US-listed Goldman Sachs reported total net revenues of $10.09 billion for the first quarter ended March 31, 2013, up 9 per cent from $9.23 billion in the final quarter of 2012 and up 1 per cent year-on-year.

The firm said net earnings fell from $2.89 billion at 31 December, 2012, to $2.26 billion in the first quarter of 2013, a decrease of 22 per cent for the quarter. Earnings were, however, up 7 per cent on the previous year (Q1 2012: $2.10 billion).

Net revenues in investment management were $1.32 billion for Q1 2013, 12 per cent higher than in the first quarter of 2012, but 13 per cent lower than the fourth quarter of 2012.

“The increase in net revenues compared with the first quarter of 2012 was due to higher incentive fees and higher management and other fees,” the firm said in its latest earnings release.

During the quarter, assets under supervision rose $3 billion to $968 billion, reflecting net market appreciation of $12 billion - primarily in equity assets, it added.  

Meanwhile, net outflows in assets under supervision were $9 billion, as outflows in money market assets and - to a lesser extent - alternative investment assets, were “partially offset by inflows in fixed income and equity assets”.

Total assets under management ended the first quarter of 2013 at $860 billion. This is up from $854 billion in the previous quarter and up 4 per cent year-on-year (Q1 2012: $824 billion).

Operating expenses were $6.72 billion, which the firm said was “essentially unchanged” compared with Q1 2012, but 36 per cent higher than in the last quarter of 2012.