While Goldman Sachs total net revenue increased slightly from $34.16 billion in 2012 to $34.21 in 2013, net securities services revenue fell sharply, primarily due to the sale of the firm’s hedge fund administration business to State Street in 2012.
For the year, securities services revenue, measured $1.37 billion, compared to $1.98 billion in 2012, a 31% drop. However, the majority of the difference comes from the $494 million gain in 2012 revenue from the sale of the hedge fund administration business.
For the fourth quarter of 2013, securities service revenue also fell slightly, moving from $340 million in Q3 2013 to $337 million in Q4, a 1% drop. Compared to the $818 million in Q4 2012, the quarter that included the sale of the hedge fund administration arm, securities services revenue fell 59%.
Goldman Sachs' Securities Services Revenue Falls in 2013
While Goldman Sachs total net revenue increased slightly from $34.16 billion in 2012 to $34.21 in 2013, net securities services revenue fell sharply, primarily due to the sale of the firm’s hedge fund administration business to State Street in 2012.