Goldman Sachs 2012 Annual Report Download - page 192
Download and view the complete annual report
Please find page 192 of the 2012 Goldman Sachs annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182 -
183 -
184 -
185 -
186 -
187 -
188 -
189 -
190 -
191 -
192 -
193 -
194 -
195 -
196 -
197 -
198 -
199 -
200 -
201 -
202 -
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
 |
 |
Notes to Consolidated Financial Statements
Note 22.
Transactions with Affiliated Funds
The firm has formed numerous nonconsolidated investment
funds with third-party investors. As the firm generally acts
as the investment manager for these funds, it is entitled to
receive management fees and, in certain cases, advisory fees
or incentive fees from these funds. Additionally, the firm
invests alongside the third-party investors in certain funds.
The tables below present fees earned from affiliated funds,
fees receivable from affiliated funds and the aggregate
carrying value of the firm’s interests in affiliated funds.
Year Ended December
in millions 2012 2011 2010
Fees earned from affiliated funds $2,935 $2,789 $2,882
As of December
in millions 2012 2011
Fees receivable from funds $ 704 $ 721
Aggregate carrying value of interests in funds 14,725 14,960
As of December 2012 and December 2011, the firm had
outstanding loans and guarantees to certain of its funds of
$582 million and $289 million, respectively, which are
collateralized by certain fund assets. These amounts relate
primarily to certain real estate funds for which the firm
voluntarily provided financial support to alleviate liquidity
constraints during the financial crisis and, more recently, to
enable them to fund investment opportunities. As of
December 2012 and December 2011, the firm had no
outstanding commitments to extend credit to these funds.
The Volcker Rule, as currently drafted, would restrict the
firm from providing additional voluntary financial support
to these funds after July 2014 (subject to extension by the
Federal Reserve Board). As a general matter, in the ordinary
course of business, the firm does not expect to provide
additional voluntary financial support to these funds;
however, in the event that such support is provided, the
amount of any such support is not expected to be
material. In addition, in the ordinary course of business, the
firm may also engage in other activities with these funds,
including, among others, securities lending, trade
execution, market making, custody, and acquisition and
bridge financing. See Note 18 for the firm’s investment
commitments related to these funds.
190 Goldman Sachs 2012 Annual Report