Goldman Sachs posted steady asset growth in its newly created Consumer & Wealth Management segment, but a drop in revenue in its wealth management business, for 2019.

The company created the segment earlier this month as part of reorganization of how it reports financial results for all of 2019.

At that time, Goldman Sachs reported $256 million in pre-tax earnings in the first nine months of 2019 on $3.8 billion in revenues, of which $3.2 billion came from wealth management.

Assets under supervision in the Consumer & Wealth Management business reached $561 billion in the fourth quarter of 2019, up from $530 billion in the previous quarter and from $455 billion in the fourth quarter of 2018, according to the company’s fourth-quarter earnings report.

While net revenue in the unit overall was $5.2 billion for all of 2019, wealth management revenue was $4.34 billion, which was 5% lower than in 2018, which the firm attributes to “significantly lower Incentive fees and slightly lower net revenues in private banking and lending.”

However, higher management fees and other fees — which includes the impact of the $750 million acquisition of United Capital in May and the resulting higher average assets under supervision — offset the decreases, Goldman Sachs says.

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Furthermore, fourth-quarter net revenue in wealth management reached $1.18 billion, which was 6% higher than in the fourth quarter of 2018, again attributed by the firm to higher management fees and the impact of United Capital. Fourth-quarter incentive fees were slightly lower in the fourth quarter while private banking and lending were essentially unchanged, according to the report.

The Consumer & Wealth Management segment covers management and “other fees,” incentive fees and results from wealth management deposits, all previously reported under investment management, and results from the loan services at the private bank and unsecured loans and deposit services on the firm’s digital platform Marcus, as well as credit card services, which were all previously reported as part of the investing and lending segment.