Goldman Sachs reported $956 billion in assets under management for its Goldman Sachs Asset Management and wealth management businesses as of March 31, up 4% from three months earlier and up 11% from a year ago, according to its first-quarter earnings statement issued Thursday.
Total assets under supervision for GSAM, which includes other client assets along with AUM, reached $1.083 trillion as of March 31, up 4% from Dec. 31 and up 12% from March 31, 2013.
Total AUS net inflows for the quarter were $27 billion, driven by net inflows of $31 billion in fixed income, which includes $8 billion in connection with the firm's acquisition of Deutsche Asset & Wealth Management's stable value business; $7 billion in equities; and $2 billion in alternative investments. GSAM experienced net outflows of $13 billion in liquidity strategies.
By asset class, Goldman Sachs reported $486 billion in fixed-income AUS as of March 31, up 9% from Dec. 31; $233 billion in liquidity strategies, down 5%; $219 billion in equities, up 5%; and $145 billion in alternative investments, up 2%.
Net revenues in investment management were $1.57 billion for the first quarter of 2014, 2% lower than the fourth quarter of 2013 but 20% higher than the first quarter of 2013.
The year-over-year increase was attributed to “significantly higher incentive fees, as well as higher management and other fees,” according to the earnings statement.
Investment management and other fees were $1.15 billion for the quarter ended March 31, up 1% from the previous quarter and up 9% from the year-earlier quarter.
