GLOBAL - Goldman Sachs Asset Management achieved record quarterly net revenues of US$455m during the first quarter ending February 2003.
Assets under management were US$346bn, with net inflows of US$4bn.
Goldman Sachs’s chairman and chief executive officer Henry Paulson Jr., said: “The economic environment continues to be difficult and uncertain.
“Despite these conditions in the first quarter we benefited from the diversity of our franchise as demonstrated by record results with FICC (Fixed Income, Currency and Commodities) and asset management... .”
Net revenues increased by 8% quarter-on-quarter, mainly due to higher incentive income from fund outperformance.
During the quarter, assets under management declined US$2bn, reflecting net assets inflows of US$4bn - mainly in equity and bonds - as a result of market falls of some US$6bn.
Securities services net revenues were US$251m compared to US$207m for the same period 2002, reflecting spreads in the firm’s matched book business and higher customer balances in the firm’s securities lending and margin lending business.
Total net revenue amounted to US$4.3bn against US$3.6bn in Q4, 2002.
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