Goldman Sachs reported $860 billion in assets under management for its Goldman Sachs Asset Management and wealth management businesses as of March 31, up 0.7% from the quarter before and up 4.4% from the year before, according to its first-quarter earnings statement issued on Tuesday.
The increase was driven by net market appreciation of $10 billion in the first quarter.
Total net outflows for the quarter were $4 billion, driven by $15 billion in net outflows in money market strategies and $3 billion in net outflows from alternative investment strategies. Net inflows for fixed income and equity were $10 billion and $4 billion, respectively.
In the fourth quarter of 2012, total net outflows were $7 billion; in the first quarter of 2012, total net outflows were $26 billion.
By asset class, Goldman Sachs reported $378 billion in fixed-income assets, up 2.2% from the previous quarter and up 8.9% from a year earlier; money market strategies had $203 billion in assets, down 6.9% from the previous quarter and up 0.5% from a year earlier.
Equity strategies had $149 billion in assets, up 12% from the previous quarter and up 9.6% from the previous year; and alternative investment strategies had $130 billion in assets, down 2.3% from the previous quarter and down 6.5% from a year earlier.
Investment management revenue for the first quarter totaled $1.315 billion, down 13.3% from the previous quarter but up 11.9% from the first quarter of 2012.
The earnings statement attributed the increase over the previous year's quarter to “higher incentive fees and higher management and other fees.”
Investment management fees for the first quarter totaled $1.06 billion, down 0.7% from the previous quarter but up 5.7% from the first quarter of 2012.