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Money Management

GSAM’s assets flat in quarter despite $8 billion in inflows; revenue rises 6%

Goldman Sachs reported $1.498 trillion in assets under supervision for its Goldman Sachs Asset Management and wealth management businesses as of March 31, flat from three months earlier but up 9% from a year earlier, its first-quarter earnings statement said Tuesday.

Net inflows for the quarter were $8 billion, compared to net inflows of $16 billion for the previous quarter and net outflows of $30 billion for the first quarter of 2017. The first quarter saw net inflows of $9 billion in fixed-income strategies and $5 billion in equities, partially offset by net outflows of $5 billion from liquidity strategies and $1 billion from alternatives.

By asset class, Goldman Sachs reported $668 billion in fixed-income assets as of March 31, up 1% from Dec. 31 and up 9% from March 31, 2017; $340 billion in liquidity strategies, down 1% from the end of previous quarter but up 5% from the end of the year-earlier quarter; $322 billion in equities, flat from Dec. 31 but up 15% from March 31, 2017; and $168 billion in alternative investments, unchanged from three months prior but up 8% from 12 months prior.

Net revenues in investment management were $1.77 billion for the first quarter of 2018, 6% higher than the fourth quarter of 2017 and 18% higher than the first quarter of 2017.

Investment management and other fees were $1.35 billion for the quarter ended March 31, down 2% from the previous quarter but up 10% from the year-earlier quarter.