Net revenues at Goldman Sachs investment management unit were US$1.57 billion for the first quarter of 2014, 20% higher than the first quarter of 2013.
The bank said that the total assets under supervision increased US$41 billion to US$1.08 trillion during the quarter.
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Long-term assets under supervision increased US$54 billion, including net inflows of US$40 billion, reflecting inflows in fixed income assets.
Net market appreciation of US$14 billion during the quarter was primarily in equity assets. In addition, liquidity products increased US$13 billion, the financial statement added.
Overall, the Goldman Sachs group reported net revenues of US$9.33 billion and net earnings of US$2.03 billion for the first quarter.
Lloyd Blankfein, chairman and CEO said: "Investment Banking and Investment Management generated solid results, while market sentiment shifted throughout the quarter, constraining client activity in various parts of our franchise. Our collection of businesses gives the firm significant room for growth as economic conditions broadly improve and we continue to remain focused on prudently managing our capital and cost structure."
