Clients pulled a record net $39bn (€28.9bn) from the asset management arm of Goldman Sachs in the first quarter of 2010, as they reallocated out of cash products but away from the firm.

Goldman Sachs Asset Management lost a net $39bn of assets, the equivalent of $619m in mandates per working day, in the first three months of the year, according to its parent company's results announced at midday.