Sheila H. Patel Goldman Sachs Asset Management Chairman

Collectively our Asset Management activities produced net revenues of $3 billion in the fourth quarter, up 52 percent versus last year, driven by stronger equity investment performance. For the full-year, Asset Management generated net revenues of $9 billion in line with a strong 2018 as growth in equity investment revenues offset lower incentive fees. Fourth-quarter management and other fees related to client assets under supervision totaled $666 million, up 6 percent versus a year-ago offset by lower incentive fees. Across the Asset Management segment, we managed AUS totaling $1.3 trillion at year-end, and we'll cover firmwide AUS trends in a few moments."