The US bank’s asset and wealth management division lifted net revenues to $5.05 billion as higher management and incentive fees outweighed weaker investment and private lending returns.

Goldman Sachs has reported third-quarter 2026 net revenues of $5.05 billion in its asset and wealth management division. The figure was 14 per cent higher than a year earlier and 10 per cent higher than in the second quarter.

Management and other fees rose significantly on higher average assets under supervision. Incentive fees also rose significantly, driven by fund distributions. Together they more than offset sharply lower net revenues in investments and in private banking and lending.

The fall in investments revenue reflected net markdowns in debt investments, against net markups a year earlier. Private banking and lending were weaker because the prior-year quarter included interest paid on a previously impaired loan.

On its earnings call, the bank said assets under supervision reached a record $4.1 trillion after $97 billion of long-term fee-based net inflows, its 35th consecutive quarter of inflows. Management and other fees rose 22 per cent to a record $3.6 billion. Wealth management client assets reached a record $2.1 trillion, with $47 billion of long-term net inflows. 

Group figures
Across the group, net revenues were $18.68 billion and net earnings were $5.29 billion. Net revenues rose from $15.18 billion in the third quarter of 2025. Diluted earnings per share were $17.01, against $12.25 a year earlier and $20.98 in the second quarter, when Goldman posted record quarterly net revenues of $20.3 billion.

For the first nine months, net revenues were $56.24 billion and net earnings were $17.55 billion. Diluted EPS was $55.56, up from $37.33.

Goldman returned $4.49 billion to common shareholders in the quarter, including $3 billion of share repurchases and $1.49 billion of dividends. On October 12, the board declared a dividend of $5.00 per share, payable on December 30. The shares are up about 1.7 per cent this year.

Rivals also reported growth. At JP Morgan, asset and wealth management net revenue rose 14 per cent and client assets rose 15 per cent to $7.9 trillion. Morgan Stanley’s wealth management unit reported record net revenues of $9.07 billion, against $8.23 billion a year earlier, and added $232 billion in net new assets.

Goldman has made a number of acquisitions in the asset and wealth arm. For example, it has agreed to buy NEOS, which had about $35 billion in assets under supervision, and LCN Capital Partners, adding to its ETF and private real estate capabilities.