More performance-related fees at Goldman Sachs Asset Management helped revenues soar to $761m in the three months to February 27, an increase of 40% on the $455m (€370m) in revenues the firm made in the same period last year.

The firm is increasing the portion of its clients that pay performance-related fees. Most of these fees are due in December and booked in the first quarter, when the firm's assets increased by 10%. GSAM said its assets rose by 19% in the past year to a record $412bn in total funds.