Goldman Sachs Group reported $1.66 trillion in assets under supervision for its Goldman Sachs Asset Management and wealth management businesses as of March 31, up 3.8% from three months earlier and up 9.7% from a year earlier, the company's second-quarter earnings report issued Tuesday said.
In its earnings call Tuesday, the firm separately confirmed that it has completed an internal reorganization of several of its alternative investment teams during the quarter.
The growth in assets was attributed to net market appreciation of $32 billion, as well as long-term net inflows of $17 billion, including $13 billion from Goldman's acquisition of Norwalk, Conn.-based Rocaton Investment Advisors, an investment consulting and advisory firm that had more than $600 billion in assets under advisement when Goldman announced the deal in November, the earnings report said.
Goldman's increase in assets under supervision of $61 billion over the quarter was also driven by $12 billion in net inflows into liquidity products, the report said.
In the second quarter, Goldman reported $17 billion in long-term net inflows, compared to long-term net inflows of $20 billion during the previous quarter. In the year-earlier quarter, Goldman saw long-term net inflows of $8 billion.
Separately, liquidity strategies saw net inflows of $12 billion, compared to $22 billion in net outflows during the three months ended March 31, and $10 billion in net inflows during the quarter ended June 30, 2018.