GLOBAL – Goldman Sachs Asset Management had a net asset inflow of $8bn (€6.7bn) in the fourth quarter of 2005 – taking its total inflows in the year to $63bn.

Assets under management rose in the year by 18% to a record $532bn.

Goldman said the inflows were primarily in equity and money market assets, coupled with a market appreciation of $4bn, primarily in equities.

Asset management net revenues rose 32% over the prior year quarter to $787m – “reflecting higher management fees, driven by growth in assets under management, and higher incentive fees”.

Securities services net revenues also rose by 32% to $447m, on the back of “significantly higher global customer balances in securities lending and margin lending”.

For the year, asset management’s net revenues were $2.96bn, up 16% than 2004. And securities services’ annual revenue was up 38% at $1.79bn.

Overall the firm reported net earnings of $5.63bn for the year to the end of November.

"We are very pleased to report another record year for the firm, with virtually every area producing strong results," chairman and chief executive said Henry Paulson.

"Looking forward, we are optimistic that global growth will continue to create opportunities for our clients, and we will remain intensely focused on serving their needs."

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