US - Goldman Sachs Asset Management has reported first quarter net revenues of $1.49bn, 99% higher than the first quarter of 2005.
According to Goldman Sach’s 2006 first quarter results, the $1.49bn figure reflected “significantly higher” incentive fees and a 21% increase in management and other fees.
Incentive fees were $739m for the first quarter of 2006 compared with $131m for the same period in 2005.
GSAM’s AuM increased 7% to $571bn, reflecting net asset inflows of $25bn across all asset classes as well as market appreciation of $14bn in equity, fixed income and alternative investment assets.
Securities Services net revenues were $491m, 29% higher than the first quarter of 2005. Goldman Sachs attributed the increase to strong results in the firm’s prime brokerage business, primarily reflecting significantly higher global customer balances in securities lending and margin lending.
Net revenues of Asset Management and Securities Services combined equaled $1.98bn, 75% higher than in the first quarter of 2005.
By Daniel Flatt
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