During Q1 Goldman’s total assets under management increased $41bn to $1.08 trillion. Long-term assets under management increased $54bn, including net inflows of $40bn.
Goldman’s Investment Management business has two major elements- Private Wealth Management and Goldman Sachs Asset Management.
These numbers contrast with the bank’s overall performance which slid 11% year on year with earnings down to $1.9bn from $2.2bn in Q1 2013. Despite this slide, overall earnings per share were still ahead of analyst expectations at $4.02.
Morgan Stanley’s wealth arm reported net revenues for the quarter up 4% to $3.62bn with total client assets topping $1.9 trillion at the quarter end. Morgan Stanley's investment management unit reported net revenues of $740m with assets under management of $382bn.
Overall, Morgan Stanley beat expectations with profit rising to $1.45bn, versus $981m at the same point in 2013 and earnings per diluted share of $0.72 versus $0.49 for the same period in 2013.
Fixed income trading performance hurt Goldman’s numbers, as seen with many of its peers such as JPMorgan Chase & Co, Citigroup and Bank of America. Morgan Stanley was able to beat this trend however with revenue from fixed-income and commodities trading up 13% year on year to $1.7bn.
Shares in Goldman Sachs are trading up 1.07% at $158.9 at the time of writing, while Morgan Stanley shares are trading up 4.41% at $31.2.
