GLOBAL - Goldman Sachs Asset Management increased its assets under management by 4% to US$593bn during the second quarter of 2006.
This reflected net asset inflows of $15bn during Q2, spread across all asset classes, as well as market appreciation of $7bn, mainly in alternative investment and fixed income assets.
Asset Management generated net revenues of $954m, 38% higher than the second quarter of 2005, primarily due to growth in AuM and higher incentive fees.
Overall net revenues for the Goldman Sachs Group in Q2 were $10.10bn, net earnings were $2.4bn.
Securities services produced a quarterly net revenue of $656m.
President and COO Lloyd Blankfein said recent market volatility had served as a reminder of the importance of investor confidence to the smooth functioning of the global financial system.
“But we take comfort from the continuation of strong global economic growth,” he added.
By Lisa Haines
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
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