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Fee-based revenue in asset management scales with assets under management rather than with deal volume or market turnover.
That structural property is central to Goldman Sachs's move to build out its asset management unit, a push toward income that holds across market cycles rather than rising and falling with transaction activity.
The S&P 500, separately, is on pace to snap a two-session losing streak into the close.
Goldman's asset management push The economics of a fee-based book differ from those of a transaction-driven business in one key way: revenue compounds as assets accumulate, without requiring proportional increases in risk exposure or balance-sheet size.
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