Firmwide, Goldman Sachs reported Tuesday that assets under supervision, which includes its consumer and wealth management units, totaled $2.43 trillion as of Sept. 30, a 2.7% decline from three months earlier and a 2.3% increase from the year-ago third quarter.
The asset management unit saw total net inflows of $7 billion in the third quarter, including net outflows of $4 billion, $2 billion and $1 billion in equities, alternative investments and fixed income, respectively. Liquidity products saw net inflows of $14 billion in the third quarter.
Net market depreciation added $77 billion to net outflows in the quarter, while acquisitions added $6 billion to net inflows.
The asset management unit recorded third quarter net revenues of $1.82 billion, a 68% jump from the second quarter and a 20.1% decline from the third quarter of 2021.
Goldman Sachs attributed the year-over-year decline in net revenues primarily to "significantly lower net revenues in equity investments and lending and debt investments, partially offset by significantly higher net revenues in management and other fees."
A Goldman Sachs spokesman also provided some details about the company's plans to combine its asset and wealth management segments. As part of this reorganization, the company's direct-to-consumer business, Goldman Sachs Marcus, will be brought into wealth management.
According to the spokesman, in connection with the reorganization, Marc Nachmann will become global head of the new combined division, with "responsibility for the strategy to operate a fully scaled and integrated franchise for advice, solutions and execution across public and private markets."
"This isn’t about headcount reduction," a spokesman for Goldman Sachs said. "It’s about aligning our business structure to serve clients and grow. The asset and wealth management are highly complementary."