Goldman Sachs 2009 Annual Report Download - page 60
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The following table sets forth the operating results of our Asset Management and Securities Services segment:
Asset Management and Securities Services Operating Results
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Management and other fees $3,833 $4,321 $4,303 $318
Incentive fees 137 231 187 1
Total Asset Management 3,970 4,552 4,490 319
Securities Services 2,033 3,422 2,716 236
Total net revenues 6,003 7,974 7,206 555
Operating expenses 4,660 4,939 5,363 329
Pre-tax earnings $1,343 $3,035 $1,843 $226
Assets under management include assets in our mutual funds, alternative investment funds and separately managed accounts for
institutional and individual investors. Substantially all assets under management are valued as of calendar month-end. Assets
under management do not include:
▪
assets in brokerage accounts that generate commissions, mark-ups and spreads based on transactional activity;
▪
our own investments in funds that we manage; or
▪
non-fee-paying assets, including interest-bearing deposits held through our bank depository institution subsidiaries.
The following table sets forth our assets under management by asset class:
Assets Under Management by Asset Class
As of
December31, November30,
(inbillions) 2009 2008 2007
Alternative investments (1) $146 $146 $151
Equity 146 112 255
Fixed income 315 248 256
Total non-money market assets 607 506 662
Money markets 264 273 206
Total assets under management $871 $779 $868
(1) Primarily includes hedge funds, private equity, real estate, currencies, commodities and asset allocation strategies.
Assets under management typically generate fees as apercentage
of asset value, which is affected by investment performance and
by in ows and redemptions. The fees that we charge vary by asset
class, as do our related expenses. In certain circumstances, we are
also entitled to receive incentive fees based on apercentage of a
fund’s return or when the return on assets under
management exceeds speci ed benchmark returns or other
performance targets. Incentive fees are recognized when
the performanceperiod ends (in most cases, on December31)
and they are no longer subject to adjustment.
Goldman Sachs 2009 Annual Report
58
Management’s Discussion and Analysis