Goldman Sachs's fees from takeover advice, a business led globally by Gene T. Sykes and Yoel Zaoui, increased to $637 million from $357 million in the first quarter and from $471 million a year earlier. The firm ranks first among advisers on mergers and acquisitions announced so far this year, according to Bloomberg data.
Stock Underwriting
The firm also ranks first year-to-date in managing global equity sales and initial public offerings, the data show. Revenue from equity underwriting, overseen by London-based Matthew Westerman, fell to $378 million from $426 million in the first quarter, while debt underwriting revenue dropped to $433 million from $486 million in the prior three months.
Investing and lending, the segment in which Goldman Sachs books gains or losses from the firm's own stakes in companies such as Industrial & Commercial Bank of China Ltd. and other assets, made $1.04 billion in the period, compared with $2.71 billion of gains in the first quarter and $1.79 billion in the second quarter of 2010.
Revenue from investing and lending was more than double what was expected by analysts at Atlantic Equities, Barclays Capital and ISI Group. Their estimates ranged from $210 million to $411 million.
Revenue from investment management, the business run by Edward C. Forst and Timothy O'Neill, was unchanged from the first quarter at $1.27 billion and up from $1.13 billion in the second quarter of last year. Assets under management increased to $844 billion at the end of June from $840 billion at the end of March.