Goldman Sachs Asset Management International's profits after tax slumped by 65% over 2009, as poorer revenues from lower assets under management and a higher surcharge to its investment bank parent hurt its bottom line.

The annual accounts for GSAM's ex-US business, lodged at Companies House yesterday, showed the investment firm's after tax profits fell from $221m (€180m) over 2008, to $77m in 2009 - a drop of 65%.