Updated with correction.
Goldman Sachs Group reported $821 billion in assets under management in the third quarter, a 3% decrease from the second quarter and a 0.2% decline from the third quarter of 2010, according to a Tuesday earnings conference call.
The assets include money managed by Goldman Sachs Asset Management as well as other divisions of the company.
The firm reported net inflows of $6 billion for the third quarter, the result of the acquisition of two money managers: Goldman Sachs & Partners Australia Group Holdings and Benchmark Asset Management. This compared with a net outflow of $3 billion in the previous quarter and net outflows of $13 billion in the third quarter of 2010.
Fixed-income strategies saw a $5 billion outflow in the quarter ended Sept. 30, compared with inflows of $7 billion in the second quarter and $2 billion in the third quarter last year.
Outflows for equities and alternatives were $2 billion and $3 billion, respectively, in the third quarter, unchanged from the second quarter. In the third quarter of 2010, the firm reported net outflows of $8 billion for equities and $1 billion for alternatives.
Overall, Goldman Sachs Group reported a net loss of $428 million in the third quarter, compared with net revenue of $1.05 billion in the prior quarter and $1.73 billion in the third quarter of 2010. It was only the company's second losing quarter since going public in 1999.
CFO David Viniar said during the call the company faced a challenging global economic environment and investor sentiment remained under pressure.
“Whether it was (the) volatile and unpredictable market that made new equity issuances very difficult to execute, or our asset management clients having much less conviction on investment decisions, the broader environment served as a significant headwind to clients moving forward with their business objectives,” he said.
