Goldman Sachs 2001 Annual Report Download - page 10

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OUR CORE BUSINESSES
page 8
$919
$1,345
$1,473
1999 2000 2001
Asset Management
Net Revenues
(in millions of dollars)
$772
$940
$1,133
1999 2000 2001
Securities Services
Net Revenues
(in millions of dollars)
$1,522
$2,307
$3,020
1999 2000 2001
Commissions
Net Revenues
(in millions of dollars)
ASSET MANAGEMENT AND SECURITIES SERVICES
Our Asset Management and Securities Services segment is
divided into three categories: Asset Management, Securities
Services and Commissions.
Asset Management
Asset Management generates management fees by providing investment advisory
services to a diverse client base of institutions and individuals. Assets under management
include our mutual funds, separate accounts managed for institutional and individual
investors, our merchant banking funds and other alternative investment funds.
Assets under management grew 19% during the year, with record net inflows of $67 billion.
Securities Services
Securities Services includes prime brokerage, financing services and securities lending,
and our matched book businesses, all of which generate revenues primarily in the form
of fees or interest rate spreads.
Commissions
Commissions include fees from executing and clearing client transactions on major
stock, options and futures markets worldwide. Commissions also include revenues from
the increased share of the income and gains derived from our merchant banking funds.
1999 2000 2001
Asset Management
and Securities Services
Net Revenues
(in millions of dollars)
$5,626
$4,592
$3,213