Total assets under supervision have reached $1.5 trillion.

Goldman Sachs has reported net revenues in investment management of $1.77 billion for the first quarter of 2018, 18 per cent higher than the first quarter of 2017 and 6 per cent higher than the fourth quarter of 2017.

The increase in net revenues compared with the first quarter of 2017 was due to higher management and other fees, primarily reflecting higher average assets under supervision, as well as higher incentive fees and higher transaction revenues.

During the quarter, total assets under supervision (2) increased $4 billion to $1.50 trillion. Long-term assets under supervision increased $9 billion, due to net inflows of $13 billion, reflecting inflows in fixed income and equity assets, partially offset by net market depreciation of $4 billion, primarily in equity assets. Liquidity products decreased $5 billion.

Across the whole Goldman Sachs Group, it reported net revenues of $10.04 billion and net earnings of $2.83 billion for the first quarter. Diluted earnings per common share were $6.95 compared with $5.15 for the first quarter of 2017 and a diluted loss per common share of $5.51 for the fourth quarter of 2017.

As previously reported, the chief executive of Goldman Sachs, Lloyd Blankfein, is preparing to step down from the role he has held for 12 years. The results statement this week did not elaborate further on succession plans.