GLOBAL - Goldman Sachs Asset Management saw net revenues fall US$417m, or 28%, to $1.07bn in Q1 2006 compared to the same period last year.
That decline was largely due to massively reduced incentive fees of $90m for the quarter, compared to $739m in Q1 2006. Those losses were partially offset by a 31% increase in management and other fees.
Assets under management increased 26% from a year ago to a record $719bn, with as the firm increased assets by $43bn in Q1 alone.
That increase reflected non-money market net asset inflows of $24bn, primarily in equity and fixed income assets, money market net asset inflows of $11bn and market appreciation of $8bn in equity and fixed income assets.
Goldman Sachs Asset Management international head Stephen Fitzgerald said of the results:
"We are delighted to have started the year so strongly, with record assets under management of $719bn across our investment boutiques and net asset inflows of $35bn in the quarter. Although GSAM is less than twenty years old, this places us firmly in the top twenty asset managers in the world."
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.