Securities services revenue drops at Goldman Sachs
24 October 2013 New York
Image: Shutterstock
Goldman Sachs announced $340 million in revenue for its securities services division in Q3 2013, a decline of $36 million from the previous quarter and $52 million year-on-year.
In percentages, Q3 results fell by 10 percent from the last quarter, and 13 percent year-on-year.
The firm attributed lower revenues to the sale of its hedge fund administration business in 2012. State Street agreed in July 2012 to pay $550 million for the hedge fund administration unit of Goldman Sachs, making State Street the biggest servicer of hedge funds in the world, overseeing nearly $900 billion in alternative assets.
The deal did not include the prime brokerage business at Goldman Sachs. However, the firm declined to break down 3Q results for that particular division.
In percentages, Q3 results fell by 10 percent from the last quarter, and 13 percent year-on-year.
The firm attributed lower revenues to the sale of its hedge fund administration business in 2012. State Street agreed in July 2012 to pay $550 million for the hedge fund administration unit of Goldman Sachs, making State Street the biggest servicer of hedge funds in the world, overseeing nearly $900 billion in alternative assets.
The deal did not include the prime brokerage business at Goldman Sachs. However, the firm declined to break down 3Q results for that particular division.
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