 bln) of net asset inflows in its fiscal third quarter. Goldman said assets under management rose 22% over the prior year period to a new high of $520 bln "with net asset inflows of $18 bln during the quarter".
Asset management revenues rose 23% to $731 mln. This reflected "higher management fees, driven by growth in assets under management, as well as higher incentive fees".
The inflows were in equities, alternative investments and fixed income assets. There was a market appreciation of $12bn, primarily in equities.
Securities services net revenues rose 38% to $477 mln reflecting "significantly higher global customer balances in securities lending and margin lending".
"This quarter's record results reflect the increasing confidence of our corporate and investor clients and the success our people have had in serving their needs," said chairman and chief executive Henry Paulson.
Source: IPE
