US - Investment management firm The Goldman Sachs Group Inc has reported a profit of US$879m for its fiscal third quarter, seeing its assets under management soar to a record US$426bn (e348bn).
The figure at the end of the third quarter, ended 27 August, is the result of a 17% increase since a year ago, the company said in a press release.
Goldman Sachs chief executive and chairman Henry M Paulson Jr. said the company had shown strong performance over the year-to-date.
“Although there have been some changes in the environment, this strength continued in the third quarter, as we benefited once again from the breadth of our franchise,” he said.
Fixed income, currency and commodities (FICC) generated net revenues of US$1.87bn, reflecting strong performances across most major businesses, the release said.
Securities services produced record net revenues of US$345m.
Net revenues in equities of US$910m decreased 17% compared with the third quarter of last year, with the drop put down to flat to declining equity prices, further reductions in market volatility and lower customer-driven activity.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.