GLOBAL - Goldman Sachs says it had a total of $94bn (€139.5bn) of net asset inflows into its asset management business in 2006.

"During the year, assets under management increased $144bn or 27% to $676bn, reflecting non-money market net asset inflows of $77bn, spread across all asset classes, money market net asset inflows of $17bn, and market appreciation of $50bn, primarily in equity and fixed income assets," the firm said in its full-year earnings release.

It added that net asset management revenues rose 45% to $4.29bn over 2005.

It reflected "significantly higher management and other fees, principally due to strong growth in assets under management, and significantly higher incentive fees".

In the year, securities services net revenues were up 22% at $2.18bn, driven by the firm's prime brokerage business.

Fourth quarter net revenues in asset management and securities services were up 16% at $1.43bn.

Overall, Goldman reported net revenues of $37.67bn and net earnings of $9.54bn for the year.

"We are very pleased with this year's performance," said chairman and chief executive Lloyd Blankfein.

"The breadth of our franchise, the diversity of our businesses and the performance of our people enabled us to serve our clients around the world."

Topics