Goldman Sachs Asset Management has reported record revenues in 2008 despite a plunge in assets under management during the final quarter, according to its results published today.

The funds arm reported record net revenue of $4.6bn (€3.4bn) for the 12 months to the end of November, up 1% compared with last year. The rise in revenue was mainly thanks to record fee income of $4.3bn over the year. Profits from the arm were not disclosed.