Goldman Sachs Asset Management suffered client withdrawals of $12bn over the first quarter that wiped out its gains from improving market conditions over the period - this after the firm reveresed three consectutive quarters of net outflows in the final three months of last year.

Clients of the US investment bank's asset management unit withdrew $5bn from its fixed income funds and $7bn from its money market funds over the first quarter of the year, offsetting the $12bn made by better market conditions, the company said in its interim statement today.