Net revenues at Goldman Sachs investment management unit were US$1.60 billion for the fourth quarter of 2013, 5% higher than the fourth quarter of 2012.
The increase in net revenues compared with the fourth quarter of 2012 reflected higher management and other fees, primarily due to higher average assets under supervision, the company said in a statement.
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During the quarter, total assets under supervision increased US$51 billion to US$1.04 trillion. Long-term assets under supervision increased US$33 billion, including net inflows of US$13 billion, reflecting inflows in fixed income and equity assets, partially offset by outflows in alternative investment assets.
Net market appreciation of US$20 billion during the quarter was primarily in equity assets. In addition, liquidity products increased US$18 billion, the financial statement added.
Overall, the Goldman Sachs group reported net revenues of US$8.78 billion and net earnings of US$2.33 billion for the fourth quarter.
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