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
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.