Goldman Sachs Asset Management reported a 31% rise in revenues to $1.2bn (€855m) in the third quarter, despite the fallout from its hedge fund Global Alpha, which is down 33% for the year to the end of August.

The rise in revenues was driven by an increase in assets under management to $796bn, up 27% on a year ago, with net inflows of $50bn in the three month period to the end of August.