Asset management net revenues, which encapsulate its private client-related activities amounted to $949 million, a 28 percent reduction on the result recorded a year earlier.
Goldman Sachs Asset Management experienced another torrid time during the first quarter of 2009, according to its latest set of results. Asset management net revenues, which encapsulate its private client-related activities amounted to $949 million, a 28 percent reduction on the result recorded a year earlier.
The firm said this reflected lower management and other fees related to a lower asset base. Assets under management fell by $27 billion during the quarter to $771 billion. Asset depreciation accounted for $16 billion of the fall, primarily as a result of falls in the value of equities. Net outflows accounted for the remaining $11 billion.
Overall, however, Goldman surpassed analysts expectations by registering net earnings of $1.81 billion for the first quarter, a 20 percent increase on the previous year, primarily as a result of a big profits increase related to its trading and principal investments activities.
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