The unit's business from private banking and lending tumbled by 28% year over year to $354 million in the quarter. A reduction in fee waivers for money market funds tied to the previously low interest rates last year also drove the higher numbers in the unit's largest business line. In addition, management fees and other business from alternative investments grew 21% to $494 million. Goldman paid the equivalent in Euros of $1.87 billion for the firm, which has more than 900 employees and represents a top five active asset manager globally. Management and other fees surged by 12% from the year-ago period to a record $2.28 billion in the first quarter, after Goldman included the incoming business stemming from its acquisition of European asset manager NN Investment Partners earlier this month. Assets in the Americas constituted 71% of the unit's holdings. Goldman's wealth and fund arm still benefited from net market appreciation of $68 billion in the quarter. Those incoming assets represented $9 billion less than the same period last year, and Wall Street investors took note of the fact that Goldman's bond trading across the entire firm failed to drive as much business as other megabanks. Wealth and asset management client assetsĪssets under supervision jumped 12% year over year to a record $2.67 trillion in the first quarter after net inflows of $8 billion.
Unless otherwise stated, the metrics below relate to Goldman's Asset & Wealth Management segment. Note: The company doesn't break out most specific metrics for its wealth management business, including the number of financial advisors and client assets at the former United Capital and the level of custodial holdings in the unit once called Folio Financial. Goldman Sachs wealth profits jump as firm eyes international business
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