Goldman Sachs has reported net revenues of $12.73 billion and net earnings of $3.20 billion for its first quarter ended 23 February 2007. Asset management net revenues were $1.07 billion, 28 per cent lower than the first quarter of 2006, reflecting significantly lower incentive fees, partially offset by a 31 per cent increase in management and other fees. Incentive fees were $90 million for the first quarter of 2007 compared with $739 million for the same prior year period. During the quarter, assets under management increased $43 billion to $719 billion, reflecting non-money market net asset inflows of $24 billion, primarily in equity and fixed income assets, money market net asset inflows of $11 billion and market appreciation of $8 billion in equity and fixed income assets.