Goldman Sachs 2013 Annual Report Download - page 61

Management’s Discussion and Analysis
Institutional Client Services. In Institutional Client
Services, we maintain inventory positions to facilitate
market-making in fixed income, equity, currency and
commodity products. Additionally, as part of market-
making activities, we enter into resale or securities
borrowing arrangements to obtain securities which we can
use to cover transactions in which we or our clients have
sold securities that have not yet been purchased. The
receivables in Institutional Client Services primarily relate
to securities transactions.
Investing & Lending. In Investing & Lending, we make
investments and originate loans to provide financing to
clients. These investments and loans are typically longer-
term in nature. We make investments, directly and
indirectly through funds that we manage, in debt securities,
loans, public and private equity securities, real estate
entities and other investments.
Other Assets. Other assets are generally less liquid, non-
financial assets, including property, leasehold
improvements and equipment, goodwill and identifiable
intangible assets, income tax-related receivables, equity-
method investments, assets classified as held for sale and
miscellaneous receivables.
As of December
in millions 2013 2012
Excess liquidity (Global Core Excess) $184,070 $174,622
Other cash 5,793 6,839
Excess liquidity and cash 189,863 181,461
Secured client financing 263,386 229,442
Inventory 255,534 318,323
Secured financing agreements 79,635 76,277
Receivables 39,557 36,273
Institutional Client Services 374,726 430,873
Public equity 14,308 5,948
Private equity 16,236 17,401
Debt 223,274 25,386
Receivables and other 317,205 8,421
Investing & Lending 61,023 57,156
Total inventory and related assets 435,749 488,029
Other assets 22,509 39,623 4
Total assets $911,507 $938,555
1. December 2012 includes $2.08 billion related to our investment in the
ordinary shares of ICBC, which was sold in the first half of 2013.
2. Includes $15.76 billion and $16.50 billion as of December 2013 and
December 2012, respectively, of direct loans primarily extended to corporate
and private wealth management clients that are accounted for at fair value.
3. Includes $14.90 billion and $6.50 billion as of December 2013 and
December 2012, respectively, of loans held for investment that are
accounted for at amortized cost, net of estimated uncollectible amounts.
Such loans are primarily comprised of corporate loans and loans to private
wealth management clients.
4. Includes assets related to our Americas reinsurance business classified as
held for sale, in which a majority stake was sold in April 2013. See Note 12 to
the consolidated financial statements for further information.
Goldman Sachs 2013 Annual Report 59