Company-wide, Goldman Sachs reported on Tuesday that assets under watch, which include its consumer and wealth management units, totaled $2.43 trillion as of September 30, a decline of 2.7% compared to three months earlier and an increase of 2.3% compared to the third quarter of the previous year.
The asset management unit reported total net inflows of $7 billion in the third quarter, including net outflows of $4 billion, $2 billion and $1 billion in equities, alternatives and fixed-income securities. fixed income, respectively. Liquidity products recorded net inflows of $14 billion in the third quarter.
Net market depreciation added $77 billion to net outflows in the quarter, while acquisitions added $6 billion to net inflows.
The asset management unit reported net revenue of $1.82 billion in the third quarter, a 68% jump from the second quarter and a 20.1% decline from the third quarter of 2021.
Goldman Sachs attributed the decline in year-over-year net income primarily to “significantly lower net income from equity investments and loan and debt investments, partially offset by significantly higher net income from fees management and others.
A Goldman Sachs spokesperson also provided some details on the company’s plans to combine its asset and wealth management segments. As part of the reorganization, the company’s direct-to-consumer business, Goldman Sachs Marcus, will be integrated into wealth management.
According to the spokesperson, as part of the reorganization, Marc Nachmann will become the global head of the new combined division, with “responsibility for the strategy of operating an integrated, large-scale franchise for advice, solutions and execution in public and private markets”.