Goldman Sachs' asset management division reported a 28% fall in net fee revenues following a decline in the markets, a withdrawal of money by its clients and a slump in incentive, or performance fees, which are typically awarded when investment targets are hit.

Goldman Sachs Asset Management took in $949m (€715.2m) in fees during the three months to the end of March of this year, which is down from $1.3bn in the three months to the end of February of last year. The bank has changed its reporting period in the intervening year.