Securities services revenue drops at Goldman Sachs
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Securities services revenue drops at Goldman Sachs 24 October 2013New York Reporter: Georgina Lavers
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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.
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