Goldman Sachs Group reported $1.818 trillion in assets under supervision for its asset management and consumer and wealth management businesses as of March 31, down 2.2% from three months earlier and up 13.7% from a year earlier, the company's first-quarter earnings report issued Wednesday said.
Firmwide assets under supervision decreased by $41 billion during the quarter, despite net inflows in long-term products and liquidity strategies, according to a Goldman Sachs earnings presentation. Gains during the three months ended March 31 were offset by net market depreciation of $114 billion, primarily in equity assets.
During the first quarter, the firm reported $1 billion in long-term net inflows, compared to $2 billion in long-term net inflows in the fourth quarter and $20 billion in long-term net inflows in the year-earlier quarter.
Net flows into liquidity products were $72 billion during the three months ended March 31. In the fourth quarter, liquidity products saw $58 billion in net inflows, compared to $22 billion in net outflows during the first quarter of 2019.
Goldman's asset management revenues took a significant hit during the first quarter.
Notably, asset management was the only business unit to report negative net revenues during the period.