Goldman Sachs reported $1.55 trillion in assets under supervision for its Goldman Sachs Asset Management and wealth management businesses as of Sept. 30, up 2% from three months earlier and a 6% increase from a year earlier, according to its third-quarter earnings statement issued Tuesday.
Net inflows for the quarter were $13 billion, the same as in the year-earlier quarter. In the second quarter of 2018, net inflows were $8 billion.
For the latest quarter, liquidity strategies had net inflows of $8 billion; equities saw net inflows of $7 billion, and alternatives and fixed income each had net inflows of $3 billion.
By asset class, Goldman Sachs reported $668 billion in fixed income, up 1% for the quarter and 2% for the 12 months; liquidity products, $358 billion, up 2% and 9%, respectively; equities, $349 billion, up 6% and 14%; and alternatives, $175 billion, up 2% and 4% for the respective time periods.
Net revenues in investment management for the third quarter were $1.7 billion, down 8% from the previous quarter but 12% more than the quarter ended Sept. 30, 2017. The revenue decline in the latest quarter was because of lower incentive fees, R. Martin Chavez, executive vice president and chief financial officer, said in a conference call Tuesday.
Investment management and other fees were $1.38 billion for the quarter ended Sept. 30, up 3% from the previous quarter and up 9% from the year-earlier quarter, both from higher management fees.
Overall revenue for the Goldman Sachs was $8.65 billion in the third quarter, down 8% from the previous quarter but up 4% from the third quarter last year. Net income was $2.52 billion, down 2% from three months earlier but up 19% from 12 months ago.