NEW YORK — Lehman Brothers reported $225 billion in assets under management as of Nov. 30, the end of the company's fiscal fourth quarter, according to a news release. Lehman's assets increased by 8.7% for the quarter and 28.6% for the year, due primarily to a 26.7% increase in equity assets to $95 billion for the year, and a 65.6% increase in money market assets to $48 billion for the year. Overall, Lehman's investment management unit reported $640 million in net revenue, the highest ever in a single quarter, up 5.8% from the previous quarter and up 25.7% from the same time last year. The fourth-quarter revenue increase was largely due to the asset management business, which produced net revenue of $368 million during the quarter, up almost 40% from the fourth quarter of last year. Separately, Bear Stearns reported $52.5 billion in assets under management for its fiscal fourth quarter ended Nov. 30, a 4.6% increase from the end of the previous quarter, according to a news release. For the year, Bear Stearns' assets increased by 25.2%. The growth in the firm's asset management business came from alternative investments, which also contributed to a record level of annual net revenue for the group. Bear Stearns posted $332 million in net revenue during fiscal 2006, a 45% increase from last year, due to the growth in alternatives along with increased performance fees. Also, Goldman Sachs had $676 billion in assets under management at the end of its fiscal year, ended Nov. 24, a 7.5% increase from the end of the previous quarter, according to an SEC filing. The firm's equity assets under management increased by 11% to $215 billion in the quarter ended Nov. 24, making up a significant portion of the overall fiscal year increase. For the year, Goldman's assets under management increased by 27%, with much of the growth coming from alternative investments, which increased 32% to $145 billion at year's end, while equity and fixed-income assets increased by 29% to $215 billion and $198 billion, respectively. For the latest quarter, Goldman's revenue from asset management were $933 million, a 2% increase from the previous quarter and a 19% increase from a year earlier.