NEW YORK (Reuters) – Goldman Sachs’ asset management division posted record first-quarter results on Tuesday despite high-profile hedge fund woes and executive departures last year, but customer money poured out of some hard-hit funds.
Asset management revenue rose 23 percent to $1.32 billion, as fund growth produced more management, incentive and other fees. The business of managing equity, debt and "alternative" investments produced more revenue than Goldman’s investment bankers and helped the firm exceed expectations.
Goldman’s managed assets grew by $5 billion to a record $873 billion, as $29 billion of net new money more than offset $24 billion of market-related price declines.
