Goldman Sachs 2002 Annual Report Download - page 30

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28 G O L D M A N SA CH S 2002 A N N UA L REPO RT
2000 2001 2002
Asset Management
Net Revenues
(in millions)
$1,345
$1,473
$1,653
2000 2001 2002
Securities Services
Net Revenues
(in millions)
$940
$1,133
$981
2000 2001 2002
Commissions
Net Revenues
(in millions)
$2,307
$3,020
$3,273
2000 2001 2002
Asset Management
and Securities Services
Net Revenues
(in millions)
$5,626
$4,592
$5,907
ASSET MANAGEMENT AND SECURITIES SERVICES
Our Asset Management and Securities Services segment is
divided into three categories: Asset Management, Securities Services
and Commissions.
Asset M anagement
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.
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 interest rate
spreads or fees.
Commissions
Commissions includes fees from executing and clearing client
transactions on major stock, options and futures markets world-
wide. Commissions also includes revenues from the increased share
of the income and gains derived from our merchant banking funds
when the return on a fund’s investments exceeds certain threshold
returns (typically referred to as an “override”).
O ur Core Businesses